$QRHC
Quest Resource Holding Corp

2019 Q2 Form 10-Q Financial Statement

#000156459019032125 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $25.45M $27.93M
YoY Change -8.89% -32.49%
Cost Of Revenue $20.70M $23.50M
YoY Change -11.94% -36.35%
Gross Profit $4.750M $4.428M
YoY Change 7.27% -0.5%
Gross Profit Margin 18.67% 15.85%
Selling, General & Admin $4.227M $3.879M
YoY Change 8.96% -15.3%
% of Gross Profit 89.0% 87.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.11K $100.7K
YoY Change -51.21% -11.27%
% of Gross Profit 1.03% 2.27%
Operating Expenses $4.554M $4.861M
YoY Change -6.31% -12.89%
Operating Profit $195.6K -$433.1K
YoY Change -145.15% -61.67%
Interest Expense $113.7K $105.4K
YoY Change 7.84% -187.86%
% of Operating Profit 58.14%
Other Income/Expense, Net
YoY Change
Pretax Income $81.87K -$538.5K
YoY Change -115.2% -56.92%
Income Tax $54.77K $0.00
% Of Pretax Income 66.9%
Net Earnings $27.10K -$538.5K
YoY Change -105.03% -56.92%
Net Earnings / Revenue 0.11% -1.93%
Basic Earnings Per Share $0.00 -$0.04
Diluted Earnings Per Share $0.00 -$0.04
COMMON SHARES
Basic Shares Outstanding 15.34M 15.31M
Diluted Shares Outstanding 15.36M 15.31M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100M $1.100M
YoY Change 90.91% -21.43%
Cash & Equivalents $2.088M $1.081M
Short-Term Investments
Other Short-Term Assets $1.400M $1.800M
YoY Change -22.22% -10.0%
Inventory
Prepaid Expenses
Receivables $15.89M $17.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.35M $20.70M
YoY Change -6.5% -38.21%
LONG-TERM ASSETS
Property, Plant & Equipment $534.8K $795.2K
YoY Change -32.75% -58.15%
Goodwill $58.21M
YoY Change
Intangibles $2.125M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $63.14M $62.60M
YoY Change 0.86% -6.57%
TOTAL ASSETS
Total Short-Term Assets $19.35M $20.70M
Total Long-Term Assets $63.14M $62.60M
Total Assets $82.49M $83.30M
YoY Change -0.97% -17.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.90M $15.90M
YoY Change -18.89% -41.7%
Accrued Expenses $2.100M $1.200M
YoY Change 75.0% -33.33%
Deferred Revenue $22.42K $112.5K
YoY Change -80.08%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $15.27M $17.60M
YoY Change -13.23% -40.94%
LONG-TERM LIABILITIES
Long-Term Debt $4.900M $4.900M
YoY Change 0.0% -20.97%
Other Long-Term Liabilities $1.452M
YoY Change
Total Long-Term Liabilities $1.452M $4.900M
YoY Change -70.36% -20.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.27M $17.60M
Total Long-Term Liabilities $1.452M $4.900M
Total Liabilities $21.59M $22.50M
YoY Change -4.07% -37.67%
SHAREHOLDERS EQUITY
Retained Earnings -$99.31M
YoY Change
Common Stock $160.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.91M $60.72M
YoY Change
Total Liabilities & Shareholders Equity $82.49M $83.30M
YoY Change -0.97% -17.11%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $27.10K -$538.5K
YoY Change -105.03% -56.92%
Depreciation, Depletion And Amortization $49.11K $100.7K
YoY Change -51.21% -11.27%
Cash From Operating Activities $400.0K $280.0K
YoY Change 42.86% -77.42%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$90.00K
YoY Change 11.11% 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$100.0K -$90.00K
YoY Change 11.11% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -290.0K -190.0K
YoY Change 52.63% -89.89%
NET CHANGE
Cash From Operating Activities 400.0K 280.0K
Cash From Investing Activities -100.0K -90.00K
Cash From Financing Activities -290.0K -190.0K
Net Change In Cash 10.00K -0.00000000008731
YoY Change -11453246122666760.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $400.0K $280.0K
Capital Expenditures -$100.0K -$90.00K
Free Cash Flow $500.0K $370.0K
YoY Change 35.14% -72.18%

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us-gaap Nature Of Operations
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<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 and Description of Business </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 (&#8220;QRHC&#8221;) and its subsidiaries, Quest Resource Management Group, LLC (&#8220;Quest&#8221;), Landfill Diversion Innovations, LLC (&#8220;LDI&#8221;), Youchange, Inc. (&#8220;Youchange&#8221;), Quest Vertigent Corporation (&#8220;QVC&#8221;), Quest Vertigent One, LLC (&#8220;QV One&#8221;), and Quest Sustainability Services, Inc. (&#8220;QSS&#8221;) (collectively, &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or &#8220;our company&#8221;).&nbsp;&nbsp;</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 &#8211;<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.&nbsp;&nbsp;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>
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.570
us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.508
CY2019Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
121250
CY2018Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
7448
CY2019Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
22416
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
69473
CY2019Q2 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OtherNoncurrentLiabilitiesMember
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2061761
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
150000
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
qrhc Operating Lease Minimum Annual Incentive Payment
OperatingLeaseMinimumAnnualIncentivePayment
63000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.02456
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
321120
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
664200
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
664200
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
498150
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2147670
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
85909
CY2019Q2 qrhc Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
3
CY2018Q2 qrhc Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
3
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
534752
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
614518
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1872499
CY2019Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
399191
CY2018Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
353507
CY2019Q2 qrhc Property Plant And Equipment Net And Other Assets Noncurrent
PropertyPlantAndEquipmentNetAndOtherAssetsNoncurrent
2806442
CY2018Q4 qrhc Property Plant And Equipment Net And Other Assets Noncurrent
PropertyPlantAndEquipmentNetAndOtherAssetsNoncurrent
968025
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2523700
CY2019Q2 us-gaap Depreciation
Depreciation
49112
CY2018Q2 us-gaap Depreciation
Depreciation
100662
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
21526249
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
19401551
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
21427212
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18816291
qrhc Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
3
qrhc Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
3
CY2019Q2 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.541
CY2018Q2 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.530
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
910796
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
609304
CY2019Q2 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
234356
CY2018Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
293778
qrhc Equipment Lease Expire Year
EquipmentLeaseExpireYear
2020
CY2019Q2 us-gaap Capital Leases Future Minimum Payments Receivable
CapitalLeasesFutureMinimumPaymentsReceivable
30000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
qrhc:PropertyAndEquipmentNetAndOtherAssetsMember
CY2019Q2 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:AccountsPayableAndAccruedLiabilitiesMember
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1452457
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.27
CY2019Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2019Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12152000
CY2019Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
18300000
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
18900000
qrhc Net Operating Loss Carryforwards Expiration Beginning Year
NetOperatingLossCarryforwardsExpirationBeginningYear
2031
qrhc Net Operating Loss Carryforwards Expiration Ending Year
NetOperatingLossCarryforwardsExpirationEndingYear
2037
qrhc Employee Stock Purchase Plan Expense
EmployeeStockPurchasePlanExpense
13827
qrhc Employee Stock Purchase Plan Expense
EmployeeStockPurchasePlanExpense
5262
CY2019Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
21283
CY2019Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
29669
CY2019Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1733565
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
459405
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
401453
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1773066
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1004015
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
64125
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2712956
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.02
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.90
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.05
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.22
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
22663
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4423858
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3487381
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4446521
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3487381
us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
The offering and private transaction, together the “Transactions”, closed on April 11, 2019.
CY2019Q2 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
0

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