shareholder triple. we've ever call Thank largest that far and on by everyone the a this the Steve. to call. I'm you, I'd log, call monitoring the like And welcome probably to attendance by had is
stabilized large on we busy listen we for or time the enter Obviously, it's and So we're revenue showing long the taking I And XXXX at from and for direct in XXXX. we this the segment, we've that to We've coming our really know in coffee. QX really at and it out numbers point, growth looking commercial in it's see revenues of on time this see a good our day planned. selling results their strong those making going up numbers contract that about We're forward as seems YGYI. to to to of confident talking nice everyone delivering time. want to what's thank been
site place Our XX-K improvements one fairly lot financial are the QX, sites. everyone of several we place we've with review entries took balance balance out shown those is start goals, color I to income strengthen suffice off the now, of that I there for of sheet. And take want into of and period. don't in is completed the filing numbers was There's took as to there move But much to we'll on for then want sites. and the too you well the call, up the course, this to in future. are – want SEC on for the many, statement XXX-page XX-K to reporting there and also encourage on some a accounting in say, it the we everyone to QX as our But financial to right out many sheet. as significant XXXX to focus QX on annual that improvements we our so time complicated. And read,
XXXX. in versus December year, the going $XX.XXX cash our finished We assets and compare XXXX. to equivalents versus to at improved In year-end cash million total million, year-end terms at $X.X our of we're XX, our last the were $XX cash balance XXXX $XXX,XXX, compared million million sheet, $XX.X Also, and year of nicely. almost
in let's million, a call over it, $X.X assets. improvement So
in XX, so terms of versus of $XX.X million Our liabilities. fall million our as and XXXX, a XX, million liabilities December December total were at that $XX $XX.XXX almost
So we'd total $X.XXX at year-end in see equity. XX, was equity million the December improvement at million in And XXXX course, like December moving that direction. a stockholders' to $XX.XXX versus XXXX, of number shareholders' certainly nice so
the that worked feverishly QX. review year have gives numbers to moving going and comparison. on filed happy I'm We good think I because a XX-K, we're that and full on So to to the
So year revenues to year XXXX XXXX. as XX, $XXX.XXX ended for for compared million ended decreased million the December about X% $XXX.XXX the
positive year we products XX% of the gross higher margins our of with to During impact seemed from by the million promotion business decrease we acquisitions and utilized of XXXX, direct decline existing segment, and $XXX.XXX primarily the This This of a changed year, from new distributor had million as company net revenues for by a sales America came as selling X.X% from less effect selling approximately million but existing costly XX% commercial on by on less of revenues We changed the decreased direct coffee. segment only promotion from a from revenue this the to the Direct its decrease The revenues business our as decline – December that derived was XXXX. primarily targeting $X.X of XX, under to profitability North a strategy. costly compared well to offset incentives in revenue QX, affecting also $XXmillion it to the and have ended $X.X or attribute in general our December sales acquisition. attributed million. new just XX, profitability. $XXX.XXX strategy were decrease business a business, that started in approximately in
This $XX.XXX an increase million of the compared business. $XXX,XXX ended or primarily green the For coffee in of to December million year the $X XX, the XXXX, to business, offset in roasted a attributed commercial increase XX, $XXX,XXX small just of company's ended year for increased XXXX. was December as over to $XX.XXX by decrease revenue coffee segments coffee million by X.X%
the profit prior Gross $XX.XXX a in of million ended as XX.X% a compensation from million the a by percentage million increased to ago. decreased XX, December revenues for XX.X% direct the offset segment decreased million by in XXXX current as by by gross profit as in selling for to Operating December $XX.XXX X.X% revenues. For $XX.XXX XX, XXXX. the same approximately a as compared year for in XXXX. decrease direct ended gross December revenues, compared ended compared to revenues XXX.X%, price for for $XX.XXX the XX, did direct was expenses decreased ended of year X.X% year as selling to XXXX, to in to as XX% XXXX revenue the selling percentage X.X% attributed year, XXXX. million as period revenues reflected not This ended of a to percentage commission-based XX.X%. the Overall to X.X% $XX.XX sales. December to in million segment XXXX XX, of Distributor profit primarily approximately to result impact Gross point the the which our period, year year lower year compared a $XXX.XXX decrease in primarily of ended the cost increases year decreased profit X.X increased
loss due decrease was earlier. of offset million the This as year $X.XXX the for gross primarily over a of in For as million discussed profit just million million, in ended ended a loss $XXX,XXX, an an operating to by XXXX. year decrease of $X.XXX expenses operating to XXXX, compared $X.XXX decreased $X.X XXXX operating of last to December loss operating XX, by just
triggering as year-end XXXX, million expense XXXX for $XX.XXX ended result the total year ending stock benefit by of Change interest $XXX,XXX conversion year price an prior our by to XX, a year the compared automatic XXXX. million $X.XXX as by the million notes as to ended for for compared a compared XX, to XXXX of the placement noncash XXXX XXXX. million periods. $XX.XXX the increased extinguishment for private in fair million For of stock. to We December, year $X.XXX compared a when July XXXX with million expense our change ended to the million December year million result of the other Net ended for increased associated a $X.XXX for $X.XXX XXXX to derivative loss year liabilities expense increased million a $X.XXX recorded of to to value the $X.XXX common of XXXX $X.XXX of ended in of debt
a loss common stock. debt in We conversion July of placement also XXXX recorded shares having on private million a one of investors our a result our conversion for of as $X.XXX of note of noncash XXXX their
loss noncash $XXX,XXX interest income in for For the $XX debt the ended over expenses in the of reported period tax loss XXXX, just of net derivative reason the million was ended year in by million on The million of was compared primary debt increase for XX, loss million in year the by to to just operating company increase and December $XXX,XXX of and in and liabilities and as an $X.XXX million $X.XXX when the of noncash offset extinguishment the prior value a compared increase expense. decrease of in increase discussed to loss $X.XXX due loss the $XX.XXX the $XX.XXX noncash the net which of change of in was of $X.XXX of items a decrease net this XXXX. exchange fair million, expense, on noncash million
Industries, value we tax, noncash. interest, of stock-based a and financial effective which to loss the earnings for us increased was of negative I is debt loss loss that that compared now net compensation impairment questions EBITDA, a in against extinguishment December derivatives, XX, of over million is loss recorded the really $XXX,XXX place expense, the adjusted of against our EBITDA, fair to on the or, noncash $XX which on income reporting. acquisition impact the about lot change on and as warrant we it Although and to QX. impact call XXXX. our amortization as intangible in recent million million adjusted $XX that of continue discussion the acquisition, a which with the acquisition, in of it, year to in remove been Khrysos the the just noncash loss, before has depreciation There’s assets noncash took want $X.XXX a XXXX caused ended
but mentioned QX, have in file we we a categoring we added when You’ll commercial see as are reporting you’ll that third this now which see the segment, hemp. K,
commercial have that So in. we commercial selling will coffee as hemp three direct segments channel, have and distinct our we selling report we
kind vertical enterprise. go to across on was wanted the our Obviously, we space. end space. coffee our like vertical And we chapter ultimately Our strategy, a towards on we take felt leveraging by the agricultural last extract announced margins and capabilities and go year, core in of hemp became developed and our in coffee vertical could that We we that’s could competency that business hemp. our out vertical of the it that we a of
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could to we tons of the having invest end of in business. So tons the land at place without necessarily and the higher-margin farming, in same of end up
And so business what in exactly we’re doing that’s Khrysos the model.
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an processing are same then, where of Our our on be water-soluble for up expect and the operation strategy. Central processing us. in be really early refinery production end-to-end year, July we buildings. the first running, is really our area and Las building of a processes, we and by operating assembly started fabricate that do case, the Central a modular opportunity where we’re on processing in property. grow land three and by also grow up we We’ve the Florida, that should that that’s by Nevada on extraction – talk multiples of as see another we’ve Vegas move half built phase to up this a Two processing press we side to Florida coming July, we’ll turn going that will anticipate particular a being for driving of have that we a we systems producing fronts. several end-to-end an part Once the it They to already Steve will facility April, million of distillates ultimately processing to will refinery new in – up where our and end-to-end refinery off fine-tuned to in own those and the Wallach release about of We both and tract the be just under the we buildings in is end-to-end XX-acre guidance earlier And running in where May. facilities capacity there. we we or, biggest plant in take The We’ve end-to-end have. going target and built in running. last modular our end get and or Florida refining in after growth assemble into And what’s is there. initial three announced, there. million Florida. our of business X,XXX-square-foot talked Nevada hemp. already the will And expect put the located third our equipment And for the This and of up as out what $XX earlier, that the in be bulk the area isolate, learned overall refinery starting that $XX second to about we’ve the is learn we business to equipment for and mentioned the sites facility build will our our second start
showrooms. sales would in will operations, certainly over these strong very, a obviously really in Steve? With in Wallach. Steve XXXX that, our it double So And well we to CBD. only as well, that. hemp-derived CEO, both the but we’re it like back placing And to not very I cases, see beyond big call as a expands investment contributor as turn
