Youngevity International, Inc. has released a report for the company’s financial results in 2019.
“We are pleased to finally have the filing of our 2019 financial results behind us,” said Steve Wallach, Chairman and CEO of Youngevity International. “As advised in communications to shareholders, becoming current on our filings is a top priority. The 2019 audit, due to revenue recognition issues within our coffee segment, has been a difficult challenge for our business. We are pleased that our current auditors, MaloneBailey, were able to complete the audit of our 2019 financial statements included in our 2019 Form 10-K. We believe that the filing of our 2019 results will provide an easier path for our auditors and our accountants toward the completion of our 2020 Form 10-K and getting in cadence with our financial reporting.”
With this report the company has filed a 2019 Form 10-K, which includes the 2019 full-year audited results. Previous Form 10-Q filings made in 2019, the company says, “should no longer be relied upon” and will be replaced with new filings related to this 2019 period of the company’s commercial coffee and commercial hemp segments.
Important notes from Youngevity’s 2019 Financial Filing:
- 2019 revenue was $147.4 million, a decrease of 9.2% from 2018
- Gross profit decreased approximately $1.1 million in 2019 from the previous year
- 2019 adjusted EBITDA was an approximate $15.4 million loss, compared to a $7 million gain in the year prior
- Total assets at the end of 2019 were $89.7 million; total liabilities were $59.5 million
- Total stockholder equity was $30.2 million at the end of 2019 as opposed to $23 million in the year prior