Youngevity
September 14, 2021
Youngevity International said it completed the restatement of quarterly financial statements for the year ended December 31, 2019. Chairman and chief executive Steve Wallach said the restatements clear the way to finish 2020 financial statements. He called the 2020 annual report and a return to a normal reporting calendar a top priority.
Chief financial officer Bill Thompson said work on the fiscal 2020 audit had begun. The company expected to complete the 2020 Form 10-K in the fourth quarter of 2021 and then turn to the 2021 quarterly reports. The shares trade over the counter under the symbol YGYI.
The announcement is a material accounting update, not a routine earnings release. It tells investors that 2019 interim numbers have been revised and that 2020 audited results were still outstanding at the time of the release. The company operates a direct-marketing business along with coffee and hemp units.