Fri, Sep 13, 6:56 PM (297 days ago)
Deep Green Waste & Recycling, Inc. reported a significant improvement in its financial performance for Q2 2024 compared to Q2 2023, with revenues increasing to $311,029 from $196,531, primarily driven by growth in asbestos and radon remediation services. Gross profit surged to $237,837, reflecting a gross margin improvement. Despite a reduction in operating expenses from $1,117,597 to $436,191, the company still reported an operating loss of $198,354, though this was substantially better than the prior year's loss of $961,657. Net loss for the six months ended June 30, 2024 was $42,700, a notable decrease from $1,273,589 in 2023. The company’s liquidity remains a concern, with current liabilities of $4,455,694 against current assets of $402,246, leading to a negative working capital of $4,053,448. The company has expressed substantial doubt about its ability to continue as a going concern, highlighting the need for additional funding to sustain operations and fulfill obligations. Future financing strategies may include equity issuance and partnerships, but the company faces significant risks in executing these plans.