Youngevity International, Inc (NASDAQ:YGYI) Q2 2019 Earnings Conference Call - Final Transcript

Aug 14, 2019 • 01:00 pm ET


Youngevity International, Inc (NASDAQ:YGYI) Q2 2019 Earnings Conference Call - Final Transcript


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Welcome to this Youngevity Shareholder Call.

During this call, we will be making forward-looking statements regarding Youngevity's current expectations and projections about future events. Generally, the forward-looking statements can be identified by terminology such as may, should, expects, anticipates, intends, plans, believes, estimates and similar expressions.

These statements are based on current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, including those set forth in Youngevity's filings with the SEC, many of which are difficult to predict. No forward-looking statements can be guaranteed, and actual results may differ materially from such statements.

The information on this call is provided only as of the date of this call, and Youngevity undertakes no obligation to update any forward-looking statements contained on this conference call on the account of new information, future events or otherwise, except as required by law.

I now turn this call over to our CEO, Mr. Steve Wallach.

Stephan Wallach

Thank you, Alex. I want to welcome everyone to the Youngevity International Shareholders Call this morning. Speakers on the call today are myself and our President and CFO of Youngevity, Dave Briskie and the President of Khrysos Industries, Dr. Dwayne Dundore. As you know, we acquired Khrysos in February of Q1 of this year. It's now our third reporting segment, which we will title as our commercial hemp enterprise.

On this call, we will cover the following topics; we will highlight the 2019 Q2 results; we will discuss the business model and the progress we have made in our commercial hemp enterprise this morning; we will provide a brief update on our direct selling space and segment; we will wrap up with the coffee segment as well; and we will also provide some guidance.

What I'd like to do right now is bring our President and CFO, Dave Briskie onto the call. Dave, are you there?

David Briskie

Yes, I'm here, Steve. Thank you so much. Let's get -- dig right into it, and I appreciate everyone that's on the call, and I appreciate you taking time out of your day to listen in. Just so you know, the call will be recorded and it will be posted up on our investor site for replay. We usually leave it up at least for a couple of quarters, so the call will be recorded and posted there.

I want to start off with some balance sheet highlights. Our cash and cash equivalents were $2,088,000 at the end of June 30th, 2019, and I'm going to do all these comparisons on the balance sheet versus the end of last year 2018, so as of December 31, 2018, we had about -- just under $2.9 million on the balance sheet and finished June at $2,088,000.

Total assets were up significantly, $136,524,000 of assets as of June 30th versus just under $76 million of assets as of year-end '18, that's an 88 -- 80% excuse me, increase in assets. Our total liabilities went from $52 million or $53 million as of