---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-030965"
form_type: "8-K"
ticker: "QIND"
cik: "0001393781"
company_name: "Quality Industrial Corp."
filed_at: "2024-04-08T23:59:59+00:00"
generated_at: "2026-06-04T01:19:03.879048+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Quality Industrial terminates QI purchase agreement; will restate 2022 financials

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-24-030965
- form_type: 8-K
- ticker: QIND
- cik: 0001393781
- company_name: Quality Industrial Corp.
- filed_at: 2024-04-08T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.02, 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393781/000121390024030965/0001213900-24-030965-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393781/000121390024030965/ea0203392-8k_quality.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-030965
- JSON: https://secwatch.observer/filing/0001213900-24-030965.json
- Plain text: https://secwatch.observer/filing/0001213900-24-030965.txt

## Key facts
- Auditor Changes
  Quality Industrial Corp. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: Pipara & Co LLP
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393781/000121390024030965/0001213900-24-030965-index.htm
- Material Agreements
  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
  source text: greement (the “QI Purchase Agreement”) with Gerab National Enterprises LLC and Mr. Saseendran Kodapully Ramakrishnan, (together,
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393781/000121390024030965/0001213900-24-030965-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.