10-Q Filing

Quest Resource Holding Corp CIK: 1442236 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-017643`
Period End Date	20170630
Filing Date	20170814
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	qrhc-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 56 Cash Flow Statement 63 Stockholders Equity 10

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$333.58K	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$720.70K	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`	$2.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.99M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	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
Accounts receivable, less allowance for doubtful accounts of $720,695 and $333,578 as of June 30, 2017 and December 31, 2016, respectively	`AccountsReceivableNetCurrent`	$34.83M	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
Accounts receivable, less allowance for doubtful accounts of $720,695 and $333,578 as of June 30, 2017 and December 31, 2016, respectively	`AccountsReceivableNetCurrent`	$30.09M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.67M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.53M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$38.83M	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, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Goodwill	`Goodwill`	$58.34M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.28M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$6.80M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.49M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.27M	shares	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$2.41M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.28M	shares	Point-in-time
Property and equipment, net, and other assets	`PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent`	$1.86M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.27M	shares	Point-in-time
Total assets	`Assets`	$108.07M	USD	Point-in-time
Total assets	`Assets`	$100.52M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$35.31M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$29.40M	USD	Point-in-time
Deferred revenue and other current liabilities	`DeferredCreditsAndOtherLiabilitiesCurrent`	$408.38K	USD	Point-in-time
Deferred revenue and other current liabilities	`DeferredCreditsAndOtherLiabilitiesCurrent`	$406.06K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.81M	USD	Point-in-time
Revolving credit facility, net	`LongTermLineOfCredit`	$4.75M	USD	Point-in-time
Revolving credit facility, net	`LongTermLineOfCredit`	$6.17M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$76.05K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$335.64K	USD	Point-in-time
Total liabilities	`Liabilities`	$36.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$40.80M	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 June 30, 2017 and December 31, 2016, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2017 and December 31, 2016, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 15,281,324 and 15,272,575 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$15.28K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 15,281,324 and 15,272,575 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$15.27K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$158.17M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$158.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-90.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-94.07M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$67.27M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$64.47M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$108.07M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$100.52M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$83.91M	USD	2 Qtrs
Revenue	`Revenues`	$46.84M	USD	1 Quarter
Revenue	`Revenues`	$92.61M	USD	2 Qtrs
Revenue	`Revenues`	$41.37M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$75.28M	USD	2 Qtrs
Cost of revenue	`CostOfGoodsSold`	$43.19M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$36.92M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$85.47M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.65M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.63M	USD	2 Qtrs
Gross profit	`GrossProfit`	$7.14M	USD	2 Qtrs
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$4.64M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$9.56M	USD	2 Qtrs
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$4.58M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$9.29M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.00M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.03M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$996.33K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.01M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.65M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.32M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$5.58M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.56M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-2.93M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.13M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.99M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.18M	USD	2 Qtrs
Interest expense	`InterestExpense`	$234.77K	USD	2 Qtrs
Interest expense	`InterestExpense`	$113.86K	USD	2 Qtrs
Interest expense	`InterestExpense`	$57.27K	USD	1 Quarter
Interest expense	`InterestExpense`	$120.49K	USD	1 Quarter
Total other expense	`OtherExpenses`	$57.27K	USD	1 Quarter
Total other expense	`OtherExpenses`	$120.49K	USD	1 Quarter
Total other expense	`OtherExpenses`	$113.86K	USD	2 Qtrs
Total other expense	`OtherExpenses`	$234.77K	USD	2 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.25M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.16M	USD	2 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.05M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.29M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.25M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.16M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.29M	USD	2 Qtrs
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.25M	USD	1 Quarter
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.29M	USD	2 Qtrs
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.05M	USD	1 Quarter
Net loss applicable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.16M	USD	2 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.21	USD	2 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.30	USD	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.84M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.41M	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.27M	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	15.28M	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.25M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.16M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.29M	USD	2 Qtrs
Depreciation	`Depreciation`	$231.21K	USD	2 Qtrs
Depreciation	`Depreciation`	$122.30K	USD	1 Quarter
Depreciation	`Depreciation`	$228.69K	USD	2 Qtrs
Depreciation	`Depreciation`	$113.44K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$924.42K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$925.11K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.85M	USD	2 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.84M	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$31.30K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$170.29K	USD	2 Qtrs
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$418.94K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.09M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.18M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.44M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.32M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$828.23K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$210.70K	USD	2 Qtrs
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$-365.84K	USD	2 Qtrs
Security deposits and other assets	`IncreaseDecreaseInSecurityDepositsAndOtherAssets`	$520.12K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.29M	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-5.91M	USD	2 Qtrs
Deferred revenue and other current liabilities	`IncreaseDecreaseInDeferredRevenueAndOtherCurrentLiabilities`	$136.73K	USD	2 Qtrs
Deferred revenue and other current liabilities	`IncreaseDecreaseInDeferredRevenueAndOtherCurrentLiabilities`	$4.40K	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-13.44K	USD	2 Qtrs
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$81.48K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-3.23M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-881.82K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$373.33K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$35.93K	USD	2 Qtrs
Purchase of capitalized software development	`PaymentsToAcquireIntangibleAssets`	$216.49K	USD	2 Qtrs
Purchase of capitalized software development	`PaymentsToAcquireIntangibleAssets`	$161.76K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-197.69K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-589.82K	USD	2 Qtrs
Proceeds from credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	$10.75M	USD	2 Qtrs
Proceeds from credit facilities	`ProceedsFromRepaymentsOfLinesOfCredit`	$38.99M	USD	2 Qtrs
Repayments of credit facilities	`RepaymentsOfLinesOfCredit`	$37.58M	USD	2 Qtrs
Repayments of credit facilities	`RepaymentsOfLinesOfCredit`	$10.75M	USD	2 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$234.33K	USD	2 Qtrs
Proceeds from the sale of common stock and warrants, net of issuance costs	`ProceedsFromIssuanceOrSaleOfEquity`	$2.89M	USD	2 Qtrs
Proceeds from shares issued for Employee Stock Purchase Plan	`ProceedsFromSharesIssuedForEmployeeStockPurchasePlan`	$27.43K	USD	2 Qtrs
Proceeds from shares issued for Employee Stock Purchase Plan	`ProceedsFromSharesIssuedForEmployeeStockPurchasePlan`	$11.97K	USD	2 Qtrs
Repayments of capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$35.62K	USD	2 Qtrs
Repayments of capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$59.40K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.15M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.86M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$70.55K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-964.39K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.03M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.99M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.40M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.03M	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`	$1.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$155.19K	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	$111.62K	USD	2 Qtrs
Repayment of Regions line of credit	`RepaymentsOfLineOfCreditNoncashOrPartialNoncashTransaction`	$-9.25M	USD	2 Qtrs
Acquisition of equipment under capital leases	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$26.70K	USD	2 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$67.27M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$64.47M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$346.22K	USD	2 Qtrs
Shares issued for Employee Stock Purchase Plan options, Value	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$11.97K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.25M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.16M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.29M	USD	2 Qtrs
Ending Balance	`StockholdersEquity`	$67.27M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$64.47M	USD	Point-in-time

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