$QRHC
Quest Resource Holding Corp

2019 Q4 Form 10-Q Financial Statement

#000156459019043519 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q2
Revenue $22.96M $23.93M $25.45M
YoY Change -9.11% -7.7% -8.89%
Cost Of Revenue $18.30M $19.15M $20.70M
YoY Change -12.19% -10.7% -11.94%
Gross Profit $4.660M $4.771M $4.750M
YoY Change 5.43% 6.73% 7.27%
Gross Profit Margin 20.3% 19.94% 18.67%
Selling, General & Admin $4.150M $4.221M $4.227M
YoY Change 6.68% -9.0% 8.96%
% of Gross Profit 89.06% 88.47% 89.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $350.0K $58.93K $49.11K
YoY Change -7.89% -39.67% -51.21%
% of Gross Profit 7.51% 1.24% 1.03%
Operating Expenses $4.480M $4.551M $4.554M
YoY Change 5.91% -9.8% -6.31%
Operating Profit $180.0K $220.4K $195.6K
YoY Change -5.26% -138.35% -145.15%
Interest Expense -$90.00K $118.7K $113.7K
YoY Change -10.0% 11.79% 7.84%
% of Operating Profit -50.0% 53.83% 58.14%
Other Income/Expense, Net
YoY Change
Pretax Income $90.00K $101.8K $81.87K
YoY Change 0.0% -114.97% -115.2%
Income Tax $50.00K $54.77K $54.77K
% Of Pretax Income 55.56% 53.82% 66.9%
Net Earnings $30.00K $47.00K $27.10K
YoY Change -66.67% -106.9% -105.03%
Net Earnings / Revenue 0.13% 0.2% 0.11%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $1.952K $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 15.35M 15.35M 15.34M
Diluted Shares Outstanding 15.40M 15.36M

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.400M $2.100M $2.100M
YoY Change 61.9% 110.0% 90.91%
Cash & Equivalents $3.411M $2.069M $2.088M
Short-Term Investments
Other Short-Term Assets $1.100M $1.200M $1.400M
YoY Change 10.0% -14.29% -22.22%
Inventory
Prepaid Expenses
Receivables $13.90M $14.24M $15.89M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.42M $17.54M $19.35M
YoY Change -6.96% -10.48% -6.5%
LONG-TERM ASSETS
Property, Plant & Equipment $534.5K $525.9K $534.8K
YoY Change -13.03% -24.72% -32.75%
Goodwill $58.21M $58.21M $58.21M
YoY Change 0.0%
Intangibles $1.591M $1.853M $2.125M
YoY Change -39.08%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $62.24M $62.75M $63.14M
YoY Change 0.72% 0.88% 0.86%
TOTAL ASSETS
Total Short-Term Assets $18.42M $17.54M $19.35M
Total Long-Term Assets $62.24M $62.75M $63.14M
Total Assets $80.66M $80.29M $82.49M
YoY Change -1.14% -1.84% -0.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.44M $10.99M $12.90M
YoY Change -25.59% -26.03% -18.89%
Accrued Expenses $2.700M $2.400M $2.100M
YoY Change 80.0% 100.0% 75.0%
Deferred Revenue $19.64K $15.52K $22.42K
YoY Change -71.72% -82.56% -80.08%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.34M $13.53M $15.27M
YoY Change -15.86% -18.5% -13.23%
LONG-TERM LIABILITIES
Long-Term Debt $4.500M $4.200M $4.900M
YoY Change -13.46% -14.29% 0.0%
Other Long-Term Liabilities $1.141M $1.295M $1.452M
YoY Change 323058.36%
Total Long-Term Liabilities $1.141M $1.295M $1.452M
YoY Change 323058.36% -73.57% -70.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.34M $13.53M $15.27M
Total Long-Term Liabilities $1.141M $1.295M $1.452M
Total Liabilities $19.01M $19.05M $21.59M
YoY Change -9.66% -11.38% -4.07%
SHAREHOLDERS EQUITY
Retained Earnings -$99.23M -$99.26M -$99.31M
YoY Change 0.06%
Common Stock $160.9M $160.5M $160.2M
YoY Change 0.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.64M $61.24M $60.91M
YoY Change
Total Liabilities & Shareholders Equity $80.66M $80.29M $82.49M
YoY Change -1.14% -1.84% -0.97%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $30.00K $47.00K $27.10K
YoY Change -66.67% -106.9% -105.03%
Depreciation, Depletion And Amortization $350.0K $58.93K $49.11K
YoY Change -7.89% -39.67% -51.21%
Cash From Operating Activities $1.110M $720.0K $400.0K
YoY Change 29.07% 1700.0% 42.86%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K -$70.00K -$100.0K
YoY Change 125.0% 40.0% 11.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$90.00K -$70.00K -$100.0K
YoY Change 125.0% 40.0% 11.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 320.0K -660.0K -290.0K
YoY Change 23.08% 2100.0% 52.63%
NET CHANGE
Cash From Operating Activities 1.110M 720.0K 400.0K
Cash From Investing Activities -90.00K -70.00K -100.0K
Cash From Financing Activities 320.0K -660.0K -290.0K
Net Change In Cash 1.340M -10.00K 10.00K
YoY Change 24.07% -75.0% -11453246122666760.0%
FREE CASH FLOW
Cash From Operating Activities $1.110M $720.0K $400.0K
Capital Expenditures -$90.00K -$70.00K -$100.0K
Free Cash Flow $1.200M $790.0K $500.0K
YoY Change 33.33% 777.78% 35.14%

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qrhc Increase Decrease In Contract With Customer Liability And Other Liability
IncreaseDecreaseInContractWithCustomerLiabilityAndOtherLiability
-53957
qrhc Increase Decrease In Contract With Customer Liability And Other Liability
IncreaseDecreaseInContractWithCustomerLiabilityAndOtherLiability
-220098
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1166276
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2112928
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
86965
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
43371
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
122922
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
159930
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-209887
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-203301
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
76320336
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
74818231
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
77357095
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
76717277
qrhc Proceeds From Shares Issued For Employee Stock Purchase Plan
ProceedsFromSharesIssuedForEmployeeStockPurchasePlan
29669
qrhc Proceeds From Shares Issued For Employee Stock Purchase Plan
ProceedsFromSharesIssuedForEmployeeStockPurchasePlan
18396
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
2597
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
36001
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1009687
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1916651
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-53298
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7024
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2122297
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1055281
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2068999
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1048257
us-gaap Interest Paid Net
InterestPaidNet
282716
us-gaap Interest Paid Net
InterestPaidNet
271620
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
47810
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
us-gaap Nature Of Operations
NatureOfOperations
<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>
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2348954
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2523700
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
21550134
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
525921
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
614518
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1734222
CY2019Q3 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
427486
CY2018Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
353507
CY2019Q3 qrhc Property Plant And Equipment Net And Other Assets Noncurrent
PropertyPlantAndEquipmentNetAndOtherAssetsNoncurrent
2687629
CY2018Q4 qrhc Property Plant And Equipment Net And Other Assets Noncurrent
PropertyPlantAndEquipmentNetAndOtherAssetsNoncurrent
968025
CY2019Q3 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2019Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
10990219
CY2018Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
14025221
CY2019Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
791914
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
548126
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
937354
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
910796
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
624056
CY2019Q3 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
170614
CY2018Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
293778
qrhc Equipment Lease Expire Year
EquipmentLeaseExpireYear
2020
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Receivable
CapitalLeasesFutureMinimumPaymentsReceivable
8000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
qrhc:PropertyAndEquipmentNetAndOtherAssetsMember
CY2019Q3 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:AccountsPayableAndAccruedLiabilitiesMember
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1295004
CY2019Q3 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OtherNoncurrentLiabilitiesMember
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1919060
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
150000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.02456
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
166050
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
664200
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
664200
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
498150
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1992600
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
73540
CY2019Q3 qrhc Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
3
CY2018Q3 qrhc Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
3
CY2019Q3 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.494
CY2018Q3 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.486
CY2019Q3 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
67500
CY2018Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
7448
CY2019Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
15516
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.27
CY2019Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2019Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12075000
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12202000
CY2019Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
17900000
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
20617
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
qrhc Warrants Expired During Period
WarrantsExpiredDuringPeriod
1125005
qrhc Warrant Expiration Date
WarrantExpirationDate
2019-09-24
CY2019Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
608560
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
729431
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
584204
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
132967
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2644114
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.62
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.30
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
48686
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3486131
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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