Quest Resource Holding Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Quest Resource Holding Corp. has filed its annual 10-K report detailing its 2023 financial performance and business operations.</b>

AI Summary

Quest Resource Holding Corp (QRHC) filed a Annual Report (10-K) with the SEC on March 12, 2024. Quest Resource Holding Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business is in Refuse Systems (SIC 4953). Quest Resource Holding Corp. was formerly known as Infinity Resources Holdings Corp., YouChange Holdings Corp, and BlueStar Financial Group, Inc. The company's principal executive offices are located at 3481 Plano Parkway, The Colony, TX 75056. The filing includes information related to various financial instruments and agreements, including asset purchase agreements, credit facilities, and promissory notes.

Why It Matters

For investors and stakeholders tracking Quest Resource Holding Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Quest Resource Holding Corp.'s financial health, operational activities, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed information within the 10-K, including financial statements, risk factors, and executive compensation, allows stakeholders to make informed decisions regarding their investment in Quest Resource Holding Corp.

Risk Assessment

Risk Level: medium — Quest Resource Holding Corp shows moderate risk based on this filing. The company operates in the refuse systems industry, which can be subject to regulatory changes and economic fluctuations impacting demand and operational costs.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Quest Resource Holding Corp.'s current financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-12 — Filing Date (Filed as of date)
• 4953 — Standard Industrial Classification (Refuse Systems)
• NV — State of Incorporation (Organization state)

Key Players & Entities

• Quest Resource Holding Corp. (company) — Filer
• Infinity Resources Holdings Corp. (company) — Former company name
• YouChange Holdings Corp (company) — Former company name
• BlueStar Financial Group, Inc. (company) — Former company name
• The Colony, TX (location) — Business address city and state
• 972-464-0004 (phone) — Business phone
• EarthMediaPartnersLLCMember (company) — Related entity
• MonroeTermLoanMember (financial_instrument) — Related financial instrument

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various federal, state, and local environmental, health, and safety regulations, which can change and impact operations.
• Customer Concentration Risk [medium — market]: The company faces risk due to potential concentration of revenue from a limited number of customers, as indicated by references to 'CustomerConcentrationRiskMember'.
• Debt and Financing Agreements [medium — financial]: The filing references various debt instruments and credit facilities, such as 'MonroeTermLoanMember' and 'AssetBasedRevolvingCreditFacilityMember', indicating financial leverage and associated risks.
• Asset Management [low — operational]: The company's operations involve managing various assets, including 'PropertyPlantAndEquipmentNetIncludingDepositsAssetsNoncurrent', with potential risks related to their condition and value.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-03-12: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $200 billion — rket in North America was approximately $200 billion in 2019 according to Allied Market Rese

Filing Documents

• qrhc-20231231.htm (10-K) — 2316KB
• qrhc-ex21_1.htm (EX-21.1) — 11KB
• qrhc-ex23_1.htm (EX-23.1) — 6KB
• qrhc-ex31_1.htm (EX-31.1) — 15KB
• qrhc-ex31_2.htm (EX-31.2) — 16KB
• qrhc-ex32_1.htm (EX-32.1) — 6KB
• qrhc-ex32_2.htm (EX-32.2) — 7KB
• qrhc-ex97.htm (EX-97) — 33KB
• img59395946_0.jpg (GRAPHIC) — 48KB
• img59395946_1.jpg (GRAPHIC) — 22KB
• img128338319_0.jpg (GRAPHIC) — 37KB
• img128338319_1.jpg (GRAPHIC) — 11KB
• img128338319_2.jpg (GRAPHIC) — 48KB
• img128338319_3.jpg (GRAPHIC) — 11KB
• 0000950170-24-029890.txt (&nbsp;) — 10124KB
• qrhc-20231231.xsd (EX-101.SCH) — 1473KB
• qrhc-20231231_htm.xml (XML) — 1652KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 17

Cybersecurity

Item 1C. Cybersecurity 17

Properties

Item 2. Properties 18

Legal Proceedings

Item 3. Legal Proceedings 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 18 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19

[Reserved ]

Item 6. [Reserved ] 19

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 26

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 26

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 26

Controls and Procedures

Item 9A. Controls and Procedures 26

Other Information

Item 9B. Other Information 27

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 27 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 28

Executive Compensation

Item 11. Executive Compensation 34

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 40

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 40 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules

Form 10-K Summary

Item 16. Form 10-K Summary

SIGNATURES

SIGNATURES 41 44 45 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The statements contained in this Annual Report on Form 10-K that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). All statements other than statements of historical facts contained or incorporated herein by reference in this Annual Report on Form 10-K, including statements regarding our future operating results, future financial position, business strategy, objectives, goals, plans, prospects, and markets, and plans and objectives for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "estimates," "expects," "intends," " targets," "contemplates," "projects," "predicts," "may," "might," "plan," "will," "would," "should," "could," "can," "potential," "continue," "objective," or the negative of those terms, or similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. All forward-looking statements included herein are based on information available to us as of the date hereof and speak only as of such date. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. The forward-looking statements contained in or incorporated by reference into this Annual Report on Form 10-K reflect our views as of the date of this Annual Report on Form 10-K about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed or implied in any forward-looking statement. Although we b

BUSINE SS

ITEM 1. BUSINE SS Overview Quest Resource Holding Corporation ("Quest", "the Company", "our company," "we," "us" and "our") is 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 to maximize resource utilization. Our programs and services enable our customers to address their business, sustainability and Environmental, Social and Governance ("ESG") goals and responsibilities. We believe our services are comprehensive, innovative, and cost effective. Our services are designed to enable our business customers to capture the commodity value of their waste streams and recyclables, better manage their disposal and total operating costs, enhance their management of environmental risks, enhance their legal and regulatory compliance, and achieve their business and environmental goals while maximizing the efficiency of their assets. Our services currently focus on the waste streams and recyclables from big box retailers, including grocers and other specialty retailers; transportation, logistics, and fleet operators; manufacturing and industrial facilities; automotive after-market operations such as automotive maintenance, quick lube, dealerships, and collision repair; multi-family and commercial properties; restaurant chains and food operations; malls and shopping centers; and construction and demolition projects. We currently concentrate on programs for recycling cardboard, pallets, wood waste, metal, glass, motor oil and automotive lubricants, oil filters, scrap tires, oily water, goods destruction, food waste, meat renderings, cooking oil and grease trap waste, plastics, mixed paper, construction debris, as well as a large variety of regulated and non-regulated solid, liquid, and gas wastes. In ad

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View this 10-K filing on SEC EDGAR