The restatement of Youngevity International, Inc.’s previously issued quarterly financial statements for 2019 has been completed, according to the company. The corporation will now start an audit for the fiscal year 2020.
“We are thrilled to have completed our quarterly 2019 restatements so that we can move on with our 2020 financial statements as quickly as possible,” said Steve Wallach, Chairman, and CEO of Youngevity International. “Completing our 2020 Annual Report on Form 10-K and bringing our financial reporting in line with our goals remains a major priority.”
Youngevity has three business segments: direct selling, commercial coffee, and commercial hemp, and was delisted from Nasdaq in November 2020 due to a non-compliance issue with its green coffee distribution company. Although the firm stated plans to evaluate the spinoff of its Direct Selling Segment on March 12, 2020, the company claims it is currently dedicated to leveraging all three segments, but it may review the subject once its financial reporting is up to date.
“Finishing the 2019 quarterly restatements is a critical and necessary step in bringing our financial reporting up to date,” said Bill Thompson, Youngevity International’s CFO. “We have started work on the fiscal 2020 audit and expect to finish our 2020 10-K in the fourth quarter of this year, after which we will focus on the Quarterly Reports on Form 10-Qs for 2021.”