$QRHC
Quest Resource Holding Corp

2021 Q2 Form 10-Q Financial Statement

#000156459021044615 Filed on August 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $36.86M $21.97M
YoY Change 67.77% -13.66%
Cost Of Revenue $30.05M $17.59M
YoY Change 70.82% -15.01%
Gross Profit $6.810M $4.370M
YoY Change 55.85% -7.99%
Gross Profit Margin 18.48% 19.89%
Selling, General & Admin $5.060M $3.980M
YoY Change 27.14% -5.84%
% of Gross Profit 74.3% 91.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $115.5K $50.85K
YoY Change 127.08% 3.53%
% of Gross Profit 1.7% 1.16%
Operating Expenses $5.469M $4.320M
YoY Change 26.59% -5.14%
Operating Profit $1.342M $50.00K
YoY Change 2583.19% -74.43%
Interest Expense $549.7K -$90.00K
YoY Change -710.75% -179.16%
% of Operating Profit 40.97% -180.0%
Other Income/Expense, Net $0.00 $1.260M
YoY Change -100.0%
Pretax Income $791.9K $1.230M
YoY Change -35.62% 1402.33%
Income Tax $92.61K $20.00K
% Of Pretax Income 11.69% 1.63%
Net Earnings $699.3K $1.209M
YoY Change -42.16% 4360.94%
Net Earnings / Revenue 1.9% 5.5%
Basic Earnings Per Share $0.04 $0.08
Diluted Earnings Per Share $0.03 $0.08
COMMON SHARES
Basic Shares Outstanding 18.82M 15.46M
Diluted Shares Outstanding 20.50M 15.47M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.05M $4.000M
YoY Change 151.2% 90.48%
Cash & Equivalents $10.05M $3.964M
Short-Term Investments
Other Short-Term Assets $1.501M $1.400M
YoY Change 7.24% 0.0%
Inventory
Prepaid Expenses
Receivables $23.85M $13.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $35.40M $19.30M
YoY Change 83.42% -0.28%
LONG-TERM ASSETS
Property, Plant & Equipment $1.916M $634.5K
YoY Change 202.01% 18.65%
Goodwill $66.79M
YoY Change
Intangibles $7.711M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $77.53M $61.50M
YoY Change 26.06% -2.6%
TOTAL ASSETS
Total Short-Term Assets $35.40M $19.30M
Total Long-Term Assets $77.53M $61.50M
Total Assets $112.9M $80.80M
YoY Change 39.76% -2.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.11M $10.43M
YoY Change 92.86% -19.18%
Accrued Expenses $2.830M $2.000M
YoY Change 41.52% -4.76%
Deferred Revenue $253.8K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $651.8K
YoY Change
Total Short-Term Liabilities $25.37M $12.80M
YoY Change 98.17% -16.18%
LONG-TERM LIABILITIES
Long-Term Debt $14.79M $3.800M
YoY Change 289.2% -22.45%
Other Long-Term Liabilities $1.731M $800.0K
YoY Change 116.43% -44.92%
Total Long-Term Liabilities $1.731M $4.600M
YoY Change -62.36% 216.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.37M $12.80M
Total Long-Term Liabilities $1.731M $4.600M
Total Liabilities $41.89M $17.40M
YoY Change 140.73% -19.39%
SHAREHOLDERS EQUITY
Retained Earnings -$96.55M
YoY Change
Common Stock $167.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.04M $63.43M
YoY Change
Total Liabilities & Shareholders Equity $112.9M $80.80M
YoY Change 39.76% -2.05%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $699.3K $1.209M
YoY Change -42.16% 4360.94%
Depreciation, Depletion And Amortization $115.5K $50.85K
YoY Change 127.08% 3.53%
Cash From Operating Activities $1.233M $1.550M
YoY Change -20.43% 287.5%
INVESTING ACTIVITIES
Capital Expenditures -$58.58K -$180.0K
YoY Change -67.46% 80.0%
Acquisitions
YoY Change
Other Investing Activities -$2.320M
YoY Change
Cash From Investing Activities -$2.379M -$180.0K
YoY Change 1221.42% 80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 446.8K -750.0K
YoY Change -159.57% 158.62%
NET CHANGE
Cash From Operating Activities 1.233M 1.550M
Cash From Investing Activities -2.379M -180.0K
Cash From Financing Activities 446.8K -750.0K
Net Change In Cash -698.4K 620.0K
YoY Change -212.65% 6100.0%
FREE CASH FLOW
Cash From Operating Activities $1.233M $1.550M
Capital Expenditures -$58.58K -$180.0K
Free Cash Flow $1.292M $1.730M
YoY Change -25.32% 246.0%

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 (“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 –<span 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.  We create customer-specific programs and perform the related services for the collection, processing, recycling, disposal, and tracking of waste streams and recyclables.</span></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 (“COVID-19”) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency.  The waste management and recycling services we provide are currently designated an essential critical infrastructure business under the President’s COVID-19 guidance, the continued operation of which is vital for national public health, safety and national economic security.  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 subcontractors, and the range of governmental and community reactions to the pandemic, which are uncertain and cannot be fully predicted at this time.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 19, 2020, Quest acquired substantially all of the assets used in the business of Green Remedies Waste and Recycling, Inc. (“Green Remedies”), a leading provider of independent environmental services, particularly in multi-family housing, located in Burlington, NC. On June 30, 2021, Quest acquired substantially all of the assets used in the business of an Atlanta-based independent environmental services company.  See Note 3 for more information regarding the acquisitions.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p>
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3
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CY2021Q2 us-gaap Common Stock Shares Issued
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CY2021Q2 us-gaap Capitalized Contract Cost Net
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CY2021Q2 us-gaap Contract With Customer Liability Current
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253846
CY2020Q4 us-gaap Contract With Customer Liability Current
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154446
us-gaap Income Tax Expense Benefit
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CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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0.001
CY2021Q2 us-gaap Preferred Stock Shares Issued
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0
CY2021Q2 us-gaap Preferred Stock Shares Outstanding
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CY2021Q2 us-gaap Common Stock Shares Authorized
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CY2020Q4 us-gaap Common Stock Shares Authorized
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CY2020Q4 us-gaap Common Stock Shares Issued
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CY2020Q4 us-gaap Common Stock Shares Outstanding
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CY2021Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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22937
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CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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1379650
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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10250
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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20500624
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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15467818
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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20044660
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2.86
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1209003
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CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3863893
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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484081
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3867107

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