10-Q Filing

Quest Resource Holding Corp CIK: 1442236 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0001564590-16-029293`
Period End Date	20160930
Filing Date	20161114
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	qrhc-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 57 Cash Flow Statement 64 Stockholders Equity 15

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$261.33K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$586.94K	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`	$2.99M	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`	$3.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $261,334 and $586,941 as of September 30, 2016 and December 31, 2015, respectively	`AccountsReceivableNetCurrent`	$32.20M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $261,334 and $586,941 as of September 30, 2016 and December 31, 2015, respectively	`AccountsReceivableNetCurrent`	$33.30M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.10M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$946.91K	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`	$37.24M	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`	$37.18M	USD	Point-in-time
Goodwill	`Goodwill`	$58.34M	USD	Point-in-time
Goodwill	`Goodwill`	$58.34M	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`	$11.83M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.97M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.33M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.26M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	861,251.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	13.97M	shares	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$1.61M	USD	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$2.68M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.26M	shares	Point-in-time
Total assets	`Assets`	$109.01M	USD	Point-in-time
Total assets	`Assets`	$107.53M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$34.30M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$34.85M	USD	Point-in-time
Deferred revenue and other current liabilities	`DeferredCreditsAndOtherLiabilitiesCurrent`	$328.83K	USD	Point-in-time
Deferred revenue and other current liabilities	`DeferredCreditsAndOtherLiabilitiesCurrent`	$515.14K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.18M	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$3.25M	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$4.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$402.99K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$341.14K	USD	Point-in-time
Total liabilities	`Liabilities`	$38.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$39.52M	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 September 30, 2016 and December 31, 2015, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of September 30, 2016 and December 31, 2015, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 15,263,322 and 13,973,597 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively, given retroactive effect to the 1-for-8 reverse stock split effective August 10, 2016	`CommonStockValue`	$15.26K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 15,263,322 and 13,973,597 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively, given retroactive effect to the 1-for-8 reverse stock split effective August 10, 2016	`CommonStockValue`	$13.97K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$152.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$158.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-89.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-82.87M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$69.06M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$69.49M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$109.01M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$107.53M	USD	Point-in-time

Income Statement 57 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$43.57M	USD	1 Quarter
Revenue	`Revenues`	$125.91M	USD	3 Qtrs
Revenue	`Revenues`	$46.16M	USD	1 Quarter
Reverse stock split ratio of common stock	`StockholdersEquityNoteStockSplitConversionRatio1`	0.12	pure	Point-in-time
Revenue	`Revenues`	$138.77M	USD	3 Qtrs
Cost of revenue	`CostOfGoodsSold`	$42.56M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$128.04M	USD	3 Qtrs
Cost of revenue	`CostOfGoodsSold`	$115.69M	USD	3 Qtrs
Cost of revenue	`CostOfGoodsSold`	$40.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.52M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.74M	USD	3 Qtrs
Gross profit	`GrossProfit`	$3.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.22M	USD	3 Qtrs
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$4.11M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$11.79M	USD	3 Qtrs
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$4.92M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$14.22M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$989.11K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.94M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.04M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$5.94M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.26M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$5.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$14.73M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.58M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.51M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-6.52M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.34M	USD	1 Quarter
Interest expense	`InterestExpense`	$176.21K	USD	3 Qtrs
Interest expense	`InterestExpense`	$163.59K	USD	3 Qtrs
Interest expense	`InterestExpense`	$62.34K	USD	1 Quarter
Interest expense	`InterestExpense`	$72.76K	USD	1 Quarter
Total other expense	`OtherExpenses`	$163.59K	USD	3 Qtrs
Total other expense	`OtherExpenses`	$72.76K	USD	1 Quarter
Total other expense	`OtherExpenses`	$62.34K	USD	1 Quarter
Total other expense	`OtherExpenses`	$176.21K	USD	3 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.65M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.40M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.68M	USD	3 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.70M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.40M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.68M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.70M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.40M	USD	1 Quarter
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.68M	USD	3 Qtrs
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.70M	USD	3 Qtrs
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.65M	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.34	USD	3 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.46	USD	3 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.56M	shares	3 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.96M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.85M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	13.96M	shares	3 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.40M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.68M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.70M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Depreciation	`Depreciation`	$354.50K	USD	3 Qtrs
Depreciation	`Depreciation`	$123.28K	USD	1 Quarter
Depreciation	`Depreciation`	$71.84K	USD	1 Quarter
Depreciation	`Depreciation`	$218.22K	USD	3 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.72M	USD	3 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$928.43K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.77M	USD	3 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$917.26K	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$2.05K	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$3.97K	USD	3 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$269.06K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.88M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$931.87K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-824.93K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$157.70K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$690.39K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$586.50K	USD	3 Qtrs
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$943.10K	USD	3 Qtrs
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$-9.71K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$7.27M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-547.75K	USD	3 Qtrs
Deferred revenue and other current liabilities	`IncreaseDecreaseInDeferredRevenueAndOtherCurrentLiabilities`	$-73.78K	USD	3 Qtrs
Deferred revenue and other current liabilities	`IncreaseDecreaseInDeferredRevenueAndOtherCurrentLiabilities`	$191.11K	USD	3 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$114.24K	USD	3 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$1.55K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.47M	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$5.67M	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$451.59K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$819.61K	USD	3 Qtrs
Purchase of capitalized software development and intellectual property	`PaymentsToAcquireIntangibleAssets`	$740.57K	USD	3 Qtrs
Purchase of capitalized software development and intellectual property	`PaymentsToAcquireIntangibleAssets`	$272.01K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-723.60K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.56M	USD	3 Qtrs
Proceeds from line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$16.50M	USD	3 Qtrs
Proceeds from line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$4.45M	USD	3 Qtrs
Repayments to line of credit	`RepaymentsOfLinesOfCredit`	$6.70M	USD	3 Qtrs
Repayments to line of credit	`RepaymentsOfLinesOfCredit`	$17.25M	USD	3 Qtrs
Proceeds from the sale of common stock and warrants, net of issuance costs	`ProceedsFromSalesOfCommonStockAndWarrantsNetOfIssuanceCosts`	$2.89M	USD	3 Qtrs
Proceeds from the sale of common stock and warrants, net of issuance costs	`ProceedsFromSalesOfCommonStockAndWarrantsNetOfIssuanceCosts`	$60.70K	USD	3 Qtrs
Proceeds from shares issued for Employee Stock Purchase Plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$27.43K	USD	3 Qtrs
Repayments of capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$90.30K	USD	3 Qtrs
Repayments of capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$20.09K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-2.21M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.08M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.12M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.90M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.05M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.99M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.15M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.05M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.87M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$166.03K	USD	3 Qtrs
Cash paid for interest	`InterestPaidNet`	$175.22K	USD	3 Qtrs
Acquisition of equipment under capital leases	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$33.11K	USD	3 Qtrs
Acquisition of equipment under capital leases	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$119.92K	USD	3 Qtrs
Shares issued for consulting services	`StockIssued1`	$1.68M	USD	3 Qtrs
Warrant liability issued for services	`WarrantLiabilityIssuedForServices`	$34.86K	USD	3 Qtrs

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$69.06M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$69.49M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.67M	USD	3 Qtrs
Sale of common stock and warrants, net of issuance costs, Value	`StockAndWarrantsIssuedDuringPeriodValueNetOfIssuanceCosts`	$2.89M	USD	3 Qtrs
Sale of common stock and warrants, net of issuance costs, Shares	`StockIssuedDuringPeriodSharesNewIssues`	1.29M	shares	3 Qtrs
Shares issued for Employee Stock Purchase Plan options, Value	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$27.43K	USD	3 Qtrs
Shares issued for Employee Stock Purchase Plan options, Shares	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	9,724.00	shares	3 Qtrs
Shares issued for consulting services, Value	`StockIssuedDuringPeriodValueIssuedForServices`	$1.68M	USD	3 Qtrs
Shares issued for consulting services, Shares	`StockIssuedDuringPeriodSharesIssuedForServices`	418,750.00	shares	3 Qtrs
Net loss	`NetIncomeLoss`	$-2.40M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.68M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.70M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$69.06M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$69.49M	USD	Point-in-time

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