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By Boyan Angelov
Aug 19, 2014

Bergio International, Inc. (BRGO) Files 10-Q To Report No Progress

On Thursday, Bergio International, Inc. (BRGO) managed to timely submit its 10-Q for the period ended June 30, 2014. The next day, BRGO issued a press release in which it commented on the results from the report. As can be seen in the filing, the financials did not account for much progress made by the company:BRGO_chart1808.png

  • Cash: $65,1 thousand
  • Total current assets: $2,1 million
  • Total current liabilities: $879,1 thousand
  • Revenues: $361,1 thousand
  • Net loss: $580,1 thousand

In the press release from August 15, BRGO stated that its liability amount has increased by $212,724 due to extra debt that the company has taken for the establishment of the first Bergio Boutique. The company also noted the slight decrease in revenues.

The company referred to an account of net allowance in the amount of $309,980 as being “doubtful”. If this amount is considered, BRGO retains the ratio of 4:1 between its assets and liabilities and keeps the stockholder equity unchanged. Overall, the venture's financial state has not improved notably, if the net allowance is to be considered.

BRGO_logo.jpgAfter the comments on the company's financial state, BRGO's CEO Berge Abajian gave his view on the venture's performance. Mr. Abajian attributed the “flat” sales numbers to the tendency that the company has had for slow movement in the second quarter. Still, Mr. Abajian ensured shareholders that BRGO is moving forward with wholesale program, for which documents were said to be awaiting approval for the test period in 30 Sterling stores.

While the wholesale program is pending at this point, there is an ongoing issue that BRGO needs to settle as soon as possible. As previously reported on July 30, the company's stock was chilled once again by the DTCC. BRGO had stated the chill issue should be resolved within 60 days. A couple of weeks later, CEO Berge Abajian said that the company had been gathering documents to “file the opinion” within 45 days. This statement does not hold the certainty for resolving the issue within 60 days that the previous one did.

While BRGO's first boutique store is still is the works, as are several deals and issues the company has to sort out, investors who consider investing in its stock should do their research on the venture to set their expectations on its potential of successfully carrying out its tasks.

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