FAIRFIELD, NJ--(Marketwired - Aug 15, 2014) - Bergio International, Inc. (OTCQB: BRGO) ("Bergio" or the "Company") announced today its results for the second quarter.
For the second quarter, which ended on June 30th, 2014, the Company reported revenues of $361,115 as compared to $378,486 for the same period in the prior year.
The Company's asset to liability ratio, considering the doubtful account's net allowance of $309,980, remains at 4:1. The company's current liabilities have increased by $212,724, due to extra debt that was taken on to establish the first Bergio Boutique. If the company's reserve against doubtful account of $309,980 is considered, the stockholder equity remains at the figure as of December 31st, 2013.
Berge Abajian, CEO of Bergio, stated, "Expectedly our sales numbers for the quarter are flat, as historically the second quarter tends to be our slowest. Our private label program with the wholesaler is progressing healthily, and as previously mentioned, we have submitted our documents to Sterling and await approval in order to proceed with the test period in 30 of their stores."
He continued, "We have also addressed the DTCC chill factor and have been putting all documents together which should allow us to file the opinion within the next 45 days. We are also forging forward with the boutique, which remains on schedule to open at the beginning of the fourth quarter."
He concluded, "The Company is currently doing well, but unfortunately our market cap is disproportionate in comparison to our stockholder equity. I know everyone is concerned about the stock price, but the only way to address this is to continue with our plans of progressive expansion. I see a lot of positivity in our endeavors as well as a promising future ahead. This may take slightly longer than originally anticipated, but in exchange will provide us with more solid footing toward the leap of self-reliance."
We encourage everyone to read our full results of operations contained in our Form 10-Q filed on August 14, 2014 at sec.gov.
About Bergio International, Inc.
Bergio International, Inc. is a leading jeweler creating a diversified jewelry designer and manufacturer through acquisitions and consolidation in the estimated $160 billion a year highly fragmented independently owned jewelry industry. Bergio currently sells its jewelry to approximately 50 jewelry retailers across the United States. Bergio has manufacturing control over its line through its manufacturing facility in New Jersey, as well as subcontracts with facilities in the United States and Italy.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.