secwatch.observer — SEC 8-K summary
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Issuer:     Quality Industrial Corp. (QIND)
CIK:        0001393781
Form:       8-K
Filed at:   2023-01-31T23:59:59+00:00
Accession:  0001663577-23-000048
Event type: m_and_a
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

QIND to acquire 51% of Petro Line FZ-LLC for up to $1.53M in cash, contingent on milestones
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- Purchase price up to $1.53M in cash, paid in three tranches; first $500K due within 14 days of signing.
- Remaining $1.03M payable over 12 months, conditional on Petro Line meeting minimum 2023 Revenue and EBITDA targets.
- QIND will occupy three of five board seats; existing Petro Line board members hold the other two.
- Petro Line reported 2022 sales of $3.565M and EBITDA of $1.533M; forecast 2023 sales $3.743M, EBITDA $1.610M.
- Closing requires audited financials for past two years from a PCAOB-qualified auditor within 60 days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1393781/000166357723000048/0001663577-23-000048-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1393781/000166357723000048/qind8k.htm
  HTML page:      https://secwatch.observer/filing/0001663577-23-000048

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