10-Q Filing

Quest Resource Holding Corp CIK: 1442236 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-022186`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	qrhc-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 30 Cash Flow Statement 56 Stockholders Equity 13

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$840.52K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.27M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.18M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.05M	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`	$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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.81M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $2,274,540 and $2,176,010 as of March 31, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$45.89M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $2,274,540 and $2,176,010 as of March 31, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$43.58M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.31M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.41M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$55.79M	USD	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Goodwill	`Goodwill`	$84.26M	USD	Point-in-time
Goodwill	`Goodwill`	$84.26M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.72M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.70M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$31.50M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$33.56M	USD	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$5.54M	USD	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$5.91M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.70M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.72M	shares	Point-in-time
Total assets	`Assets`	$181.49M	USD	Point-in-time
Total assets	`Assets`	$177.08M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$32.21M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$33.32M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$3.23M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$4.69M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$1.16M	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`	$37.71M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$68.31M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$70.57M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.72M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$107.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$110.35M	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 March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of March 31, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized,19,724,172 and 19,696,006 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$19.72K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized,19,724,172 and 19,696,006 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$19.70K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$173.88M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$174.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-104.78M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-102.76M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$71.70M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$69.48M	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`	$177.08M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$181.49M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$71.52M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$74.11M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$61.48M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$60.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.25M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$9.34M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$9.42M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.42M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.71M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.84M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-460.91K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$787.48K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.44M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.56M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.02M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.66M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$368.50K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$166.81K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.18M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	19.24M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	19.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.93M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.24M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.18M	USD	1 Quarter
Depreciation	`Depreciation`	$173.57K	USD	1 Quarter
Depreciation	`Depreciation`	$238.16K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.26M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.27M	USD	1 Quarter
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$324.78K	USD	1 Quarter
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$291.79K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$243.91K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$261.97K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$298.43K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$258.64K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.70M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.07M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$53.29K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$96.68K	USD	1 Quarter
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$-124.28K	USD	1 Quarter
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$-28.60K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.42M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.12M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.47M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$718.68K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.98M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-391.56K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$29.21K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$261.42K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$61.58K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$211.51K	USD	1 Quarter
Acquisition, net of cash acquired	`PaymentsToAcquireBusinessesGross`	$3.14M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.46M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-240.72K	USD	1 Quarter
Proceeds from credit facilities	`ProceedsFromLinesOfCredit`	$15.15M	USD	1 Quarter
Proceeds from credit facilities	`ProceedsFromLinesOfCredit`	$17.08M	USD	1 Quarter
Repayments of credit facilities	`RepaymentsOfLinesOfCredit`	$15.20M	USD	1 Quarter
Repayments of credit facilities	`RepaymentsOfLinesOfCredit`	$19.34M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$3.50M	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$289.71K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$60.00K	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$62.55K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$45.80K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.35M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.50M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$241.52K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-506.27K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.43M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.92M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.56M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.81M	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`	$7.92M	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`	$9.81M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$1.14M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$2.10M	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$330.87K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$29.51K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$71.70M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$69.48M	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`	$298.43K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$258.64K	USD	1 Quarter
Stock option exercises	`StockIssuedDuringPeriodValueNewIssues`	$62.55K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.18M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$71.70M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$69.48M	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.