Youngevity International, Inc. Completes Restatement of its Previously Issued Quarterly Financial Statements for 2019; Audit Work Has Begun on 2020 Financial Results
Youngevity International, Inc. (OTCMKTS: YGYI) has successfully completed the restatement of its quarterly financial statements for the year ended December 31, 2019. This marks a significant step toward finalizing its 2020 Annual Report on Form 10-K. CEO Steve Wallach and CFO Bill Thompson emphasized the importance of current financial reporting and the ongoing audit for fiscal 2020, expected to conclude in Q4 2021. The company aims to achieve timely reporting of its financials moving forward.
- Completion of restatement of quarterly financial statements for 2019.
- Work has begun on the audit for fiscal 2020, expected to be completed by Q4 2021.
- Delayed financial reporting may raise concerns about management efficiency.
- Uncertain ability to enhance profitability and liquidity as highlighted in forward-looking statements.
SAN DIEGO, Sept. 14, 2021 /PRNewswire/ -- Youngevity International, Inc. (OTCMKTS: YGYI), a multi-channel lifestyle company operating in three distinct business segments, including a commercial coffee enterprise, a direct marketing enterprise, and a commercial hemp enterprise, today reported the completion of the restatement of its previously issued quarterly financial statements for the year ended December 31, 2019.
Steve Wallach, Chairman and CEO of Youngevity International stated, "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. The completion of our 2020 Annual Report on Form 10-K and getting in cadence with our financial reporting remains a top priority."
Bill Thompson, CFO of Youngevity International stated, "The completion of the quarterly restatements for 2019 is an important and necessary step toward bringing our financial reporting current. 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."
About Youngevity International, Inc.
Youngevity International, Inc. (OTCMKTS: YGYI ), is a multi-channel lifestyle company operating in 3 distinct business segments including a commercial coffee enterprise, a commercial hemp enterprise, and a multi-vertical omni direct selling enterprise. The Company features a multi country selling network and has assembled a virtual Main Street of products and services under one corporate entity, YGYI offers products from the six top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, apparel/jewelry, as well as innovative services. For investor information, please visit YGYI.com. Be sure to like us on Facebook and follow us on Twitter
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements, and include statements regarding completing our Annual Report on Form 10-K for fiscal 2020 during the fourth quarter of 2021 and getting in cadence with our financial reporting. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to complete our 2020 Form 10-K and become current in our financial reporting as planned, our ability to improve our profitability, expand our liquidity, and strengthen our balance sheet, the acceptance of the omni-direct approach by our customers, our ability to expand our distribution, our ability to continue our financial performance and the other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2019 and our other filings with the SEC. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Contacts:
Youngevity International, Inc.
Dave Briskie
President and Chief Investment Officer
1 800 982 3189
Investor Relations
YGYI Investor Relations
investors@ygyi.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/youngevity-international-inc-completes-restatement-of-its-previously-issued-quarterly-financial-statements-for-2019-audit-work-has-begun-on-2020-financial-results-301376445.html
SOURCE Youngevity International, Inc.
FAQ
What financial statements did Youngevity International restate?
What are the plans for Youngevity's 2020 financial results?
What is the stock symbol for Youngevity International?
