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DEBT (Tables)
 12 Months Ended
Dec. 31, 2012
DEBT [Abstract]  
Current and long-term debt
The following table summarizes current and long-term portions of debt (in thousands):

 
As of December 31,
 
 
2012
 
 
2011
 
USA segment:
 
 
 
 
 
 
Senior convertible debentures, net
 
$
1,048
 
 
$
-
 
Subordinated convertible notes, net
 
 
4,041
 
 
 
2,126
 
Factoring agreement
 
 
28
 
 
 
262
 
Other
 
 
-
 
 
 
507
 
 
 
5,117
 
 
 
2,895
 
Brazil segment:
 
 
 
 
 
 
 
 
Working capital lines of credit
 
 
2,227
 
 
 
1,778
 
Capital expansion loans
 
 
5,555
 
 
 
3,789
 
Equipment financing
 
 
201
 
 
 
214
 
Advances on export letters of credit
 
 
2,331
 
 
 
2,838
 
Special tax programs
 
 
4,153
 
 
 
3,211
 
 
 
14,467
 
 
 
11,830
 
Total debt
 
 
19,584
 
 
 
14,725
 
Current portion
 
 
8,003
 
 
 
6,792
 
Long-term portion
 
$
11,581
 
 
$
7,933
 
Required future minimum payments on debt
Required future minimum payments on our debt as of December 31, 2012, follow (in thousands).

 
USA
Segment
 
 
Brazil
Segment
 
 
Total
 
2013
 
$
1,219
 
 
$
7,013
 
 
$
8,232
 
2014
 
 
108
 
 
 
1,283
 
 
 
1,391
 
2015
 
 
5,375
 
 
 
1,086
 
 
 
6,461
 
2016
 
 
-
 
 
 
983
 
 
 
983
 
2017
 
 
-
 
 
 
976
 
 
 
976
 
Thereafter
 
 
-
 
 
 
3,126
 
 
 
3,126
 
 
$
6,702
 
 
$
14,467
 
 
$
21,169
 
Convertible notes and debenture information
Convertible debt instruments outstanding as of December 31, 2012, are listed below.

Issuance
 
Issuance Date of
Debt
 
Principal Amount of Debt (in thousands)
 
Creditor's Debt Conversion Right
 
Stated Annual Interest Rate
on Debt
 
Maturity
Date of Debt
Senior Convertible Debentures
 
July 2012
 
$
1,299
 
Convertible January 2013  at $0.07 per share
 
 
NA
 
January 2014
Subordinated Convertible Note
 
August 2012
 
 
150
 
Convertible immediately  at $0.07 per share
 
 
10%
 
July 2015
Subordinated Convertible Notes
 
July 2012
 
 
850
 
Convertible immediately  at $0.07 per share
 
 
10%
 
July 2015
Subordinated Convertible Note
 
May 2012
 
 
50
 
Convertible immediately  at $0.07 per share
 
 
10%
 
July 2015
Subordinated Convertible Notes
 
January 2012
 
 
4,325
 
Convertible immediately  at $0.07 per share
 
 
10%
 
July 2015
Convertible debt outstanding
As of December 31, 2012, our convertible debt consists of the following components (in thousands):

 
 
 
 
Notes
 
 
 
 
 
Debentures
 
 
Halpern Entities
 
 
 Other Investors
 
 
Total
 
Principal outstanding
 
$
(1,299
)
 
$
(2,600
)
 
$
(2,775
)
 
$
(6,674
)
Discount
 
 
422
 
 
 
587
 
 
 
2,775
 
 
 
3,784
 
Derivative conversion liabilities
 
 
(171
)
 
 
(980
)
 
 
(1,048
)
 
 
(2,199
)
Debt
 
$
(1,048
)
 
$
(2,993
)
 
$
(1,048
)
 
 
(5,089
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt - current portion
 
$
(962
)
 
$
-
 
 
$
-
 
 
$
(962
)
Debt - long-term portion
 
 
(86
)
 
 
(2,993
)
 
 
(1,048
)
 
 
(4,127
)
Allocation of convertible debt proceeds
A summary of the allocation of the proceeds from the 2012 issuances of the senior convertible debenture, subordinated convertible notes and related warrants follows (in thousands).

 
First and Second Quarter of 2012
 
 
 
 
 
Third Quarter of 2012
 
 
 
 
 
 
 
 
Debenture
 
 
Notes and Warrants
 
 
Debentures and Warrants
 
 
Notes and Warrants
 
 
 
 
 
and Warrant
 
 
Halpern 
Entities
 
 
Other Investors
 
 
New
 
 
Replace-ment
 
 
Halpern Entities
 
 
Other Investors
 
 
Total
 
(Increases) decreases in:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt - principal
 
$
(870
)
 
$
(2,500
)
 
$
(1,875
)
 
$
(290
)
 
$
(139
)
 
$
(100
)
 
$
(900
)
 
$
(6,674
)
Debt - discount
 
 
870
 
 
 
630
 
 
 
1,875
 
 
 
290
 
 
 
(661
)
 
 
100
 
 
 
900
 
 
 
4,004
 
Debt - derivative conversion
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
liabilities
 
 
(296
)
 
 
(1,942
)
 
 
(1,448
)
 
 
(128
)
 
 
(105
)
 
 
(69
)
 
 
(583
)
 
 
(4,571
)
Derivative warrant liabilities
 
 
(648
)
 
 
(2,473
)
 
 
(1,848
)
 
 
(273
)
 
 
(907
)
 
 
(88
)
 
 
(746
)
 
 
(6,983
)
Debt (carrying amount of old note)
 
 
-
 
 
 
2,152
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
2,152
 
Equity
 
 
-
 
 
 
1,089
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
1,089
 
Loss on extinguishment
 
 
-
 
 
 
2,986
 
 
 
-
 
 
 
-
 
 
 
1,955
 
 
 
-
 
 
 
-
 
 
 
4,941
 
Financing expense
 
 
168
 
 
 
-
 
 
 
1,376
 
 
 
141
 
 
 
27
 
 
 
59
 
 
 
413
 
 
 
2,184
 
Other long -term assets -deferred finance costs
 
 
144
 
 
 
65
 
 
 
134
 
 
 
23
 
 
 
(148
)
 
 
4
 
 
 
73
 
 
 
295
 
Proceeds, net of finance costs
 
 
632
 
 
 
(7
)
 
 
1,786
 
 
 
237
 
 
 
(22
)
 
 
94
 
 
 
843
 
 
 
3,563
 
Convertibles notes and related warrants issued
During 2011, we issued several convertibles notes, with related warrants to our financial advisor, who became a director of RiceBran Technologies in January 2012.  Below is a summary of the transactions.

Transaction
 
 
 
Principal amount of Note(s) (in thousands)
 
 
Stated Annual Interest Rate on Note(s)
 
 
Per Share Note Conversion Price
 
 
Cash Received in Transaction (in thousands)
 
 
Number of Shares Under Equity Warrant(s)
 
 
Average Exercise Price of Warrant(s)
 
First quarter 2011
(1
)
 
$
500
 
 
 
10
%
 
$
0.20
 
 
$
500
 
 
 
500,000
 
 
$
0.25
 
Second quarter 2011
(2
)
 
 
730
 
 
 
10
%
 
 
0.23
 
 
 
230
 
 
 
730,000
 
 
 
0.23
 
Third quarter 2011, event A
(2
)
 
 
270
 
 
 
10
%
 
 
0.23
 
 
 
270
 
 
 
270,000
 
 
 
0.23
 
Third quarter 2011, event B
(2
)
 
 
730
 
 
 
10
%
 
 
0.23
 
 
 
730
 
 
 
730,000
 
 
 
0.23
 
Fourth quarter 2011
(3
)
 
 
2,323
 
 
 
10
%
 
 
0.20
 
 
 
550
 
 
 
2,323,186
 
 
 
0.22
 
Total in 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
2,280
 
 
 
4,553,186
 
 
 
 
 

(1)
The convertible note and the related warrant issued in the first quarter of 2011, were terminated and cancelled in the second quarter of 2011 when the second quarter transaction occurred.
(2)
The convertible notes and related warrants issued in the second and third quarters of 2011, were terminated and cancelled in the fourth quarter of 2011 when the fourth quarter transaction occurred.
(3)
The convertible notes and related warrants issued in the fourth quarter of 2011, were terminated and cancelled in the first quarter of 2012, when a subordinated convertible note was issued to the Halpern Entities, as described further below.