Totally Green, Inc. (PINKSHEETS: TLGN), a
pioneer in organic food processing systems and compostable
packaging alternatives, reported results for the first quarter
ended March 31, 2012.
Q1 2012 Operational Highlights
- New ORCA Green™ Machine installations totaled eight machines in
the first quarter of 2012, versus five in the previous quarter and
seven in the same year-ago quarter.
- ORCA Green Machine continued to provide on-site, rapid
composting of most organic material at more than 45 institutional
and commercial sites nationwide, including in commercial kitchens
and food processing plants. The resulting liquefied compost was
then either returned to the soil as nourishment or released to a
sewer system, rather than filling landfills.
- ORCA Green Machines trial program maintains a 100% sales
conversion rate of pilot-to-sales during the quarter, as compared
to a 90% conversion rate since initial product roll-out in Q3 of
2010.
- All current production models of the ORCA Green Machine were
approved to carry the ETL certification mark, which represents a
globally recognized standard that ensures consumers of product
quality and safety. The certification involved an extensive process
where the company's manufacturing facility and ORCA Green Machines
were subjected to multiple inspections and tests. This
certification was subsequently instrumental in placing machines at
additional locations in the U.S. and Canada.
Q1 2012 Major Client Wins for the ORCA Green
Machine In the first quarter of 2012, the company recorded
multiple ORCA Green Machine sales wins and test pilots across its
target industry verticals:
- The Marine Corps Air Ground Combat Center at Twentynine Palms,
California installed its first ORCA Green Machine. The installation
is serving as a test pilot not only for additional installations on
this base, but also for wider potential adoption by the U.S. Dept.
of Defense for other military bases and the Pentagon.
- Lowes Improvement Center of Albuquerque, New Mexico purchased
its first ORCA Green Machine to process food-based organic wastes
produced by more than 600 employees at its new customer support
center.
- Costco Wholesale purchased its second ORCA Green Machine for
use in its Houston, Texas warehouse.
- AFLAC purchased an ORCA Green Machine for its corporate
headquarters in Columbus, Georgia to support its SmartGreen
philosophy. With more than 8,200 employees worldwide, the
installation supports AFLAC's mission to find innovative ways to
reduce its environmental impact.
- Reasor's grocery chain slated two additional locations for
deployment of an ORCA Green Machine. The chain has 15 locations and
two convenience stores that employ nearly 3,000 people across
Northeastern Oklahoma.
- Royal Caribbean Cruises purchased two ORCA Green Machines after
a successful six-month pilot trial on a cruise ship based out of
Miami, Florida. With 42 ships in service and several more under
construction, Royal Caribbean controls 24% share of the world
cruise market.
- Totally Green entered the international markets with purchase
agreements from key Canadian companies. Subsequent to the end of
the quarter, a machine was placed into operation at the Scarborough
Town Centre shopping mall in Toronto, Ontario.
- The Federal Bureau of Prisons/USP Hazelton purchased its first
ORCA Green Machine, which shipped in May.
Management Commentary "The first quarter
of 2012 was highlighted by many new high-profile ORCA Green Machine
installations, as we advanced the national as well as now
international roll-out of our revolutionary ORCA Green Machine,"
said Nate Baker, president and interim CFO of Totally Green. "Our
pilot trial program continued to open doors and generate
conversions across our target verticals, which includes government,
convention center, hospital, hospitality, retail and higher
education markets.
"This momentum has continued into the second quarter, especially
after the ETL certification that we received in April. The ETL
certification is now opening doors to some of the largest consumer
companies in the United States and Canada. In fact, the ETL
certification has solidified many RFPs in Canada, which maintains
more stringent product safety standards than the U.S. It has also
helped to convert several existing pilot trials, as well as
initiate others among the numerous institutional and commercial
prospects in our pipeline.
"Our increasing market penetration is being driven not only by
the ETL-certified, high-ROI aspects of our ORCA Green Machine but
by the intensifying waste reduction and sustainability initiatives
of federal and local government agencies as well as the private
sector. This is being reflected in food waste bans and new
composting regulations which are being increasingly enacted, and
which are then being enthusiastically supported by businesses and
institutions seeking to 'Go Green.'
"While there is certainly increasing excitement pervading our
industry, there has been also much excitement occurring internally
at Totally Green. As we mentioned previously, we are currently
engaged in the process of forming a new major partnership that
could totally transform Totally Green, including introducing a new
business model which would allow us to better address the worldwide
market for the ORCA Green Machine. Meanwhile, we are continuing to
advance toward our initial SEC filings, and this is still planned
to coincide with an up-listing to the OTCQX stock exchange.
"As always, we appreciate the continued support of our
shareholders as we transition from a developmental stage company to
full commercialization with our ORCA Green Machine and Ingeo™ Green
Bottle Spring Water. As we arrive at the end of the first half,
2012 is shaping up to be another strong year for Totally
Green."
Q1 2012 Financial Results Revenue in the
first quarter of 2012 was $146,284 versus $199,238 in the same
year-ago quarter. The decrease in revenue was primarily attributed
to the process associated with obtaining the ETL certification
during the first quarter, which resulted in temporary delays in
sales and order shipments.
"While we report these financials to provide transparency to our
shareholder, it is important to recognize that at this stage of our
development and product release our financial results are not the
best indicators of our performance," noted Baker. "As a development
stage company emerging into initial commercial sales of a
revolutionary product, our focus has been on educating our target
customer base and gaining footholds in each our target verticals.
Given how we have been successfully penetrating these verticals,
which include a number of Fortune 100 customers and major
government agencies, we believe we are setting the stage to
translate this into significant revenue growth and profitability in
coming quarters."
Gross profit was $58,394 or 39.9% of revenue in the first
quarter, as compared to gross profit of $81,854 or 41.1% of revenue
a year ago.
Net loss was $360,237, as compared to a net loss of $252,100 in
the same year-ago quarter. The first quarter 2012 net loss included
depreciation and amortization costs of $153,182 versus $129,247 in
the same year-ago quarter.
Cash and cash equivalents at March 31, 2012 totaled $105,493,
versus $99,186 at December 31, 2011.
About Totally Green Totally Green, Inc.
develops, manufactures, and markets the company's ORCA Green™
Machine and markets the Ingeo™ Green Bottle Spring Water. 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 either
returned to the soil as nourishment or 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. Both products offer businesses and
consumers innovative and affordable solutions for food &
beverage by-product disposal. 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. All statements relating to the
Company's plans to upgrade its listing to OTCQX, to becoming a
reporting company, and other plans are subject to risks and
uncertainties beyond the Company's control. 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.
CONDENSED BALANCE SHEET
ASSETS
March 31, December 31,
2012 2011
(Unaudited) (Unaudited)
------------ ------------
Current Assets
Cash & Cash Equivalents 105,493 99,816
Temporary Investments - Restricted 25,000 25,000
Trade Accounts Receivable, net 146,961 116,157
Accounts Receivable - Other 19,000 20,000
Prepaid Expenses 350,000 350,000
Inventory 314,732 222,824
------------ ------------
Total Current Assets 961,186 833,797
------------ ------------
Property and Equipment
Furniture and Fixtures 1,620 1,620
Machinery and Equipment 43,780 43,780
Accumulated Depreciation (10,890) (9,013)
------------ ------------
Property and Equipment, net 34,510 36,387
------------ ------------
Intangible Assets, net 630,815 659,616
Prepaid Marketing Fees 962,550 1,050,050
Other Assets 13,527 13,527
Discontinued Operations - Assets 445,135 480,139
------------ ------------
Total Assets 3,047,723 3,073,516
============ ============
LIABILITIES AND EQUITY
March 31, December 31,
2012 2011
(Unaudited) (Unaudited)
------------ ------------
Current Liabilities
Accounts Payable 101,112 157,876
Related Party Payables 122,587 61,635
Accrued Interest 101,955 76,928
Dividends Payable 128,000 128,000
Fees Payable 54,727 153,780
Other Liabilities 13,580 9,299
------------ ------------
Total Current Liabilties 521,961 587,518
------------ ------------
Fees Payable - Long-Term 203,494 203,494
Related Party Line of Credit 2,250,000 1,850,000
------------ ------------
Total Liabilities 2,975,455 2,641,012
------------ ------------
Equity
Common Stock - $0.001 Par Value, 750,000,000
shares authorized 625,777,894 and 587,732,546
shares issued and outstanding 625,778 625,778
Preferred Stock
Series A - $0.001 Par Value 1,900,000 shares
authorized, issued and outstanding 1,900 1,900
Series B - $0.001 Par Value, 3,000 shares
authorized, issued and outstanding 3 3
Additional Paid in Capital:
Common Stock 4,715,373 4,715,373
Preferred Stock - Series A 55,100 55,100
Preferred Stock - Series B 1,149,997 1,149,997
Retained Earnings (Deficit) (6,475,883) (6,115,647)
------------ ------------
Total Equity 72,268 432,504
------------ ------------
Total Liabilities and Equity 3,047,723 3,073,516
============ ============
TOTALLY GREEN, INC.
CONDENSED STATEMENTS OF OPERATIONS
Three Months Three Months
Ended Ended
March 31, March 31,
2012 2011
(Unaudited) (Unaudited)
------------ ------------
Net Sales 146,284 199,238
Cost of Goods Sold 87,890 117,384
------------ ------------
Gross Profit 58,394 81,854
Selling, General and Administrative Expenses 525,228 378,994
------------ ------------
Loss on Continuing Operations (466,834) (297,140)
------------ ------------
Other Income (Expenses)
Other Income 132,398 48,000
Interest Expense (25,801) (2,960)
------------ ------------
Total Other Income (Expenses) 106,597 45,040
------------ ------------
Net Loss Attributable to Common Stockholders (360,237) (252,100)
============ ============
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Company Contact: Nate Baker President & Interim CFO
Totally Green, Inc. Tel 918-619-9700 Investor Relations
Contact: Liolios Group, Inc. Scott Liolios or Chris Tyson Tel
949-574-3860
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