**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K/A**

**Amendment No. 1**

[**X]**

**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended December 31, 2015

OR

**[  ]**

**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934**

For transition period ___ to ____

Commission file number: 000-26973

**FOREVERGREEN WORLDWIDE CORPORATION**

(Exact name of registrant as specified in its charter)

| NEVADA                                                                                    

(State or other jurisdiction of incorporation or organization)

87-0621709                                        

(I.R.S. Employer Identification No.)

644 NORTH 2000 WEST, LINDON, UTAH           

(Address of principal executive offices)

84042         

(Zip Code)

Registrant’s telephone number:  (801) 655-5500

Securities registered under Section 12(b) of the Act:  None

Securities registered under Section 12(g) of the Act:  Common Stock

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes [   ]   No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. 

Yes [   ]   No [X]

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  

Yes [X]   No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes  [X]   No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [X]

1

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [  ]

Non-accelerated filer [  ]

Accelerated filed [  ]

Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ]   No [X]

The aggregate market value of the 17,915,306 shares of the registrant’s voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold ($1.14) on the last business day of its most recently completed second fiscal quarter (June 30, 2015) was approximately $20,423,448.

The number of shares outstanding of the registrant’s common stock as of March 30, 2016 was 25,342,285.

Documents incorporated by reference:  None

2

**EXPLANATORY NOTE**

ForeverGreen Worldwide Corporation is filing this amendment due to omissions in the audit report included with the Form 10-K for the year ended December 31, 2015.  The prior audit report lost information when converted from Word to HTML.  This amendment provides the complete audit report in Item 8.  Other than the corrected audit report, the disclosures in this amended report are as of the initial filing date of March 30, 2016 and this report does not include subsequent events.

**TABLE OF CONTENTS**

PART II

Item 8.  Financial Statements and Supplementary Data

4

PART IV

Item 15.  Exhibits, Financial Statement Schedules

23

Signatures

24

 

3

**PART II**

**ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014

INDEX

Report of Independent Registered Public Accounting Firm

5

Consolidated Balance Sheets

6

Consolidated Statements of Operations and Comprehensive Income

7

Consolidated Statements of Stockholders’ Deficit

8

Consolidated Statements of Cash Flows

9

Notes to the Consolidated Financial Statements

10

4

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders of

ForeverGreen Worldwide Corporation 

 

We have audited the accompanying consolidated balance sheets of ForeverGreen Worldwide Corporation as of December 31, 2015 and 2014, and the related consolidated statements of operations and comprehensive income, stockholders’ deficit, and cash flows for each of the years in the two year period ended December 31, 2015. ForeverGreen Worldwide Corporation’s management is responsible for these consolidated financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of ForeverGreen Worldwide Corporation as of December 31, 2015 and 2014, and the results of its operations and its cash flows for each of the years in the two year period ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 14 to the consolidated financial statements, the Company has suffered net losses and has accumulated a significant deficit. These factors raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 14. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 */s/ Sadler, Gibb & Associates, LLC*

 

Salt Lake City, UT

March 30, 2016

5

**ForeverGreen Worldwide Corporation and Subsidiaries**

Consolidated Balance Sheets

 

 

December 31,

2015

 

December 31,

2014

**ASSETS**

 

 

 

 

**CURRENT ASSETS**

 

 

 

 

   Cash and cash equivalents

$

495,304

$

580,522

   Restricted cash

 

62,382

 

589,449

   Accounts receivable, net

 

732,016

 

530,509

   Member advances, net

 

165,521

 

381,500

   Prepaid expenses and other assets

 

512,023

 

644,189

   Inventory

 

2,027,642

 

2,017,263

           Total Current Assets

 

3,994,888

 

4,743,432

 

 

 

 

 

**PROPERTY AND EQUIPMENT, net**

 

3,493,170

 

2,565,003

 

 

 

 

 

**OTHER ASSETS**

 

 

 

               

   Deposits and other assets

 

195,656

 

208,795

   Intangible assets

 

97,724

 

192,403

           Total Other Assets

 

293,380

 

401,198

**TOTAL ASSETS**

$

7,781,438

$

7,709,633

 

 

 

 

 

**LIABILITIES AND STOCKHOLDERS' DEFICIT**

 

 

 

 

**CURRENT LIABILITIES**

 

 

 

 

   Bank overdraft

$

125,482

$

93,701

   Accounts payable

 

3,048,537

 

1,442,349

   Accrued expenses

 

2,757,775

 

4,879,172

   Deferred Revenue

 

87,396

 

171,885

  Convertible notes payable, related parties

 

245,000

 

922,478

  Notes payable, related parties

 

--

 

245,000

  Convertible notes payable, unrelated parties

 

1,423,474

 

331,756

**            **Total Current Liabilities

 

7,687,664

 

8,086,341

 

 

 

 

 

**LONG-TERM DEBT**

 

 

 

 

Convertible notes payable, related parties

 

1,501,024

 

--

           Total Long-Term Debt

 

1,501,024

 

--

**TOTAL LIABILITIES**

 

9,188,688

 

8,086,341

 

 

 

 

 

**COMMITMENTS AND CONTINGENCIES**

 

--

 

--

 

 

 

 

 

**STOCKHOLDERS' DEFICIT**

 

 

 

 

         Preferred stock;  no stated par value; authorized 10,000,000 shares;

          no shares issued or outstanding

 

--

 

--

         Common stock, par value $0.001 per share; authorized

 

 

 

 

          100,000,000 shares; 25,342,285 and 23,596,951 shares

 

 

 

 

          respectively issued and outstanding

 

25,342

 

23,597

          Additional paid-in capital

 

35,897,711

 

34,263,045

          Accumulated other comprehensive loss

 

(490,974)

 

(444,442)

**          **Accumulated deficit

 

(36,839,329)

 

(34,218,908)

**                **Total Stockholders' Deficit

 

(1,407,250)

 

(376,708)

**TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT**

$

7,781,438

$

7,709,633

The accompanying notes are an integral part of these consolidated financial statements

6

**ForeverGreen Worldwide Corporation and Subsidiaries**

Consolidated Statements of Operations and Comprehensive Income

 

 

 

December 31,

2015

 

December 31,

2014

 

 

 

 

 

**TOTAL REVENUES, net**

 

67,127,261

 

58,341,422

**COST OF SALES, net**

 

17,652,972

 

12,470,044

 

 

 

 

 

**GROSS PROFIT**

 

49,474,289

 

45,871,378

 

 

 

 

 

**OPERATING EXPENSES**

 

 

 

 

   Sales and marketing

 

30,240,630

 

29,740,084

   General and administrative

 

20,520,917

 

14,072,009

   Depreciation and amortization

 

828,095

 

377,319

      Total Operating Expenses

 

51,589,642

 

44,189,412

 

 

 

 

 

**NET OPERATING INCOME (LOSS)**

 

(2,115,353)

 

1,681,966

 

 

 

 

 

**OTHER INCOME (EXPENSE)**

 

 

 

 

   Gain on settlement of debt

 

23,948

 

--

   Loss on settlement of claim

 

--

 

(149,520)

   Other expense

   

(179,168)

 

(98,309)

   Interest expense

   

(291,533)

 

(317,966)

      Total Other Expense

 

(446,753)

 

(565,795)

 

 

 

 

 

Income (loss) before income tax provision

 

(2,562,106)

 

1,116,171

   Income Tax Provision (Benefit)

 

58,315

 

87,459

 

 

 

 

 

**NET INCOME (LOSS)**

$

(2,620,421)

$

1,028,712

 

 

 

 

 

**BASIC AND DILUTED INCOME/(LOSS) PER COMMON SHARE**

$

(0.11)

$

.05

 

 

 

 

 

**BASIC WEIGHTED AVERAGE NUMBER OF**

 

 

 

 

**COMMON SHARES OUTSTANDING**

 

24,674,069

 

21,406,572

 

 

 

 

 

**DILUTED WEIGHTED AVERAGE NUMBER OF**

 

 

 

 

** COMMON SHARES OUTSTANDING**

 

24,674,069

 

22,203,756

 

 

 

 

 

**COMPREHENSIVE INCOME (LOSS)**

 

 

 

 

A summary of the components of other comprehensive income/(loss) for the fiscal years ended December 31, 2015 and 2014 is as follows:

 

 

 

 

   Net Income

$

(2,620,421)

$

1,028,712

 

 

 

 

 

   Other Comprehensive Income (Loss) – foreign currency translation

 

(46,532)

 

(474,663)

 

 

 

 

 

      Comprehensive Income (Loss)

$

(2,666,953)

$

554,049

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements

7

**ForeverGreen Worldwide Corporation and Subsidiaries**

Consolidated Statements of Stockholders' Deficit

For the years ended December 31, 2015 and 2014 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Additional 

 

 

 

   Other 

 

Stockholders’

 

 Preferred Stock 

 

 Common Stock 

 

 Paid-in 

 

Accumulated

 

Comprehensive

 

Equity

 

 Shares 

 

 Amount 

 

 Shares 

 

 Amount 

 

    Capital 

 

 Deficit

 

       Income 

 

   Deficit

Balance, December 31, 2013

 

 

 

 

18,852,141

 

18,852 

 

   

31,597,029

 

(35,247,620)

 

      

    30,221

 

        

           (13,601,518)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash per share

 

 

 

 

2,000,000

 

2,000

 

1,998,000

 

 

 

 

 

2,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for conversion of debt

 

 

 

 

2,604,810

 

2,605

 

518,636

 

 

 

 

 

521,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Shares issued for settlement of claim

 

 

 

 

140,000

 

140

 

149,380

 

 

 

 

 

149,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

(474,663)

 

(474,663)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income for the period ended December 31, 2014

 

 

 

 

 

 

 

 

 

 

1,028,712

 

 

 

1,028,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2014

--

 

       --

$

23,596,951

$

  23,597

$

 34,263,045

$

(34,218,908)

$

(444,442)

$

(376,708)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

 

 

 

 

835,334

 

835

 

999,165

 

 

 

 

 

1,000,000

Common stock issued for conversion of debt

 

 

 

 

910,000

 

910

 

635,501

 

 

 

 

 

636,411

Foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

(46,532)

 

(46,532)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

 

 

 

 

 

 

 

 

(2,620,421)

 

 

 

(2,620,421)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2015

--

 

       --

$

25,342,285

$

25,342

$

35,897,711

$

(36,839,329)

$

(490,974)

$

(1,407,250)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements

8

**ForeverGreen Worldwide Corporation and Subsidiaries**

Consolidated Statements of Cash Flows

 

 

 

December 31,

2015

 

December 31,

2014

**CASH FLOWS FROM OPERATING ACTIVITIES**:

 

 

 

  

Net income (loss)

$

(2,620,421)

$

1,028,712

Adjustments to reconcile net income (loss) to net

 

 

 

 

cash provided by operating activities:

 

 

 

 

   Depreciation and amortization

 

828,095

 

377,431

   Loss on settlement of claim

 

--

 

149,520

   Bad debt expense

 

513,468

 

--

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

   Restricted cash

 

527,261

 

(589,449)

   Accounts receivable

 

(376,719)

 

(140,615)

   Member advances 

 

(125,354)

 

(381,500)

   Prepaid assets

 

107,133

 

--

   Prepaid expenses

 

--

 

(452,293)

   Deposits and other assets

 

24,058

 

(48,700)

   Inventory

 

(43,780)

 

(945,919)

   Accounts payable

 

2,115,546

 

949,635

   Deferred revenue 

 

(84,489)

 

(233,956)

   Accrued expenses

 

(2,625,931)

 

1,719,244

   Net Cash Provided by (used in) Operating Activities

 

(1,761,133)

 

1,432,110

        

 

 

 

 

**CASH FLOWS FROM INVESTING ACTIVITIES:**

 

 

 

 

   Cash paid for trademarks

 

--

 

(1,263)

   Purchases of property and equipment

 

(1,649,020)

 

(2,394,065)

         Net Cash Used in Investing Activities

 

(1,649,020)

 

(2,395,328)

 

 

 

 

 

**CASH FLOWS FROM FINANCING ACTIVITIES:**

 

 

 

 

   Proceeds from bank overdraft

 

31,781

 

9,440

   Payments on notes payable 

 

--

 

(17,220)

   Payment of convertible note payable

 

--

 

(100,000)

   Proceeds from common stock issuance

 

1,020,586

 

2,004,164

   Proceeds from convertible notes payable

 

1,720,000

 

--

   Proceeds from notes payable – Related party

 

578,546

 

--

        Net Cash Provided by Financing Activities

 

3,350,913

 

1,896,384

         Effect of Foreign Currency on Cash

 

(25,978)

 

(637,385)

 

 

 

 

 

**NET INCREASE (DECREASE) IN CASH**

 

(85,218)

 

295,781

 

 

 

 

 

**CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD**

 

580,522

 

284,741

 

 

 

 

 

**CASH AND CASH EQUIVALENTS AT END OF PERIOD**

$

495,304

$

580,522

 

 

 

 

 

**SUPPLEMENTAL CASH FLOW INFORMATION**

 

 

 

 

  Cash paid for interest

$

291,533

$

317,966

  Cash paid for income taxes

 

--

 

--

 

 

 

 

 

**NON-CASH INVESTING AND FINANCING ACTIVITIES:**

 

 

 

 

    Conversion of debt and accrued interest for equity

$

636,645

$

521,882

    Common stock issued for settlement of claim

 

--

 

149,520

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements

9

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014

**NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

a. Organization

The Company was incorporated on March 18, 1999 in the state of Nevada. On November 30, 1999, Whole Living, Inc. acquired the assets, leases, product line and name of Brain Garden, L.L.C., a Utah limited liability company engaged in the marketing and distribution of various natural food products, oils and bath salts. The Company maintained its headquarters in Provo, Utah.

On November 30, 1999, the Company acquired many of the assets, lease obligations and much of the product line of Brain Garden. The acquisition was recorded using the purchase method of a business combination. Intangible assets such as member down lines, customer lists and product name identifications were recorded in the acquisition in the amount of $43,294 and were amortized over 60 months. The Company paid $283,800 for the purchase of Brain Garden assets, and assumed leases in the amount of $14,500. The Company also assumed an operating lease for office space which expired during 1999.

On May 24, 2000 the Company entered into an agreement to merge with Whole Living, Inc., a Nevada Corporation (WLN), which was a non-operating public company with cash of $150,000 and a note receivable of $650,000 from Whole Living, Inc. (Utah) for funds advanced in contemplation of the merger. Pursuant to the merger, WLN issued 6,000,000 shares of common stock to the shareholders of the Company for all outstanding stock of the Company. The merger was recorded as a reverse merger, with Whole Living, Inc. (Utah) being the accounting survivor. A reverse merger adjustment was made to the books of the Company to reflect the change in capital to that of WLN. No goodwill or intangible assets were recorded in the reverse acquisition. 

In March 2002, the Company incorporated Brain Garden, LLC. as a wholly owned subsidiary. 

On January 13, 2006 the Company entered into an agreement whereby it exchanged 1,266,667 shares of its post-reverse split common stock for a 23% interest in ForeverGreen International, LLC. a privately held company. This acquisition is accounted for on the equity method of accounting. As part of this reorganization the officers and directors of the Company resigned and officers of ForeverGreen International, LLC were appointed as officers of the Company.

ForeverGreen International, LLC was organized on February 19, 2003 in the state of Utah. The Company engages in the marketing and distribution of chocolate and various natural food products, oils and bath salts. In August 2005 the Company introduced FrequenSeaTM, a nutritional beverage which includes marine phytoplankton, which helped the Company to increase sales dramatically. ForeverGreen International, LLC does business under the name of ForeverGreen International, and maintains its headquarters in Lindon, Utah.

In conjunction with the January 13, 2006 acquisition the Board of Directors of the Company approved a 15:1 reverse split of its common shares, which was subsequently completed in February, 2006.

The companies operated under common management to distribute the products of both companies jointly as though one company. The combined operation subsequently combined their product lines and created a new unified catalog. 

On October 15, 2006, Whole Living, Inc. entered into an agreement to purchase the remaining 77% interest of ForeverGreen International, LLC and to formally merge with Brain Garden Inc., a wholly owned subsidiary of Whole Living, Inc., to become effective December 31, 2006. They announced they would change the combined company name to ForeverGreen Worldwide Corporation. The combined company sells products in the United States, Canada, Australia, New Zealand, Singapore, Japan, United Kingdom, the Netherlands, and Germany and 

10

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014 

**NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued**

a. Organization - continued

currently has plans to expand into other areas of the world. Whole Living, Inc. changed its name to ForeverGreen Worldwide Corporation in December 2006.

During the last quarter of 2007, the Company began operations in Mexico. In 2009 the Company introduced a program to make its products available to more international countries. This program is called “the NFR program” NFR means not for resale and supports customers in many countries to enjoy limited ForeverGreen products for personal use in these countries include Argentina, Austria, Barbados, Bolivia, Chile, China, Curacao Island, Colombia, Ecuador, Dominican Republic, Ghana, Greece, Guam, Hungry, Indonesia, Ireland, Israel, Ivory Coast, Italy, Kenya, Korea, Malaysia, Morocco, Pakistan, Peru, Philippines, Poland, Portugal, Puerto Rico, South Africa, Spain, Sweden, Switzerland, Taiwan, and Trinidad.

b. Principles of Consolidation

The consolidated balance sheets and statement of operations for the periods ended December 31, 2015 and 2014 include the books of ForeverGreen Worldwide Corporation (Nevada) and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in the consolidation. These wholly owned subsidiaries include ForeverGreen International, LLC, Productos Naturales Forevergreen Internacional en Mexico S.A. de C.V., FVGR Colombia S.A.S., 3-101-607360 S.A. (a Costa Rican corporation), ForeverGreen Chile SpA, Forevergreen (Aust & NZ) Pty, Ltd, ForeverGreen Singapore Pte Ltd, ForeverGreen Taiwan, ForeverGreen Japan (KK), ForeverGreen Peru SAC, ForeverGreen (HK) Limited (Hong Kong), ForeverGreen Marketing Corporation (Philippines), ForeverGreen SP z.o.o. (Poland), ForeverGreen Team B.V., ForeverGreen Dominicana S.L.R. (Dominican Republic), FG International LLP (India), FGXpress do Brasil Comercio de Ailimentos LTDA (Brazil), and ForeverGreen Team B.V. (Netherlands).

c. Recognition of Revenue

Revenues and costs of revenues are recognized during the period in which the products are provided. The Company applies the provisions of FASB Accounting Standards Codification (“ASC”) 605-10, Revenue Recognition in Financial Statements ASC 605-10, which provides guidance on the recognition, presentation, and disclosure of revenue in financial statements filed with the SEC. ASC 605-10 outlines the basic criteria that must be met to recognize revenue and provides guidance for disclosure related to revenue recognition policies. In general, the Company recognizes revenue for sale of products when (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured.

The Company’s sources of revenue are from the sale of various food and other natural product sales and royalties earned. The Company recognizes the sale upon shipment of such goods. The Company offers a 100% satisfaction guarantee against defects for 30 days after the sale of their product except for a few circumstances. The Company extends this return policy to its members for a 30 day period and the consumer has the same return policy in effect against the member. Returns are less than 2.5% of sales for both years presented. Revenues are reported net of returns. All conditions of ASC 605-10 are met and the revenue is recorded upon sale, with an estimated allowance for returns where material. 

d. Accounts Receivable and Member Advances

In 2015 the Company’s accounting method changed for accounts receivable.  The majority of accounts receivable are now sales deposits processed by third parties from the prior one to three business days that have not posted to the Company’s bank account. Other accounts receivable arise from doing business with third party distributor

11

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014 

**NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – continued**

d. Accounts Receivable and Member Advances - continued

centers in various locations throughout South America and Korea. The accounts receivable are made up of fees and 

royalties owed by the distribution centers to the Company for the right to do business in our name. The Company evaluates the need for an allowance for doubtful accounts when it is determined that collection amounts owed is unlikely. An allowance of $0 and $0 had been recorded at December 31, 2015 and 2014, respectively. 

Members are required to pay for products prior to shipment. Members typically pay for products by credit cards, wire transfer, e-wallet accounts, other payment cards, and cash. Accordingly, the Company seldom carries accounts receivable from members that are not distribution centers and any balances carried would be minimal.  In 2014 and 2015, in order to increase business, the Company advanced $506,854 to new Members to assist them with building their businesses. An allowance of $341,333 and $0 has been recorded at December 31, 2015 and 2014, respectively for uncollectable advances.

e. Earnings Per Share

The computation of earnings per share (EPS) of common stock is based on the weighted average number of shares outstanding at the date of the financial statements. Basic and diluted earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Potentially dilutive shares at December 31, 2015 from convertible debentures in the amount of 28,757,473 were excluded from our 2015 EPS calculation because their effect would be anti-dilutive.  Potentially dilutive shares at December 31, 2014 from convertible debentures in the amount of 797,184 were included in the 2014 EPS calculation.

f. Income Taxes

The Company provides for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. The Company’s predecessor operated as entity exempt from Federal and State income taxes.

g. Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents.

In 2014 the Company began using a new credit card processor to better serve our members world-wide. Due to the risk factor of member chargebacks the new processor required a reserve be created by reserving 10% of all transactions that they processed.  The reserve is revolving meaning six months after the beginning of the reserve the Company will receive back the 10% collected during the first of the reserve. During 2015, the Company established relationships with new merchant processing partners, both domestically and internationally.  The new processors currently do not require a reserve.  At December 31, 2015 the total amount of this reserve was $62,382 which is presented as restricted cash on the balance sheet.

h. Property and Equipment

Expenditures for property and equipment and for renewals and betterments, which extend the originally estimated economic life of assets or convert the assets to a new use, are capitalized at cost. Expenditures for maintenance, 

12

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014 

**NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – continued**

h. Property and Equipment – continued

repairs and other renewals of items are charged to expense. When items are disposed of, the cost and accumulated depreciation are eliminated from the accounts, and any gain or loss is included in the results of operations.

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Depreciable asset lives range from 3 to 7 years with leasehold improvements being depreciated over the lesser of the term of the lease or the life of the improvements. Depreciation expense for the period ended December 31, 2015 and 2014 is $733,379 and $284,694, respectively.

i. Long-Lived Assets

In accordance with ASC 360-10, the Company records impairment of long-lived assets to be held and used or to be disposed of when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount.  The Company determined no impairment adjustment was needed based on the analysis for the years ended December 31, 2015 and 2014.

j. Inventory

Inventory is recorded at the lower of cost or market and valued on a first-in, first-out basis. Inventory consists primarily of consumable food products and ingredients. Food products are discarded as they reach the expiration dates, because the food products are made with natural foods containing a minimum of preservatives. Non-food 

products are reviewed periodically to determine any obsolescence and a reserve is booked when appropriate. The products have expiration dates that range from 3 months on some of the food products to 2 years for non-food products. On December 31, 2015 and 2014 there was an allowance for obsolete inventory in the amount of $40,000 and $40,000, respectively.

k. Fair Value of Financial Instruments

The carrying amounts reported in the balance sheets for the cash and cash equivalents, receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of convertible notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of December 31, 2015 and 2014.

l. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make assumptions that affect the amounts reported in the financial statements and accompanying notes. In these financial statements, assets, liabilities and earnings involve extensive reliance on management’s estimates. Actual results could differ from those estimates.

m. Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risks consist of cash and cash equivalents. The Company places its cash and cash equivalents at well-known, quality financial institutions. At times, such cash and investments may be in excess of the FDIC insurance limit. The accounts are insured by the 

13

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014 

**NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – continued**

m. Concentrations - continued

Federal Deposit Insurance Corporation up to $250,000 each. The amounts held for the Company regularly exceed that amount.

The Company has an agreement with one vendor, owned 50% by a Company director, that supplies 100% of a significant ingredient that is included in several top selling products. It could decrease sales significantly if that vendor were to discontinue the supply of this ingredient. There are other providers of that ingredient in the world, however, the Company considers this provider to have the very best quality, which is nutritionally superior to other sources of this ingredient, and has no intention of obtaining it from any other provider.

o. Intangible Assets

Intangible assets consist of patent costs, trademark costs and the customer base. Patent costs are costs incurred to develop and file patent applications. Trademark costs are costs incurred to develop and file trademark applications. If the patents or trademarks are approved, the costs are amortized using the straight-line method over the estimated lives of 7 years for patents and 10 years for trademarks. Unsuccessful patent and trademark application costs are expensed at the time the application is denied. The Customer base is amortized over 10 years. Management assesses the carrying values of long-lived assets for impairment when circumstances warrant such a review. In performing this assessment, management considers current market analysis of the technology and future cash flows. The Company recognizes impairment losses when undiscounted cash flows estimated to be generated from long-lived assets are less than the net carrying amount of intangible assets. No impairment was recognized accordingly, during the years ended December 31, 2015 and 2014.

p.   Deferred Revenue

The Company recognizes revenues upon the shipment of product. As of December 31, 2015, the Company had received payment of $87,396 for sales which were not shipped as of the period end and as such recorded deferred revenue of $87,396 compared to $171,885 for December 31, 2014.

q.  Foreign Currency Translation

The Company’s functional currency is recorded in various currencies, corresponding to the various foreign subsidiaries and its reporting currency is the United States dollar. Management has adopted ASC 830-20, “Foreign Currency Matters – Foreign Currency Transactions”. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used.  Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in other comprehensive loss.

r.  Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

14

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014 

**NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – continued**

s.  Advertising 

Advertising cost are expensed as incurred and are presented as part of the general and administrative expense.  Advertising expense totaled $154,203 in 2015 compared to $84,843 in 2014.

t.   Shipping and Handling

The Company’s shipping and handling costs are included in the cost of sales for all periods presented. Shipping and handling revenues are included in total revenues, net for all periods presented.

u. Sales and Marketing

Selling and marketing expenses include sales commissions paid to our members, special incentives, costs for incentive trips and other rewards incentives.  

**NOTE 2 – RESTRICTED CASH**

In 2014 the Company implemented a new credit card processor option to better serve our members world-wide. Due to the risk factor of member chargebacks, the new processor required that a 10% reserve of all processed transactions be held.  This is a six month revolving reserve until the contract is terminated. At December 31, 2014 the total amount of this reserve was $589,449 at December 31, 2015 this amount was reduced to $62,382 as the Company migrated merchant processing business to providers who did not require a reserve.

**NOTE 3 – INVENTORIES**

Inventories for December 31, 2015 and 2014 were classified as follows:

 

 

 

 

 

2015

 

2014

Raw Materials 

$  1,055,243

 

$    1,271,915

Finished Goods

1,012,399

 

785,348

     Total Inventory 

2,067,642

 

2,057,263

Less Reserve

(40,000)

 

 (40,000)

     Total Inventory (net of  reserve)

$  2,027,642

 

$  2,017,263 

**NOTE 4 – PROPERTY AND EQUIPMENT**

Depreciation is computed using the straight-line method and is recognized over the estimated lives of the property and equipment. Depreciation expense was $733,379 and $284,694 for the years ended December 31, 2015 and 2014, respectively. 

15

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014

**NOTE 4 – PROPERTY AND EQUIPMENT - continued**

Property and equipment consists of the following at December 31, 2015 and 2014:

 

2015

 

2014

Leasehold improvements              

$           576,002

 

$          571,639 

Office furniture & fixtures

803,003

 

761,557

Equipment

637,359

 

597,362

Vehicles

72,154

 

 72,154

Computer equipment

1,049,981

 

929,284

Computer software

3,210,259

 

1,780,508

    Total Fixed Assets

6,348,758

 

4,712,504

Accumulated depreciation

(2,855,588)

 

 (2,147,501)

Property and equipment, net

$        3,493,170  

 

$       2,565,003 

**NOTE 5 – INTANGIBLE ASSETS**

Intangible assets consist of the following at December 31, 2015 and 2014.

 

2015

 

2014

Customer Base

$    855,900

 

$     855,900

Trademarks

   69,472

 

          70,354

Less accumulated amortization

(827,648)

 

 (733,851) 

Net intangible assets

$      97,724

 

$    192,403 

Trademark, patent and customer based amortization expense for the years ended December 31, 2015 and 2014 were $93,797 and $92,559, respectively.  The estimated amortization for the next five years is as follows:

           2016   $ 92,600

           2017   $   5,124

**NOTE 6 – ACCRUED EXPENSES**

Accrued expenses consist of the following at December 31, 2015 and 2014:

 

2015

 

2014

Accrued employee benefits

$    117,555

 

$       185,111

Accrued taxes

962,055

 

925,853

Accrued member commissions

1,279,429

 

2,748,565

Other accrued liabilities

398,736

 

1,019,643

     Total

$2,757,775

 

 $   4,879,172

16

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014 

**NOTE 7 – NOTES PAYABLE**

Long-term liabilities are detailed in the following schedules as of December 31, 2015 and 2014: 

 

 

2015

 

2014

Convertible notes payable, related parties

$

    1,746,024

$

922,478

Notes payable, related parties

 

--

 

245,000

Convertible notes payable, unrelated parties

 

1,423,474

 

--

Notes payable, unrelated parties

 

--

 

331,756

Less current portion of Notes Payable

 

(1,668,474)

 

 (1,499,234)

     Net Long-Term Liabilities

$

1,501,024

$

--

All notes are secured with inventory and other business assets as collateral.

 

 

 

 

 

 

2015 NOTES PAYABLE

 

AMOUNT

TYPE

CONVERSION RATE PER SHARE

ORIGINATION DATE

INTEREST

RATE

DUE DATE

$ 1,501,024

Convertible, Related party

0.68

12/01/2015

10%

12/31/2018

$     45,000

Convertible, Related party

0.15

10/01/2010

10%

12/312015

$   200,000

Convertible, Related party

0.20

01/19/2011

10%

12/31/2015

$  100,000

Convertible, Non-related

0.20

     01/19/2011

10%

12/31/2015

$  231,756

Convertible, Non-related

0.20

02/10/2010

10%

12/31/2015

$  891,718

Convertible, Non-related

0.20

     02/25/2015

10%

12/31/2015

$  200,000

Convertible, Non-related

0.20

07/06/2015

10%

08/31/2015

2014 NOTES PAYABLE

 

AMOUNT

TYPE

CONVERSION RATE PER SHARE

ORIGINATION DATE

INTEREST

RATE

DUE DATE

$ 485,000

       Related party

 

12/09/2008

10%

Due on demand

$ 437,478

       Related party

 

07/31/2009

10%

12/312015

$  45,000

Convertible, Related party

0.15

10/01/2010

14%

12/31/2015

$ 200,000

Convertible, Related party

0.20      

01/19/2011

14%  

12/31/2015

$ 100,000

Convertible, Non-related

0.20

01/19/2011

14%

12/31/2015

$ 231,756

Convertible, Non-related

0.20

    02/10/2010

10%

12/31/2015

**NOTE 8 – COMMON STOCK**

**2015 Issuances**

On May 15 2015, the Company issued 835,334 shares of stock for $1,000,000 in cash proceeds.

On May 15, 2015, the Company converted 910,000 shares of stock for a reduction of their promissory note in the amount of $600,000 in principal and $36,345 in accrued interest and other loan costs with a conversion rate of $0.70 per share.

17

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014

**NOTE 8 – COMMON STOCK-continued**

**2014 Issuances**

On January 29, 2014, 1,000,000 shares of stock were purchased by a non-related party at $1.00 per share.

On January 30, 2014, 1,000,000 shares of stock were purchased by a non-related party at $1.00 per share.

On September 15, 2014 an executive of the Company was issued 140,000 shares of restricted common stock at $1.07 to settle a prior year claim which has been recorded as a loss on settlement of claim in the statement of operations.

**NOTE 9 – OPERATING LEASES**

The Company has operating leases as follows:

Country

         Start Date

      End Date

Monthly Payments

Ecuador Warehouse

7/1/2015

7/1/2016    

$    850

Ecuador Office

10/1/2015

10/1/2017

$  1,600

Chile Office

Month  to Month

 

$    555

Colombia Office

7/15/2015

7/15/2016

$   802

Mexico Office

4/1/2015

4/1/2016

$ 1,735

Peru Office

8/1/2015

8/1/2016

$  700

Japan Office

10/1/2015

9/30/2016

$ 1,793

Singapore Office

3/1/2015

2/28/2016

$ 8,730

Singapore Other

9/1/2015

8/31/2016

$ 6,111

Hong Kong Office

11/7/2015

11/6/2017

$ 3,174

Hong Kong Other

8/15/2015

8/14/2017

$ 12,467

Taiwan Office

Month to Month

 

$  1,134

Puerto Rico

10/1/2015

9/30/2016

$  2,525

Philippines

7/1/2015

6/30/2016

$ 2,404

Dominican Republic

4/1/2015

4/31/2016

$   880

Brazil

9/1/2015

9/1/2018

$   304

Bolivia

8/1/2015

8/1/2016

$   800

US Headquarters

3/1/2014

2/28/2019

$37,561

US Office

Month to Month

 

$  8,750 

US Warehouse

1/1/2013

12/31/2020

$ 5,761

 

 

Total Lease Commitments:

2016

 $  929,904

2017

       701,759

2018

574,711

2019

158,775

2020

80,147

     Total

 $2,445,296

 

18

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014

**NOTE 10 – PROVISION FOR INCOME TAXES**

The Company provides for income taxes under ASC 740, *Income Taxes*. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. 

ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.  

Taxes based on income (loss) were as follows:

 

For the Years Ended

 

December 31,

 

2015

 

2014

Current:

    

 

 

U.S. federal taxes

$          1,923

 

$       59,818                        

State taxes

4,472

 

6,098

International taxes

51,920

 

21,543

 

 $        58,315

 

 $       87,459

 

 

 

 

Deferred:

 

 

         

U.S. federal taxes

$              -- 

 

$             -- 

State taxes

-- 

 

-- 

International taxes

 -- 

 

 -- 

 

$              -- 

 

$             -- 

 

 

 

 

Provision for income taxes

$        58,315

 

$       87,459

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to pretax income for the following reasons:

 

 

 

 

 

For the Years Ended

 

December 31,

 

2015

 

2014

Book income (loss) from operations

$      (906,422)

 

 $       377,425

State tax (benefit) expense

17,659

 

196,052

Permanent items

402,147

 

              956,370 

Foreign rate differential

658,375

 

(32,013)

Foreign tax credits

(35,846)

 

(48,073)

Return to provision items

31,450

 

 

Change in valuation allowance

(109,048)

 

          (1,362,302)

Total provision for income taxes

$        58,315 

 

 $        87,459 

19

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014

**NOTE 10 – PROVISION FOR INCOME TAXES - continued**

Net deferred tax assets consist of the following components as of:

 

December 31,

 

2015

 

2014

Net operating loss carry forwards

$   7,289,973

 

 $   6,895,359

Accrued commissions

369,766

 

788,690

Inventory differences

87,288

 

89,212

Employee accruals

37,635

 

66,443

Depreciation and amortization

(641,968)

 

(444,029)

U.S. federal credits

143,955

 

107,891

Allowance for doubtful accounts

133,029

 

-

Other

28,881

 

19,522

Valuation allowance

(7,448,560)

 

(7,523,118)

Net deferred taxes

$                 --

 

 $              -- 

The Company assesses the need for a valuation allowance against its deferred income tax assets at December 31, 2015. Factors considered in this assessment include recent and expected future earnings and the Company’s liquidity and equity positions. As of December 31, 2015 and 2014, the Company has determined that a valuation allowance is necessary against the entire amount of its net deferred income tax asset.

As of December 31, 2015, the Company has U.S. federal and state net operating loss carry forwards of $18,689,347 and $18,749,254, respectively. These carry forwards are available to offset future taxable income, if any, and begin to expire in 2019. The utilization of the net operating loss carry forwards is dependent upon the tax laws in effect at the time the net operating loss carry forwards can be utilized and may be significantly limited based on ownership changes within the meaning of section 382 of the Internal Revenue Code.

Under FASB ASC 740-10-05-6, tax benefits are recognized only for the tax positions that are more likely than not be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the company's tax return that do not meet these recognition and measurement standards. 

The Company had no liabilities for unrecognized tax benefits and the Company has recorded no additional interest or penalties. 

**NOTE 11 – COMMITMENTS AND CONTINGENCIES**

On August 24, 2015, Pruvit Ventures, Inc. filed a complaint in the United States District Court, Eastern District of Texas, Sherman Division, against Axcess Global LLC (Axcess) and ForeverGreen International LLC (FGI) alleging, among other things, breach of contract and unfair competition.  Both Axcess and FGI answered the complaint and asserted counterclaims against Pruvit for, among other things, patent infringement, false advertising, and misappropriation of trade secrets.  Both FGI and Axcess claimed injunctive relief as well as damages in an amount to be determined. As of March 30, 2016, Axcess Global Sciences, LLC, ForeverGreen International, LLC and Pruvit Ventures, Inc. reached an agreement to settle the existing lawsuit between them.  The settlement 

20

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014

**NOTE 11 – COMMITMENTS AND CONTINGENCIES - continued**

resolves all claims between all parties to the litigation.  Under the settlement agreement, the parties have agreed to dismiss the pending litigation and to refrain from any statements that disparage or criticize the other.  Other terms of the settlement agreement are confidential.

The Company has evaluated commitments and contingencies from the balance sheet date through the date the financial statements were issued and has determined that there are no such commitments and contingencies that would be a material impact on the financial statements.

**NOTE 12 – EMPLOYEE BENEFIT PLAN**

The Company sponsors an employee benefit plan under Section 401(k) of the Internal Revenue Code. This plan covers employees who are at least 21 years of age and have met a six-month service requirement. The Company makes a matching contribution equal to 100 percent of the first two percent of a participant's compensation that is contributed by the participant, and 50 percent of that deferral that exceeds two percent of the participant's compensation, not to exceed six percent of the participant's compensation, subject to the limits of ERISA. In addition, the Company may make a discretionary contribution based on earnings. The Company's matching contributions vest equally over a four year service period. Contributions made by the Company to the plan in the United States for the years ended 2015 and 2014 were $142,149 and $104,805 respectively. 

**NOTE 13 – CONCENTRATION OF RISK**

The Company purchased two significant products from two separate independent suppliers during the years ended December 31, 2015 and 2014.  These materials are significant in several of our top selling products.   If our vendors were to discontinue supplying those materials, it could decrease sales significantly.  The Company recognizes there are other providers, but consider these suppliers to have the very best quality.  One main vendor, MLS, is 50% owned by a director.

**NOTE 14 – GOING CONCERN**

The accompanying financial statements have been prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business.  As reported in the accompanying consolidated financial statements the Company has a working capital deficit of $3,692,776 and accumulated deficit of $36,839,329 at December 31, 2015, negative cash flows from operations, and has experienced periodic cash flow difficulties.  These factors combined, raise substantial doubt about the Company’s ability to continue as a going concern.  Management’s plans to address and alleviate these concerns are as follows:  

The Company continues to monitor its cost structure and implements cost saving measures deemed to be effective.  The Company has initiated some new marketing initiatives to stimulate growth in its monthly revenues, which combined with some new equity financing is allowing the Company to continue to invest in its expansion plan.  This plan has involved hosting a number of industry leaders who are performing their due diligence on our Company.  Additionally, we expect we will take advantage of some international expansion opportunities.  These expansion opportunities will continue to be evaluated and those which provide the best opportunity for success will be pursued on a priority basis.  New products have been and will continue to be introduced to bolster Member recruiting and sales.  Management will make improvements to the marketing plan to enhance the success that is developed.  The Company intends to seek debt and equity financing as necessary. 

21

**FOREVERGREEN WORLDWIDE CORPORATION AND SUBSIDIARIES**

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2015 and 2014

**NOTE 15 - SUBSEQUENT EVENTS**

On March 1, 2016 The Company signed a 2 year note with WICP to pay for warehouse/office buildout totaling $506,158. The note bears annual interest of 3.5% plus LIBOR and is due on March 1, 2018

On March 1, 2016 the Company signed a promissory note for $400,000 which bears annual interest of $10 and is due on demand.  This note is convertible at $0.40. Through the filing date the Company has received $100,000.

On March 1, 2016 the Company signed a promissory note for $400,000 which bears annual interest of $10 and is due on demand.  This note is convertible at $0.40.  Through the filing date the Company has received $100,000.

On March 1, 2016 the Company signed an addendum extending the Leland Buttle note of $231,756 to December 31, 2017.

On March 1, 2016 the Company signed an addendum extending the George & Brenda Brimhall note of $45,000 to December 31, 2017.

On March 1, 2016 the Company signed an addendum extending the George & Brenda Brimhall note of $200,000 to December 31, 2017.

22

**PART IV**

**ITEM 15.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

***(a)(1)***

***Financial Statements***

The audited financial statements of ForeverGreen Worldwide Corp. are included in this amended report under Item 8 on pages 4 through 22.  

***(a)(2) Financial Statement Schedules***

All financial statement schedules are included in the footnotes to the financial statements or are inapplicable or not required.

***(a)(3)***

***Exhibits- continued***

3 (i)

Articles of incorporation, as revised (Incorporated by reference to exhibit 3.1 for Form 8-K, as

amended, filed December 18, 2006)

3(ii)

Bylaws, as revised (Incorporated by reference to exhibit 3.2 for Form 8-K, as amended, filed December

18, 2006)

10.1

Lease agreement between ForeverGreen International LLC and Big Stick Enterprises, LLC, dated

March 1, 2014.

(Incorporated by reference to exhibit 10.1 to Form 10-K, filed March 28, 2014) 

21.1

Subsidiaries of ForeverGreen (Incorporated by reference to exhibit 21.1 for Form 10-K,  filed March 30, 2016)

31.1

Chief Executive Officer Certification

31.2

Chief Financial Officer Certification

32.1

Section 1350 Certification

101.INS

XBRL Instance Document (Incorporated by reference to exhibit 101.INS for Form 10-K,  filed March

30, 2016)

101.SCH

XBRL Taxonomy Extension Schema Document (Incorporated by reference to exhibit 101.SCH

for Form 10-K,  filed March 30, 2016)

101.CAL

XBRL Taxonomy Calculation Linkbase Document (Incorporated by reference to exhibit 101.CAL 

for Form 10-K,  filed March 30, 2016)

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document (Incorporated by reference to exhibit

101.DEF for Form 10-K,  filed March 30, 2016)

101.LAB

XBRL Taxonomy Label Linkbase Document (Incorporated by reference to exhibit 101.LAB for 

Form 10-K,  filed March 30, 2016)

101.PRE

XBRL Taxonomy Presentation Linkbase Document (Incorporated by reference to exhibit 101.PRE 

for Form 10-K,  filed March 30, 2016)

23

**SIGNATURES**

Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized

FOREVERGREEN WORLDWIDE CORPORATION

By:  * /s/ Ronald K. Williams*

Ronald K. Williams, President 

Date:  April 19, 2016

24

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