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Quality Industrial Corp (QIND0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $2,662,050 and gross profit of $1,080,762. The increase in revenue is attributed to the acquisition of Al Shola Gas.
Operating expenses for the quarter were $1,187,583, compared to $825,608 in the same quarter of the previous year. This increase is primarily due to administrative costs associated with the acquisition and NASDAQ uplisting efforts.
The company reported a net loss of $283,750 for the quarter, compared to a net loss of $1,939,269 in the previous year. The net income for the nine months ended September 30, 2024, was $271,383.
Cash used in operating activities was $1,675,954 for the nine months ended September 30, 2024. Investing activities used $881,025, and financing activities provided $1,014,064.
Quality Industrial Corp had total current assets of $6,346,815 and total current liabilities of $10,123,134 as of September 30, 2024, resulting in a working capital deficit of $3,776,319.
The filing also details the acquisition of a 51% interest in Al Shola Gas and the termination of the agreement with Quality International.
Quality Industrial Corp entered into a Stock Purchase Agreement with Fusion Fuel Green PLC (HTOO+2.30%), under which Fusion Fuel will acquire approximately 69.36% of the company's capital stock.
The company plans to allocate resources to Al Shola Gas to enhance efficiency and expand operations in the final quarter of 2024.
Quality Industrial Corp continues to focus on strategic acquisitions and operational improvements to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Quality Industrial Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.