Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | QRHC | |
Entity Registrant Name | Quest Resource Holding Corporation | |
Entity Central Index Key | 1,442,236 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 118,678,225 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 3,910,056 | $ 2,989,731 |
Accounts receivable, less allowance for doubtful accounts of $705,486 and $586,941 as of March 31, 2016 and December 31, 2015, respectively | 35,123,632 | 33,298,797 |
Prepaid expenses and other current assets | 967,930 | 946,908 |
Total current assets | 40,001,618 | 37,235,436 |
Goodwill | 58,337,290 | 58,337,290 |
Intangible assets, net | 11,070,012 | 11,828,008 |
Property and equipment, net, and other assets | 1,649,675 | 1,608,632 |
Total assets | 111,058,595 | 109,009,366 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 36,124,552 | 34,847,359 |
Deferred revenue and other current liabilities | 433,618 | 328,829 |
Total current liabilities | 36,558,170 | 35,176,188 |
Line of credit | 3,500,000 | 4,000,000 |
Other long-term liabilities | 324,297 | 341,142 |
Total liabilities | $ 40,382,467 | $ 39,517,330 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of March 31, 2016 and December 31, 2015, respectively | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 118,678,225 and 111,788,225 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | $ 118,678 | $ 111,788 |
Additional paid-in capital | 155,670,715 | 152,249,558 |
Accumulated deficit | (85,113,265) | (82,869,310) |
Total stockholders’ equity | 70,676,128 | 69,492,036 |
Total liabilities and stockholders’ equity | $ 111,058,595 | $ 109,009,366 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 705,486 | $ 586,941 |
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 | 118,678,225 | 111,788,225 |
Common stock, shares outstanding | 118,678,225 | 111,788,225 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenue | $ 45,770,896 | $ 40,008,609 |
Cost of revenue | 42,284,536 | 36,722,933 |
Gross profit | 3,486,360 | 3,285,676 |
Operating expenses: | ||
Selling, general, and administrative | 4,655,163 | 3,776,982 |
Depreciation and amortization | 1,018,564 | 979,137 |
Total operating expenses | 5,673,727 | 4,756,119 |
Operating loss | (2,187,367) | (1,470,443) |
Other expense: | ||
Interest expense | (56,588) | (48,597) |
Total other expense | (56,588) | (48,597) |
Loss before taxes | (2,243,955) | (1,519,040) |
Net loss | (2,243,955) | (1,519,040) |
Net loss applicable to common stockholders | $ (2,243,955) | $ (1,519,040) |
Net loss per share | ||
Basic and diluted | $ (0.02) | $ (0.01) |
Weighted average number of common shares outstanding | ||
Basic and diluted | 111,863,939 | 111,617,626 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - 3 months ended Mar. 31, 2016 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2015 | $ 69,492,036 | $ 111,788 | $ 152,249,558 | $ (82,869,310) |
Beginning Balance, Shares at Dec. 31, 2015 | 111,788,225 | |||
Stock-based compensation | 538,697 | 538,697 | ||
Sale of common stock and warrants, net of issuance costs, Value | $ 2,889,350 | $ 6,890 | 2,882,460 | |
Sale of common stock and warrants, net of issuance costs, Shares | 6,890,000 | 6,890,000 | ||
Net loss | $ (2,243,955) | (2,243,955) | ||
Ending Balance at Mar. 31, 2016 | $ 70,676,128 | $ 118,678 | $ 155,670,715 | $ (85,113,265) |
Ending Balance, Shares at Mar. 31, 2016 | 118,678,225 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (2,243,955) | $ (1,519,040) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 108,916 | 76,046 |
Amortization of intangibles | 919,065 | 903,091 |
Provision for doubtful accounts | 141,553 | |
Stock-based compensation | 538,697 | 285,156 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,966,388) | 1,009,981 |
Prepaid expenses and other current assets | (21,022) | (67,983) |
Security deposits and other assets | 34,183 | (12,677) |
Accounts payable and accrued liabilities | 1,277,193 | (236,849) |
Deferred revenue and other current liabilities | 101,845 | 41,332 |
Other long-term liabilities | (6,282) | 4,557 |
Net cash provided by (used in) operating activities | (1,116,195) | 483,614 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (162,304) | (170,144) |
Purchase of capitalized software development | (161,069) | (150,837) |
Net cash used in investing activities | (323,373) | (320,981) |
Cash flows from financing activities: | ||
Proceeds from line of credit | 5,250,000 | |
Repayments to line of credit | (5,750,000) | |
Proceeds from the sale of common stock and warrants, net of issuance costs | 2,889,350 | |
Repayments of capital lease obligations | (29,457) | (5,636) |
Net cash provided by (used in) financing activities | 2,359,893 | (5,636) |
Net increase in cash and cash equivalents | 920,325 | 156,997 |
Cash and cash equivalents at beginning of period | 2,989,731 | 3,154,540 |
Cash and cash equivalents at end of period | 3,910,056 | 3,311,537 |
Supplemental cash flow information: | ||
Cash paid for interest | 55,105 | 48,521 |
Supplemental non-cash flow activities: | ||
Acquisition of equipment under capital leases | $ 21,838 | |
Restricted Stock Units [Member] | ||
Supplemental non-cash flow activities: | ||
Common stock issued | $ 57 |
The Company, Description of Bus
The Company, Description of Business, and Liquidity | 3 Months Ended |
Mar. 31, 2016 | |
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, Earth911, Inc. (“Earth911”), Quest Resource Management Group, LLC (“Quest”), Landfill Diversion Innovations, LLC, and Youchange, Inc. (“YouChange”) (collectively, “we,” “us,” or “our company”). Operations – We provide businesses with one-stop management programs to reuse, recycle, and dispose of a wide variety of waste streams and recyclables generated by their businesses. Our comprehensive reuse, recycling, and proper disposal management programs are designed to enable regional and national customers to have a single point of contact for managing a variety of waste streams and recyclables. This business generates substantially all of our revenue. We also operate environmentally based social media and online data platforms that contain information and instructions necessary to empower consumers and consumer product companies to recycle or properly dispose of household products and materials. Our directory of local recycling and proper disposal options empowers consumers directly and enables consumer product companies to empower their customers by giving them the guidance necessary for the proper recycling or disposal of a wide range of household products and materials, including the “why, where, and how” of recycling. Two customers accounted for 55.3% and 61.5% of revenue for the three months ended March 31, 2016 and 2015, respectively. Our principal offices are located in The Colony, Texas. Liquidity – As of March 31, 2016 and December 31, 2015, our working capital balance was $3,443,448 and $2,059,248, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principals 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, 2015. 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 March 31, 2016 and the results of our operations and cash flows for the periods presented. We derived the December 31, 2015 condensed consolidated balance sheet data from audited financial statements, but did not include all disclosures required by GAAP. As Quest, Earth911, and YouChange each operate as ecology based green 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 three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. Revenue Recognition We recognize revenue only when all of the following criteria have been met: · persuasive evidence of an arrangement exists; · delivery has occurred or services have been rendered; · the fee for the arrangement is fixed or determinable; and · collectability is reasonably assured. Persuasive Evidence of an Arrangement Exists – We document all terms of an arrangement in a service agreement or quote signed or confirmed by the customer prior to recognizing revenue. Delivery Has Occurred or Services Have Been Rendered – We perform all services or deliver all products prior to recognizing revenue. Services are deemed to be performed when the services are complete. The Fee for the Arrangement is Fixed or Determinable – Prior to recognizing revenue, a customer’s fee is either fixed or determinable under the terms of the quote, service agreement, or accepted customer purchase order. Collectability Is Reasonably Assured – We assess collectability on a customer by customer basis based on criteria developed by us. We provide businesses with management programs to reuse, recycle, and dispose of a wide variety of waste streams and recyclables generated by their business. We utilize third-party subcontractors to execute the collection, transport, and recycling or disposal of used motor oil, oil filters, scrap tires, cooking oil, and expired food products. We evaluate the criteria outlined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 605-45, Revenue Recognition—Principal Agent Considerations We recognize licensing fees ratably over the term of the license. We derive some revenue from advertising contracts, which we recognize ratably over the term that the advertisement appears on our website. 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 2016 and 2015 would be anti-dilutive. These potentially dilutive securities include stock options, restricted stock units, and warrants and related to 22,823,106 and 16,832,380 shares at March 31, 2016 and 2015, respectively. The following table sets forth the anti-dilutive securities excluded from diluted loss per share: March 31, 2016 2015 (Unaudited) (Unaudited) Anti-dilutive securities excluded from diluted loss per share: Stock options 6,863,656 4,965,280 Restricted stock units — 76,100 Warrants 15,959,450 11,791,000 Total anti-dilutive securities excluded from diluted loss per share 22,823,106 16,832,380 Inventories We record inventories within “Prepaid expenses and other current assets” in our condensed consolidated balance sheets. As of March 31, 2016 and December 31, 2015, all inventories were waste disposal equipment with balances of $12,593 and $54,473, respectively, with no reserve for inventory obsolescence at either date. |
Property and Equipment, Net, an
Property and Equipment, Net, and Other Assets | 3 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net, and Other Assets | 3. Property and Equipment, Net, and Other Assets At March 31, 2016 and December 31, 2015, property and equipment, net, and other assets consisted of the following: March 31, December 31, 2016 2015 (Unaudited) Property and equipment, net of accumulated depreciation of $2,082,454 and $1,973,538 as of March 31, 2016 and December 31, 2015, respectively $ 1,383,462 $ 1,308,236 Security deposits and other assets 266,213 300,396 Property and equipment, net, and other assets $ 1,649,675 $ 1,608,632 We compute depreciation using the straight-line method over the estimated useful lives of the property and equipment. The depreciation expense for the three months ended March 31, 2016 was $108,916, inclusive of $9,417 of depreciation expense reflected within “Cost of revenue” in our consolidated statement of operations as it related to assets used in directly servicing customer contracts. The depreciation expense for the three months ended March 31, 2015 was $76,046, with no depreciation expense recorded to “Cost of revenue.” At March 31, 2016, our capital lease assets were $413,502, net of $75,325 of accumulated depreciation. At December 31, 2015, our capital lease assets were $426,757, net of $34,041 of accumulated depreciation. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 (Unaudited) Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Finite lived intangible assets: Customer relationships 5 years $ 12,720,000 $ 6,890,000 $ 5,830,000 Trademarks 7 years 6,273,885 2,410,797 3,863,088 Patents 7 years 230,683 230,683 — Software 7 years 1,417,602 149,609 1,267,993 Customer lists 5 years 307,153 198,222 108,931 Total finite lived intangible assets $ 20,949,323 $ 9,879,311 $ 11,070,012 December 31, 2015 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Finite lived intangible assets: Customer relationships 5 years $ 12,720,000 $ 6,254,000 $ 6,466,000 Trademarks 7 years 6,239,950 2,188,129 4,051,821 Patents 7 years 230,683 230,683 — Software 7 years 1,290,468 104,570 1,185,898 Customer lists 5 years 307,153 182,864 124,289 Total finite lived intangible assets $ 20,788,254 $ 8,960,246 $ 11,828,008 March 31, 2016 (Unaudited) and December 31, 2015 Estimated Useful Life Carrying Amount Indefinite lived intangible asset: Goodwill Indefinite $ 58,337,290 We compute amortization using the straight-line method over the estimated useful lives of the finite lived intangible assets. The amortization expense related to finite lived intangible assets was $919,065 and $903,091 for the three months ended March 31, 2016 and 2015, respectively. We have no indefinite-lived intangible assets other than goodwill. The goodwill is not deductible for tax purposes. |
Line of Credit
Line of Credit | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Line of Credit | 5. Line of Credit On December 15, 2010, Quest entered into a Revolving Credit Note and Loan Agreement with Regions Bank (“Regions”), a national banking association. This agreement, as amended, provides Quest with a loan facility of up to $15,000,000 for working capital with advances generally limited to 80% of eligible accounts receivable from Quest’s largest customer and 85% of all other eligible accounts receivable. The facility matures May 13, 2018. The interest on the outstanding principal amount accrues daily and is payable monthly based on a fluctuating interest rate per annum, which is the base rate plus 1.50% (2.69% as of March 31, 2016). The base rate for any day is the greater of (a) the federal funds rate plus one-half of 1%, (b) Region’s published effective prime rate, or (c) the Eurodollar rate for such day based on an interest period of one month. To secure the amounts due under the agreement, Quest granted Regions a security interest in all of its assets with guarantees from QRHC and Earth911. Quest had $3,500,000 outstanding and $9,124,343 available to be borrowed as of March 31, 2016. The amount of interest expense related to the Regions line of credit for the three months ended March 31, 2016 and 2015 was $49,782 and $35,050, respectively. As of March 31, 2016, we were in compliance with the financial covenants. |
Capital Lease Obligations
Capital Lease Obligations | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Capital Lease Obligations | 6. Capital Lease Obligations At March 31, 2016 and December 31, 2015, total capital lease obligations outstanding consisted of the following: March 31, December 31, 2016 2015 (Unaudited) Capital lease obligations, imputed interest at 2.65% to 9.39%, with monthly payments of $11,022, through August 2018, secured by computer and telephone equipment $ 394,551 $ 402,170 Total 394,551 402,170 Less: current maturities (115,069 ) (112,125 ) Long-term portion $ 279,482 $ 290,045 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 March 31, 2016 and 2015 was $3,965 and $487, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes We compute income taxes using the asset and liability method in accordance with FASB ASC Topic 740, Income Taxes |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 8. Fair Value of Financial Instruments Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, line of credit, capital lease obligations, and warrant liability. We do not believe that we are exposed to significant interest, currency, or credit risks arising from these financial instruments. With the exception of the warrant liability, 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 line of credit, based on borrowing rates currently available to us for loans with similar terms and maturities. On May 7, 2014, we issued warrants to purchase an aggregate of 200,000 shares of our common stock to a consultant in exchange for services rendered during 2014. Of these warrants, 100,000 shares underlying the warrants vested immediately and resulted in no expense recorded for the three months ended March 31, 2016 and 2015. The remaining 100,000 shares underlying the warrants, which we had classified as a liability, vested on May 7, 2015, subject to performance conditions. We measured the warrants at fair value by applying the Black-Scholes-Merton valuation model, which utilizes Level 3 inputs. As of March 31, 2015, the assumptions used in the Black-Scholes-Merton valuation for the warrants to purchase 100,000 shares were as follows: volatility of 81.1%; risk free interest rate of 0.59%; expected term of 2.1 years; and expected dividend yield of 0%. The grant date fair value of the warrant valuation described above was $0.32 per warrant. We based the risk free interest rate on U.S. Treasury rates with maturity dates approximating the expected term of the warrants. We determined the historical volatility using the historical changes in the market price of our common stock and applicable comparable companies. Our warrant liability was nil at March 31, 2016 and December 31, 2015, respectively. Due to the decline in the fair value of these warrants, we recorded a decrease of stock-based compensation expense of nil and $5,936 for the three months ended March 31, 2016 and 2015, respectively, related to these warrants. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Preferred Stock Our authorized preferred stock includes 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 includes 200,000,000 shares of common stock with a par value of $0.001, of which 118,678,225 and 111,788,225 shares were issued and outstanding as of March 31, 2016 and December 31, 2015, respectively. During the three months ended March 31, 2016, we issued shares of common stock as follows: Common Stock Shares Amount Sale of common stock and warrants, net of issuance costs of $452,300 6,890,000 $ 2,889,350 6,890,000 $ 2,889,350 · Sale of Common Stock and Warrants – o On March 30, 2016, we issued 6,890,000 shares of our common stock, together with warrants to purchase 3,445,000 shares of our common stock, at a price per share and warrant of $0.485. We also issued the underwriters warrants to purchase 723,450 shares of our common stock. The warrants may be exercised for a period of five years at an initial exercise price of $0.485 per share, subject to adjustment for certain dilutive events. We also granted the underwriters a 30-day option to acquire up to 1,033,500 additional shares of common stock and/or additional warrants to purchase up to 516,750 shares of common stock solely to cover over-allotments, with the underwriters receiving additional warrants to purchase 108,518 shares of our common stock if they exercised the over-allotment option. The underwriters did not exercise the over-allotment option. Warrants – During the three months ended March 31, 2016, we issued warrants to purchase 4,168,450 shares and no holders exercised warrants. During the three months ended March 31, 2015, we did not issue any warrants and a third party forfeited 1,200,000 contingent warrants. Due to the uncertainty of attaining any of the performance conditions, we had not recognized any additional expense for the non-vested warrants. As these warrants related to internally developed software, we did not capitalize any costs or recognize any expense for the three months ended March 31, 2015. At March 31, 2016, we had outstanding exercisable warrants to purchase 15,959,450 shares of common stock. The following table summarizes the warrants issued and outstanding as of March 31, 2016: Warrants Issued and Outstanding as of March 31, 2016 Date of Exercise Shares of Description Issuance Expiration Price Common Stock Exercisable warrants Warrants 04/18/2014 04/01/2017 $ 2.00 1,441,000 Warrant 05/07/2014 05/07/2017 $ 2.65 200,000 Warrant 05/28/2014 10/31/2016 $ 4.31 450,000 Warrants 09/24/2014 09/24/2019 $ 2.50 9,000,000 Warrants 10/20/2014 10/20/2019 $ 2.50 700,000 Warrants 3/30/2016 03/30/2021 $ 0.485 4,168,450 Total warrants issued and outstanding 15,959,450 Employee Stock Purchase Plan – On September 17, 2014, our stockholders approved the Quest Resource Holding Corporation 2014 Employee Stock Purchase Plan (the “ESPP”). We recorded expense of $9,206 and $9,726 related to the ESPP during the three months ended March 31, 2016 and 2015, respectively. Stock Options – The following table summarizes the stock option activity for the three month period ended March 31, 2016: Stock Options Weighted- Exercise Average Number Price Per Exercise Price of Shares Share Per Share Outstanding at December 31, 2015 5,943,908 $ 0.78 — 3.75 $ 2.04 Granted 2,166,000 $ 0.55 — 0.68 $ 0.68 Canceled/Forfeited (1,246,252 ) $ 0.79 — 3.75 $ 1.64 Outstanding at March 31, 2016 6,863,656 $ 0.55 — 3.75 $ 1.60 For the three months ended March 31, 2016 and 2015, we recorded $21,809 and nil, respectively, of stock-based compensation within “Selling, general, and administrative expenses” in our condensed consolidated statements of operations for services provided by a consultant. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principals of Presentation and Consolidation | Principals 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, 2015. 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 March 31, 2016 and the results of our operations and cash flows for the periods presented. We derived the December 31, 2015 condensed consolidated balance sheet data from audited financial statements, but did not include all disclosures required by GAAP. As Quest, Earth911, and YouChange each operate as ecology based green 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 three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. |
Revenue Recognition | Revenue Recognition We recognize revenue only when all of the following criteria have been met: · persuasive evidence of an arrangement exists; · delivery has occurred or services have been rendered; · the fee for the arrangement is fixed or determinable; and · collectability is reasonably assured. Persuasive Evidence of an Arrangement Exists – We document all terms of an arrangement in a service agreement or quote signed or confirmed by the customer prior to recognizing revenue. Delivery Has Occurred or Services Have Been Rendered – We perform all services or deliver all products prior to recognizing revenue. Services are deemed to be performed when the services are complete. The Fee for the Arrangement is Fixed or Determinable – Prior to recognizing revenue, a customer’s fee is either fixed or determinable under the terms of the quote, service agreement, or accepted customer purchase order. Collectability Is Reasonably Assured – We assess collectability on a customer by customer basis based on criteria developed by us. We provide businesses with management programs to reuse, recycle, and dispose of a wide variety of waste streams and recyclables generated by their business. We utilize third-party subcontractors to execute the collection, transport, and recycling or disposal of used motor oil, oil filters, scrap tires, cooking oil, and expired food products. We evaluate the criteria outlined in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 605-45, Revenue Recognition—Principal Agent Considerations We recognize licensing fees ratably over the term of the license. We derive some revenue from advertising contracts, which we recognize ratably over the term that the advertisement appears on our website. |
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 2016 and 2015 would be anti-dilutive. These potentially dilutive securities include stock options, restricted stock units, and warrants and related to 22,823,106 and 16,832,380 shares at March 31, 2016 and 2015, respectively. The following table sets forth the anti-dilutive securities excluded from diluted loss per share: March 31, 2016 2015 (Unaudited) (Unaudited) Anti-dilutive securities excluded from diluted loss per share: Stock options 6,863,656 4,965,280 Restricted stock units — 76,100 Warrants 15,959,450 11,791,000 Total anti-dilutive securities excluded from diluted loss per share 22,823,106 16,832,380 |
Inventories | Inventories We record inventories within “Prepaid expenses and other current assets” in our condensed consolidated balance sheets. As of March 31, 2016 and December 31, 2015, all inventories were waste disposal equipment with balances of $12,593 and $54,473, respectively, with no reserve for inventory obsolescence at either date. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 2015 (Unaudited) (Unaudited) Anti-dilutive securities excluded from diluted loss per share: Stock options 6,863,656 4,965,280 Restricted stock units — 76,100 Warrants 15,959,450 11,791,000 Total anti-dilutive securities excluded from diluted loss per share 22,823,106 16,832,380 |
Property and Equipment, Net, 18
Property and Equipment, Net, and Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Components Property and Equipment, Net, and Other Assets | At March 31, 2016 and December 31, 2015, property and equipment, net, and other assets consisted of the following: March 31, December 31, 2016 2015 (Unaudited) Property and equipment, net of accumulated depreciation of $2,082,454 and $1,973,538 as of March 31, 2016 and December 31, 2015, respectively $ 1,383,462 $ 1,308,236 Security deposits and other assets 266,213 300,396 Property and equipment, net, and other assets $ 1,649,675 $ 1,608,632 |
Goodwill and Other Intangible19
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The components of goodwill and other intangible assets were as follows: March 31, 2016 (Unaudited) Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Finite lived intangible assets: Customer relationships 5 years $ 12,720,000 $ 6,890,000 $ 5,830,000 Trademarks 7 years 6,273,885 2,410,797 3,863,088 Patents 7 years 230,683 230,683 — Software 7 years 1,417,602 149,609 1,267,993 Customer lists 5 years 307,153 198,222 108,931 Total finite lived intangible assets $ 20,949,323 $ 9,879,311 $ 11,070,012 December 31, 2015 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Finite lived intangible assets: Customer relationships 5 years $ 12,720,000 $ 6,254,000 $ 6,466,000 Trademarks 7 years 6,239,950 2,188,129 4,051,821 Patents 7 years 230,683 230,683 — Software 7 years 1,290,468 104,570 1,185,898 Customer lists 5 years 307,153 182,864 124,289 Total finite lived intangible assets $ 20,788,254 $ 8,960,246 $ 11,828,008 |
Schedule of Indefinite-Lived Intangible Assets | March 31, 2016 (Unaudited) and December 31, 2015 Estimated Useful Life Carrying Amount Indefinite lived intangible asset: Goodwill Indefinite $ 58,337,290 |
Capital Lease Obligations (Tabl
Capital Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Capital Lease Obligations | At March 31, 2016 and December 31, 2015, total capital lease obligations outstanding consisted of the following: March 31, December 31, 2016 2015 (Unaudited) Capital lease obligations, imputed interest at 2.65% to 9.39%, with monthly payments of $11,022, through August 2018, secured by computer and telephone equipment $ 394,551 $ 402,170 Total 394,551 402,170 Less: current maturities (115,069 ) (112,125 ) Long-term portion $ 279,482 $ 290,045 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Common Stock Shares Issued | During the three months ended March 31, 2016, we issued shares of common stock as follows: Common Stock Shares Amount Sale of common stock and warrants, net of issuance costs of $452,300 6,890,000 $ 2,889,350 6,890,000 $ 2,889,350 |
Summary Of Warrant Activity | The following table summarizes the warrants issued and outstanding as of March 31, 2016: Warrants Issued and Outstanding as of March 31, 2016 Date of Exercise Shares of Description Issuance Expiration Price Common Stock Exercisable warrants Warrants 04/18/2014 04/01/2017 $ 2.00 1,441,000 Warrant 05/07/2014 05/07/2017 $ 2.65 200,000 Warrant 05/28/2014 10/31/2016 $ 4.31 450,000 Warrants 09/24/2014 09/24/2019 $ 2.50 9,000,000 Warrants 10/20/2014 10/20/2019 $ 2.50 700,000 Warrants 3/30/2016 03/30/2021 $ 0.485 4,168,450 Total warrants issued and outstanding 15,959,450 |
Summary of Stock Option Activity | Stock Options – The following table summarizes the stock option activity for the three month period ended March 31, 2016: Stock Options Weighted- Exercise Average Number Price Per Exercise Price of Shares Share Per Share Outstanding at December 31, 2015 5,943,908 $ 0.78 — 3.75 $ 2.04 Granted 2,166,000 $ 0.55 — 0.68 $ 0.68 Canceled/Forfeited (1,246,252 ) $ 0.79 — 3.75 $ 1.64 Outstanding at March 31, 2016 6,863,656 $ 0.55 — 3.75 $ 1.60 |
The Company, Description of B22
The Company, Description of Business, and Liquidity - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Customer | Mar. 31, 2015 | Dec. 31, 2015USD ($) | |
Concentration Risk [Line Items] | |||
Working Capital | $ | $ 3,443,448 | $ 2,059,248 | |
Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Number of customer | Customer | 2 | ||
Customer Accounted [Member] | Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 55.30% | 61.50% |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Contractshares | Mar. 31, 2015USD ($)shares | Dec. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |||
Number of contracts accounted for management fees | Contract | 1 | ||
Management fees earned, net | $ 87,689 | $ 0 | |
Management fees earned, gross | $ 1,121,643 | $ 0 | |
Potentially dilutive securities include options, restricted stock units, and warrants | shares | 22,823,106 | 16,832,380 | |
Inventories waste disposal equipment | $ 12,593 | $ 54,473 | |
Reserve for inventory obsolescence | $ 0 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Schedule of Anti-dilutive Securities Excluded from Diluted Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted loss per share | 22,823,106 | 16,832,380 |
Stock options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted loss per share | 6,863,656 | 4,965,280 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted loss per share | 76,100 | |
Warrant [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted loss per share | 15,959,450 | 11,791,000 |
Property and Equipment, Net, 25
Property and Equipment, Net, and Other Assets - Components of Property and Equipment, Net, and Other Assets (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Abstract] | ||
Property and equipment, net of depreciation | $ 1,383,462 | $ 1,308,236 |
Security deposits and other assets | 266,213 | 300,396 |
Property and Equipment net and other assets | $ 1,649,675 | $ 1,608,632 |
Property and Equipment, Net, 26
Property and Equipment, Net, and Other Assets - Components of Property and Equipment, Net, and Other Assets ( Parenthetical) (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Abstract] | ||
Accumulated depreciation, Property and equipment | $ 2,082,454 | $ 1,973,538 |
Property and Equipment, Net, 27
Property and Equipment, Net, and Other Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 108,916 | $ 76,046 | |
Depreciation reflected in cost of revenue | 9,417 | $ 0 | |
Capital lease assets, net | 413,502 | $ 426,757 | |
Capital lease assets, accumulated depreciation | $ 75,325 | $ 34,041 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 20,949,323 | $ 20,788,254 |
Accumulated Amortization | 9,879,311 | 8,960,246 |
Net | $ 11,070,012 | $ 11,828,008 |
Customer relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | 5 years |
Gross Carrying Amount | $ 12,720,000 | $ 12,720,000 |
Accumulated Amortization | 6,890,000 | 6,254,000 |
Net | $ 5,830,000 | $ 6,466,000 |
Trademarks [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 7 years | 7 years |
Gross Carrying Amount | $ 6,273,885 | $ 6,239,950 |
Accumulated Amortization | 2,410,797 | 2,188,129 |
Net | $ 3,863,088 | $ 4,051,821 |
Patents [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 7 years | 7 years |
Gross Carrying Amount | $ 230,683 | $ 230,683 |
Accumulated Amortization | $ 230,683 | $ 230,683 |
Software [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 7 years | 7 years |
Gross Carrying Amount | $ 1,417,602 | $ 1,290,468 |
Accumulated Amortization | 149,609 | 104,570 |
Net | $ 1,267,993 | $ 1,185,898 |
Customer lists [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | 5 years |
Gross Carrying Amount | $ 307,153 | $ 307,153 |
Accumulated Amortization | 198,222 | 182,864 |
Net | $ 108,931 | $ 124,289 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill Useful Life Description | Indefinite | |
Goodwill | $ 58,337,290 | $ 58,337,290 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization of intangibles | $ 919,065 | $ 903,091 |
Indefinite-lived intangible assets other than goodwill | $ 0 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |||
Outstanding principal amount on line of credit facility | $ 3,500,000 | $ 4,000,000 | |
Interest expense related to line of credit facility | $ 56,588 | $ 48,597 | |
Revolving Credit Note and Loan Agreement with Regions Bank (“Regions”) [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility agreement date | Dec. 15, 2010 | ||
Working capital from loan agreement with Regions Bank | $ 15,000,000 | ||
Interest on outstanding principal amount | 2.69% | ||
Outstanding principal amount on line of credit facility | $ 3,500,000 | ||
Amount available to be borrow under line of credit facility | $ 9,124,343 | ||
Interest rate line of credit facility description | The base rate for any day is the greater of (a) the federal funds rate plus one-half of 1%, (b) Region’s published effective prime rate, or (c) the Eurodollar rate for such day based on an interest period of one month. | ||
Interest expense related to line of credit facility | $ 49,782 | $ 35,050 | |
Maturity date of loan agreement with Regions Bank | May 13, 2018 | ||
Revolving Credit Note and Loan Agreement with Regions Bank (“Regions”) [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Fluctuating interest rate based on base rate | 1.50% | ||
Revolving Credit Note and Loan Agreement with Regions Bank (“Regions”) [Member] | Eligible Accounts Receivable [Member] | Largest Customer [Member] | |||
Line of Credit Facility [Line Items] | |||
Percentage of accounts receivable form Quest's customers | 80.00% | ||
Revolving Credit Note and Loan Agreement with Regions Bank (“Regions”) [Member] | Eligible Accounts Receivable [Member] | Other Customer [Member] | |||
Line of Credit Facility [Line Items] | |||
Percentage of accounts receivable form Quest's customers | 85.00% |
Capital Lease Obligations - Sum
Capital Lease Obligations - Summary of Capital Lease Obligations (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Leases [Abstract] | ||
Total capital lease obligations, imputed interest at 2.65% to 9.39%, with monthly payments of $11,022, through August 2018, secured by computer and telephone equipment | $ 394,551 | $ 402,170 |
Less: current maturities | (115,069) | (112,125) |
Long-term portion | $ 279,482 | $ 290,045 |
Capital Lease Obligations - S33
Capital Lease Obligations - Summary of Capital Lease Obligations (Parenthetical) (Detail) - Capital lease obligations, imputed interest at 2.65% to 9.39% [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Imputed interest rate for capital lease obligation, minimum | 2.65% | 2.65% |
Imputed interest rate for capital lease obligation, maximum | 9.39% | 9.39% |
Monthly installment capital lease obligation | $ 11,022 | $ 11,022 |
Capital Lease Obligations - Add
Capital Lease Obligations - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Disclosure [Abstract] | ||
Interest expense related to capital leases | $ 3,965 | $ 487 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 13,199,000 | $ 12,313,000 |
Federal income tax net operating loss carry forward | $ 15,000,000 | $ 14,500,000 |
Net operating loss carry forwards expiration beginning year | 2,031 |
Fair Value of Financial Instr36
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 30, 2016 | Dec. 31, 2015 | May. 07, 2015 | May. 07, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||||
Number of warrants issued to purchase of common stock | 3,445,000 | 200,000 | |||||
Underlying warrants vested | 100,000 | 100,000 | |||||
Warrants issued | 0 | 4,168,450 | 0 | ||||
Warrant liability during the period | $ 0 | $ 0 | $ 0 | ||||
Warrant [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||||
Number of warrants issued to purchase of common stock | 723,450 | ||||||
Stock-based compensation expense | $ 0 | $ 5,936 | |||||
Black-Scholes-Merton Valuation Model [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||||||
Warrants issued | 100,000 | 100,000 | |||||
Fair value assumption, expected volatility | 81.10% | ||||||
Fair value assumption, risk free interest rate | 0.59% | ||||||
Fair value assumption, expected term | 2 years 1 month 6 days | ||||||
Fair value assumption, expected dividend yield | 0.00% | ||||||
Grant date fair value of the initial warrant valuation | $ 0.32 | $ 0.32 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 30, 2016 | Dec. 31, 2015 | |
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 | 118,678,225 | 6,890,000 | 111,788,225 | |
Common stock, shares outstanding | 118,678,225 | 111,788,225 | ||
Employee stock purchase plan expense | $ 9,206 | $ 9,726 | ||
Selling, General and Administrative Expenses [Member] | ||||
Schedule Of Stockholders Equity [Line Items] | ||||
Stock-based compensation expense | $ 21,809 | $ 0 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Shares Issued (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($)shares | |
Equity [Abstract] | |
Sale of common stock and warrants, net of issuance costs, Shares | shares | 6,890,000 |
Total common stock shares | shares | 6,890,000 |
Sale of common stock and warrants, net of issuance costs, Value | $ | $ 2,889,350 |
Total common stock amount | $ | $ 2,889,350 |
Stockholders' Equity - Schedu39
Stockholders' Equity - Schedule of Common Stock Shares Issued (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Equity [Abstract] | |
Common stock and warrants issued, issuance cost | $ 452,300 |
Stockholders' Equity - Additi40
Stockholders' Equity - Additional Information - Sale of Common Stock and Warrants (Detail) | Mar. 30, 2016$ / shares$ / Warrantshares | Mar. 31, 2016shares | Dec. 31, 2015shares | May. 07, 2014shares |
Schedule Of Sale Of Common Stock And Warrants [Line Items] | ||||
Common stock, shares issued | 6,890,000 | 118,678,225 | 111,788,225 | |
Warrants issued | 3,445,000 | 200,000 | ||
Common stock, stock price | $ / shares | $ 0.485 | |||
Common stock at a price per warrant | $ / Warrant | 0.485 | |||
Warrants exercised period | 5 years | |||
Warrants exercise price | $ / shares | $ 0.485 | |||
Acquired period of common stock | 30 days | |||
Additional shares of common stock | 1,033,500 | |||
Warrants issued to acquire common stock | 516,750 | |||
Warrants issued to acquire additional common stock | 108,518 | |||
Warrant [Member] | ||||
Schedule Of Sale Of Common Stock And Warrants [Line Items] | ||||
Warrants issued | 723,450 |
Stockholders' Equity - Additi41
Stockholders' Equity - Additional Information - Warrants (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Class Of Warrant Or Right [Line Items] | ||
Warrants issued | 4,168,450 | 0 |
Number of exercised warrants | 0 | |
Warrants outstanding | 15,959,450 | |
Contingent Warrants [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Warrants forfeited | 1,200,000 | |
Exercisable Warrants [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Warrants outstanding | 15,959,450 | |
Internally-Developed Software [Member] | Contingent Warrants [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Warrants related to intangible assets | $ 0 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Warrants Issued and Outstanding (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 30, 2016 | |
Class Of Warrant Or Right [Line Items] | ||
Exercise Price | $ 0.485 | |
Shares of Common Stock | 15,959,450 | |
Exercisable Warrants [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Shares of Common Stock | 15,959,450 | |
Exercisable Warrants [Member] | Warrants One [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Date of Issuance | Apr. 18, 2014 | |
Date of Expiration | Apr. 1, 2017 | |
Exercise Price | $ 2 | |
Shares of Common Stock | 1,441,000 | |
Exercisable Warrants [Member] | Warrant Two [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Date of Issuance | May 7, 2014 | |
Date of Expiration | May 7, 2017 | |
Exercise Price | $ 2.65 | |
Shares of Common Stock | 200,000 | |
Exercisable Warrants [Member] | Warrants Three [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Date of Issuance | May 28, 2014 | |
Date of Expiration | Oct. 31, 2016 | |
Exercise Price | $ 4.31 | |
Shares of Common Stock | 450,000 | |
Exercisable Warrants [Member] | Warrants Four [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Date of Issuance | Sep. 24, 2014 | |
Date of Expiration | Sep. 24, 2019 | |
Exercise Price | $ 2.50 | |
Shares of Common Stock | 9,000,000 | |
Exercisable Warrants [Member] | Warrant Five [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Date of Issuance | Oct. 20, 2014 | |
Date of Expiration | Oct. 20, 2019 | |
Exercise Price | $ 2.50 | |
Shares of Common Stock | 700,000 | |
Exercisable Warrants [Member] | Warrant Six [Member] | ||
Class Of Warrant Or Right [Line Items] | ||
Date of Issuance | Mar. 30, 2016 | |
Date of Expiration | Mar. 30, 2021 | |
Exercise Price | $ 0.485 | |
Shares of Common Stock | 4,168,450 |
Stockholders' Equity - Summar43
Stockholders' Equity - Summary of Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Outstanding Beginning Balance, Number of Shares | shares | 5,943,908 |
Granted, Number of Shares | shares | 2,166,000 |
Canceled/Forfeited, Number of Shares | shares | (1,246,252) |
Outstanding Ending Balance, Number of Shares | shares | 6,863,656 |
Outstanding Beginning Balance, Weighted-Average Exercise Price Per Share | $ 2.04 |
Granted, Weighted-Average Exercise Price Per Share | 0.68 |
Canceled/Forfeited, Weighted Average Exercise Price Per Share | 1.64 |
Outstanding Ending Balance, Weighted Average Exercise Price Per Share | 1.60 |
Outstanding, 0.78-3.75 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price Per Share, Minimum | 0.78 |
Exercise Price Per Share, Maximum | 3.75 |
Granted, 0.55-0.68 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price Per Share, Minimum | 0.55 |
Exercise Price Per Share, Maximum | 0.68 |
Canceled/Forfeited, 0.79-3.75 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price Per Share, Minimum | 0.79 |
Exercise Price Per Share, Maximum | 3.75 |
Outstanding, 0.55-3.75 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price Per Share, Minimum | 0.55 |
Exercise Price Per Share, Maximum | $ 3.75 |