Company improves balance sheet by eliminating over $600,000 in notes payable
WOODINVILLE, WA / ACCESSWIRE / November 15, 2021 /Deep Green Waste & Recycling Inc. (OTCQB:DGWR), a waste, recycling and remediation services company for commercial customers, today announces its financial results for the third quarter and nine months ended Sept. 30, 2021.
For the three months ended Sept. 30, 2021 ("the 2021 Period"), Deep Green reported net income of $268,576, a positive change of $469,408, compared to a loss of $(200,832) reported in the third quarter of 2020 ("the 2020 Period"). Deep Green also reported operating revenue of $43,915 and gross profit of $13,985 for the third quarter of 2021, compared with $0 in the 2020 Period.
"We are pleased with our third-quarter performance and the ability to reduce liabilities overall by over $400,000 since the beginning of the year," said Deep Green CEO Lloyd Spencer. "We expect further improvements in the fourth quarter as the Company realizes revenue and gross profit gains as a result of acquiring Lyell Environmental Services in October 2021 and accelerating its growth, as well as from the continued development of our waste hauling operations at Amwaste."
Operating expenses were $203,275 during the 2021 Period, which increased 59.7% from $127,255 during the 2020 Period. As a result, the Company reported an operating loss of $189,290 during the 2021 Period, which increased 48.7% from $127,255 during the 2020 Period.
For the nine months ended Sept. ("the 2021 Nine Month Period"), Deep Green reported revenues of $120,180, compared with $0 for the nine months ended Sept.30, 2020 ("the 2020 Nine Month Period"), and gross profit of $62,085 in the 2021 Nine Month Period, compared with $0 in the 2020 Nine Month Period.
In addition to realizing a gross profit from operations, the Company was able to realize a gain on write off of notes payable of $652,559 in notes payable.
"This are exciting times for Deep Green as we continue to invest in our businesses and grow them, continue our acquisition strategy, refine and clone their cash generation efficiencies, and fully develop our operating markets," Spencer concluded.
About Lyell Environmental Services, Inc.
Lyell Environmental Services, Inc. is an established commercial environmental and ecological testing services company based in Nashville, Tennessee. For more information, visit: https://www.LyellEnvironmentalServices.com/
Amwaste is a wholly owned subsidiary of Deep Green Waste & Recycling that serves the Golden Isles region of coastal Georgia. For more information, visit: https://www.CallAmwaste.com.
About Deep Green Waste & Recycling, Inc.
Deep Green Waste & Recycling, Inc. (OTC:DGWR) is a waste, recycling and remediation services which provides sustainable waste, recycling, and remediation services, and helps commercial customers realize cost-savings using streamlined processes that help manage, reduce, and recycle waste streams. For more information, visit: https://DeepGreenWaste.com.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
For information, please contact:
Lloyd Spencer, President
Deep Green Waste & Recycling, Inc.
13110 NE 177th Place, #293
Woodinville, WA 98072
Phone: (833) 304-7336 / (833) 30-GREEN
SOURCE:Deep Green Waste & Recycling, Inc.
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