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Share Name | Share Symbol | Market | Type |
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Ever Harvest International Group Inc (CE) | USOTC:TLGN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.0003 | 0.00 | 01:00:00 |
Q1 2011 Operational Highlights
Q1 2011 Summary of Financial Results Revenue in the first quarter of 2011 was $247,000, compared to $29,000 in the same year-ago quarter, as the company emerges from its development stage. The increase in revenue was primarily due to improving sales of the company's ORCA Green Machine, as well as by recurring related supply revenue.
Gross profit in the first quarter of 2011 was $130,000 or 53% of revenue, as compared to 22,000 or 76% of revenue in the same year-ago quarter.
Net loss in the first quarter of 2011 was $252,000 or $(0.00) per share, as compared to $52,000 or $(0.00) per share in the same year-ago quarter. The first quarter 2011 net loss included depreciation and amortization costs of $129,000, versus $3,000 in the first quarter of 2010.
Cash at March 31, 2011 totaled $145,000, an increase from $43,000 at December 31, 2010. The increase is primarily due to cash generated by new product sales. Totally Green has a $2 million line of credit designated for operations, of which the company used $855,000 at the end of the first quarter.
Financial Guidance For the second quarter of 2011, the company expects revenues of $250,000 to $300,000.
Management Commentary "During the first quarter, Totally Green continued to transition from the developmental stage to increasing product commercialization," said Rob Phillips, president of Totally Green. "We installed nearly twice the number of our revolutionary ORCA Green Machines in the first quarter versus the previous quarter, and we're on track to double this again by the end of the current second quarter.
"As we continue through the first half of the year, we are continuing to expand our client base and key partnerships across a number of verticals. For example, our partnership with Nature's Fresh enables us to penetrate new markets more quickly and cost effectively, and expanded our sales force to more than 250 representatives. Our pilot program with Admiral Express Office Supply is also helping us to distribute our Green Bottle Spring Water across five markets in the U.S. These efforts are supported by the USDA's Certified Biobased Product label we received in Q1, and then earlier this month, our Green Bottle Spring Water received another validation as the USDA's 'BioPreferred Product-of-the-Month.'
"We continue to see tremendous opportunity in the federal market, and this outlook has been supported by the recent initial installation of our ORCA Green Machine at the U.S. Coast Guard base in Portsmouth, Virginia, and in the U.S. General Services Administration's Regional Office Building in Washington, D.C. Our efforts in the federal market have recently received a boost by our long-time friend and supporter, the former USDA's Assistant Secretary for Administration, Boyd K. Rutherford, joining us as a strategic advisor.
"Driven by rising sustainability mandates and the need to reduce disposal costs of organic wastes, we are also realizing increased interest across commercial markets. Our ORCA Green Machine was recently installed at the University of Texas Southwestern Medical Center and a major five-star hotel in Boston, as well as purchased by the BOK Center and Tulsa Convention Center. After successful testing periods and subsequent approval of technology, we are in advanced discussions for a number of new installations, including a multibillion-dollar retail supermarket chain and a national wholesale club. Although our primary focus is the U.S., we are also in discussions with several potential international clients as well.
"All-in-all, we achieved an excellent start to the year, with momentum building across the board, and we expect to report greater market penetration and product traction throughout the rest of 2011.
"I should also note that we are working toward becoming a fully reporting company by the end of the current second quarter, and we have retained Sartain Fischbein & Co., Tulsa's largest independent certified public accounting firm, to perform the requisite financial audit. This also represents our preparation for an up-listing on another stock exchange that would provide us greater liquidity and visibility in the financial markets."
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. 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. STATEMENT OF ASSETS, LIABILITES, AND EQUITY ASSETS March 31, December 30, 2011 2010 ----------- ----------- (unaudited) Current Assets Cash & Cash Equivalents $ 145,164 $ 42,538 Accounts Receivable 122,755 700 Inventory 182,044 1,691,666 Prepaid Consulting Fees 350,000 147,236 ----------- ----------- Total Current Assets 799,963 1,882,140 ----------- ----------- Property and Equipment Furniture & Fixtures 3,246 3,246 Equipment 989,586 989,952 Vehicles 60,874 60,874 Building 870,000 870,000 Building Improvements 33,789 33,789 ----------- ----------- Total Property and Equipment 1,957,495 1,957,861 Less, Accum Depreciation (908,425) (866,679) ----------- ----------- Total Property and Equipment 1,049,070 1,091,182 ----------- ----------- Other Assets Intangible - Totally Green, LLC 670,110 670,110 Loan Costs - 8,517 Accumulated Amortization - (8,517) Prepaid Consulting Fees 1,254,167 - Investments - Biocor 30,000 20,000 ----------- ----------- Total Other Assets 1,954,277 690,110 ----------- ----------- Total Assets $ 3,803,310 $ 3,663,432 =========== =========== TOTALLY GREEN, INC. STATEMENT OF ASSETS, LIABILITES, AND EQUITY LIABILITIES AND EQUITY March 31, December 30, 2011 2010 ----------- ----------- Current Liabilities Accounts Payable $ 287,945 $ 150,622 Sales Tax Payable 1,738 - Customer Deposits 17,301 27,962 Notes Payable - Line of Credit A two million dollar line of credit in favor of Totally Green Inc. is designated for operations 855,358 603,008 ----------- ----------- Total Current Liabilities 1,162,342 781,592 ----------- ----------- Total Liabilities 1,162,342 781,592 ----------- ----------- Equity Preferred Stock 1,900 1,900 Common Stock - $0.001 Par Value, 750,000,000 shares authorized 625,777,894 issued 625,778 625,778 Paid in Capital 4,443,423 4,443,423 Appraisal Surplus 369,534 369,534 Retained Earnings (Deficit) (2,799,667) (2,558,795) ----------- ----------- Total Equity 2,640,968 2,881,840 ----------- ----------- Total Liabilities and Equity $ 3,803,310 $ 3,663,432 =========== =========== TOTALLY GREEN, INC. STATEMENT OF REVENUES AND EXPENSES (unaudited) Three Months Ended March 31, ------------------------ 2011 2010 ----------- ----------- Revenues Sales $ 199,485 $ 25,148 Rental Income 48,000 - Sales Discounts (247) - Other Income - 3,949 ----------- ----------- Total Revenue 247,238 29,097 Cost of Operations Cost of Goods Sold 117,384 6,966 ----------- ----------- Gross Profit 129,854 22,131 Expenses Administrative Expenses 102,083 3,211 Depreciation and Amortization 129,247 2,565 Insurance 13,652 7,914 Interest Expense 2,960 12,104 Professional Services 104,491 3,715 Salary 27,042 - Taxes 2,479 501 Other Operating Expenses - 44,283 ----------- ----------- Total Expenses 381,954 74,293 Net Income/(Loss) $ (252,100) $ (52,162) =========== =========== Net Loss Per Share: Basic & Diluted $ (0.00) $ (0.00) =========== =========== Weighted Average Shares Outstanding: Basic & Diluted 625,777,894 625,777,894 =========== ===========
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Company Contact: Rob Phillips President 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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