Fairfield-based Bergio International Inc. announced Wednesday its results for the year ending Dec. 31, 2013.
The company reported revenues of $1.99 million, compared to $2.01 million the year prior.
Total liabilities were $666,420 compared to $1.53 million last year. The company said it has been “making a concerted effort to improve its balance sheet.”
Berge Abajian, CEO of Bergio International, said in a prepared statement, “The increase in the loss is partially attributed to an increase in the provision for bad debts associated with receivables from our Russian customer and a few other customers. Management feels that we have had slower than expected collections due to economic conditions, but considering our past we feel confident that collections will be made, but felt that it was prudent to recognize a provision in our financial statements. Our gross margins were lower than expected due to selling certain slow-moving inventory at substantially discounted prices. I am personally satisfied that we were to maintain sales at same level as the prior year given the current economic conditions. I am also satisfied with decreasing our liabilities by approximately $900,000 as well as increasing our stockholder's equity by approximately 20 percent while keeping our asset to liability ratio at 4:1, the highest in company history.”
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