Youngevity
January 15, 2021
Youngevity International told shareholders why its YGYI securities left the Nasdaq Stock Market on November 19, 2020, and how it hopes to be listed again.
The company said the delisting followed missed filing requirements tied to a green coffee distribution business with a related party and limited to operations in Nicaragua. It has hired new auditors to become current. It expects a regular reporting schedule by July 15, 2021. Until it can seek a Nasdaq listing again, the common stock is expected to trade on the OTC Pink Market.
The business has three segments: direct selling, commercial coffee, and commercial hemp. On March 12, 2020, the company had said it might consider selling the direct selling segment. It now says it is committed to using all three, though it may reopen that discussion after the filings are current.
All three segments have cut costs, including staff and fixed overhead. The commercial coffee business lost volume because cruise lines slowed, while private-label and branded coffee grew. The company said that segment had revenue-recognition problems in 2019 that delayed filings, and that it has 35 million dollars of contracts for 2021. It is expanding management and tightening process, oversight, and controls.