DEEP GREEN WASTE & RECYCLING, INC. Overview
The Company was organized as a
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The Company re-launched its waste and recycling services operation and has begun to re-engage with customers, waste haulers and recycling centers, which are critical elements of its historically successful business model: designing and managing waste programs for commercial and institutional properties for cost savings, ease of operation, and minimal administrative stress for its clients.
Asset Purchase Agreement
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In order to further grow its business, the Company plans to:
? expand its service offerings to provide additional sustainable waste
management solutions that further minimize costs based on volume and content
of waste streams, and methods of disposal, including landfills, transfer
stations and recycling centers;
? Acquire profitable waste and recycling services companies with similar or
compatible and synergistic business models, that can help the Company achieve
these objectives;
? Offer innovative recycling services that significantly reduce the disposal of
plastics, electronic wastes, food wastes, and hazardous wastes in the
commercial property universe;
? Establish partnerships with innovative universities, municipalities and
companies; and
? Attract investment funds who will actively work with the Company to achieve
these goals and help the Company grow into a leading waste and recycling
services supplier in North America .
Some potential merger/acquisition candidates have been identified and discussions initiated. These candidates are within the Company's core business model, serving commercial properties, accretive to cash flow, and geographically favorable. While seeking to identify acquisition candidates, the Company seeks to identify target entities with a similar core business model or a model which naturally integrates with its own, and which are situated in opportunistic geographic locations.
We have unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions, and other factors.
The selection of a business opportunity in which to participate is complex and risky. Additionally, we have only limited resources and may find it difficult to locate good opportunities. There can be no assurance that we will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to us and our shareholders. We will select any potential business opportunity based on our management's best business judgment.
Our activities are subject to several significant risks, which arise primarily as a result of the fact that we have no specific business and may acquire or participate in a business opportunity based on the decision of management, which potentially could act without the consent, vote, or approval of our shareholders. The risks faced by us are further increased as a result of its lack of resources and our inability to provide a prospective business opportunity with significant capital.
Critical Accounting Policies and Significant Judgments and Estimates
Our management's discussion and analysis of our financial condition and results
of operations are based on our consolidated financial statements, which have
been prepared in accordance with accounting principles generally accepted in
Our significant accounting policies are more fully described in NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES to our consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
34 Discussion for the three months endedJune 30, 2022 andJune 30, 2021 (Unaudited): Results of Operations: June 30, 2022 June 30, 2021 $ Change Gross revenue$ 207,874 $ 51,428 $ 156,446 Cost of Sales 75,839 21,144 54,695 Gross Profit 132,035 30,284 101,751 Operating expenses 341,182 205,822 135,360 Operating (Loss) (209,147 ) (175,538 ) (33,609 ) Other Income (Expense) (464,434 ) (499,806 ) 35,372 Net Income (Loss) (673,581 ) (675,344 ) 1,763 Net loss per share - basic and diluted $ (0.00 ) $ (0.00 ) $ - Revenues
For the three months ended
Cost of Sales
Our cost of sales were
Gross Profit
Our gross profit was
Operating expenses
Our operating expenses were
Operating Loss
Our operating loss was
We anticipate that our cost of revenues will increase in 2022 and for the foreseeable future as we continue to build out our waste management services and identify acquisition opportunities in the waste and recycling sector.
Net Income (Loss) from Operations
The Company's net loss decreased to
Discussion for the six months ended
Results of Operations:
June 30, 2022 June 30, 2021 $ Change
Gross revenue $ 427,615 $ 76,265 $ 351,350
Cost of Sales 169,703 28,165 141,538
Gross Profit 257,912 48,100 209,812
Operating expenses 895,531 355,347 504,184
Operating (Loss) (601,619 ) (307,247 ) (294,372 )
Other Income (Expense) (569,368 ) (696,235 ) 125,867
Net Income (Loss) (1,170,987 ) (1,003,482 ) (167,505 )
Net loss per share - basic and
diluted $ (0.00 ) $ (0.01 ) $ 0.01
Revenues
For the six months ended
Cost of Sales
Our cost of sales were
Gross Profit
Our gross profit was
Operating expenses
Our operating expenses were
We anticipate that our cost of revenues will increase in 2022 and for the foreseeable future as we continue to build out our waste management services and identify acquisition opportunities in the waste and recycling sector.
35 Loss from Operations
The Company's loss from operations increased to
Other Income (Expense)
Other income (expense) decreased to (
Net Loss
For the six months ended
Liquidity and Capital Resources
Working Capital
June 30, December 31,
2022 2021
Current Assets $ 139,788 $ 231,280
Current Liabilities 5.824,212 5,992,412
Working Capital (Deficit) $ (5,684,424 ) $ (5,761,132 ) At
At
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