10-K Filing

Quest Resource Holding Corp CIK: 1442236 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0000950170-22-004075`
Period End Date	20211231
Filing Date	20220317
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	qrhc-20211231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 37 Cash Flow Statement 54 Stockholders Equity 31

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$767.46K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$935.26K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$840.52K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.52M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $840,522 and $935,261 as of December 31, 2021 and 2020, respectively	`AccountsReceivableNetCurrent`	$17.42M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $840,522 and $935,261 as of December 31, 2021 and 2020, respectively	`AccountsReceivableNetCurrent`	$39.95M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.95M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.07M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$50.33M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$26.01M	USD	Point-in-time
Goodwill	`Goodwill`	$80.62M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Goodwill	`Goodwill`	$66.31M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.05M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$6.53M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.41M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$39.12M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.41M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.05M	shares	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$3.38M	USD	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$5.60M	USD	Point-in-time
Total assets	`Assets`	$102.23M	USD	Point-in-time
Total assets	`Assets`	$175.67M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$15.25M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$30.20M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.39M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$6.20M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$1.33M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$624.38K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.26M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$62.41M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$14.95M	USD	Point-in-time
Other long-term liabilities, net	`OtherLiabilitiesNoncurrent`	$1.97M	USD	Point-in-time
Other long-term liabilities, net	`OtherLiabilitiesNoncurrent`	$1.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$34.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$102.04M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of December 31, 2021 and 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of December 31, 2021 and 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 19,045,988 and 18,413,419 shares issued and outstanding as of December 31, 2021 and 2020, respectively	`CommonStockValue`	$18.41K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 19,045,988 and 18,413,419 shares issued and outstanding as of December 31, 2021 and 2020, respectively	`CommonStockValue`	$19.05K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$170.32M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$166.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-96.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-98.40M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$73.63M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$61.64M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$68.04M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$102.23M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$175.67M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$155.72M	USD	Annual
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$98.66M	USD	Annual
Cost of revenue	`CostOfGoodsAndServicesSold`	$79.60M	USD	Annual
Cost of revenue	`CostOfGoodsAndServicesSold`	$126.89M	USD	Annual
Gross profit	`GrossProfit`	$19.06M	USD	Annual
Gross profit	`GrossProfit`	$28.82M	USD	Annual
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$21.73M	USD	Annual
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$17.14M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$2.47M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.16M	USD	Annual
Total operating expenses	`OperatingExpenses`	$18.30M	USD	Annual
Total operating expenses	`OperatingExpenses`	$24.20M	USD	Annual
Operating income	`OperatingIncomeLoss`	$750.27K	USD	Annual
Operating income	`OperatingIncomeLoss`	$4.62M	USD	Annual
Other income (expense)	`OtherIncome`	$-116.00K	USD	Annual
Other income (expense)	`OtherIncome`	$1.41M	USD	Annual
Interest expense	`InterestExpense`	$2.50M	USD	Annual
Interest expense	`InterestExpense`	$701.93K	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-167.96K	USD	Annual
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.29M	USD	Annual
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.01M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$321.17K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$254.00K	USD	Annual
Net income	`NetIncomeLoss`	$1.69M	USD	Annual
Net income	`NetIncomeLoss`	$1.03M	USD	Annual
Deemed dividend for warrant down round feature	`WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount`	-	USD	Annual
Deemed dividend for warrant down round feature	`WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount`	$205.01K	USD	Annual
Net income applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.69M	USD	Annual
Net income applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$829.36K	USD	Annual
Basic	`EarningsPerShareBasic`	$0.09	USD	Annual
Basic	`EarningsPerShareBasic`	$0.05	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.05	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.08	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	16.66M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	18.89M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.74M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.76M	shares	Annual

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.69M	USD	Annual
Net income	`NetIncomeLoss`	$1.03M	USD	Annual
Depreciation	`Depreciation`	$261.81K	USD	Annual
Depreciation	`Depreciation`	$484.56K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.28M	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.01M	USD	Annual
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$201.42K	USD	Annual
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$873.14K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$213.16K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$120.94K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.38M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.49M	USD	Annual
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-167.96K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.68M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.31M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-82.33K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$476.60K	USD	Annual
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$66.31K	USD	Annual
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$1.08M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$7.20M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.28M	USD	Annual
Deferred revenue and other liabilities	`IncreaseDecreaseInContractWithCustomerLiabilityAndOtherLiability`	$-176.90K	USD	Annual
Deferred revenue and other liabilities	`IncreaseDecreaseInContractWithCustomerLiabilityAndOtherLiability`	$1.68M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.10M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.57M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$545.06K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$443.64K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$62.43K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$91.11K	USD	Annual
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesGross`	$16.29M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-506.07K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.93M	USD	Annual
Proceeds from credit facilities	`ProceedsFromLinesOfCredit`	$71.13M	USD	Annual
Proceeds from credit facilities	`ProceedsFromLinesOfCredit`	$72.23M	USD	Annual
Repayments of credit facilities	`RepaymentsOfLinesOfCredit`	$69.30M	USD	Annual
Repayments of credit facilities	`RepaymentsOfLinesOfCredit`	$71.67M	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$12.50M	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$758.64K	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.06M	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$37.50K	USD	Annual
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$525.62K	USD	Annual
Proceeds from shares issued for Employee Stock Purchase Plan	`ProceedsFromSharesIssuedForEmployeeStockPurchasePlan`	$108.81K	USD	Annual
Proceeds from shares issued for Employee Stock Purchase Plan	`ProceedsFromSharesIssuedForEmployeeStockPurchasePlan`	$63.15K	USD	Annual
Proceeds from the sale of common stock, net of issuance costs	`ProceedsFromIssuanceOfCommonStock`	$3.05M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.27M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.51M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.11M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$911.60K	USD	Annual
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.41M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.43M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.52M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.41M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.43M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.52M	USD	Point-in-time

Stockholders Equity 31 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$73.63M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$61.64M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$68.04M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.38M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.49M	USD	Annual
Release of deferred stock units	`IssuanceOfDeferredStockUnits`	-	USD	Annual
Release of deferred stock units	`IssuanceOfDeferredStockUnits`	-	USD	Annual
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$108.81K	USD	Annual
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$30.04K	USD	Point-in-time
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$33.11K	USD	Point-in-time
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$38.99K	USD	Point-in-time
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$63.15K	USD	Annual
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$69.82K	USD	Point-in-time
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	32,192.00	shares	Point-in-time
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	47,979.00	shares	Annual
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	30,206.00	shares	Point-in-time
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	62,398.00	shares	Annual
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	22,937.00	shares	Point-in-time
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	25,042.00	shares	Point-in-time
Sale of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$3.05M	USD	Annual
Stock option and warrant exercises	`StockIssuedDuringPeriodValueStockOptionsAndWarrantExercised`	$525.62K	USD	Annual
Warrant issued with note payable	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$765.68K	USD	Annual
Warrant issued with note payable	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$535.97K	USD	Annual
Deemed dividend	`WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount`	-	USD	Annual
Deemed dividend	`WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount`	$205.01K	USD	Annual
Stock issued for seller consideration	`StockIssuedForSellerConsideration`	$1.34M	USD	Annual
Net income	`NetIncomeLoss`	$1.69M	USD	Annual
Net income	`NetIncomeLoss`	$1.03M	USD	Annual
Ending Balance	`StockholdersEquity`	$73.63M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$61.64M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$68.04M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.