|12 Months Ended|
Dec. 31, 2019
|Subsequent Events [Abstract]|
|SUBSEQUENT EVENTS|| SUBSEQUENT EVENTS
On February 10, 2020, the Board of Directors declared a quarterly cash dividend of $0.20 on each share of common stock outstanding. The dividend was paid on March 6, 2020 to stockholders of record on February 25, 2020. Declaration and payment of any future dividends on shares of common stock will be at the sole discretion of the Company’s Board of Directors.
In early 2020 an outbreak of the coronavirus (COVID-19) was identified in Wuhan, China. The coronavirus has since spread within China and infections have been found in a number of countries around the world. The outbreak caused the Chinese government to implement powerful measures to control the virus, such as requiring businesses to close throughout various areas of China and restricting public gatherings and certain travel within the country. The Company conducts significant business in or near Wuhan and in 2019 generated approximately 81% of its revenue in Hong Kong, substantially all of which was derived from the sale of products to members in China. While the scope and impact of the outbreak and related control measures are uncertain, the Company is taking steps to adapt some of its marketing programs, such as relying on certain product promotions and webcast training, to overcome the physical restrictions imposed in response to the outbreak. The Company also determined to move its first half major event from March into the second half of 2020, as the health and safety of its employees, members and customers is a top priority. The severity of the impact on the Company will depend on future developments, including the duration and spread of the outbreak, and related control measures. These disruptions are expected to negatively impact the Company’s operations and financial results for at least the first quarter of 2020, as well as the operations of the Company’s third party logistics providers within certain provinces in China. The Company will continue to assess the operational and financial impact for the remainder of the year.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef