10-Q Filing

QXO, INC. CIK: 1236275 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001185185-23-000457`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	silversun20230331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 34 Cash Flow Statement 61 Stockholders Equity 12

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$490.31K	USD	Point-in-time
Accounts receivable, allowance (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$514.77K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.01M	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 and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.88M	USD	Point-in-time
Accounts receivable, net of allowance of $514,775 and $490,311 as of March 31, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$2.23M	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
Accounts receivable, net of allowance of $514,775 and $490,311 as of March 31, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$2.23M	USD	Point-in-time
Preferred stock, value	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, value	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Unbilled services	`UnbilledReceivablesCurrent`	$937.42K	USD	Point-in-time
Unbilled services	`UnbilledReceivablesCurrent`	$367.17K	USD	Point-in-time
Deferred charges	`DeferredCostsCurrent`	$1.52M	USD	Point-in-time
Deferred charges	`DeferredCostsCurrent`	$1.79M	USD	Point-in-time
Preferred stock, value	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, value	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.57M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.74M	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`	$13.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$711.31K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$623.75K	USD	Point-in-time
Issued	`CommonStockSharesIssued`	5.26M	shares	Point-in-time
Issued	`CommonStockSharesIssued`	5.26M	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$328.56K	USD	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	5.26M	shares	Point-in-time
Outstanding	`CommonStockSharesOutstanding`	5.26M	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$445.75K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.10M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.27M	USD	Point-in-time
Goodwill	`Goodwill`	$1.14M	USD	Point-in-time
Goodwill	`Goodwill`	$1.14M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$1.02M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$1.11M	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$187.55K	USD	Point-in-time
Deposits and other assets	`OtherAssetsNoncurrent`	$187.55K	USD	Point-in-time
Total assets	`Assets`	$21.44M	USD	Point-in-time
Total assets	`Assets`	$21.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.85M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.43M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.21M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$23.76K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$23.94K	USD	Point-in-time
Long-term debt current portion	`LongTermDebtCurrent`	$510.53K	USD	Point-in-time
Long-term debt current portion	`LongTermDebtCurrent`	$680.15K	USD	Point-in-time
Long-term related party current portion	`NotesPayableCurrent`	$103.33K	USD	Point-in-time
Long-term related party current portion	`NotesPayableCurrent`	$103.33K	USD	Point-in-time
Finance lease obligations current portion	`FinanceLeaseLiabilityCurrent`	$208.51K	USD	Point-in-time
Finance lease obligations current portion	`FinanceLeaseLiabilityCurrent`	$214.99K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$334.24K	USD	Point-in-time
Operating lease liabilities current portion	`OperatingLeaseLiabilityCurrent`	$268.35K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.98M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$3.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.22M	USD	Point-in-time
Long-term debt net of current portion	`LongTermDebtNoncurrent`	$671.01K	USD	Point-in-time
Long-term debt net of current portion	`LongTermDebtNoncurrent`	$551.34K	USD	Point-in-time
Finance lease obligations net of current portion	`FinanceLeaseLiabilityNoncurrent`	$352.41K	USD	Point-in-time
Finance lease obligations net of current portion	`FinanceLeaseLiabilityNoncurrent`	$401.45K	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	$60.22K	USD	Point-in-time
Operating lease liabilities net of current portion	`OperatingLeaseLiabilityNoncurrent`	$111.52K	USD	Point-in-time
Total liabilities	`Liabilities`	$11.89M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.23M	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`	$53.00	USD	Point-in-time
Common stock, value	`CommonStockValue`	$53.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$10.43M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$10.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-876.59K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-599.10K	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.87M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$9.55M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$21.44M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$21.10M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$11.02M	USD	1 Quarter
Revenues	`Revenues`	$13.13M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$7.77M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$6.32M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.70M	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$2.18M	USD	1 Quarter
Selling and marketing expenses	`SellingAndMarketingExpense`	$1.78M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.64M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.56M	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$41.50K	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$45.95K	USD	1 Quarter
Depreciation and amortization expenses	`OtherDepreciationAndAmortization`	$207.79K	USD	1 Quarter
Depreciation and amortization expenses	`OtherDepreciationAndAmortization`	$261.85K	USD	1 Quarter
Total selling, general and administrative expenses	`OperatingExpenses`	$4.99M	USD	1 Quarter
Total selling, general and administrative expenses	`OperatingExpenses`	$4.72M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$369.54K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-19.72K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$17.25K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$18.85K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-17.25K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-18.85K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-38.57K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$352.28K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$74.79K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.09K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-40.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$277.49K	USD	1 Quarter
Net income (loss) per common share basic and fully diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted1`	$0.05	USD	1 Quarter
Net income (loss) per common share basic and fully diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted1`	$-0.01	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	5.14M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	5.26M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.14M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.26M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$277.49K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-40.66K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-2.09K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-81.58K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$92.54K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$98.42K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$190.46K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$161.96K	USD	1 Quarter
Amortization of right of use assets	`FinanceLeaseRightOfUseAssetAmortization`	$360.77K	USD	1 Quarter
Amortization of right of use assets	`FinanceLeaseRightOfUseAssetAmortization`	$99.12K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$24.46K	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$45.95K	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$41.50K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-164.56K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$22.91K	USD	1 Quarter
Unbilled services	`IncreaseDecreaseInContractWithCustomerAsset`	$570.25K	USD	1 Quarter
Unbilled services	`IncreaseDecreaseInContractWithCustomerAsset`	$337.15K	USD	1 Quarter
Deferred charges	`IncreaseDecreaseInDeferredCharges`	$275.30K	USD	1 Quarter
Deferred charges	`IncreaseDecreaseInDeferredCharges`	-	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$167.80K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$302.14K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-425.99K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$35.92K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-220.02K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$147.34K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$-5.59K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$185.00	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInContractWithCustomerLiability`	$219.48K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInContractWithCustomerLiability`	$-7.45K	USD	1 Quarter
Operating lease obligations	`OperatingLeasePaymentsUse`	$360.77K	USD	1 Quarter
Operating lease obligations	`OperatingLeasePaymentsUse`	$99.12K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.25K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-783.06K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.98K	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`	$500.00K	USD	Point-in-time
Acquisition of business	`PaymentsToAcquireBusinessesGross`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-180.55K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.98K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$81.90K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$289.29K	USD	1 Quarter
Payment of finance lease obligations	`FinanceLeasePrincipalPayments`	$56.99K	USD	1 Quarter
Payment of finance lease obligations	`FinanceLeasePrincipalPayments`	$55.52K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-344.81K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-138.89K	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.13M	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-327.68K	USD	1 Quarter
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.81M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.01M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.88M	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`	$8.01M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.88M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.49M	USD	Point-in-time
Interest	`InterestPaidNet`	$40.49K	USD	1 Quarter
Interest	`InterestPaidNet`	$24.53K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$6.68K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.87M	USD	Point-in-time
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$45.95K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$41.50K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-40.66K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$277.49K	USD	1 Quarter
Balance	`StockholdersEquity`	$9.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.36M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.87M	USD	Point-in-time

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