Quality Industrial Corp. Files Q3 2024 10-Q Report

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

Sentiment: neutral

Topics: 10-Q, quarterly-report, industrial-machinery

TL;DR

Quality Industrial Corp. (QIC) filed its Q3 2024 10-Q. Check financials.

AI Summary

Quality Industrial Corp. filed its quarterly report on Form 10-Q for the period ending September 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 covers its operations for the period.

Why It Matters

This 10-Q filing provides investors with an update on Quality Industrial Corp.'s financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not contain immediate red flags.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Quality Industrial Corp.?

The filing lists the Standard Industrial Classification as MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590], suggesting a focus on industrial machinery and equipment.

When was Quality Industrial Corp. previously known by other names?

The company was formerly known as WIKISOFT CORP. (name change date 20200629) and POWER PLAY DEVELOPMENT CORP (name change date 20070320).

Where is Quality Industrial Corp. headquartered?

The company's principal executive offices are located at 315 Montgomery Street, San Francisco, CA 94104.

What is the fiscal year end for Quality Industrial Corp.?

The company's fiscal year ends on December 31.

What type of report is this filing?

This is a Quarterly Report (Form 10-Q) pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Filing Stats: 4,486 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2024-11-19 17:00:26

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 7 Item 4:

Controls and Procedures

Controls and Procedures 7

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 8 Item 1A:

Risk Factors

Risk Factors 8 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 8 Item 3: Defaults Upon Senior Securities 8 Item 4: Mine Safety Disclosures 8 Item 5: Other Information 8 Item 6: Exhibits 8 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 September 30, 2024 (Unaudited) and December 31, 2023; F-2 Consolidated Statements of Operations for the three and Nine months ended September 30, 2024, and 2023 (Unaudited); F-3 Consolidated Statement of Stockholders' Equity (Deficit) for the three and Nine months ended September 30, 2024, and 2023 (Unaudited); F-4 Consolidated Statements of Cash Flows for the Nine months ended September 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) September 30, 2024 Unaudited December 31, 2023 Audited ASSETS Current Assets Cash & Cash Equivalents $ 221,627 $ 2,492 Inventory 1,112,230 - Accounts Receivable 2,347,060 - Deposits, Advances & Prepayments 665,898 - Other Current Assets 2,000,000 2,000,000 Total Current Assets 6,346,815 2,002,492 Non-Current Assets Related Party Receivables 1,943,472 333,133 Long Term Investments - 6,500,000 Property, Plant and Equipment 67,200 - Right-of-Use assets 224,040 - Goodwill 8,479,222 - Total Non-current Assets 10,713,934 6,833,133 Total Assets 17,060,749 8,835,625 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts Payable 1,124,987 166,577 - - Operating Lease Liabilities 69,490 - Convertible Notes, net of discount 2,625,922 2,310,109 Other Payables - Current 5,753,149 5,379,554 Other Current Liabilities 549,586 235,886 Total Current Liabilities 10,123,134 8,092,126 Non-Current Liabilities Operating Lease Liabilities – Non-Current Portion 163,731 - Other Payables – Long-term 4,820,706 - Total Long-Term Liabilities 4,984,437 0 Total Liabilities 15,107,571 8,092,126 Stockholders' Equity Preferred stock; $ 0.001 par value; 1,000,000 shares authorized; 20,000 and 0 shares issued and outstanding as of as of September 30, 2024, and December 31, 2023, respectively 20 - Common stock; $ 0.001 par value; 200,000,000 shares authorized; 119,659,784 and 127,129,694 shares issued and outstanding as of September 30, 2024, and December 31, 2023, respectively 119,662 127,132 Additional paid-in capital 17,889,959 17,248,964 Accumulated Deficit ( 16,787,119 ) ( 16,632,597 ) Noncontrolling interest 730,656 - Total stockholders' Equity 1,953,178 743,499 Total liabilities and stockholders' Equity $ 17,060,749 $ 8,835,625 The

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