secwatch.observer — SEC 8-K summary
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Issuer:     Quality Industrial Corp. (QIND)
CIK:        0001393781
Form:       8-K/A
Filed at:   2024-06-07T23:59:59+00:00
Accession:  0001213900-24-050541
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 9.01, 5.01
LLM model:  deepseek-v4-flash:cloud@v2

Quality Industrial acquires 51% of Al Shola Gas for $10M; pro forma revenue $10.8M, net loss $2.37M
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- Purchase price $10M: $9M in stock/cash over 24 months post-uplist, $1M cash in 12 months.
- Pro forma combined total assets $34.8M, revenue $10.8M, net loss $2.37M for FY2023.
- Goodwill of $7.75M recorded; 51% net assets acquired of $2.25M (Dec 31, 2023).
- QIND obtains two board seats and immediate control; operating control remains with existing management unless breach.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1393781/000121390024050541/0001213900-24-050541-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1393781/000121390024050541/ea0207503-8ka1_quality.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-050541

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer