Full resources of its new acquisition LES Environmental Services is brought to bear

DEEP GREEN Waste & Recycling, Inc (OTCMKTS:DGWR)

SAINT SIMONS ISLAND, GEORGIA, USA, October 10, 2022 /EINPresswire.com/ -- 2Q Financial Highlights

Quick highlights from 2nd Quarter 10Q SEC Filing

DGWR realized important year-over-year increases in revenues and operations as the full resources of its new acquisition LES Environmental Services is brought to bear. Considerable efforts are being taken to manage the day-to-day operations of both LES Environmental Services as well as AMWASTE Rolloffs of the Golden Isles as we work to improve systems and processes. Bottom line financial results are heavily impacted by non-cash expenses, some of which are detailed below.


• Revenues

o YoY
 6 months 2022 vs 2021 427,615 vs 76,265 this was driven entirely by the fact that LES was not part of the mix last year. Full year Amwaste was $98,508 and 76,265 respectively and that difference was the result of the 2021 not being a full year as we purchased Amwaste in mid-February of 2021
 3 months 2022 vs 2021 207,874 vs 51,428 this was driven entirely by the fact that LES was not part of the mix last year

o QoQ
 2022 $219,741 Q1 vs $207,874 Q2; essentially flat and a little less than management expectations but our pipeline is building as we win bids. Stay tuned for 3Q results which will be released in the next 4-6 weeks.

• Noncash expenses
o S &W – 2022 P&L reflects $218K in Officer compensation, $146K of which was stock-related incentives. This included a mix of contractual compensations that were accrued but not paid. Virtually all of this compensation was noncash.
o Derivative Income/Expenses – also noncash. A derivative is a security with a price that is dependent upon or derived from one or more underlying assets. In this case, our stock price. The convertible notes which have funded the acquisitions that have made us viable again are subject to derivative calculations. These expenses can be large vary greatly from period to period, but they are indeed noncash functions which can be tracked on the Cashflow Statement.
o Loss on note Conversions - $231K is a noncash expense
o Interest Expense and amortization of debt discounts - $852k of the category total $953k is amortization of debt discount which is a noncash expense
• Other Non-operating expense
o Pubco Costs – it is expensive to run a publicly traded company. Our experience shows that it costs a minimum of $150k-200k per year and that can only be achieved with the management team preparing a large burden of the compliance. We realize this cost, as a percentage of revenue, is not commensurate with our current revenue run rate but the management team is focused on the long view benefits of a public company. As we reach and pass our stated revenue goals the pubco costs as a percentage of revenue will fall in line.

Deep Green Waste & Recycling, Inc. (OTC:DGWR) is a waste, recycling and remediation services company 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. The Company has two operating subsidiaries: - Amwaste : https://www.callamwaste.com/ - Lyell Environmental Services : https://www.lyellenvironmentalservices.com/ For more information, visit: https://www.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.

DGWR - Investor Relations
DEEP GREEN Waste & Recycling, Inc
+1 833-304-7336
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