2018 Q2 Form 10-Q Financial Statement
#000156459018021696 Filed on August 14, 2018
Income Statement
| Concept | 2018 Q2 | 2017 Q2 |
|---|---|---|
| Revenue | $27.93M | $41.37M |
| YoY Change | -32.49% | -11.68% |
| Cost Of Revenue | $23.50M | $36.92M |
| YoY Change | -36.35% | -14.52% |
| Gross Profit | $4.428M | $4.450M |
| YoY Change | -0.5% | 21.92% |
| Gross Profit Margin | 15.85% | 10.76% |
| Selling, General & Admin | $3.879M | $4.580M |
| YoY Change | -15.3% | -1.29% |
| % of Gross Profit | 87.61% | 102.92% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $100.7K | $113.4K |
| YoY Change | -11.27% | -7.24% |
| % of Gross Profit | 2.27% | 2.55% |
| Operating Expenses | $4.861M | $5.580M |
| YoY Change | -12.89% | -1.06% |
| Operating Profit | -$433.1K | -$1.130M |
| YoY Change | -61.67% | -43.22% |
| Interest Expense | $105.4K | -$120.0K |
| YoY Change | -187.86% | 100.0% |
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | -$538.5K | -$1.250M |
| YoY Change | -56.92% | -39.02% |
| Income Tax | $0.00 | $0.00 |
| % Of Pretax Income | ||
| Net Earnings | -$538.5K | -$1.250M |
| YoY Change | -56.92% | -39.02% |
| Net Earnings / Revenue | -1.93% | -3.02% |
| Basic Earnings Per Share | -$0.04 | |
| Diluted Earnings Per Share | -$0.04 | -$81.81K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 15.31M | |
| Diluted Shares Outstanding | 15.31M |
Balance Sheet
| Concept | 2018 Q2 | 2017 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $1.100M | $1.400M |
| YoY Change | -21.43% | -30.0% |
| Cash & Equivalents | $1.081M | $1.400M |
| Short-Term Investments | ||
| Other Short-Term Assets | $1.800M | $2.000M |
| YoY Change | -10.0% | 11.11% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $17.90M | $30.10M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $20.70M | $33.50M |
| YoY Change | -38.21% | -14.97% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $795.2K | $1.900M |
| YoY Change | -58.15% | 28.63% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | $62.60M | $67.00M |
| YoY Change | -6.57% | -5.37% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $20.70M | $33.50M |
| Total Long-Term Assets | $62.60M | $67.00M |
| Total Assets | $83.30M | $100.5M |
| YoY Change | -17.11% | -8.8% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $15.90M | $27.28M |
| YoY Change | -41.7% | -24.43% |
| Accrued Expenses | $1.200M | $1.800M |
| YoY Change | -33.33% | |
| Deferred Revenue | $112.5K | |
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $0.00 | $100.0K |
| YoY Change | -100.0% | 0.0% |
| Total Short-Term Liabilities | $17.60M | $29.80M |
| YoY Change | -40.94% | -18.6% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $4.900M | $6.200M |
| YoY Change | -20.97% | 40.91% |
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $4.900M | $6.200M |
| YoY Change | -20.97% | 40.91% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $17.60M | $29.80M |
| Total Long-Term Liabilities | $4.900M | $6.200M |
| Total Liabilities | $22.50M | $36.10M |
| YoY Change | -37.67% | -11.95% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $60.72M | $64.50M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $83.30M | $100.5M |
| YoY Change | -17.11% | -8.8% |
Cashflow Statement
| Concept | 2018 Q2 | 2017 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$538.5K | -$1.250M |
| YoY Change | -56.92% | -39.02% |
| Depreciation, Depletion And Amortization | $100.7K | $113.4K |
| YoY Change | -11.27% | -7.24% |
| Cash From Operating Activities | $280.0K | $1.240M |
| YoY Change | -77.42% | -158.77% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$90.00K | -$90.00K |
| YoY Change | 0.0% | -66.67% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | -$90.00K | -$90.00K |
| YoY Change | 0.0% | -66.67% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -190.0K | -1.880M |
| YoY Change | -89.89% | -476.0% |
| NET CHANGE | ||
| Cash From Operating Activities | 280.0K | 1.240M |
| Cash From Investing Activities | -90.00K | -90.00K |
| Cash From Financing Activities | -190.0K | -1.880M |
| Net Change In Cash | -0.00000000008731 | -730.0K |
| YoY Change | -100.0% | -61.17% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $280.0K | $1.240M |
| Capital Expenditures | -$90.00K | -$90.00K |
| Free Cash Flow | $370.0K | $1.330M |
| YoY Change | -72.18% | -172.28% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2018Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
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| CY2017Q2 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
41370594 | |
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Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-148177 | ||
| qrhc |
Increase Decrease In Contract With Customer Liability And Other Liability
IncreaseDecreaseInContractWithCustomerLiabilityAndOtherLiability
|
-196544 | ||
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Increase Decrease In Contract With Customer Liability And Other Liability
IncreaseDecreaseInContractWithCustomerLiabilityAndOtherLiability
|
-9044 | ||
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Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
31300 | ||
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Net Cash Provided By Used In Operating Activities
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|
2067642 | ||
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Net Cash Provided By Used In Operating Activities
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|
-881817 | ||
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Payments To Acquire Property Plant And Equipment
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|
42287 | ||
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Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
105890 | ||
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Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-197690 | ||
| CY2016Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1328174 | |
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Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
|
48875349 | ||
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Repayments Of Lines Of Credit
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|
50761385 | ||
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Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
234334 | ||
| qrhc |
Proceeds From Shares Issued For Employee Stock Purchase Plan
ProceedsFromSharesIssuedForEmployeeStockPurchasePlan
|
18396 | ||
| qrhc |
Proceeds From Shares Issued For Employee Stock Purchase Plan
ProceedsFromSharesIssuedForEmployeeStockPurchasePlan
|
11972 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-1893758 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1150058 | ||
| CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1055281 | |
| qrhc |
Proceeds From Sale Of Goodwill And Intangible Assets Noncash Or Partial Noncash Transaction
ProceedsFromSaleOfGoodwillAndIntangibleAssetsNoncashOrPartialNoncashTransaction
|
246585 | ||
| qrhc |
Investment In Related Party Noncash Or Partial Noncash Transaction
InvestmentInRelatedPartyNoncashOrPartialNoncashTransaction
|
246585 | ||
| qrhc |
Repayments Of Line Of Credit Noncash Or Partial Noncash Transaction
RepaymentsOfLineOfCreditNoncashOrPartialNoncashTransaction
|
-9250000 | ||
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. The Company, Description of Business, and Liquidity </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements include the accounts of Quest Resource Holding Corporation (“QRHC”) and its subsidiaries, Quest Resource Management Group, LLC (“Quest”), Landfill Diversion Innovations, LLC (“LDI”), Youchange, Inc. (“Youchange”), Quest Vertigent Corporation (“QVC”), Quest Vertigent One, LLC (“QV One”), and Quest Sustainability Services, Inc. (“QSS”) (collectively, “we,” “us,” “our,” or “our company”). </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Operations –<font style="font-style:normal;"> We are a national provider of reuse, recycling, and disposal services that enable our customers to achieve and satisfy their environmental and sustainability goals and responsibilities. We provide businesses across multiple industry sectors with single source solutions for the reuse, recycling, and disposal of a wide variety of waste streams and recyclables generated by their operations. </font></p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Liquidity – <font style="font-style:normal;">As of June 30, 2018 and December 31, 2017, our working capital balance was $3,127,345 and $4,243,990, respectively.</font><font style="font-size:12pt;font-style:normal;"> </font></p></div> | ||
| CY2018Q2 | us-gaap |
Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
|
308417 | |
| CY2018Q2 | qrhc |
Working Capital
WorkingCapital
|
3127345 | |
| CY2017Q4 | qrhc |
Working Capital
WorkingCapital
|
4243990 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3487381 | ||
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Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3095132 | ||
| CY2018Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
795182 | |
| CY2017Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
956867 | |
| CY2018Q2 | us-gaap |
Deposits Assets Noncurrent
DepositsAssetsNoncurrent
|
350850 | |
| CY2017Q4 | us-gaap |
Deposits Assets Noncurrent
DepositsAssetsNoncurrent
|
363475 | |
| CY2018Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2396516 | |
| CY2017Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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|
2193231 | |
| CY2018Q2 | us-gaap |
Depreciation
Depreciation
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100662 | |
| CY2017Q2 | us-gaap |
Depreciation
Depreciation
|
113444 | |
| CY2018Q2 | us-gaap |
Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
|
191680 | |
| CY2017Q4 | us-gaap |
Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
|
243778 | |
| CY2017Q4 | us-gaap |
Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
|
256319 | |
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Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
|
128800 | ||
| CY2017Q2 | us-gaap |
Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
|
0 | |
| CY2018Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
15903734 | |
| CY2018Q2 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
588901 | |
| CY2018Q2 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
622011 | |
| CY2018Q2 | us-gaap |
Other Accounts Payable And Accrued Liabilities
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|
379144 | |
| CY2018Q2 | us-gaap |
Capital Lease Obligations
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|
15547 | |
| CY2018Q2 | us-gaap |
Capital Lease Obligations Current
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|
15030 | |
| CY2018Q2 | us-gaap |
Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
|
517 | |
| CY2018Q2 | us-gaap |
Capitalized Contract Cost Net
CapitalizedContractCostNet
|
111250 | |
| CY2017Q4 | us-gaap |
Capitalized Contract Cost Net
CapitalizedContractCostNet
|
136139 | |
| CY2018Q2 | us-gaap |
Contract With Customer Liability Current
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|
112544 | |
| CY2017Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
309089 | |
| CY2018Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
11800000 | |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
12150000 | |
| CY2018Q2 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
|
19700000 | |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
|
19700000 | |
| qrhc |
Net Operating Loss Carryforwards Expiration Beginning Year
NetOperatingLossCarryforwardsExpirationBeginningYear
|
2031 | ||
| us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | ||
| CY2017 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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|
0.35 | |
| CY2018Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
1733565 | |
| qrhc |
Employee Stock Purchase Plan Expense
EmployeeStockPurchasePlanExpense
|
5262 | ||
| qrhc |
Employee Stock Purchase Plan Expense
EmployeeStockPurchasePlanExpense
|
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| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
401453 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
337230 | ||
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1389816 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
400000 | ||
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Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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|
36000 | ||
| CY2018Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1753816 | |
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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|
8.39 | |
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Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
2.39 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
5.62 | ||
| CY2018Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
7.08 |
