$QRHC
Quest Resource Holding Corp

2014 Q3 Form 10-Q Financial Statement

#000156459014005837 Filed on November 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $46.98M $28.90M
YoY Change 62.57% 8503.7%
Cost Of Revenue $43.13M $26.23M
YoY Change 64.41% 262229.69%
Gross Profit $3.850M $2.666M
YoY Change 44.43% 693.62%
Gross Profit Margin 8.19% 9.22%
Selling, General & Admin $3.490M $5.027M
YoY Change -30.58% 329.61%
% of Gross Profit 90.65% 188.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $81.04K $850.0K
YoY Change -90.47%
% of Gross Profit 2.1% 31.89%
Operating Expenses $4.444M $9.284M
YoY Change -52.14% 687.66%
Operating Profit -$592.3K -$6.618M
YoY Change -91.05% 685.29%
Interest Expense $101.3K $2.721M
YoY Change -96.28% 808.34%
% of Operating Profit
Other Income/Expense, Net $4.153M $2.721M
YoY Change 52.62% 876.56%
Pretax Income -$4.745M -$9.251M
YoY Change -48.71% 1223.75%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.745M -$9.251M
YoY Change -48.71% 1673.86%
Net Earnings / Revenue -10.1% -32.01%
Basic Earnings Per Share
Diluted Earnings Per Share -$386.9K -$835.6K
COMMON SHARES
Basic Shares Outstanding 97.05M shares 95.81M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.700M $3.600M
YoY Change 86.11%
Cash & Equivalents $6.689M $3.630M
Short-Term Investments
Other Short-Term Assets $600.0K $400.0K
YoY Change 50.0%
Inventory $0.00 $0.00
Prepaid Expenses
Receivables $28.00M $17.71M
Other Receivables $0.00 $0.00
Total Short-Term Assets $35.30M $21.71M
YoY Change 62.62%
LONG-TERM ASSETS
Property, Plant & Equipment $525.1K $706.7K
YoY Change -25.69%
Goodwill $57.94M
YoY Change
Intangibles $18.72M
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $74.80M $77.48M
YoY Change -3.46%
TOTAL ASSETS
Total Short-Term Assets $35.30M $21.71M
Total Long-Term Assets $74.80M $77.48M
Total Assets $110.1M $99.19M
YoY Change 11.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.80M $20.09M
YoY Change 38.35% 19993.26%
Accrued Expenses $2.994M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $5.300M $2.300M
YoY Change 130.43% 1050.0%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $33.40M $25.64M
YoY Change 30.25% 12721.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $16.90M
YoY Change -100.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $16.90M
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.40M $25.64M
Total Long-Term Liabilities $0.00 $16.90M
Total Liabilities $33.40M $42.52M
YoY Change -21.46% 14074.52%
SHAREHOLDERS EQUITY
Retained Earnings -$62.58M
YoY Change
Common Stock $95.82K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.70M $56.67M
YoY Change
Total Liabilities & Shareholders Equity $110.1M $99.19M
YoY Change 11.0%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$4.745M -$9.251M
YoY Change -48.71% 1673.86%
Depreciation, Depletion And Amortization $81.04K $850.0K
YoY Change -90.47%
Cash From Operating Activities -$1.210M -$1.080M
YoY Change 12.04% 671.43%
INVESTING ACTIVITIES
Capital Expenditures -$470.0K -$10.00K
YoY Change 4600.0%
Acquisitions
YoY Change
Other Investing Activities $4.550M
YoY Change
Cash From Investing Activities -$470.0K $4.540M
YoY Change -110.35%
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 -20.00K
YoY Change -26000.0% -118.18%
NET CHANGE
Cash From Operating Activities -1.210M -1.080M
Cash From Investing Activities -470.0K 4.540M
Cash From Financing Activities 5.180M -20.00K
Net Change In Cash 3.500M 3.440M
YoY Change 1.74% -11566.67%
FREE CASH FLOW
Cash From Operating Activities -$1.210M -$1.080M
Capital Expenditures -$470.0K -$10.00K
Free Cash Flow -$740.0K -$1.070M
YoY Change -30.84% 664.29%

Facts In Submission

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CY2014Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4489314
CY2014Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
15857781
CY2013Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
19487836
CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1850872
CY2013Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
17636964
qrhc Goodwill Useful Life Description
GoodwillUsefulLifeDescription
Indefinite
CY2014Q3 us-gaap Goodwill Gross
GoodwillGross
58337290
CY2014Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2013Q4 us-gaap Goodwill Gross
GoodwillGross
58337290
CY2013Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2014Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
875740
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
770497
us-gaap Indefinitelived Intangible Assets Acquired
IndefinitelivedIntangibleAssetsAcquired
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2014Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
52824
CY2013Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
17392229
CY2014Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
22604
CY2013Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
16096
CY2014Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
30220
CY2013Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
17376133
CY2014Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
2.00
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
5000000
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.
us-gaap Debt Instrument Convertible Beneficial Conversion Feature
DebtInstrumentConvertibleBeneficialConversionFeature
5500000
CY2014Q3 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
11000000
CY2014Q3 us-gaap Interest Expense
InterestExpense
101260
CY2014Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
5550630
CY2014Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
1658531
CY2014Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1658531
CY2014Q3 qrhc Intrinsic Value Of Debt Extinguishment
IntrinsicValueOfDebtExtinguishment
0
CY2014Q3 qrhc Debt Instrument Accrued Interest
DebtInstrumentAccruedInterest
0
us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
2062491
us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
324876
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
431569
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
381387
qrhc Consecutive Trading Period Consider For Conversion Of Debt
ConsecutiveTradingPeriodConsiderForConversionOfDebt
P10D
CY2012Q1 qrhc Number Of Contingent Warrants
NumberOfContingentWarrants
3
CY2013Q1 qrhc Number Of Shares Of Common Stock For Issuance
NumberOfSharesOfCommonStockForIssuance
7232779
CY2013Q1 qrhc Cashless Exercise Of Warrants With Exercise Price Of Per Share In Exchange For Shares Of Common Stock
CashlessExerciseOfWarrantsWithExercisePriceOfPerShareInExchangeForSharesOfCommonStock
21698338
CY2013Q1 qrhc Closing Price Of Common Stock
ClosingPriceOfCommonStock
3.00
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
77000000
us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Fair Value1
BusinessCombinationStepAcquisitionEquityInterestInAcquireeFairValue1
27050000
us-gaap Business Combination Consideration Transferred Including Equity Interest In Acquiree Held Prior To Combination1
BusinessCombinationConsiderationTransferredIncludingEquityInterestInAcquireeHeldPriorToCombination1
104050000
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
104050000
CY2014Q3 qrhc Deferred Tax Valuation Allowance Net Operating Loss
DeferredTaxValuationAllowanceNetOperatingLoss
9258000
CY2013Q4 qrhc Deferred Tax Valuation Allowance Net Operating Loss
DeferredTaxValuationAllowanceNetOperatingLoss
6582000
CY2013Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
8300000
qrhc Net Operating Loss Carry Forwards Expiration Dates
NetOperatingLossCarryForwardsExpirationDates
various dates beginning in 2032
CY2014Q3 qrhc Fair Value Of Warrants Per Share
FairValueOfWarrantsPerShare
0.76
CY2014Q2 qrhc Warrants Issued
WarrantsIssued
200000
CY2014Q2 qrhc Fair Value Of Warrants Per Share
FairValueOfWarrantsPerShare
1.61
CY2014Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1192500
CY2014Q2 qrhc Fair Value Of Warrants Per Share
FairValueOfWarrantsPerShare
0.99
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
15786739
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
29750804
CY2014Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
20408
CY2013Q3 qrhc Common Stock Fair Market Value Per Share
CommonStockFairMarketValuePerShare
2.50
CY2013Q3 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
77000000
CY2014Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
11000000
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
69017
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
198858
CY2014Q3 qrhc Common Stock Issue Expense
CommonStockIssueExpense
16667
qrhc Common Stock Issue Expense
CommonStockIssueExpense
50000
CY2014Q2 qrhc Warrants Issued Number Of Shares
WarrantsIssuedNumberOfShares
200000
CY2014Q2 qrhc Warrants To Purchase Shares Of Common Stock Price Per Share
WarrantsToPurchaseSharesOfCommonStockPricePerShare
2.65
CY2014Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
100000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
228022
CY2014Q2 qrhc Warrants To Purchase Shares Of Common Stock Price Per Share
WarrantsToPurchaseSharesOfCommonStockPricePerShare
4.31
CY2014Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1650000
CY2014Q3 qrhc Warrants Outstanding
WarrantsOutstanding
10541000
CY2014Q3 qrhc Warrants Issued And Outstanding
WarrantsIssuedAndOutstanding
12291000
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4141948
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
780000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
90416
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4831532
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.48
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.66
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.05
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.71
CY2013Q3 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
3000000
CY2013Q3 qrhc Debt Conversion Accrued Interest
DebtConversionAccruedInterest
34500
CY2013Q3 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
8382597
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 shares of 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.
CY2013Q3 us-gaap Business Acquisition Date Of Acquisition Agreement1
BusinessAcquisitionDateOfAcquisitionAgreement1
2013-07-16
CY2013Q3 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
22000000
CY2013Q3 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
22000000

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