$QIND
Quality Industrial Corp.

2024 Q4 Form 10-Q Financial Statement

#000121390024100213 Filed on November 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $2.662M $22.13M
YoY Change -87.97% 15.7%
Cost Of Revenue $1.581M $14.13M
YoY Change -88.81% 13.24%
Gross Profit $1.081M $7.995M
YoY Change -86.48% 20.32%
Gross Profit Margin 40.6% 36.13%
Selling, General & Admin $4.307M
YoY Change 14.65%
% of Gross Profit 53.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.69K $701.1K
YoY Change -97.19% 24.05%
% of Gross Profit 1.82% 8.77%
Operating Expenses $1.188M $5.008M
YoY Change -76.29% 32.0%
Operating Profit -$106.8K $2.987M
YoY Change -103.58% 4.77%
Interest Expense -$1.819M
YoY Change 346.03%
% of Operating Profit -60.89%
Other Income/Expense, Net -$140.8K $40.20K
YoY Change -450.3% -109.57%
Pretax Income $1.859M
YoY Change
Income Tax $36.10K $0.00
% Of Pretax Income 0.0%
Net Earnings -$469.1K $1.859M
YoY Change -125.23% -23.53%
Net Earnings / Revenue -17.62% 8.4%
Basic Earnings Per Share $0.00 $0.02
Diluted Earnings Per Share $0.00 $0.02
COMMON SHARES
Basic Shares Outstanding 121.8M shares 134.8M shares 114.9M shares
Diluted Shares Outstanding 118.6M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.758M
YoY Change
Cash & Equivalents $221.6K $1.255M
Short-Term Investments $1.503M
Other Short-Term Assets $2.000M $7.284M
YoY Change -72.54%
Inventory $1.112M $1.437M
Prepaid Expenses
Receivables $2.347M $72.69M
Other Receivables $2.700M $0.00
Total Short-Term Assets $6.347M $127.6M
YoY Change -95.03% 240.81%
LONG-TERM ASSETS
Property, Plant & Equipment $67.20K $32.23M
YoY Change -99.79%
Goodwill $8.479M $56.39M
YoY Change -84.96%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $10.71M $88.61M
YoY Change -87.91% 8761.37%
TOTAL ASSETS
Total Short-Term Assets $6.347M $127.6M
Total Long-Term Assets $10.71M $88.61M
Total Assets $17.06M $216.2M
YoY Change -92.11% 462.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.125M $48.99M
YoY Change -97.7%
Accrued Expenses $1.207M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $24.09M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.12M $150.3M
YoY Change -93.26% 352.28%
LONG-TERM LIABILITIES
Long-Term Debt $13.11M
YoY Change
Other Long-Term Liabilities $4.821M $1.938M
YoY Change 148.71%
Total Long-Term Liabilities $4.984M $27.53M
YoY Change -81.9% 2403.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.12M $150.3M
Total Long-Term Liabilities $4.984M $27.53M
Total Liabilities $15.11M $177.8M
YoY Change -91.5% 417.99%
SHAREHOLDERS EQUITY
Retained Earnings -$16.79M -$5.761M
YoY Change 191.37% -47.56%
Common Stock $119.7K $126.9K
YoY Change -5.7% 23.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.41M
YoY Change
Total Liabilities & Shareholders Equity $17.06M $216.2M
YoY Change -92.11% 462.42%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$469.1K $1.859M
YoY Change -125.23% -23.53%
Depreciation, Depletion And Amortization $19.69K $701.1K
YoY Change -97.19% 24.05%
Cash From Operating Activities $2.106M
YoY Change 165.49%
INVESTING ACTIVITIES
Capital Expenditures $798.7K
YoY Change 213.23%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$798.7K
YoY Change 213.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.760M
YoY Change 261.22%
NET CHANGE
Cash From Operating Activities $2.106M
Cash From Investing Activities -$798.7K
Cash From Financing Activities -$1.760M
Net Change In Cash -$453.2K
YoY Change -991.24%
FREE CASH FLOW
Cash From Operating Activities $2.106M
Capital Expenditures $798.7K
Free Cash Flow $1.307M
YoY Change 142.88%

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us-gaap Increase Decrease In Other Current Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Of Financing Costs
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Convertible Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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-align: justify; 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: 0.25in">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.5pt 0pt 0"><b><i>Reclassifications </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain reclassifications have been made to the December 31, 2023, balance sheet to conform to the September 30, 2024, presentation. These reclassifications had no impact on the net loss or loss per share as previously reported.</p>
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us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
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CY2024Q3 qind One Time Interest Charges
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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us-gaap Contract With Customer Asset Purchase
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CY2024Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
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CY2024Q3 qind Right Of Use Assets
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CY2024Q3 us-gaap Operating Lease Liability
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CY2024Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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qind Business Combination Non Controlling Share Percentage
BusinessCombinationNonControllingSharePercentage
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CY2024Q3 us-gaap Business Combination Acquisition Of Less Than100 Percent Noncontrolling Interest Fair Value
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1461140 usd
qind Percentage Of Net Assets Of Al Shola Gas
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CY2024Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Less Noncontrolling Interest
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CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q3 ecd Rule10b51 Arr Adopted Flag
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CY2023Q4 us-gaap Inventory Net
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CY2023Q4 us-gaap Liabilities Noncurrent
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CY2023Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
usd
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
CY2023Q1 qind Imputed Interest
ImputedInterest
usd
CY2024Q3 qind Service Benefits Gas Amount
ServiceBenefitsGasAmount
1134884 usd
CY2024Q3 us-gaap Long Term Investments
LongTermInvestments
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001393781

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