Youngevity International, Inc. recently provided an update on the impact of the COVID-19 virus on its operations.
All three reporting segments of the company have been able to continue operations as each segment falls in the category of an essential business. Although, relative to other businesses effected by COVID-19, the company is able and continues to generate revenue in all segments, the company has experienced difficulty in meeting its filing deadline for its Annual Report on Form 10-K for the year ended December 31, 2019 and is monitoring the effect that the virus could have on its operations. The global outbreak has caused displacement of Youngevity’s non-essential personnel in various offices in the USA and around the world. This displacement of staff, including substantially all accounting staff, restrictions imposed by various governments, and displacement of auditors’ staff, among other areas of impact, has slowed down the financial reporting and audit process causing the company to miss the filing date of its 10-K.
“We are complying with all government initiatives and recommendations and our company is pro-actively taking the health and safety of our employees very seriously by implementing smart-work initiatives by encouraging, when and where possible, work from home options,” said Steve Wallach, chairman and CEO of Youngevity International stated. “These factors, in spite of a huge effort by the accounting and finance team, has made it impossible to meet our financial reporting deadline. We feel fortunate that our operations are able to generate revenue in all segments.”
Dave Briskie, president and CFO of Youngevity International stated, “Our team and our auditors are diligently working toward the completion of our 10-K Annual Report and in spite of the challenges expect this to be accomplished in the near future.”