Current Report Filing (8-k)
March 16 2021 - 5:08PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of
Report (date of earliest event reported): March 13, 2021
YOUNGEVITY INTERNATIONAL, INC.
(Exact
name of registrant as specified in its charter)
Delaware
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001-38116
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90-0890517
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(State
or other jurisdiction of incorporation)
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(Commission
File No.)
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(IRS
Employer Identification No.)
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2400 Boswell Road, Chula Vista, CA 91914
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (619) 934-3980
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐ Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐ Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Common
Stock
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YGYI
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OTCQX
Market
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Series
D Preferred Stock
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YGYIP
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OTCQX
Market
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this
chapter).
Emerging
growth company ☐
If an
emerging growth company, indicate by checkmark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange
Act. ☐
Item 2.04 Triggering Events That Accelerate or Increase a
Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement.
On March 13, 2019,
Youngevity International, Inc. (the “Company”) issued
to investors the second tranche of Secured Promissory Notes dated
March 13, 2019 in the aggregate principal amount of
$540,000 (the
“Notes”),
that had a maturity date of March 13, 2021 (the
“Maturity
Date”). The Notes provide
for an interest rate of six percent (6%). Pursuant to a
Security Agreement, dated March 13, 2019, entered into by the
Company with the several holders of the 6% Notes, the 6% Notes are
secured by a first priority lien granted by the Company on all the
shares of its subsidiary Khrysos Industries, Inc , a wholly owned
subsidiary of the Company which security interest is subordinate to
the security interest of Crestmark Bank in all of the assets of the
Company and pari passu with rights of certain holders of the
Company’s notes issued in 2014, of which the Company has
settled all the 2014 notes at maturity. Upon the occurrence
of an Event of Default, as defined in the Notes, all unpaid
principal amount together with accrued interest is immediately due
and payable and the interest rate payable on the Notes increases to
eighteen percent (18%). In addition, upon and Event of Default, the
purchasers may exercise their rights with respect to the
collateral.
The
Company did not make the payment due upon the Maturity Date of
these Notes and is in negotiations regarding a
forbearance.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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YOUNGEVITY
INTERNATIONAL, INC.
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Date:
March 16, 2021
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By:
/s/ William
Thompson
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Name:
William Thompson
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Title:
Chief Financial Officer
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Youngevity (CE) (USOTC:YGYI)
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