$QIND
Quality Industrial Corp.

2022 Q3 Form 10-Q Financial Statement

#000166357722000472 Filed on August 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $19.13M
YoY Change
Cost Of Revenue $12.48M
YoY Change
Gross Profit $6.645M
YoY Change
Gross Profit Margin 34.74%
Selling, General & Admin $3.757M $19.73K
YoY Change -17.16% -78.06%
% of Gross Profit 56.53%
Research & Development $58.52K
YoY Change
% of Gross Profit
Depreciation & Amortization $565.2K $565.0K
YoY Change
% of Gross Profit 8.5%
Operating Expenses $3.794M $90.66K $184.4K
YoY Change -58.99%
Operating Profit $2.851M -$90.66K -$184.4K
YoY Change -58.99%
Interest Expense -$407.8K $972.00 $1.012K
YoY Change 36213.45% -12.43%
% of Operating Profit -14.3%
Other Income/Expense, Net -$420.2K -$336.1K -$14.44K
YoY Change 37321.82% -30379.19%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $2.431M $245.4K -$170.0K
YoY Change -152.62% -210.48% -10.44%
Net Earnings / Revenue 12.71%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.02 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 102.9M shares 100.6M shares 107.0M shares
Diluted Shares Outstanding 102.3M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $4.064K $14.45K $14.30K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $37.45M $23.41K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M
YoY Change
Total Long-Term Assets $1.000M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $37.45M $23.41K
Total Long-Term Assets $1.000M $0.00
Total Assets $38.45M $23.41K
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.23M $120.6K
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.100M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $33.23M $120.6K
Total Long-Term Liabilities $1.100M
Total Liabilities $34.33M $120.6K
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$10.99M -$12.69M
YoY Change
Common Stock $102.9K $100.9K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.117M -$97.22K -$375.9K
YoY Change
Total Liabilities & Shareholders Equity $38.45M $23.41K
YoY Change

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $2.431M $245.4K -$170.0K
YoY Change -152.62% -210.48% -10.44%
Depreciation, Depletion And Amortization $565.2K $565.0K
YoY Change
Cash From Operating Activities $793.2K -$140.3K -$54.18K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $255.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$255.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$487.3K $139.1K $52.82K
YoY Change
NET CHANGE
Cash From Operating Activities $793.2K -$140.3K -$54.18K
Cash From Investing Activities -$255.0K
Cash From Financing Activities -$487.3K $139.1K $52.82K
Net Change In Cash $50.85K -$1.213K $0.00
YoY Change
FREE CASH FLOW
Cash From Operating Activities $793.2K -$140.3K -$54.18K
Capital Expenditures $255.0K
Free Cash Flow $538.2K
YoY Change

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<p id="xdx_843_eus-gaap--NatureOfOperations_zbyKcnybmOR3" style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; color: #222222"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br/> <b>Nature of operations</b></span></p> <p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; color: #222222"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b/></span></p> <p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; color: #222222"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b/></span></p> <p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; color: #222222"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/> </b>The Company is a public M&amp;A Company focused on the Industrial, Oil &amp; Gas and Utility Sectors. We aim to be a global leader in the manufacture and assembly of industrial equipment and precision engineered technology for the Industrial, Oil &amp; Gas, and Utility sectors.</span></p> <p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<p id="xdx_808_eus-gaap--DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure_zNrOcc3eOZzj" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. <b>ADVANCES PAYABLE</b></span></p> <p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2022 and December 31, 2021, the Company had amounts due to Fastbase Inc, of <span id="xdx_904_eus-gaap--OtherLoansPayableCurrent_iI_c20220630_zoXJ6is1XWtd">$29,626</span> and <span id="xdx_907_eus-gaap--OtherLoansPayableCurrent_iI_c20211231_zCbOlxRozZhf">$29,626</span>, respectively. During the six months ended June 30, 2022 and 2021, the Company received additional advances in the amounts of <span id="xdx_90C_eus-gaap--ProceedsFromRelatedPartyDebt_c20220101__20220630__us-gaap--DebtInstrumentAxis__custom--FastbaseIncMember_zWNtN0tzC7Zf">$0</span> and <span id="xdx_904_eus-gaap--ProceedsFromRelatedPartyDebt_c20210101__20210630__us-gaap--DebtInstrumentAxis__custom--FastbaseIncMember_zV82jb6n6Q5">$0</span>, respectively, and the Company made payments on the advances in the amounts of <span id="xdx_902_eus-gaap--PaymentsOfLoanCosts_c20220101__20220630__us-gaap--DebtInstrumentAxis__custom--FastbaseIncMember_zXn8LaZLeWlk">$0</span> and <span id="xdx_90F_eus-gaap--PaymentsOfLoanCosts_c20210101__20210630__us-gaap--DebtInstrumentAxis__custom--FastbaseIncMember_zIY89I1vXYlc">$0</span>, respectively.</span></p> <p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 WSFT Control Block Shares Transferred Shares
ControlBlockSharesTransferredShares
77669078 shares
CY2022Q2 WSFT Control Block Shares Transferred Value
ControlBlockSharesTransferredValue
500000 usd
CY2022Q2 WSFT Control Block Shares Transferred Shares
ControlBlockSharesTransferredShares
77669078 shares
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
1984 usd
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
2203 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zY5WoO011as3" style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of estimates </b></span></p> <p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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.</span></p> <p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Other Loans Payable Current
OtherLoansPayableCurrent
29626 usd
us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
1498 usd
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
100883709 shares
CY2021Q4 us-gaap Other Loans Payable Current
OtherLoansPayableCurrent
29626 usd
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
100883709 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
94738209 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
94738209 shares
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q2 WSFT Transfer Of Interst In Investment
TransferOfInterstInInvestment
0.51 pure
CY2022Q2 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
300000 usd
CY2022Q2 us-gaap Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
41 usd
CY2022Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
30000 usd
CY2021Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
0 usd
us-gaap Debt Instrument Convertible Associated Derivative Transactions Description
DebtInstrumentConvertibleAssociatedDerivativeTransactionsDescription
On May 25, 2022 the balance of the line of credit was settled in full with the transfer of the Companys 51% ownership interest in Etheralabs LLC to the shareholder
CY2022Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
0 usd
CY2021Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
295000 usd
CY2022Q2 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
45215 usd
CY2021Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
63090 usd

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