Totally Green, Inc. (PINKSHEETS: TLGN), a
pioneer in organic food processing systems and compostable
packaging alternatives, reported financial results for the first
quarter ended March 31, 2011.
Q1 2011 Operational Highlights
- Totally Green entered into a five-year sponsorship agreement
with the Dallas Cowboys. The company's ORCA Green Machine™, an
on-site rapid organic food composting solution, was installed at
Cowboys Stadium, which provides food services to more than 2
million visitors annually.
- Totally Green's Green Ingeo™ Bottle Spring Water qualified for
the U.S. Department of Agriculture's (USDA) Certified Biobased
Product label.
- New ORCA Green Machine installations totaled seven during the
quarter, up from four in the previous quarter.
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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