SOURCE: Totally Green, Inc.

Totally Green, Inc.

August 30, 2013 08:00 ET

Totally Green Reports Second Quarter 2013 Results

TORONTO, ON--(Marketwired - Aug 30, 2013) - Totally Green Inc. (PINKSHEETS: TLGN) ("TG" or the "Company"), an innovator in organic food waste processing and diversion, reported results for the quarter ended June 30th, 2013.

Total revenue was $161,519 for the quarter ended June 30, 2013, compared to $289,270 for the quarter ended June 30, 2012. ORCA service fees were $78,920 for the second quarter, compared to $54,855 in the first quarter.

Q2 2013 Operational Highlights

The quarter was busy with install activity, as we installed 22 new ORCA machines on the Service as a Solution model.

Although primary focus has remained on the Toronto market, we feel the timing was right for further expansion, and we successfully launched operations in a major U.S. market in June. Initial results look promising, and we are confident that this business model will be replicable in many other markets.

Management Commentary

"I am pleased with the performance this quarter, and I'm particularly pleased with our initial results in the U.S." said Shawn Dym, CEO of Totally Green. "We expect our U.S. entry to start contributing more significantly to new ORCA machine placements later this year. We also hope to launch in one or two more large U.S. market before the end of the year, which will primarily start to contribute to ORCA placements in 2014."

"We continue to see the effectiveness of the new operating model, with ORCA service fees up nearly 45% over last quarter. The continued strengthening of this recurring revenue will add long term value to the business."

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.      
Consolidated statement of operations      
(In US dollars)      
    Three months ended June 30,  
    2013     2012  
    (unaudited)     (unaudited)  
    $     $  
             
Sales   82,599     253,925  
Service fees   78,920     2,000  
Other   -     33,345  
Gross sales   161,519     289,270  
Cost of goods sold   82,888     143,620  
Gross profit   78,631     145,650  
             
Operating expenses            
  Selling and marketing   73,633     18,382  
  General and administrative   473,555     311,135  
  Amortization and depreciation   22,747     153,181  
  Foreign exchange gain   (5,384 )   -  
  Interest expense   12,282     22,896  
    576,833     505,594  
             
Net loss   (498,202 )   (359,944 )
             
             
             
             
Totally Green, Inc.            
Consolidated balance sheet            
(In US dollars)            
    June 30,     December 31,  
    2013     2012  
    (unaudited)     (audited)  
    $     $  
             
Assets            
Current assets            
  Cash and cash equivalents   3,078,758     733,411  
  Trade receivables, net   115,119     60,723  
  Inventory   9,290     16,894  
  Temporary investments - restricted   55,000     25,000  
  Other receivables   79,534     4,754  
  Prepaid expenses and other current assets   30,984     16,166  
  Share subscription receivable   1,400,000     -  
    4,768,685     856,948  
             
Property and equipment   1,219,920     426,204  
    5,988,605     1,283,152  
             
Liabilities            
Current liabilities            
  Trade payables and other accrued liabilities   360,837     167,740  
  Current portion of loans payable   150,661     -  
  Deferred revenue   9,600     -  
  Other liabilities   46,281     40,817  
    567,379     208,557  
Loans payable   139,066     -  
    706,445     208,557  
             
             
Stockholders' equity            
Common stock   20,888     13,825  
Preferred stock            
  Series C   100     50  
  Series E   12     12  
  Series F   7     7  
Additional paid-in capital            
  Common stock   6,801,570     6,308,633  
  Preferred stock - Series C   8,999,900     4,499,950  
  Preferred stock - Series E   700,603     700,603  
  Preferred stock - Series F   233,535     233,535  
    16,756,615     11,756,615  
Accumulated deficit   (11,474,455 )   (10,682,020 )
    5,282,160     1,074,595  
    5,988,605     1,283,152  
             
             

Contact Information

  • Shawn Dym
    Chief Executive Officer
    Totally Green, Inc.
    Tel 416-221-9066