Quality Industrial Corp. Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>Quality Industrial Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024, indicating its status as a smaller reporting company.</b>

AI Summary

Quality Industrial Corp. (QIND) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Quality Industrial Corp. filed a 10-Q report for the quarterly period ended March 31, 2024. The company is incorporated in Nevada and its fiscal year ends on December 31. As of May 14, 2024, the company had 128,592,644 common shares outstanding. Quality Industrial Corp. is classified as a non-accelerated filer, a smaller reporting company, and an emerging growth company. The company's principal executive offices are located at 315 Montgomery Street, San Francisco, CA 94104.

Why It Matters

For investors and stakeholders tracking Quality Industrial Corp., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the first quarter of 2024. The classification as a non-accelerated filer, smaller reporting company, and emerging growth company provides context for the level of regulatory scrutiny and disclosure requirements applicable to Quality Industrial Corp.

Risk Assessment

Risk Level: low — Quality Industrial Corp. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure.

Analyst Insight

Monitor future filings for financial performance and operational updates from Quality Industrial Corp.

Key Numbers

• 128,592,644 — Common Shares Outstanding (As of May 14, 2024)
• 2024-03-31 — Quarterly Period End Date (Form 10-Q filing)
• 2024-05-15 — Filing Date (Form 10-Q filing)

Key Players & Entities

• Quality Industrial Corp. (company) — Registrant name
• March 31, 2024 (date) — Quarterly period ended
• May 14, 2024 (date) — Latest practicable date for shares outstanding
• 128,592,644 (dollar_amount) — Common shares outstanding
• 315 Montgomery Street (address) — Principal executive offices
• San Francisco (location) — City of principal executive offices
• CA (location) — State of principal executive offices
• Nevada (location) — State of incorporation

FAQ

Industry Context

The filing pertains to a company in the industrial and commercial machinery and equipment sector, as indicated by its SIC code.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 13 or 15(d), for quarterly reporting requirements.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Track future filings for changes in financial performance and operational strategy.
3. Analyze the company's classification (non-accelerated filer, smaller reporting company, emerging growth company) in relation to its peers.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the previous year's filings.

Filing Documents

• ea0205897-10q_quality.htm (10-Q) — 438KB
• ea020589701ex10-2_quality.htm (EX-10.2) — 49KB
• ea020589701ex31-1_quality.htm (EX-31.1) — 9KB
• ea020589701ex31-2_quality.htm (EX-31.2) — 9KB
• ea020589701ex32-1_quality.htm (EX-32.1) — 6KB
• ex10-2_001.jpg (GRAPHIC) — 9KB
• ex10-2_002.jpg (GRAPHIC) — 12KB
• 0001213900-24-043325.txt (&nbsp;) — 4054KB
• qind-20240331.xsd (EX-101.SCH) — 52KB
• qind-20240331_cal.xml (EX-101.CAL) — 28KB
• qind-20240331_def.xml (EX-101.DEF) — 219KB
• qind-20240331_lab.xml (EX-101.LAB) — 343KB
• qind-20240331_pre.xml (EX-101.PRE) — 215KB
• ea0205897-10q_quality_htm.xml (XML) — 352KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1:

Financial Statements

Financial Statements 1 Item 2:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 2 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 5 Item 4:

Controls and Procedures

Controls and Procedures 5

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 6 Item 1A:

Risk Factors

Risk Factors 6 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 6 Item 3: Defaults Upon Senior Securities 6 Item 4: Mine Safety Disclosures 6 Item 5: Other Information 6 Item 6: Exhibits 6 i

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Our financial statements included in this Form 10-Q are as follows: F-1 Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023; F-2 Consolidated Statements of Operations for the three months ended March 31, 2024, and 2023 (Unaudited); F-3 Consolidated Statement of Stockholders' Equity (Deficit) for the periods ended March 31, 2024, and 2023 (Unaudited); F-4 Consolidated Statements of Cash Flows for the three months ended March 31, 2024, and 2022 (Unaudited); and F-5

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited). These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended March 31, 2024, are not necessarily indicative of the results that can be expected for the full year. 1 QUALITY INDUSTRIAL CORP. CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 (Unaudited) December 31, 2023 (Audited) ASSETS Current Assets 5 Cash and Cash Equivalents 114,472 2,492 Inventory 1,406,231 Accounts Receivable 2,699,826 Deposits, Prepayments, & Advances 551,588 2,354,083 Other Current Assets 2,470,756 Total Current Assets 7,242,873 2,356,575 Non-Current Assets 6 Long Term Investments 1,500,000 6,500,000 Property, Plant & Equipment 12,681 Goodwill 7 8,475,395 — Total Non-current Assets 9,988,076 6,500,000 Total Assets 17,230,949 8,856,575 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities 8 Accounts Payable 856,681 166,577 Other Current Liabilities 6,337,712 5,615,440 Total Current Liabilities 7,194,393 5,782,017 Non-Current Liabilities 9 Convertible Notes 2,518,832 2,331,059 Other Non-Current Liabilities 5,053,219 Total Long-Term Liabilities 7,572,051 2,331,059 Total Liabilities 14,766,444 8,113,076 Stockholders' Equity 10 Preferred stock; $ 0.001 par value; 1,000,000 shares authorized; 0 and 0 shares issued and outstanding as of as of December 31, 2022, and December 31, 2021, respectively — — Common stock; $ 0.001 par value; 200,000,000 shares authorized; 128,026,503 and 127,129,694 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively 128,029 127,132 Additional pai

View Full Filing

View this 10-Q filing on SEC EDGAR