Deep Green Waste & Recycling, Inc. reported significant financial challenges in its 10-Q filing for the third quarter and nine months ended September 30, 2024. The company experienced a substantial decline in revenues, with Q3 2024 revenues at $183,683 compared to $866,074 in Q3 2023. For the nine-month period, revenues decreased to $837,037 from $1,214,677 in the prior year. This decline in revenue was accompanied by a decrease in gross profit, which fell to $635,621 from $984,947 year-over-year.
Despite the drop in revenue, the company reported an improvement in operating loss, which narrowed to $(537,095) for the nine months ended September 30, 2024, compared to $(762,249) for the same period in 2023. The net loss for the nine months also improved to $(422,459) from $(1,499,679) in the previous year, reflecting a significant reduction in losses.
Total current assets plummeted to $208,239 as of September 30, 2024, down from $1,193,986 at the end of 2023. Cash reserves also decreased sharply to $58,488 from $318,441. Conversely, total current liabilities decreased to $4,374,702 from $5,421,592, resulting in a negative working capital of $(4,166,463).
The company undertook strategic actions, including the sale of substantially all assets of its subsidiary DG Research Inc. for $185,000 in March 2024, which aimed to streamline operations and improve cash flow. Additionally, Deep Green has been actively seeking to expand its service offerings and acquire profitable waste and recycling companies to enhance its market position.
The company’s accumulated deficit increased to $(13,484,036) as of September 30, 2024, compared to $(13,061,577) at the end of 2023. The total stockholders’ deficit also widened to $(3,499,270) from $(3,300,050).
Deep Green's financial position raises concerns, as independent auditors have expressed substantial doubt about the company's ability to continue as a going concern through November 2025. The company is exploring additional funding sources and partnerships to support its operations and growth plans, which include innovative recycling services and potential mergers or acquisitions.
About Deep Green Waste & Recycling, Inc.
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