Prior to joining TerraCycle, Inc., Daniel worked at the American Enterprise Institute in Washington, D.C., studying monetary policy.
Garnier signed a 2-year extension (annual invoice total of $550,000) and Brita also extended their contract by 3 years (increasing their total annual budget to $250,000).During 2018, our ZWB division entered into several new partnerships with businesses, events, and retailers across multiple industries (as further illustrated in the chart below). In almost all cases, all plastics are turned into new plastic pellets that can be used to make new products by third-party manufacturers, and metals are separated and sold on to buyers of recycled metals.
An unearned amount related to such fees of approximately $1,056,000 and $1,050,000 is included in deferred income at December 31, 2018 and 2017, respectively.The Company also receives a variable fee, usually billed monthly for the collection and recycling of products. To extent that not all of the 34,182 shares are sold pursuant to the Company’s Regulation A+ offering (Note 13), then the shareholder can put the unsold shares back to TCI in the ratio of one share of the Company’s preferred shares to 493 shares of the TCI Series D and Series C shares, in a defined formula.The Company defines its business in four segments: 1) Sponsored Waste (SW), 2) Zero Waste Boxes (ZW), 3) Material Sales (MS), and 4) Regulated Waste (RW). Prior to joining JH Partners, he was the CEO of Excel Services from and a General Partner at Platinum Equity. Udi is also the Chairman and CEO of Photonic Capital, Inc where he has served since 2015.
The lease provides for a change in rent equal to the percentage change in the Consumer Price Index, with a maximum percentage change of five percent, effective each anniversary of the commencement date.
It is the intention of the company to repay this loan during 2018 with the expected proceeds of the capital raise. The base rent as of December 31, 2018 and 2017 was $16,091 and $15,760 per month. In many cases, the processed materials are then sent to our client’s third-party manufacturer for immediate incorporation into new products.Our Material Sales division generated $2.269 million in revenue in 2018. to produce recycled pellets that meet the specified deliverables of our clients. At December 31, 2018 and 2017 the Company has a net related party payable to other subsidiaries of the Parent Company in the amount of $108,649 and $0, respectively.The Company allocated approximately $398,000 and $481,000 for the years ended December 31, 2018 and 2017, respectively, of office and related expenses to the Parent Company and related subsidiaries, which is recorded as a reduction in selling, general and administrative expenses in the consolidated statements of operations.On October 31, 2017, the Company acquired the assets of ACC for a total consideration of $3,322,000. For the years ended December 31, 2018 and 2017, shipping and handling costs were approximately $2,392,000 and $1,920,000, respectively.The Company is part of the consolidated tax return of the Parent Company and as such it includes the Company’s taxable income or loss on its income tax returns.
He has undergraduate, law and business degrees from Columbia University. fluorescent lamps, batteries and e-waste).The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).The consolidated financial statements include the accounts of TCUSI and its wholly-owned subsidiaries.
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