Quality Industrial Corp. Enters Material Definitive Agreement

Ticker: QIND · Form: 8-K · Filed: Apr 2, 2024 · CIK: 1393781

Sentiment: neutral

Topics: material-definitive-agreement, company-name-change

TL;DR

Quality Industrial Corp. just signed a big deal, filing an 8-K on 3/27.

AI Summary

On March 27, 2024, Quality Industrial Corp. entered into a material definitive agreement. The company, formerly known as WIKISOFT CORP. and POWER PLAY DEVELOPMENT CORP., is incorporated in Nevada and headquartered in San Francisco, California.

Why It Matters

This filing indicates a significant new contract or partnership for Quality Industrial Corp., which could impact its future business operations and financial performance.

Risk Assessment

Risk Level: medium — The filing of a material definitive agreement suggests a significant event, but the lack of specific details about the agreement's nature or financial implications warrants a medium risk assessment.

Key Players & Entities

FAQ

What is the nature of the material definitive agreement entered into by Quality Industrial Corp. on March 27, 2024?

The filing states that Quality Industrial Corp. entered into a material definitive agreement on March 27, 2024, but does not provide specific details about the agreement's terms or counterparty.

What were Quality Industrial Corp.'s former company names?

Quality Industrial Corp. was formerly known as WIKISOFT CORP. and POWER PLAY DEVELOPMENT CORP.

When did Quality Industrial Corp. change its name from WIKISOFT CORP.?

The filing indicates the date of name change from WIKISOFT CORP. was June 29, 2020.

In which state is Quality Industrial Corp. incorporated?

Quality Industrial Corp. is incorporated in Nevada.

What is the address of Quality Industrial Corp.'s principal executive offices?

The principal executive offices of Quality Industrial Corp. are located at 315 Montgomery Street, San Francisco, CA 94104.

Filing Stats: 896 words · 4 min read · ~3 pages · Grade level 12.7 · Accepted 2024-04-02 08:00:22

Key Financial Figures

Filing Documents

01 Entry Into A Material Definitive Agreement

Item 1.01 Entry Into A Material Definitive Agreement As of March 27, 2024, we entered into a definitive Stock Purchase Agreement (the "Purchase Agreement") with the shareholders of Al Shola Al Modea Gas Distribution LLC ("ASG" or "Al Shola Gas") to acquire a 51% interest in ASG. The Closing of the transaction took place when both parties signed the definitive Share Purchase Agreement. Al Shola Gas is an Engineering and Distribution Company in the LPG Industry in the United Arab Emirates and was established in 1980. The company is one of the region's leading suppliers and contractors of LPG centralized pipeline systems and is approved by The General Directorate of Civil Defense, Government of Dubai, as a Central Gas Contractor and LPG Supplier. Al Shola Gas is ISO 9 001 certied and oers a wide range of services including Consultation, Design, Supply, Installation, Maintenance, Distribution and Co mmissioning of Central Gas Systems. ASG provides a wide range of bespoke solutions across all LPG related requirements. The Parties agreed a "Purchase Price" of 51% shares for $10,000,000 (Ten Million USD), which is payable as follows: Tranche Timeframe and Conditions Amount Paid By Paid To 1 $9 million in National Exchange listed stock or cash to be paid to Seller. Payment in eight quarterly tranches over a period of 24 months, beginning from the first quarter following uplist to a National Exchange. Stock value to be protected by a make whole agreement/s and each tranche subject to a mutually agreed 12 months leak out agreement. $ 9,000,000 QIND ASG 2 Within 12 months of closing and at the soonest possible time, $1 million cash payment to the Seller. $ 1,000,000 QIND ASG Pursuant to the terms of the Purchase Agreement, the QIND will occupy two non-paid board seats including Chairman of the Board of Al Shola Gas and there shall be one other non-paid board seat for existing Al Shola Gas shareholders. QIND obtained immediate control with execution of t

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (a) Financial The Company will file the financial statements required by Item 9.01 (a) of Form 8-K in its annual report on Form 10-K for the year ended December 31, 2023, within the time period required by such filing. (b) Pro Forma Financial Information The Company will file the financial statements required by Item 9.01 (a) of Form 8-K by an amendment to this Current Report on Form 8-K no later than 71 days from the date this Current Report on Form 8-K is required to be filed. (c) Exhibits 2.1 Stock Purchase Agreement, Al Shola Al Modea Gas Distribution LLC, dated March 27, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Quality Industrial Corp. /s/ John-Paul Backwell John-Paul Backwell, CEO Date: April 2, 2024 3

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