Sustainable Green Team (OTCQX: SGTM), an industry-leading wholesale manufacturer and supplier of consumer and industrial wood-based mulch, soil and lumber products nationwide, today announced that it amended its quarterly report for the period ended Oct. 1, 2022. According to the update, the restatement includes amended, condensed, consolidated financial statements for the three and nine months ended Oct. 1, 2022, along with accompanying footnotes. SGTM recently partnered with VRM Biologik Group, collaborating to embark on producing a new soil technology. The company will produce a new product line, HumiSoil(R), which has resulted in a change of accounting estimate related to SGTM’s inventory valuation. Upon completion of the cycle counts for the period ended Oct. 1, 2022, certain stock was excluded from the inventory valuation due to system limitations on how to capture and value that inventory. Therefore, the company took a charge to cost of revenue while researching the root cause of the excluded inventory. SGTM has since identified the source of the deficiency and established procedures to properly account for and value the inventory associated with the production of HumiSoil.
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About Sustainable Green Team Ltd.
The Sustainable Green Team 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. The company’s subsidiary, Mulch Manufacturing Inc., is the largest provider of cypress mulch in the country. The company has entered into an agreement with Australia-based VRM Biologik Group to bring VRM’s world-leading soil moisture technology to the U.S. at scale. HumiSoil(R) and XLR8 Bio(R) are soil treatment products that rebuild soil hydration on a cellular level, improving the soil, vegetation and agricultural products it supports. The company will make HumiSoil and XLR8 Bio available for home gardens and lawns throughout the U.S. to help relieve water use in cities and to help VRM Biologik Group in its mission to restore productivity in depleted topsoil in 25% of the world’s arable land. For more information about the company, visit – www.TheSustainableGreenTeam.com.
NOTE TO INVESTORS: The latest news and updates relating to SGTM are available in the company’s newsroom at http://ibn.fm/SGTM
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