10-K Filing

Quest Resource Holding Corp CIK: 1442236 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0000950170-23-009464`
Period End Date	20221231
Filing Date	20230323
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	qrhc-20221231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 30 Cash Flow Statement 56 Stockholders Equity 27

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$935.26K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.18M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.56M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $2,176,010 and $840,522 as of December 31, 2022 and 2021, respectively	`AccountsReceivableNetCurrent`	$39.95M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $2,176,010 and $840,522 as of December 31, 2022 and 2021, respectively	`AccountsReceivableNetCurrent`	$45.89M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.95M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.31M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$57.77M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$50.33M	USD	Point-in-time
Goodwill	`Goodwill`	$84.26M	USD	Point-in-time
Goodwill	`Goodwill`	$80.62M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$33.56M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$39.12M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.70M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.05M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.70M	shares	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$5.91M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.05M	shares	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$5.60M	USD	Point-in-time
Total assets	`Assets`	$181.49M	USD	Point-in-time
Total assets	`Assets`	$175.67M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$32.21M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$30.20M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$6.20M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$4.69M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$1.33M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$1.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$38.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.72M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$70.57M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$62.41M	USD	Point-in-time
Other long-term liabilities, net	`OtherLiabilitiesNoncurrent`	$1.72M	USD	Point-in-time
Other long-term liabilities, net	`OtherLiabilitiesNoncurrent`	$1.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$110.35M	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, 2022 and 2021	`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, 2022 and 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 19,696,006 and 19,045,988 shares issued and outstanding as of December 31, 2022 and 2021, respectively	`CommonStockValue`	$19.05K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 19,696,006 and 19,045,988 shares issued and outstanding as of December 31, 2022 and 2021, respectively	`CommonStockValue`	$19.70K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$173.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$170.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-102.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-96.71M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$68.04M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$73.63M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$71.14M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$181.49M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$175.67M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$284.04M	USD	Annual
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$155.72M	USD	Annual
Cost of revenue	`CostOfGoodsAndServicesSold`	$127.01M	USD	Annual
Cost of revenue	`CostOfGoodsAndServicesSold`	$235.18M	USD	Annual
Gross profit	`GrossProfit`	$48.86M	USD	Annual
Gross profit	`GrossProfit`	$28.71M	USD	Annual
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$37.80M	USD	Annual
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$21.73M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$2.47M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$9.65M	USD	Annual
Total operating expenses	`OperatingExpenses`	$47.45M	USD	Annual
Total operating expenses	`OperatingExpenses`	$24.20M	USD	Annual
Operating income	`OperatingIncomeLoss`	$1.41M	USD	Annual
Operating income	`OperatingIncomeLoss`	$4.51M	USD	Annual
Interest expense	`InterestExpense`	$2.50M	USD	Annual
Interest expense	`InterestExpense`	$7.28M	USD	Annual
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.88M	USD	Annual
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.01M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$172.60K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$321.17K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-6.05M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.69M	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.31	USD	Annual
Basic	`EarningsPerShareBasic`	$0.09	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.08	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.31	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	19.47M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	18.89M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.74M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.47M	shares	Annual

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-6.05M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.69M	USD	Annual
Depreciation	`Depreciation`	$744.86K	USD	Annual
Depreciation	`Depreciation`	$484.56K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$9.22M	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.28M	USD	Annual
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$1.28M	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`	$1.74M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.38M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.28M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.18M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.68M	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$476.60K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$355.22K	USD	Annual
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$389.87K	USD	Annual
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$1.08M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.31M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$7.20M	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.68M	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-326.93K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.34M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.57M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$545.06K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$836.04K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$858.91K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$91.11K	USD	Annual
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesGross`	$16.29M	USD	Annual
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesGross`	$2.64M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.93M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.33M	USD	Annual
Proceeds from credit facilities	`ProceedsFromLinesOfCredit`	$80.55M	USD	Annual
Proceeds from credit facilities	`ProceedsFromLinesOfCredit`	$72.23M	USD	Annual
Repayments of credit facilities	`RepaymentsOfLinesOfCredit`	$75.55M	USD	Annual
Repayments of credit facilities	`RepaymentsOfLinesOfCredit`	$69.30M	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$3.50M	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$12.50M	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$758.64K	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$1.41M	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$214.55K	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$37.50K	USD	Annual
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$525.62K	USD	Annual
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$756.34K	USD	Annual
Proceeds from shares issued for Employee Stock Purchase Plan	`ProceedsFromStockPlans`	$176.74K	USD	Annual
Proceeds from shares issued for Employee Stock Purchase Plan	`ProceedsFromStockPlans`	$108.81K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.27M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.81M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$911.60K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.14M	USD	Annual
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.56M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.52M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.43M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.56M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.52M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.43M	USD	Point-in-time

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$68.04M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$73.63M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$71.14M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.28M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.38M	USD	Annual
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$100.08K	USD	Point-in-time
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$69.82K	USD	Point-in-time
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$108.81K	USD	Annual
Shares issued for Employee Stock Purchase Plan options	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$76.67K	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`	$176.74K	USD	Annual
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	40,851.00	shares	Annual
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	23,131.00	shares	Point-in-time
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	17,720.00	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`	25,042.00	shares	Point-in-time
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	22,937.00	shares	Point-in-time
Sale of common stock, net of issuance costs	`StockIssuedDuringPeriodValueNewIssues`	$756.34K	USD	Annual
Stock option and warrant exercises	`StockIssuedDuringPeriodValueStockOptionsAndWarrantExercised`	$525.62K	USD	Annual
Warrant issued with note payable	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$535.97K	USD	Annual
Stock issued for seller consideration	`StockIssuedDuringPeriodValueAcquisitions`	$1.34M	USD	Annual
Stock issued for seller consideration	`StockIssuedDuringPeriodValueAcquisitions`	$1.34M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-6.05M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.69M	USD	Annual
Ending Balance	`StockholdersEquity`	$68.04M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$73.63M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$71.14M	USD	Point-in-time

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