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Deep Green Waste & Recycling, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $837,037 from $1,214,677 in the same period the previous year. This decrease was attributed to the completion of a significant project in the previous year.
Cost of sales for the quarter was $201,416, compared to $229,730 in the same period of the previous year. The company reported a gross profit of $635,621, down from $984,947 in the previous year.
Operating expenses decreased to $1,172,716 from $1,747,196, primarily due to a reduction in non-cash stock compensation expenses.
The company reported an operating loss of $537,095, compared to $762,249 in the previous year.
Net loss for the quarter was $422,459, down from $1,499,679 in the previous year. The decrease in net loss was attributed to a reduction in other expenses, including a non-cash derivative calculation adjustment.
Cash provided by operating activities was $275,136, while cash provided by investing activities was $151,275, primarily from the sale of assets.
Cash used in financing activities was $686,364, reflecting repayments of previous funding.
Deep Green had a working capital deficit of $4,166,463 as of September 30, 2024. The company acknowledges its dependence on additional funding to meet future obligations.
The filing details various financial agreements, including convertible promissory notes with Quick Capital, LLC and BHP Capital NY Inc.
Deep Green continues to focus on expanding its service offerings and acquiring profitable waste and recycling services companies.
The company identified a need for additional capital to expand operations and remain current in its filings with the SEC.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Deep Green Waste & Recycling Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.