Thu, Sep 12, 7:33 PM (100 days ago)
Quality Industrial Corp. (QIND) reported significant financial developments in its 10-Q/A for Q2 2024, highlighting a notable turnaround in revenue and profitability. For the three months ended June 30, 2024, the company generated $3,317,206 in revenue, a stark contrast to $0 in the same period last year, primarily due to the acquisition of Al Shola Gas. Net income reached $348,443, recovering from a loss of $1,582,221 in Q2 2023. Operating expenses remained stable at $825,430, reflecting ongoing administrative costs linked to the newly acquired subsidiary. The balance sheet showed total current assets of $5,869,672 against current liabilities of $8,712,219, resulting in a working capital deficit of $2,842,547, reduced from $6,089,634 as of December 31, 2023. Cash flow from operations improved to $(81,993) compared to $(482,406) year-over-year. The company faces uncertainties regarding future financing and operational cash flow but plans to leverage acquisitions for growth while managing increased expenses related to expansion efforts. Overall, QIND's financial health indicates a positive trajectory, albeit with caution regarding future capital needs and market conditions.