$QIND
Quality Industrial Corp.

2022 Q4 Form 10-Q Financial Statement

#000166357722000646 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $28.26M $19.13M
YoY Change
Cost Of Revenue $18.62M $12.48M
YoY Change
Gross Profit $9.640M $6.645M
YoY Change
Gross Profit Margin 34.11% 34.74%
Selling, General & Admin $4.124M $3.757M $77.96K
YoY Change 5189.97% -17.16%
% of Gross Profit 42.78% 56.53%
Research & Development $68.21K
YoY Change
% of Gross Profit
Depreciation & Amortization $171.0K $565.2K $0.00
YoY Change
% of Gross Profit 1.77% 8.5%
Operating Expenses $4.124M $3.794M $146.2K
YoY Change 2721.38%
Operating Profit $5.516M $2.851M -$146.2K
YoY Change -3873.69%
Interest Expense -$3.023M -$407.8K -$1.123K
YoY Change 269066.16% 36213.45%
% of Operating Profit -54.8% -14.3%
Other Income/Expense, Net -$3.213M -$420.2K -$1.123K
YoY Change 286022.71% 37321.82%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $2.566M $2.431M -$147.3K
YoY Change -1841.93% -152.62%
Net Earnings / Revenue 9.08% 12.71%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.00 $0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 102.9M shares 102.9M shares 95.12M shares
Diluted Shares Outstanding 102.3M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.313M $4.064K $15.66K
Short-Term Investments
Other Short-Term Assets $110.3M $178.00
YoY Change 61960212.36%
Inventory $1.203M
Prepaid Expenses $7.540M
Receivables $37.84M
Other Receivables
Total Short-Term Assets $111.6M $37.45M $15.84K
YoY Change 704591.05%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $89.09M $1.000M $210.3K
YoY Change 42264.83%
Total Long-Term Assets $89.09M $1.000M $210.3K
YoY Change 42264.83%
TOTAL ASSETS
Total Short-Term Assets $111.6M $37.45M $15.84K
Total Long-Term Assets $89.09M $1.000M $210.3K
Total Assets $200.7M $38.45M $226.1K
YoY Change 88650.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.34M
YoY Change
Accrued Expenses $1.206M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $144.7M $33.23M $595.1K
YoY Change 24211.4%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $28.03M
YoY Change
Total Long-Term Liabilities $29.13M $1.100M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $144.7M $33.23M $595.1K
Total Long-Term Liabilities $29.13M $1.100M
Total Liabilities $173.8M $34.33M $595.1K
YoY Change 29105.85%
SHAREHOLDERS EQUITY
Retained Earnings -$9.438M -$10.99M -$12.76M
YoY Change -26.05%
Common Stock $102.9K $102.9K $94.74K
YoY Change 8.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.235M $4.117M -$369.0K
YoY Change
Total Liabilities & Shareholders Equity $200.7M $38.45M $226.1K
YoY Change 88650.8%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income $2.566M $2.431M -$147.3K
YoY Change -1841.93% -152.62%
Depreciation, Depletion And Amortization $171.0K $565.2K $0.00
YoY Change
Cash From Operating Activities $793.2K
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$487.3K
YoY Change
NET CHANGE
Cash From Operating Activities $793.2K
Cash From Investing Activities -$255.0K
Cash From Financing Activities -$487.3K
Net Change In Cash $50.85K
YoY Change
FREE CASH FLOW
Cash From Operating Activities $793.2K
Capital Expenditures $255.0K
Free Cash Flow $538.2K
YoY Change

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us-gaap Nature Of Operations
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<p id="xdx_843_eus-gaap--NatureOfOperations_zGtxSIzxc8Ig" style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Nature of operations</b></p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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 process manufacturing and engineering for the Industrial, Oil &amp; Gas, and Utility sectors.</p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p>
CY2022Q2 QIND Control Block Shares Transferred Shares
ControlBlockSharesTransferredShares
77669078 shares
CY2022Q2 QIND Control Block Shares Transferred Value
ControlBlockSharesTransferredValue
500000 usd
CY2022Q2 QIND Control Block Shares Transferred Shares
ControlBlockSharesTransferredShares
77669078 shares
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zqGp7TW8OEQ2" style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Use of estimates</b></p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b/></p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify">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.</p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p>
CY2022Q2 QIND 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
CY2022Q3 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
22875 usd
CY2021Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
0 usd
us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<p id="xdx_808_eus-gaap--DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure_zPtzY2JBdPG3" style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>6. ADVANCES PAYABLE</b></p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b> </b></p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As of September 30, 2022, the Company has no advance payable.</p> <p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p>
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
CY2022Q3 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
0 usd
CY2021Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
295000 usd
CY2022Q3 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
0 usd
CY2021Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
63090 usd
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
2000000 shares
CY2022Q3 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
1100000 usd
CY2022Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.07 pure
CY2022Q3 us-gaap Debt Instrument Convertible Terms Of Conversion Feature
DebtInstrumentConvertibleTermsOfConversionFeature
The Company has the right to prepay the Note at any time. All principal on the Note is convertible into shares of our common stock after six months from issuance at the election of the holder at a conversion price equal $1.00 per share.
CY2022Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
1.00
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
102883709 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
102883709 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
94738209 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
94738209 shares
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q3 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

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