Quality Industrial Corp. (OTC Markets: QIND), a company specializing in miscellaneous industrial and commercial machinery, announced on Monday the appointment of Bush and Associates CPA as its new independent registered public accounting firm. The decision, effective August 19, 2024, was approved by the company's Board of Directors.
The change in the company's certifying accountant comes as the latest corporate update from Quality Industrial Corp., which has undergone previous name changes, with its former names being Wikisoft Corp. and Power Play Development Corp. The company, incorporated in Nevada and headquartered in San Francisco, CA, operates within the industrial sector under the standard industrial classification code 3590.
The appointment of Bush and Associates CPA is expected to bring new oversight to Quality Industrial Corp.'s financial reporting. The company, which is classified as an emerging growth company, has opted to engage the new firm to fulfill its auditing and regulatory compliance requirements.
Quality Industrial Corp.'s common stock is traded on the OTC Markets under the symbol QIND with a par value of $0.001 per share. As an emerging growth company, Quality Industrial Corp. is subject to certain reporting and financial standards under the Securities Exchange Act of 1934.
The announcement was made through a Form 8-K filing with the Securities and Exchange Commission (SEC), which is a report of unscheduled material events or corporate changes at a company that could be of importance to the shareholders or the SEC.
The information in this article is based on the 8-K filing and reflects the company's commitment to maintaining high standards of financial integrity and accountability.
InvestingPro Insights
In light of Quality Industrial Corp.'s recent corporate updates and the appointment of a new independent accounting firm, investors may be looking closely at the company's financial health and market performance. According to InvestingPro data, Quality Industrial Corp. has a market capitalization of 8.76 million USD, which provides a snapshot of the company's size and market value. Despite a challenging period, the company has managed to achieve a revenue growth of 15.7% in the last quarter, signaling potential resilience and capability to expand its operations.
However, the company's financial performance reflects some areas of concern. Quality Industrial Corp. has not been profitable over the last twelve months, with an adjusted P/E ratio of -2.26. This could be a point of focus for the new auditors as they assess the company's financial reporting and compliance. Moreover, the stock has experienced significant volatility, with a 72.96% decline in its one-year price total return. This level of price fluctuation may attract investors with a higher risk tolerance, especially considering that the stock tends to move inversely to the market, as indicated by one of the InvestingPro Tips.
Notably, Quality Industrial Corp. does not pay a dividend to shareholders, which is an important consideration for income-focused investors. Additionally, the stock is trading at a high Price / Book multiple of 8.76, which suggests that the market may be valuing the company's net assets at a premium. For those interested in a deeper analysis, there are additional InvestingPro Tips available, providing further insights into Quality Industrial Corp.'s market performance and valuation metrics.
For investors and stakeholders monitoring Quality Industrial Corp.'s progress, these InvestingPro Insights offer valuable context to the recent corporate developments and may inform their investment decisions. With the new accounting firm in place, it will be important to watch how these financial and market metrics evolve in the coming quarters.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.