$QRHC
Quest Resource Holding Corp

2021 Q3 Form 10-Q Financial Statement

#000156459021056988 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $37.37M $23.70M $21.97M
YoY Change 57.66% -0.94% -13.66%
Cost Of Revenue $30.51M $19.14M $17.59M
YoY Change 59.43% -0.07% -15.01%
Gross Profit $6.853M $4.560M $4.370M
YoY Change 50.28% -4.43% -7.99%
Gross Profit Margin 18.34% 19.24% 19.89%
Selling, General & Admin $5.308M $4.290M $3.980M
YoY Change 23.72% 1.63% -5.84%
% of Gross Profit 77.45% 94.08% 91.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $119.9K $63.09K $50.85K
YoY Change 89.99% 7.05% 3.53%
% of Gross Profit 1.75% 1.38% 1.16%
Operating Expenses $5.816M $4.440M $4.320M
YoY Change 30.99% -2.44% -5.14%
Operating Profit $1.037M $120.0K $50.00K
YoY Change 763.84% -45.56% -74.43%
Interest Expense -$542.9K -$70.00K -$90.00K
YoY Change 675.5% -159.0% -179.16%
% of Operating Profit -52.37% -58.33% -180.0%
Other Income/Expense, Net $0.00 $150.0K $1.260M
YoY Change -100.0%
Pretax Income $493.8K $30.00K $1.230M
YoY Change 1545.9% -70.52% 1402.33%
Income Tax $108.0K $90.00K $20.00K
% Of Pretax Income 21.87% 300.0% 1.63%
Net Earnings $385.8K -$66.59K $1.209M
YoY Change -679.32% -241.68% 4360.94%
Net Earnings / Revenue 1.03% -0.28% 5.5%
Basic Earnings Per Share $0.02 -$0.02 $0.08
Diluted Earnings Per Share $0.02 -$0.02 $0.08
COMMON SHARES
Basic Shares Outstanding 18.98M 17.29M 15.46M
Diluted Shares Outstanding 21.31M 17.29M 15.47M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.100M $6.400M $4.000M
YoY Change 42.19% 204.76% 90.48%
Cash & Equivalents $9.100M $6.427M $3.964M
Short-Term Investments
Other Short-Term Assets $1.463M $1.300M $1.400M
YoY Change 12.52% 8.33% 0.0%
Inventory
Prepaid Expenses
Receivables $25.92M $15.20M $13.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $36.48M $22.90M $19.30M
YoY Change 59.31% 30.52% -0.28%
LONG-TERM ASSETS
Property, Plant & Equipment $2.078M $642.6K $634.5K
YoY Change 223.38% 22.18% 18.65%
Goodwill $66.79M
YoY Change
Intangibles $7.263M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $77.42M $61.70M $61.50M
YoY Change 25.48% -1.67% -2.6%
TOTAL ASSETS
Total Short-Term Assets $36.48M $22.90M $19.30M
Total Long-Term Assets $77.42M $61.70M $61.50M
Total Assets $113.9M $84.60M $80.80M
YoY Change 34.64% 5.36% -2.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.66M $10.60M $10.43M
YoY Change 76.0% -3.51% -19.18%
Accrued Expenses $3.150M $2.200M $2.000M
YoY Change 43.16% -8.33% -4.76%
Deferred Revenue $336.2K $16.57K
YoY Change 1929.24% 6.79%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $651.8K
YoY Change
Total Short-Term Liabilities $24.44M $13.00M $12.80M
YoY Change 87.97% -3.91% -16.18%
LONG-TERM LIABILITIES
Long-Term Debt $15.88M $4.200M $3.800M
YoY Change 278.04% 0.0% -22.45%
Other Long-Term Liabilities $1.609M $700.0K $800.0K
YoY Change 129.79% -45.95% -44.92%
Total Long-Term Liabilities $1.609M $4.900M $4.600M
YoY Change -67.17% 278.38% 216.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.44M $13.00M $12.80M
Total Long-Term Liabilities $1.609M $4.900M $4.600M
Total Liabilities $41.92M $17.90M $17.40M
YoY Change 134.2% -6.05% -19.39%
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 $71.98M $66.73M $63.43M
YoY Change
Total Liabilities & Shareholders Equity $113.9M $84.60M $80.80M
YoY Change 34.64% 5.36% -2.05%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $385.8K -$66.59K $1.209M
YoY Change -679.32% -241.68% 4360.94%
Depreciation, Depletion And Amortization $119.9K $63.09K $50.85K
YoY Change 89.99% 7.05% 3.53%
Cash From Operating Activities -$1.817M -$690.0K $1.550M
YoY Change 163.35% -195.83% 287.5%
INVESTING ACTIVITIES
Capital Expenditures -$297.1K -$80.00K -$180.0K
YoY Change 271.34% 14.29% 80.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$297.1K -$80.00K -$180.0K
YoY Change 271.35% 14.29% 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 1.167M 3.230M -750.0K
YoY Change -63.88% -589.39% 158.62%
NET CHANGE
Cash From Operating Activities -1.817M -690.0K 1.550M
Cash From Investing Activities -297.1K -80.00K -180.0K
Cash From Financing Activities 1.167M 3.230M -750.0K
Net Change In Cash -947.6K 2.460M 620.0K
YoY Change -138.52% -24700.0% 6100.0%
FREE CASH FLOW
Cash From Operating Activities -$1.817M -$690.0K $1.550M
Capital Expenditures -$297.1K -$80.00K -$180.0K
Free Cash Flow -$1.520M -$610.0K $1.730M
YoY Change 149.19% -177.22% 246.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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.  On November 5, 2021, Quest acquired substantially all of the assets used in the business of a Kentucky-based independent environmental services company. See Note 3 for more information regarding the acquisitions.</p>
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Depreciation
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Depreciation
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0
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18972317
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CY2020Q4 qrhc Debt Instrument Unamortized Original Issuance Discount
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CY2021Q3 qrhc Debt Instrument Unamortized Original Issuance Discount Warrant
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621267
CY2020Q4 qrhc Debt Instrument Unamortized Original Issuance Discount Warrant
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745703
CY2021Q3 us-gaap Long Term Debt
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15877669
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14948625
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1670529
us-gaap Amortization Of Financing Costs
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266153
CY2021Q3 us-gaap Deferred Finance Costs Net
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1404376
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CY2020Q3 us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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181439
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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1757856
CY2021Q3 us-gaap Debt Instrument Unamortized Discount
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1404376
us-gaap Amortization Of Financing Costs
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266153
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
62684
CY2021Q3 qrhc Long Term Liability Related To Acquisition
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1133872
CY2020Q4 qrhc Long Term Liability Related To Acquisition
LongTermLiabilityRelatedToAcquisition
986028
CY2021Q3 qrhc Earn Out Liability In Connection With Acquisition
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440000
CY2020Q4 qrhc Earn Out Liability In Connection With Acquisition
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440000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
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30497
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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543564
CY2021Q3 us-gaap Other Sundry Liabilities Noncurrent
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4166
CY2020Q4 us-gaap Other Sundry Liabilities Noncurrent
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4167
CY2021Q3 us-gaap Other Liabilities Noncurrent
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1608535
CY2020Q4 us-gaap Other Liabilities Noncurrent
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1973759
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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173700
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
528750
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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24513
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
726963
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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14691
CY2021Q3 us-gaap Operating Lease Liability
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712272
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
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650659
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1103761
CY2021Q3 us-gaap Operating Lease Liability Current
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681775
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
668019
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
30497
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
543564
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
712272
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1211583
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
158000
us-gaap Operating Lease Expense
OperatingLeaseExpense
475000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
150000
us-gaap Operating Lease Expense
OperatingLeaseExpense
450000
qrhc Sublease Commencement Period
SubleaseCommencementPeriod
2019-12-01
qrhc Sublease Expiration Month And Year
SubleaseExpirationMonthAndYear
2022-08
qrhc Sublease Income Net
SubleaseIncomeNet
39000
CY2021Q3 qrhc Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
2
CY2020Q3 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
2
qrhc Number Of Customers Accounted For More Than Ten Percentage Of Revenue
NumberOfCustomersAccountedForMoreThanTenPercentageOfRevenue
3
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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37366740
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
23701226
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
109326814
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
71002281
CY2021Q3 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
60000
CY2020Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
100000
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
336245
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
50454
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.27
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
262449
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
63800
CY2021Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11087000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12533000
CY2021Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
10200000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
14500000
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
18802359
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
18802359
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
18413419
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
18413419
CY2021Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
22937
CY2021Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
38988
qrhc Employee Stock Purchase Plan Expense
EmployeeStockPurchasePlanExpense
24586
qrhc Employee Stock Purchase Plan Expense
EmployeeStockPurchasePlanExpense
25280
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
575437
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
878405
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3177942
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.78
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
241063
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.85
us-gaap Stock Issued During Period Shares Stock Options Exercised
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176427
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.98
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
27743
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
7.62
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3214835
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.81
CY2021Q3 us-gaap Net Income Loss
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385764
CY2020Q3 us-gaap Net Income Loss
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-66589
us-gaap Net Income Loss
NetIncomeLoss
2231810
us-gaap Net Income Loss
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910747
CY2020Q3 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
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205014
us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount
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205014
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
385764
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-271603
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2231810
us-gaap Net Income Loss Available To Common Stockholders Basic
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705733
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18984979
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17290447
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18784722
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16055110
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2322875
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15165
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21307854
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17290447
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20704270
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16070275
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
413518
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3743935
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
151018
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3728770

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