----

----

----

| x | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------|

|   | For the quarterly period ended March 31, 2010 |
|--------|-----------------------------------------------|

| o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------|

----

| California(State or other jurisdiction of incorporation or organization)                     |   | 87-0673375(I.R.S. Employer Identification No.) |
|----------------------------------------------------------------------------------------------|--------|------------------------------------------------|
| 6720 North Scottsdale Road., Suite 390Scottsdale, AZ(Address of Principal Executive Offices) |   | 85253(Zip Code)                                |
| Issuer’s telephone number, including area code:  (602) 522-3000              |

|                 Large accelerated filer o                                                               |  Accelerated filer o         |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|
|                                                                                                                                                                               |                              |
|                 Non-accelerated filer o (do not check if a smaller reporting company)    |  Smaller reporting company x |

----

----

----

----

Index

|           |                                                                                        |                                                                                               |           |   |
|----------------|---------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|----------------|--------|
| PART I.        | FINANCIAL INFORMATION                                                                       |                                                                                               |           |
|           |                                                                                        |                                                                                               |           |   |
| Item 1.        | Unaudited Financial Statements                                                              |                                                                                               |           |
|           |                                                                                        |                                                                                               |           |   |
|           | (a)                                                                                         | Condensed Consolidated Statements of Operations for the three months ended March 31, 2010 and 2009 |           | 3      |
|           |                                                                                        |                                                                                               |           |   |
|           | (b)                                                                                         | Condensed Consolidated Balance Sheets as of March 31, 2010 and December 31, 2009                   |           | 4      |
|           |                                                                                        |                                                                                               |           |   |
|           | (c)                                                                                         | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2010 and 2009 |           | 5      |
|           |                                                                                        |                                                                                               |           |   |
|           | (d)                                                                                         | Notes to Unaudited Condensed Consolidated Financial Statements                                     |           | 6      |
|           |                                                                                        |                                                                                               |           |   |
| Item 2.        | Management’s Discussion and Analysis of Financial Condition and Results of Operations |                                                                                               | 22             |
|           |                                                                                        |                                                                                               |           |   |
| Item 3.        | Quantitative and Qualitative Disclosures About Market Risk                                  |                                                                                               | 28             |
|           |                                                                                        |                                                                                               |           |   |
| Item 4.        | Controls and Procedures                                                                     |                                                                                               | 28             |
|           |                                                                                        |                                                                                               |           |   |
| PART II.       | OTHER INFORMATION                                                                           |                                                                                               |   28 |
|           |                                                                                        |                                                                                               |           |   |
| Item 1.        | Legal Proceedings                                                                           |                                                                                               | 28             |
|           |                                                                                        |                                                                                               |           |   |
| Item 1A.       | Risk Factors                                                                                |                                                                                               | 31             |
|           |                                                                                        |                                                                                               |           |   |
| Item 2.        | Unregistered Sales of Equity Securities and Use of Proceeds                                 |                                                                                               | 31             |
|           |                                                                                        |                                                                                               |           |   |
| Item 3.        | Defaults Upon Senior Securities                                                             |                                                                                               | 32             |
|           |                                                                                        |                                                                                               |           |
| Item 4.        | (Removed and Reserved)                                                                      |                                                                                               | 32             |
|           |                                                                                        |                                                                                               |           |
| Item 5.        | Other Information                                                                           |                                                                                               | 32             |
|           |                                                                                        |                                                                                               |           |   |
| Item 6.        | Exhibits                                                                                    |                                                                                               | 32             |
|           |                                                                                        |                                                                                               |           |   |
| Signatures     |                                                                                        | 33                                                                                                 |
|           |                                                                                        |                                                                                               |           |   |
| Certifications |                                                                                        |                                                                                               |

----

Index

|                                                                       |   | Three Months Ended March 31, |    |
|----------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                       |   | 2010                         |    |   | 2009 |   |
|                                                                       |   |                         |    |   |   |   |
| Revenues                                                                   |   | $                            | 7,222   |   |   | $ | 7,212 |   |
| Cost of goods sold                                                         |   |                         | 5,490   |   |   |   | 6,256 |   |
| Gross profit                                                               |   |                         | 1,732   |   |   |   | 956 |   |
|                                                                       |   |                         |    |   |   |   |   |   |
| Operating expenses:                                                        |   |                         |    |   |   |   |   |   |
| Selling, general and administrative                                        |   |                         | 4,016   |   |   |   | 5,683 |   |
| Professional fees                                                          |   |                         | 457     |   |   |   | 1,132 |   |
| Loss on disposal of trademarks, property, plant and equipment              |   |                         | 376     |   |   |   | - |   |
| Provision (recovery) for doubtful accounts receivable and notes receivable |   |                         | 73      |   |   |   | (64 | ) |
| Research and development                                                   |   |                         | 122     |   |   |   | 519 |   |
| Total operating expenses                                                   |   |                         | 5,044   |   |   |   | 7,270 |   |
|                                                                       |   |                         |    |   |   |   |   |   |
| Loss from operations                                                       |   |                         | (3,312  | ) |   |   | (6,314 | ) |
|                                                                       |   |                         |    |   |   |   |   |   |
| Other income (expense):                                                    |   |                         |    |   |   |   |   |   |
| Interest income                                                            |   |                         | 18      |   |   |   | 99 |   |
| Interest expense                                                           |   |                         | (281    | ) |   |   | (546 | ) |
| Loss on equity method investments                                          |   |                         | (11     | ) |   |   | (4 | ) |
| Foreign exchange loss                                                      |   |                         | -       |   |   |   | (320 | ) |
| Warrant liability income                                                   |   |                         | 321     |   |   |   | 1,694 |   |
| Other income                                                               |   |                         | 88      |   |   |   | 136 |   |
| Total other income                                                         |   |                         | 135     |   |   |   | 1,059 |   |
|                                                                       |   |                         |    |   |   |   |   |   |
| Reorganization expenses:                                                   |   |                         |    |   |   |   |   |   |
| Professional fees                                                          |   |                         | 337     |   |   |   | - |   |
| Total reorganization expenses                                              |   |                         | 337     |   |   |   | - |   |
| Loss before income taxes                                                   |   |                         | (3,514  | ) |   |   | (5,255 | ) |
| Income tax benefit                                                         |   |                         | 244     |   |   |   | 186 |   |
| Net loss                                                                   |   |                         | (3,270  | ) |   |   | (5,069 | ) |
| Net loss attributable to noncontrolling interest                           |   |                         | -       |   |   |   | 76 |   |
| Net loss attributable to NutraCea shareholders                             |   | $                            | (3,270  | ) |   | $ | (4,993 | ) |
|                                                                       |   |                         |    |   |   |   |   |   |
| Loss per share attributable to NutraCea shareholders                       |   |                         |    |   |   |   |   |   |
| Basic                                                                      |   | $                            | (0.02   | ) |   | $ | (0.03 | ) |
| Diluted                                                                    |   | $                            | (0.02   | ) |   | $ | (0.03 | ) |
|                                                                       |   |                         |    |   |   |   |   |   |
| Weighted average number of shares outstanding                              |   |                         |    |   |   |   |   |   |
| Basic                                                                      |   |                         | 192,992 |   |   |   | 169,365 |   |
| Diluted                                                                    |   |                         | 192,992 |   |   |   | 169,365 |   |

----

Index

|                                                                                                                                 |   | March 31, 2010 |     |   | December 31, 2009 |   |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|----------|--------|-------------------|--------|
| ASSETS                                                                                                                               |   |           |     |   |              |   |
| Current assets:                                                                                                                      |   |           |     |   |              |   |
| Cash and cash equivalents                                                                                                            |   | $              | 897      |   |              | $      | 952 |   |
| Restricted cash                                                                                                                      |   |           | 1,915    |   |              |   | 1,915 |   |
| Accounts receivable, net of allowance for doubtful accounts of $277 and $153                                                         |   |           | 3,629    |   |              |   | 3,506 |   |
| Inventories                                                                                                                          |   |           | 4,073    |   |              |   | 3,238 |   |
| Notes receivable, current portion, net of allowance for doubtful notes receivable of $636 and $636                                   |   |           | 1,200    |   |              |   | 1,200 |   |
| Deposits and other current assets                                                                                                    |   |           | 2,061    |   |              |   | 2,637 |   |
| Assets held for sale - property, plant and equipment                                                                                 |   |           | 10,492   |   |              |   | 14,551 |   |
| Assets held for sale - trademarks                                                                                                    |   |           | 650      |   |              |   | 650 |   |
| Total current assets                                                                                                                 |   |           | 24,917   |   |              |   | 28,649 |   |
|                                                                                                                                 |   |           |     |   |              |   |   |   |
| Notes receivable, net of current portion                                                                                             |   |           | 1,500    |   |              |   | 1,800 |   |
| Property, plant and equipment, net                                                                                                   |   |           | 25,086   |   |              |   | 26,243 |   |
| Intangible assets, net                                                                                                               |   |           | 7,195    |   |              |   | 7,679 |   |
| Goodwill                                                                                                                             |   |           | 5,472    |   |              |   | 5,626 |   |
| Equity method investment                                                                                                             |   |           | 81       |   |              |   | 91 |   |
| Other long-term assets                                                                                                               |   |           | 91       |   |              |   | 80 |   |
| Total assets                                                                                                                         |   | $              | 64,342   |   |              | $      | 70,168 |   |
|                                                                                                                                 |   |           |     |   |              |   |   |   |
| LIABILITIES AND EQUITY                                                                                                               |   |           |     |   |              |   |   |   |
| Current liabilities:                                                                                                                 |   |           |     |   |              |   |   |   |
| Accounts payable                                                                                                                     |   | $              | 2,921    |   |              | $      | 2,588 |   |
| Accrued expenses                                                                                                                     |   |           | 5,049    |   |              |   | 5,080 |   |
| Long-term debt, current portion                                                                                                      |   |           | 4,998    |   |              |   | 6,642 |   |
| Warrant liability, current portion                                                                                                   |   |           | 1        |   |              |   | 34 |   |
| Total current liabilities                                                                                                            |   |           | 12,969   |   |              |   | 14,344 |   |
|                                                                                                                                 |   |           |     |   |              |   |   |   |
| Liabilities subject to compromise                                                                                                    |   |           | 6,976    |   |              |   | 6,988 |   |
|                                                                                                                                 |   |           |     |   |              |   |   |   |
| Long-term liabilities:                                                                                                               |   |           |     |   |              |   |   |   |
| Long-term debt, net of current portion                                                                                               |   |           | 5,709    |   |              |   | 5,957 |   |
| Deferred tax liability                                                                                                               |   |           | 4,710    |   |              |   | 5,110 |   |
| Warrant liability, net of current portion                                                                                            |   |           | 957      |   |              |   | 1,245 |   |
| Other long-term liabilities                                                                                                          |   |           | 1,000    |   |              |   | 1,000 |   |
| Total liabilities                                                                                                                    |   |           | 32,321   |   |              |   | 34,644 |   |
|                                                                                                                                 |   |           |     |   |              |   |   |   |
| Commitments and contingencies                                                                                                        |   |           |     |   |              |   |   |   |
|                                                                                                                                 |   |           |     |   |              |   |   |   |
| Equity:                                                                                                                              |   |           |     |   |              |   |   |   |
| Equity attributable to NutraCea shareholders:                                                                                        |   |           |     |   |              |   |   |   |
| Convertible, series E preferred stock, no par value, $1,000 stated value, 2,743 shares authorized, no shares outstanding             |   |           | -        |   |              |   | - |   |
| Convertible, series D preferred stock, no par value, $1,000 stated value, 10,000 shares authorized,  no shares outstanding |   |           | -        |   |              |   | - |   |
| Common stock, no par value, 350,000,000 shares authorized, 193,324,109 and 192,967,680 shares issued and outstanding                 |   |           | 205,465  |   |              |   | 205,291 |   |
| Accumulated deficit                                                                                                                  |   |           | (172,414 | )      |              |   | (169,144 | ) |
| Accumulated other comprehensive loss                                                                                                 |   |           | (874     | )      |              |   | (467 | ) |
| Total equity attributable to NutraCea shareholders                                                                                   |   |           | 32,177   |   |              |   | 35,680 |   |
| Noncontrolling interest                                                                                                              |   |           | (156     | )      |              |   | (156 | ) |
| Total equity                                                                                                                         |   |           | 32,021   |   |              |   | 35,524 |   |
| Total liabilities and equity                                                                                                         |   | $              | 64,342   |   |              | $      | 70,168 |   |

----

Index

|                                                                     |   | Three Months Ended March 31, |   |
|--------------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                     |   | 2010                         |   |   | 2009 |   |
| Cash flow from operating activities:                                     |   |                         |   |   |   |   |
| Net loss                                                                 |   | $                            | (3,270 | ) |   | $ | (5,069 | ) |
| Adjustments to reconcile net loss to net cash from operating activities: |   |                         |   |   |   |   |   |   |
| Depreciation and amortization                                            |   |                         | 1,139  |   |   |   | 1,746 |   |
| Provision for doubtful accounts receivable and notes receivable          |   |                         | 73     |   |   |   | (64 | ) |
| Loss on disposal of trademarks, property, plant and equipment            |   |                         | 376    |   |   |   | - |   |
| Share-based employee and director compensation                           |   |                         | 171    |   |   |   | 130 |   |
| Share-based consultant compensation                                      |   |                         | 3      |   |   |   | - |   |
| Warrant liability income                                                 |   |                         | (321   | ) |   |   | (1,694 | ) |
| Deferred tax benefit                                                     |   |                         | (244   | ) |   |   | (186 | ) |
| Reorganization expenses                                                  |   |                         | 337    |   |   |   | - |   |
| Foreign exchange loss                                                    |   |                         | -      |   |   |   | 320 |   |
| Loss on equity method investments                                        |   |                         | 11     |   |   |   | 4 |   |
| Share-based interest expense                                             |   |                         | -      |   |   |   | 295 |   |
| Changes in operating assets and liabilities:                             |   |                         |   |   |   |   |   |   |
| Accounts receivable                                                      |   |                         | (250   | ) |   |   | 497 |   |
| Inventories                                                              |   |                         | (882   | ) |   |   | (699 | ) |
| Other current assets                                                     |   |                         | 454    |   |   |   | 891 |   |
| Accounts payable and accrued expenses                                    |   |                         | 255    |   |   |   | 1,554 |   |
| Net cash used in operating activities before reorganization item         |   |                         | (2,148 | ) |   |   | (2,275 | ) |
|                                                                     |   |                         |   |   |   |   |   |   |
| Reorganization item - professional fees                                  |   |                         | (159   | ) |   |   | - |   |
| Net cash used for reorganization item                                    |   |                         | (159   | ) |   |   | - |   |
| Net cash used in operating activities                                    |   |                         | (2,307 | ) |   |   | (2,275 | ) |
|                                                                     |   |                         |   |   |   |   |   |   |
| Cash flows from investing activities:                                    |   |                         |   |   |   |   |   |   |
| Proceeds from payments on notes receivable                               |   |                         | 300    |   |   |   | 187 |   |
| Purchases of property and equipment                                      |   |                         | (61    | ) |   |   | (1,208 | ) |
| Proceeds from sale of trademarks, property, plant and equipment          |   |                         | 3,715  |   |   |   | - |   |
| Other                                                                    |   |                         | (7     | ) |   |   | (121 | ) |
| Net cash provided (used) by investing activities                         |   |                         | 3,947  |   |   |   | (1,142 | ) |
|                                                                     |   |                         |   |   |   |   |   |   |
| Cash flows from financing activities:                                    |   |                         |   |   |   |   |   |   |
| Payments on redemption of convertible, preferred stock                   |   |                         | -      |   |   |   | (556 | ) |
| Proceeds from noncontrolling interest                                    |   |                         | -      |   |   |   | 32 |   |
| Payments of debt                                                         |   |                         | (1,698 | ) |   |   | - |   |
| Principal proceeds from debt                                             |   |                         | -      |   |   |   | 233 |   |
| Net cash used in financing activities                                    |   |                         | (1,698 | ) |   |   | (291 | ) |
|                                                                     |   |                         |   |   |   |   |   |   |
| Effect of exchange rate changes on cash and cash equivalents             |   |                         | 3      |   |   |   | 12 |   |
| Net decrease in cash and cash equivalents                                |   |                         | (55    | ) |   |   | (3,696 | ) |
| Cash and cash equivalents, beginning of year                             |   |                         | 952    |   |   |   | 4,867 |   |
| Cash and cash equivalents, end of year                                   |   | $                            | 897    |   |   | $ | 1,171 |   |
|                                                                     |   |                         |   |   |   |   |   |   |
| Supplemental disclosures:                                                |   |                         |   |   |   |   |   |   |
| Cash paid for interest                                                   |   | $                            | 234    |   |   | $ | 220 |   |
| Cash paid for income taxes                                               |   |                         | -      |   |   |   | - |   |

----

Index

Notes 

----

Index

| Benchmark Date   |   | Required CumulativePayment |   | Pledged Assets Subject to Sale by Plan Agent, if       Benchmark Not Met |   | Net ProceedsPlan Agent Retains for the General Unsecured Creditors                                            |
|------------------|--------|----------------------------|--------|-------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|
| July 15, 2011    |   |   50%            |   | Dillon, Montana facility and all loose equipment,                                                           |   | 75% of proceeds from the sale of the facility and up to 100% of the proceeds from the sale of loose equipment |
|             |   |                       |   |                                                                                                        |   |                                                                                                          |
| October 15, 2011 |   |   75%            |   | Dillon, Montana facility and all loose equipment                                                            |   | 75% of proceeds from the sale of the facility and up to 100% of the proceeds from the sale of loose equipment |
|             |   |                       |   |                                                                                                        |   |                                                                                                          |
| January 15, 2012 |   | 100%                       |   | Lake Charles, Louisiana facility and any remaining pledged assets                                           |   | Up to 100% of net proceeds from the sale                                                                      |
|             |   |                       |   |                                                                                                        |   |                                                                                                          |

----

Index

|   | · | 75% of the net proceeds from the sale of the Dillon, Montana facility; |
|--------|--------|------------------------------------------------------------------------|

|   | · | the greater of (i) $2.2 million or (ii) 40% of the first $5.0 million in net proceeds we receive from the monetization of our interest in Nutra SA, LLC (Nutra SA) plus 50% of any net proceeds over $5.0 million; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 50% of the net proceeds from the sale of our interest in Rice Science, LLC or Rice Rx LLC; |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | 100% of the net proceeds from the sale of any loose (uninstalled) equipment; |
|--------|--------|------------------------------------------------------------------------------|

|   | · | 75% of any prepayments received on the note receivable from Ceautamed Worldwide, LLC (Ceautamed), if any, and all receipts on the note beginning April 1, 2011; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 75% of the net proceeds from the sale or monetization of the Lake Charles, Louisiana improvements or Mermentau, Louisiana facility, after payment of professional fees; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 75% of the net proceeds from the sale or monetization of any other pledged assets; |
|--------|--------|------------------------------------------------------------------------------------|

|   | · | 100% of any recoveries from avoidance actions or actions against former officers and directors. |
|--------|--------|-------------------------------------------------------------------------------------------------|

| · | growing sales in existing markets, including bulk Stabilized Rice Bran (SRB) and rice bran oil; |
|--------|-------------------------------------------------------------------------------------------------|

| · | aligning with strategic partners who can provide channels for additional sales of our products including rice bran oil extraction; |
|--------|------------------------------------------------------------------------------------------------------------------------------------|

| · | price increases; and |
|--------|----------------------|

| · | growing consumer retail product sales. |
|--------|----------------------------------------|

----

Index

| · | sale or a sale-lease back of certain facilities; |
|--------|--------------------------------------------------|

| · | sale of a noncontrolling interest in one or more subsidiaries; or |
|--------|-------------------------------------------------------------------|

| · | sale of surplus equipment. |
|--------|----------------------------|

----

Index

|                                                                                                                                                                     |   | Three Months Ended March 31, |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|-------------|
|                                                                                                                                                                     |   | 2010                         |        |   | 2009 |   |
| NUMERATOR (in thousands):                                                                                                                                                |   |                         |        |   |   |   |
| Basic and diluted - net loss attributable to NutraCea shareholders                                                                                                       |   | $                            | (3,270      | ) |   | $ | (4,993 | ) |
|                                                                                                                                                                     |   |                         |        |   |   |   |   |   |
| DENOMINATOR:                                                                                                                                                             |   |                         |        |   |   |   |   |   |
| Basic EPS - weighted average number of shares outstanding                                                                                                                |   |                         | 192,991,680 |   |   |   | 169,365,210 |   |
| Effect of dilutive securities outstanding                                                                                                                                |   |                         | -           |   |   |   | - |   |
| Diluted EPS - weighted average number of shares outstanding                                                                                                              |   |                         | 192,991,680 |   |   |   | 169,365,210 |   |
|                                                                                                                                                                     |   |                         |        |   |   |   |   |   |
| Number of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive- |   |                         |        |   |   |   |   |   |
| Stock options (average exercise price of $0.45 and $0.80 )                                                                                                          |   |                         | 26,630,425  |   |   |   | 23,629,351 |   |
| Warrants (average exercise price of $1.27 and $1.40)                                                                                                                     |   |                         | 39,845,173  |   |   |   | 34,813,757 |   |
|                                                                                                                                                                     |   |                         |        |   |   |   |   |   |

|                                                                |   | Three Months EndedMarch 31, |   |
|---------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                |   | 2010                        |   |   | 2009 |   |
|                                                                |   |                        |   |   |   |   |
| Net loss                                                            |   | $                           | (3,270 | ) |   | $ | (5,069 | ) |
|                                                                |   |                        |   |   |   |   |   |   |
| Other comprehensive loss - foreign currency translation, net of tax |   |                        | (407   | ) |   |   | (5,807 | ) |
|                                                                |   |                        |   |   |   |   |   |   |
| Comprehensive loss, net of tax                                      |   |                        | (3,677 | ) |   |   | (10,876 | ) |
|                                                                |   |                        |   |   |   |   |   |   |
| Comprehensive income attributable to the noncontrolling interest    |   |                        | -      |   |   |   | 76 |   |
|                                                                |   |                        |   |   |   |   |   |   |
| Total comprehensive loss attribibutable to NutraCea shareholders    |   | $                           | (3,677 | ) |   | $ | (10,800 | ) |
|                                                                |   |                        |   |   |   |   |   |   |

----

Index

|                                    |   | March 31, 2010 |   |   | December 31, 2009 |   |
|-----------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                    |   |           |   |   |              |   |
| Foreign currency translation adjustment |   | $              | (874   | )      |              | $      | (467 | ) |
| Accumulated other comprehensive loss    |   | $              | (874   | )      |              | $      | (467 | ) |

|   | a. | We will assume the Rice Rx LLC (RRX) and Rice Science, LLC (RS) limited liability company agreements, together with a related supply agreement and license agreements, and the proof of claim will be deemed satisfied; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | HS will assign to us all of its interests in the RRX and RS limited liability companies; |
|--------|----|------------------------------------------------------------------------------------------|

----

Index

|   | c. | HS and the affiliates will assign to us any interest they have in the patentable pharmaceuticals, SRB isolates and related intellectual property; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | HS will assign to us the supply agreement, the license agreement and certain related research and development agreements; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------|

|   | e. | HS and the affiliates will agree not to engage in any research, development, sale, distribution, commercialization, and/or manufacturing activities concerning the patentable pharmaceuticals, SRB isolates and related intellectual property; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | HS and the affiliates will agree to cooperate with us in specified ways to protect, preserve and perfect the patentable pharmaceuticals, SRB isolates and related intellectual property; and |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | The parties will waive and release all claims against each other in regard to the limited liability companies, the supply agreement, the license agreement and the research and development agreements. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                 |   | March 31, 2010 |   |   | December 31, 2009 |   |
|------------------------------------------------------|--------|---------------------|--------|--------|-------------------|--------|
|                                                 |   |                |   |   |              |   |
| Land                                                 |   | $                   | 2,928  |   |              | $      | 2,928 |   |
| Plant                                                |   |                | 5,569  |   |              |   | 5,569 |   |
| Machinery and equipment                              |   |                | 1,995  |   |              |   | 4,813 |   |
| Construction in progress                             |   |                | -      |   |              |   | 1,241 |   |
| Assets held for sale - property, plant and equipment |   | $                   | 10,492 |   |              | $      | 14,551 |   |

|                                                 |   | March 31, 2010 |   |   | December 31, 2009 |   |
|------------------------------------------------------|--------|---------------------|--------|--------|-------------------|--------|
| Dillon facility                                      |   | $                   | 4,492  |   |              | $      | 4,492 |   |
| Phoenix building                                     |   |                | 6,000  |   |              |   | 6,000 |   |
| Phoenix equipment                                    |   |                | -      |   |              |   | 4,059 |   |
| Assets held for sale - property, plant and equipment |   | $                   | 10,492 |   |              | $      | 14,551 |   |

----

Index

----

Index

|                             |   |           |       |   | Weighted |   |
|----------------------------------|--------|----------------|------------|--------|----------|--------|
|                             |   |           |       |   | Average  |   |
|                             |   | Number of |       |   | Exercise |   |
|                             |   | Options        |       |   | Price    |   |
| Outstanding at December 31, 2009 |   |           | 24,588,951 |   |     | $      | 0.49 |   |
| Granted                          |   |           | 2,806,250  |   |     |   | 0.20 |   |
| Exercised                        |   |           | -          |   |     |   |   |   |
| Forfeited/expired                |   |           | (877,834   | )      |     |   | 1.35 |   |
| Outstanding at March 31, 2010    |   |           | 26,517,367 |   |     | $      | 0.43 |   |
| Exercisable at March 31, 2010    |   |           | 19,021,213 |   |     | $      | 0.51 |   |

----

Index

|                             |   |      |       |   | Weighted |   |
|----------------------------------|--------|-----------|------------|--------|----------|--------|
|                             |   |      |       |   | Average  |   |
|                             |   | Number of |       |   | Exercise |   |
|                             |   | Options   |       |   | Price    |   |
| Outstanding at December 31, 2008 |   |      | 25,193,477 |   |     | $      | 0.80 |   |
| Granted                          |   |      | 80,000     |   |     |   | 0.70 |   |
| Forfeited/expired                |   |      | (2,635,912 | )      |     |   | 0.97 |   |
| Outstanding at March 31, 2009    |   |      | 22,637,565 |   |     | $      | 0.78 |   |
| Exercisable at March 31, 2009    |   |      | 21,530,702 |   |     | $      | 0.74 |   |

----

Index

----

Index

----

Index

----

Index

|                                                                   |   |   | Three Months Ended March 31, 2010 |   |
|------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                   |   |   | Corporate                         |   |   | SRB |   |   | Bio-Refining |   |   | Consolidated |   |
|                                                                   |   |   |                              |   |   |   | (1) |   |   |   | (2) |   |   |   |   |
| Revenues                                                               |   |   | $                                 | -      |   |   | $ | 3,234 |   |   | $ | 3,988 |   |   | $ | 7,222 |   |
| Cost of goods sold                                                     |   |   |                              | -      |   |   |   | 2,023 |   |   |   | 3,467 |   |   |   | 5,490 |   |
| Gross profit                                                           |   |   |                              | -      |   |   |   | 1,211 |   |   |   | 521 |   |   |   | 1,732 |   |
| Depreciation and amortization (in selling, general and administrative) |   |   |                              | (58    | ) |   |   | (334 | )  |   |   | (281 | ) |   |   | (673 | )  |
| Loss on disposal of trademarks, property, plant and equipment          |   |   |                              | -      |   |   |   | (376 | ) |   |   | - |   |   |   | (376 | ) |
| Other operating expenses                                               |   |   |                              | (2,162 | ) |   |   | (994 | ) |   |   | (839 | ) |   |   | (3,995 | ) |
| Loss from operations                                                   |   |   | $                                 | (2,220 | ) |   | $ | (493 | ) |   | $ | (599 | ) |   | $ | (3,312 | ) |
|                                                                   |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to NutraCea shareholders                         |   |   | $                                 | (2,301 | ) |   | $ | (493 | ) |   | $ | (476 | ) |   | $ | (3,270 | ) |
| Interest expense                                                       |   |   |                              | (151   | ) |   |   | - |   |   |   | (130 | ) |   |   | (281 | ) |
| Depreciation (in cost of goods sold)                                   |   |   |                              | -      |   |   |   | (146 | ) |   |   | (320 | ) |   |   | (466 | ) |
| Purchases of property and equipment                                    |   |   |                              | 15     |   |   |   | 7 |   |   |   | 39 |   |   |   | 61 |   |
| Property, plant and equipment, end of period                           |   |   |                              | 1,974  |   |   |   | 10,327 |   |   |   | 12,785 |   |   |   | 25,086 |   |
| Assets held for sale, end of period                                    |   |   |                              | -      |   |   |   | 11,142 |   |   |   | - |   |   |   | 11,142 |   |
| Goodwill, end of period                                                | (3)    |   |                              | -      |   |   |   | - |   |   |   | 5,472 |   |   |   | 5,472 |   |
| Intangible assets, net, end of period                                  |   |   |                              | -      |   |   |   | 3,437 |   |   |   | 3,758 |   |   |   | 7,195 |   |

|                                                                   |   |   | Three Months Ended March 31, 2009 |   |
|------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|
|                                                                   |   |   | Corporate                         |   |   | SRB |   |   | Bio-Refining |   |   | Consolidated |   |
|                                                                   |   |   |                              |   |   |   | (1) |   |   |   | (2) |   |   |   |   |
| Revenues                                                               |   |   | $                                 | -      |   |   | $ | 3,796 |   |   | $ | 3,416 |   |   | $ | 7,212 |   |
| Cost of goods sold                                                     |   |   |                              | -      |   |   |   | 2,924 |   |   |   | 3,332 |   |   |   | 6,256 |   |
| Gross profit                                                           |   |   |                              | -      |   |   |   | 872 |   |   |   | 84 |   |   |   | 956 |   |
| Depreciation and amortization (in selling, general and administrative) |   |   |                              | (246   | ) |   |   | (665 | ) |   |   | (215 | ) |   |   | (1,126 | ) |
| Other operating expenses                                               |   |   |                              | (3,593 | ) |   |   | (1,991 | ) |   |   | (560 | ) |   |   | (6,144 | ) |
| Loss from operations                                                   |   |   | $                                 | (3,839 | ) |   | $ | (1,784 | ) |   | $ | (691 | ) |   | $ | (6,314 | ) |
|                                                                   |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss attributable to NutraCea shareholders                         |   |   | $                                 | (2,471 | ) |   | $ | (1,708 | ) |   | $ | (814 | ) |   | $ | (4,993 | ) |
| Interest expense                                                       |   |   |                              | (443   | ) |   |   | - |   |   |   | (103 | ) |   |   | (546 | ) |
| Depreciation (in cost of goods sold)                                   |   |   |                              | -      |   |   |   | (375 | ) |   |   | (245 | ) |   |   | (620 | ) |
| Purchases of property and equipment                                    |   |   |                              | 365    |   |   |   | 733 |   |   |   | 110 |   |   |   | 1,208 |   |
| Property, plant and equipment, end of period                           |   |   |                              | 6,967  |   |   |   | 35,518 |   |   |   | 10,920 |   |   |   | 53,405 |   |
| Assets held for sale, end of period                                    |   |   |                              | -      |   |   |   | 822 |   |   |   | - |   |   |   | 822 |   |
| Goodwill, end of period                                                | (3)    |   |                              | -      |   |   |   | - |   |   |   | 4,315 |   |   |   | 4,315 |   |
| Intangible assets, net, end of period                                  |   |   |                              | -      |   |   |   | 6,939 |   |   |   | 3,503 |   |   |   | 10,442 |   |

| (1) | The SRB segment was formerly referred to as “NutraCea”. |
|-----|---------------------------------------------------------------------|

| (2) | The Bio-Refining segment was formerly referred to as “Irgovel”. |
|-----|-----------------------------------------------------------------------------|

| (3) | All changes in goodwill between December 31, 2009 and March 31, 2010, relate to foreign currency translation. |
|-----|---------------------------------------------------------------------------------------------------------------|

----

Index

|                |   | Three Months EndedMarch 31, |   |
|---------------------|--------|-----------------------------|--------|
|                |   | 2010                        |   |   | 2009 |   |
| United States       |   | $                           | 2,451  |   |   | $ | 3,272 |   |
| Brazil              |   |                        | 3,987  |   |   |   | 3,220 |   |
| Other international |   |                        | 784    |   |   |   | 720 |   |
| Total revenues      |   | $                           | 7,222  |   |   | $ | 7,212 |   |

|                                     |   | March 31, 2010 |   |   | December 31, 2009 |   |
|------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
| United States                            |   | $              | 12,301 |   |              | $      | 12,678 |   |
| Brazil                                   |   |           | 12,785 |   |              |   | 13,565 |   |
| Total property, plant and equipment, net |   | $              | 25,086 |   |              | $      | 26,243 |   |

|   | ● | Level 1 – inputs include quoted prices for identical instruments and are the most observable. |
|--------|---------|-----------------------------------------------------------------------------------------------------|

|   | ● | Level 2 – inputs include quoted prices for similar assets and observable inputs such as interest rates, currency exchange rates and yield curves. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Level 3 – inputs are not observable in the market and include management’s judgments about the assumptions market participants would use in pricing the asset or liability. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                            |   |   |   |   | As of March 31, 2010 |                    |
|---------------------------------|--------|--------|--------|--------|----------------------|-------------------------|
|                            |   |   |   |   | Level 1              |                    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                            |   |   |   |   |                 |                    |   |   |   |   |   |   |   |   |   |
| Warrant liability               |   |   | (1     | )      |                 | $                       | - |   |   | $ | - |   |   | $ | 958 |   |   | $ | 958 |   |
| Total liabilities at fair value |   |   |   |   |                 | $                       | - |   |   | $ | - |   |   | $ | 958 |   |   | $ | 958 |   |
|                            |   |   |   |   |                 |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                            |   |   |   |   |                 | As of December 31, 2009 |   |
|                            |   |   |   |   |                 | Level 1                 |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                            |   |   |   |   |                 |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Warrant liability               |   |   | (1     | )      |                 | $                       | - |   |   | $ | - |   |   | $ | 1,279 |   |   | $ | 1,279 |   |
| Total liabilities at fair value |   |   |   |   |                 | $                       | - |   |   | $ | - |   |   | $ | 1,279 |   |   | $ | 1,279 |   |

| (1) | Represents fair value of warrant liability established as a result of adoption of FASB ASC 815, “Derivatives and Hedging” (FASB ASC 815) (previously EITF 07-5, “Determining Whether an Instrument (or an Embedded Feature) is Indexed to an Entity’s Own Stock).  Fair value of the warrant liabilities was determined using the Lattice Model. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                     |   | March 31, 2010                     |   |   |                                   |   |
|--------------------------|--------|------------------------------------|--------|--------|----------------------------------------|--------|
|                     |   | Fair Value as of Beginning of Year |   |   | TotalRealized/ UnrealizedGains(Losses) |   |   | Issuance of New Warrants |   |   | NetTransfersInto (Out of) Level 3 |   |   | Fair Value, at March 31, 2010 |   |   | Change in Unrealized Gains (Losses) on Instruments Still Held |   |
|                     |   |                               |   |   | (1)                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Warrant liability        |   | $                                  | 1,279  |   |                                   | $      | 321 |   |   | $ | - |   |   | $ | - |   |   | $ | 958 |   |   | $ | 321 |   |
| Total Level 3 fair value |   | $                                  | 1,279  |   |                                   | $      | 321 |   |   | $ | - |   |   | $ | - |   |   | $ | 958 |   |   | $ | 321 |   |

|                     |   | March 31, 2009                                    |   |   |                                   |   |
|--------------------------|--------|---------------------------------------------------|--------|--------|----------------------------------------|--------|
|                     |   | Adoption of ASC 815-40-15 as of Beginning of Year |   |   | TotalRealized/ UnrealizedGains(Losses) |   |   | Record Series D Warrants at Fair Value as of Beginning of Year |   |   | Issuance of New Warrants |   |   | NetTransfersInto (Out of) Level 3 |   |   | Fair Value, at March 31, 2009 |   |   | Change in Unrealized Gains (Losses) on Instruments Still Held |   |
|                     |   |                                              |   |   | (1)                                    |   |   | (1) |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Warrant liability        |   | $                                                 | 3,913  |   |                                   | $      | (2,850 | ) |   | $ | 1,156 |   |   | $ | - |   |   | $ | - |   |   | $ | 2,219 |   |   | $ | (2,850 | ) |
| Total Level 3 fair value |   | $                                                 | 3,913  |   |                                   | $      | (2,850 | ) |   | $ | 1,156 |   |   | $ | - |   |   | $ | - |   |   | $ | 2,219 |   |   | $ | (2,850 | ) |

| (1) | Included in warrant liability income (expense) in the condensed consolidated statements of operations. |
|-----|--------------------------------------------------------------------------------------------------------|

----

Index

|                                                 |   |   |   |   | As of March 31, 2010 |   |
|------------------------------------------------------|--------|--------|--------|--------|----------------------|--------|
|                                                 |   |   |   |   | Level 1              |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                                                 |   |   |   |   |                 |   |   |   |   |   |   |   |   |   |   |
| Assets held for sale - property, plant and equipment |   |   | (1     | )      |                 | $      | - |   |   | $ | - |   |   | $ | 10,492 |   |   | $ | 10,492 |   |
| Assets held for sale - trademarks                    |   |   | (3     | )      |                 |   | - |   |   |   | - |   |   |   | 650 |   |   |   | 650 |   |
| Total assets at fair value                           |   |   |   |   |                 | $      | - |   |   | $ | - |   |   | $ | 11,142 |   |   | $ | 11,142 |   |

|                                                 |   |   |   |   | As of December 31, 2009 |   |
|------------------------------------------------------|--------|--------|--------|--------|-------------------------|--------|
|                                                 |   |   |   |   | Level 1                 |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                                                 |   |   |   |   |                    |   |   |   |   |   |   |   |   |   |   |
| Assets held for sale - property, plant and equipment |   |   | (2     | )      |                    | $      | - |   |   | $ | - |   |   | $ | 14,551 |   |   | $ | 14,551 |   |
| Assets held for sale - trademarks                    |   |   | (3     | )      |                    |   | - |   |   |   | - |   |   |   | 650 |   |   |   | 650 |   |
| Lake Charles building                                |   |   | (4     | )      |                    |   | - |   |   |   | - |   |   |   | 1,251 |   |   |   | 1,251 |   |
| Total assets at fair value                           |   |   |   |   |                    | $      | - |   |   | $ | - |   |   | $ | 16,452 |   |   | $ | 16,452 |   |

| (1) | Represents land, building and equipment at our Dillon, Montana and Phoenix, Arizona facilities.  The fair value was measured based on third party appraisals, offers from potential buyers, management's judgment and subsequent sale of the assets, less cost to sell. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents land, building, equipment and construction in progress at our Dillon, Montana and Phoenix, Arizona facilities.  The fair value was measured based on third party appraisals, offers from potential buyers and subsequent sale of the assets, less costs to sell. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Represents equine trademarks held for sale as of March 31, 2010 and December 31, 2009.  We determined the fair value based on the offers received from potential buyers.  The equine trademarks were sold to an existing customer of our equine products in April 2010. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | We recorded an impairment of $2.3 million in 2009.  The fair value of the building was based on a written offer made to FRM and a third party appraisal. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Item 2. 

----

Index

----

Index

|              |   | Three Months Ended March 31, 2010 |   |   |   |   |
|-------------------|--------|-----------------------------------|--------|--------|--------|--------|
|              |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              |   | Consolidated                      |   | %      |   |   | SRB |   |   | % |   |   | Bio-Refining |   | % |   |   | Increase/ (Decrease) |   |
| Revenues          |   | $                                 | 7,222  |   |   |   | 100 |   |   | $ | 3,234 |   |   |   | 100 |   |   | $ | 3,988 |   |   |   | 100 |   |   |   | 10 |   |
| Cost of good sold |   |                              | 5,490  |   |   |   | 76 |   |   |   | 2,023 |   |   |   | 63 |   |   |   | 3,467 |   |   |   | 87 |   |   |   | (766 | ) |
| Gross profit      |   | $                                 | 1,732  |   |   |   | 24 |   |   | $ | 1,211 |   |   |   | 37 |   |   | $ | 521 |   |   |   | 13 |   |   | $ | 776 |   |
|              |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              |   |                              |   |   |   |
|              |   | Three Months Ended March 31, 2009 |   |   |   |   |   |
|              |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|              |   | Consolidated                      |   | %      |   |   | SRB |   |   | % |   |   | Bio-Refining |   | % |   |   |   |   |   |
| Revenues          |   | $                                 | 7,212  |   |   |   | 100 |   |   | $ | 3,796 |   |   |   | 100 |   |   | $ | 3,416 |   |   |   | 100 |   |   |   |   |   |
| Cost of good sold |   |                              | 6,256  |   |   |   | 87 |   |   |   | 2,924 |   |   |   | 77 |   |   |   | 3,332 |   |   |   | 98 |   |   |   |   |   |
| Gross profit      |   | $                                 | 956    |   |   |   | 13 |   |   | $ | 872 |   |   |   | 23 |   |   | $ | 84 |   |   |   | 2 |   |   |   |   |   |

----

Index

|                                                            |   | Three Months Ended March 31, 2010 |   |
|-----------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                            |   | Corporate                         |   |   | SRB |   |   | Bio-Refining |   |   | Consolidated |   |
| Selling, general and administrative                             |   | $                                 | 1,903  |   |   | $ | 1,205 |   |   | $ | 908 |   |   | $ | 4,016 |   |
| Professional fees                                               |   |                              | 318    |   |   |   | - |   |   |   | 139 |   |   |   | 457 |   |
| Loss on disposal of trademarks, property, plant and equipment   |   |                              | -      |   |   |   | 376 |   |   |   | - |   |   |   | 376 |   |
| Provision for doubtful accounts receivable and notes receivable |   |                              | -      |   |   |   | - |   |   |   | 73 |   |   |   | 73 |   |
| Research and development                                        |   |                              | -      |   |   |   | 122 |   |   |   | - |   |   |   | 122 |   |
| Operating expenses                                              |   | $                                 | 2,221  |   |   | $ | 1,703 |   |   | $ | 1,120 |   |   | $ | 5,044 |   |
|                                                            |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   | Three Months Ended March 31, 2009 |   |
|                                                            |   | Corporate                         |   |   | SRB |   |   | Bio-Refining |   |   | Consolidated |   |
| Selling, general and administrative                             |   | $                                 | 2,846  |   |   | $ | 2,117 |   |   | $ | 720 |   |   | $ | 5,683 |   |
| Professional fees                                               |   |                              | 1,057  |   |   |   | 20 |   |   |   | 55 |   |   |   | 1,132 |   |
| Loss on disposal of trademarks, property, plant and equipment   |   |                              | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Provision for doubtful accounts receivable and notes receivable |   |                              | (64    | ) |   |   | - |   |   |   | - |   |   |   | (64 | ) |
| Research and development                                        |   |                              | -      |   |   |   | 519 |   |   |   | - |   |   |   | 519 |   |
| Operating expenses                                              |   | $                                 | 3,839  |   |   | $ | 2,656 |   |   | $ | 775 |   |   | $ | 7,270 |   |
|                                                            |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   | Favorable (Unfavorable) Change    |   |
|                                                            |   | Corporate                         |   |   | SRB |   |   | Bio-Refining |   |   | Consolidated |   |
| Selling, general and administrative                             |   | $                                 | 943    |   |   | $ | 912 |   |   | $ | (188 | ) |   | $ | 1,667 |   |
| Professional fees                                               |   |                              | 739    |   |   |   | 20 |   |   |   | (84 | ) |   |   | 675 |   |
| Loss on disposal of trademarks, property, plant and equipment   |   |                              | -      |   |   |   | (376 | ) |   |   | - |   |   |   | (376 | ) |
| Provision for doubtful accounts receivable and notes receivable |   |                              | (64    | ) |   |   | - |   |   |   | (73 | ) |   |   | (137 | ) |
| Research and development                                        |   |                              | -      |   |   |   | 397 |   |   |   | - |   |   |   | 397 |   |
| Operating expenses                                              |   | $                                 | 1,618  |   |   | $ | 953 |   |   | $ | (345 | ) |   | $ | 2,226 |   |

----

Index

|                              |   | Three Months Ended March 31, 2010 |   |
|-----------------------------------|--------|-----------------------------------|--------|
|                              |   | Corporate                         |   |   | SRB |   |   | Bio-Refining |   |   | Consolidated |   |
| Interest income                   |   | $                                 | 8      |   |   | $ | - |   |   | $ | 10 |   |   | $ | 18 |   |
| Interest expense                  |   |                              | (151   | ) |   |   | - |   |   |   | (130 | ) |   |   | (281 | ) |
| Loss on equity method investments |   |                              | (11    | ) |   |   | - |   |   |   | - |   |   |   | (11 | ) |
| Foreign exchange loss             |   |                              | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Warrant liability income          |   |                              | 321    |   |   |   | - |   |   |   | - |   |   |   | 321 |   |
| Other                             |   |                              | 89     |   |   |   | - |   |   |   | (1 | ) |   |   | 88 |   |
| Other income (expense)            |   | $                                 | 256    |   |   | $ | - |   |   | $ | (121 | ) |   | $ | 135 |   |
|                              |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   | Three Months Ended March 31, 2009 |   |
|                              |   | Corporate                         |   |   | SRB |   |   | Bio-Refining |   |   | Consolidated |   |
| Interest income                   |   | $                                 | 4      |   |   | $ | - |   |   | $ | 95 |   |   | $ | 99 |   |
| Interest expense                  |   |                              | (443   | ) |   |   | - |   |   |   | (103 | ) |   |   | (546 | ) |
| Loss on equity method investments |   |                              | (4     | ) |   |   | - |   |   |   | - |   |   |   | (4 | ) |
| Foreign exchange loss             |   |                              | (15    | ) |   |   | - |   |   |   | (305 | ) |   |   | (320 | ) |
| Warrant liability income          |   |                              | 1,694  |   |   |   | - |   |   |   | - |   |   |   | 1,694 |   |
| Other income                      |   |                              | 132    |   |   |   | - |   |   |   | 4 |   |   |   | 136 |   |
| Other income (expense)            |   | $                                 | 1,368  |   |   | $ | - |   |   | $ | (309 | ) |   | $ | 1,059 |   |
|                              |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                              |   | Favorable (Unfavorable) Change    |   |
|                              |   | Corporate                         |   |   | SRB |   |   | Bio-Refining |   |   | Consolidated |   |
| Interest income                   |   | $                                 | 4      |   |   | $ | - |   |   | $ | (85 | ) |   | $ | (81 | ) |
| Interest expense                  |   |                              | 292    |   |   |   | - |   |   |   | (27 | ) |   |   | 265 |   |
| Loss on equity method investments |   |                              | (7     | ) |   |   | - |   |   |   | - |   |   |   | (7 | ) |
| Foreign exchange loss             |   |                              | 15     |   |   |   | - |   |   |   | 305 |   |   |   | 320 |   |
| Warrant liability income          |   |                              | (1,373 | ) |   |   | - |   |   |   | - |   |   |   | (1,373 | ) |
| Other income                      |   |                              | (43    | ) |   |   | - |   |   |   | (5 | ) |   |   | (48 | ) |
| Other income (expense)            |   | $                                 | (1,112 | ) |   | $ | - |   |   | $ | 188 |   |   | $ | (924 | ) |

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Index

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Index

Item 4. 

Item 1.

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Index

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Index

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Index

Item 2. Unregistered 

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Index

enior Securities

and Reserved

Other Information

xhibits

| ExhibitNumber | Description of Exhibit                                                                                                          |
|---------------|---------------------------------------------------------------------------------------------------------------------------------|
| 10.1(1)       | Asset Purchase Agreement with Kerry Inc. dated February 11, 2010.                                                               |
| 10.2(2)       | Employment Agreement between NutraCea and Kody Newland dated March 3, 2010.                                                     |
| 31.1          | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                             |
| 31.2          | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                             |
| 32.1          | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |

|   * | Indicates a management contract or compensatory plan, contract or arrangement in which any Director or any Executive Officer participates. |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | Incorporated herein by reference to exhibits previously filed on Registrant’s 2009 Annual Report on Form 10-K, filed on February 24, 2011. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Incorporated herein by reference to exhibit 10.2 previously filed on Registrant’s Quarterly Report on Form 10-Q for the period ending March 31, 2010, filed on March 31, 2011. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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SIGNATURES

| Dated:  May 27, 2011 |                    |   |
|--------------------------------|-------------------------|--------|
|                           |                    |   |
|                           | /s/ W. John Short       |   |
|                           | W. John Short           |
|                           | Chief Executive Officer |

|   | /s/ J. Dale Belt        |   |
|--------|-------------------------|--------|
|   | Jerry Dale Belt         |
|   | Chief Financial Officer |

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