Sustainable Green Team, Ltd. Announces Restatement of Earnings Results for the Third Quarter and Nine Months Ended October 1, 2022
January 19, 2023 at 01:25 pm EST
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Sustainable Green Team, Ltd. announced restatement of earnings results for the third quarter and nine months ended October 1, 2022. The company has valued its excluded inventory according to the updated procedures, resulting in an adjustment to Inventory and Cost of Revenue of approximately $6 million, increasing the company's total assets from $75,606,058 to $81,666,905. Furthermore, the adjustment increased the company's net income from negative $4,629,242 to net income of $1,229,626 for the three months ended October 1, 2022.
For the nine months ended October 1, 2022, the adjustment increased the company's net income from negative $4,869,563 to net income of $989,305.
Sustainable Green Team, Ltd. is a wholesale manufacturer and supplier of wood-based mulch, soil, and lumber products, selling directly to mass merchandisers, home centers, hardware stores, nurseries, garden centers, convenience stores, food stores and drug stores, in addition to wholesalers and distributors. The Company also provides arbor care and storm recovery services at the residential, commercial, and municipal levels while offering green waste solutions to large- and small-scale waste disposal and recycling companies located throughout the southeastern United States. Its products include HumiSoil; bio-cleaning products, such as Meet Mikro Clean Pet, MIKRO CLEAN ULTRA, MIKRO CLEAN, and Mikro Clean Auto; R3VIVE ODOR and WASTE products; PROT3CT BIO-PRODUCTS; XLR8 Bio Liquid Bio- Organic fertilizer, and MULCH. HumiSoil is an organic product that jumpstarts the natural process of humus formation in the soil.