Totally Green Inc. (PINKSHEETS: TLGN) ("TG" or the "Company"), an
innovator in organic food waste processing and diversion, reported
results for the quarter and year ended December 31, 2012.
Total revenue was $346,236 for the year ended December 31, 2012,
compared to $815,325 for year ended December 31, 2011. The decline
in revenue is a result of the shift from a "Unit Sales" model to a
"Service as a Solution" model, in which the Company's revenue is
based on monthly service fees and not sales. ORCA service fees were
$19,600 for the fourth quarter, compared to $7,200 in the third
quarter.
Net loss was $4,566,373 for the year. Of this loss, $410,000
related to transaction closing costs related to the new investment
of $5,000,000 in the Company and $1,839,601 relating to the
write-down of assets from discontinued operations and marketing
rights associated with non-core markets. The balance of $2,316,772
is loss associated with other operating and ongoing expenses of the
Company.
Cash and cash equivalents totaled $733,411 at December 31, 2012
and total liabilities for the company were $208,557.
Fiscal 2012 Operational Highlights
During the year, the Company completed a transaction to secure a
$5 million equity investment and a $15 million equipment finance
line to support the growth of the business under its previously
announced Service as a Solution model. In conjunction with the
transaction, the Company has made changes to its management team
and board of directors. The equity injection was used to pay down
the Company's previous line of credit, cover transaction costs and
provide working capital to support the expansion of the
business.
The equity infusion and managerial changes were driven by a
refocusing of the strategy of the Company. Going forward, TG will
only offer the ORCA and its waste disposal services for a recurring
monthly fee on a contracted basis. This Service as a Solution model
is sold under long term agreements and includes the supply of our
proprietary organisms, maintenance and any repairs required to keep
the ORCA operational and ensure it is processing food waste at its
prescribed capacity.
We installed 2 units during the quarter as we made modifications
to the look and functionality of the equipment. During the quarter
we signed 11 new customers to trials and will begin installs once
we receive the units during Q1 of 2013.
The Company has continued to focus on the Toronto market as we
refine our processes to serve customers under the Service as a
Solution model before expanding across North America. The initial
results have been promising as we have installed 9 trial units
since August. The majority of these unit installations are not yet
generating revenue as customers are still under the free service
period offered to allow them to experience the benefits of our
service. We are already receiving monthly service fees on 6 units
that were installed in the second and third quarters of 2012. We
believe these results are promising given TG had 37 units in
service throughout the United States prior to the change in
business model.
Management Commentary
"Since the acquisition, we've made great strides by putting the
infrastructure in place that is required to expand the business
model into other cities," said Shawn Dym, CEO of Totally Green. "We
have been getting a positive response in the marketplace, and
strong commitments from customers for trial placements, and we
continue to build on this momentum. ORCA service fees were up 172%
over last quarter. This is on a small base, but unit and service
fee growth will be determinants of our future success."
"Our placement of ORCA machines slowed in the fourth quarter as
a result of aesthetic and mechanical improvements we've implemented
which slowed production. We feel these improvements will make
customers more receptive to our machines, and will extend the
useful life. We're confident that these changes have positioned us
to grow more aggressively in the coming years"
"We continue to be pleased with our new operating model, and
still plan to expand our service model into other major centers in
North America in 2013, with initial expansion happening in the
first half of the year."
About Totally Green Totally Green, Inc.
develops and markets the company's ORCA Green™ Machine. The ORCA
(Organic Refuse Conversion Alternative) machine allows for rapid
composting of most organic material in institutional and commercial
end-user applications, after which the liquid compost is disposed
of through the ordinary sewer system. The machine creates
meaningful cost savings for customers while diverting food waste
from landfills and reducing methane gas production. For more
information, please visit www.totallygreen.com.
Important Cautions Regarding Forward-Looking
Statements This press release contains "forward-looking
statements." Forward-looking statements are statements concerning
plans, objectives, goals, strategies, expectations, intentions,
projections, developments, future events, or performance,
underlying (expressed or implied) assumptions and other statements
that are other than historical facts. These forward-looking
statements are only predictions. No assurances can be given that
such predictions will prove correct. Actual events or results may
differ materially. Forward-looking statements should be read in
light of the cautionary statements and risks that include, but are
not limited to, the risks associated with a small company, our
comparatively limited financial resources, the uncertainty of
market trends, the competition faced from other current and future
technologies and the uncertainties of competitive pressures we
face. These or other risks could cause actual results to differ
materially from the future results indicated or implied in such
forward-looking statements. We undertake no obligation to update or
revise such statements.
TOTALLY GREEN INC.
BALANCE SHEETS
December 31, December 31,
2012 2011
Unaudited Unaudited
-------------- --------------
ASSETS
CURRENT ASSETS
Cash & Cash Equivalents 733,411 99,816
Temporary Investments - Restricted 25,000 25,000
Trade Accounts Receivable, net 60,723 116,157
Accrued Receivables 4,754 -
Accounts Receivable - Other - 20,000
Prepaid Expenses 8,637 350,000
Inventory 16,894 222,824
Deposits 7,529 -
-------------- --------------
Total Current Assets 856,948 833,797
-------------- --------------
PROPERTY & EQUIPMENT
Furniture and Fixtures 24,516 1,620
Machinery and Equipment 413,700 43,780
Accumulated Depreciation - 12,012 - 9,013
-------------- --------------
Property and Equipment, net 426,204 36,387
-------------- --------------
Intangible Assets, net - 659,616
Prepaid Marketing Fees - 1,050,050
Other Assets - 13,527
Discontinued Operations - Assets - 480,139
TOTAL ASSETS $ 1,283,152 $ 3,073,516
============== ==============
December 31, December 31,
2012 2011
Unaudited Unaudited
-------------- --------------
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable 167,740 157,876
Accrued Interest - 76,928
Related Party Payables - 61,635
Dividends Payable - 128,000
Fees Payable - 153,780
Other Liabilities 40,817 9,299
-------------- --------------
Total Current Liabilities 208,557 587,518
-------------- --------------
Fees Payable - Long-term - 203,494
Related Party Line of Credit - 1,850,000
-------------- --------------
Total Liabilities 208,557 2,641,012
-------------- --------------
EQUITY
Common Stock - $0.001 Par Value, 750,000,000
shares authorized 13,825,070 and 6,257,779
shares issued and outstanding 13,825 6,258
Preferred Stock:
Series A - $0.001 Par Value 1,900,000
shares authorized, issued and outstanding - 1,900
Series B - $0.001 Par Value 3,000 shares
authorized, issued and outstanding - 3
Series C - $0.001 Par Value 50,000 shares
authorized, issued and outstanding 50 -
Series E - $0.001 Par Value 12,000 shares
authorized, issued and outstanding 12 -
Series F - $0.001 Par Value 7,000 shares
authorized, issued and outstanding 7 -
Additional Paid in Capital:
Common Stock 6,308,633 5,334,893
Preferred Stock - Series A - 55,100
Preferred Stock - Series B - 1,149,997
Preferred Stock - Series C 4,499,950 -
Preferred Stock - Series E 700,603
Preferred Stock - Series F 233,535
Retained Earnings ( Deficit) -10,682,020 - 6,115,647
-------------- --------------
Total Equity 1,074,595 432,504
-------------- --------------
TOTAL LIABILITIES and EQUITY $ 1,283,152 $ 3,073,516
============== ==============
TOTALLY GREEN INC.
STATEMENT OF OPERATIONS
Oct - Dec Oct - Dec Jan - Dec Jan - Dec
2012 2011 2012 2011
----------- ----------- ----------- -----------
Net Sales 39,355 121,043 319,436 716,193
Cost of Goods Sold - 165,490 350,012 414,232
----------- ----------- ----------- -----------
Gross Profit 39,355 - 44,447 - 30,576 301,961
ORCA Service Fees 19,600 - 26,800 -
Other Income 2,000 211,703 115,538 272,359
Operating Expenses
Selling, general and
administrative expenses 523,918 982,855 4,440,263 2,460,556
----------- ----------- ----------- -----------
Total Operating Expenses 523,918 982,855 4,440,263 2,460,556
----------- ----------- ----------- -----------
Operating Loss - 462,963 - 815,599 - 4,328,501 - 1,886,236
----------- ----------- ----------- -----------
Other Incomes /(Expenses)
Other Income - 93,857 - - -
Loss on Investment 4,670 - - -
Impairment of asset held
for sale - - 35,756 - - 35,756
Discontinued Operation Loss - 167,604 - 167,604 - 62,695
Interest Income / Expense 112 - 65,874 - 70,268 - 75,867
----------- ----------- ----------- -----------
Total Other Income /
(Expense) - 256,679 - 101,630 - 237,872 - 174,318
----------- ----------- ----------- -----------
Net Loss Attributable to
Common Stockholders - 719,642 - 917,229 - 4,566,373 - 2,060,554
=========== =========== =========== ===========
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Shawn Dym Chief Executive Officer Totally Green, Inc. Tel
416-221-9066
Ever Harvest (CE) (USOTC:TLGN)
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Ever Harvest (CE) (USOTC:TLGN)
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から 1 2024 まで 1 2025
