10-Q - Quality Industrial Corp. (0001393781) (Filer)

Wed, May 15, 4:00 PM (12 days ago)

For the quarter ended March 31, 2024, Quality Industrial Corp. reported a significant improvement in financial performance compared to the same period in 2023. The company achieved revenues of $3,086,519, driven by the acquisition of Al Shola Gas, a key contributor to this growth. Gross profit was $1,144,240, with operating expenses rising to $673,310 from $65,013 due to increased administrative and operational costs. Net income for the quarter was $758,440, a notable turnaround from a net loss of $84,536 in Q1 2023, aided by the reversal of interest payments on unwound loan agreements. The company’s balance sheet showed total assets of $17,230,949, up from $8,856,575 at the end of 2023, with significant increases in current and non-current assets. Total liabilities also increased to $14,766,444, primarily due to higher current and non-current liabilities. The company had a positive working capital of $48,480, reversing a previous deficit. Quality Industrial Corp. is focusing on integrating Al Shola Gas, enhancing operational efficiencies, and planning further acquisitions, with an emphasis on maintaining financial health and pursuing growth opportunities.