RiceBran Technologies(RIBT) - 2024 Q1 - Quarterly Report

Financial Performance - Revenues from continuing operations increased by $0.2 million, or 8%, to $2.1 million in Q1 2024 compared to Q1 2023[94] - Gross profit from continuing operations rose by $0.2 million in Q1 2024 compared to Q1 2023, with cost of goods sold remaining at $1.7 million for both periods[94] - Loss from continuing operations was $1.4 million in Q1 2024, compared to a loss of $1.2 million in Q1 2023, with net loss per share decreasing to $0.15 from $0.18[98] Expenses - Selling, general and administrative expenses increased to $1.7 million in Q1 2024 from $1.4 million in Q1 2023, primarily due to higher legal costs[96] Cash Flow and Financial Position - The company had an accumulated deficit of $335.1 million and cash and cash equivalents of $0.4 million as of March 31, 2024[99] - Operating cash used in Q1 2024 was $1.4 million, compared to $0.5 million of cash provided in Q1 2023[99] Financing Activities - Funicular purchased $0.4 million of common stock and lent the company $4.1 million on December 1, 2023, with warrants for up to 5.0 million shares[101][102] - The company sold Golden Ridge for $2.2 million on January 25, 2024, streamlining its business and eliminating unprofitable operations[103] - The company is exploring additional financing options but faces uncertainty regarding the availability and terms of such financing[104] Internal Controls - Management identified material weaknesses in internal controls over financial reporting, leading to an overstatement in inventory[111]