Note 10 - Equity, Share-based Compensation and Warrants

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Shareholders' Equity and Share-Based Payments [Text Block]

NOTE 10. EQUITY, SHARE-BASED COMPENSATION AND WARRANTS

A summary of equity activity for the three months ended March 31, 2022 and 2021, follows (in thousands, except share amounts).

	Shares
	Preferred				Preferred		Common		Accumulated
	Series G		Common		Stock		Stock		Deficit			Equity
Balance, December 31, 2021		150		51,589,674	$	75	$	326,279	$	(307,859	)	$	18,495
Common stock awards under equity incentive plans		-		224,751		-		241		-			241
Common stock issued to vendor		-		6,000		-		5		-			5
Net income		-		-		-		-		(1,516	)		(1,516	)
Balance, March 31, 2022		150		51,820,425	$	75	$	326,525	$	(309,375	)	$	17,225

	Shares
	Preferred				Preferred		Common			Accumulated
	Series G		Common		Stock		Stock			Deficit			Equity
Balance, December 31, 2020		225		45,238,087	$	112	$	322,218		$	(298,910	)	$	23,420
Common stock awards under equity incentive plans		-		29,943		-		250			-			250
Common stock issued to vendor		-		6,000		-		3			-			3
Other								(3	)					(3	)
Net income		-		-		-		-			591			591
Balance, March 31, 2021		225		45,274,030	$	112	$	322,468		$	(298,319	)	$	24,261

Share-based compensation by type of award for the three months ended March 31, 2022, follows (in thousands).

Stock options	$	29
Restricted stock units		212
Compensation expense related to common stock awards issued under equity incentive plan	$	241

In the three months ended March 31, 2022, holders forfeited options for the purchase of up to 9,703 shares of common stock (average $1.85 per share exercise price, average 7.7-year remaining life).

Restricted stock unit (RSU) activity for the three months ended March 31, 2022, follows.

	RSU Shares Issued to Employees			Unrecognized Stock Compensation (in thousands)			Weighted Average Expense Period (Years)
Nonvested at December 31, 2021		1,266,033		$	(658	)		0.9
Granted		370,000			(153	)		2.0
Forfeited		(10,000	)		7			0.7
Vested		(224,751	)		-			0.0
Expensed		-			212
Nonvested at March 31, 2022		1,401,282		$	(592	)		0.9

The shares of common stock subject to the RSUs granted in 2022 vest within two years of the grant. As of March 31, 2022, issuance of 1,209,092 shares of common stock subject to certain RSUs, 865,052 of which are vested, is deferred to the date the holder is no longer providing service to RiceBran Technologies.

In the three months ended March 31, 2022, we issued 2,957,545 RSUs to employees that are subject to our shareholders approving an increase in the total shares of common stock authorized for issuance under the Amended and Restated 2014 Equity Incentive Plan. The shares of common stock subject to the RSUs will vest over an average of four years from the date shareholders approve the increase and are not included in the table above.

In the three months ended March 31, 2022, warrants for the purchase of up to 6,142,980 shares of common stock ($0.96 per share exercise price) expired.

On April 28, 2022, we issued a total of 348,721 shares of common stock to two resigning directors pursuant to the terms of their vested RSUs. Issuance of the shares of common stock subject to these RSUs had been deferred to the date the holder was no longer providing service to RiceBran Technologies.