$QRHC
Quest Resource Holding Corp

2014 Q2 Form 10-Q Financial Statement

#000119312514201167 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $42.51M $38.16M $313.5K
YoY Change 10475.32% 12072.69% 43.95%
Cost Of Revenue $39.01M $34.83M $39.69K
YoY Change 35807.45% 87642.51%
Gross Profit $3.509M $3.332M $273.8K
YoY Change 1095.94% 1117.12% 25.73%
Gross Profit Margin 8.25% 8.73% 87.34%
Selling, General & Admin $3.492M $2.994M $2.259M
YoY Change 45.56% 32.54% 39.44%
% of Gross Profit 99.51% 89.84% 824.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.89K $69.57K $14.98K
YoY Change 392.09% 364.4% -37.7%
% of Gross Profit 2.08% 2.09% 5.47%
Operating Expenses $4.445M $3.945M $2.274M
YoY Change 84.17% 73.52% 38.28%
Operating Profit -$936.3K -$613.0K -$2.000M
YoY Change -55.84% -69.35% 40.2%
Interest Expense $890.5K $875.5K $308.4K
YoY Change 204.72% 183.86% 135.98%
% of Operating Profit
Other Income/Expense, Net $890.5K $875.5K $1.773M
YoY Change 204.72% -50.63% -18.89%
Pretax Income -$1.827M -$1.488M -$3.298M
YoY Change -20.89% -54.86% 9.61%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.827M -$1.488M -$3.298M
YoY Change -20.89% -54.86% 23.91%
Net Earnings / Revenue -4.3% -3.9% -1051.9%
Basic Earnings Per Share -$0.06
Diluted Earnings Per Share -$151.5K -$124.4K -$0.06
COMMON SHARES
Basic Shares Outstanding 97.03M shares 95.84M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.200M $1.100M $300.0K
YoY Change 1500.0% 266.67%
Cash & Equivalents $3.197M $1.082M $314.1K
Short-Term Investments
Other Short-Term Assets $700.0K $500.0K $0.00
YoY Change -100.0%
Inventory $0.00 $7.584K $2.910K
Prepaid Expenses
Receivables $24.22M $21.59M $114.8K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.14M $23.23M $479.0K
YoY Change 7083.19% 4749.89% 139.48%
LONG-TERM ASSETS
Property, Plant & Equipment $555.6K $582.6K $145.8K
YoY Change 316.51% 299.54%
Goodwill $58.34M $58.34M
YoY Change
Intangibles $16.31M $16.83M $128.8K
YoY Change 12564.68% 12968.55%
Long-Term Investments $4.200M
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $75.32M $75.85M $4.646M
YoY Change 1681.52% 1532.5% 2223.05%
TOTAL ASSETS
Total Short-Term Assets $28.14M $23.23M $479.0K
Total Long-Term Assets $75.32M $75.85M $4.646M
Total Assets $103.5M $99.08M $5.125M
YoY Change 2139.65% 1833.18% 1181.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.63M $21.42M $355.2K
YoY Change 5061.58% 5929.8% 255.17%
Accrued Expenses $2.155M $2.043M $702.1K
YoY Change 144.45% 190.96%
Deferred Revenue
YoY Change
Short-Term Debt $5.300M $4.800M $100.0K
YoY Change 4700.0% -50.0%
Long-Term Debt Due $0.00 $0.00 $100.0K
YoY Change -100.0%
Total Short-Term Liabilities $31.53M $28.57M $1.440M
YoY Change 1761.63% 1884.05% 379.97%
LONG-TERM LIABILITIES
Long-Term Debt $18.30M $17.80M $900.0K
YoY Change 1563.64% 1877.78% 800.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $18.30M $17.80M $900.0K
YoY Change 1563.64% 1877.78% 800.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.53M $28.57M $1.440M
Total Long-Term Liabilities $18.30M $17.80M $900.0K
Total Liabilities $49.81M $46.39M $2.339M
YoY Change 1678.42% 1883.75% 679.53%
SHAREHOLDERS EQUITY
Retained Earnings -$68.84M -$67.01M -$51.02M
YoY Change 29.08% 31.34%
Common Stock $97.05K $95.84K $65.34K
YoY Change 48.34% 46.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.65M $52.68M $2.786M
YoY Change
Total Liabilities & Shareholders Equity $103.5M $99.08M $5.125M
YoY Change 2139.65% 1833.18% 1181.26%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$1.827M -$1.488M -$3.298M
YoY Change -20.89% -54.86% 23.91%
Depreciation, Depletion And Amortization $72.89K $69.57K $14.98K
YoY Change 392.09% 364.4% -37.7%
Cash From Operating Activities -$360.0K -$3.510M -$949.3K
YoY Change -67.27% 269.76% 6.43%
INVESTING ACTIVITIES
Capital Expenditures -$410.0K $6.698K $4.114K
YoY Change 4000.0% 62.81% -63.83%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $300.0K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$410.0K -$80.00K $295.9K
YoY Change -183.67% -127.04% -2724.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.880M 2.000M 481.8K
YoY Change 500.0% 315.13% 1.12%
NET CHANGE
Cash From Operating Activities -360.0K -3.510M -949.3K
Cash From Investing Activities -410.0K -80.00K 295.9K
Cash From Financing Activities 2.880M 2.000M 481.8K
Net Change In Cash 2.110M -1.590M -171.6K
YoY Change -1723.08% 826.56% -59.79%
FREE CASH FLOW
Cash From Operating Activities -$360.0K -$3.510M -$949.3K
Capital Expenditures -$410.0K $6.698K $4.114K
Free Cash Flow $50.00K -$3.517M -$953.4K
YoY Change -104.59% 268.87% 5.54%

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CY2013Q1 us-gaap Other Expenses
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CY2013Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2013Q1 us-gaap Depreciation
Depreciation
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IndefinitelivedIntangibleAssetsAcquired
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OperatingExpenses
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ProceedsFromConvertibleDebt
500000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2013Q1 qrhc Increase Decrease In Security Deposits And Other Assets
IncreaseDecreaseInSecurityDepositsAndOtherAssets
-63626
CY2013Q1 qrhc Non Cash Discount On Convertible Notes
NonCashDiscountOnConvertibleNotes
500000
CY2013Q1 qrhc Common Stock Issued For Warrants Exercised
CommonStockIssuedForWarrantsExercised
21698338
CY2014Q1 dei Trading Symbol
TradingSymbol
QRHC
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Quest Resource Holding Corporation
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001442236
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Entity Information Date To Change Former Legal Or Registered Name
EntityInformationDateToChangeFormerLegalOrRegisteredName
2013-10-28
CY2014Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
0 shares
CY2014Q1 us-gaap Common Stock Conversion Basis
CommonStockConversionBasis
Common stock has traded at four times the $2.00. conversion price, as adjusted for any stock splits, reverse stock splits, or both.
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.05
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M12D
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
95821525 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3506741
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
shares
CY2014Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
2.00
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
45000 shares
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15096948 shares
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i><u>Accounting Estimates</u></i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> We use significant estimates when accounting for the collectability of accounts receivable, depreciable lives of fixed assets, accruals, assumptions used in the valuation and recognition of share-based payments and warrant liability, the realization of goodwill and intangible assets, deferred tax assets, the equity method investment in Quest, and the application of accounting for the senior secured convertible notes, all of which are discussed in their respective notes to the consolidated financial statements.</p> </div>
CY2014Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
3.25
CY2014Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
23201 shares
CY2014Q1 us-gaap Interest Paid Net
InterestPaidNet
423826
CY2014Q1 us-gaap Revenues
Revenues
38160050
CY2014Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
0
CY2014Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
77000000
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
CY2014Q1 us-gaap Gross Profit
GrossProfit
3332415
CY2014Q1 us-gaap Business Combination Consideration Transferred Including Equity Interest In Acquiree Held Prior To Combination1
BusinessCombinationConsiderationTransferredIncludingEquityInterestInAcquireeHeldPriorToCombination1
104050000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1488423
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1488423
CY2014Q1 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Fair Value1
BusinessCombinationStepAcquisitionEquityInterestInAcquireeFairValue1
27050000
CY2014Q1 us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
5500000
CY2014Q1 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
29001
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-612956
CY2014Q1 us-gaap Debt Instrument Convertible If Converted Value In Excess Of Principal
DebtInstrumentConvertibleIfConvertedValueInExcessOfPrincipal
1300000
CY2014Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
144150
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1488423
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2014Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
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CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-1488423
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4333
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
162995
CY2014Q1 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
CY2014Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
29001
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6698
CY2014Q1 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
77425
CY2014Q1 us-gaap Other Expenses
OtherExpenses
875467
CY2014Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
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CY2014Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
409000
CY2014Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
34827635
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1996048
CY2014Q1 us-gaap Income Tax Reconciliation Tax Settlements Other
IncomeTaxReconciliationTaxSettlementsOther
153558
CY2014Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
5000000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
108014
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
162995
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
41338
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
951663
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1594816
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-84123
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-626936
CY2014Q1 us-gaap Interest Expense
InterestExpense
875467
CY2014Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-56494
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2173475
CY2014Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-506064
CY2014Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
2000000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
882096
CY2014Q1 us-gaap Depreciation
Depreciation
69567
CY2014Q1 us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
0
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
3945371
CY2014Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
451642
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2993708
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
CY2014Q1 qrhc Net Operating Loss Carry Forwards Expiration Dates
NetOperatingLossCarryForwardsExpirationDates
Various dates beginning in 2031
CY2014Q1 qrhc Increase Decrease In Security Deposits And Other Assets
IncreaseDecreaseInSecurityDepositsAndOtherAssets
-332
CY2014Q1 qrhc Note Conversion And Discounts Value
NoteConversionAndDiscountsValue
29001
CY2014Q1 qrhc Non Cash Discount On Convertible Notes
NonCashDiscountOnConvertibleNotes
CY2014Q1 qrhc Common Stock Issued For Warrants Exercised
CommonStockIssuedForWarrantsExercised
CY2014Q1 qrhc Warrants Maturity Period
WarrantsMaturityPeriod
P5Y
CY2014Q1 qrhc Note Conversion And Discounts Shares
NoteConversionAndDiscountsShares
23201 shares
CY2014Q1 qrhc Maximum Amount Of Income Tax Benefits Percentage Realized Upon Ultimate Settlement
MaximumAmountOfIncomeTaxBenefitsPercentageRealizedUponUltimateSettlement
0.50 pure
CY2014Q1 qrhc Convertible Note Amendment Description
ConvertibleNoteAmendmentDescription
(i) amended how the fair market value of our common stock, on the date of exercise, would be defined in a formula used to calculate the net number of shares that Stockbridge would receive upon a cashless exercise, (ii) extended the maturity date of the Convertible Note to October 1, 2015, (iii) revised the terms of Warrant 1-5 to apply the conversion rate from the Earth911 to the number of shares of our common stock underlying Warrant 1-5 and the exercise price at which such shares would be issued upon the exercise date, and (iv) amended the exercisable dates of the contingent Warrant 1-2, the contingent Warrant 1-3, and the contingent Warrant 1-4 to be exercisable 42 months, 45 months, and 48 months, respectively, following the issuance date of the contingent warrants. Finally, Stockbridge retroactively agreed to waive its right to effect a partial conversion of the Convertible Note, with such waiver to be effective for a period of 12 months from October 17, 2012.
CY2014Q1 qrhc Goodwill Useful Life Description
GoodwillUsefulLifeDescription
Indefinite
CY2014Q1 qrhc Consecutive Trading Period Consider For Conversion Of Debt
ConsecutiveTradingPeriodConsiderForConversionOfDebt
P10D

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