Youngevity International, Inc. reported the completion of the restatement of its previously issued quarterly financial statements for 2019. Now, the company will begin an audit of the fiscal year 2020.
“We are pleased to have our quarterly 2019 restatements complete so we may move forward in an expeditious manner to the completion of our 2020 financial statements,” said Steve Wallach, Chairman and CEO of Youngevity International. “The completion of our 2020 Annual Report on Form 10-K and getting in cadence with our financial reporting remains a top priority.”
Youngevity operates in three distinct business segments—Direct Selling, Commercial Coffee and Commercial Hemp Segment—and endured a Nasdaq delisting in November 2020 after a non-compliance issue related to its green coffee distribution business. Although the company announced on March 12, 2020 that it had plans to consider the divestiture of its Direct Selling Segment, the company says it is currently committed to leveraging all three segments, but may revisit the discussion once it becomes current in its financial reporting.
“The completion of the quarterly restatements for 2019 is an important and necessary step toward bringing our financial reporting current,” said Bill Thompson, CFO of Youngevity International. “We have begun work on the audit for fiscal 2020 and anticipate the completion of our 2020 10-K during the fourth quarter of this year and at that point we will focus on the Quarterly Reports on Form 10-Qs for 2021.”