$QRHC
Quest Resource Holding Corp

2014 Q3 Form 10-Q Financial Statement

#000119312514310128 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q4
Revenue $46.98M $42.51M $37.89M
YoY Change 62.57% 10475.32% 3508.57%
Cost Of Revenue $43.13M $39.01M $36.05M
YoY Change 64.41% 35807.45% 180150.0%
Gross Profit $3.850M $3.509M $1.840M
YoY Change 44.43% 1095.94% 78.64%
Gross Profit Margin 8.19% 8.25% 4.86%
Selling, General & Admin $3.490M $3.492M $2.990M
YoY Change -30.58% 45.56% -42.5%
% of Gross Profit 90.65% 99.51% 162.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $81.04K $72.89K $940.0K
YoY Change -90.47% 392.09% 1242.86%
% of Gross Profit 2.1% 2.08% 51.09%
Operating Expenses $4.444M $4.445M $3.930M
YoY Change -52.14% 84.17% -82.68%
Operating Profit -$592.3K -$936.3K -$2.090M
YoY Change -91.05% -55.84% -90.35%
Interest Expense $101.3K $890.5K $22.58M
YoY Change -96.28% 204.72% 2113.73%
% of Operating Profit
Other Income/Expense, Net $4.153M $890.5K $0.00
YoY Change 52.62% 204.72% -100.0%
Pretax Income -$4.745M -$1.827M -$2.940M
YoY Change -48.71% -20.89% -92.53%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.745M -$1.827M -$2.940M
YoY Change -48.71% -20.89% -92.71%
Net Earnings / Revenue -10.1% -4.3% -7.76%
Basic Earnings Per Share
Diluted Earnings Per Share -$386.9K -$151.5K -$245.0K
COMMON SHARES
Basic Shares Outstanding 97.05M shares 97.03M shares 95.81M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.700M $3.200M $2.700M
YoY Change 86.11% 1500.0% 440.0%
Cash & Equivalents $6.689M $3.197M $2.677M
Short-Term Investments
Other Short-Term Assets $600.0K $700.0K $400.0K
YoY Change 50.0%
Inventory $0.00 $0.00 $3.251K
Prepaid Expenses
Receivables $28.00M $24.22M $20.85M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $35.30M $28.14M $23.93M
YoY Change 62.62% 7083.19% 3308.71%
LONG-TERM ASSETS
Property, Plant & Equipment $525.1K $555.6K $645.5K
YoY Change -25.69% 316.51% 311.96%
Goodwill $58.34M $58.34M
YoY Change
Intangibles $16.31M $17.64M
YoY Change 12564.68% 13593.3%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $74.80M $75.32M $76.72M
YoY Change -3.46% 1681.52% 1582.4%
TOTAL ASSETS
Total Short-Term Assets $35.30M $28.14M $23.93M
Total Long-Term Assets $74.80M $75.32M $76.72M
Total Assets $110.1M $103.5M $100.6M
YoY Change 11.0% 2139.65% 1812.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.80M $23.63M $23.59M
YoY Change 38.35% 5061.58% 7351.04%
Accrued Expenses $2.155M $2.674M
YoY Change 144.45% 312.52%
Deferred Revenue
YoY Change
Short-Term Debt $5.300M $5.300M $2.800M
YoY Change 130.43% 2700.0%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $33.40M $31.53M $29.29M
YoY Change 30.25% 1761.63% 2148.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $18.30M $17.38M
YoY Change -100.0% 1563.64% 2382.3%
Other Long-Term Liabilities $33.07K
YoY Change -99.84%
Total Long-Term Liabilities $0.00 $18.30M $17.41M
YoY Change -100.0% 1563.64% -16.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.40M $31.53M $29.29M
Total Long-Term Liabilities $0.00 $18.30M $17.41M
Total Liabilities $33.40M $49.81M $46.67M
YoY Change -21.46% 1678.42% 110.0%
SHAREHOLDERS EQUITY
Retained Earnings -$68.84M -$65.53M
YoY Change 29.08% 37.29%
Common Stock $97.05K $119.5M
YoY Change 48.34% 205803.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.70M $53.65M $53.98M
YoY Change
Total Liabilities & Shareholders Equity $110.1M $103.5M $100.6M
YoY Change 11.0% 2139.65% 1812.72%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q4
OPERATING ACTIVITIES
Net Income -$4.745M -$1.827M -$2.940M
YoY Change -48.71% -20.89% -92.71%
Depreciation, Depletion And Amortization $81.04K $72.89K $940.0K
YoY Change -90.47% 392.09% 1242.86%
Cash From Operating Activities -$1.210M -$360.0K -$1.310M
YoY Change 12.04% -67.27% -64.4%
INVESTING ACTIVITIES
Capital Expenditures -$470.0K -$410.0K -$50.00K
YoY Change 4600.0% 4000.0% 400.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$130.0K
YoY Change -100.0% -118.57%
Cash From Investing Activities -$470.0K -$410.0K -$170.0K
YoY Change -110.35% -183.67% -124.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $11.00M
YoY Change
Cash From Financing Activities 5.180M 2.880M 540.0K
YoY Change -26000.0% 500.0% -75.89%
NET CHANGE
Cash From Operating Activities -1.210M -360.0K -1.310M
Cash From Investing Activities -470.0K -410.0K -170.0K
Cash From Financing Activities 5.180M 2.880M 540.0K
Net Change In Cash 3.500M 2.110M -940.0K
YoY Change 1.74% -1723.08% 25.33%
FREE CASH FLOW
Cash From Operating Activities -$1.210M -$360.0K -$1.310M
Capital Expenditures -$470.0K -$410.0K -$50.00K
Free Cash Flow -$740.0K $50.00K -$1.260M
YoY Change -30.84% -104.59% -65.67%

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dei Trading Symbol
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QRHC
dei Entity Registrant Name
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Quest Resource Holding Corporation
dei Amendment Flag
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false
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
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2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0001442236
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
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dei Entity Information Date To Change Former Legal Or Registered Name
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2013-10-28
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<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>
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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.
qrhc Stock Issued During Period Units Value
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qrhc Goodwill Useful Life Description
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CY2014Q2 qrhc Method Of Warrants Converted Into Shares
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