10-Q Filing

QXO, INC. CIK: 1236275 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001185185-21-000622`
Period End Date	20210331
Filing Date	20210511
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	ssnt-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 36 Cash Flow Statement 67 Stockholders Equity 15

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$375.00K	USD	Point-in-time
Accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$375.00K	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$8.66M	USD	Point-in-time
PreferredStockSharesAuthorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
PreferredStockSharesAuthorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$6.60M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$6.48M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$9.36M	USD	Point-in-time
Accounts receivable, net of allowance of $375,000	`AccountsReceivableNetCurrent`	$1.58M	USD	Point-in-time
Accounts receivable, net of allowance of $375,000	`AccountsReceivableNetCurrent`	$1.90M	USD	Point-in-time
Unbilled services	`UnbilledReceivablesCurrent`	$52.07K	USD	Point-in-time
Unbilled services	`UnbilledReceivablesCurrent`	$510.76K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$400.82K	USD	Point-in-time
Par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$933.05K	USD	Point-in-time
Par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$12.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.63M	USD	Point-in-time
Issued	`CommonStockSharesIssued`	4.50M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$523.04K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$534.74K	USD	Point-in-time
Issued	`CommonStockSharesIssued`	5.06M	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.25M	USD	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	5.06M	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$1.37M	USD	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	4.50M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.13M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.01M	USD	Point-in-time
Goodwill	`Goodwill`	$1.01M	USD	Point-in-time
Goodwill	`Goodwill`	$1.01M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$910.62K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$1.04M	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$198.73K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$198.73K	USD	Point-in-time
Total assets	`Assets`	$19.61M	USD	Point-in-time
Total assets	`Assets`	$15.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.45M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.33M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$22.44K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$21.21K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$318.03K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$318.03K	USD	Point-in-time
Long term debt current portion	`LongTermDebtCurrent`	$262.30K	USD	Point-in-time
Long term debt current portion	`LongTermDebtCurrent`	$253.12K	USD	Point-in-time
Long term convertible debt current portion	`ConvertibleDebtCurrent`	-	USD	Point-in-time
Long term convertible debt current portion	`ConvertibleDebtCurrent`	$282.70K	USD	Point-in-time
Finance lease obligations current portion	`CapitalLeaseObligationsCurrent`	$146.53K	USD	Point-in-time
Finance lease obligations current portion	`CapitalLeaseObligationsCurrent`	$118.66K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$481.25K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$462.37K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.04M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.58M	USD	Point-in-time
Long term debt net of current portion	`LongTermDebtNoncurrent`	$472.30K	USD	Point-in-time
Long term debt net of current portion	`LongTermDebtNoncurrent`	$502.56K	USD	Point-in-time
Long term convertible debt net of current portion	`ConvertibleLongTermNotesPayable`	$434.78K	USD	Point-in-time
Finance lease obligations net of current portion	`CapitalLeaseObligationsNoncurrent`	$62.32K	USD	Point-in-time
Finance lease obligations net of current portion	`CapitalLeaseObligationsNoncurrent`	$89.45K	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	$783.41K	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	$892.47K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.92M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Common stock, value	`CommonStockValue`	$46.00	USD	Point-in-time
Common stock, value	`CommonStockValue`	$52.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.79M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$7.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-459.94K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-105.26K	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$7.28M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$11.69M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$15.90M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$19.61M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$10.88M	USD	1 Quarter
Revenues	`Revenues`	$10.08M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$6.23M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$6.13M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.85M	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$1.94M	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$1.72M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.13M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.33M	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$992.00	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$3.40K	USD	1 Quarter
Depreciation and amortization expenses	`OtherDepreciationAndAmortization`	$198.05K	USD	1 Quarter
Depreciation and amortization expenses	`OtherDepreciationAndAmortization`	$176.54K	USD	1 Quarter
Total selling, general and administrative expenses	`OperatingExpenses`	$4.25M	USD	1 Quarter
Total selling, general and administrative expenses	`OperatingExpenses`	$4.25M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$493.27K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-395.19K	USD	1 Quarter
Other income	`OtherIncome`	-	USD	1 Quarter
Other income	`OtherIncome`	$5.72K	USD	1 Quarter
Interest income (expense)	`InterestIncomeExpenseNet`	$7.60K	USD	1 Quarter
Interest income (expense)	`InterestIncomeExpenseNet`	$-10.03K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$13.32K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-10.03K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-381.87K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$483.25K	USD	1 Quarter
Provision (benefit) for income taxes	`DiscontinuedOperationTaxEffectOfDiscontinuedOperation`	$-128.57K	USD	1 Quarter
Provision (benefit) for income taxes	`DiscontinuedOperationTaxEffectOfDiscontinuedOperation`	$89.75K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$354.68K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-292.12K	USD	1 Quarter
Net income (loss) per common share basic and fully diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.07	USD	1 Quarter
Net income (loss) per common share basic and fully diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.77M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.50M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.77M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.50M	shares	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-292.12K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$354.68K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-128.47K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$263.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$78.30K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$84.56K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$91.97K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$120.24K	USD	1 Quarter
Amortization of right of use assets	`FinanceLeaseRightOfUseAssetAmortization`	$117.66K	USD	1 Quarter
Amortization of right of use assets	`FinanceLeaseRightOfUseAssetAmortization`	$127.93K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$5.57K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$3.40K	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$992.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$423.48K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$323.81K	USD	1 Quarter
Unbilled services	`IncreaseDecreaseInContractWithCustomerAsset`	$458.69K	USD	1 Quarter
Unbilled services	`IncreaseDecreaseInContractWithCustomerAsset`	$271.76K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-72.69K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$532.23K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-409.95K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-428.04K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-127.36K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$22.21K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$173.00K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$187.00	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$1.24K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInContractWithCustomerLiability`	$536.18K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInContractWithCustomerLiability`	$1.06M	USD	1 Quarter
Operating lease obligations	`OperatingLeasePaymentsUse`	$117.66K	USD	1 Quarter
Operating lease obligations	`OperatingLeasePaymentsUse`	$127.93K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-296.67K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-500.46K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$47.01K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Escrow accounts receivable	`ProceedsFromCollectionOfOtherReceivables`	$575.00K	USD	1 Quarter
Escrow accounts receivable	`ProceedsFromCollectionOfOtherReceivables`	-	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$527.99K	USD	1 Quarter
Payment of cash dividend	`PaymentsOfDividends`	$2.25M	USD	1 Quarter
Payment of cash dividend	`PaymentsOfDividends`	-	USD	1 Quarter
Proceeds from issuance of stock, net of expenses	`ProceedsFromIssuanceOfCommonStock`	$3.38M	USD	1 Quarter
Proceeds from issuance of stock, net of expenses	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of stock, net of expenses	`ProceedsFromIssuanceOfCommonStock`	$3.38M	USD	Point-in-time
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$45.94K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$39.45K	USD	1 Quarter
Payment of long-term convertible debt	`RepaymentsOfConvertibleDebt`	$68.76K	USD	1 Quarter
Payment of long-term convertible debt	`RepaymentsOfConvertibleDebt`	$46.73K	USD	1 Quarter
Payment of finance lease obligations	`FinanceLeasePrincipalPayments`	$35.00K	USD	1 Quarter
Payment of finance lease obligations	`FinanceLeasePrincipalPayments`	$43.21K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.26M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.41M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.76M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.18M	USD	1 Quarter
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.66M	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.60M	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.48M	USD	Point-in-time
Cash, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.36M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.66M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.60M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.48M	USD	Point-in-time
Cash, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.36M	USD	Point-in-time
Interest	`InterestPaidNet`	$8.49K	USD	1 Quarter
Interest	`InterestPaidNet`	$9.61K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$25.25K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$8.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.89M	USD	Point-in-time
Issuance of common stock in exchange for convertible debt	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$670.76K	USD	1 Quarter
Issuance of common stock from a public offering, net of expenses	`StockIssuedDuringPeriodValueNewIssues`	$3.38M	USD	1 Quarter
Issuance of common stock from a public offering, net of expenses (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	393,300.00	shares	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$3.40K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$992.00	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$354.68K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-292.12K	USD	1 Quarter
Balance	`StockholdersEquity`	$8.61M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.28M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.89M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.