Deep Green Waste & Recycling, Inc. (OTCQB: DGWR) is a waste and remediation company which provides sustainable waste and recycle management services, and helps commercial customers realize cost-savings using streamlined processes that help reduce, re-purpose and recycle waste. The Company recently announced its first revenues since the company was re-launched in early 2020 when the company filed an S-1 registration statement with its investment partners.
Deep Green Waste & Recycling is re-launched its business in 2020 and plans to:
- Acquire profitable commercial waste and recycling services companies that will grow the Company’s revenues and profits.
- Establish partnerships with innovative universities and companies that can help the Company offer affordable recycling services that significantly reduce the disposal of plastics, electronic wastes, food wastes, and hazardous wastes.
- Attract investment funds who will actively work with the Company to achieve these goals and help the Company grow into a leading waste and recycling services supplier in North America.
Deep Green Waste & Recycling has been establishing strategic relationships with institutional investors that offer substantial and longer-term financing solutions that would help the Company achieve its acquisition strategy.
Working with our strategic investors, the Company shall use these investments to:
- Grow Amwaste by expanding the customer base and acquiring assets that will help grow business.
- fund marketing campaigns that will help grow Amwaste’s business and the Company’s shareholder base.
Speaking with SmallCapVoice’s Stuart Smith, Lloyd Spencer, President and CEO of Deep Green Waste & Recycling, described the moves made in 2020 and early in 2021 that have built a foundation for future growth with the ability to continue to grow by establishing strategic relationships with institutional investors that offer substantial and longer-term financing solutions. The goal of these financings will be to acquire additional profitable waste and remediation services companies in the Southeast United States.
“The Company restarted its business last year. In August of 2020 we announced a an LOI to acquire Amwaste, Inc. We completed that acquisition in March of 2021. Now, Amwaste is up and going with DGWR and offering services to communities in Georgia like Brunswick and St. Simon’s Island. The Company is profitable and growing and it is important to note that this is a business that has been in operations well over ten years.” He stated. “If you look at our 10Q you will see that we recorded our first quarter of revenues with Amwaste and you will see the growth. You will also see in that 10Q that we were able to remove the Company’s “shell risk” designation from OTC Markets.”
Q1 2021 Financial Results:
- Deep Green Waste & Recycling posted revenues of $24,837 for the three-month period ending March 31, 2021 compared to $0 for the same period a year ago.
- Gross Profit for the for the three-month period ending March 31, 2021 increased to $17,816 for the quarter compared to $0 for the same period a year ago. The gross profit percentage for this three-month period was 71.8%.
- Operating Expenses were $149,525 for the three-month period ending March 31, 2021 as compared to $94,051 for the same period a year ago, an increase of $59.0%.
- Loss from Operations increased 40.0% to $131,709 for the three-month period ending March 31, 2021, compared to $94,051 for the same period last year.
- Net loss for the three-month period ending March 31, 2021, was ($328,138) compared to a net loss of ($131,556) for the same period a year ago, an increase of 149.4%. The increased net loss was primarily due to an increased derivative liability expense of $157,936 for the three-month period ending March 31 compared with $12,703 for the same period a year ago, an increase of 1,143.3%.
“We are very pleased with our first quarter 2021 results and with the Amwaste asset acquisition,” said Lloyd Spencer, President and CEO of Deep Green Waste & Recycling. “We anticipate continued growth by acquiring profitable waste and remediation services companies in the Eastern United States, and growing Amwaste’s business by expanding its customer base and acquiring equipment assets.”