Quality Industrial Corp. (QIND): auditor change — Quality Industrial terminates QI purchase agreement; will restate 2022 financials

Quality Industrial Corp.

Terminated stock purchase agreement to acquire 52% of Quality International Co Ltd FZC after failed negotiations.
QI notified termination on Jan 17, 2024; Board accepted cancellation on April 1, 2024.
Auditor Pipara & Co LLP determined 2022 audited financials must be restated because they included QI consolidation.
Original 2022 10-K filed May 8, 2023 should no longer be relied upon; restatement will remove QI.
Restated financials to be filed in 2023 10-K.

item 1.02 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Quality Industrial Corp. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Pipara & Co LLP

Exact text from the filing

On April 1, 2024, as a result of the cancellation of the QI Purchase Agreement, the Company’s independent registered public accounting firm, Pipara & Co LLP (“Pipara”), determined that the Company’s audited financial statements as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K, filed with the SEC on May 8, 2023 (the “Original Filing”), need to be restated as such report contains consolidated financial statements reflecting the acquisition of QI. Therefore, the Original Filing should no longer be relied upon, as such report must be restated to show the financial statements of Quality Industrial without QI included.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.4

Quality Industrial Corp. terminated QI Purchase Agreement with Quality International Co Ltd FZC (effective 2024-04-01).

Action: termination
Agreement: asset purchase
Counterparty: Quality International Co Ltd FZC
Effective: 2024-04-01

Exact text from the filing

greement (the “QI Purchase Agreement”) with Gerab National Enterprises LLC and Mr. Saseendran Kodapully Ramakrishnan, (together,

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47 auditor changes filed in the last 30 days. Browse all auditor changes →

Quality Industrial Corp. filing history →

Source: SEC EDGAR

accession 0001213900-24-030965

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