$QIND
Quality Industrial Corp.

2024 Q1 Form 10-Q Financial Statement

#000121390024043325 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $3.087M $0.00 $18.16M
YoY Change -83.0% -100.0%
Cost Of Revenue $1.942M $0.00 $12.70M
YoY Change -84.71% -100.0%
Gross Profit $1.144M $0.00 $5.453M
YoY Change -79.02% -100.0%
Gross Profit Margin 37.07% 30.03%
Selling, General & Admin $673.3K $2.704M $2.431M
YoY Change -72.31% -34.42%
% of Gross Profit 58.84% 44.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $429.00 $0.00
YoY Change -100.0%
% of Gross Profit 0.04%
Operating Expenses $673.3K $2.704M $2.431M
YoY Change -72.31% -34.42% 1218.35%
Operating Profit $470.9K -$2.704M $3.022M
YoY Change -84.41% -149.03% -1738.37%
Interest Expense -$66.20K -$137.5K -$971.4K
YoY Change -93.19% -95.45% -96086.96%
% of Operating Profit -14.06% -32.15%
Other Income/Expense, Net $25.42K -$1.320M -$990.9K
YoY Change -102.56% -58.92% 6763.22%
Pretax Income $758.4K -$4.162M $2.031M
YoY Change -62.65%
Income Tax
% Of Pretax Income
Net Earnings $206.7K -$4.162M $2.031M
YoY Change -89.82% -262.21% -1294.61%
Net Earnings / Revenue 6.7% 11.18%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$0.04 $0.02
COMMON SHARES
Basic Shares Outstanding 127.8M shares 126.9M shares 102.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.5K $2.490K $2.733M
YoY Change -95.81%
Cash & Equivalents $114.5K $2.492K $1.230M
Short-Term Investments $1.503M
Other Short-Term Assets $2.471M $2.354M $109.0M
YoY Change -97.73% -97.87%
Inventory $1.406M $45.83M
Prepaid Expenses $7.540M
Receivables $2.700M $48.55M
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.243M $2.357M $110.2M
YoY Change -93.43% -97.89%
LONG-TERM ASSETS
Property, Plant & Equipment $12.68K $33.41M
YoY Change -99.96%
Goodwill $8.475M
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M $6.500M
YoY Change
Other Assets $5.000M $89.79M
YoY Change -94.43%
Total Long-Term Assets $9.988M $6.500M $89.79M
YoY Change -88.88% -92.7%
TOTAL ASSETS
Total Short-Term Assets $7.243M $2.357M $110.2M
Total Long-Term Assets $9.988M $6.500M $89.79M
Total Assets $17.23M $8.857M $200.0M
YoY Change -91.39% -95.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $856.7K $166.6K $38.92M
YoY Change -97.8% -99.62%
Accrued Expenses $194.8K $154.0K $887.2K
YoY Change -78.04% -87.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $19.72M
YoY Change -100.0%
Long-Term Debt Due $550.1K
YoY Change
Total Short-Term Liabilities $7.194M $5.782M $141.8M
YoY Change -94.93% -96.0%
LONG-TERM LIABILITIES
Long-Term Debt $357.6K $2.331M $13.67M
YoY Change -97.38%
Other Long-Term Liabilities $5.053M $28.01M
YoY Change -81.96%
Total Long-Term Liabilities $7.572M $2.331M $29.31M
YoY Change -74.17% -92.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.194M $5.782M $141.8M
Total Long-Term Liabilities $7.572M $2.331M $29.31M
Total Liabilities $14.77M $8.113M $171.1M
YoY Change -91.37% -95.33%
SHAREHOLDERS EQUITY
Retained Earnings -$16.43M -$16.63M -$8.423M
YoY Change 95.01% 76.22%
Common Stock $128.0K $127.1K $102.9K
YoY Change 24.44% 23.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $999.7K $743.5K $28.91M
YoY Change
Total Liabilities & Shareholders Equity $17.23M $8.857M $200.0M
YoY Change -91.39% -95.59%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income $206.7K -$4.162M $2.031M
YoY Change -89.82% -262.21% -1294.61%
Depreciation, Depletion And Amortization $429.00 $0.00
YoY Change -100.0%
Cash From Operating Activities $1.274M -$3.654M $2.206M
YoY Change -42.22% -4171.22%
INVESTING ACTIVITIES
Capital Expenditures $3.116K $704.1K
YoY Change -99.56%
Acquisitions
YoY Change
Other Investing Activities -$5.500M
YoY Change
Cash From Investing Activities -$3.116K -$4.622M -$704.1K
YoY Change -99.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $237.3K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.301M 8.334M -$1.584M
YoY Change -17.9% -3099.52%
NET CHANGE
Cash From Operating Activities $1.274M -3.654M $2.206M
Cash From Investing Activities -$3.116K -4.622M -$704.1K
Cash From Financing Activities -$1.301M 8.334M -$1.584M
Net Change In Cash -$29.47K 57.33K -$82.67K
YoY Change -64.36%
FREE CASH FLOW
Cash From Operating Activities $1.274M -$3.654M $2.206M
Capital Expenditures $3.116K $704.1K
Free Cash Flow $1.271M $1.502M
YoY Change -15.34%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A critical accounting estimate is an estimate that: (i) is made in accordance with generally accepted accounting principles, (ii) involves a significant level of estimation uncertainty and (iii) has had or is reasonably likely to have a material impact on the Company’s financial condition or results of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company’s Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts and related disclosures. On an ongoing basis, management evaluates and updates its estimates. Management employs judgment in making its estimates but they are based on historical experience and currently available information and various other assumptions that the Company believes to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ from those estimates. Management believes that its judgment is applied consistently and produces financial information that fairly depicts the results of operations for all periods presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Significant estimates include estimates used to review the Company’s, impairments and estimations of long-lived assets, revenue recognition of Contract-based revenue, allowances for uncollectible accounts, and the valuations of non-cash capital stock issuances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable in the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</p>
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