Tue, Jun 18, 10:50 AM (125 days ago)
Deep Green Waste & Recycling, Inc. reported financial results for the quarter ended March 31, 2024. The company saw a significant increase in revenue, up to $342,325 from $178,763 in the same quarter of 2023, driven primarily by increased asbestos and radon remediation services. Despite this revenue growth, the company posted a net loss of $10,680, an improvement from the $210,524 loss in Q1 2023. Operating expenses rose to $328,165, reflecting staff additions and facility expansion, partially offset by favorable bad debt adjustments. The company's cash flow from operations was positive at $254,849, largely due to improved accounts receivable. However, the company continues to face liquidity challenges with negative working capital of $4,091,772 and significant accounts payable and debt obligations. The company aims to raise additional capital to expand operations and maintain SEC filing compliance. The recent sale of its Amwaste subsidiary provided $175,000 in proceeds, aiding cash flow. Management remains focused on securing further funding and managing liabilities to sustain operations.