$QRHC
Quest Resource Holding Corp

2020 Q2 Form 10-Q Financial Statement

#000156459020039997 Filed on August 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $21.97M $25.45M
YoY Change -13.66% -8.89%
Cost Of Revenue $17.59M $20.70M
YoY Change -15.01% -11.94%
Gross Profit $4.370M $4.750M
YoY Change -7.99% 7.27%
Gross Profit Margin 19.89% 18.67%
Selling, General & Admin $3.980M $4.227M
YoY Change -5.84% 8.96%
% of Gross Profit 91.08% 89.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.85K $49.11K
YoY Change 3.53% -51.21%
% of Gross Profit 1.16% 1.03%
Operating Expenses $4.320M $4.554M
YoY Change -5.14% -6.31%
Operating Profit $50.00K $195.6K
YoY Change -74.43% -145.15%
Interest Expense -$90.00K $113.7K
YoY Change -179.16% 7.84%
% of Operating Profit -180.0% 58.14%
Other Income/Expense, Net $1.260M
YoY Change
Pretax Income $1.230M $81.87K
YoY Change 1402.33% -115.2%
Income Tax $20.00K $54.77K
% Of Pretax Income 1.63% 66.9%
Net Earnings $1.209M $27.10K
YoY Change 4360.94% -105.03%
Net Earnings / Revenue 5.5% 0.11%
Basic Earnings Per Share $0.08 $0.00
Diluted Earnings Per Share $0.08 $0.00
COMMON SHARES
Basic Shares Outstanding 15.46M 15.34M
Diluted Shares Outstanding 15.47M 15.36M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.000M $2.100M
YoY Change 90.48% 90.91%
Cash & Equivalents $3.964M $2.088M
Short-Term Investments
Other Short-Term Assets $1.400M $1.400M
YoY Change 0.0% -22.22%
Inventory
Prepaid Expenses
Receivables $13.90M $15.89M
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.30M $19.35M
YoY Change -0.28% -6.5%
LONG-TERM ASSETS
Property, Plant & Equipment $634.5K $534.8K
YoY Change 18.65% -32.75%
Goodwill $58.21M
YoY Change
Intangibles $2.125M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $61.50M $63.14M
YoY Change -2.6% 0.86%
TOTAL ASSETS
Total Short-Term Assets $19.30M $19.35M
Total Long-Term Assets $61.50M $63.14M
Total Assets $80.80M $82.49M
YoY Change -2.05% -0.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.43M $12.90M
YoY Change -19.18% -18.89%
Accrued Expenses $2.000M $2.100M
YoY Change -4.76% 75.0%
Deferred Revenue $22.42K
YoY Change -80.08%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.80M $15.27M
YoY Change -16.18% -13.23%
LONG-TERM LIABILITIES
Long-Term Debt $3.800M $4.900M
YoY Change -22.45% 0.0%
Other Long-Term Liabilities $800.0K $1.452M
YoY Change -44.92%
Total Long-Term Liabilities $4.600M $1.452M
YoY Change 216.7% -70.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.80M $15.27M
Total Long-Term Liabilities $4.600M $1.452M
Total Liabilities $17.40M $21.59M
YoY Change -19.39% -4.07%
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 $63.43M $60.91M
YoY Change
Total Liabilities & Shareholders Equity $80.80M $82.49M
YoY Change -2.05% -0.97%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $1.209M $27.10K
YoY Change 4360.94% -105.03%
Depreciation, Depletion And Amortization $50.85K $49.11K
YoY Change 3.53% -51.21%
Cash From Operating Activities $1.550M $400.0K
YoY Change 287.5% 42.86%
INVESTING ACTIVITIES
Capital Expenditures -$180.0K -$100.0K
YoY Change 80.0% 11.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$180.0K -$100.0K
YoY Change 80.0% 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 -750.0K -290.0K
YoY Change 158.62% 52.63%
NET CHANGE
Cash From Operating Activities 1.550M 400.0K
Cash From Investing Activities -180.0K -100.0K
Cash From Financing Activities -750.0K -290.0K
Net Change In Cash 620.0K 10.00K
YoY Change 6100.0% -11453246122666760.0%
FREE CASH FLOW
Cash From Operating Activities $1.550M $400.0K
Capital Expenditures -$180.0K -$100.0K
Free Cash Flow $1.730M $500.0K
YoY Change 246.0% 35.14%

Facts In Submission

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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 waste and recycling services to customers from across multiple industry sectors that are typically larger, multi-location businesses.&nbsp;&nbsp;We create customer-specific programs and perform the related services for the collection, processing, recycling, disposal, and tracking of waste streams and recyclables.</font></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;">In March 2020, the World Health Organization categorized Coronavirus Disease 2019 (&#8220;COVID-19&#8221;) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency.&#160;&#160;The waste management and recycling services we provide are currently designated an essential critical infrastructure business under the President&#8217;s&#160;COVID-19&#160;guidance, the continued operation of which is vital for national public health, safety and national economic security.&#160; The extent of the impact of the COVID-19 outbreak on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, its impact on our customers and&#160;subcontractors,&#160;and the range of governmental and community reactions to the pandemic, which are uncertain and cannot be fully predicted at this time.</p>
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.37
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.53
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.18
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.86
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3214
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
22663
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
10250
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3863893
us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
The offering and private transaction, together the “Transactions”, closed on April 11, 2019.
CY2019 us-gaap Sale Of Stock Consideration Received Per Transaction
SaleOfStockConsiderationReceivedPerTransaction
0

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