10-Q Filing

Quest Resource Holding Corp CIK: 1442236 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-222446`
Period End Date	20130331
Filing Date	20130515
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	irhc-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 35 Cash Flow Statement 63 Stockholders Equity 13

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.40K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$7.83K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$314.12K	USD	Point-in-time
Convertible notes payable - short term, discount	`DebtInstrumentUnamortizedDiscount`	$33.39K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Convertible notes payable - short term, discount	`DebtInstrumentUnamortizedDiscount`	$1.39K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$485.73K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$847.23K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $7,834 and $7,398 as of March 31, 2013 and December 31, 2012, respectively	`AccountsReceivableNetCurrent`	$114.85K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $7,834 and $7,398 as of March 31, 2013 and December 31, 2012, respectively	`AccountsReceivableNetCurrent`	$174.01K	USD	Point-in-time
Long term senior secured convertible note - related party, discount	`SeniorSecuredConvertibleNoteRelatedPartyNetDiscount`	$1.31M	USD	Point-in-time
Long term senior secured convertible note - related party, discount	`SeniorSecuredConvertibleNoteRelatedPartyNetDiscount`	$1.60M	USD	Point-in-time
Inventory	`InventoryNet`	$4.29K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$2.91K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$47.07K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$38.02K	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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$478.95K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$702.05K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$156.69K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$145.82K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$128.80K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$128.80K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Investment in Quest Resource Management Group, LLC	`AmountOfOwnershipInvestmentInUnconsolidatedEntity`	$4.05M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Investment in Quest Resource Management Group, LLC	`AmountOfOwnershipInvestmentInUnconsolidatedEntity`	$4.22M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	58.04M	shares	Point-in-time
Prepaid income taxes	`PrepaidIncomeTaxes`	$5.44K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	65.34M	shares	Point-in-time
Prepaid income taxes	`PrepaidIncomeTaxes`	$5.44K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	58.04M	shares	Point-in-time
Security deposits and other assets	`DepositsAndOtherAssetsNonCurrent`	$142.63K	USD	Point-in-time
Security deposits and other assets	`DepositsAndOtherAssetsNonCurrent`	$221.35K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	65.34M	shares	Point-in-time
Total assets	`Assets`	$5.26M	USD	Point-in-time
Total assets	`Assets`	$5.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$355.17K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$316.60K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$702.10K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$648.15K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$166.36K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$255.11K	USD	Point-in-time
Long term debt and capital lease obligations - current portion	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$72.13K	USD	Point-in-time
Long term debt and capital lease obligations - current portion	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$53.90K	USD	Point-in-time
Convertible notes payable - short term, net of discount of $1,393 and $33,394 as of March 31, 2013 and December 31, 2012, respectively	`ConvertibleNotesPayableCurrent`	$99.11K	USD	Point-in-time
Convertible notes payable - short term, net of discount of $1,393 and $33,394 as of March 31, 2013 and December 31, 2012, respectively	`ConvertibleNotesPayableCurrent`	$73.61K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.44M	USD	Point-in-time
Long term senior secured convertible note - related party, net of discount $1,601,302 and $1,313,897 as of March 31, 2013 and December 31, 2012, respectively	`SeniorSecuredConvertibleNote`	$686.10K	USD	Point-in-time
Long term senior secured convertible note - related party, net of discount $1,601,302 and $1,313,897 as of March 31, 2013 and December 31, 2012, respectively	`SeniorSecuredConvertibleNote`	$898.70K	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	$20.23M	USD	Point-in-time
Warrant liability	`WarrantLiabilityNoncurrent`	$1.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.34M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.22M	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, 2013 and December 31, 2012	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized, 65,338,152 and 58,040,230 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively	`CommonStockValue`	$65.34K	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized, 65,338,152 and 58,040,230 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively	`CommonStockValue`	$58.04K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$53.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$30.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-51.02M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-47.73M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$2.79M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-16.96M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$5.26M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$5.13M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$217.77K	USD	1 Quarter
Revenues	`Revenues`	$313.49K	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$39.69K	USD	1 Quarter
Gross profit	`GrossProfit`	$273.80K	USD	1 Quarter
Gross profit	`GrossProfit`	$217.77K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.26M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.62M	USD	1 Quarter
Depreciation	`Depreciation`	$14.98K	USD	1 Quarter
Depreciation	`Depreciation`	$24.04K	USD	1 Quarter
Loss on sale of assets	`LongLivedAssetsHeldForSaleGainLossOnSale`	$-406.00	USD	Point-in-time
Total operating expenses	`OperatingExpenses`	$2.27M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.64M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.00M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.43M	USD	1 Quarter
Interest expense	`InterestExpense`	$130.70K	USD	1 Quarter
Interest expense	`InterestExpense`	$308.41K	USD	1 Quarter
Financing cost for senior convertible note - related party	`PaymentsOfFinancingCosts`	$1.47M	USD	1 Quarter
Financing cost for senior convertible note - related party	`PaymentsOfFinancingCosts`	$2.06M	USD	1 Quarter
Total other expense, net	`OtherExpenses`	$2.19M	USD	1 Quarter
Total other expense, net	`OtherExpenses`	$1.77M	USD	1 Quarter
Loss before taxes and equity income	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.77M	USD	1 Quarter
Loss before taxes and equity income	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.61M	USD	1 Quarter
Equity in Quest Resource Management Group, LLC income	`IncomeLossFromEquityMethodInvestments`	$475.80K	USD	1 Quarter
Equity in Quest Resource Management Group, LLC income	`IncomeLossFromEquityMethodInvestments`	$604.56K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.30M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.01M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-347.20K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.30M	USD	1 Quarter
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.30M	USD	1 Quarter
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.66M	USD	1 Quarter
Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.53M	shares	1 Quarter
Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	57.96M	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.30M	USD	1 Quarter
Depreciation expense	`Depreciation`	$14.98K	USD	1 Quarter
Depreciation expense	`Depreciation`	$24.04K	USD	1 Quarter
Amortization of debt discount and deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$259.69K	USD	1 Quarter
Amortization of debt discount and deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$4.42K	USD	1 Quarter
Loss on sale of assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-406.00	USD	1 Quarter
Equity in Quest Resource Management Group, LLC income	`IncomeLossFromEquityMethodInvestments`	$475.80K	USD	1 Quarter
Equity in Quest Resource Management Group, LLC income	`IncomeLossFromEquityMethodInvestments`	$604.56K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-347.20K	USD	1 Quarter
Provision (benefit) for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-436.00	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$784.11K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$424.32K	USD	1 Quarter
Valuation expense common stock warrants	`ValuationExpenseRelatedToCommonStockWarrants`	-	USD	1 Quarter
Valuation expense common stock warrants	`ValuationExpenseRelatedToCommonStockWarrants`	-	USD	1 Quarter
Financing costs for senior convertible note - related party	`PaymentsOfFinancingCosts`	$1.47M	USD	1 Quarter
Financing costs for senior convertible note - related party	`PaymentsOfFinancingCosts`	$2.06M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$74.29K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-59.60K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-1.38K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$9.05K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-448.00	USD	1 Quarter
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$3.46K	USD	1 Quarter
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$63.63K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.62K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$38.58K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$60.96K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$57.91K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$88.75K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$113.02K	USD	1 Quarter
Accrued interest - related parties	`IncreaseDecreaseInInterestPayableNet`	$112.14K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-949.26K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-891.95K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.37K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.11K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$100.00	USD	1 Quarter
Distributions received from Quest Resource Management Group, LLC	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	$300.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.27K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$295.89K	USD	1 Quarter
Proceeds from senior related party secured convertible note	`ProceedsFromConvertibleDebt`	$500.00K	USD	1 Quarter
Proceeds from senior related party secured convertible note	`ProceedsFromConvertibleDebt`	$500.00K	USD	1 Quarter
Repayments of notes payable	`RepaymentsOfNotesPayable`	$3.33K	USD	1 Quarter
Repayments capital lease obligations	`ProceedsFromRepaymentsOfNotesPayable`	$-18.23K	USD	1 Quarter
Repayments capital lease obligations	`ProceedsFromRepaymentsOfNotesPayable`	$-11.74K	USD	1 Quarter
Financing costs	`FinancingCosts`	$-8.50K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$476.43K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$481.77K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-426.79K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-171.60K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$314.12K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$485.73K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$847.23K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$314.12K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$485.73K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$847.23K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$56.27K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$14.13K	USD	1 Quarter
Common stock issued for services and loan fees	`ConversionOfStockAmountIssued1`	$50.78K	USD	1 Quarter
Common stock issued for warrants - cashless exercise	`CommonStockIssuedForWarrantsExercised`	$21.70M	USD	1 Quarter
Discount to senior convertible note-related party	`NonCashDiscountOnConvertibleNotes`	$500.00K	USD	1 Quarter
Discount to senior convertible note-related party	`NonCashDiscountOnConvertibleNotes`	$500.00K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$2.79M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-16.96M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$733.33K	USD	1 Quarter
Discount senior secured convertible note	`DiscountSeniorSecuredConvertibleNote`	$500.00K	USD	1 Quarter
Common stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$50.78K	USD	1 Quarter
Common stock issued for services, Shares	`StockIssuedDuringPeriodSharesIssuedForServices`	17,226.00	shares	1 Quarter
Note conversions and discounts	`NoteConversionAndDiscountsValue`	$-61.46K	USD	1 Quarter
Note conversions and discounts, Shares	`NoteConversionAndDiscountsShares`	47,917.00	shares	1 Quarter
Warrant conversions	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$21.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.30M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$2.79M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-16.96M	USD	Point-in-time

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