Document and Entity Information - shares |
6 Months Ended | |
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Jun. 30, 2018 |
Aug. 01, 2018 |
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | QRHC | |
Entity Registrant Name | Quest Resource Holding Corporation | |
Entity Central Index Key | 0001442236 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 15,313,383 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
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Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 562,280 | $ 699,102 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 15,313,383 | 15,302,455 |
Common stock, shares outstanding | 15,313,383 | 15,302,455 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
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Income Statement [Abstract] | ||||
Revenue | $ 27,928,626 | $ 41,370,594 | $ 52,624,549 | $ 83,910,416 |
Cost of revenue | 23,500,848 | 36,922,533 | 44,648,944 | 75,276,603 |
Gross profit | 4,427,778 | 4,448,061 | 7,975,605 | 8,633,813 |
Operating expenses: | ||||
Selling, general, and administrative | 3,879,280 | 4,581,897 | 7,631,040 | 9,561,992 |
Depreciation and amortization | 981,610 | 996,326 | 1,966,191 | 1,997,060 |
Total operating expenses | 4,860,890 | 5,578,223 | 9,597,231 | 11,559,052 |
Operating loss | (433,112) | (1,130,162) | (1,621,626) | (2,925,239) |
Other expense: | ||||
Interest expense | (105,430) | (120,491) | (229,435) | (234,766) |
Total other expense | (105,430) | (120,491) | (229,435) | (234,766) |
Loss before taxes | (538,542) | (1,250,653) | (1,851,061) | (3,160,005) |
Net loss | (538,542) | (1,250,653) | (1,851,061) | (3,160,005) |
Net loss applicable to common stockholders | $ (538,542) | $ (1,250,653) | $ (1,851,061) | $ (3,160,005) |
Net loss per share | ||||
Basic and diluted | $ (0.04) | $ (0.08) | $ (0.12) | $ (0.21) |
Weighted average number of common shares outstanding | ||||
Basic and diluted | 15,307,859 | 15,276,228 | 15,305,172 | 15,274,412 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2018 - USD ($) |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Accumulated Deficit [Member] |
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Beginning Balance at Dec. 31, 2017 | $ 62,147,730 | $ 15,302 | $ 158,867,600 | $ (96,735,172) |
Beginning Balance, Shares at Dec. 31, 2017 | 15,302,455 | |||
Stock-based compensation | 406,715 | 406,715 | ||
Shares issued for Employee Stock Purchase Plan options, Value | 18,396 | $ 11 | 18,385 | |
Shares issued for Employee Stock Purchase Plan options, Shares | 10,928 | |||
Net loss | (1,851,061) | (1,851,061) | ||
Ending Balance at Jun. 30, 2018 | $ 60,721,780 | $ 15,313 | $ 159,292,700 | $ (98,586,233) |
Ending Balance, Shares at Jun. 30, 2018 | 15,313,383 |
The Company, Description of Business, and Liquidity |
6 Months Ended |
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Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
The Company, Description of Business, and Liquidity | 1. The Company, Description of Business, and Liquidity 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”). Operations – 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. 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. Liquidity – As of June 30, 2018 and December 31, 2017, our working capital balance was $3,127,345 and $4,243,990, respectively. |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Presentation and Consolidation The condensed consolidated financial statements included herein have been prepared by us without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our audited financial statements for the year ended December 31, 2017. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in our opinion, all normal recurring adjustments necessary to present fairly our financial position at June 30, 2018 and the results of our operations and cash flows for the periods presented. We derived the December 31, 2017 condensed consolidated balance sheet data from audited financial statements; however, we did not include all disclosures required by GAAP. As QRHC, Quest, LDI, Youchange, QVC, QV One, and QSS each operate as environmental-based service companies, we did not deem segment reporting necessary. All intercompany accounts and transactions have been eliminated in consolidation. Interim results are subject to seasonal variations, and the results of operations for the six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the full year. Net Loss Per Share We compute basic net loss per share by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. We have other potentially dilutive securities outstanding that are not shown in a diluted net loss per share calculation because their effect in both 2018 and 2017 would be anti-dilutive. These potentially dilutive securities include stock options and warrants and totaled 3,487,381 and 3,095,132 shares at June 30, 2018 and 2017, respectively. The following table sets forth the anti-dilutive securities excluded from diluted loss per share:
Recent Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, we adopted ASU 2014-09 using the full retrospective approach for all ongoing customer contracts. There was no impact to our financial statements as a result of adopting ASU 2014-09 for the six months ended June 30, 2018 and 2017. See Note 8 for additional information and disclosures related to this amended guidance. Pending Adoption In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The update improves financial reporting about leasing transactions by requiring a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are still evaluating the impact of adopting ASU 2016-02 on our consolidated financial statements. However, given the material amount of our future minimum payments under non-cancellable operating leases, primarily office rent, at June 30, 2018, we expect to recognize a material right-of-use lease asset and lease liability upon adoption of the ASU. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which provides guidance on measuring credit losses on financial instruments. The amended guidance replaces current incurred loss impairment methodology of recognizing credit losses when a loss is probable with a methodology that reflects expected credit losses and requires a broader range of reasonable and supportable information to assess credit loss estimates. ASU 2016-13 is effective for us on January 1, 2020, with early adoption permitted on January 1, 2019. We are assessing the provisions of this amended guidance; however, the adoption of the standard is not expected to have a material effect on our consolidated financial statements. There have been no other recent accounting pronouncements or changes in accounting pronouncements that have been issued but not yet adopted that are of significance, or potential significance, to us. |
Property and Equipment, Net, and Other Assets |
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Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net, and Other Assets | 3. Property and Equipment, net, and Other Assets At June 30, 2018 and December 31, 2017, property and equipment, net, and other assets consisted of the following:
We compute depreciation using the straight-line method over the estimated useful lives of the property and equipment. Depreciation expense for the three months ended June 30, 2018 was $100,662, inclusive of $45,702 of depreciation expense reflected within “Cost of revenue” in our condensed consolidated statement of operations as it related to assets used in directly servicing customer contracts, and was $203,972 for the six months ended June 30, 2018, inclusive of $90,998 of depreciation expense reflected within “Cost of revenue.” Depreciation expense for the three months ended June 30, 2017 was $113,444, inclusive of $42,224 of depreciation expense reflected within “Cost of revenue,” and was $228,690 for the six months ended June 30, 2017, inclusive of $83,299 of depreciation expense reflected within “Cost of revenue.” At June 30, 2018, the carrying value of our capital lease assets was $191,680, net of $308,417 of accumulated depreciation. At December 31, 2017, the carrying value of our capital lease assets was $243,778, net of $256,319 of accumulated depreciation. On February 20, 2018 (the “Closing Date”), we entered into an Asset Purchase Agreement with Earth Media Partners, LLC to sell certain assets of our wholly owned subsidiary, Earth911, Inc., in exchange for a 19% interest in Earth Media Partners, LLC, which was recorded as an investment in the amount of $246,585 as of the Closing Date, and a potential future earn-out amount of approximately $350,000. The net assets sold related to the Earth911.com website business and consisted primarily of the website and its content and customers, deferred revenues, and accounts receivable as of the Closing Date. Following the Closing Date, Earth911, Inc. was subsequently renamed Quest Sustainability Services, Inc. In addition to our investment in Earth Media Partners, LLC, we accrued a receivable in the amount of $22,155 related to the earn-out as of June 30, 2018. The carrying amount of our investment and the accrued earn-out receivable are included in other assets. |
Goodwill and Other Intangible Assets |
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Goodwill And Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets The components of goodwill and other intangible assets were as follows:
We compute amortization using the straight-line method over the estimated useful lives of the finite lived intangible assets. Amortization expense related to finite lived intangible assets was $926,650 and $925,106 for the three months ended June 30, 2018 and 2017, respectively. Amortization expense related to finite lived intangible assets was $1,853,217 and $1,851,669 for the six months ended June 30, 2018 and 2017, respectively.
We have no indefinite-lived intangible assets other than goodwill. The goodwill is not deductible for tax purposes. See Note 3 for discussion of sale of certain assets related to Earth911, Inc.
We performed our annual impairment analysis for goodwill and other intangible assets in the second quarter of 2017 with no impairment recorded. |
Accounts Payable and Accrued Liabilities |
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Accounts Payable And Accrued Liabilities Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities | 5. Accounts Payable and Accrued Liabilities The components of Accounts payable and accrued liabilities were as follows:
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Revolving Credit Facility |
6 Months Ended |
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Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | 6. Revolving Credit Facility We entered into a Loan, Security and Guaranty Agreement (the “Citizens Loan Agreement”), dated as of February 24, 2017, with Citizens Bank, National Association as a lender, and as administrative agent, collateral agent, and issuing bank, which provides for an asset-based revolving credit facility (the “ABL Facility”) of up to $20 million and an equipment loan facility in the maximum principal amount of $2.0 million. Each loan under the ABL Facility bears interest, at our option, at either the Base Rate, as defined in the Citizens Loan Agreement, plus a margin ranging from 1.0% to 1.5% (6.25% as of June 30, 2018), or the LIBOR lending rate for the interest period in effect, plus a margin ranging from 2.0% to 2.5% (4.59% as of June 30, 2018). The maturity date of the ABL Facility is February 24, 2022. Loans under the equipment loan facility may be requested at any time until February 24, 2019. Each loan under the equipment loan facility bears interest, at our option, at either the Base Rate, as defined in the Citizens Loan Agreement, plus 2.00%, or the LIBOR lending rate for the interest period in effect, plus 3.00%. The maturity date of the equipment loan facility is February 24, 2022. The ABL Facility contains certain specific financial covenants regarding a minimum liquidity requirement and a minimum fixed charge coverage ratio. In addition, the ABL Facility contains negative covenants limiting, among other things, additional indebtedness, transactions with affiliates, additional liens, sales of assets, dividends, investments and advances, mergers and acquisitions, and other matters customarily restricted in such agreements. The amount of interest expense related to borrowings for the three months ended June 30, 2018 and 2017 was $81,140 and $87,435, respectively. The amount of interest expense related to borrowings for the six months ended June 30, 2018 and 2017 was $165,428 and $197,359, respectively. Debt issuance cost of $469,507 is being amortized to interest expense over the life of the ABL Facility beginning March 1, 2017. As of June 30, 2018, the unamortized portion of the debt issuance costs was $344,306. The amount of interest expense related to the amortization of the discount on the ABL Facility for the six months ended June 30, 2018 was $46,951. As of June 30, 2018, the ABL Facility borrowing base availability was $12,128,000 and the outstanding liability was $4,924,412, net of unamortized debt issuance cost of $344,306. There were no draws made on the equipment loan facility as of June 30, 2018. |
Capital Lease Obligations |
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Capital Lease Obligations | 7. Capital Lease Obligations At June 30, 2018 and December 31, 2017, total capital lease obligations outstanding consisted of the following:
Our capital lease obligations are included within “Deferred revenue and other current liabilities” and “Other long-term liabilities” in our condensed consolidated balance sheets. The amount of interest expense related to our capital leases for the three months ended June 30, 2018 and 2017 was $425 and $1,636, respectively. The amount of interest expense related to our capital leases for the six months ended June 30, 2018 and 2017 was $1,043 and $4,098, respectively. |
Revenue |
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Revenue | 8. Revenue Operating Revenues We provide businesses with services to reuse, recycle, and dispose of a wide variety of waste streams and recyclables generated by their operations. In addition, we have product sales and other revenue primarily from sales of products such as antifreeze and windshield washer fluid as well as minor ancillary services. Revenue Recognition We recognize revenue as services are performed or products are delivered. For example, revenue is recognized as waste and recyclable material are collected or when products are delivered. We recognize revenue net of any contracted pricing discounts or rebate arrangements. We generally recognize revenues for the gross amount of consideration received as we are generally the primary obligor (or principal) in our contracts with customers as we hold complete responsibility to the customer for contract fulfillment. We record amounts collected from customers for sales tax on a net basis. We previously had a contract accounted for as a net basis management fee contract, with revenue of $34,057 and gross billings of $878,563 for the three months ended June 30, 2017 and revenue of $78,145 and gross billings of $2,173,022 for the six months ended June 30, 2017. This management fee contract ended in the second quarter of 2017, and we currently have no other net basis contracts. Disaggregation of Revenue The following table presents our revenue disaggregated by source. Sales and usage-based taxes are excluded from revenue. Three customers accounted for 53.0% of revenue for the three months ended June 30, 2018, and two customers accounted for 51.8% of revenue for the three months ended June 30, 2017. Three customers accounted for 50.8% of revenue for the six months ended June 30, 2018, and two customers accounted for 53.5% of revenue for the six months ended June 30, 2017. We operate primarily in the United States, with minor services in Canada.
Contract Balances Our incremental direct costs of obtaining a customer contract are generally deferred and amortized to selling, general, and administrative expense or as a reduction to revenue (depending on the nature of the cost) over the estimated life of the customer contract. Our contract acquisition costs are classified as current or noncurrent based on the timing of when we expect to recognize the amortization and are included in other assets. As of June 30, 2018 and December 31, 2017, we had $111,250 and $136,139, respectively, of deferred contract costs. During the three months ended June 30, 2018, we amortized $70,417 and $18,070 of deferred contract costs to selling, general, and administrative expense and as a reduction to income, respectively. During the six months ended June 30, 2018, we amortized $103,750 and $36,139 of deferred contract costs to selling, general, and administrative expense and as a reduction to income, respectively. During the three months ended June 30, 2017, we amortized $10,000 and $18,070 of deferred contract costs to selling, general, and administrative expense and as a reduction to income, respectively. During the six months ended June 30, 2017, we amortized $110,000 and $36,139 of deferred contract costs to selling, general, and administrative expense and as a reduction to income, respectively. Certain customers are billed in advance, and, accordingly, recognition of related revenues is deferred as a contract liability until the services are provided and control transferred to the customer. As of June 30, 2018 and December 31, 2017, we had $112,544 and $309,089, respectively, of deferred revenue, the majority of which was classified in “Deferred revenue and other current liabilities.” |
Income Taxes |
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Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes We compute income taxes using the asset and liability method in accordance with FASB ASC Topic 740, Income Taxes. Under the asset and liability method, we determine deferred income tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities and measure them using currently enacted tax rates and laws. We provide a valuation allowance for the amount of deferred tax assets that, based on available evidence, are more likely than not to be realized. Realization of our net operating loss carryforward was not reasonably assured as of June 30, 2018 and December 31, 2017, and we have recorded a valuation allowance of $11,800,000 and $12,150,000, respectively, against deferred tax assets in excess of deferred tax liabilities in the accompanying condensed consolidated financial statements. As of June 30, 2018 and December 31, 2017, we had federal income tax net operating loss carryforwards of approximately $19,700,000, which expire at various dates beginning in 2031. On December 22, 2017, The Tax Cuts and Jobs Act (the “2017 Act”) was enacted. The most significant impact to us of the 2017 Act was a decrease in the federal corporate income tax rate from 35% to 21% beginning in 2018.
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Fair Value of Financial Instruments |
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Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 10. Fair Value of Financial Instruments Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, deferred revenue, the ABL Facility, and capital lease obligations. We do not believe that we are exposed to significant interest, currency, or credit risks arising from these financial instruments. The fair values of these financial instruments approximate their carrying values using Level 3 inputs, based on their short maturities or, for long-term portions of capital lease obligations and the ABL Facility, based on borrowing rates currently available to us for loans with similar terms and maturities.
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Stockholders' Equity |
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Stockholders' Equity |
11. Stockholders’ Equity Preferred Stock – Our authorized preferred stock consists of 10,000,000 shares of preferred stock with a par value of $0.001, of which no shares have been issued or are outstanding. Common Stock – Our authorized common stock consists of 200,000,000 shares of common stock with a par value of $0.001, of which 15,313,383 and 15,302,455 shares were issued and outstanding as of June 30, 2018 and December 31, 2017, respectively. Employee Stock Purchase Plan – On September 17, 2014, our stockholders approved our 2014 Employee Stock Purchase Plan (“ESPP”). On May 16, 2018, we issued 10,928 shares to employees for $18,396 under our ESPP for options that vested and were exercised. We recorded expense of $5,262 and $8,990 related to the ESPP during the six months ended June 30, 2018 and 2017, respectively. Warrants – At June 30, 2018, we had outstanding exercisable warrants to purchase 1,733,565 shares of common stock. The following table summarizes the warrants issued and outstanding as of June 30, 2018:
Stock Options – We recorded stock option expense of $401,453 and $337,230 for the six months ended June 30, 2018 and 2017, respectively. The following table summarizes the stock option activity for the six month period ended June 30, 2018:
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Presentation and Consolidation | Principles of Presentation and Consolidation The condensed consolidated financial statements included herein have been prepared by us without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our audited financial statements for the year ended December 31, 2017. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in our opinion, all normal recurring adjustments necessary to present fairly our financial position at June 30, 2018 and the results of our operations and cash flows for the periods presented. We derived the December 31, 2017 condensed consolidated balance sheet data from audited financial statements; however, we did not include all disclosures required by GAAP. As QRHC, Quest, LDI, Youchange, QVC, QV One, and QSS each operate as environmental-based service companies, we did not deem segment reporting necessary. All intercompany accounts and transactions have been eliminated in consolidation. Interim results are subject to seasonal variations, and the results of operations for the six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the full year. |
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Net Loss Per Share | Net Loss Per Share We compute basic net loss per share by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. We have other potentially dilutive securities outstanding that are not shown in a diluted net loss per share calculation because their effect in both 2018 and 2017 would be anti-dilutive. These potentially dilutive securities include stock options and warrants and totaled 3,487,381 and 3,095,132 shares at June 30, 2018 and 2017, respectively. The following table sets forth the anti-dilutive securities excluded from diluted loss per share:
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, we adopted ASU 2014-09 using the full retrospective approach for all ongoing customer contracts. There was no impact to our financial statements as a result of adopting ASU 2014-09 for the six months ended June 30, 2018 and 2017. See Note 8 for additional information and disclosures related to this amended guidance. Pending Adoption In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The update improves financial reporting about leasing transactions by requiring a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. We are still evaluating the impact of adopting ASU 2016-02 on our consolidated financial statements. However, given the material amount of our future minimum payments under non-cancellable operating leases, primarily office rent, at June 30, 2018, we expect to recognize a material right-of-use lease asset and lease liability upon adoption of the ASU. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), which provides guidance on measuring credit losses on financial instruments. The amended guidance replaces current incurred loss impairment methodology of recognizing credit losses when a loss is probable with a methodology that reflects expected credit losses and requires a broader range of reasonable and supportable information to assess credit loss estimates. ASU 2016-13 is effective for us on January 1, 2020, with early adoption permitted on January 1, 2019. We are assessing the provisions of this amended guidance; however, the adoption of the standard is not expected to have a material effect on our consolidated financial statements. There have been no other recent accounting pronouncements or changes in accounting pronouncements that have been issued but not yet adopted that are of significance, or potential significance, to us. |
Summary of Significant Accounting Policies (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Anti-dilutive Securities Excluded from Diluted Loss Per Share | The following table sets forth the anti-dilutive securities excluded from diluted loss per share:
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Property and Equipment, Net, and Other Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Property and Equipment, Net, and Other Assets | At June 30, 2018 and December 31, 2017, property and equipment, net, and other assets consisted of the following:
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The components of goodwill and other intangible assets were as follows:
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Schedule of Changes in Goodwill |
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Accounts Payable and Accrued Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable And Accrued Liabilities Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accounts Payable and Accrued Liabilities | The components of Accounts payable and accrued liabilities were as follows:
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Capital Lease Obligations (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Capital Lease Obligations | At June 30, 2018 and December 31, 2017, total capital lease obligations outstanding consisted of the following:
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Revenue (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contract With Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Revenue Disaggregated by Source | The following table presents our revenue disaggregated by source.
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Warrants Issued and Outstanding | The following table summarizes the warrants issued and outstanding as of June 30, 2018:
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Summary of Stock Option Activity | The following table summarizes the stock option activity for the six month period ended June 30, 2018
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The Company, Description of Business, and Liquidity - Additional Information (Detail) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Risks And Uncertainties [Abstract] | ||
Working Capital | $ 3,127,345 | $ 4,243,990 |
Summary of Significant Accounting Policies - Additional Information (Detail) - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
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Accounting Policies [Abstract] | ||
Potentially dilutive securities include options and warrants | 3,487,381 | 3,095,132 |
Summary of Significant Accounting Policies - Schedule of Anti-dilutive Securities Excluded from Diluted Loss Per Share (Detail) - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
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Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted loss per share | 3,487,381 | 3,095,132 |
Stock options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted loss per share | 1,753,816 | 1,361,567 |
Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted loss per share | 1,733,565 | 1,733,565 |
Property and Equipment, Net, and Other Assets - Components of Property and Equipment, Net, and Other Assets (Detail) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Property Plant And Equipment [Abstract] | ||
Property and equipment, net of accumulated depreciation of $2,396,516 and $2,193,231 as of June 30, 2018 and December 31, 2017, respectively | $ 795,182 | $ 956,867 |
Security deposits and other assets | 350,850 | 363,475 |
Property and Equipment net and other assets | $ 1,146,032 | $ 1,320,342 |
Property and Equipment, Net, and Other Assets - Components of Property and Equipment, Net, and Other Assets ( Parenthetical) (Detail) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Property Plant And Equipment [Abstract] | ||
Accumulated depreciation, Property and equipment | $ 2,396,516 | $ 2,193,231 |
Goodwill and Other Intangible Assets - Schedule of Changes in Goodwill (Detail) |
6 Months Ended |
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Jun. 30, 2018
USD ($)
| |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill beginning balance | $ 58,337,290 |
Adjustment related to Earth911, Inc. asset sale | (128,800) |
Goodwill ending balance | $ 58,208,490 |
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangibles | $ 926,650 | $ 925,106 | $ 1,853,217 | $ 1,851,669 |
Indefinite-lived intangible assets other than goodwill | $ 0 | |||
Impairment of goodwill and other intangible assets | $ 0 |
Accounts Payable and Accrued Liabilities - Components of Accounts Payable and Accrued Liabilities (Detail) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Accounts payable | $ 15,903,734 | $ 12,739,117 |
Accrued taxes | 588,901 | 807,037 |
Employee compensation | 622,011 | 434,358 |
Other | 379,144 | 273,306 |
Accounts payable and accrued liabilities | $ 17,493,790 | $ 14,253,818 |
Capital Lease Obligations - Summary of Capital Lease Obligations (Detail) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Leases [Abstract] | ||
Capital lease obligations, imputed interest at 4.88% to 13.29%, with monthly payments of approximately $6,000, expiring through September 2019, secured by computer and office equipment | $ 15,547 | $ 41,664 |
Less: current maturities | (15,030) | (39,067) |
Long-term portion | $ 517 | $ 2,597 |
Capital Lease Obligations - Summary of Capital Lease Obligations (Parenthetical) (Detail) - Capital lease obligations, imputed interest at 4.88% to 13.29% [Member] - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||
Imputed interest rate for capital lease obligation, minimum | 4.88% | 4.88% |
Imputed interest rate for capital lease obligation, maximum | 13.29% | 13.29% |
Monthly installment capital lease obligation | $ 6,000 | $ 6,000 |
Debt instrument expiring date, description | expiring through September 2019 |
Capital Lease Obligations - Additional Information (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Debt Disclosure [Abstract] | ||||
Interest expense related to capital leases | $ 425 | $ 1,636 | $ 1,043 | $ 4,098 |
Revenue - Summary of Revenue Disaggregated by Source (Detail) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 27,928,626 | $ 41,370,594 | $ 52,624,549 | $ 83,910,416 |
Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 25,324,837 | 38,080,577 | 47,330,409 | 77,916,252 |
Product Sales and Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 2,603,789 | $ 3,290,017 | $ 5,294,140 | $ 5,994,164 |
Income Taxes - Additional Information (Detail) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 11,800,000 | $ 12,150,000 |
Federal income tax net operating loss carry forward | $ 19,700,000 | $ 19,700,000 |
Net operating loss carry forwards expiration beginning year | 2031 | |
Federal corporate income tax rate | 21.00% | 35.00% |
Stockholders' Equity - Additional Information (Detail) - USD ($) |
6 Months Ended | |||
---|---|---|---|---|
May 16, 2018 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Schedule Of Stockholders Equity [Line Items] | ||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares issued | 15,313,383 | 15,302,455 | ||
Common stock, shares outstanding | 15,313,383 | 15,302,455 | ||
Shares issued for Employee Stock Purchase Plan options, Value | $ 18,396 | |||
Employee stock purchase plan expense | $ 5,262 | $ 8,990 | ||
2014 Employee Stock Purchase Plan [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Shares issued for Employee Stock Purchase Plan options, Shares | 10,928 | |||
Shares issued for Employee Stock Purchase Plan options, Value | $ 18,396 |
Stockholders' Equity - Additional Information - Warrants (Detail) |
Jun. 30, 2018
shares
|
---|---|
Class Of Warrant Or Right [Line Items] | |
Warrants outstanding | 1,733,565 |
Exercisable Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrants outstanding | 1,733,565 |
Stockholders' Equity - Summary of Warrants Issued and Outstanding (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2018
$ / shares
shares
| |
Class Of Warrant Or Right [Line Items] | |
Shares of Common Stock | 1,733,565 |
Exercisable Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Shares of Common Stock | 1,733,565 |
Exercisable Warrants [Member] | Warrants One [Member] | |
Class Of Warrant Or Right [Line Items] | |
Date of Issuance | Sep. 24, 2014 |
Date of Expiration | Sep. 24, 2019 |
Exercise Price | $ / shares | $ 20.00 |
Shares of Common Stock | 1,125,005 |
Exercisable Warrants [Member] | Warrants Two [Member] | |
Class Of Warrant Or Right [Line Items] | |
Date of Issuance | Oct. 20, 2014 |
Date of Expiration | Oct. 20, 2019 |
Exercise Price | $ / shares | $ 20.00 |
Shares of Common Stock | 87,500 |
Exercisable Warrants [Member] | Warrants Three [Member] | |
Class Of Warrant Or Right [Line Items] | |
Date of Issuance | Mar. 30, 2016 |
Date of Expiration | Mar. 30, 2021 |
Exercise Price | $ / shares | $ 3.88 |
Shares of Common Stock | 521,060 |
Stockholders' Equity - Additional Information - Stock Options (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Equity [Abstract] | ||
Stock options expense | $ 401,453 | $ 337,230 |