Quality Industrial Corp. Files Annual Report on Form 10-K

Ticker: QIND · Form: 10-K · Filed: Apr 8, 2024 · CIK: 1393781

Sentiment: neutral

Topics: 10-K, Annual Report, Quality Industrial Corp., SEC Filing, Corporate Information

TL;DR

<b>Quality Industrial Corp. filed its 2023 annual report on Form 10-K, detailing its corporate structure and stock registration.</b>

AI Summary

Quality Industrial Corp. (QIND) filed a Annual Report (10-K) with the SEC on April 8, 2024. Quality Industrial Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Nevada and its principal executive offices are located at 315 Montgomery Street, San Francisco, CA 94104. Quality Industrial Corp. was formerly known as WIKISOFT CORP. and POWER PLAY DEVELOPMENT CORP. The company's common stock, par value $0.001 per share, is registered under Section 12(g) of the Exchange Act. Quality Industrial Corp. is not a well-known seasoned issuer and has not filed all reports required by Section 13 or 15(d) of the Act during the preceding 12 months.

Why It Matters

For investors and stakeholders tracking Quality Industrial Corp., this filing contains several important signals. This filing provides a comprehensive overview of Quality Industrial Corp.'s financial and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and outlook. The report's details on past corporate names and current stock registration are important for understanding the company's history and its compliance with SEC regulations.

Risk Assessment

Risk Level: low — Quality Industrial Corp. shows low risk based on this filing. The company is not a well-known seasoned issuer and has not filed all required reports, indicating potential compliance or disclosure issues.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements and risk factors to make informed investment decisions.

Key Numbers

Key Players & Entities

FAQ

When did Quality Industrial Corp. file this 10-K?

Quality Industrial Corp. filed this Annual Report (10-K) with the SEC on April 8, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Quality Industrial Corp. (QIND).

Where can I read the original 10-K filing from Quality Industrial Corp.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Quality Industrial Corp..

What are the key takeaways from Quality Industrial Corp.'s 10-K?

Quality Industrial Corp. filed this 10-K on April 8, 2024. Key takeaways: Quality Industrial Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023.. The company is incorporated in Nevada and its principal executive offices are located at 315 Montgomery Street, San Francisco, CA 94104.. Quality Industrial Corp. was formerly known as WIKISOFT CORP. and POWER PLAY DEVELOPMENT CORP..

Is Quality Industrial Corp. a risky investment based on this filing?

Based on this 10-K, Quality Industrial Corp. presents a relatively low-risk profile. The company is not a well-known seasoned issuer and has not filed all required reports, indicating potential compliance or disclosure issues.

What should investors do after reading Quality Industrial Corp.'s 10-K?

Investors should review the full 10-K filing for detailed financial statements and risk factors to make informed investment decisions. The overall sentiment from this filing is neutral.

How does Quality Industrial Corp. compare to its industry peers?

Quality Industrial Corp. operates in the MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT sector, as indicated by its SIC code 3590.

Are there regulatory concerns for Quality Industrial Corp.?

The filing is made under the Securities Exchange Act of 1934, requiring companies to submit regular financial and operational disclosures to the SEC.

Risk Factors

Industry Context

Quality Industrial Corp. operates in the MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT sector, as indicated by its SIC code 3590.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring companies to submit regular financial and operational disclosures to the SEC.

What Investors Should Do

  1. Review the full 10-K filing for detailed financial statements and management discussion.
  2. Investigate the reasons for not filing all required reports in the preceding 12 months.
  3. Assess the company's business operations and market position within the industrial machinery sector.

Key Dates

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023. Information regarding changes from a previous filing is not available in this extract.

Filing Stats: 4,591 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2024-04-08 06:22:18

Key Financial Figures

Filing Documents

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 8 ITEM 1B. UNRESOLVED STAFF COMMENTS 30 ITEM 2.

PROPERTIES

PROPERTIES 30 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 30 ITEM 4. MINE SAFETY DISCLOSURES 30 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 31 ITEM 6. [RESERVED] 33 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 34 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 38 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 38 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 38 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 38 ITEM 9B. OTHER INFORMATION 38 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 38 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 39 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 44 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 47 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 47 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 48 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 50 ITEM 16. 10-K SUMMARY 52

SIGNATURES

SIGNATURES 53 As used in this Annual Report on Form 10-K, unless the context otherwise requires, the terms the "Company," "Registrant," "we," "us," "our," "Quality Industrial," or "QIND" refer to Quality Industrial Corp., a Nevada corporation. i

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Except for statements of historical fact, some information in this document contains "forward-looking statements" that involve substantial risks and uncertainties. You can identify these forward-looking statements by words such as "may," "will," "should," "anticipate," "estimate," "plans," "potential," "projects," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend" or the negative of these words or other variations on these words or comparable terminology. The statements that contain these or similar words should be read carefully because these statements discuss our future expectations, contain projections of our future results of operations or of our financial position, or state other forward-looking information. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able accurately to predict or control. Further, we urge you to be cautious of the forward-looking statements which are contained in this registration statement because they involve risks, uncertainties and other factors affecting our operations, market growth, service, products and licenses. The factors listed in the sections captioned "Risk Factors" and "Description of Business," as well as other cautionary language in this registration statement and events in the future may cause our actual results and achievements, whether expressed or implied, to differ materially from the expectations we describe in our forward-looking statements. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual results to differ materially from those contained in any forward-looking statement. The forward-looking statements in this registration stateme

BUSINESS

ITEM 1. BUSINESS Business Overview We changed ownership on May 28, 2022, when, Ilustrato Pictures International Inc. ("ILUS") at the time, acquired 77.4% of the outstanding shares in our Company. Consequently, ILUS is now able to unilaterally control the election of our board of directors, all matters upon which shareholder approval is required and, ultimately, the direction of our Company. Also, during the year, Mr. Nicolas Link, beneficial owner of ILUS, was appointed as our Executive Chairman of the Board, Mr. John-Paul Backwell was appointed as our Chief Executive Officer and Mr. Carsten Falk was appointed as our Chief Commercial Officer. In line with the change in control and business direction, our Company changed its name to Quality Industrial Corp. and began trading on the OTC Market under the ticker QIND, with a market effective date of August 4, 2022. As a result of these transactions, Quality Industrial Corp. is a public company focused on the industrial, oil & gas and utility sectors and a subsidiary to ILUS. As of March 27, 2024, we entered into a definitive Stock Purchase Agreement (the "Stock 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 Stock Purchase Agreement. Al Shola Gas is an Engineering and Distribution Company in the the liquefied petroleum gas ("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. On April 1, 2024, after several failed effort negotiations, with the purpose of restructuring the deal and obtaining information from the selling shareholders of Quality International, the QI Purchase Agreement with Q

, Item 7. Management's

Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

, Item 8. Financial

Part II, Item 8. Financial

, Item 15. Financial

Part IV, Item 15. Financial In addition, the Company's Auditor has provided a new Audit Report as of the date of this filing in connection with this Form 10-K. Company Structure as of March 31, 2024 Quality Industrial Corp. (QIND) Outstanding shares: 128,026,503 Ilustrato Pictures International Inc. (1) Management Other shareholders 60.7% 13% ownership 26.3% ownership 77,669,078 votes 16,600,000 votes 33,757,425 votes Corporate Office Our offices are located at 315 Montgomery Street, San Francisco, CA 94104, and our telephone number is 800-706-0806. Our website addresses are www.qualityindustrialcorp.com , https://alsholagas.ae and our email address is info@qualityindustrialcorp.com. Information contained on, or accessible through, the foregoing website is not a part of, and is not incorporated by reference into, this Form 10-K. 1 New Business Direction — Industrial & Manufacturing Quality Industrial Corp. is the industrial and manufacturing subsidiary of ILUS and is focused on acquisitions in the industrial, oil & gas, and utility sectors. We seek to pursue and execute acquisitions which accelerate our growth strategy. We believe that we have a clear acquisition strategy in place, targeting acquisitions to drive long-term value creation for shareholders. Employees We have 5 employees in QIND and approximately 96 employees in our subsidiary Al Shola Gas. The employees are currently not represented by a labor union or collective bargaining agreement. We believe that our relationship with our employees is good . Al Shola Gas LLC On March 27, 2024, we entered into a definitive Stock 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 upon the execution of the definitive Stock Purchase Agreement. Al Shola Gas is an engineering and distribution company in t

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