10-Q Filing

QXO, INC. CIK: 1236275 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001185185-22-000597`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	silversun20220331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 35 Cash Flow Statement 62 Stockholders Equity 17

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$330.31K	USD	Point-in-time
Accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$330.31K	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.49M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.81M	USD	Point-in-time
Preferred stock, value	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowance of $330,311	`AccountsReceivableNetCurrent`	$1.93M	USD	Point-in-time
Accounts receivable, net of allowance of $330,311	`AccountsReceivableNetCurrent`	$1.76M	USD	Point-in-time
Preferred stock, value	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Unbilled services	`UnbilledReceivablesCurrent`	$284.22K	USD	Point-in-time
Preferred stock, value	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, value	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Unbilled services	`UnbilledReceivablesCurrent`	$621.37K	USD	Point-in-time
Par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.69M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.49M	USD	Point-in-time
Par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.36M	USD	Point-in-time
Authorized	`CommonStockSharesAuthorized`	75.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$636.90K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$569.02K	USD	Point-in-time
Issued	`CommonStockSharesIssued`	5.14M	shares	Point-in-time
Issued	`CommonStockSharesIssued`	5.14M	shares	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	5.14M	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$964.99K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$604.22K	USD	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	5.14M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.94M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.49M	USD	Point-in-time
Goodwill	`Goodwill`	$1.01M	USD	Point-in-time
Goodwill	`Goodwill`	$1.01M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$990.96K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$988.87K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$190.81K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$190.81K	USD	Point-in-time
Total assets	`Assets`	$18.66M	USD	Point-in-time
Total assets	`Assets`	$18.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.07M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.74M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.89M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$23.19K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$28.78K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$69.61K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$69.61K	USD	Point-in-time
Long-term debt current portion	`LongTermDebtCurrent`	$528.50K	USD	Point-in-time
Long-term debt current portion	`LongTermDebtCurrent`	$293.70K	USD	Point-in-time
Long-term related party current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$108.31K	USD	Point-in-time
Long-term related party current portion	`NotesPayableRelatedPartiesClassifiedCurrent`	$103.33K	USD	Point-in-time
Finance lease obligations current portion	`FinanceLeaseLiabilityCurrent`	$166.57K	USD	Point-in-time
Finance lease obligations current portion	`FinanceLeaseLiabilityCurrent`	$143.57K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$465.81K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$348.05K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.48M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$2.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.39M	USD	Point-in-time
Long-term debt net of current portion	`LongTermDebtNoncurrent`	$1.06M	USD	Point-in-time
Long-term debt net of current portion	`LongTermDebtNoncurrent`	$463.60K	USD	Point-in-time
Long-term related party - net of current portion	`NotesPayableRelatedPartiesNoncurrent`	$103.33K	USD	Point-in-time
Long-term related party - net of current portion	`NotesPayableRelatedPartiesNoncurrent`	$103.33K	USD	Point-in-time
Finance lease obligations net of current portion	`FinanceLeaseLiabilityNoncurrent`	$186.28K	USD	Point-in-time
Finance lease obligations net of current portion	`FinanceLeaseLiabilityNoncurrent`	$152.30K	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	$499.18K	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	$256.17K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.30M	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`	$52.00	USD	Point-in-time
Common stock, value	`CommonStockValue`	$52.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$10.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-635.03K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-594.37K	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.36M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.36M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$18.66M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$18.00M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$11.02M	USD	1 Quarter
Revenues	`Revenues`	$10.88M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$6.32M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$6.13M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.70M	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$1.78M	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$1.72M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.33M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.64M	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$992.00	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$45.95K	USD	1 Quarter
Depreciation and amortization expenses	`OtherDepreciationAndAmortization`	$261.85K	USD	1 Quarter
Depreciation and amortization expenses	`OtherDepreciationAndAmortization`	$198.05K	USD	1 Quarter
Total selling, general and administrative expenses	`OperatingExpenses`	$4.72M	USD	1 Quarter
Total selling, general and administrative expenses	`OperatingExpenses`	$4.25M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$493.27K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-19.72K	USD	1 Quarter
Other expense:	`OtherIncome`	-	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-10.03K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-18.85K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-10.03K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-18.85K	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-38.57K	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$483.25K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.09K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$128.57K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$354.68K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-40.66K	USD	1 Quarter
Net (loss) income per common share basic and fully diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted1`	$-0.01	USD	1 Quarter
Net (loss) income per common share basic and fully diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted1`	$0.07	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.77M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	5.14M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.77M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.14M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-40.66K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$354.68K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-2.09K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-128.47K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$78.30K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$98.42K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$120.24K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$190.46K	USD	1 Quarter
Amortization of right of use assets	`FinanceLeaseRightOfUseAssetAmortization`	$360.77K	USD	1 Quarter
Amortization of right of use assets	`FinanceLeaseRightOfUseAssetAmortization`	$127.93K	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$45.95K	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$992.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-164.56K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$323.81K	USD	1 Quarter
Unbilled services	`IncreaseDecreaseInContractWithCustomerAsset`	$458.69K	USD	1 Quarter
Unbilled services	`IncreaseDecreaseInContractWithCustomerAsset`	$337.15K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$302.14K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$532.23K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-428.04K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$35.92K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$22.21K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$147.34K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$1.24K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-5.59K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInContractWithCustomerLiability`	$536.18K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInContractWithCustomerLiability`	$-7.45K	USD	1 Quarter
Operating lease obligations	`OperatingLeasePaymentsUse`	$360.77K	USD	1 Quarter
Operating lease obligations	`OperatingLeasePaymentsUse`	$127.93K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.25K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-500.46K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$30.55K	USD	1 Quarter
Acquisition of business	`PaymentsToAcquireBusinessesGross`	$150.00K	USD	1 Quarter
Acquisition of business	`PaymentsToAcquireBusinessesGross`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-180.55K	USD	1 Quarter
Proceeds from issuance of common stock, net of expenses	`ProceedsFromIssuanceOrSaleOfEquity`	$3.38M	USD	1 Quarter
Proceeds from issuance of common stock, net of expenses	`ProceedsFromIssuanceOrSaleOfEquity`	$722.12K	USD	Point-in-time
Proceeds from issuance of common stock, net of expenses	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Proceeds from issuance of common stock, net of expenses	`ProceedsFromIssuanceOrSaleOfEquity`	$76.44K	USD	Point-in-time
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$81.90K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$39.45K	USD	1 Quarter
Payment of long-term convertible debt	`RepaymentsOfConvertibleDebt`	-	USD	1 Quarter
Payment of long-term convertible debt	`RepaymentsOfConvertibleDebt`	$46.73K	USD	1 Quarter
Payment of finance lease obligations	`FinanceLeasePrincipalPayments`	$56.99K	USD	1 Quarter
Payment of finance lease obligations	`FinanceLeasePrincipalPayments`	$35.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-138.89K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.26M	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-327.68K	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.76M	USD	1 Quarter
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.81M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.36M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.60M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.49M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.81M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.36M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.60M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.49M	USD	Point-in-time
Interest	`InterestPaidNet`	$24.53K	USD	1 Quarter
Interest	`InterestPaidNet`	$9.61K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.28M	USD	Point-in-time
Shares issued in exchange for convertible debt	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$670.76K	USD	1 Quarter
Proceeds from sale of common stock, net of legal expenses	`StockIssuedDuringPeriodValueNewIssues`	$3.38M	USD	1 Quarter
Proceeds from sale of common stock, net of legal expenses (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	9,548.00	shares	Point-in-time
Proceeds from sale of common stock, net of legal expenses (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	393,300.00	shares	Point-in-time
Proceeds from sale of common stock, net of legal expenses (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	65,452.00	shares	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$45.95K	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`	$-40.66K	USD	1 Quarter
Balance	`StockholdersEquity`	$9.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.69M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.28M	USD	Point-in-time

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