10-Q Filing

Quest Resource Holding Corp CIK: 1442236 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-201167`
Period End Date	20140331
Filing Date	20140515
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	qrhc-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 37 Cash Flow Statement 62 Stockholders Equity 8

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$319.74K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$360.94K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.68M	USD	Point-in-time
Convertible notes payable - short term, discount	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Convertible notes payable - short term, discount	`DebtInstrumentUnamortizedDiscount`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$485.73K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$314.12K	USD	Point-in-time
Long term senior secured convertible note - related party, discount	`SeniorSecuredConvertibleNoteRelatedPartyNetDiscount`	$4.66M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $360,938 and $319,735 as of March 31, 2014 and December 31, 2013, respectively	`AccountsReceivableNetCurrent`	$20.85M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $360,938 and $319,735 as of March 31, 2014 and December 31, 2013, respectively	`AccountsReceivableNetCurrent`	$21.59M	USD	Point-in-time
Long term senior secured convertible note - related party, discount	`SeniorSecuredConvertibleNoteRelatedPartyNetDiscount`	$4.21M	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
Inventory	`InventoryNet`	$3.25K	USD	Point-in-time
Inventory	`InventoryNet`	$7.58K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$545.69K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$401.54K	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
Total current assets	`AssetsCurrent`	$23.23M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.93M	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
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$582.62K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$645.49K	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
Goodwill	`Goodwill`	$58.34M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Goodwill	`Goodwill`	$58.34M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$3.00	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$17.64M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$16.83M	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
Security deposits and other assets	`DepositsAssetsNoncurrent`	$95.89K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	95.84M	shares	Point-in-time
Security deposits and other assets	`DepositsAssetsNoncurrent`	$95.56K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	95.81M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	95.84M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	95.81M	shares	Point-in-time
Total assets	`Assets`	$100.65M	USD	Point-in-time
Total assets	`Assets`	$99.08M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$2.75M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$4.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$21.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$23.59M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.04M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.67M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$234.90K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$342.91K	USD	Point-in-time
Long-term debt and capital lease obligations-current portion	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$16.10K	USD	Point-in-time
Long-term debt and capital lease obligations-current portion	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$16.22K	USD	Point-in-time
Convertible notes payable-short term	`ConvertibleNotesPayableCurrent`	$25.00K	USD	Point-in-time
Convertible notes payable-short term	`ConvertibleNotesPayableCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.57M	USD	Point-in-time
Long-term capital lease obligations, less current maturities	`CapitalLeaseObligationsNoncurrent`	$28.99K	USD	Point-in-time
Long-term capital lease obligations, less current maturities	`CapitalLeaseObligationsNoncurrent`	$33.07K	USD	Point-in-time
Long-term senior secured convertible notes-related parties, net of discount $4,205,292 and $4,656,934 as of March 31, 2014 and December 31, 2013, respectively	`SeniorSecuredConvertibleNote`	$17.79M	USD	Point-in-time
Long-term senior secured convertible notes-related parties, net of discount $4,205,292 and $4,656,934 as of March 31, 2014 and December 31, 2013, respectively	`SeniorSecuredConvertibleNote`	$17.34M	USD	Point-in-time
Total liabilities	`Liabilities`	$46.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$46.39M	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, 2014 and December 31, 2013, respectively	`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, 2014 and December 31, 2013, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 95,837,766 and 95,814,565 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$95.81K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 95,837,766 and 95,814,565 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$95.84K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$119.41M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$119.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-67.01M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-65.53M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$53.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$52.68M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$100.65M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$99.08M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$313.49K	USD	1 Quarter
Revenue	`Revenues`	$38.16M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$34.83M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$39.69K	USD	1 Quarter
Gross profit	`GrossProfit`	$3.33M	USD	1 Quarter
Gross profit	`GrossProfit`	$273.80K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.99M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.26M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$951.66K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$14.98K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.95M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.27M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-612.96K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-2.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$308.41K	USD	1 Quarter
Interest expense	`InterestExpense`	$875.47K	USD	1 Quarter
Financing cost for senior secured convertible notes-related parties	`PaymentsOfFinancingCosts`	$1.47M	USD	1 Quarter
Financing cost for senior secured convertible notes-related parties	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Total other expense, net	`OtherExpenses`	$1.77M	USD	1 Quarter
Total other expense, net	`OtherExpenses`	$875.47K	USD	1 Quarter
Loss before taxes and equity income	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.77M	USD	1 Quarter
Loss before taxes and equity income	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.49M	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`	-	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.49M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.30M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.49M	USD	1 Quarter
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.49M	USD	1 Quarter
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.30M	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	57.96M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	95.82M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.49M	USD	1 Quarter
Depreciation	`Depreciation`	$14.98K	USD	1 Quarter
Depreciation	`Depreciation`	$69.57K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$882.10K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Amortization of debt discount and deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$451.64K	USD	1 Quarter
Amortization of debt discount and deferred financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$259.69K	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`	-	USD	1 Quarter
Provision (benefit) for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-436.00	USD	1 Quarter
Provision (benefit) for doubtful accounts	`ProvisionForDoubtfulAccounts`	$41.34K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$784.11K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$163.00K	USD	1 Quarter
Financing costs for senior convertible notes-related parties	`PaymentsOfFinancingCosts`	$1.47M	USD	1 Quarter
Financing costs for senior convertible notes-related parties	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$785.41K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-59.60K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-1.38K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$4.33K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$9.05K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$144.15K	USD	1 Quarter
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$-63.63K	USD	1 Quarter
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$-332.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$38.58K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.17M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-626.94K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$57.91K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$88.75K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$108.01K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-3.51M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-949.26K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.11K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.70K	USD	1 Quarter
Capitalized software development	`PaymentsToDevelopSoftware`	$77.42K	USD	1 Quarter
Distributions received from Quest Resource Management Group, LLC	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	$300.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-84.12K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$295.89K	USD	1 Quarter
Proceeds from senior related party secured convertible note	`ProceedsFromConvertibleDebt`	$500.00K	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$2.00M	USD	1 Quarter
Repayments capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$3.95K	USD	1 Quarter
Repayments capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$18.23K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$481.77K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-171.60K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.59M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.68M	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`	$314.12K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.68M	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`	$314.12K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$423.83K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$56.27K	USD	1 Quarter
Common stock issued for services and loan fees	`ConversionOfStockAmountIssued1`	-	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
Common stock issued for warrants-cashless exercise	`CommonStockIssuedForWarrantsExercised`	-	USD	1 Quarter
Discount to senior convertible note-related party	`NonCashDiscountOnConvertibleNotes`	-	USD	1 Quarter
Discount to senior convertible note-related party	`NonCashDiscountOnConvertibleNotes`	$500.00K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$53.98M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$52.68M	USD	Point-in-time
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$163.00K	USD	1 Quarter
Shares issued upon conversion of note	`StockIssuedDuringPeriodValueConversionOfUnits`	$29.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.49M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$53.98M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$52.68M	USD	Point-in-time

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