Deep Green Waste & Recycling, Inc. reported significant financial developments for the six months ended June 30, 2024, compared to the same period in 2023. The company achieved revenues of $653,354, marking a substantial increase of 87% from $348,603 in the prior year, primarily driven by growth in asbestos and radon remediation services. The gross profit also saw a notable rise, reaching $508,579, up 97% from $258,470 in 2023.
Operating expenses decreased significantly to $764,356 from $1,373,871, largely due to reduced non-cash stock compensation. Consequently, the operating loss improved to $(255,777) from $(1,115,401) year-over-year. The net loss for the period was $(42,700), a dramatic reduction from $(1,273,589) in 2023, reflecting a year-over-year improvement of approximately $1.2 million.
The company’s cash position deteriorated, with cash decreasing to $69,438 as of June 30, 2024, down from $318,441 at the end of 2023. Total current assets also fell to $402,246 from $1,193,986, while total liabilities decreased to $4,616,660 from $5,421,592. The accumulated deficit increased slightly to $(13,104,277) from $(13,061,577).
In terms of strategic developments, Deep Green sold substantially all assets of its subsidiary DG Research Inc. for $175,000 in March 2024, which allowed the company to streamline operations and improve cash flow. The company continues to face challenges, including a significant amount of accounts payable totaling $2,883,824, which includes $487,615 in default judgments.
The company has expressed substantial doubt about its ability to continue as a going concern through September 2025, primarily due to ongoing negative cash flows and reliance on external funding. Future plans include securing additional funding through corporate partnerships, licensing agreements, and potential equity or debt offerings.
As of June 30, 2024, Deep Green's total assets were reported at $1,273,910, with a stockholders’ deficit of $(3,342,750). The company is actively seeking to expand its service offerings in sustainable waste management and is exploring potential acquisitions to enhance its business model.
About Deep Green Waste & Recycling, Inc.
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