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Deep Green Waste & Recycling, Inc. – ‘10-Q’ for 9/30/20 – ‘R17’

On:  Monday, 11/16/20, at 11:58am ET   ·   For:  9/30/20   ·   Accession #:  1493152-20-21531   ·   File #:  0-56190

Previous ‘10-Q’:  ‘10-Q’ on 7/30/20 for 6/30/20   ·   Next:  ‘10-Q’ on 5/24/21 for 3/31/21   ·   Latest:  ‘10-Q’ on 11/22/23 for 9/30/23   ·   5 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/16/20  Deep Green Waste & Recycling, Inc 10-Q        9/30/20   62:3.6M                                   M2 Compliance LLC/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    357K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     23K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     23K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
11: R1          Document and Entity Information                     HTML     46K 
12: R2          Condensed Consolidated Balance Sheets               HTML    103K 
13: R3          Condensed Consolidated Balance Sheets               HTML     44K 
                (Parenthetical)                                                  
14: R4          Condensed Consolidated Statements of Operations     HTML     81K 
                (Unaudited)                                                      
15: R5          Condensed Consolidated Statements of Operations     HTML     23K 
                (Parenthetical)                                                  
16: R6          Condensed Consolidated Statement of Changes in      HTML     67K 
                Stockholders' Equity (Unaudited)                                 
17: R7          Condensed Consolidated Statements of Cash Flows     HTML     96K 
                (Unaudited)                                                      
18: R8          Condensed Consolidated Statements of Cash Flows     HTML     23K 
                (Unaudited) (Parenthetical)                                      
19: R9          Organization                                        HTML     30K 
20: R10         Summary of Significant Accounting Policies          HTML     45K 
21: R11         Property and Equipment                              HTML     25K 
22: R12         Accounts Payable                                    HTML     24K 
23: R13         Debt                                                HTML     26K 
24: R14         Convertible Notes Payable                           HTML     27K 
25: R15         Derivative Liability                                HTML     25K 
26: R16         Capital Stock                                       HTML     47K 
27: R17         Income Taxes                                        HTML     31K 
28: R18         Commitments and Contingencies                       HTML     35K 
29: R19         Going Concern Uncertainty                           HTML     24K 
30: R20         Related Party Transactions                          HTML     21K 
31: R21         Summary of Significant Accounting Policies          HTML     89K 
                (Policies)                                                       
32: R22         Summary of Significant Accounting Policies          HTML     21K 
                (Tables)                                                         
33: R23         Property and Equipment (Tables)                     HTML     25K 
34: R24         Accounts Payable (Tables)                           HTML     24K 
35: R25         Debt (Tables)                                       HTML     25K 
36: R26         Convertible Notes Payable (Tables)                  HTML     27K 
37: R27         Derivative Liability (Tables)                       HTML     25K 
38: R28         Capital Stock (Tables)                              HTML     33K 
39: R29         Income Taxes (Tables)                               HTML     28K 
40: R30         Organization (Details Narrative)                    HTML     49K 
41: R31         Summary of Significant Accounting Policies -        HTML     34K 
                Schedule of Estimated Useful Lives of Property and               
                Equipment (Details)                                              
42: R32         Property and Equipment - Schedule of Property and   HTML     33K 
                Equipment (Details)                                              
43: R33         Accounts Payable - Schedule of Accounts Payable     HTML     28K 
                (Details)                                                        
44: R34         Debt - Schedule of Debt (Details)                   HTML     33K 
45: R35         Debt - Schedule of Debt (Details) (Parenthetical)   HTML     26K 
46: R36         Convertible Notes Payable - Schedule of             HTML     29K 
                Convertible Note Payable (Details)                               
47: R37         Convertible Notes Payable - Schedule of             HTML     58K 
                Convertible Note Payable (Details) (Parenthetical)               
48: R38         Derivative Liability (Details Narrative)            HTML     30K 
49: R39         Derivative Liability - Schedule of Derivative       HTML     24K 
                Liability (Details)                                              
50: R40         Capital Stock (Details Narrative)                   HTML    122K 
51: R41         Capital Stock - Summary of Warrants and Options     HTML     47K 
                Activity (Details)                                               
52: R42         Capital Stock - Summary of Warrants and Options     HTML     25K 
                Activity (Details) (Parenthetical)                               
53: R43         Capital Stock - Summary of Warrants Outstanding     HTML     35K 
                (Details)                                                        
54: R44         Income Taxes (Details Narrative)                    HTML     25K 
55: R45         Income Taxes - Schedule of Provision for (Benefit   HTML     35K 
                from) Income Taxes (Details)                                     
56: R46         Income Taxes - Schedule of Provision for (Benefit   HTML     20K 
                from) Income Taxes (Details) (Parenthetical)                     
57: R47         Commitments and Contingencies (Details Narrative)   HTML    164K 
58: R48         Going Concern Uncertainty (Details Narrative)       HTML     35K 
59: R49         Related Party Transactions (Details Narrative)      HTML     23K 
61: XML         IDEA XML File -- Filing Summary                      XML    109K 
60: EXCEL       IDEA Workbook of Financial Reports                  XLSX     83K 
 5: EX-101.INS  XBRL Instance -- dgwr-20200930                       XML    919K 
 7: EX-101.CAL  XBRL Calculations -- dgwr-20200930_cal               XML    122K 
 8: EX-101.DEF  XBRL Definitions -- dgwr-20200930_def                XML    446K 
 9: EX-101.LAB  XBRL Labels -- dgwr-20200930_lab                     XML    798K 
10: EX-101.PRE  XBRL Presentations -- dgwr-20200930_pre              XML    625K 
 6: EX-101.SCH  XBRL Schema -- dgwr-20200930                         XSD    149K 
62: ZIP         XBRL Zipped Folder -- 0001493152-20-021531-xbrl      Zip    106K

‘R17’   —   Income Taxes

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.2
Income Taxes
 9 Months Ended
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE I - 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 difference are as follows:

 

    Three Months Ended     Nine Months Ended  
    September 30,
 2020
(Unaudited)		     September 30,
 2019
(Unaudited)		     September 30,
 2020
(Unaudited)		     September 30,
 2019
(Unaudited)		  
Expected tax at 21%   $ (42,175 )   $ (5,336 )   $ (95,794 )   $ (23,558 )
Non-deductible stock-based compensation     3,941       -       10,997       -  
Non-taxable derivative liability income     (32,839 )     -       (16,770 )     -  
Non-deductible amortization of debt discounts     19,581       -       22,689       -  
Non-deductible loss on conversions of convertible notes payable     24,077       -       24,077       -  
Increase (decrease) in Valuation allowance     27,415       5,336       54,801       23,558  
Provision for (benefit from) income taxes   $ -     $ -     $ -     $ -  

 

All tax years 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 September 30, 2020 and December 31, 2019 will be realized. Accordingly, the Company has provided a 100% allowance against the deferred tax asset in the financial statements at September 30, 2020 and December 31, 2019. The Company will continue to review this valuation allowance and make adjustments as appropriate.

 

The net operating loss carryforward at September 30, 2020 for the years 2000 to 2017 expires in varying amounts from year 2020 to 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.

Dates Referenced Herein

This ‘10-Q’ Filing    Date    Other Filings
Filed on:11/16/20None on these Dates
For Period end:9/30/20
12/31/19
9/30/19
 List all Filings 

1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/05/21  Deep Green Waste & Recycling, Inc S-8        10/05/21    4:318K                                   M2 Compliance LLC/FA

4 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 6/26/20  Deep Green Waste & Recycling, Inc S-1/A                  5:2M                                     M2 Compliance LLC/FA
 6/08/20  Deep Green Waste & Recycling, Inc S-1/A                 16:21M                                    M2 Compliance LLC/FA
 3/18/20  Deep Green Waste & Recycling, Inc S-1                   46:57M                                    M2 Compliance LLC/FA
 5/07/18  Deep Green Waste & Recycling, Inc 1-A                    6:2M                                     Empire Stock Transf… Inc
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Filing Submission 0001493152-20-021531   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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