Bergio International Reports First Quarter Results With Increase In Gross Revenue and Drastically Reduced Debt (Convertible Notes)

Rhea-AI Summary

Bergio International (OTC PINK:BRGO) reported a strong performance for Q1 2022, achieving gross sales of $2,095,551, an 82% increase from $1,149,314 in the prior year. The company's debt significantly decreased by 94% to $52,801 from $946,286, while total liabilities dropped to $5,328,016 from $7,034,433. This contributed to a 27% rise in stockholder equity, now at $4,771,706. CEO Berge Abajian expressed optimism about future growth, noting a positive outlook for stock prices due to reduced dilution and strong sales on platforms like Amazon and Etsy.

Positive

• Gross sales increased by 82% to $2,095,551 compared to $1,149,314 in Q1 2021.
• Convertible debt reduced by 94% to $52,801 from $946,286 in 2021.
• Stockholder equity increased by 27% to $4,771,706 from $3,740,303.
• Strong sales performance expected from Amazon and Etsy, which exceeded projections.

Negative

• Dilution occurred due to the funding for acquisitions, although it has been reduced.

FAIRFIELD, NJ / ACCESSWIRE / May 9, 2022 / Bergio International, Inc. ("Bergio," or the "Company") (OTC PINK:BRGO), an American holding corporation and global leader in eCommerce and fashion tech, has reported its financial results for the first quarter of 2022. In the first quarter, worldwide gross sales were $2,095,551, an approximate 82% increase compared to $1,149,314 the previous year.

Bergio's debt (convertible note) has lowered significantly to $52,801 compared to $946,286 in 2021, a 94% decrease from 2021. And, total liability has dropped to $5,328,016 from $7,034,433 from the prior year. This boosted stockholder equity to $4,771,706 from $3,740,303, an increase of 27% from 2021.

Berge Abajian, CEO of Bergio International Inc., states, "Our quarterly sales fell in line with our projections. Since the acquisitions of 2021, we've been focusing on cleaning the balance sheet from the convertible debt which resulted in some dilution. But, we can report that the dilution has drastically reduced and all the funding we received for the acquisition has been paid."

He continued, "I see a very bright future ahead with less dilution. Our second quarter has met our expectations and our key marketplace platforms like Amazon and Etsy surpassed our projections, setting a pace for a momentous year."

"Now that the debt (convertible note) on the balance sheet is significantly lowered and with the increase of the stockholder equity, we should see a positive effect on the stock price", Berge concluded.

First Quarter 2022 Highlights

• Gross sales reached $2,095,551, an approximate 82% increase compared to $1,149,314 the previous year.
• Debt (convertible note) has dropped significantly to $52,801 compared to $946,286 in 2021, a 94% decrease from 2021.
• Total liability has decreased to $5,328,016 from $7,034,433 from the prior year. This boosted stockholder equity to $4,771,706 from $3,740,303, an increase of 27% from 2021.
• Aphrodite's, Bergio's fast-growth DTC (direct to consumer) jewelry brand posted strong sales with Valentine's and Mother's Day, and Gearbubble, the B2B brand launched a highly successful launch with an NFT eCommerce integration. Both of which had a significant impact on the bottom line.
• Amazon and Etsy sales have over exceeded expectations and these platforms are on track to have a record-breaking year.

About Bergio International, Inc.

The Bergio brand, the primary portfolio asset, is associated with high-quality, handcrafted, and individually designed pieces with a European sensibility, Italian craftsmanship, and a bold flair for the unexpected. Established in 1995, Bergio's signature innovative design, coupled with extraordinary diamonds and precious stones, earned the company recognition as a highly sought-after purveyor of rare and exquisite treasures from around the globe. With family jewelry roots reaching back to the 1930s, founder, CEO, and designer Berge Abajian is a third-generation jeweler, blending superior knowledge in design and manufacturing to create unparalleled collections in craftsmanship and style. The Bergio brand features fine jewelry, silver fashion jewelry, bridal, couture, and leather accessories, ranging in price from $50 to $250,000. For further information, please visit www.bergio.com.

This press release includes forward-looking statements regarding our business strategy and plans as well as expectations of future growth, all of which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical in nature and include those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company's outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including changes in the general economy; changes in demand for the Company's products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company's previous filings with the U.S. Securities and Exchange Commission, including those detailed under the caption "Risk Factors" in our Annual Report for the year ended December 31, 2019 filed with the SEC. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the "Act") protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Media Contact

Alina Keo
alina@aphrodites.com
(952) 681-0406

Investor Relations

John Guercio
jpguercio@aol.com
(845) 216-3100

SOURCE: Bergio International, Inc.

View source version on accesswire.com:
https://www.accesswire.com/700533/Bergio-International-Reports-First-Quarter-Results-With-Increase-In-Gross-Revenue-and-Drastically-Reduced-Debt-Convertible-Notes

FAQ

What were Bergio International's financial results for Q1 2022?

Bergio International reported gross sales of $2,095,551, an 82% increase from the previous year.

How did Bergio manage its debt in Q1 2022?

The company's convertible debt decreased dramatically by 94% to $52,801.

What impact did the reduction in liabilities have on Bergio's stockholder equity?

Total liabilities dropped to $5,328,016, boosting stockholder equity by 27% to $4,771,706.

What are the sales projections for Amazon and Etsy for Bergio in Q2 2022?

Sales on Amazon and Etsy have exceeded expectations and are on track for a record-breaking year.