In connection with the ASG Acquisition, QIND acquired bank debt totalling approximately $357,577 (€315,959). As of December 31, 2025, total long term borrowings outstanding were $62,435 (€53,200).

QIND acquired a 51% interest in Al Shola Gas on March 27, 2024, with the issuance of $9,000,000 note payable and $1,000,000 in cash. The payable is due as follows: $9 million in National Exchange listed stock or cash to be paid to Seller of which $1,125,000 (€958,589) is the non-current portion at 31 December 2025 (2024: $4,500,000).

In connection with this acquisition, QIND acquired right-of-use assets of $222,130 and operating lease liabilities of $229,359 associated with lease agreements with a term extending beyond twelve months for vehicles. These acquired operating leases were valued on the date of acquisition using the present value of the lease payments remaining from the date acquired and an estimated incremental borrowing rate of 8%. During the twelve months ended December 31, 2025, we recognized rent expense of $105,128 (€92,895).

The following is a summary of future lease payments required under the lease agreements:

Schedule of Future Lease Payments