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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Youngevity International Inc | NASDAQ:YGYI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.459 | 0.468 | 0.47 | 0 | 01:00:00 |
[X]
|
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2016
|
[ ]
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
90-0890517
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
2400 Boswell Road, Chula Vista, CA
|
91914
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
[ ]
|
Accelerated filer
|
[ ]
|
Non-accelerated filer
|
[ ]
|
Smaller reporting company
|
[X]
|
Page
|
||
PART I. FINANCIAL INFORMATION
|
||
1
|
||
1
|
||
2
|
||
3
|
||
4
|
||
5
|
||
19
|
||
25
|
||
25
|
||
PART II. OTHER INFORMATION
|
||
26
|
||
26
|
||
26
|
||
26
|
||
26
|
||
26
|
||
27
|
||
28
|
Youngevity International, Inc. and Subsidiaries
|
||||||||
(In thousands, except share amounts)
|
||||||||
As of
|
||||||||
March 31,
2016
|
December 31,
2015
|
|||||||
ASSETS
|
(Unaudited)
|
|||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
2,727
|
$
|
3,875
|
||||
Accounts receivable, due from factoring company
|
575
|
556
|
||||||
Accounts receivable, trade
|
768
|
1,068
|
||||||
Income tax receivable
|
-
|
173
|
||||||
Deferred tax assets, net current
|
711
|
711
|
||||||
Inventory
|
19,974
|
17,977
|
||||||
Prepaid expenses and other current assets
|
3,232
|
2,412
|
||||||
Total current assets
|
27,987
|
26,772
|
||||||
Property and equipment, net
|
13,004
|
12,699
|
||||||
Deferred tax assets, long-term
|
1,821
|
1,821
|
||||||
Intangible assets, net
|
15,760
|
13,714
|
||||||
Goodwill
|
6,323
|
6,323
|
||||||
Total assets
|
$
|
64,895
|
$
|
61,329
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
8,198
|
$
|
7,015
|
||||
Accrued distributor compensation
|
4,927
|
4,223
|
||||||
Accrued expenses
|
4,174
|
3,605
|
||||||
Deferred revenues
|
2,425
|
2,580
|
||||||
Other current liabilities
|
471
|
577
|
||||||
Capital lease payable, current portion
|
141
|
111
|
||||||
Notes payable, current portion
|
221
|
456
|
||||||
Warrant derivative liability
|
4,066
|
4,716
|
||||||
Contingent acquisition debt, current portion
|
428
|
264
|
||||||
Total current liabilities
|
25,051
|
23,547
|
||||||
Capital lease payable, net of current portion
|
316
|
294
|
||||||
Notes payable, net of current portion
|
4,576
|
4,647
|
||||||
Convertible notes payable, net of debt discount
|
7,172
|
6,786
|
||||||
Contingent acquisition debt, net of current portion
|
8,794
|
7,174
|
||||||
Total liabilities
|
45,909
|
42,448
|
||||||
Commitments and contingencies
|
||||||||
Stockholders’ Equity
|
||||||||
Convertible Preferred Stock, $0.001 par value: 100,000,000 shares authorized; 161,135 shares issued and outstanding at March 31, 2016 and December 31, 2015
|
-
|
-
|
||||||
Common Stock, $0.001 par value: 600,000,000 shares authorized; 392,610,015 and 392,583,015 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively
|
393
|
393
|
||||||
Additional paid-in capital
|
169,495
|
169,432
|
||||||
Accumulated deficit
|
(150,467
|
)
|
(150,618
|
)
|
||||
Accumulated other comprehensive loss
|
(435
|
)
|
(326
|
)
|
||||
Total stockholders’ equity
|
18,986
|
18,881
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
64,895
|
$
|
61,329
|
Three Months Ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
Revenues
|
$
|
38,202
|
$
|
36,807
|
||||
Cost of revenues
|
14,839
|
16,525
|
||||||
Gross profit
|
23,363
|
20,282
|
||||||
Operating expenses
|
||||||||
Distributor compensation
|
15,974
|
14,138
|
||||||
Sales and marketing
|
1,801
|
2,121
|
||||||
General and administrative
|
4,425
|
3,649
|
||||||
Total operating expenses
|
22,200
|
19,908
|
||||||
Operating income
|
1,163
|
374
|
||||||
Interest expense, net
|
(1,104
|
)
|
(1,082
|
)
|
||||
Change in fair value of warrant derivative liability
|
650
|
(92
|
)
|
|||||
Total other expense
|
(454
|
)
|
(1,174
|
)
|
||||
Net income (loss) before income taxes
|
709
|
(800
|
)
|
|||||
Income tax provision (benefit)
|
558
|
(431
|
)
|
|||||
Net income (loss)
|
151
|
(369
|
)
|
|||||
Preferred stock dividends
|
(3
|
)
|
(3
|
)
|
||||
Net income (loss) available to common stockholders
|
$
|
148
|
$
|
(372
|
)
|
|||
Net income (loss) per share, basic
|
$
|
0.00
|
$
|
0.00
|
||||
Net income (loss) per share, diluted
|
$
|
0.00
|
$
|
0.00
|
||||
Weighted average shares outstanding, basic
|
392,595,949
|
391,059,153
|
||||||
Weighted average shares outstanding, diluted
|
400,981,653
|
391,059,153
|
Three Months Ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
Net income (loss)
|
$
|
151
|
$
|
(369
|
)
|
|||
Foreign currency translation
|
(109
|
)
|
(16
|
)
|
||||
Total other comprehensive loss
|
(109
|
)
|
(16
|
)
|
||||
Comprehensive income (loss)
|
$
|
42
|
$
|
(385
|
)
|
Three Months Ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income (loss)
|
$
|
151
|
$
|
(369
|
)
|
|||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
1,003
|
776
|
||||||
Stock based compensation expense
|
70
|
144
|
||||||
Amortization of deferred financing costs
|
90
|
213
|
||||||
Amortization of prepaid advisory fees
|
15
|
-
|
||||||
Change in fair value of warrant derivative liability
|
(650
|
)
|
92
|
|||||
Amortization of debt discount
|
264
|
237
|
||||||
Amortization of warrant issuance costs
|
32
|
-
|
||||||
Expenses allocated in profit sharing agreement
|
(147
|
)
|
(176
|
)
|
||||
Change in fair value of contingent acquisition debt
|
(391
|
)
|
-
|
|||||
Changes in operating assets and liabilities, net of effect from business combinations:
|
||||||||
Accounts receivable
|
281
|
(417
|
)
|
|||||
Inventory
|
(1,997
|
)
|
(2,137
|
)
|
||||
Prepaid expenses and other current assets
|
(835
|
)
|
(398
|
)
|
||||
Accounts payable
|
1,183
|
(216
|
)
|
|||||
Accrued distributor compensation
|
704
|
90
|
||||||
Deferred revenues
|
(155
|
)
|
(419
|
)
|
||||
Accrued expenses and other liabilities
|
250
|
|
609
|
|||||
Income taxes receivable
|
173
|
(213
|
)
|
|||||
Net Cash Provided by (Used in) Operating Activities
|
41
|
(2,184
|
)
|
|||||
Cash Flows from Investing Activities:
|
||||||||
Acquisitions, net of cash acquired
|
-
|
(100
|
)
|
|||||
Purchases of property and equipment
|
(611
|
)
|
(932
|
)
|
||||
Net Cash Used in Investing Activities
|
(611
|
)
|
(1,032
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from issuance of secured promissory notes and common stock, net of offering costs
|
-
|
5,080
|
||||||
Proceeds from factoring company, net
|
210
|
279
|
||||||
Payments of notes payable, net
|
(306
|
)
|
(54
|
)
|
||||
Payments of contingent acquisition debt
|
(328
|
)
|
(688
|
)
|
||||
Payments of capital leases
|
(41
|
)
|
(18
|
)
|
||||
Repurchase of common stock
|
(4
|
)
|
(91
|
)
|
||||
Net Cash (Used in) Provided by Financing Activities
|
(469
|
)
|
4,508
|
|||||
Foreign Currency Effect on Cash
|
(109
|
)
|
(16
|
)
|
||||
Net (decrease) increase in cash and cash equivalents
|
(1,148
|
)
|
1,276
|
|||||
Cash and Cash Equivalents, Beginning of Period
|
3,875
|
2,997
|
||||||
Cash and Cash Equivalents, End of Period
|
$
|
2,727
|
$
|
4,273
|
||||
Supplemental Disclosures of Cash Flow Information
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
719
|
$
|
637
|
||||
Income taxes
|
$
|
35
|
$
|
-
|
||||
Supplemental Disclosures of Noncash Investing and Financing Activities
|
||||||||
Purchases of property and equipment funded by capital leases
|
$
|
86 | - | |||||
Acquisitions of net assets in exchange for contingent acquisition debt (see Note 4)
|
$
|
2,650
|
$
|
505
|
||||
Common stock issued in connection with financing
|
$
|
-
|
$
|
587
|
As of
|
||||||||
March 31, 2016
|
December 31, 2015
|
|||||||
Finished goods
|
$
|
11,425
|
$
|
9,893
|
||||
Raw materials
|
9,466
|
8,970
|
||||||
20,891
|
18,863
|
|||||||
Reserve for excess and obsolete
|
(917
|
)
|
(886
|
)
|
||||
Inventory, net
|
$
|
19,974
|
$
|
17,977
|
Distributor organization
|
$
|
1,250
|
||
Customer-related intangible
|
900
|
|||
Trademarks and trade name
|
500
|
|||
Total purchase price
|
$
|
2,650
|
March 31, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
Cost
|
Accumulated
Amortization
|
Net
|
Cost
|
Accumulated
Amortization
|
Net
|
|||||||||||||||||||
Distributor organizations
|
$
|
12,423
|
$
|
6,363
|
$
|
6,060
|
$
|
11,173
|
$
|
6,086
|
$
|
5,087
|
||||||||||||
Trademarks and trade names
|
5,166
|
610
|
4,556
|
4,666
|
537
|
4,129
|
||||||||||||||||||
Customer relationships
|
7,687
|
2,980
|
4,707
|
6,787
|
2,751
|
4,036
|
||||||||||||||||||
Internally developed software
|
720
|
283
|
437
|
720
|
258
|
462
|
||||||||||||||||||
Intangible assets
|
$
|
25,996
|
$
|
10,236
|
$
|
15,760
|
$
|
23,346
|
$
|
9,632
|
$
|
13,714
|
|
March 31, 2016
|
|
December 31, 2015
|
|||||
8% Convertible Notes due July and August 2019 (July 2014 Private Placement) (1)
|
|
$
|
1,584
|
|
$
|
1,346
|
||
8% Convertible Notes due October and November 2018 (November 2015 Private Placement) (2)
|
|
6,922
|
|
|
6,896
|
|||
Net debt issuance costs (3)
|
|
(1,334
|
)
|
|
(1,456
|
)
|
||
Total convertible notes payable, net of debt discount (4)
|
$
|
7,172
|
$
|
6,786
|
March 31,
2016
|
December 31, 2015
|
|||||||
Stock price volatility
|
70
|
%
|
70
|
%
|
||||
Risk-free interest rates
|
0.87%-1.21
|
%
|
1.76
|
%
|
||||
Annual dividend yield
|
0
|
%
|
0
|
%
|
||||
Expected life
|
3.3-4.5 years
|
3.6-4.9 years
|
Fair Value at March 31, 2016
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Liabilities:
|
||||||||||||||||
Contingent acquisition debt, current portion
|
$
|
428
|
$
|
-
|
$
|
-
|
$
|
428
|
||||||||
Contingent acquisition debt, less current portion
|
8,794
|
-
|
-
|
8,794
|
||||||||||||
Warrant derivative liability
|
4,066
|
-
|
-
|
4,066
|
||||||||||||
Total liabilities
|
$
|
13,288
|
$
|
-
|
$
|
-
|
$
|
13,288
|
Fair Value at December 31, 2015
|
||||||||||||||||
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||
Liabilities:
|
||||||||||||||||
Contingent acquisition debt, current portion
|
$
|
264
|
$
|
-
|
$
|
-
|
$
|
264
|
||||||||
Contingent acquisition debt, less current portion
|
7,174
|
-
|
-
|
7,174
|
||||||||||||
Warrant derivative liability
|
4,716
|
-
|
-
|
4,716
|
||||||||||||
Total liabilities
|
$
|
12,154
|
$
|
-
|
$
|
-
|
$
|
12,154
|
Balance at December 31, 2015
|
41,674,796
|
|||
Granted
|
-
|
|||
Expired / cancelled
|
(50,000
|
)
|
||
Exercised
|
-
|
|||
Balance at March 31, 2016
|
41,624,796
|
Number of
Shares
|
Weighted
Average
Exercise Price
|
Aggregate
Intrinsic
Value
(in thousands)
|
||||||||||
Outstanding December 31, 2015
|
23,521,600
|
0.22
|
$
|
2,044
|
||||||||
Issued
|
197,500
|
0.28
|
||||||||||
Canceled / expired
|
(1,870,300
|
)
|
0.22
|
|||||||||
Exercised
|
(42,250
|
)
|
0.18
|
-
|
||||||||
Outstanding March 31, 2016
|
21,806,550
|
$
|
0.22
|
$
|
1,430
|
|||||||
Exercisable March 31, 2016
|
17,112,950
|
$
|
0.22
|
$
|
994
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Revenues
|
||||||||
Direct selling
|
$
|
34,798
|
$
|
31,623
|
||||
Commercial coffee
|
3,404
|
5,184
|
||||||
Total revenues
|
$
|
38,202
|
$
|
36,807
|
||||
Gross profit
|
||||||||
Direct selling
|
$
|
23,490
|
$
|
20,724
|
||||
Commercial coffee
|
(127
|
)
|
(442
|
)
|
||||
Total gross profit
|
$
|
23,363
|
$
|
20,282
|
||||
Operating income
|
||||||||
Direct selling
|
$
|
2,024
|
$
|
1,312
|
||||
Commercial coffee
|
(861
|
)
|
(938
|
)
|
||||
Total operating income
|
$
|
1,163
|
$
|
374
|
||||
Net income (loss)
|
||||||||
Direct selling
|
$
|
674
|
$
|
215
|
||||
Commercial coffee
|
(523
|
)
|
(584
|
)
|
||||
Total net income (loss)
|
$
|
151
|
$
|
(369
|
)
|
|||
Capital expenditures
|
||||||||
Direct selling
|
$
|
312
|
$
|
384
|
||||
Commercial coffee
|
299
|
548
|
||||||
Total capital expenditures
|
$
|
611
|
$
|
932
|
As of
|
||||||||
March 31, 2016
|
December 31, 2015
|
|||||||
Total assets
|
||||||||
Direct selling
|
$
|
40,720
|
$
|
36,907
|
||||
Commercial coffee
|
24,175
|
24,422
|
||||||
Total assets
|
$
|
64,895
|
$
|
61,329
|
|
Three Months Ended
|
|||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Revenues
|
||||||||
United States
|
$
|
34,963
|
$
|
34,123
|
||||
International
|
3,239
|
2,684
|
||||||
Total revenues
|
$
|
38,202
|
$
|
36,807
|
Percentage
change
|
|||||||||
Segment Revenues
|
2016
|
2015
|
|||||||
Direct selling
|
$
|
34,798
|
$
|
31,623
|
10.0
|
%
|
|||
Commercial coffee
|
3,404
|
5,184
|
(34.3)
|
%
|
|||||
Total
|
$
|
38,202
|
$
|
36,807
|
3.8
|
%
|
For the three months
ended March 31,
|
Percentage
change
|
|||||||||
Segment Gross Profit
|
2016
|
2015
|
||||||||
Direct selling
|
$
|
23,490
|
$
|
20,724
|
13.3
|
%
|
||||
Gross Profit % of Revenues
|
67.5
|
%
|
65.5
|
%
|
2.0
|
%
|
||||
Commercial coffee
|
(127)
|
(442)
|
71.3
|
%
|
||||||
Gross Profit % of Revenues
|
(3.7)
|
%
|
(8.5)
|
%
|
4.9
|
%
|
||||
Total
|
$
|
23,363
|
$
|
20,282
|
15.2
|
%
|
||||
Gross Profit % of Revenues
|
61.2
|
%
|
55.1
|
%
|
6.1
|
%
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
|
2015
|
|||||||
Net income (loss)
|
$
|
151
|
$
|
(369
|
)
|
|||
Add
|
||||||||
Interest, net
|
1,104
|
1,082
|
||||||
Income taxes
|
558
|
(431
|
)
|
|||||
Depreciation
|
399
|
263
|
||||||
Amortization
|
604
|
513
|
||||||
EBITDA
|
2,816
|
1,058
|
||||||
Add
|
||||||||
Stock based compensation
|
70
|
144
|
||||||
Change in the fair value of warrant derivative
|
(650
|
)
|
92
|
|||||
Adjusted EBITDA
|
$
|
2,236
|
$
|
1,294
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control Over Financial Reporting
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
||||||||||||||||
Three months ended March 31, 2016
|
Total Number
of Shares
Purchased (*)
|
Average Price
Paid per Share
|
Total Number
of Shares Purchased as Part of Publicly
Announced Plans or Programs
|
Maximum Number
of Shares
that May Yet Be Purchased Under the Plans or Programs
|
||||||||||||
January 1, 2013 to January 31, 2016
|
-
|
$
|
-
|
-
|
11,193,828
|
|||||||||||
February 1, 2016 to February 29, 2016
|
15,000
|
$
|
0.33
|
15,000
|
11,178,828
|
|||||||||||
March 1, 2016 to March 31, 2016
|
-
|
$
|
-
|
-
|
11,178,828
|
|||||||||||
Total
|
15,000
|
$
|
0.33
|
15,000
|
Exhibit No.
|
Exhibit
|
|
31.01
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.02
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.01
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
32.02
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
YOUNGEVITY INTERNATIONAL INC.
|
|
(Registrant)
|
|
Date: May 13, 2016
|
/s/ Stephan Wallach
|
Stephan Wallach
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
Date: May 13, 2016
|
/s/ David Briskie
|
David Briskie
|
|
Chief Financial Officer
|
|
(Principal Financial Officer)
|
|
1 Year Youngevity Chart |
1 Month Youngevity Chart |
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