Quality Industrial Corp. Files Q2 2024 10-Q Report

Ticker: QIND · Form: 10-Q · Filed: Aug 19, 2024 · CIK: 1393781

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

Quality Industrial Corp. (QIND) filed its Q2 10-Q. Check financials.

AI Summary

Quality Industrial Corp. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, formerly known as WIKISOFT CORP. and POWER PLAY DEVELOPMENT CORP, is incorporated in Nevada and headquartered in San Francisco, California. The filing details its financial performance and operational status for the quarter.

Why It Matters

This filing provides investors with an update on Quality Industrial Corp.'s financial health and operational progress during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial information, not indicating immediate high risk.

Key Players & Entities

FAQ

What is the exact name of the registrant as specified in its charter?

The exact name of the registrant is Quality Industrial Corp.

In which state is Quality Industrial Corp. incorporated?

Quality Industrial Corp. is incorporated in Nevada.

What is the principal executive office address for Quality Industrial Corp.?

The principal executive office address is 315 Montgomery Street, San Francisco, CA 94104.

What was Quality Industrial Corp. formerly known as?

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

For what quarterly period is this Form 10-Q report filed?

This Form 10-Q report is filed for the quarterly period ended June 30, 2024.

Filing Stats: 4,521 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2024-08-19 16:15:44

Filing Documents

– 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 6 Item 4:

Controls and Procedures

Controls and Procedures 6

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 7 Item 1A:

Risk Factors

Risk Factors 7 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 7 Item 3: Defaults Upon Senior Securities 7 Item 4: Mine Safety Disclosures 7 Item 5: Other Information 7 Item 6: Exhibits 7 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 June 30, 2024 (Unaudited) and December 31, 2023; F-2 Consolidated Statements of Operations for the three and six months ended June 30, 2024, and 2023 (Unaudited); F-3 Consolidated Statement of Stockholders' Equity (Deficit) for the three and six months ended June 30, 2024, and 2023 (Unaudited); F-4 Consolidated Statements of Cash Flows for the six months ended June 30, 2024, and 2023 (Unaudited); and F-5

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited). 1 QUALITY INDUSTRIAL CORP. CONSOLIDATED BALANCE SHEETS (UNAUDITED//NOT REVIEWED) June 30, 2024 Not Reviewed December 31, 2023 Audited ASSETS Current Assets Cash $ 101,243 $ 2,492 Inventory 1,104,220 - Accounts Receivable 2,112,165 - Deposits, Advances & Prepayments 552,044 - Other Current Assets 2,000,000 2,000,000 Total Current Assets 5,869,672 2,002,492 Non-Current Assets Related Party Receivables 1,836,396 333,133 Long Term Investments - 6,500,000 Property and Equipment 85,129 - Right-of-Use assets 204,182 - Goodwill 8,479,222 - Total Non-current Assets 10,604,929 6,833,133 Total Assets 16,474,601 8,835,625 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts Payable 894,307 166,577 Operating Lease Liabilities 69,604 - Convertible Notes, net of discount 2,331,919 2,310,109 Notes payable - current 4,932,258 5,379,544 Other Current Liabilities 410,087 235,886 Total Current Liabilities 8,638,175 8,092,126 Non-Current Liabilities Operating Lease Liabilities - Non-Current Portion 143,367 - Notes payable – long-term 5,820,972 - Total Long-Term Liabilities 5,964,339 0 Total Liabilities 14,602,514 8,092,126 Stockholders' Equity Preferred stock; $ 0.001 par value; 1,000,000 shares authorized; 0 and 0 shares issued and outstanding as of as of June 30, 2024, and December 31, 2023, respectively - - Common stock; $ 0.001 par value; 200,000,000 shares authorized; 133,006,691 and 127,129,694 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively 133,009 127,132 Additional paid-in capital 17,474,251 17,248,964 Accumulated Deficit ( 16,295,628 ) ( 16,632,597 ) Noncontrolling interest 560,455 - Total stockholders' Equity 1,872,087 743,499 Total liabilities and stockholders' Equity $ 16,474,601 $ 8,835,625 The accompanying notes are an integral pa

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