# EDGAR Filing Document

**Accession Number:** 0001637866
**File Stem:** 0001641172-25-020115
**Filing Date:** 2025-7
**Character Count:** 178188
**Document Hash:** 88bbbecfba41f4773ea8bccff7ef00cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-020115.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001641172-25-020115

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250717

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Deep Green Waste & Recycling, Inc.
- **CENTRAL INDEX KEY:** 0001637866
- **STANDARD INDUSTRIAL CLASSIFICATION:** HAZARDOUS WASTE MANAGEMENT [4955]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 471267959
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56190
- **FILM NUMBER:** 251132538

**BUSINESS ADDRESS:**
- **STREET 1:** 13110 NE 177TH PLACE
- **STREET 2:** #293
- **CITY:** WOODINVILLE
- **STATE:** WA
- **ZIP:** 98072
- **BUSINESS PHONE:** 855-846-3337

**MAIL ADDRESS:**
- **STREET 1:** 13110 NE 177TH PLACE
- **STREET 2:** #293
- **CITY:** WOODINVILLE
- **STATE:** WA
- **ZIP:** 98072

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Evader, Inc.
- **DATE OF NAME CHANGE:** 20150326

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 <br>For the quarterly period ended December 31, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 <br>For the transition period from _____to _____

**Commission file number: 000-56190**

**DEEP GREEN WASTE & RECYCLING, INC.**

(Exact *name of registrant as specified in its charter)*

---

| | | |
|:---|:---|:---|
| **Wyoming** | **7349** | **30-1035174** |
| (State or other Jurisdiction of<br> incorporation or organization) | *(Primary Standard Industrial*<br> *Classification Code Number)* | (I.R.S. Employer<br> Identification Number) |

---

**3524 Central Pike, Suite 310, Hermitage, TN 37076**

**(833) 304-7336**

*(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)*

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller Reporting Company ☒ <br> Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **None** |  |  |

---

As of February 18, 2025, there were 14,006,859 shares of the registrant's common stock outstanding .

**DEEP GREEN WASTE & RECYCLING, INC.**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page**<br> **Number** |
| [**PART I – FINANCIAL INFORMATION**](#V_001) | [**PART I – FINANCIAL INFORMATION**](#V_001) | 5 |
| Item 1. | [Financial Statements (Audited)](#V_002) | 5 |
|  | [Report of Independent Registered Public Accounting Firm](#roi_001) | 6 |
|  | [Condensed Consolidated Balance Sheets as of June 30, 2024 (Audited) and December 31, 2023](#F_001) | 7 |
|  | [Condensed Consolidated Statements of Operations for the twelve months ended December 31, 2024 and 2023 (Audited)](#F_002) | 8 |
|  | [Condensed Consolidated Statements of Changes in Stockholders' Deficiency for the twelve months ended December 31, 2024 and 2023 (Audited)](#F_003) | 9 |
|  | [Condensed Consolidated Statements of Cash Flows for the twelve months ended December 31, 2024 and 2023 (Audited)](#F_004) | 10 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#V_003) | 32 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#V_004) | 38 |
| Item 4. | [Controls and Procedures](#V_005) | 38 |
| [**PART II – OTHER INFORMATION**](#V_006) | [**PART II – OTHER INFORMATION**](#V_006) | 39 |
| Item 1. | [Legal Proceedings](#V_007) | 39 |
| Item 1A. | [Risk Factors](#V_008) | 39 |
| Item 2. | [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](#V_009) | 39 |
| Item 3. | [Defaults Upon Senior Securities](#V_010) | 39 |
| Item 4. | [Mine Safety Disclosures](#V_011) | 39 |
| Item 5. | [Other Information](#V_012) | 39 |
| Item 6. | [Exhibits](#V_013) | 40 |
|  | [Signatures](#V_014) | 44 |

---

**USE OF MARKET AND INDUSTRY DATA**

This Quarterly Report on Form 10-K includes market and industry data that we have obtained from third-party sources, including industry publications, as well as industry data prepared by our management on the basis of its knowledge of and experience in the industries in which we operate (including our management's estimates and assumptions relating to such industries based on that knowledge). Management has developed its knowledge of such industries through its experience and participation in these industries. While our management believes the third-party sources referred to in this Quarterly Report on Form 10-K are reliable, neither we nor our management have independently verified any of the data from such sources referred to in this Quarterly Report on Form 10-K or ascertained the underlying economic assumptions relied upon by such sources. Furthermore, internally prepared and third-party market prospective information, in particular, are estimates only and there will usually be differences between the prospective and actual results, because events and circumstances frequently do not occur as expected, and those differences may be material. Also, references in this Quarterly Report on Form 10-K to any publications, reports, surveys or articles prepared by third parties should not be construed as depicting the complete findings of the entire publication, report, survey or article. The information in any such publication, report, survey or article is not incorporated by reference in this Quarterly Report on Form 10-K.

Solely for convenience, we refer to trademarks in this Quarterly Report on Form 10-K without the® or the™ or symbols, but such references are not intended to indicate that we will not assert, to the fullest extent under applicable law, our rights to our own trademarks. Other service marks, trademarks and trade names referred to in this Quarterly Report on Form 10-K, if any, are the property of their respective owners, although for presentational convenience we may not use the® or the™ symbols to identify such trademarks.

**OTHER PERTINENT INFORMATION**

Unless the context otherwise indicates, when used in this Quarterly Report on Form 10-K, the terms "Deep Green" "we," "us," "our," the "Company" and similar terms refer to Deep Green Waste & Recycling, Inc., a Wyoming corporation formerly known as Critic Clothing, Inc., and affiliates.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-K for the period ended December 31, 2024 (the "Quarterly Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements relate to future events (including, without limitation, the terms, timing and closing of our proposed acquisitions or our future financial performance). We have attempted to identify forward-looking statements by using terminology such as "anticipates," "believes," "expects," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predict," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions; uncertainties and other factors may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Our expectations are as of the date this Quarterly Report is filed, and we do not intend to update any of the forward-looking statements after the date this Quarterly Report is filed to confirm these statements to actual results, unless required by law.

You should not place undue reliance on forward looking statements. The cautionary statements set forth in this Quarterly Report identify important factors which you should consider in evaluating our forward-looking statements. These factors include, among other things:

● Our ability to effectively execute our business plan;

● Our ability to manage our expansion, growth and operating expenses;

● Our ability to protect our brands and reputation;

● Our ability to repay our debts;

● Our ability to evaluate and measure our business, prospects and performance metrics;

● Our ability to compete and succeed in a highly competitive and evolving industry;

● Our ability to respond and adapt to changes in technology and customer behavior;

● Risks in connection with completed or potential acquisitions, dispositions and other strategic growth opportunities and initiatives;

● Risks related to the anticipated timing of the closing of any potential acquisitions;

● Risks related to the integration with regards to potential or completed acquisitions;

● Various risks related to health epidemics, pandemics and similar outbreaks, such as the coronavirus disease 2019 ("COVID-19") pandemic, which may have material adverse effects on our business, financial position, results of operations and/or cash flows.

This Quarterly Report on Form 10-K also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the statistical and other industry data generated by independent parties and contained in this Quarterly Report and, accordingly, we cannot guarantee their accuracy or completeness, though we do generally believe the data to be reliable. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including, but not limited to, the possibility that we may fail to preserve our expertise in consumer product development; that existing and potential distribution partners may opt to work with, or favor the products of, competitors if our competitors offer more favorable products or pricing terms; that we may be unable to maintain or grow sources of revenue; that we may be unable maintain profitability; that we may be unable to attract and retain key personnel; or that we may not be able to effectively manage, or to increase, our relationships with customers; that we may have unexpected increases in costs and expenses. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**PART I — FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page**<br> **Number** |
| [Report of Independent Registered Public Accounting Firm](#roi_001) (PCAOB ID: 7269) | 6 |
| [Condensed Consolidated Balance Sheets as of December 31, 2024 (Audited) and December 31, 2023](#F_001) | 7 |
| [Condensed Consolidated Statements of Operations for the three and twelve months ended December 31, 2024 and 2023 (Audited)](#F_002) | 8 |
| [Condensed Consolidated Statements of Changes in Stockholders' Deficiency for the three and twelve months ended December 31, 2024 and 2023 (Audited)](#F_003) | 9 |
| [Condensed Consolidated Statements of Cash Flows for the twelve months ended December 31, 2024 and 2023 (Audited)](#F_004) | 10 |
| [Notes to Condensed Consolidated Financial Statements](#F_005) | 11 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders of Deep Green Waste & Recycling, Inc.:

**<u>Opinion on the Financial Statements</u>**

We have audited the accompanying consolidated balance sheets of Deep Green Waste & Recycling, Inc. (the "Company") as of December 31, 2024 and December 31, 2023 and the related consolidated statements of operations, stockholders' (deficiency), and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Deep Green Waste & Recycling, Inc. as of December 31, 2024 and December 31, 2023, and the results of its operations and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States.

**<u>Going Concern Uncertainty</u>**

The accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern. As discussed in Note N to the financial statements, the Company's present financial situation raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to this matter are also described in Note N. The financial statements do not include any adjustments that might result from the outcome of this uncertainty

**<u>Basis for Opinion</u>**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**<u>Critical Audit Matters</u>**

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.

/s/ HHL LLP

July XX, 2025

New York, NY

We have served as the Company's auditor since 2025.

**DEEP GREEN WASTE & RECYCLING, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  | (Audited) | |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $72842 | $318441 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $24,387 at December 31, 2024 and $75,105 at December 31, 2023 | 113716 | 855633 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2884 | 19912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 189441 | 1193986 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 23959 | 138494 |
| &nbsp;&nbsp;&nbsp;Goodwill and Intangible assets, net | 510103 | 786062 |
| &nbsp;&nbsp;&nbsp;Right of use Asset | 189557 |  |
| &nbsp;&nbsp;&nbsp;Deposits | 8457 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 732377 | 927556 |
| Total assets | $921518 | $2121542 |
| **LIABILITIES** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of debt | $443907 | $575077 |
| &nbsp;&nbsp;&nbsp;Secured notes and convertible notes payable, net of debt discounts of $0 and $62,500 at December 31, 2024 and December 31, 2023, respectively | 682768 | 971788 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 55924 |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 2901424 | 3028905 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 276207 | 265569 |
| &nbsp;&nbsp;&nbsp;Deferred compensation | 256129 | 102286 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 131356 | 200279 |
| &nbsp;&nbsp;&nbsp;Customer deposits payable | 62986 | 62986 |
| &nbsp;&nbsp;&nbsp;Derivative liability | 21945 | 214702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 4832646 | 5421592 |
| Long-term liabilities: |  |  |
| Long-term portion of debt |  |  |
| Long- term portion of operating lease liabilities | 133633 | - |
| Total long-term liabilities | 133633 | - |
| Total liabilities | 4966278 | 5421592 |
| **STOCKHOLDERS' DEFICIT** |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 and $0.0001 par value; 3,000,000,000 and 3,000,000,000 and shares authorized; 14,006,859 and 8,814,613 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively | 1401 | 881 |
| &nbsp;&nbsp;&nbsp;Preferred Stock, $0.0001 and $0.0001 par value, $1 and $1 per share stated value, 5,000,000 and 5,000,000 shares authorized; 52,000 and 52,000 shares of Series B Convertible Preferred Stock issued and outstanding as of December 31, 2024 and December 31, 2023, respectively | 52000 | 52000 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 9976006 | 9708646 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (14074167) | (13061577) |
| Total stockholders' deficit | (4044760) | (3300050) |
| Total liabilities and stockholders' deficit | $921518 | $2121542 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**DEEP GREEN WASTE & RECYCLING, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

*For the years ended December 31, 2024 and 2023*

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Revenues | $1081615 | $2682762 |
| Cost of revenues | 255665 | 637068 |
| Gross profit | 825950 | 2045694 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Officer and director compensation (including stock-based compensation of $854,225 and $147,333, respectively) | 458000 | 1071425 |
| &nbsp;&nbsp;&nbsp;Professional and consulting (including stock-based compensation of $0 and $28,098, respectively) | 110994 | 100395 |
| &nbsp;&nbsp;&nbsp;Provision for doubtful accounts | (49001) | 70827 |
| &nbsp;&nbsp;&nbsp;Other selling, general and administrative | 1014072 | 784855 |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 25505 | 39039 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 229776 | 238467 |
| Total operating expenses | 1789346 | 1442021 |
| Operating (loss) | (963396) | (259314) |
| Other income/(expense): |  |  |
| &nbsp;&nbsp;&nbsp;Derivative liability (expense) income | (192757) | (101993) |
| &nbsp;&nbsp;&nbsp;Interest expense (including amortization of debt discounts of $62,500 and $1,104,017, respectively) | 241655 | (319966) |
| &nbsp;&nbsp;&nbsp;Gain(Loss) on Asset Disposal | 46990 | 45647 |
| &nbsp;&nbsp;&nbsp;Gain (Loss) on Discontinued Operations | 377524 |  |
| &nbsp;&nbsp;&nbsp;Gain (Loss) on conversions of debt | 16841 | (54803) |
| &nbsp;&nbsp;&nbsp;Other | (63535) | 289 |
| Total other (expense) | (426718) | (430826) |
| Net (loss) | $(1390114) | $(690140) |
| Net loss per common share: |  |  |
| Basic and diluted net loss per common share | $(0.10) | $(0.14) |
| Basic and diluted weighted-average common shares outstanding | 14006859 | 5055555 |

---

***The accompanying notes are an integral part of these consolidated financial statements.***

**DEEP GREEN WASTE & RECYCLING, INC.**

**CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' (DEFICIENCY)**

**(Audited)**

For the years ended December 31, 2024 and 2023:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred stock** | **Preferred stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Paid in**<br>**Capital** | **Accumulated**<br>**Deficit** |<br>**Total** |
| Balances at December 31, 2023 | 52000 | $52000 | 8814613 | $881 | $9708646 | $(13061577) | $(3300050) |
| Issuance of common stock to officers and directors in satisfaction of accrued expenses |  |  | 3783711 | 379 | 222860 | 0 | 223239 |
| Issuance of shares for note conversion 11/20/2024 |  |  | 626413 | 63 | 25181 |  | 25244 |
| Issuance of shares for note conversion 12/18/2024 |  |  | 782122 | 78 | 19319 |  | 19397 |
| Disposition of DGRI and DGTI |  |  |  |  |  | 377524 | 377524 |
| Net Loss |  |  |  |  |  | (1390114) | (1390114) |
| Balances at December 31, 2024 | 52000 | $52000 | 14006859 | $1401 | $9976006 | $(14074167) | $(4044760) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series B** | **Series B** | | | | | |
|  | **Preferred stock** | **Preferred stock** | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** |<br>**Total** |
| Balances at December 31, 2022 | 52000 | $52000 | 1147827 | $115 | $8761354 | $(12371437) | $(3357968) |
| Issuance of common stock in satisfaction of notes payable and accrued interest |  |  | 116316 | 11 | 60922 |  | 60933 |
| Issuance of common stock incentives for officers and directors |  |  | 6000000 | 600 | 704400 |  | 705000 |
| Issuance of common stock incentives for employees |  |  | 1270000 | 127 | 149098 |  | 149225 |
| Issuance of common stock in satisfaction of consulting services |  |  | 280000 | 28 | 32872 |  | 32900 |
| Rounded up fractional shares issued in connection with reverse split. |  |  | 470 |  |  |  |  |
| Net loss | - | - | - | - | - | (690140) | (690140) |
| Balances at December 31, 2023 | 52000 | $52000 | 8814613 | $881 | $9708646 | $(13061577) | $(3300050) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**DEEP GREEN WASTE & RECYCLING, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

For the years ended December 31, 2024 and 2023

(Audited)

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| **OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) for the period | $(1390114) | $(690140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 25505 | 39039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 229776 | 238467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Debt Discounts | 62500 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative liability (income) expense | (192757) | 101993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts | (49001) | 70827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 87008 | 854225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on conversions of debt |  | 54803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on asset disposal | 377219 | (45647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense and Default Penalty | 179155 |  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 788635 | (755506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 16598 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | (5457) | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (132535) | (55665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (40003) | 165700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | 153843 | 6857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | (68924) | 62106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 41446 | 253414 |
| **INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (39787) |  |
| &nbsp;&nbsp;&nbsp;Gain on Disposal |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from disposition of asset | 175000 | 51585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 135213 | 51585 |
| **FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from secured notes and convertible notes payable |  | 500000 |
| &nbsp;&nbsp;&nbsp;Repayment of secured notes | (351520) | (500000) |
| &nbsp;&nbsp;&nbsp;Repayment of note issued in Lyell Acquisition |  |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in other debt | (74922) | (23174) |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | (426442) | (23174) |
| NET INCREASE (DECREASE) IN CASH | (249783) | 281825 |
| CASH, BEGINNING OF PERIOD | 322625 | 36616 |
| CASH, END OF PERIOD | $72842 | $318441 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;Interest | $- | $57860 |
| &nbsp;&nbsp;&nbsp;Income taxes | $- | $- |
| **Non-Cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of 0 and 21,000 shares, Series B Convertible Preferred Stock in partial satisfaction of note payable to CEO | $- | $- |
| &nbsp;&nbsp;&nbsp;Issuance of common stock to officers for accrued compensation | $- | $- |
| &nbsp;&nbsp;&nbsp;Issuance of common stock in satisfaction of loans payable to officers | $- | $- |
| &nbsp;&nbsp;&nbsp;Issuance of common stock in satisfaction of deferred compensation | $- | $- |
| &nbsp;&nbsp;&nbsp;Due to seller of Lyell recognized and added to goodwill | $- | $- |
| &nbsp;&nbsp;&nbsp;Conversions of Convertible Notes Payable: |  |  |
| &nbsp;&nbsp;&nbsp;Principal | $27800 | $29030 |
| &nbsp;&nbsp;&nbsp;Accrued interest and charges | - | - |
| &nbsp;&nbsp;&nbsp;Total debt satisfied | 27800 | 29030 |
| &nbsp;&nbsp;&nbsp;Fair value of 1,408,537 and 564,256 shares, respectively, issued to lenders | 39714 | 60933 |
| &nbsp;&nbsp;&nbsp;Loss on conversions of convertible notes payable | $11914 | $31903 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock in satisfaction of consulting services accounts payable: |  |  |
| &nbsp;&nbsp;&nbsp;Fair value of 280,000 shares of common stock issued | $- | $32900 |
| &nbsp;&nbsp;&nbsp;Accounts payable satisfied |  | (10000) |
| &nbsp;&nbsp;&nbsp;Loss on satisfaction of accounts payable | $- | $22900 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE A – ORGANIZATION**

Deep Green Waste & Recycling, Inc. ("Deep Green", the "Company", "we", "us", or "our") is a publicly quoted company seeking to create value for its shareholders by seeking to acquire other operating entities for growth in return for shares of our common stock.

The Company was organized as a Nevada corporation on August 24, 1995 under the name of Evader, Inc. On May 25, 2012, the Company filed its Foreign Profit Corporation Articles of Domestication to change the domicile of the Company from Nevada to Wyoming. On November 4, 2015, the Company filed an Amendment to its Articles of Incorporation to change the name of the Company to Critical Clothing, Inc. and on August 28, 2017 an Amendment was filed to change the Company name to Deep Green Waste & Recycling, Inc.

On August 24, 2017, the Company entered into an Agreement of Conveyance, Transfer and Assignment of Assets and Assumption of Obligations (the "Agreement") with St. James Capital Management, LLC. Under the terms of the Agreement, the Company transferred and assigned all of the assets of the Company related to its extreme sports apparel design and manufacturing business in exchange for the assumption of certain liabilities and cancellation of 2,000 shares (as adjusted for the September 27, 2017 reverse stock split of 1 share for 1000 shares and the June 20, 2023 reverse stock split of 1 share for 1,500 shares) of common stock of the Company.

On August 24, 2017, the Company acquired all the membership units of Deep Green Waste and Recycling, LLC ("DGWR LLC"), a Georgia limited liability company engaged in the waste recycling business since 2011, in exchange for 56,667 shares (as adjusted for the September 27, 2017 reverse stock split of 1 share for 1000 shares and the June 20, 2023 reverse stock split of 1 share for 1,500 shares) of the Company's common stock. The transaction was accounted for as a "reverse merger" where DGWR LLC was considered the accounting acquiror and the Company was considered the accounting acquiree.

Effective October 1, 2017, Deep Green acquired Compaction and Recycling Equipment, Inc. (CARE), a Portland, Oregon based company that sells and services waste and recycling equipment. Deep Green purchased 100% of the common stock for $902,700. $586,890 was paid in cash at closing and a promissory note was executed in the amount of $315,810.

Effective October 1, 2017, Deep Green acquired Columbia Financial Services, Inc, (CFSI), a Portland, Oregon based company that finances the purchases of waste and recycling equipment. Deep Green purchased 100% of the common stock for $597,300. $418,110 was paid in cash at closing and a promissory note was executed in the amount of $179,190.

On August 7, 2018, the Company entered into an Agreement of Conveyance, Transfer and Assignment of Subsidiaries and Assumption of Obligations (the "Agreement") with Mirabile Corporate Holdings, Inc. Under the terms of the Agreement, the Company transferred all capital stock of its two wholly owned subsidiaries, Compaction and Recycling Equipment, Inc. and Columbia Financial Services, Inc., to Mirabile Corporate Holdings, Inc. in exchange for the assumption and cancellation of certain liabilities. Deep Green's then Chief Executive Officer owned a 7.5% equity interest in Mirabile Corporate Holdings, Inc.

In the quarterly period ended March 31, 2021, the Company re-launched its waste and recycling services operation and has begun to re-engage with customers, waste haulers and recycling centers, which are critical elements of its historically successful business model: designing and managing waste programs for commercial and institutional properties for cost savings, ease of operation, and minimal administrative stress for its clients.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE A – ORGANIZATION (continued)**

<u>Asset Purchase Agreement</u>

On February 8, 2021, the Company, through its wholly owned subsidiary DG Research, Inc. (the "Buyer"), entered into an Asset Purchase Agreement (the "Agreement") with Amwaste, Inc. (the "Seller"). Under the terms of the Agreement, the Buyer agreed to purchase from the Seller certain assets (the "Assets") utilized in the Seller's waste management business located in Glynn County, Georgia. In consideration for the purchase of the Assets, the Buyer paid the seller $160,000 and issued the Seller 1,333 shares of the Company's restricted common stock. The Buyer remitted $50,000 at Closing and issued the Seller a Promissory Note (the "Note") in the amount of $110,000, which was paid April 9, 2021. The Note was secured by the Assets purchased through the Agreement. The transaction closed on February 11, 2021.

<u>Securities Purchase Agreement</u>

On August 11, 2021, the Company entered into a Securities Purchase Agreement (the "Agreement") with Jeremy Lyell (the "Shareholder") and Lyell Environmental Services, Inc. (hereinafter "LES"). On October 19, 2021, the Company closed on the Securities Purchase Agreement (the "Agreement") with Jeremy Lyell (the "Shareholder"). In consideration for the purchase of all Lyell Environmental Services, Inc. shares from the Shareholder, the Company was to pay the Shareholder (i) $50,000 upon execution of the Agreement that was held in escrow, (ii) $1,300,000 at Closing, and (iii) 667 shares of the Company's common stock. Under the amended Agreement (the "Amended Agreement"), the Company paid to the Shareholder (i) the $50,000 paid upon execution of the Agreement and that was held in escrow, (ii) $1,000,000 at Closing, and (iii) 667 shares of the Company's common stock. The Company also issued the Shareholder a Promissory Note (the "Promissory Note") in the amount of $186,537.92, which had a balance of $49,179 at December 31, 2023 and a balance of $0 at September 30, 2024, bore interest at 7% per annum and was due on December 18, 2021. The transaction closed on October 19, 2021. LES provides asbestos removal and other remediation services to customers.

In order to further grow its business, the Company plans to:

● expand its service offerings to provide additional sustainable waste management solutions that further minimize costs based on volume and content of waste streams, and methods of disposal, including landfills, transfer stations and recycling centers;

● Acquire profitable waste and recycling services companies with similar or compatible and synergistic business models, that can help the Company achieve these objectives;

● Offer innovative recycling services that significantly reduce the disposal of plastics, electronic wastes, food wastes, and hazardous wastes in the commercial property universe;

● Establish partnerships with innovative universities, municipalities and companies; and

● Attract investment funds who will actively work with the Company to achieve these goals and help the Company grow into a leading waste and recycling services supplier in North America.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE A – ORGANIZATION (continued)**

<u>Reverse Stock Split</u>

On June 20, 2023, the Company effectuated a 1 for 1,500 shares reverse stock split which reduced the issued and outstanding shares of common stock from 1,896,216,952 shares to 1,264,165 shares. The accompanying financial statements have been retroactively restated to reflect this reverse split stock.

<u>Sale of AMWASTE</u>

On March 20, 2024, Deep Green Waste & Recycling, Inc. and its subsidiary DG Research Inc. dba AMWASTE ("DGRI"), along with Tyler's Couch, LLC, a single member LLC owned by Bill Edmonds, Deep Green's Chairman and CEO, (collectively, the "Sellers") completed the sale of substantially all of the assets of DGRI to Amwaste of Georgia, LLC ("Buyer") for a total purchase price of $185,000. The sale included DGRI's business assets, equipment, contracts, leases, and intellectual property related to its waste management business located in Glynn County, Georgia. The purchase price was allocated $175,000 to Deep Green and $10,000 to Tyler's Couch, LLC.

The sale was governed by the terms of the Purchase and Sale Agreement dated February 19, 2024. Key assets transferred included trucks, containers, equipment, the "Amwaste" trade name and related intellectual property, customer lists, contracts and open work orders. Excluded assets were minimal. The agreement contained customary representations, warranties and covenants by the Sellers.

The transaction allows Deep Green to divest its Amwaste subsidiary and assets in Georgia. Bill Edmonds, as an affiliate of Deep Green and the owner of the single member Tyler's Couch LLC, was a key party to the agreement on the sell side. The sale indicates Deep Green is streamlining its business and provides it with additional cash proceeds.

**NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*Summary of Significant Accounting Policies*

This summary of significant accounting policies of the Company is presented to assist in understanding the Company's financial statements. The financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States and have been consistently applied in the preparation of the financial statements.

*Interim Financial Statements*

The audited condensed financial statements of the Company for the twelve month periods ended December 31, 2024 and 2023 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the requirements for reporting on Form 10-K and Regulation S-K. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The balance sheet information as of December 31, 2023 was derived from the audited financial statements included in the Company's financial statements as of and for the year ended December 31, 2023 included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on April 22, 2024. These financial statements should be read in conjunction with that report.

*Principles of Consolidation*

The consolidated financial statements include the accounts of Deep Green Waste & Recycling, Inc. ("Deep Green") and Deep Green's wholly owned subsidiaries, DG Research, Inc., DG Treasury, Inc. and Lyell Environmental Services Inc. All inter-company balances and transactions have been eliminated in consolidation.

*Cash Equivalents*

Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had no cash equivalents.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

*Income Taxes*

In accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is not more likely than not that a deferred tax asset will be realized.

We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "more-likely-than-not" threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of September 30, 2024 and December 31, 2023, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.

*Financial Instruments and Fair Value of Financial Instruments*

We adopted ASC Topic 820, *Fair Value Measurements and Disclosures*, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

---

| | |
|:---|:---|
| Level 1: | Observable inputs such as quoted market prices in active markets for identical assets or liabilities. |
| Level 2: | Observable market-based inputs or unobservable inputs that are corroborated by market data. |
| Level 3: | Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions. |

---

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except for the derivative liability (see **NOTE J**), where Level 2 inputs were used, we had no financial assets or liabilities carried and measured at fair value on a recurring or nonrecurring basis during the periods presented.

For nonrecurring fair value measurements of issuances of common stock for services and in satisfaction of convertible notes payable and accrued interest (see **NOTE K**), we used Level 2 inputs.

*Derivative Liabilities*

We evaluate convertible notes payable, stock options, stock warrants and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, *Derivative Instruments and Hedging: Contracts in Entity's Own Equity*.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date.

**Impairment of Long-Lived Assets**

The Company's long-lived assets (consisting primarily of property, equipment and intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected to be generated by that asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Through September 30, 2024, the Company has not experienced impairment losses on its long-lived assets.

*Property and Equipment*

Property and equipment are stated at cost less accumulated depreciation and amortization. Routine maintenance and repairs and minor replacement costs are charged to expense as incurred, while expenditures that extend the life of these assets are capitalized. Depreciation and amortization are provided for in amounts sufficient to write off the cost of depreciable assets to operations over their estimated service lives. The Company uses the straight-line method of depreciation for both financial reporting and tax purposes. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation and amortization will be removed from the accounts and the resulting profit or loss will be reflected in the statement of operations. The estimated lives used to determine depreciation and amortization are:

SCHEDULE OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT

---

| | |
|:---|:---|
| Trucks | 5 years |
| Containers | 5 years |
| Software | 2 - 3 Years |
| Office Equipment | 3 - 7 Years |
| Furniture and Fixtures | 8 Years |
| Waste and Recycling Equipment | 5 Years |
| Leasehold Improvements | Varies by Lease |

---

*Goodwill*

Goodwill relates to the acquisition of Lyell Environmental Services, Inc. on October 19, 2021.

We test indefinite-lived intangibles and goodwill for impairment on an annual basis in the fourth quarter of our fiscal year, or more frequently if events or changes in circumstances indicate that the carrying value might be impaired. We have the option to first assess qualitative factors in order to determine if it is more likely than not that the fair value of our intangible assets or reporting units are greater than their carrying value. If the qualitative assessment leads to a determination that the intangible asset/ reporting unit's fair value may be less than its carrying value, or if we elect to bypass the qualitative assessment altogether, we are required to perform a quantitative impairment test by calculating the fair value of the intangible asset/reporting unit and comparing the fair value with its associated carrying value. The estimated fair value of our reporting units is determined based upon the income approach using discounted future cash flows. In situations where the fair value is less than the carrying value, an impairment charge would be recorded for the shortfall.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

*Amortizable Intangible Assets*

Amortizable intangible assets consist of the customer lists and covenants not to compete acquired in connection with the Lyell Environmental Services, Inc. acquisition on October 19, 2021.

We test amortizable intangible assets for impairment if events or changes in circumstances indicate that the assets might be impaired. These intangible assets are amortized on a straight-line basis over their estimated useful lives of 5 years. We established the fair value of these amortizable intangible assets based on the income approach using discounted future cash flows.

*Equity Instruments Issued to Non-Employees for Acquiring Goods or Services*

Issuances of our common stock or warrants for acquiring goods or services are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for the fair value of the equity instruments issued to consultants or vendors is determined at the earlier of (i) the date at which a commitment for performance to earn the equity instruments is reached (a "performance commitment" which would include a penalty considered to be of a magnitude that is a sufficiently large disincentive for nonperformance) or (ii) the date at which performance is complete.

Although situations may arise in which counter performance may be required over a period of time, the equity award granted to the party performing the service may be fully vested and non-forfeitable on the date of the agreement. As a result, in this situation in which vesting periods do not exist if the instruments are fully vested on the date of agreement, we determine such date to be the measurement date and will record the estimated fair market value of the instruments granted as a prepaid expense and amortize such amount to expense over the contract period. When it is appropriate for us to recognize the cost of a transaction during financial reporting periods prior to the measurement date, for purposes of recognition of costs during those periods, the equity instrument is measured at the then-current fair values.

*Stock-Based Compensation*

We account for share-based awards to employees in accordance with ASC 718 "Stock Compensation". Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. Share-based awards to non-employees are accounted for in accordance with ASC 505-50 "Equity", wherein such awards are expensed over the period in which the related services are rendered.

*Related Parties*

A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

*Revenue Recognition*

Revenue is recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed or determinable, (3) collectability is reasonably assured, and (4) delivery has occurred.

*Advertising Costs*

Advertising costs, which were not significant for the periods presented, are expensed as incurred.

*Loss per Share*

We compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.

Basic loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation.

For the periods presented, we have excluded the shares issuable from the convertible notes payable (see **NOTE I**) and the warrants (see **NOTE K**) from our diluted net loss per share calculation as the effect of their inclusion would be anti-dilutive.

Recently Enacted Accounting Standards

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which has superseded nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than was required under prior U.S. GAAP. We adopted ASU 2014-09 effective January 1, 2018. ASU 2014-09 has not had any significant effect on our financial statements for the periods presented.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), to provide guidance on recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements, specifically differentiating between different types of leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from all leases. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. There continues to be a differentiation between finance leases and operating leases. However, the principal difference from previous guidance is that the lease assets and lease liabilities arising from operating leases should be recognized in the balance sheet. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. We adopted ASU 2016-02 effective January 1, 2019. ASU No. 2016-02 has not had any significant effect on our financial statements for the periods presented.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)**

On July 13, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("ASU") 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider "down round" features when determining whether certain financial instruments or embedded features are indexed to an entity's stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance was effective for annual periods beginning after December 15, 2018; early adoption was permitted.

The Company early adopted ASU 2017-11. As a result, we have not recognized the fair value of the warrants containing down round features as liabilities. Please *see* **NOTE K - CAPITAL STOCK** for further information.

*Use of Estimates*

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

**NOTE C – LOSS FROM DISCONTINUED OPERATIONS**

On March 20, 2024, the Company and its subsidiary, DG Research Inc. ("Amwaste"), along with Tyler's Couch, LLC, completed the sale of substantially all of the assets of Amwaste for a total sale price of $185,000.

For the three and twelve months ended December 31, 2024 and December 31, 2023, the income (loss) from discontinued operations of Amwaste consisted of.

SCHEDULE OF THE INCOME (LOSS) FROM DISCONTINUED OPERATIONS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **For the year ended<br> December 31, 2024** | **For the year ended<br> December 31, 2024** |
|  | **December 31<br> 2024** | **December 31,<br> 2023** | **December 31,<br> 2024** | **December 31,<br> 2023** |
| Revenues | $- | $36913 | $25065 | $132179 |
| Cost of revenues | - | 18062 | 28749 | 78754 |
| Gross margin | - | 18851 | (3684) | 53425 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative |  | 29268 | 32980 | 123333 |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment |  | 9534 | 5561 | 34928 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | - | 5450 | 4765 | 21800 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | - | 44252 | 43306 | 1800861 |
| &nbsp;&nbsp;&nbsp;Loss from operations |  | (25401) | (46990) | (126636) |
| &nbsp;&nbsp;&nbsp;Gain on disposition of property | - | 1094 | - | 45996 |
| &nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations | $- | $(24307) | $(46990) | $(80640) |
| The gain on sale of assets of Amwaste on March 20, 2024 was calculated as follows: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales price received by Company | $175000 |  |  |  |
| Carrying cost of assets sold; |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 107194 |  |  |  |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 41418 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total carrying cost of assets sold | 148612 |  |  |  |
| Gain on sale of assets of Amwaste | $26388 |  |  |  |

---

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE D - PROPERTY AND EQUIPMENT** 

Property and Equipment consist of the following at:

SCHEDULE OF PROPERTY AND EQUIPMENT

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024**<br> **(Audited)** | **December 31, 2023** |
| Office equipment | $52113 | $54286 |
| Waste and Recycling Equipment | 119834 | 303159 |
| Furniture and Fixtures | 1390 | - |
| Total | 173338 | 357445 |
| Accumulated depreciation and amortization | (149378) | (218951) |
| Net | $23959 | $138494 |

---

For the years ended December 31, 2024 and 2023, depreciation of property and equipment was $25,505 and $3,084, respectively.

**NOTE E – GOODWILL AND INTANGIBLE ASSETS**

Goodwill and Intangible assets consist of the following at:

SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024**<br> **(Audited)** | **December 31, 2023** |
| Customer list and covenant not to compete acquired in connection with the Stock Purchase Agreement with Lyell Environmental Service, Inc. closed on October 19, 2021 | $1083333 | $1083333 |
| Goodwill acquired in connection with the Stock Purchase Agreement with Lyell Environmental Services, Inc. closed on October 19, 2021 | 134925 | 134926 |
| Customer list and covenant not to compete acquired in connection with the Asset Purchase Agreement with Amwaste, Inc. closed on February 11, 2021 | - | 109000 |
| Total | 1218258 | 1327259 |
| Accumulated amortization | (708155) | (541197) |
| Net | $510103 | $786062 |

---

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE E – GOODWILL AND INTANGIBLE ASSETS (continued)**

The customer lists and covenants not to compete are being amortized using the straight-line method over their estimated useful lives of five years. For the twelve months ended December 31, 2024 and 2023, amortization of intangible assets expense was $229,776 and $172,126, respectively.

At December 31, 2024, the expected future amortization of intangible assets expense is:

SCHEDULE OF FUTURE AMORTIZATION OF INTANGIBLE ASSETS

---

| | |
|:---|:---|
|  | **Amount** |
| Fiscal year ending December 31: |  |
| &nbsp;&nbsp;&nbsp;2025 | $230159 |
| &nbsp;&nbsp;&nbsp;2026 | 230159 |
| &nbsp;&nbsp;&nbsp;2027 | 49784 |
| Total | $510103 |

---

**NOTE F- RIGHT OF USE ASSET AND OPERATING LEASE LIABILITIES**

Effective January 1, 2024, Lyell executed a Lease Agreement with a lessor to rent approximately 4,500 square feet of office and warehouse space in Hermitage, Tennessee. The lease has a term of 61 months from January 1, 2024 to January 31, 2029. The lease provides for monthly rent ranging from $5,344 (year 1) to $6,195 (year 6).

At December 31, 2024 the future undiscounted minimum lease payments under the lease are:

---

| | |
|:---|:---|
| Year ending December 31, | **As of**<br> **December 31, 2024** |
| 2025 | $66049 |
| 2026 | 68030 |
| 2027 | 70071 |
| 2028 | 72173 |
| 2029 | 6195 |
| Total | $298549 |

---

The operating lease liabilities totaling $189,557 at December 31, 2024 as presented in the Consolidated Balance Sheet represents the discounted (at a 12% estimated incremental borrowing rate) value of the future lease payments of $298,549 at December 31, 2024.

For the Twelve months ended December 31, 2024 and December 31, 2023, rent expense attributable to leases was $64,125 and $23,540, respectively.

**NOTE G – ACCOUNTS PAYABLE**

Accounts payable consist of the following at:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024**<br> **(Audited)** | **December 31, 2023** |
| August 1, 2018 Default Judgment payable to Ohio vendor | $32832 | $32832 |
| January 14, 2019 Default Judgment payable to Tennessee customer | 423152 | 423152 |
| January 24, 2019 Default judgment payable to Florida vendor | 31631 | 31631 |
| Other vendors of materials and services | 2193740 | 2325693 |
| Credit card obligations | 220069 | 215597 |
| Total | $2901424 | $3028905 |

---

Most of the accounts payable relate to services performed by subcontractors prior to the cessation of our waste recycling business on August 7, 2018. In many cases, these subcontractors have subsequently reached agreements with our former customers to continue the provision of services to such customers.

**NOTE H – DEBT**

Debt consists of the following at:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024**<br> **(Audited)** | **December 31, 2023** |
| Claimed amount due to Factor (AEC Yield Capital, LLC) pursuant to Factor's Notice of Default dated July 31, 2018 | $387535 | $387535 |
| Short-term capital lease |  | 5574 |
| Note issued in Lyell acquisition |  | 49179 |
| Loans payable to officers, interest at 8%, due on demand | 1940 | 23547 |
| Sales Tax Payable and payroll tax withholdings and liabilities | 54431 | 42416 |
| Due to seller of Lyell | 23156 | 25156 |
| Note payable to short term funding company |  | 12135 |
| Note payable to officer, interest at 15% per annum, due on demand | - | 29535 |
| Total | 467062 | 575077 |
| Current portion of debt | (467062) | (575077) |
| Long-term portion of debt | $- | $- |

---

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE I – SECURED NOTES AND CONVERTIBLE NOTES PAYABLE**

Secured Notes and Convertible Notes Payable consist of:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024**<br> **(Audited)** | **December 31, 2023** |
| Unsecured Convertible Promissory Note payable to Quick Capital, LLC: Issue date October 14, 2021. (i) | $161588 | $189388 |
| Unsecured Convertible Promissory Note payable to BHP Capital NY Inc.: Issue date October 14, 2021. (ii) | 219900 | 219900 |
| Unsecured Convertible Promissory Note payable to BHP Capital NY Inc.: Issue date February 28, 2022 – (iii) | 150640 | 187500 |
| Unsecured Convertible Promissory Note payable to Quick Capital, LLC: Issue date February 28, 2022– (iii) | 150640 | 187500 |
| Secured Promissory Note to Quick Capital, LLC: Issue date July 25, 2023 – net of unamortized discount of $31,250 at December 31, 2023 (iv) |  | 93750 |
| Secured Promissory Note to BHP Capital NY Inc.: Issue date July 25, 2023 – net of unamortized discount of $31,250 at December 31, 2023 (iv) | - | 93750 |
| Totals | $682768 | $971788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) On
 October 14, 2021, the Company (the "Borrower") entered into a Note Purchase Agreement ("NPA") with each of
 BHP Capital NY Inc. and Quick Capital, LLC (together, the "Investors") and issued each of the Investors a Secured Convertible
 Promissory Note (the "Note") in the amount of Six Hundred Sixty-Six Thousand Six Hundred Sixty-Seven and NO/100 Dollars
 ($666,667). The Note is convertible, in whole or in part, at any time and from time to time before maturity (October 14, 2022) at
 the option of the holder at the Fixed Conversion Price that shall be the lesser of: (a) $15.00 or (b) 70% multiplied by the Market
 Price (as defined herein) (representing a discount rate of 30%) (the "Fixed Conversion Price"). "Market Price"
 means the average of the two lowest Closing Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period
 ending on the latest complete Trading Day prior to the Conversion Date "Trading Day" shall mean any day on which the
 Common Stock is tradable for any period on the OTCBB, OTCQB or on the principal securities exchange or other securities market on
 which the Common Stock is then being quoted or traded. To the extent the Conversion Price of the Borrower's Common Stock closes
 below the par value per share, the Borrower will take all steps necessary to solicit the consent of the stockholders to reduce the
 par value of the Common Stock to the lowest value possible under law. The Borrower agrees to honor all conversions submitted pending
 this adjustment. If the shares of the Borrower's Common Stock have not been delivered within three (3) business days to the
 Holder, the Notice of Conversion may be rescinded by the Holder. If the Trading Price cannot be calculated for such security on such
 date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the
 Holder for which the calculation of the Trading Price is required in order to determine the Conversion Price of such Notes. If at
 any time the Conversion Price as determined hereunder for any conversion would be less than the par value of the Common Stock, then
 at the sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion and the Conversion
 Amount for such conversion may be increased to include Additional Principal, where "Additional Principal" means such
 additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable
 upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted
 by the Holder to the par value price. The Note has a term of one (1) year and bears interest at 10% annually. As part and parcel
 of the foregoing transaction, each of the Investors was issued 1,533 shares of common stock as Commitment shares and a warrant (the
 "Warrant") granting the holder the right to purchase up to 44,444 shares of the Company's common stock at an exercise
 price of $22.50 for a term of 5-years. The transaction closed on October 19, 2021 As of September 30, 2024, $39,388 principal was
 due on the Quick Capital Note due October 14, 2022.

(ii) On
 October 14, 2021, the Company (the "Borrower") entered into a Note Purchase Agreement ("NPA") with each of
 BHP Capital NY Inc. and Quick Capital, LLC (together, the "Investors") and issued each of the Investors a Secured Convertible
 Promissory Note (the "Note") in the amount of Six Hundred Sixty-Six Thousand Six Hundred Sixty-Seven and NO/100 Dollars
 ($666,667). The Note is convertible, in whole or in part, at any time and from time to time before maturity (October 14, 2022) at
 the option of the holder at the Fixed Conversion Price that shall be the lesser of: (a) $15.00 or (b) 70% multiplied by the Market
 Price (as defined herein) (representing a discount rate of 30%) (the "Fixed Conversion Price"). "Market Price"
 means the average of the two lowest Closing Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period
 ending on the latest complete Trading Day prior to the Conversion Date "Trading Day" shall mean any day on which the
 Common Stock is tradable for any period on the OTCBB, OTCQB or on the principal securities exchange or other securities market on
 which the Common Stock is then being quoted or traded. To the extent the Conversion Price of the Borrower's Common Stock closes
 below the par value per share, the Borrower will take all steps necessary to solicit the consent of the stockholders to reduce the
 par value of the Common Stock to the lowest value possible under law. The Borrower agrees to honor all conversions submitted pending
 this adjustment. If the shares of the Borrower's Common Stock have not been delivered within three (3) business days to the
 Holder, the Notice of Conversion may be rescinded by the Holder. If the Trading Price cannot be calculated for such security on such
 date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the
 Holder for which the calculation of the Trading Price is required in order to determine the Conversion Price of such Notes. If at
 any time the Conversion Price as determined hereunder for any conversion would be less than the par value of the Common Stock, then
 at the sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion and the Conversion
 Amount for such conversion may be increased to include Additional Principal, where "Additional Principal" means such
 additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable
 upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted
 by the Holder to the par value price. The Note has a term of one (1) year and bears interest at 10% annually. As part and parcel
 of the foregoing transaction, each of the Investors was issued 1,533 shares of common stock as Commitment shares and a warrant (the
 "Warrant") granting the holder the right to purchase up to 44,444 shares of the Company's common stock at an exercise
 price of $22.50 for a term of 5-years. The transaction closed on October 19, 2021. As of September 30, 2024, $69,900 principal was
 due on the BHP note due October 14, 2022. On June 16, 2023, as part of an agreement reached with the SEC, BHP Capital agreed to surrender
 all conversion rights in its currently held convertible notes, surrender for cancellation all unexercised warrants that it acquired
 in connection with convertible notes, and surrender for cancellation any shares it holds that were acquired by converting notes or
 exercising related warrants.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE I – SECURED NOTES AND CONVERTIBLE NOTES PAYABLE (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(iii) On
 February 28, 2022, the Company (the "Borrower") entered into a Note Purchase Agreement ("NPA") with each
 of BHP Capital NY Inc. and Quick Capital, LLC (together, the "Investors") and issued each of the Investors a Secured
 Convertible Promissory Note (the "Note") in the amount of One Hundred Eighty-Seven Thousand Five Hundred and NO/100 Dollars
 ($187,500). The Notes have a term of one (1) year ("Maturity Date" of February 28, 2023) and shall have a one-time interest
 charge of ten percent (10%). The Borrower is to repay each Note with monthly payments as follows: (i) beginning on the four-month
 anniversary of the issue date, the Borrower is to pay $4,489.92 per month for months four through eleven, and (ii) then a balloon
 payment in the amount of $170,330.64 on the Maturity Date. The Notes are convertible into shares of Common Stock at any time after
 an Event of Default in any portion at the Default Conversion Price, in the sole discretion of the Holder. The "Default Conversion
 Price" shall mean $0.75 per share. To the extent the Conversion Price of the Borrower's Common Stock closes below the
 par value per share, the Borrower will take all steps necessary to solicit the consent of the stockholders to reduce the par value
 of the Common Stock to the lowest value possible under law. The Borrower agrees to honor all conversions submitted pending this adjustment.
 If the shares of the Borrower's Common Stock have not been delivered within three (3) business days to the Holder, the Notice
 of Conversion may be rescinded by the Holder. If at any time the Conversion Price as determined hereunder for any conversion would
 be less than the par value of the Common Stock, then at the sole discretion of the Holder, the Conversion Price hereunder may equal
 such par value for such conversion and the Conversion Amount for such conversion may be increased to include Additional Principal,
 where "Additional Principal" means such additional amount to be added to the Conversion Amount to the extent necessary
 to cause the number of conversion shares issuable upon such conversion to equal the same number of conversion shares as would have
 been issued had the Conversion Price not been adjusted by the Holder to the par value price. The transactions closed on March 2,
 2022. On June 16, 2023, as part of an agreement reached with the SEC, BHP Capital agreed to surrender all conversion rights in its
 currently held convertible notes, surrender for cancellation all unexercised warrants that it acquired in connection with convertible
 notes, and surrender for cancellation any shares it holds that were acquired by converting notes or exercising related warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) On
 July 31, 2023, Lyell Environmental Services, Inc (the "Borrower") entered into a Note Purchase Agreement ("NPA")
 with each of BHP Capital NY Inc. and Quick Capital, LLC (together, the "Investors"). These agreements provided operating
 capital for a large 5-month project. The combined loan amount was $750,000 and the purchase amount was $500,000. The project started
 on July 31, 2023 and was completed in December of 2023. The notes were secured by a first priority security interest in collateral
 specified in related Security Agreements and as further guaranteed by the Company (parent company of Lyell).

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE J - DERIVATIVE LIABILITY**

The derivative liability at December 31, 2024 and December 31, 2023 consisted of:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024**<br> **(Audited)** | **December 31, 2023** |
| Convertible Promissory Note payable to Quick Capital, LLC. Please see **NOTE I – SECURED NOTES AND CONVERTIBLE NOTES PAYABLE** for further information. | $21945 | $214702 |
| Convertible Promissory Note payable to BHP Capital NY Inc. Please see **NOTE I – SECURED NOTES AND CONVERTIBLE NOTES PAYABLE** for further information. | - | - |
| Total | $21945 | $214702 |

---

The above Convertible Promissory Notes (the "Notes") contain a variable conversion feature based on the future trading price of the Company's common stock. Therefore, the number of shares of common stock issuable upon conversion of the Notes is indeterminate. Accordingly, we have recorded the fair value of the embedded conversion feature as a derivative liability at the respective issuance dates of the Notes and charged the applicable amounts to debt discount and the remainder to other expense. The increase (decrease) in the fair value of the derivative liability from the respective issuance date of the Notes to the measurement date is charged (credited) to other expense (income).

On June 16, 2023, as part of an agreement reached with the SEC, BHP Capital agreed to surrender all conversion rights in its currently held convertible notes, surrender for cancellation all unexercised warrants that it acquired in connection with convertible notes, and surrender for cancellation any shares it holds that were acquired by converting notes or exercising related warrants.

The fair value of the derivative liability was measured at the respective issuance date and at September 30, 2024 and December 31, 2023 using the Black Scholes option pricing model. Assumptions used for the calculation of the derivative liability of the Notes at September 30, 2024 were (1) stock price of $0.0594 per share, (2) conversion price of $0.01911 per share, (3) term of 30 days, (4) expected volatility of 143% and (5) risk free interest rate of 4.93%. Assumptions used for the calculation of the derivative liability of the Notes at December 31, 2023 were (1) stock price of $0.03 per share, (2) conversion price of $0.01414 per share, (3) term of 30 days, (4) expected volatility of 143% and (5) risk free interest rate of 5.6%.

**NOTE K - CAPITAL STOCK**

*Preferred Stock*

On July 18, 2010, the Board of Directors unanimously approved the designation of a series of preferred stock to be known as "Series A Convertible Preferred Stock" (hereinafter "Series A") with a stated par value of $0.0001 per share. The designations, powers, preferences and rights, and the qualifications, limitations or restrictions hereof, in respect of the Series A shall be as hereinafter described. The holders of Series A shall not be entitled to receive dividends, nor shall dividends be paid on common stock or any other Series of Preferred Stock while Series A shares are outstanding. The holders of Series A shall be entitled to vote on all matters submitted to a vote of the Shareholders of the Company. The holders of the Series A shall be entitled to one thousand (1,000) votes per one share of Series A held. Upon the availability of a sufficient number of authorized but unissued and unreserved shares of common stock, the holders of any Series A Preferred Stock shall be entitled to convert such shares in to fully paid and non-assessable shares of common stock at the rate of 1000 shares of common stock for each share of Series A. In the event of any liquidation, dissolution or winding up of the Corporation, either voluntarily or involuntarily, after setting apart or paying in full the preferential amounts due the Holders of senior capital stock, if any, the Holders of Series A and parity capital stock, if any, shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds of the Corporation to the Holders of junior capital stock, including Common Stock, an amount equal to $0.125 per share.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE K - CAPITAL STOCK (continued)**

At December 31, 2024 and December 31, 2023, there were 0 and 0 shares of Series A issued and outstanding, respectively.

On January 22, 2020, the Board of Directors unanimously approved the designation of a series of preferred stock to be known as "Series B Convertible Preferred Stock" (hereinafter "Series B") with a par value of $0.0001 per share and authorization of 100,000 shares. The designations, powers, preferences and rights, and the qualifications, limitations or restrictions hereof, in respect of the Series B shall be as hereinafter described.

The holders of the Series B, shall not be entitled to receive dividends, nor shall dividends be paid on common stock or any other Series of Preferred Stock while Series B shares are outstanding. The holders of Series B shall be entitled to vote on all matters submitted to a vote of the Shareholders of the Company. The holders of the Series B shall be entitled to twenty thousand (20,000) votes per one share of Series B held. Upon the availability of a sufficient number of authorized but unissued and unreserved shares of common stock, the holders of any Series B Preferred Stock shall be entitled to convert such shares in to fully paid and non-assessable shares of common stock at the following conversion feature: the Conversion Price for each share of Series B Preferred Stock in effect on any Conversion Date shall be (i) eighty five percent (85%) of the average closing bid price of the Common Stock over the twenty (20) trading days immediately preceding the date of conversion, (ii) but no less than Par Value of the Common Stock. For purposes of determining the closing bid price on any day, reference shall be to the closing bid price for a share of Common Stock on such date on the NASD OTC Bulletin Board, as reported on Bloomberg, L.P. Any conversion shall be for a minimum Stated Value of $500.00 of Series B shares.

If the Corporation shall commence a voluntary case under the U.S. Federal bankruptcy laws or any other applicable bankruptcy, insolvency or similar law, or consent to the entry of an order for relief in an involuntary case under any law or to the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Corporation or of any substantial part of its property, or make an assignment for the benefit of its creditors, or admit in writing its inability to pay its debts generally as they become due, or if a decree or order for relief in respect of the Corporation shall be entered by a court having jurisdiction in the premises in an involuntary case under the U.S. Federal bankruptcy laws or any other applicable bankruptcy, insolvency or similar law resulting in the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Corporation or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and any such decree or order shall be unstayed and in effect for a period of sixty (60) consecutive days and, on account of any such event, the Corporation shall liquidate, dissolve or wind up, or if the Corporation shall otherwise liquidate, dissolve or wind up, including, but not limited to, the sale or transfer of all or substantially all of the Corporation's assets in one transaction or in a series of related transactions (a "Liquidation Event"), no distribution shall be made to the holders of any shares of capital stock of the Corporation (other than Senior Securities and Pari Passu Securities) upon liquidation, dissolution or winding up unless prior thereto the Holders of shares of Series B Preferred Stock shall have received the Liquidation Preference (equal to the stated value or $1.00 per share) with respect to each share. If, upon the occurrence of a Liquidation Event, the assets and funds available for distribution among the Holders of the Series B Preferred Stock and Holders of Pari Passu Securities shall be insufficient to permit the payment to such holders of the preferential amounts payable thereon, then the entire assets and funds of the Corporation legally available for distribution to the Series B Preferred Stock and the Pari Passu Securities shall be distributed ratably among such shares in proportion to the ratio that the Liquidation Preference payable on each such share bears to the aggregate Liquidation Preference payable on all such shares.

On January 22, 2020, the Company issued 25,000 shares of Series B Preferred Stock to Bill Edmonds in satisfaction of $25,000 of the Company's deferred compensation liability to Mr. Edmonds.

On June 3, 2020, the Company issued 6,000 shares of its Series B Convertible Preferred Stock to Bill Edmonds in satisfaction of $6,000 loans payable to Mr. Edmonds.

On November 30, 2022, the Company issued 21,000 shares of its Series B Convertible Preferred Stock to Bill Edmonds in satisfaction of $21,000 of a note payable to Bill Edmonds

At December 31, 2024 and December 31, 2023, there were 52,000 and 52,000 shares of Series B Preferred Stock issued and outstanding, respectively.

*Common Stock*

Holders of the Company's common stock are entitled to one vote for each share on all matters submitted to a stockholder vote. Holders of common stock do not have cumulative voting rights. A vote by the holders of a majority of the Company's outstanding voting shares is required to effectuate certain fundamental corporate changes such as liquidation, merger or an amendment to the Company's articles of incorporation.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE K - CAPITAL STOCK (continued)**

Holders of the Company's common stock are entitled to share in all dividends that the board of directors, in its discretion, declares from legally available funds. In the event of a liquidation, dissolution or winding up, each outstanding share entitles its holder to participate pro rata in all assets that remain after payment of liabilities and after providing for each class of stock, if any, having preference over the common stock. The Company's common stock has no pre-emptive rights, no conversion rights and there are no redemption provisions applicable to the Company's common stock.

On July 11, 2021, the Company's Board unanimously approved an Amendment to our Articles of Incorporation (the "Authorized Share Amendment") to increase the number of authorized shares of Common Stock of the Company from 250,000,000 to 500,000,000 and to increase the number of authorized shares of Preferred Stock of the Company from 2,000,000 to 5,000,000 with the Board maintaining the discretion of whether or not to implement the increase in authorized shares of Common and Preferred Stock. On July 11, 2021, the Majority Stockholders delivered an executed written consent in lieu of a special meeting (the "Stockholder Consent") authorizing and approving the Authorized Share Amendment and the increase in authorized shares of Common and Preferred Stock.

On February 10, 2022, the Company's Board unanimously approved an Amendment to our Articles of Incorporation (the "Authorized Share Amendment") to increase the number of authorized shares of Common Stock of the Company from 500,000,000 to 1,000,000,000 with the Board maintaining the discretion of whether or not to implement the increase in authorized shares of Common Stock. On February 10, 2022, the Majority Stockholders delivered an executed written consent in lieu of a special meeting (the "Stockholder Consent") authorizing and approving the Authorized Share Amendment and the increase in authorized shares of Common Stock.

On September 17, 2022, the Company's Board unanimously approved an Amendment to our Articles of Incorporation (the "Authorized Share Amendment") to increase the number of authorized shares of Common Stock of the Company from 1,000,000,000 to 3,000,000,000 with the Board maintaining the discretion of whether or not to implement the increase in authorized shares of Common Stock. On September 17, 2022, the Majority Stockholders delivered an executed written consent in lieu of a special meeting (the "Stockholder Consent") authorizing and approving the Authorized Share Amendment and the increase in authorized shares of Common Stock.

*Common Stock Issuances*

From January 1, 2023 to December 31, 2024, the Company issued and/or sold the following shares of common stock:

On January 4, 2023, the Company issued a noteholder 57,270 shares of common stock in satisfaction of $13,530 principal. The $20,832 excess of the $34,362 fair value of the 57,270 shares over the $13,530 liability reduction was charged to loss on conversion of debt in the three months ended March 31, 2023.

On January 23, 2023, the Company issued a noteholder 59,048 shares of common stock in satisfaction of $15,500 principal. The $11,071 excess of the $26,571 fair value of the 59,048 shares over the $15,500 liability reduction was charged to loss on conversion of debt in the three months ended March 31, 2023.

On June 20, 2023, the Company effectuated a 1 for 1,500 shares reverse split which reduced the issued and outstanding shares of common stock from 1,896,216,952 shares to 1,264,165 shares. The accompanying financial statements have been retroactively restated to reflect this reverse split stock.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE K - CAPITAL STOCK (continued)**

On June 20, 2023, the Company issued a total of 7,270,000 shares of common stock (6,000,000 were issued to the three officers of the Company, 1,270,000 to five key employees of the Company) for services rendered. The $854,225 fair value of the 7,270,000 common shares was charged to operating expenses in the three months ended June 30, 2023.

On June 20, 2023, 280,000 shares of common stock were issued to a consultant for work previously performed. The $22,900 excess of the $32,900 fair value of the 280,000 shares over the $10,000 liability reduction was charged to loss on conversion of debt in the three months ended June 30, 2023.

Effective September 7, 2024, the Company issued a total of 3,783,711 shares of common stock to its three officers and directors in satisfaction of accrued board compensation totaling $60,000 and accrued officer compensation totaling $118,591. The $44,648 excess of the $223,239 fair value of the 3,783,711 shares over the $178,591 liability reduction was charged to loss on conversion of debt in the year ended December 31, 2024.

On November 20, 2024, 626,413 shares were issued in connection with a note conversion.

On December 18, 2024, 782,122 shares were issued in connection with a note converision.

[2,500,000] shares.

*Warrants and options*

A summary of warrants and options activity follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares Equivalent** | **Shares Equivalent** | **Shares Equivalent** |
|  | **Options** | **Warrants** | **Total** |
| **Balance, December 31, 2020** |  | 53 | 53 |
| Warrants expired on February 19, 2021 |  | (20) | (20) |
| Warrants expired on March 16, 2021 |  | (33) | (33) |
| Warrant issued on July 2, 2021 (i) |  | 3333 | 3333 |
| Cashless exercise of warrant on September 21, 2021(i) |  | (3333) | (3333) |
| Two warrants issued on October 14, 2021 (ii) |  | 88889 | 88889 |
| **Balance, December 31, 2021** |  | 88889 | 88889 |
| 2022 Option/Warrant Activity |  | - | - |
| **Balance, December 31, 2022** |  | 88889 | 88889 |
| Warrant cancelled effective June 16, 2023 (iii) |  | (44444) | (44444) |
| **Balance, December 31, 2023 and December 31, 2024** |  | 44445 | 44445 |

---

(i) On
 July 2, 2021, the Company entered into a Securities Purchase Agreement ("SPA") with Labrys Fund, LP ("Labrys").
 As part and parcel of the foregoing transaction, Labrys was issued a warrant granting the holder the right to purchase up to 3,333
 shares of the Company's common stock at an exercise price of $30.00 per share for a term of 5-years. On September 21, 2021,
 the Company issued Labrys 3,008 shares of common stock as a cashless exercise of the warrant.

(ii) On
 October 14, 2021, the Company (the "Borrower") entered into a Note Purchase Agreement ("NPA") with each of
 BHP Capital NY Inc. and Quick Capital, LLC (together, the "Investors"). As part and parcel of the foregoing transaction,
 each of the Investors was issued 1,533 shares of common stock as Commitment shares and a warrant (the "Warrant") granting
 the holder the right to purchase up to 44,444 shares of the Company's common stock at an exercise price of $22.50 per share
 for a term of 5-years. The Company agreed to file an initial registration statement on Form S-1 covering the maximum number of registrable
 securities within 14 days of the execution of the NPA. The Registration Statement on Form S-1 was filed with the Securities and Exchange
 Commission on October 28, 2021 and declared effective on November 10, 2021. The transaction closed on October 19, 2021.

(iii) On
 June 16, 2023, as part of an agreement reached with the SEC, BHP Capital agreed to surrender all conversion rights in its currently
 held convertible notes, surrender for cancellation all unexercised warrants that it acquired in connection with convertible notes,
 and surrender for cancellation any shares it holds that were acquired by converting notes or exercising related warrants.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE K - CAPITAL STOCK (continued)**

The following table summarizes information about warrants outstanding as of September 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number**<br> **Outstanding At**<br> **December 31, 2024** | **Exercise Price** | **Expiration Date** |
| Warrants issued October 14, 2021 | 44445 | 22.50 | October 14, 2026 |
| Total | 44445 |  |  |

---

**NOTE L - INCOME TAXES** 

The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate for the periods presented to income (loss) before income taxes. The income tax rate was 21% for the periods presented. The sources of the differences are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2024**<br> **(Audited)** | **December, 2023**<br> **(Audited)** |
| Expected tax at 21% | $(291924) | $(144929) |
| Non-deductible stock-based compensation |  | 179387 |
| Non-deductible (non-taxable) derivative liability expense (income) | 40479 | 21419 |
| Non-deductible amortization of debt discounts | 13125 | 2625 |
| Non-deductible loss on conversions of debt | 3537 | 11509 |
| Increase (decrease) in Valuation allowance | 234783 | (70011) |
| Provision for (benefit from) income taxes | $- | $- |

---

All tax years subsequent to 2019 remain subject to examination by the Internal Revenue Service .

Based on management's present assessment, the Company has not yet determined it to be more likely than not that a deferred tax asset attributable to the future utilization of the net operating loss carryforward as of December 31, 2024 and December 31, 2023 will be realized. Accordingly, the Company has provided a 100% allowance against the deferred tax asset in the financial statements at December 31, 2024 and December 31, 2023. The Company will continue to review this valuation allowance and make adjustments as appropriate.

The net operating loss carryforward at December 31, 2024 for the years 2004 to 2017 expires in varying amounts from year 2024 to year 2037.

Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE M - COMMITMENTS AND CONTINGENCIES**

*Occupancy*

<u>Corporate Office</u>

Our current office space is located at 3524 Central Pike, #310, Hermitage, TN 37076 pursuant to a 61-month lease.

<u>Lyell Operations</u>

In January 2024, Lyell moved its primary operations from 211 Shady Grove Rd, Nashville, TN 37214 to 3524 Central Pike, Suite 310, Hermitage, Tennessee, 37076. The new lease has a 61 month term with a monthly rent of $5,344 per month with provisions for annual increases.

*Employment Agreements*

On January 1, 2016, Deep Green Waste & Recycling, LLC (the "LLC") entered into an Employment Agreement (the "Agreement") with David A. Bradford as Chief Operating Officer. In connection with his appointment, the LLC and Mr. Bradford entered into a written Agreement for an initial five-year term, which provided for the following compensation terms for Mr. Bradford. Pursuant to the Agreement, Mr. Bradford was to receive a base salary of $108,000 per year, subject to increase of not less than 10% per year. The LLC (i) was to remit payment of Eighty-Four Thousand Dollars ($84,000) of the Base Salary; and (ii) was to defer payment of Twenty-Four Thousand Dollars ($24,000) of the Base Salary, in a proportionate basis and allocated over each payment of the Base Salary so remitted (the "Deferred Base Salary"). The Deferred Base Salary shall earn seven percent (7%) simple interest per annum until paid in full. The Executive, in his sole and absolute discretion, shall determine when and how the Deferred Base Salary shall be paid, without limitation; and may also elect to acquire additional ownership interest in the LLC in exchange for all or any portion of the Deferred Base Salary then outstanding, at the lesser of (i) the then-current value of the ownership interest in the Company; or (ii) the price at which ownership interest in the LLC was most recently purchased by any party, including the LLC. Mr. Bradford was eligible for a cash bonus equal to 1.5% of Adjusted EBITDA over $2,000,000 at the end of each respective annual period. As an inducement to the Executive to enter into this Agreement, the LLC granted the Executive an initial three and one-half percent (3.5%) ownership interest in the LLC. In addition, the executive had the right to purchase equity at the most recently traded rate. In 2016, the executive converted $19,947 of deferred compensation to 4.76% members' equity. On July 17, 2017, Mr. Bradford and the LLC agreed to amend the terms of the Agreement, as follows: (i) upon initiation of its Incentive Stock Plan (ISP), the LLC was to grant the Executive an additional one and one half percent (1.5%) ownership interest in the LLC, with 0.375% granted upon the date of initiation and 0.375% granted on the anniversary date of the ISP for each of the following three years, and (ii) for each year of the Agreement in which the Company's after-tax profits exceed $2,000,000, the LLC was to pay the Executive a Discretionary Incentive Bonus of no less than one and one-half percent (1.5%) of the LLC's after-tax profits, as determined by the LLC's independent certified public accountant(s) in accordance with generally accepted accounting principles. On August 24, 2017, simultaneous with the entry into the Merger Agreement between Deep Green Waste & Recycling, LLC, Critic Clothing, Inc. and Deep Green Acquisition, LLC dated August 24, 2017, Deep Green Waste & Recycling, Inc. (the "Company") (f/k/a Critic Clothing, Inc.) entered into an Assignment and Assumption Agreement of Mr. Bradford's Agreement. Effective May 1, 2018, Mr. Bradford agreed to forgo payment of his salary until circumstances allow a resumption. On December 3, 2019, Mr. Bradford submitted his resignation as President, Chief Executive Officer, Secretary and as a member of the Board of Directors of the Company, effectively immediately. Mr. Bradford retained his role as Chief Operating Officer of the Company. Commencing in July of 2020, the Company and Mr. Bradford agreed that the Company will pay Mr. Bradford $3,500 per month until such time as Company finances improve. On December 31, 2020, the Company extended Mr. Bradford's employment agreement for an additional two-year period. On December 31, 2023, the Company once again extended Mr. Bradford's employment agreement, this time for a period of three years. For the twelve months ended December 31, 2024 and 2023, compensation to Mr. Bradford expensed under the above employment agreement was $31,500 and $31,500, respectively. As of December 31, 2024 and December 31, 2023, accrued compensation due Mr. Bradford was $28,000 and $52,500, respectively. As of December 31, 2024 and December 31, 2023, the deferred compensation balance due Mr. Bradford was $125,045 and $0, respectively.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE M - COMMITMENTS AND CONTINGENCIES (continued)**

On January 1, 2016, Deep Green Waste & Recycling, LLC (the "LLC") entered into an Employment Agreement (the "Agreement") with Bill Edmonds as Managing Member, President and Chief Financial Officer. Mr. Edmonds became Chief Executive Officer of the Company in 2011. In connection with his appointment, the LLC and Mr. Edmonds entered into a written Agreement for an initial five-year term, which provided for the following compensation terms for Mr. Edmonds. Pursuant to the Agreement, Mr. Edmonds was to receive a base salary of $200,000 per year, subject to increase of not less than 10% per year. The Company (i) was to remit payment of One Hundred Sixty Thousand Dollars ($160,000) of the Base Salary; and (ii) was to defer payment of Forty Thousand Dollars ($40,000) of the Base Salary, in a proportionate basis and allocated over each payment of the Base Salary so remitted (the "Deferred Base Salary"). The Deferred Base Salary shall earn seven percent (7%) simple interest per annum until paid in full. The Executive, in his sole and absolute discretion, shall determine when and how Deferred Base Salary shall be paid, without limitation; and may also elect to acquire additional ownership interest in the LLC in exchange for all or any portion of the Deferred Base Salary then outstanding, at the lesser of (i) the then-current value of the ownership interest in the LLC; or (ii) the price at which ownership interest in the LLC was most recently purchased by any party, including the LLC. Mr. Edmonds was eligible for a cash bonus equal to 2.5% of Adjusted EBITDA over $2,000,000 at the end of each respective annual period. On July 17, 2017, Mr. Edmonds and the LLC agreed to amend the terms of the Agreement, as follows: (i) upon initiation of its Incentive Stock Plan, the LLC was to grant the Executive an additional two and one-fourth percent (2.25%) ownership interest in the LLC, with 0.5625% granted upon the date of initiation and 0.5625% granted on the anniversary date of the ISP for each of the following three years, and (ii) for each year of the Agreement in which the LLC's after-tax profits exceed $2,000,000, the LLC was to pay the Executive a Discretionary Incentive Bonus of no less than two and one half percent (2.5%) of the LLC's after-tax profits, as determined by the LLC's independent certified public accountant(s) in accordance with generally accepted accounting principles. On August 24, 2017, simultaneous with the entry into the Merger Agreement between Deep Green Waste & Recycling, LLC, Critic Clothing, Inc. and Deep Green Acquisition, LLC dated August 24, 2017, Deep Green Waste & Recycling, Inc. (the "Company") (f/k/a Critic Clothing, Inc.) entered into an Assignment and Assumption Agreement of Mr. Edmonds' Agreement. Effective May 1, 2018, Mr. Edmonds agreed to forgo payment of his salary until circumstances allow a resumption. On December 31, 2020, the Company extended Mr. Edmonds' employment agreement for an additional two-year period. On December 31, 2023, the Company once again extended Mr. Edmonds' employment agreement, this time for a period of three years. Effective January 1, 2023, Mr. Edmonds agreed to resume a monthly salary of $3,500. For the twelve months ended December 31, 2024 and 2023, compensation to Mr. Edmonds expensed under the above employment agreement was $31,500 and $0, respectively. As of September 30, 2024 and December 31, 2023, the deferred compensation balance due Mr. Edmonds was $3,546 and $102,286, respectively. As of December 31, 2024 and December 31, 2023 the accrued board salary balance due Mr. Edmonds was $10,334 and $25,000, respectively. As of December 31, 2024 and December 31, 2023 the accrued officer salary balance due Mr. Edmonds was $29,500 and $42,000, respectively.

On December 4, 2019, the Company entered into an agreement with Lloyd Spencer as President and Chief Executive Officer. In connection with his appointment, the Company and Mr. Spencer entered into a written employment agreement (the "Employment Agreement") for an initial three-year term, which provided for the following compensation terms for Mr. Spencer. Pursuant to the Employment Agreement, Mr. Spencer was to receive a base salary of $10,000 per month starting when the corporation receives its first round of equity or debt financing. Mr. Spencer received 333 restricted shares of the Company's common stock on or before January 31, 2020 as a sign-on bonus. In addition, the Company is to issue to Mr. Spencer restricted shares in the form of stock grants equivalent to 4,020 shares of the Corporation's Common Stock over a 3-year period. Stock Grant shares vested 113 shares each month after the Stock Grant date, December 4, 2019, over a three-year period. The number of shares vested shall be adjusted in the event of subsequent stock splits. Commencing in July of 2020, the Company and Mr. Spencer agreed that the Company will pay Mr. Spencer $3,500 per month until such time as Company finances improve. For the twelve months ended December 31, 2024, and 2023, compensation to Mr. Spencer expensed under the employment agreement was $31,500 and $31,500, respectively. As of December 31, 2024, and December 31, 2023, the accrued cash compensation due Mr. Spencer was $17,500 and $69,250, respectively. As of December 31, 2024 and December 31, 2023, the accrued board salary balance due Mr. Spencer was $28,000 and $25,000, respectively. On December 31, 2023, the Company extended Mr. Spencer's employment agreement for a three-year period.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE M - COMMITMENTS AND CONTINGENCIES (continued)**

On March 14, 2022, Lloyd T. Spencer, the Company's Chief Executive Officer, Secretary and Director, resigned in his position as Chief Executive Officer. Mr. Spencer retained his roles as Secretary and Director. On March 14, 2022, upon the resignation of Mr. Spencer as the Company's Chief Executive Officer, the Board of Directors appointed Bill Edmonds as its new Chief Executive Officer. Mr. Edmonds retained his prior roles as interim Chief Financial Officer and Chairman of the Board of Directors. On March 14, 2022, the Board of Directors appointed David Bradford to President. Mr. Bradford retained his prior role as Chief Operating Officer.

*Director Agreements*

On January 9, 2020, the Company and Lloyd Spencer (the "Director") entered into a Board of Directors Services Agreement whereby the Director shall receive compensation for serving on the Company's Board of Directors equivalent to Five Thousand and no/100 dollars ($5,000.00) of the Company's common stock, paid to the Director on the last calendar day of each fiscal quarter as long as Director continues to fulfill his duties and provide the services set forth above. The pricing of the stock to be delivered shall be calculated as: $5,000/(Closing stock price on the last calendar day of the fiscal quarter x 0.8). The Director began receiving compensation for services rendered under this Agreement beginning during the first calendar quarter of 2020. At December 31, 2024, the accrued compensation due Mr. Spencer under this agreement was $11,667.

On January 9, 2020, the Company and Bill Edmonds (the "Director") entered into a Board of Directors Services Agreement whereby the Director shall receive compensation for serving on the Company's Board of Directors equivalent to Five Thousand and no/100 dollars ($5,000.00) of the Company's common stock, paid to the Director on the last calendar day of each fiscal quarter as long as Director continues to fulfill his duties and provide the services set forth above. The pricing of the stock to be delivered shall be calculated as: $5,000/(Closing stock price on the last calendar day of the fiscal quarter x 0.8). The Director began receiving compensation for services rendered under this Agreement beginning during the first calendar quarter of 2020. At December 31, 2024, the accrued compensation due Mr. Edmonds under this agreement was $11,667.

LES Gross Profit Incentive Plan

In the three months ended June 30, 2024, our subsidiary Lyell Environmental Services, Inc, adopted the LES Gross Profit Incentive Plan. The plan was adopted to reward front line supervisors and project managers for exceeding established gross profit margin targets on a consistent basis. The incentive awards are calculated at 20% of the amount of gross profit margins (as defined) that exceed a baseline of 45%. On June 30, 2024, the Company recorded a $92,300 accrual for the estimated incentives earned by supervisors and project managers for the three-month periods ended December 31, 2023, March 31, 2024, and June 30, 2024.

Major Customers

For the year ended December 31, 2024 , two customers accounted for 18% and 64%, respectively, of total revenues. For the year ended December 31, 2023, one customer accounted for 77%of total revenues.

*Legal*

As indicated in **NOTE G – ACCOUNTS PAYABLE**, one customer and two vendors have received Default Judgments against Deep Green aggregating $487,615 that remain unpaid by Deep Green. Also, Deep Green has accounts payable to other vendors of materials and services and credit card companies aggregating $2,379,520, which are mostly past due and remain unpaid by Deep Green. Also, Deep Green has not paid any amounts to satisfy the $387,535 claimed by the factor pursuant to the Factor's Notice of Default dated July 31, 2018.

On January 1, 2023, the Company received notification of a complaint filed in the Supreme Court of the State of New York by Owen May and MD Global. The complaint alleged "breach of contract, conversion, fraud, and securities fraud related to misconduct, failure to perform, theft, and deceit and intentional misrepresentations done with scienter about securities by Deep Green Waste & Recycling and Lloyd T Spencer". The complaint sought $350,000.00 in compensatory damages, and $3,500,000.00 in punitive damages. The Company believed the complaint to be wholly without merit and filed to dismiss the case.

On June 1, 2023 the Company received notification that the Supreme Court of the State of New York dismissed the fraud and conversion claims brought by MD Global, LLC and further ruled that former CEO Lloyd Spencer should not be a party to the case. On May 29, 2024, the parties executed a Stipulation of Discontinuance With Prejudice to dismiss the case, which was accepted by the Court on May 30, 2024.

**DEEP GREEN WASTE & RECYCLING, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*For the years ended December 31, 2024 and 2023*

*(Audited)*

**NOTE N - GOING CONCERN UNCERTAINTY**

Under ASC 205-40, we have the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet our future financial obligations as they become due within one year after the date that the financial statements are issued. As required by this standard, our evaluation shall initially not take into consideration the potential mitigating effects of our plans that have not been fully implemented as of the date the financial statements are issued.

In performing the first step of this assessment, we concluded that the following conditions raise substantial doubt about our ability to meet our financial obligations as they become due. We have a history of net losses: As of December 31, 2024, we had cash of $72,842, current assets of $189,441, current liabilities of $4,643,928 and an accumulated deficit of $13,882,863 For the twelve months ended December 31, 2024 and 2023, we had net losses of $1,198,810 and $690,140 respectively. We expect to continue to incur negative cash flows until such time as our operating segments generate sufficient cash inflows to finance our operations and debt service requirements.

In performing the second step of this assessment, we are required to evaluate whether our plans to mitigate the conditions above alleviate the substantial doubt about our ability to meet our obligations as they become due within one year after the date that the financial statements are issued. Our future plans include securing additional funding sources that may include establishing corporate partnerships, establishing licensing revenue agreements, issuing additional convertible debentures and issuing public or private equity securities, including selling common stock through an at-the-market facility (ATM).

There is no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available through external sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material effect on the business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or they will not have a significant dilutive effect on the Company's existing shareholders. We have therefore concluded there is substantial doubt about our ability to continue as a going concern through November 2025.

The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from our failure to continue as a going concern.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**

**Overview**

Deep Green Waste & Recycling, Inc. (f/k/a Critic Clothing, Inc.) ("Deep Green", the "Company", "we", "us", or "our") is a publicly quoted company seeking to create value for its shareholders by seeking to acquire other operating entities for growth in return for shares of our common stock.

The Company was organized as a Nevada corporation on August 24, 1995 under the name of Evader, Inc. On May 25, 2012, the Company filed its Foreign Profit Corporation Articles of Domestication to change the domicile of the Company from Nevada to Wyoming. On November 4, 2015, the Company filed an Amendment to its Articles of Incorporation to change the name of the Company to Critical Clothing, Inc. and on August 28, 2017 an Amendment was filed to change the Company name to Deep Green Waste & Recycling, Inc.

On August 24, 2017, the Company entered into an Agreement of Conveyance, Transfer and Assignment of Assets and Assumption of Obligations (the "Agreement") with St. James Capital Management, LLC. Under the terms of the Agreement, St. James Capital Management, LLC transferred and assigned all of the assets of the Company related to its extreme sports apparel design and manufacturing business in exchange for the assumption of certain liabilities and cancellation of 3,000,000 shares (as adjusted for the September 27, 2017 reverse stock split of 1 share for 1000 shares) of common stock of the Company.

On August 24, 2017, the Company acquired all the membership units of Deep Green Waste and Recycling, LLC ("DGWR LLC"), a Georgia limited liability company engaged in the waste recycling business since 2011, in exchange for 85,000,000 shares (as adjusted for the September 27, 2017 reverse stock split of 1 share for 1000 shares) of the Company's common stock. The transaction was accounted for as a "reverse merger" where DGWR LLC was considered the accounting acquiror and the Company was considered the accounting acquiree.

Effective October 1, 2017, Deep Green acquired Compaction and Recycling Equipment, Inc. (CARE), a Portland, Oregon based company that sells and services waste and recycling equipment. Deep Green purchased 100% of the common stock for $902,700. $586,890 was paid in cash at closing and a promissory note was executed in the amount of $315,810.

Effective October 1, 2017, Deep Green acquired Columbia Financial Services, Inc, (CFSI), a Portland, Oregon based company that finances the purchases of waste and recycling equipment. Deep Green purchased 100% of the common stock for $597,300. $418,110 was paid in cash at closing and a promissory note was executed in the amount of $179,190.

On August 7, 2018, the Company entered into an Agreement of Conveyance, Transfer and Assignment of Subsidiaries and Assumption of Obligations (the "Agreement") with Mirabile Corporate Holdings, Inc. Under the terms of the Agreement, the Company transferred all capital stock of its two wholly owned subsidiaries, Compaction and Recycling Equipment, Inc. and Columbia Financial Services, Inc., to Mirabile Corporate Holdings, Inc. in exchange for the assumption and cancellation of certain liabilities. Deep Green's then Chief Executive Officer owned a 7.5% equity interest in Mirabile Corporate Holdings, Inc.

On August 7, 2018, the Company ceased its waste recycling business.

The Company re-launched its waste and recycling services operation and has begun to re-engage with customers, waste haulers and recycling centers, which are critical elements of its historically successful business model: designing and managing waste programs for commercial and institutional properties for cost savings, ease of operation, and minimal administrative stress for its clients.

<u>Asset Purchase Agreement</u>

On February 8, 2021, the Company, through its wholly owned subsidiary DG Research, Inc. (the "Buyer"), entered into an Asset Purchase Agreement (the "Agreement") with Amwaste, Inc. (the "Seller"). Under the terms of the Agreement, the Buyer agreed to purchase from the Seller certain assets (the "Assets") utilized in the Seller's waste management business located in Glynn County, Georgia. In consideration for the purchase of the Assets, the Buyer paid the seller $160,000 and issued the Seller 2,000,000 shares of the Company's restricted common stock. The Buyer remitted $50,000 at Closing and issued the Seller a Promissory Note (the "Note") in the amount of $110,000, which was paid April 9, 2021. The Note was secured by the Assets purchased through the Agreement. The transaction closed on February 11, 2021.

In order to further grow its business, the Company plans to:

● expand its service offerings to provide additional sustainable waste management solutions that further minimize costs based on volume and content of waste streams, and methods of disposal, including landfills, transfer stations and recycling centers;

● Acquire profitable waste and recycling services companies with similar or compatible and synergistic business models, that can help the Company achieve these objectives;

● Offer innovative recycling services that significantly reduce the disposal of plastics, electronic wastes, food wastes, and hazardous wastes in the commercial property universe;

● Establish partnerships with innovative universities, municipalities and companies; and

● Attract investment funds who will actively work with the Company to achieve these goals and help the Company grow into a leading waste and recycling services supplier in North America.

Some potential merger/acquisition candidates have been identified and discussions initiated. These candidates are within the Company's core business model, serving commercial properties, accretive to cash flow, and geographically favorable. While seeking to identify acquisition candidates, the Company seeks to identify target entities with a similar core business model or a model which naturally integrates with its own, and which are situated in opportunistic geographic locations.

We have unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions, and other factors.

The selection of a business opportunity in which to participate is complex and risky. Additionally, we have only limited resources and may find it difficult to locate good opportunities. There can be no assurance that we will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to us and our shareholders. We will select any potential business opportunity based on our management's best business judgment.

Our activities are subject to several significant risks, which arise primarily as a result of the fact that we have no specific business and may acquire or participate in a business opportunity based on the decision of management, which potentially could act without the consent, vote, or approval of our shareholders. The risks faced by us are further increased as a result of its lack of resources and our inability to provide a prospective business opportunity with significant capital.

**Critical Accounting Policies and Significant Judgments and Estimates**

Our management's discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements as well as the reported expenses during the reporting periods. The accounting estimates that require our most significant, difficult and subjective judgments have an impact on revenue recognition, the determination of share-based compensation and financial instruments. We evaluate our estimates and judgments on an ongoing basis. Actual results may differ materially from these estimates under different assumptions or conditions.

Our significant accounting policies are more fully described in **NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** to our consolidated financial statements included elsewhere in this Quarterly Report on Form 10-K.

***Discussion for the twelve months ended December 31, 2024 and December 31, 2023 (Audited):***

**<u>Results of Operations:</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Twelve months Ended** | **Twelve months Ended** | |
|  | **December 31,<br> 2024** | **December 31,<br> 2023** |<br>**$ Change** |
| Gross revenue | $1081615 | $2682762 | $(1601147) |
| Cost of Sales | 255665 | 637068 | (381403) |
| Gross Profit | 825950 | 2045694 | (1219744) |
| Operating expenses | 1789346 | 2305008 | (515662) |
| Operating (Loss) | (963396) | (259314) | (704082) |
| Other Income (Expense) | 426718 | (430826) | 857544 |
| Income (Loss) from continuing operations | (1151364) | (635771) | (515593) |
| Income (Loss) from discontinued operations | (47446) | (54369) | 6923 |
| Net Loss | (1390114) | (690140) | (699974) |
| Net loss per share - basic and diluted | $(0.08) | $(0.14) | $0.06 |

---

*Revenues*

For the twelve months ended December 31, 2024 and 2023, we generated $1,081,615 and $2,682,762 revenue, respectively. In 3<sup>rd</sup> quarter 2023, we began work on the Oxford House Project at Vanderbilt University Medical Center (VUMC). As a result, our 3<sup>rd</sup> quarter 2023 asbestos-related revenues were substantially greater than 3Q 2024. YTD 2024 revenues for other channels, such as Mold, Lead and Radon channels were all up, 90%, 197% and 40% respectively.

*Cost of Sales*

Our cost of sales was $255,665 and $637,068 for the twelve months ended December 31, 2024 and 2023, respectively. This highlights our low cost of performing remediation work and again references the significance of the Oxford House project in 2023

*Gross Profit*

Full year gross profit dropped to $825,950 from $2,045,694 the prior year. So even though our other revenue channels outperformed year-over-year, we were not able to compensate for the considerable 2023 VUMC project.

*Operating expenses*

Our operating expenses of $1,789,346 are down from $2,305,008 year-over-year which was driven almost exclusively by 2023 non-cash stock compensation. This was offset by intentional increases in facilities cost and a catch up for employee incentive accrual of $95K

*Operating Loss*

Our operating loss was ($963,396) and ($259,314) for the twelve months ended December 31, 2024 and 2023, respectively.

We anticipate that our cost of revenues will increase in 2024 and for the foreseeable future as we continue to build out our remediation services and identify acquisition opportunities in the waste and recycling sector.

*Other Income (Expense)*

Other Income was essentially flat at $426,718 for the twelve months ended December 31, 2024. This was driven by noncash derivative adjustment and gain from disposition of Amwaste operations.

*Net Income*

The Company's loss was $(1,390,114) for the twelve months ended December 31, 2024 compared to a loss of $(690,140) for the same period in 2023.

**Liquidity and Capital Resources**

At December 31, 2024, we had current assets of $189,441 and current liabilities of $4,835,663 resulting in negative working capital of $4,646,222, of which $2,901,424 was accounts payable and $131,356 was included in accrued interest. At December 31, 2024, we had total assets of $921, 5184 and total liabilities of $4,966,278 resulting in stockholders' deficit of $(4,044,760).

At December 31, 2023, we had current assets of $1,193,986 and current liabilities of $5,421,592 resulting in negative working capital of $4,227,606, of which $3,028,905 was accounts payable and $102,286 was included in deferred compensation. At December 31, 2023, we had total assets of $2,121,542 and total liabilities of $5,421,592 resulting in stockholders' deficit of $(3,300,050).

Accounts Payable

At December 31, 2024, the Company had accounts payable of $2,901,424 that consisted of $487,615 in default judgments due to prior vendors, $2,181,877 due to vendors for materials and services and $220,069 due for credit card obligations.

At December 31, 2023, the Company had accounts payable of $3,028,905 that consisted of $487,615 in default judgments due to prior vendors, $2,325,693 due to vendors for materials and services and $215,597 due for credit card obligations.

*Debt*

At December 31, 2024, the Company had outstanding secured notes and convertible notes payable of $682,768 and other debt of $467,062. Please see **NOTE H – DEBT** and **NOTE I - SECURED NOTES AND CONVERTIBLE NOTES PAYABLE** for further information.

At December 31, 2023, the Company had outstanding secured notes and convertible notes payable of $971,788 and other debt of $575,077. Please *see* **NOTE H – DEBT** and **NOTE I- SECURED NOTES AND CONVERTIBLE NOTES PAYABLE** for further information.

*Cash on Hand*

Our cash on hand as of December 31, 2024 and December 31, 2023 was $72,842 and $318,441, respectively.

Satisfaction of Outstanding Liabilities

As of December 31, 2024, the Company has a liability of $487,615 as a result of three (3) default judgments. The Company intends to negotiate settlements and establish payment plans with each creditor that will satisfy these judgements. Nonetheless, some or all of the creditors may elect to bring further litigation to protect their claims or perfect their judgments.

The Company accrued customer deposits in the form of advance payments for waste management services that could not be delivered when the Company suspended operations in August 2018. The Company intends to either resume waste management services with those customers or refund the advance payments through a repayment plan.

There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources to satisfy these outstanding liabilities. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business.

We currently have no external sources of liquidity such as arrangements with credit institutions or off-balance sheet arrangements that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.

We are dependent on the sale of our securities to fund our operations and will remain so until we generate sufficient revenues to pay for our operating costs. Our officers and directors have made no written commitments with respect to providing a source of liquidity in the form of cash advances, loans and/or financial guarantees.

If we are unable to raise the funds, we will seek alternative financing through means such as borrowings from institutions or private individuals. There can be no assurance that we will be able to raise the capital we need for our operations from the sale of our securities. We have not located any sources for these funds and may not be able to do so in the future. We expect that we will seek additional financing in the future. However, we may not be able to obtain additional capital or generate sufficient revenues to fund our operations. If we are unsuccessful at raising sufficient funds, for whatever reason, to fund our operations, we may be forced to cease operations. If we fail to raise funds, we expect that we will be required to seek protection from creditors under applicable bankruptcy laws.

Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern and believes that our ability is dependent on our ability to implement our business plan, raise capital and generate revenues. Please *see* **NOTE N - GOING CONCERN UNCERTAINTY** for further information.

*Debt*

Our Debt was $467,062 and $575,077 at December 31 2024 and December 31, 2023, respectively. Included within the Debt was the following at December 31, 2024: (i) $387,535 due under Factor agreement with AEC Yield Capital, LLC and Notice of Default; (ii) $51,179 in other debt. Please *see* **NOTE H – DEBT** for further information.

*Convertible Notes*

On October 14, 2021, the Company (the "Borrower") entered into a Note Purchase Agreement ("NPA") with each of BHP Capital NY Inc. and Quick Capital, LLC (together, the "Investors") and issued each of the Investors a Secured Convertible Promissory Note (the "Note") in the amount of Six Hundred Sixty-Six Thousand Six Hundred Sixty-Seven and NO/100 Dollars ($666,667). The Note is convertible, in whole or in part, at any time and from time to time before maturity (October 14, 2022) at the option of the holder at the Fixed Conversion Price that shall be the lesser of: (a) $0.01 or (b) 70% multiplied by the Market Price (as defined herein) (representing a discount rate of 30%) (the "Fixed Conversion Price"). "Market Price" means the average of the two lowest Closing Prices (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date "Trading Day" shall mean any day on which the Common Stock is tradable for any period on the OTCBB, OTCQB or on the principal securities exchange or other securities market on which the Common Stock is then being quoted or traded. To the extent the Conversion Price of the Borrower's Common Stock closes below the par value per share, the Borrower will take all steps necessary to solicit the consent of the stockholders to reduce the par value of the Common Stock to the lowest value possible under law. The Borrower agrees to honor all conversions submitted pending this adjustment. If the shares of the Borrower's Common Stock have not been delivered within three (3) business days to the Holder, the Notice of Conversion may be rescinded by the Holder. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the Holder for which the calculation of the Trading Price is required in order to determine the Conversion Price of such Notes. If at any time the Conversion Price as determined hereunder for any conversion would be less than the par value of the Common Stock, then at the sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion and the Conversion Amount for such conversion may be increased to include Additional Principal, where "Additional Principal" means such additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted by the Holder to the par value price. The Note has a term of one (1) year and bears interest at 10% annually. As part and parcel of the foregoing transaction, each of the Investors was issued 1,533 shares of common stock as Commitment shares and a warrant (the "Warrant") granting the holder the right to purchase up to 44,444 shares of the Company's common stock at an exercise price of $22.50 for a term of 5-years. The transaction closed on October 19, 2021 As of June 30, 2024, $39,388 principal was due on the Quick Capital Note and $69,900 principal was due on the BHP Capital Note.

*Cash Flows*

We had net cash provided by (used in) operating activities for the six months ended December 31, 2024 and 2023 of $41,446 and $253,414, respectively.

We had net cash provided in investing activities for the twelve months ended December 31, 2024 and 2023 of $135,213 and $51,585, respectively. First quarter 2024 proceeds were from the sale of Amwaste rolloff operations.

We had net cash provided (used) by financing activities for the twelve months ended December 31, 2024 and 2023 of $(426,442) and $(23,174), respectively. First quarter use of funds were used to pay back the 2023 funding that was needed for our large remediation project at Vanderbilt University Medical Center.

*Required Capital Over the Next Twelve Months*

We expect to incur losses from operations for the near future. We believe we will have to raise an additional $500,000 to expand our operations over the next twelve months, including roughly $50,000 to remain current in our filings with the SEC. The additional funds will be utilized for hiring ancillary staff and key personnel, corporate website and SEO development, acquisition(s) in the waste and recycling management sector and day-to-day operations.

Future financing may include the issuance of equity or debt securities, obtaining credit facilities, or other financing mechanisms. Even if we are able to raise the funds required, it is possible that we could incur unexpected costs and expenses or experience unexpected cash requirements that would force us to seek alternative financing. Furthermore, if we issue additional equity or debt securities, existing holders of our securities may experience additional dilution or the new equity securities may have rights, preferences or privileges senior to those of existing holders of our securities.

If additional financing is not available or is not available on acceptable terms, we may be required to delay or alter our business plan based on available financing.

C**ritical Accounting Policies and Estimates**

The SEC issued Financial Reporting Release No. 60, "Cautionary Advice Regarding Disclosure About Critical Accounting Policies" suggesting that companies provide additional disclosure and commentary on their most critical accounting policies. In Financial Reporting Release No. 60, the SEC has defined the most critical accounting policies as the ones that are most important to the portrayal of a company's financial condition and operating results and require management to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, we have identified the following significant policies as critical to the understanding of our financial statements. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make a variety of estimates and assumptions that affect (i) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and (ii) the reported amounts of revenues and expenses during the reporting periods covered by the financial statements. Our management expects to make judgments and estimates about the effect of matters that are inherently uncertain. As the number of variables and assumptions affecting the future resolution of the uncertainties increase, these judgments become even more subjective and complex. Although we believe that our estimates and assumptions are reasonable, actual results may differ significantly from these estimates. Changes in estimates and assumptions based upon actual results may have a material impact on our results.

**Off-Balance Sheet Arrangements**

We did not have, during the periods presented, and we do not currently have, any relationships with any organizations or financial partnerships, such as structured finance or special purpose entities, that would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not Applicable.

**ITEM 4. CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

The Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this Form 10-K, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the Securities and Exchange Commission. The Company's disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. As required under Exchange Act Rule 13a-15, the Company's management, including the Principal Executive Officer and Principal Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the Company's President concluded that the Company's disclosure controls and procedures are not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Company's President, as appropriate, to allow timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting**

During the quarter ended June 30, 2024, there was no change in internal control over financial reporting that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

**PART II**

**ITEM 1. LEGAL PROCEEDINGS**

On December 31, 2022, management became aware of a Summons of Notice filed by Owen May and MD Global Partners with the State of New York which names Lloyd T. Spencer and Deep Green Waste & Recycling. The summons claims breach of contract and other unsubstantiated accusations seeking $350,000 in compensatory damages and $3,500,000 in punitive damages. Deep Green retained legal counsel in Manhattan, NY to refute the claims. On 5/29/2024, a Stipulation to Discontinue with Prejudice was filed with the Supreme Court of the State of New York, and accepted on May 30, 2024.

Other than the aforementioned case which has now been dismissed, we are not a party to any material pending legal proceedings, nor are we aware of any pending litigation or legal proceeding against us that would have a material adverse effect upon our results of operations or financial condition.

**ITEM 1A. RISK FACTORS**

Not applicable to smaller reporting companies.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

**Recent Sales of Unregistered Securities; Uses of Proceeds from Registered Securities**

In connection with the foregoing, the Company relied upon the exemptions from registration provided by Rule 701 and Section 4(a)(2) under the Securities Exchange Act of 1933, as amended:

For the twelve months ended December 31, 2024, the Company issued and/or sold the following unregistered securities:

<u>Common Stock</u>

*For the twelve months ended December 31, 2024*

None.

<u>Preferred Stock</u>

*For the twelve months ended December 31, 2024*

None.

**Use of Proceeds**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not Applicable.

**ITEM 5. OTHER INFORMATION**

None.

**ITEM 6. EXHIBITS**

---

| | |
|:---|:---|
| **No.** | **Description** |
| 2.1 | [Merger Agreement by and between Deep Green Waste & Recycling, LLC, Critic Clothing, Inc. and Deep Green Acquisition, LLC dated August 24, 2017 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex2-1.htm) |
| 2.2 | [Articles of Merger of Deep Green Acquisition, LLC and Deep Green Waste & Recycling, LLC dated August 24, 2017 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex2-2.htm) |
| 2.3 | [Share Purchase Agreement between Gordon Boorse and Deep Green Waste & Recycling, LLC dated June 2017 (Compaction and Recycling Equipment, Inc.) (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex2-3.htm) |
| 2.4 | [Share Purchase Agreement between Gordon Boorse and Deep Green Waste & Recycling, LLC dated June 2017 (Columbia Financial services, Inc.) (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex2-4.htm) |
| 2.5 | [Agreement of Conveyance, Transfer and Assignment of Assets and Assumption of Obligations with St. James Capital Management, LLC dated August 24, 2017 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex2-5.htm) |
| 2.6 | [Agreement of Conveyance, Transfer and Assignment of Subsidiaries and Assumption of Obligations with Mirabile Corporate Holdings, Inc. dated August 7, 2018 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex2-6.htm) |
| 3.1 | [Articles of Incorporation Evader, Inc. dated August 24, 1995 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-1.htm) |
| 3.2 | [Certificate of Correction for Evader, Inc. dated December 28, 2005 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-2.htm) |
| 3.3 | [Certificate of Designation of Series A Preferred Stock dated July 18, 2010 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-3.htm) |
| 3.4 | [Articles of Conversion of Evader, Inc., Inc. dated April 25, 2012 effective May 25, 2012 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-4.htm) |
| 3.5 | [Restated Certificate of Incorporation of Evader, Inc., Inc. (previously filed with Form 1-A on May 17, 2018) (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000139390518000159/dgwr_ex1a2a.htm) |
| 3.6 | [Bylaws of Evader, Inc. (previously filed with Form 1-A on May 17, 2018) (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000139390518000159/dgwr_ex1a2b.htm) |
| 3.7 | [Amendment to Articles of Incorporation of Evader, Inc. dated July 24, 2014 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-7.htm) |
| 3.8 | [Amendment to Articles of Incorporation of Evader, Inc. dated August 14, 2014 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-8.htm) |
| 3.9 | [Amendment to Articles of Incorporation of Evader, Inc. dated December 8, 2014 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-9.htm) |
| 3.10 | [Amendment to Articles of Incorporation of Evader, Inc. dated August 13, 2015 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-10.htm) |
| 3.11 | [Amendment to Articles of Incorporation of Evader, Inc. dated July 20, 2017 (name change to Critical Clothing, Inc.) (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-11.htm) |
| 3.12 | [Amendment to Articles of Incorporation of Critical Clothing, Inc. dated July 20, 2017 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-12.htm) |
| 3.13 | [Amendment to Articles of Incorporation of Critical Clothing, Inc. dated November 6, 2017 (name change to Deep Green Waste & Recycling, Inc.) (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-13.htm) |
| 3.14 | [Certificate of Designation Series B Convertible Preferred Stock dated January 22, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex3-14.htm) |
| 4.1 | [Specimen certificate of common stock (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex4-1.htm) |

---

10.1 [Board of Directors Services Agreement with Bill Edmonds dated January 9, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-1.htm)

10.2 [Board of Directors Services Agreement with Lloyd Spencer dated January 9, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-2.htm)

10.3 [Indemnification Agreement between Green Deep Waste & Recycling, Inc. and Bill Edmonds dated January 9, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-3.htm)

10.4 [Indemnification Agreement between Green Deep Waste & Recycling, Inc. and Lloyd Spencer dated January 9, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-4.htm)

10.5 [Employment Agreement between Deep Green Waste & Recycling, Inc. and Lloyd Spencer dated December 4, 2019 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-5.htm)

10.6 [Employment Agreement between Deep Green Waste & Recycling, LLC and David Bradford dated January 1, 2016 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-6.htm)

10.7 [Employment Agreement between Deep Green Waste & Recycling, LLC and Bill Edmonds dated December 4, 2019 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-7.htm)

10.8 [Employment Agreement between Deep Green Waste & Recycling, Inc. and Josh Beckham dated February 5, 2018 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-8.htm)

10.9 [Amendment to Deep Green Waste & Recycling, LLC Employment Agreement with David Bradford dated July 20, 2017 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-9.htm)

10.10 [Amendment to Deep Green Waste & Recycling, LLC Employment Agreement with Bill Edmonds dated July 20, 2017 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-10.htm)

10.11 [Consulting Agreement between Deep Green Waste & Recycling, Inc. and Sylios Corp dated December 16, 2019 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-11.htm)

10.12 [Securities Purchase Agreement between Sylios Corp and Deep Green Waste & Recycling, Inc. dated as of January 13, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-12.htm)

10.13 [Convertible Promissory Note between Sylios Corp and Deep Green Waste & Recycling, Inc. dated as of January 13, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-13.htm)

10.14 [Common Stock Purchase Warrant Agreement between Sylios Corp and Deep Green Waste & Recycling, Inc. dated as of January 13, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-14.htm)

10.15 [Registration Rights Agreement between Sylios Corp and Deep Green Waste & Recycling, Inc. dated as of January 13, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-15.htm)

10.16 [Acknowledgement of Assignment Agreement between Sylios Corp and Armada Capital Partners, LLC dated March 6, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-16.htm)

10.17 [Assignment Agreement between Sylios Corp and Armada Capital Partners, LLC dated March 6, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-17.htm)

10.18 [Convertible Promissory Note between Armada Investment Fund, LLC and Deep Green Waste & Recycling, Inc. dated as of March 12, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-18.htm)

10.19 [Common Stock Purchase Warrant Agreement between Armada Investment Fund, LLC and Deep Green Waste & Recycling, Inc. dated as of March 12, 2020 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex10-19.htm)

10.20 [Promissory Note between Deep Green Waste & Recycling, LLC and Gordon Boorse (CFSI acquisition) dated October 20, 2017 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-20.htm)

10.21 [Promissory Note between Deep Green Waste & Recycling, LLC and Gordon Boorse (CARE acquisition) dated October 20, 2017 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-21.htm)

10.22 [Notice of Default submitted by AEC Yield Capital, LLC dated July 31, 2018 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-22.htm)

10.23 [Purchase and Sale Agreement between Deep Green Waste & Recycling, LLC and AEC Yield Capital, LLC dated December 16, 2016 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-23.htm)

10.24 [First Amendment to the Purchase and Sale Agreement between Deep Green Waste & Recycling, LLC and AEC Yield Capital, LLC dated January 26, 2017 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-24.htm)

10.25 [Second Amendment to the Purchase and Sale Agreement between Deep Green Waste & Recycling, LLC and AEC Yield Capital, LLC dated June 7, 2017 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-25.htm)

10.26 [Third Amendment to the Purchase and Sale Agreement between Deep Green Waste & Recycling, LLC and AEC Yield Capital, LLC dated June 7, 2017 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-26.htm)

10.27 [Convertible Promissory Note between Deep Green Waste & Recycling, LLC and C Alvin Roberds, Jr. dated March 16, 2018 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-27.htm)

10.28 [Common Stock Purchase Warrant Agreement between Deep Green Waste & Recycling, Inc. and C Alvin Roberds, Jr. dated as of March 16, 2018 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-28.htm)

10.29 [Convertible Promissory Note between Deep Green Waste & Recycling, LLC and Mary Williams dated February 19, 2018 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-29.htm)

10.30 [Common Stock Purchase Warrant Agreement between Deep Green Waste & Recycling, Inc. and Mary Williams. dated as of February 19, 2018 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-30.htm)

10.31 [Convertible Promissory Note between Deep Green Waste & Recycling, LLC and Ellen Bailey dated March 16, 2018 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-31.htm)

10.32 [Common Stock Purchase Warrant Agreement between Deep Green Waste & Recycling, Inc. and Ellen Bailey. dated as of March 16, 2018 (previously filed with Amendment No. 1 to Form S-1 on June 8, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220010752/ex10-32.htm)

10.33 [Convertible Promissory Note between Deep Green Waste & Recycling, LLC and GPL Ventures LLC dated June 23, 2020 (previously filed with Amendment No. 2 to Form S-1 on June 26, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220011928/ex10-33.htm)

10.34 [Registration Rights Agreement between Deep Green Waste & Recycling, LLC and GPL Ventures LLC dated June 23, 2020 (previously filed with Amendment No. 2 to Form S-1 on June 26, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220011928/ex10-34.htm)

10.35 [Convertible Promissory Note between Deep Green Waste & Recycling, Inc. and GPL Ventures, LLC dated February 5, 2021 (previously filed with Form 8-K on March 1, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221005013/ex10-1.htm)

10.36 [Registration Rights Agreement between Deep Green Waste & Recycling, Inc. and GPL Ventures, LLC dated February 5, 2021 (previously filed with Form 8-K on March 1, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221005013/ex10-2.htm)

10.37 [Convertible Promissory Note between Deep Green Waste & Recycling, Inc. and Quick Capital, LLC dated February 5, 2021 (previously filed with Form 8-K on March 1, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221005013/ex10-3.htm)

10.38 [Registration Rights Agreement between Deep Green Waste & Recycling, Inc. and Quick Capital, LLC dated February 5, 2021 (previously filed with Form 8-K on March 1, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221005013/ex10-4.htm)

10.39 [ASSET PURCHASE AGREEMENT between Deep Green Waste & Recycling, Inc., DG Research, Inc. and Amwaste, Inc. dated February 8, 2021 (previously filed with Form 8-K on February 16, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221003782/ex10-1.htm)

10.40 [Promissory Note between Deep Green Waste & Recycling, Inc., DG Research, Inc. and Amwaste, Inc. dated February 8, 2021 (previously filed with Form 8-K on February 16, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221003782/ex10-2.htm)

10.41 [Convertible Promissory Note between Deep Green Waste & Recycling, Inc. and GPL Ventures, LLC dated March 2, 2021 (previously filed with Form 8-K on March 15, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221005965/ex10-1.htm)

10.42 [Registration Rights Agreement between Deep Green Waste & Recycling, Inc. and GPL Ventures, LLC dated March 2, 2021 (previously filed with Form 8-K on March 15, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221005965/ex10-2.htm)

10.43 [Consulting Agreement between the Company and Sylios Corp dated February 12, 2021 (previously filed with Form S-1 on April 16, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221008975/ex10-43.htm)

10.44 [Convertible Promissory Note between Deep Green Waste & Recycling, Inc. and Bill Edmonds dated April 9, 2021 (previously filed with Form 10-Q on May 24, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221012646/ex10-44.htm)

10.45 [Consulting Agreement between the Company and Sylios Corp dated May 10, 2021 (previously filed with Form 10-Q on May 24, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221012646/ex10-45.htm)

10.46 [Convertible Promissory Note between Deep Green Waste & Recycling, Inc. and GPL Ventures, LLC dated June 4, 2021 (previously filed with Form S-1 on June 8, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221013832/ex10-44.htm)

10.47 [Registration Rights Agreement between Deep Green Waste & Recycling, Inc. and GPL Ventures, LLC dated June 4, 2021 (previously filed with Form S-1 on June 8, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221013832/ex10-45.htm)

10.48 [Convertible Promissory Note between Deep Green Waste & Recycling, Inc. and Quick Capital, LLC dated June 4, 2021 (previously filed with Form S-1 on June 8, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221013832/ex10-46.htm)

10.49 [Registration Rights Agreement between Deep Green Waste & Recycling, Inc. and Quick Capital, LLC dated June 4, 2021 (previously filed with Form S-1 on June 8, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221013832/ex10-47.htm)

10.50 [Amendment to Consulting Agreement between the Company and Sylios Corp dated June 4, 2021 (previously filed with Form S-1 on June 8, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221013832/ex10-48.htm)

10.51 [Finder's fee agreement between the Company and J.H. Darbie & Co., Inc. dated May 13, 2021 (previously filed with Form S-1/A on June 17, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221014664/ex10-49.htm)

---

| | |
|:---|:---|
| 10.52 | [Promissory Note between Deep Green Waste & Recycling, Inc. and Labrys Fund, LP dated July 2, 2021 (previously filed with Form 8-K on July 13, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221016785/ex10-1.htm) |
| 10.53 | [Securities Purchase Agreement Deep Green Waste & Recycling, Inc. and Labrys Fund, LP dated July 2, 2021 (previously filed with Form 8-K on July 13, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221016785/ex10-2.htm) |
| 10.54 | [Common Stock Purchase Warrant Agreement Deep Green Waste & Recycling, Inc. and Labrys Fund, LP dated July 2, 2021 (previously filed with Form 8-K on July 13, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221016785/ex10-3.htm) |
| 10.55 | [Stock Purchase Agreement between Deep Green Waste & Recycling, Inc., Jeremy Lyell and Lyell Environmental Services, Inc. dated July 11, 2021](https://www.sec.gov/Archives/edgar/data/1637866/000149315223031430/ex10-55.htm) |
| 10.56+ | [Purchase and Sale Agreement between DG Research Inc, dba AMWASTE, DEEP GREEN WASTE & RECYCLING, INC., and Tyler's Couch, LLC (collectively, the "Sellers"), and AMWASTE OF GEORGIA, LLC ("Buyer"). dated February 19, 2024](ex10-56.htm) |
| 14.1 | [Code of Business Conduct and Ethics (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex14-1.htm) |
| 21.1 | [Certificate of Organization of Deep Green Waste & Recycling, LLC dated August 2, 2011 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex21-1.htm) |
| 21.2 | [Articles of Incorporation of Jetty Enterprises, Inc. dated November 4, 1987 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex21-2.htm) |
| 21.3 | [Amendment to Articles of Incorporation for Jetty Enterprises, Inc. dated May 21, 2993 (name change to Compaction and Recycling Equipment, Inc.) (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex21-3.htm) |
| 21.4 | [Articles of Incorporation for Columbia Financial Services, Inc. dated October 3, 1988 (previously filed with Form S-1 on March 18, 2020)](https://www.sec.gov/Archives/edgar/data/1637866/000149315220004219/ex21-4.htm) |
| 21.5 | [Articles of Incorporation of DG Research, Inc. dated July 22, 2020 (previously filed with Form S-1 on April 16, 2021)](https://www.sec.gov/Archives/edgar/data/1637866/000149315221008975/ex21-5.htm) |
| 31.1+ | [Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-1.htm) |
| 31.2+ | [Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex31-2.htm) |
| 32.1+ | [Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32-1.htm) |
| Graphic | Corporate logo- Deep Green Waste & Recycling, Inc. |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

+ Filed hereby with this Form 10-K.

++ To be filed by subsequent amendment.

XBRL Exhibits will be filed by subsequent amendment.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 17, 2025

---

| | |
|:---|:---|
| **DEEP GREEN WASTE & RECYCLING, INC.** | **DEEP GREEN WASTE & RECYCLING, INC.** |
| By: | */s/ Bill Edmonds* |
|  | Bill Edmonds |
|  | Chief Executive Officer and Chief Financial Officer |
|  | *(Principal Executive Officer and Principal Financial Officer)* |

---

## Exhibit 10.56

**Exhibit 10.56**

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## Exhibit 31.1

**<u>EXHIBIT 31.1</u>**

**DEEP GREEN WASTE & RECYCLING, INC.**

**CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF**

**THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO SECTION 302 OF THE**

**SARBANES-OXLEY ACT OF 2002**

I, Bill Edmonds, certify that:

1. I
 have reviewed this quarterly report on Form 10-K of Deep Green Waste & Recycling, Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
 financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
 persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 17, 2025 | */s/ Bill Edmonds* |
|  | Bill Edmonds |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 31.2

**<u>EXHIBIT 31.2</u>**

**DEEP GREEN WASTE & RECYCLING, INC.**

**CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF**

**THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO SECTION 302 OF THE**

**SARBANES-OXLEY ACT OF 2002**

I, Bill Edmonds, certify that:

1. I
 have reviewed this quarterly report on Form 10-K of Deep Green Waste & Recycling, Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
 financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
 persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 17, 2025 | */s/ Bill Edmonds* |
|  | Bill Edmonds |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 32.1

**<u>EXHIBIT 32.1</u>**

**DEEP GREEN WASTE & RECYCLING, INC.**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED**

**PURSUANT TO**

**SECTION 906 OF THE**

**SARBANES-OXLEY**

**ACT OF 2002**

In connection with the annual report on Form 10-K for the quarter ended December 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "**Report**"), of Deep Green Waste & Recycling, Inc. (the "**Company**"), each of the undersigned officers of the Company hereby certify, in their capacity as an executive officer of the Company, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 17, 2025 | */s/ Bill Edmonds* |
|  | Bill Edmonds |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| Date: July 17, 2025 | */s/ Bill Edmonds* |
|  | Bill Edmonds |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---