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Line of Credit
3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Line of Credit

5. Line of Credit

On December 15, 2010, Quest entered into a Revolving Credit Note and Loan Agreement with Regions Bank (“Regions”), a national banking association. This agreement, as amended, provides Quest with a loan facility of up to $15,000,000 for working capital with advances generally limited to 80% of eligible accounts receivable from Quest’s largest customer and 85% of all other eligible accounts receivable. The facility matures May 13, 2018.  The interest on the outstanding principal amount accrues daily and is payable monthly based on a fluctuating interest rate per annum, which is the base rate plus 1.50% (2.69% as of March 31, 2016). The base rate for any day is the greater of (a) the federal funds rate plus one-half of 1%, (b) Region’s published effective prime rate, or (c) the Eurodollar rate for such day based on an interest period of one month. To secure the amounts due under the agreement, Quest granted Regions a security interest in all of its assets with guarantees from QRHC and Earth911. Quest had $3,500,000 outstanding and $9,124,343 available to be borrowed as of March 31, 2016. The amount of interest expense related to the Regions line of credit for the three months ended March 31, 2016 and 2015 was $49,782 and $35,050, respectively.  As of March 31, 2016, we were in compliance with the financial covenants.