Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | 15,302,455 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 1,083,575 | $ 1,055,281 |
Accounts receivable, less allowance for doubtful accounts of $470,652 and $699,102 as of March 31, 2018 and December 31, 2017, respectively | 17,183,870 | 16,263,276 |
Prepaid expenses and other current assets | 1,549,564 | 1,508,014 |
Total current assets | 19,817,009 | 18,826,571 |
Goodwill | 58,208,490 | 58,337,290 |
Intangible assets, net | 4,038,168 | 5,031,595 |
Property and equipment, net, and other assets | 1,344,199 | 1,320,342 |
Total assets | 83,407,866 | 83,515,798 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 17,076,484 | 14,253,818 |
Deferred revenue and other current liabilities | 162,277 | 328,763 |
Total current liabilities | 17,238,761 | 14,582,581 |
Revolving credit facility, net | 5,100,957 | 6,763,497 |
Other long-term liabilities | 8,814 | 21,990 |
Total liabilities | 22,348,532 | 21,368,068 |
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, 2018 and December 31, 2017, respectively | ||
Common stock, $0.001 par value, 200,000,000 shares authorized, 15,302,455 shares issued and outstanding as of March 31, 2018 and December 31, 2017 | 15,302 | 15,302 |
Additional paid-in capital | 159,091,723 | 158,867,600 |
Accumulated deficit | (98,047,691) | (96,735,172) |
Total stockholders’ equity | 61,059,334 | 62,147,730 |
Total liabilities and stockholders’ equity | $ 83,407,866 | $ 83,515,798 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 470,652 | $ 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 | 15,302,455 | 15,302,455 |
Common stock, shares outstanding | 15,302,455 | 15,302,455 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenue | $ 24,695,923 | $ 42,539,822 |
Cost of revenue | 21,148,096 | 38,354,070 |
Gross profit | 3,547,827 | 4,185,752 |
Operating expenses: | ||
Selling, general, and administrative | 3,751,760 | 4,980,095 |
Depreciation and amortization | 984,581 | 1,000,734 |
Total operating expenses | 4,736,341 | 5,980,829 |
Operating loss | (1,188,514) | (1,795,077) |
Other expense: | ||
Interest expense | (124,005) | (114,275) |
Total other expense | (124,005) | (114,275) |
Loss before taxes | (1,312,519) | (1,909,352) |
Net loss | (1,312,519) | (1,909,352) |
Net loss applicable to common stockholders | $ (1,312,519) | $ (1,909,352) |
Net loss per share | ||
Basic and diluted | $ (0.09) | $ (0.13) |
Weighted average number of common shares outstanding | ||
Basic and diluted | 15,302,455 | 15,272,575 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - 3 months ended Mar. 31, 2018 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
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 | 224,123 | 224,123 | ||
Net loss | (1,312,519) | (1,312,519) | ||
Ending Balance at Mar. 31, 2018 | $ 61,059,334 | $ 15,302 | $ 159,091,723 | $ (98,047,691) |
Ending Balance, Shares at Mar. 31, 2018 | 15,302,455 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (1,312,519) | $ (1,909,352) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 103,310 | 115,246 |
Amortization of intangibles | 926,567 | 926,563 |
Amortization of debt issuance costs | 23,475 | 7,825 |
Provision for doubtful accounts | 39,915 | 100,000 |
Stock-based compensation | 224,123 | 614,265 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (960,509) | 1,915,997 |
Prepaid expenses and other current assets | (41,550) | 84,907 |
Security deposits and other assets | 128,785 | 193,329 |
Accounts payable and accrued liabilities | 2,822,666 | (4,169,411) |
Deferred revenue and other liabilities | (166,700) | (324) |
Net cash provided by (used in) operating activities | 1,787,563 | (2,120,955) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (9,367) | (19,950) |
Purchase of capitalized software development | (50,925) | (89,228) |
Net cash used in investing activities | (60,292) | (109,178) |
Cash flows from financing activities: | ||
Proceeds from credit facilities | 21,936,963 | 6,717,706 |
Repayments of credit facilities | (23,622,978) | (3,431,077) |
Debt issuance costs | (234,522) | |
Repayments of capital lease obligations | (12,962) | (22,169) |
Net cash provided by (used in) financing activities | (1,698,977) | 3,029,938 |
Net increase in cash and cash equivalents | 28,294 | 799,805 |
Cash and cash equivalents at beginning of period | 1,055,281 | 1,328,174 |
Cash and cash equivalents at end of period | 1,083,575 | 2,127,979 |
Supplemental cash flow information: | ||
Cash paid for interest | 74,394 | 68,749 |
Supplemental non-cash activities: | ||
Sale of goodwill and intangible assets | 246,585 | |
Investment in Earth Media Partners, LLC | $ (246,585) | |
Repayment of Regions line of credit | (9,250,000) | |
ABL Facility [Member] | ||
Supplemental non-cash activities: | ||
Draw on Citizens ABL facility | 9,250,000 | |
Draw on Citizens ABL facility for repayment of capital lease obligation | 212,609 | |
Debt issuance costs financed with Citizens ABL facility | $ 234,985 |
The Company, Description of Bus
The Company, Description of Business, and Liquidity | 3 Months Ended |
Mar. 31, 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”), and 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 March 31, 2018 and December 31, 2017, our working capital balance was $2,578,248 and $4,243,990, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 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 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 three months ended March 31, 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 3,497,424 and 3,313,907 shares at March 31, 2018 and 2017, respectively. The following table sets forth the anti-dilutive securities excluded from diluted loss per share: March 31, 2018 2017 (Unaudited) (Unaudited) Anti-dilutive securities excluded from diluted loss per share: Stock options 1,763,859 1,375,216 Warrants 1,733,565 1,938,691 Total anti-dilutive securities excluded from diluted loss per share 3,497,424 3,313,907 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) Pending Adoption In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) 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, an
Property and Equipment, Net, and Other Assets | 3 Months Ended |
Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net, and Other Assets | 3. Property and Equipment, net, and Other Assets At March 31, 2018 and December 31, 2017, property and equipment, net, and other assets consisted of the following: March 31, December 31, 2018 2017 (Unaudited) Property and equipment, net of accumulated depreciation of $2,296,541 and $2,193,231 as of March 31, 2018 and December 31, 2017, respectively $ 862,924 $ 956,867 Security deposits and other assets 481,275 363,475 Property and equipment, net, and other assets $ 1,344,199 $ 1,320,342 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 March 31, 2018 was $103,310, inclusive of $45,296 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. Depreciation expense for the three months ended March 31, 2017 was $115,246, inclusive of $41,075 of depreciation expense reflected within “Cost of revenue.” At March 31, 2018, the carrying value of our capital lease assets was $217,729, net of $282,368 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 (“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. 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 $8,086 related to the earn-out as of March 31, 2018. The carrying amount of our investment and the accrued earn-out receivable are included in other assets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 (Unaudited) Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Finite lived intangible assets: Customer relationships 5 years $ 12,720,000 $ 11,978,000 $ 742,000 Trademarks 7 years 6,242,055 4,192,258 2,049,797 Patents 7 years 230,683 230,683 — Software 7 years 1,781,785 552,914 1,228,871 Customer lists 5 years 307,153 289,653 17,500 Total finite lived intangible assets $ 21,281,676 $ 17,243,508 $ 4,038,168 December 31, 2017 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Finite lived intangible assets: Customer relationships 5 years $ 12,720,000 $ 11,342,000 $ 1,378,000 Trademarks 7 years 6,242,055 3,969,576 2,272,479 Patents 7 years 230,683 230,683 — Software 7 years 1,904,279 548,163 1,356,116 Customer lists 5 years 307,153 282,153 25,000 Total finite lived intangible assets $ 21,404,170 $ 16,372,575 $ 5,031,595 Carrying Amount Changes in goodwill: Goodwill balance at December 31, 2017 $ 58,337,290 Adjustment related to Earth911 asset sale (128,800 ) Goodwill balance at March 31, 2018 $ 58,208,490 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 $926,567 and $926,563 for the three months ended March 31, 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. 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 Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
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: March 31, December 31, 2018 2017 (Unaudited) Accounts payable $ 15,827,780 $ 12,739,117 Accrued taxes 627,046 807,037 Employee compensation 289,853 434,358 Other 331,805 273,306 $ 17,076,484 $ 14,253,818 |
Revolving Credit Facility
Revolving Credit Facility | 3 Months Ended |
Mar. 31, 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 agreement, plus a margin ranging from 1.0% to 1.5% (6.25% as of March 31, 2018), or the LIBOR lending rate for the interest period in effect, plus a margin ranging from 2.0% to 2.5% (4.28% as of March 31, 2018). The maturity date of the revolving credit 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 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. The minimum fixed charge coverage ratio covenant applies commencing May 15, 2018, when the trailing 12-month period ending March 31, 2018 is reported. 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 March 31, 2018 and 2017 was $84,288 and $110,381, respectively. Debt issuance cost of $469,507 is being amortized to interest expense over the life of the new revolving credit facility beginning March 1, 2017. As of March 31, 2018, the unamortized portion of the debt issuance costs was $367,781. The amount of interest expense related to the amortization of the discount on the revolving credit facility for was $23,475. |
Capital Lease Obligations
Capital Lease Obligations | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Capital Lease Obligations | 7. Capital Lease Obligations At March 31, 2018 and December 31, 2017, total capital lease obligations outstanding consisted of the following: March 31, December 31, 2018 2017 (Unaudited) 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 $ 28,701 $ 41,664 Total 28,701 41,664 Less: current maturities (27,132 ) (39,067 ) Long-term portion $ 1,569 $ 2,597 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, 2018 and 2017 was $618 and $2,462, respectively. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
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 is collected or when products are delivered. 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 previously had a contract accounted for as a net basis management fee contract, with revenue of $44,088 and gross billings of $1,294,459 for the three months ended March 31, 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 48.4% of revenue for the three months ended March 31, 2018, and two customers accounted for 55.1% of revenue for the three months ended March 31, 2017. We operate primarily in the United States, with minor services in Canada. March 31, 2018 2017 (Unaudited) (Unaudited) Revenue Type: Services $ 22,005,572 $ 39,835,675 Product sales and other 2,690,351 2,704,147 Total Revenue $ 24,695,923 $ 42,539,822 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 March 31, 2018 and December 31, 2017, we had $199,736 and $136,139, respectively, of deferred contract costs. During the three months ended March 31, 2018, we amortized $33,333 and $18,069 of deferred contract costs to selling, general, and administrative expense and as a reduction to income, respectively. During the three months ended March 31, 2017, we amortized $100,000 and $18,069 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 March 31, 2018 and December 31, 2017, we had $142,389 and $309,089, respectively, of deferred revenue, the majority of which was classified in “Deferred revenue and other current liabilities.” |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 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 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% starting in 2018. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 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, revolving credit 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 revolving credit facility, based on borrowing rates currently available to us for loans with similar terms and maturities. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 11. 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 15,302,455 shares were issued and outstanding as of March 31, 2018 and December 31, 2017. Warrants – At March 31, 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 March 31, 2018: Date of Exercise Shares of Description Issuance Expiration Price Common Stock Exercisable warrants Warrants 09/24/2014 09/24/2019 $ 20.00 1,125,005 Warrants 10/20/2014 10/20/2019 $ 20.00 87,500 Warrants 3/30/2016 03/30/2021 $ 3.88 521,060 Total warrants issued and outstanding 1,733,565 Employee Stock Purchase Plan – On September 17, 2014, our stockholders approved our 2014 Employee Stock Purchase Plan (“ESPP”). We recorded expense of $2,044 and $1,738 related to the ESPP during the three months ended March 31, 2018 and 2017, respectively. Stock Options – We recorded stock option expense of $222,079 and $193,777 for the three months ended March 31, 2018 and 2017, respectively. The following table summarizes the stock option activity for the three month period ended March 31, 2018: Stock Options Weighted- Exercise Average Number Price Per Exercise Price of Shares Share Per Share Outstanding at December 31, 2017 1,389,816 $1.17 — $26.00 $ 8.39 Granted 398,000 $2.39 — $2.39 $ 2.39 Canceled/Forfeited (23,957 ) $2.39 — $6.40 $ 2.65 Outstanding at March 31, 2018 1,763,859 $1.17 — $26.00 $ 7.12 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 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 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 three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. |
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 3,497,424 and 3,313,907 shares at March 31, 2018 and 2017, respectively. The following table sets forth the anti-dilutive securities excluded from diluted loss per share: March 31, 2018 2017 (Unaudited) (Unaudited) Anti-dilutive securities excluded from diluted loss per share: Stock options 1,763,859 1,375,216 Warrants 1,733,565 1,938,691 Total anti-dilutive securities excluded from diluted loss per share 3,497,424 3,313,907 |
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) Pending Adoption In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) 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 Accoun19
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 2017 (Unaudited) (Unaudited) Anti-dilutive securities excluded from diluted loss per share: Stock options 1,763,859 1,375,216 Warrants 1,733,565 1,938,691 Total anti-dilutive securities excluded from diluted loss per share 3,497,424 3,313,907 |
Property and Equipment, Net, 20
Property and Equipment, Net, and Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Components Property and Equipment, Net, and Other Assets | At March 31, 2018 and December 31, 2017, property and equipment, net, and other assets consisted of the following: March 31, December 31, 2018 2017 (Unaudited) Property and equipment, net of accumulated depreciation of $2,296,541 and $2,193,231 as of March 31, 2018 and December 31, 2017, respectively $ 862,924 $ 956,867 Security deposits and other assets 481,275 363,475 Property and equipment, net, and other assets $ 1,344,199 $ 1,320,342 |
Goodwill and Other Intangible21
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2018 (Unaudited) Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Finite lived intangible assets: Customer relationships 5 years $ 12,720,000 $ 11,978,000 $ 742,000 Trademarks 7 years 6,242,055 4,192,258 2,049,797 Patents 7 years 230,683 230,683 — Software 7 years 1,781,785 552,914 1,228,871 Customer lists 5 years 307,153 289,653 17,500 Total finite lived intangible assets $ 21,281,676 $ 17,243,508 $ 4,038,168 December 31, 2017 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Finite lived intangible assets: Customer relationships 5 years $ 12,720,000 $ 11,342,000 $ 1,378,000 Trademarks 7 years 6,242,055 3,969,576 2,272,479 Patents 7 years 230,683 230,683 — Software 7 years 1,904,279 548,163 1,356,116 Customer lists 5 years 307,153 282,153 25,000 Total finite lived intangible assets $ 21,404,170 $ 16,372,575 $ 5,031,595 |
Schedule of Changes in Goodwill | Carrying Amount Changes in goodwill: Goodwill balance at December 31, 2017 $ 58,337,290 Adjustment related to Earth911 asset sale (128,800 ) Goodwill balance at March 31, 2018 $ 58,208,490 |
Accounts Payable and Accrued 22
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 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: March 31, December 31, 2018 2017 (Unaudited) Accounts payable $ 15,827,780 $ 12,739,117 Accrued taxes 627,046 807,037 Employee compensation 289,853 434,358 Other 331,805 273,306 $ 17,076,484 $ 14,253,818 |
Capital Lease Obligations (Tabl
Capital Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Capital Lease Obligations | At March 31, 2018 and December 31, 2017, total capital lease obligations outstanding consisted of the following: March 31, December 31, 2018 2017 (Unaudited) 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 $ 28,701 $ 41,664 Total 28,701 41,664 Less: current maturities (27,132 ) (39,067 ) Long-term portion $ 1,569 $ 2,597 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenue Disaggregated by Source | The following table presents our revenue disaggregated by source. March 31, 2018 2017 (Unaudited) (Unaudited) Revenue Type: Services $ 22,005,572 $ 39,835,675 Product sales and other 2,690,351 2,704,147 Total Revenue $ 24,695,923 $ 42,539,822 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Summary of Warrants Issued and Outstanding | The following table summarizes the warrants issued and outstanding as of March 31, 2018: Date of Exercise Shares of Description Issuance Expiration Price Common Stock Exercisable warrants Warrants 09/24/2014 09/24/2019 $ 20.00 1,125,005 Warrants 10/20/2014 10/20/2019 $ 20.00 87,500 Warrants 3/30/2016 03/30/2021 $ 3.88 521,060 Total warrants issued and outstanding 1,733,565 |
Summary of Stock Option Activity | The following table summarizes the stock option activity for the three month period ended March 31, 2018 Stock Options Weighted- Exercise Average Number Price Per Exercise Price of Shares Share Per Share Outstanding at December 31, 2017 1,389,816 $1.17 — $26.00 $ 8.39 Granted 398,000 $2.39 — $2.39 $ 2.39 Canceled/Forfeited (23,957 ) $2.39 — $6.40 $ 2.65 Outstanding at March 31, 2018 1,763,859 $1.17 — $26.00 $ 7.12 |
The Company, Description of B26
The Company, Description of Business, and Liquidity - Additional Information (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Risks And Uncertainties [Abstract] | ||
Working Capital | $ 2,578,248 | $ 4,243,990 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Potentially dilutive securities include options and warrants | 3,497,424 | 3,313,907 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Schedule of Anti-dilutive Securities Excluded from Diluted Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted loss per share | 3,497,424 | 3,313,907 |
Stock options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from diluted loss per share | 1,763,859 | 1,375,216 |
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 | 1,938,691 |
Property and Equipment, Net, 29
Property and Equipment, Net, and Other Assets - Components of Property and Equipment, Net, and Other Assets (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Abstract] | ||
Property and equipment, net of accumulated depreciation of $2,296,541 and $2,193,231 as of March 31, 2018 and December 31, 2017, respectively | $ 862,924 | $ 956,867 |
Security deposits and other assets | 481,275 | 363,475 |
Property and Equipment net and other assets | $ 1,344,199 | $ 1,320,342 |
Property and Equipment, Net, 30
Property and Equipment, Net, and Other Assets - Components of Property and Equipment, Net, and Other Assets ( Parenthetical) (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Abstract] | ||
Accumulated depreciation, Property and equipment | $ 2,296,541 | $ 2,193,231 |
Property and Equipment, Net, 31
Property and Equipment, Net, and Other Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Feb. 20, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | ||||
Depreciation | $ 103,310 | $ 115,246 | ||
Depreciation reflected in cost of revenue | 45,296 | $ 41,075 | ||
Carrying value of capital lease assets, net | 217,729 | $ 243,778 | ||
Capital lease assets, accumulated depreciation | 282,368 | $ 256,319 | ||
Asset Purchase Agreement [Member] | Earth Media Partners, LLC [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Percentage of ownership interest | 19.00% | |||
Ownership interest amount recorded as investment | $ 246,585 | |||
Accrued earn-out amount | $ 8,086 | |||
Asset Purchase Agreement [Member] | Earth Media Partners, LLC [Member] | Wholly Owned Subsidiary and Earth911, Inc. [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Future earn-out amount | $ 350,000 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 21,281,676 | $ 21,404,170 |
Accumulated Amortization | 17,243,508 | 16,372,575 |
Net | $ 4,038,168 | $ 5,031,595 |
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 | 11,978,000 | 11,342,000 |
Net | $ 742,000 | $ 1,378,000 |
Trademarks [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 7 years | 7 years |
Gross Carrying Amount | $ 6,242,055 | $ 6,242,055 |
Accumulated Amortization | 4,192,258 | 3,969,576 |
Net | $ 2,049,797 | $ 2,272,479 |
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 | $ 1,781,785 | $ 1,904,279 |
Accumulated Amortization | 552,914 | 548,163 |
Net | $ 1,228,871 | $ 1,356,116 |
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 | 289,653 | 282,153 |
Net | $ 17,500 | $ 25,000 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets - Schedule of Changes in Goodwill (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill beginning balance | $ 58,337,290 |
Adjustment related to Earth911 asset sale | (128,800) |
Goodwill ending balance | $ 58,208,490 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization of intangibles | $ 926,567 | $ 926,563 | |
Indefinite-lived intangible assets other than goodwill | $ 0 | ||
Impairment of goodwill and other intangible assets | $ 0 |
Accounts Payable and Accrued 35
Accounts Payable and Accrued Liabilities - Components of Accounts Payable and Accrued Liabilities (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Accounts payable | $ 15,827,780 | $ 12,739,117 |
Accrued taxes | 627,046 | 807,037 |
Employee compensation | 289,853 | 434,358 |
Other | 331,805 | 273,306 |
Accounts payable and accrued liabilities | $ 17,076,484 | $ 14,253,818 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) - USD ($) | Feb. 24, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||||
Interest expense related to borrowings | $ 124,005 | $ 114,275 | ||
Interest expense related to amortization of discount | 23,475 | 7,825 | ||
Revolving credit facility, net | 5,100,957 | $ 6,763,497 | ||
ABL Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility maximum principal amount | $ 20,000,000 | |||
Debt instrument maturity date | Feb. 24, 2022 | |||
Interest expense related to borrowings | 84,288 | $ 110,381 | ||
Revolving credit current borrowing facility | 11,545,000 | |||
Revolving credit facility, net | 5,100,957 | |||
Unamortized debt issuance cost | $ 367,781 | |||
ABL Facility [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument interest rate | 6.25% | |||
ABL Facility [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument interest rate | 4.28% | |||
ABL Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, margin on variable rate | 1.00% | |||
ABL Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, margin on variable rate | 2.00% | |||
ABL Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, margin on variable rate | 1.50% | |||
ABL Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, margin on variable rate | 2.50% | |||
Equipment Loan Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Revolving credit facility maximum principal amount | $ 2,000,000 | |||
Debt instrument maturity date | Feb. 24, 2022 | |||
Revolving credit facility, net | $ 0 | |||
Equipment Loan Facility [Member] | Base Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, margin on variable rate | 2.00% | |||
Equipment Loan Facility [Member] | LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, margin on variable rate | 3.00% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt issuance cost | 469,507 | |||
Unamortized portion of debt discount | 367,781 | |||
Interest expense related to amortization of discount | $ 23,475 |
Capital Lease Obligations - Sum
Capital Lease Obligations - Summary of Capital Lease Obligations (Detail) - USD ($) | Mar. 31, 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 | $ 28,701 | $ 41,664 |
Less: current maturities | (27,132) | (39,067) |
Long-term portion | $ 1,569 | $ 2,597 |
Capital Lease Obligations - S38
Capital Lease Obligations - Summary of Capital Lease Obligations (Parenthetical) (Detail) - Capital lease obligations, imputed interest at 4.88% to 13.29% [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 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 - Add
Capital Lease Obligations - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Debt Disclosure [Abstract] | ||
Interest expense related to capital leases | $ 618 | $ 2,462 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2018USD ($)Customer | Mar. 31, 2017USD ($)Customer | Dec. 31, 2017USD ($) | |
Revenue Recognition [Line Items] | |||
Management fees revenue | $ 44,088 | ||
Management fees gross billings | 1,294,459 | ||
Deferred contract costs | $ 199,736 | $ 136,139 | |
Deferred revenue | 142,389 | $ 309,089 | |
Selling, General and Administrative Expense [Member] | |||
Revenue Recognition [Line Items] | |||
Amortized deferred contract costs | 33,333 | 100,000 | |
Reduction to Income [Member] | |||
Revenue Recognition [Line Items] | |||
Amortized deferred contract costs | $ 18,069 | $ 18,069 | |
Revenue [Member] | Customer Concentration Risk [Member] | |||
Revenue Recognition [Line Items] | |||
Number of customer | Customer | 3 | 2 | |
Percentage of revenue | 48.40% | 55.10% |
Revenue - Summary of Revenue Di
Revenue - Summary of Revenue Disaggregated by Source (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 24,695,923 | $ 42,539,822 |
Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 22,005,572 | 39,835,675 |
Product Sales and Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 2,690,351 | $ 2,704,147 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 12,800,000 | $ 12,150,000 |
Federal income tax net operating loss carry forward | $ 20,200,000 | $ 19,700,000 |
Net operating loss carry forwards expiration beginning year | 2,031 | |
Federal corporate income tax rate | 21.00% | 35.00% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Equity [Abstract] | |||
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 | 15,302,455 | 15,302,455 | |
Common stock, shares outstanding | 15,302,455 | 15,302,455 | |
Employee stock purchase plan expense | $ 2,044 | $ 1,738 |
Stockholders' Equity - Additi44
Stockholders' Equity - Additional Information - Warrants (Detail) | Mar. 31, 2018shares |
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
Stockholders' Equity - Summary of Warrants Issued and Outstanding (Detail) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
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 |
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 |
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 - Additi46
Stockholders' Equity - Additional Information - Stock Options (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Equity [Abstract] | ||
Stock options expense | $ 222,079 | $ 193,777 |
Stockholders' Equity - Summar47
Stockholders' Equity - Summary of Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Outstanding Beginning Balance, Number of Shares | shares | 1,389,816 |
Granted, Number of Shares | shares | 398,000 |
Canceled/Forfeited, Number of Shares | shares | (23,957) |
Outstanding Ending Balance, Number of Shares | shares | 1,763,859 |
Outstanding Beginning Balance, Weighted-Average Exercise Price Per Share | $ 8.39 |
Granted, Weighted-Average Exercise Price Per Share | 2.39 |
Canceled/Forfeited, Weighted-Average Exercise Price Per Share | 2.65 |
Outstanding Ending Balance, Weighted-Average Exercise Price Per Share | 7.12 |
Outstanding, 1.17 — 26.00 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price Per Share, Minimum | 1.17 |
Exercise Price Per Share, Maximum | 26 |
Granted, 2.39 — 2.39 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price Per Share, Minimum | 2.39 |
Exercise Price Per Share, Maximum | 2.39 |
Canceled/Forfeited, 2.39 — 6.40 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price Per Share, Minimum | 2.39 |
Exercise Price Per Share, Maximum | 6.40 |
Outstanding, 1.17 — 26.00 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price Per Share, Minimum | 1.17 |
Exercise Price Per Share, Maximum | $ 26 |