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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2024
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission
file number: 001-36259
NOVA
LIFESTYLE, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
90-0746568 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(IRS
Employer
Identification
No.) |
6565
E. Washington Blvd. Commerce, CA |
|
90040 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(323)
888-9999 |
(Registrant’s
telephone number, including area code) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 per share |
|
NVFY |
|
Nasdaq
Stock Market |
Indicate
by checkmark whether the registrant (1) has 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 last 90 days.
YES
☒ NO ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).
YES
☒ NO ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company,
or an emerging growth company. See definitions of “large accelerated filer,” accelerated filer” “smaller reporting
company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
Emerging
growth company ☐ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES
☐ NO ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 3,084,735 shares
of common stock outstanding as of August 12, 2024.
Nova
LifeStyle, Inc.
Table
of Contents
PART
I. FINANCIAL INFORMATION
Item
1. Financial Statements
NOVA
LIFESTYLE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF JUNE 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023
| |
June 30, 2024 | |
December 31, 2023 | |
| |
| |
| |
Assets | |
| | |
| | |
| |
| | |
| | |
Current Assets | |
| | |
| | |
Cash and cash equivalents | |
$ | 363,409 | |
$ | 369,137 | |
Accounts receivable, net | |
| 44,469 | |
| 46,998 | |
Advance to suppliers | |
| 50,793 | |
| 93,740 | |
Inventories | |
| 2,134,343 | |
| 2,213,311 | |
Prepaid expenses | |
| 1,088,677 | |
| 984,934 | |
Other receivables | |
| 30,982 | |
| 41,265 | |
| |
| | |
| | |
Total Current Assets | |
| 3,712,673 | |
| 3,749,385 | |
| |
| | |
| | |
Noncurrent Assets | |
| | |
| | |
Plant, property and equipment, net | |
| 254,098 | |
| 287,673 | |
Operating lease right-of-use assets, net | |
| 1,543,204 | |
| 1,904,349 | |
Intangible assets, net | |
| 5,791 | |
| 8,473 | |
Lease deposit | |
| 69,275 | |
| 69,992 | |
Goodwill | |
| 218,606 | |
| 218,606 | |
| |
| | |
| | |
Total Noncurrent Assets | |
| 2,090,974 | |
| 2,489,093 | |
| |
| | |
| | |
Total Assets | |
$ | 5,803,647 | |
$ | 6,238,478 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOVA
LIFESTYLE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS (CONT’D)
AS
OF JUNE 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023
| |
June 30, 2024 | |
December 31, 2023 | |
| |
| |
| |
Liabilities and Stockholders’ Equity | |
| | |
| | |
| |
| | |
| | |
Current Liabilities | |
| | |
| | |
Accounts payable | |
$ | 297,764 | |
$ | 430,045 | |
Operating lease liability, current | |
| 671,988 | |
| 701,985 | |
Advance from customers | |
| 428,736 | |
| 306,532 | |
Loan from shareholder | |
| 369,159 | |
| - | |
Accrued liabilities and other payables | |
| 1,136,631 | |
| 1,100,661 | |
Income tax payable | |
| 1,130,865 | |
| 1,150,105 | |
| |
| | |
| | |
Total Current Liabilities | |
| 4,035,143 | |
| 3,689,328 | |
| |
| | |
| | |
Noncurrent Liabilities | |
| | |
| | |
Other Loan | |
| 145,779 | |
| 147,428 | |
Operating lease liability, non-current | |
| 931,405 | |
| 1,262,256 | |
Income tax payable | |
| 643,112 | |
| 643,112 | |
| |
| | |
| | |
Total Noncurrent Liabilities | |
| 1,720,296 | |
| 2,052,796 | |
| |
| | |
| | |
Total Liabilities | |
| 5,755,439 | |
| 5,742,124 | |
| |
| | |
| | |
Contingencies and Commitments | |
| - | |
| - | |
| |
| | |
| | |
Stockholders’ Equity | |
| | |
| | |
Common stock, $0.001
par value; 250,000,000
shares authorized, 2,672,427
and 1,917,706
shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | |
| 2,672 | |
| 1,918 | |
Additional paid-in capital | |
| 46,062,766 | |
| 44,402,821 | |
Accumulated other comprehensive income | |
| 438,825 | |
| 521,425 | |
Accumulated deficits | |
| (46,456,055 | ) |
| (44,429,810 | ) |
| |
| | |
| | |
Total Stockholders’ Equity | |
| 48,208 | |
| 496,354 | |
| |
| | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 5,803,647 | |
$ | 6,238,478 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOVA
LIFESTYLE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
FOR
THE SIX MONTHS AND THREE MONTHS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)
| |
2024 | |
2023 | | |
2024 | |
2023 | |
| |
Six Months Ended June 30, | | |
Three Months Ended June 30, | |
| |
2024 | |
2023 | | |
2024 | |
2023 | |
| |
| |
| | |
| |
| |
Net Sales | |
$ | 5,064,926 | |
$ | 6,336,994 | | |
$ | 2,688,533 | |
$ | 4,462,429 | |
| |
| | |
| | | |
| | |
| | |
Cost of Sales | |
| 2,853,799 | |
| 4,228,352 | | |
| 1,493,566 | |
| 3,015,089 | |
| |
| | |
| | | |
| | |
| | |
Gross Profit | |
| 2,211,127 | |
| 2,108,642 | | |
| 1,194,967 | |
| 1,447,340 | |
| |
| | |
| | | |
| | |
| | |
Operating Expenses | |
| | |
| | | |
| | |
| | |
Selling expenses | |
| 964,682 | |
| 1,279,607 | | |
| 405,212 | |
| 565,093 | |
General and administrative expenses | |
| 2,481,802 | |
| 2,380,738 | | |
| 1,287,937 | |
| 1,250,458 | |
Research and development | |
| 750,698 | |
| 10,144 | | |
| (518 | ) |
| 10,026 | |
| |
| | |
| | | |
| | |
| | |
Total Operating Expenses | |
| 4,197,182 | |
| 3,670,489 | | |
| 1,692,631 | |
| 1,825,577 | |
| |
| | |
| | | |
| | |
| | |
Loss From Operations | |
| (1,986,055 | ) |
| (1,561,847 | ) | |
| (497,664 | ) |
| (378,237 | ) |
| |
| | |
| | | |
| | |
| | |
Other Income (Expenses) | |
| | |
| | | |
| | |
| | |
Non-operating income | |
| 2,743 | |
| 17,892 | | |
| 1,162 | |
| 16,173 | |
Foreign exchange transaction income (loss) | |
| 70,649 | |
| (133,661 | ) | |
| (2,383 | ) |
| (128,278 | ) |
Interest expense, net | |
| (12,568 | ) |
| (3,231 | ) | |
| (8,626 | ) |
| (1,322 | ) |
Financial expense | |
| (96,138 | ) |
| (77,649 | ) | |
| (51,102 | ) |
| (44,517 | ) |
| |
| | |
| | | |
| | |
| | |
Total Other Expenses, Net | |
| (35,314 | ) |
| (196,649 | ) | |
| (60,949 | ) |
| (157,944 | ) |
| |
| | |
| | | |
| | |
| | |
| |
| | |
| | | |
| | |
| | |
Income Tax Expense | |
| (4,876 | ) |
| (2,400 | ) | |
| (4,876 | ) |
| (2,400 | ) |
| |
| | |
| | | |
| | |
| | |
Net Loss | |
| (2,026,245 | ) |
| (1,760,896 | ) | |
| (563,489 | ) |
| (538,581 | ) |
| |
| | |
| | | |
| | |
| | |
Other Comprehensive Loss | |
| | |
| | | |
| | |
| | |
Foreign currency translation | |
| (82,600 | ) |
| (99,290 | ) | |
| (909 | ) |
| (96,183 | ) |
| |
| | |
| | | |
| | |
| | |
Net Loss and Comprehensive Loss | |
| (2,108,845 | ) |
| (1,860,186 | ) | |
| (564,398 | ) |
| (634,764 | ) |
| |
| | |
| | | |
| | |
| | |
Weighted average shares outstanding - Basic and Diluted | |
| 2,387,653 | |
| 1,452,303 | | |
| 2,538,792 | |
| 1,459,655 | |
| |
| | |
| | | |
| | |
| | |
Net loss per share of common stock | |
| | |
| | | |
| | |
| | |
Basic and Diluted | |
$ | (0.85 | ) |
$ | (1.21 | ) | |
$ | (0.22 | ) |
$ | (0.37 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOVA
LIFESTYLE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR
THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)
Three
Months Ended June 30, 2024
| |
Shares | | |
Amount | | |
Capital | | |
Income | | |
Deficits) | | |
Equity | |
| |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
| | |
| | |
Additional | | |
Other | | |
| | |
Total | |
| |
Common stock | | |
Paid-in | | |
Comprehensive | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Income (Loss) | | |
Deficits | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Balance at beginning of period | |
| 2,345,179 | | |
$ | 2,346 | | |
$ | 45,407,744 | | |
$ | 439,734 | | |
$ | (45,892,566 | ) | |
$ | (42,742 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued to employees | |
| 1,500 | | |
| 1 | | |
| 3,224 | | |
| - | | |
| - | | |
| 3,225 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued to consultants | |
| 112,500 | | |
| 113 | | |
| 222,010 | | |
| - | | |
| - | | |
| 222,123 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued to designer | |
| 13,248 | | |
| 12 | | |
| 29,988 | | |
| - | | |
| - | | |
| 30,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock issued to an investor | |
| 200,000 | | |
| 200 | | |
| 399,800 | | |
| | | |
| | | |
| 400,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation loss | |
| - | | |
| - | | |
| - | | |
| (909 | ) | |
| - | | |
| (909 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (563,489 | ) | |
| (563,489 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at end of period | |
| 2,672,427 | | |
$ | 2,672 | | |
$ | 46,062,766 | | |
$ | 438,825 | | |
$ | (46,456,055 | ) | |
$ | 48,208 | |
Three
Months Ended June 30, 2023
|
| |
| |
| |
Accumulated | |
| |
| |
|
| |
| |
Additional | |
Other | |
| |
Total | |
|
Common stock | |
Paid-in | |
Comprehensive | |
Accumulated | |
Stockholders’ | |
|
Shares | |
Amount | |
Capital | |
Income | |
Deficits | |
Equity | |
|
| |
| |
| |
| |
| |
| |
Balance at beginning of period |
| 1,438,268 | |
$ | 1,449 | |
$ | 43,285,295 | |
$ | 74,135 | |
$ | (37,928,868 | ) |
$ | 5,432,011 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to employees |
| 300 | |
| | |
| 885 | |
| - | |
| - | |
| 885 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to consultants |
| 5,000 | |
| | |
| 16,000 | |
| - | |
| - | |
| 16,000 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to designer |
| 10,543 | |
| 11 | |
| 29,978 | |
| - | |
| - | |
| 29,989 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Fractional shares due to 1:5 stock split |
| 10,979 | |
| 10 | |
| | |
| - | |
| - | |
| 10 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Foreign currency translation loss |
| - | |
| - | |
| - | |
| (96,183 | ) |
| - | |
| (96,183 | ) |
|
| | |
| | |
| | |
| | |
| | |
| | |
Net loss |
| - | |
| - | |
| - | |
| - | |
| (538,581 | ) |
| (538,581 | ) |
|
| | |
| | |
| | |
| | |
| | |
| | |
Balance at end of period |
| 1,465,090 | |
$ | 1,470 | |
$ | 43,332,158 | |
$ | (22,048 | ) |
$ | (38,467,449 | ) |
$ | 4,844,131 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOVA
LIFESTYLE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR
THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)
Six
Months Ended June 30, 2024
| |
| |
| |
| |
Accumulated | |
| |
| |
| |
| |
| |
Additional | |
Other | |
| |
Total | |
| |
Common stock | |
Paid-in | |
Comprehensive | |
Accumulated | |
Stockholders’ | |
| |
Shares | |
Amount | |
Capital | |
Income | |
Deficits | |
Equity | |
| |
| |
| |
| |
| |
| |
| |
Balance at beginning of period | |
| 1,917,706 | |
$ | 1,918 | |
$ | 44,402,821 | |
$ | 521,425 | |
$ | (44,429,810 | ) |
$ | 496,354 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to employees | |
| 3,000 | |
| 3 | |
| 6,447 | |
| - | |
| - | |
| 6,450 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to consultants | |
| 225,000 | |
| 225 | |
| 444,024 | |
| - | |
| - | |
| 444,249 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to designer | |
| 26,721 | |
| 26 | |
| 59,974 | |
| - | |
| - | |
| 60,000 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Acquisition of AI-Calculation Engine | |
| 300,000 | |
| 300 | |
| 749,700 | |
| - | |
| - | |
| 750,000 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to an investor | |
| 200,000 | |
| 200 | |
| 399,800 | |
| | |
| | |
| 400,000 | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Foreign currency translation loss | |
| - | |
| - | |
| - | |
| (82,600 | ) |
| - | |
| (82,600 | ) |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Net loss | |
| - | |
| - | |
| - | |
| - | |
| (2,026,245 | ) |
| (2,026,245 | ) |
| |
| | |
| | |
| | |
| | |
| | |
| | |
Balance at end of period | |
| 2,672,427 | |
$ | 2,672 | |
$ | 46,062,766 | |
$ | 438,825 | |
$ | (46,456,055 | ) |
$ | 48,208 | |
Six
Months Ended June 30, 2023
|
| |
| |
| |
Accumulated | |
| |
| |
|
| |
| |
Additional | |
Other | |
| |
Total | |
|
Common stock | |
Paid-in | |
Comprehensive | |
Accumulated | |
Stockholders’ | |
|
Shares | |
Amount | |
Capital | |
Income | |
Deficits | |
Equity | |
|
| |
| |
| |
| |
| |
| |
Balance at beginning of period |
| 1,423,836 | |
$ | 1,440 | |
$ | 43,239,701 | |
$ | 77,242 | |
$ | (36,706,553 | ) |
$ | 6,611,830 | |
Balance |
| 1,423,836 | |
$ | 1,440 | |
$ | 43,239,701 | |
$ | 77,242 | |
$ | (36,706,553 | ) |
$ | 6,611,830 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to employees |
| 600 | |
| | |
| 1,770 | |
| - | |
| - | |
| 1,770 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to consultants |
| 10,000 | |
| | |
| 32,000 | |
| - | |
| - | |
| 32,000 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Stock issued to designer |
| 19,676 | |
| 20 | |
| 58,687 | |
| - | |
| - | |
| 58,707 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Fractional shares due to 1:5 stock split |
| 10,979 | |
| 10 | |
| | |
| - | |
| - | |
| 10 | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Foreign currency translation loss |
| - | |
| - | |
| - | |
| (99,290 | ) |
| - | |
| (99,290 | ) |
|
| | |
| | |
| | |
| | |
| | |
| | |
Net loss |
| - | |
| - | |
| - | |
| - | |
| (1,760,896 | ) |
| (1,760,896 | ) |
|
| | |
| | |
| | |
| | |
| | |
| | |
Balance at end of period |
| 1,465,090 | |
$ | 1,470 | |
$ | 43,332,158 | |
$ | (22,048 | ) |
$ | (38,467,449 | ) |
$ | 4,844,131 | |
Balance |
| 1,465,090 | |
$ | 1,470 | |
$ | 43,332,158 | |
$ | (22,048 | ) |
$ | (38,467,449 | ) |
$ | 4,844,131 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOVA
LIFESTYLE, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR
THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)
| |
2024 | | |
2023 | |
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
| |
Cash Flows From Operating Activities | |
| | | |
| | |
Net loss | |
$ | (2,026,245 | ) | |
$ | (1,760,896 | ) |
| |
| | | |
| | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 29,691 | | |
| 66,812 | |
Amortization of operating lease right-of-use assets | |
| 359,086 | | |
| 392,146 | |
Write down of inventories | |
| 44,253 | | |
| 108,785 | |
Stock based compensation expense | |
| 497,794 | | |
| 93,770 | |
Research and development | |
| 750,000 | | |
| - | |
Changes in allowance for expected credit losses | |
| (83 | ) | |
| (196 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 2,612 | | |
| (958,457 | ) |
Advance to suppliers | |
| 42,947 | | |
| (36,716 | ) |
Inventories | |
| 34,714 | | |
| 2,420,468 | |
Other current assets | |
| (109,576 | ) | |
| 1,165,396 | |
Operating lease liabilities | |
| (358,790 | ) | |
| (389,840 | ) |
Accounts payable | |
| (132,281 | ) | |
| 261,883 | |
Advance from customers | |
| 124,889 | | |
| 20,905 | |
Accrued liabilities and other payables | |
| 50,574 | | |
| 132,908 | |
Taxes payable | |
| - | | |
| (87,322 | ) |
| |
| | | |
| | |
Net Cash provided by (Used in) Operating Activities | |
| (690,415 | ) | |
| 1,429,646 | |
| |
| | | |
| | |
Cash Flows From Investing Activities | |
| | | |
| | |
Purchase of intangible assets | |
| - | | |
| (2,468,582 | ) |
| |
| | | |
| | |
Net Cash Used in Investing Activities | |
| - | | |
| (2,468,582 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities | |
| | | |
| | |
Proceed from loan from a shareholder | |
| 360,000 | | |
| - | |
Proceed from issuing common stocks | |
| 400,000 | | |
| - | |
| |
| | | |
| | |
Net Cash Provided by Financing Activities | |
| 760,000 | | |
| - | |
| |
| | | |
| | |
| |
| | | |
| | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | |
$ | (75,313 | ) | |
$ | 106,867 | |
| |
| | | |
| | |
Net Decrease in Cash and Cash Equivalents | |
| (5,728 | ) | |
| (932,069 | ) |
| |
| | | |
| | |
Cash and Cash Equivalents, Beginning of Period | |
| 369,137 | | |
| 1,374,167 | |
| |
| | | |
| | |
Cash and Cash Equivalents, Ending of Period | |
$ | 363,409 | | |
$ | 442,098 | |
| |
| | | |
| | |
Supplemental Disclosure of Cash Flow Information | |
| | | |
| | |
| |
| | | |
| | |
Cash paid during period for: | |
| | | |
| | |
Income tax payments | |
$ | 4,800 | | |
$ | 202,288 | |
Interest expense | |
$ | 9,368 | | |
$ | 3,400 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOVA
LIFESTYLE, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE SIX AND THREE MONTHS ENDED JUNE 30, 2024 AND 2023 (UNAUDITED)
Note
1 - Organization and Description of Business
Organization
and Business
Nova
LifeStyle, Inc. (“Nova LifeStyle” or the “Company”), formerly known as Stevens Resources, Inc., was incorporated
in the State of Nevada on September 9, 2009.
The
Company is a U.S. holding company with no material assets other than the ownership interests of its subsidiaries through which it markets,
designs and sells furniture worldwide: Nova Furniture Limited domiciled in the British Virgin Islands (“Nova Furniture”),
Nova Furniture Ltd. domiciled in Samoa (“Nova Samoa”), Diamond Bar Outdoors, Inc. domiciled in California (“Diamond
Bar”), i Design Blockchain Technology, Inc. domiciled in California (“i Design”) and Nova Living (M) SDN. BHD. domiciled
in Malaysia (“Nova Malaysia”). The Company had three former subsidiaries Bright Swallow International Group Limited domiciled
in Hong Kong (“Bright Swallow” or “BSI”) which was sold in January 2020, Nova Furniture Macao Commercial Offshore
Limited domiciled in Macao (“Nova Macao”) which was de-registered and liquidated in January 2021 and Nova Living (HK) Group
Limited domiciled in Hong Kong (“Nova HK”) which was de-registered and liquidated in February 2023.
Nova
Macao was organized under the laws of Macao on May 20, 2006, and was a wholly owned subsidiary of Nova Furniture. Nova Macao was a trading
company, importing, marketing and selling products designed and manufactured by third-party manufacturers for the international market.
Diamond Bar was incorporated in California on June 15, 2000. Diamond Bar markets and sells products manufactured by third-party manufacturers
under the Diamond Sofa brand to distributors and retailers principally in the U.S. market.
On
December 7, 2017, Nova LifeStyle incorporated i Design Blockchain Technology, Inc. (“i Design”) under the laws of the State
of California. The purpose of i Design is to build the Company’s own blockchain technology team. This company will focus on the
application of blockchain technology in the furniture industry, including encouraging and facilitating interactions among designers and
customers, and building a blockchain-powered platform that enables designers to showcase their products, including current and future
furniture designs. This company is in the planning stage and has had minimal operations through December 31, 2023.
On
December 12, 2019, Nova LifeStyle acquired Nova Malaysia at cost of $1.00 which was incorporated in Malaysia on July 26, 2019. The purpose
of this acquisition was to market and sell high-end physiotherapeutic jade mats in Malaysia.
On
January 7, 2020, the Company transferred its entire interest in Bright Swallow to Y-Tone (Worldwide) Limited, an unrelated third party,
for cash consideration of $2,500,000, pursuant to a formal agreement entered into on January 7, 2020. The Company received the payment
on May 11, 2020.
On
October 14, 2020, the Macao Trade and Investment Promotion Institute invalidated licenses for offshore companies under an Order of Repeal
of Legal Regime of the Offshore Services by Macao Special Administrative Region. Nova Macao then entered into a de-registration process
and its business was taken over by Nova HK. Nova Macao completed the de-registration and liquidation process in January 2021.
On
November 5, 2020, Nova LifeStyle acquired Nova HK at cost of $1,290
which was incorporated in Hong Kong on November 6, 2019. This company had minimal operations other than to take over the business of Nova Macao. On February 15, 2022, the Company
transferred its entire assets and business in Nova HK to Nova Malaysia, a subsidiary of the Company. In February 2023, Nova HK was
completed the process of de-registration and liquidation.
The
“Company” and “Nova” collectively refer to Nova LifeStyle, the U.S. parent, and its subsidiaries, Nova Furniture,
Nova Samoa, Diamond Bar, i Design, Nova HK and Nova Malaysia.
Going
Concern
The
accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis and following GAAP in
the U.S. The going concern basis of presentation assumes that the Company will continue in operation one year after the date these financial
statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.
The Company incurred a net loss of $2.03 million and $1.76 million for the six months ended June 30, 2024 and 2023, respectively; and
$0.56 million and $0.54 million for the three months ended June 30, 2024 and 2023, respectively. The accumulated deficit of the Company
was $46.46 million and $44.43 million as of June 30, 2024 and December 31, 2023. Net cash balance decreased to $0.36 million for the
six months ended June 30, 2024 from $0.37 million for the year ended December 31, 2023. Continuation as a going concern is dependent
upon the ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal
business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters
cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able to continue as a going
concern.
The
Company has faced ongoing losses from operations, and significant cash outflows from cash used in operating activities in past years.
The Company lacks assurance regarding its ability to achieve profitability or secure essential financing for its operations. Considering
these principal conditions, the Company’s management has determined that it is probable the Company might encounter challenges
in meeting its obligations within one year after the issuance of financial statements, primarily due to insufficient cash flow. Therefore,
the Company must assess the probability that its plans will effectively alleviate the substantial doubt.
The
Company management has the following plans to alleviate the substantial doubt: the Company will participate in four major U.S.
furniture fairs every year to seek new customers to increase the Company’s sales. To augment diversified revenue streams, the
Company’s subsidiary Nova Malaysia has engaged in the development of an innovative home decoration design IT software systems.
Besides, in the second half of this year, the Company plans to raise money from the market to increase cash flow and investment
capital in addition to the private placement during the second quarter.
Note
2 - Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange
Commission (“SEC”) regarding interim financial reporting. The unaudited condensed consolidated financial statements include
the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated
in consolidation.
The
interim unaudited condensed consolidated financial statements as of June 30, 2024 and for the six and three-month periods ended June
30, 2024 and 2023 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and
footnote disclosures, which are normally included in condensed consolidated financial statements prepared in accordance with U.S.
GAAP have been condensed or omitted pursuant to such rules and regulations. The interim unaudited condensed consolidated financial
information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2023, previously filed with the SEC on April 15, 2024.
In
the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair
statement of the Company’s interim unaudited condensed consolidated financial position as of June 30, 2024, its interim unaudited
condensed consolidated results of operations and cash flows for the six and three-month periods ended June 30, 2024 and 2023, as applicable,
have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or
any future periods.
Reverse
split
On
May 22, 2023, the Company filed a Certificate of Change with the Secretary of State of Nevada with an effective date of May 22, 2023,
at which time a 1-for-5 reverse stock split of the Company’s authorized shares of common stock, par value $0.001, accompanied by
a corresponding decrease in the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”),
shall be effected. All references to shares and per share data have been retroactively restated to reflect such split.
Amendments
to Articles of Incorporation
On
September 5, 2023, the Company filed the Certificate of Change (the “Amendment”) with the Secretary of State for the State
of Nevada to amend its Articles of Incorporation to increase the amount of authorized shares of its common stock, par value $0.001 per
share, from 3,000,000 to 250,000,000. The Amendment was approved by the Company’s Board of Directors (the “Board”)
on June 28, 2023 and by the shareholders at a special meeting of the Company’s shareholders held on August 31, 2023. The Amendment
does not affect the rights of the Company’s shareholders and was effective immediately upon filing.
Use
of Estimates
In
preparing unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the
unaudited condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting
period. Significant estimates and assumptions made by management include, but are not limited to, revenue recognition, the allowance
for expected credit losses, valuation of inventories, the valuation of stock-based compensation, income taxes and unrecognized tax benefits,
valuation allowance for deferred tax assets, assumptions used in assessing impairment of long-lived assets and goodwill, and loss contingencies.
Actual results could differ from those estimates.
Business
Combination
For
a business combination, the assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree are recognized at
the acquisition date and measured at their fair values as of that date. In a business combination achieved in stages, the identifiable
assets and liabilities, as well as the noncontrolling interest in the acquiree, are recognized at the full amounts of their fair values.
In a bargain purchase in which the total acquisition-date fair value of the identifiable net assets acquired exceeds the fair value of
the consideration transferred plus any noncontrolling interest in the acquiree, that excess in earnings is recognized as a gain attributable
to the acquirer.
Deferred
tax liability and assets are recognized for the deferred tax consequences of differences between the tax bases and the recognized values
of assets acquired and liabilities assumed in a business combination in accordance with Accounting Standards Codification (“ASC”)
Topic 740-10.
Goodwill
Goodwill
is the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses
acquired. In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for
impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed
at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds its
fair value, with the fair value of the reporting unit determined using discounted cash flow (“DCF”) analysis. A number of
significant assumptions and estimates are involved in the application of the DCF analysis to forecast operating cash flows, including
the discount rate, the internal rate of return and projections of realizations and costs to produce. Management considers historical
experience and all available information at the time the fair values of its reporting units are estimated.
ASC
Topic 350 also permits an entity to first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood
of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is more
likely than not that the fair value of a reporting unit is less than its carrying amount, then the single step goodwill impairment test
is required to be performed. Otherwise, no further testing is required. Performing the qualitative assessment involved identifying the
relevant drivers of fair value, evaluating the significance of all identified relevant events and circumstances, and weighing the factors
to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. After evaluating
and weighing all these relevant events and circumstances, it was concluded that a positive assertion can be made from the qualitative
assessment that it is more likely than not that the fair value of Diamond Bar is greater than its carrying amount. As such, it is not
necessary to perform the single step goodwill impairment test for the Diamond Bar reporting unit. Accordingly, as of June 30, 2024 and
December 31, 2023, the Company concluded there was no impairment of goodwill of Diamond Bar.
Intangible
Assets
Intangible
assets consist primarily of computer software acquired for internal use. Acquired intangible assets are initially recorded at the acquisition-date
fair value. Intangible assets are amortized on a straight-line basis over their estimated useful lives and are carried at cost less accumulated
amortization. The estimated useful life of computer software are generally from 5 years.
Cash
and Cash Equivalents
For
purposes of the statement of cash flows, the Company considers cash, money market funds, investments in interest bearing demand deposit
accounts, time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.
The
Company’s cash is maintained at financial institutions in the United States of America. Deposits in these financial institutions
may, from time to time, exceed the Federal Deposit Insurance Corporation (“FDIC”)’s federally insured limits. The standard
insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The bank deposits exceeding the standard
insurance amount will not be covered. As of June 30, 2024 and December 31, 2023, cash balances held in the banks, exceeding the standard
insurance amount, are $0 and $0, respectively. The Company has not experienced any losses in accounts held in these financial institutions
and believes it is not exposed to any risks on its cash held in these financial institutions.
Accounts
Receivable
The
Company’s accounts receivable arises from product sales. The Company does not adjust its receivables for the effects of a significant
financing component at contract inception if it expects to collect the receivables in one year or less from the time of sale. The Company
does not expect to collect receivables greater than one year from the time of sale.
The
Company’s policy is to maintain an allowance for expected credit losses on accounts receivable. Management reviews the composition
of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends
and changes in customer payment patterns to evaluate the adequacy of these reserves.
Accounts
receivable consisted of the following as of the date indicated:
Schedule of Allowance for Credit Losses
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Accounts receivable | |
$ | 44,918 | | |
$ | 47,530 | |
Less: allowance for credit losses | |
| (449 | ) | |
| (532 | ) |
Total accounts receivable, net | |
$ | 44,469 | | |
$ | 46,998 | |
The
expected credit losses (reversal) provision for the six months ended June 30, 2024 and 2023 was ($83) and
($196),
respectively; ($924)
and
$65
for
the three months ended June 30, 2024 and 2023, respectively.
Advances
to Suppliers
Advances
to suppliers represent amounts paid to suppliers in advance for goods that are yet to be delivered and from which future economic benefits
are expected to flow to the Company within the normal operating cycle. Based on its historical record and in normal circumstances, the
Company receives goods within 4 to 6 months from the date the advance payment is made. During the six months ended June 30, 2024 and
December 31, 2023, no provision was made on advances to suppliers.
Inventories
Inventories
are stated at the lower of cost and net realizable value, with cost determined on a weighted-average basis. Write-down of potential obsolete
or slow moving inventories is recorded based on management’s assumptions about future demands and market conditions. For the six
months ended June 30, 2024 and 2023, the Company wrote down $44,253 and $108,785 of slow-moving inventory, respectively and $5,271 and
$23,113 for the three months ended June 30, 2024 and 2023, respectively. The inventory write-down is included in “Cost of Sales”
in the unaudited condensed consolidated statements of loss and comprehensive loss.
Plant,
Property and Equipment
Property,
plant, and equipment are stated at cost, net of accumulated depreciation and impairment losses, if any. Expenditures for maintenance
and repairs are expensed as incurred, while additions, renewals and improvements are capitalized. When property and equipment are retired
or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts, and any gain or loss
is included in operations. Depreciation of property and equipment is provided using the straight-line method for substantially all assets
with no salvage value and estimated lives as follows:
Schedule of Plant, Property and Equipment Estimated Lives Under Straight - line Method
Computer
and office equipment |
5
- 10 years |
Decoration
and renovation |
5
- 10 years |
Impairment
of Long-Lived Assets
Long-lived
assets, which include property, plant and equipment and operating lease right-of-use assets, are reviewed for impairment whenever events
or changes in circumstances indicate the carrying amount of an asset may not be recoverable.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair
value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying
amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment
or Disposal of Long-Lived Assets.” ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which
identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against
the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable,
an impairment charge is measured as the amount by which the carrying amount of the asset group asset group exceeds its fair value based
on discounted cash flow analysis or appraisals. There was no impairment of long-lived assets for the six months ended June 30, 2024 and
December 31, 2023.
Research
and Development
Research
and development costs are related primarily to the Company designing and testing its new products during the development stage.
During 2023, the Company has been developing Virtual and Augmented reality software and AI system for potential consulting business.
In addition, during the six months ended June 30, 2024, the Company acquired an IT system for AI-Calculation Engine which was
integrated into our current IT system (see Note 11). The entire system is far from complete as it requires to integrate with other
components in order to be functional. It is still in development stage and not in operation. Research and development costs are
recognized in general and administrative expenses and expensed as incurred. Research and development expenses were $0.75
million and $10,144
for the six months ended June 30, 2024 and 2023, respectively; and ($518)
and $10,026
for the three months ended June 30, 2024 and 2023, respectively.
Income
Taxes
In
its interim financial statements, the Company follows the guidance in ASC 270 “Interim Reporting” and ASC 740
“Income Taxes” whereby the Company utilizes the expected annual effective rate in determining its income tax provision.
The income tax expense for the six months ended June 30, 2024 and 2023 are $4,876
and $2,400,
respectively; and $4,876 and $2,400 for the three months ended June 30, 2024 and 2023,
respectively, are primarily related to quarter-to-date income generated from domestic and foreign operation.
Income
taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The
Company follows ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on recognition of income tax assets
and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated
with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
Under
the provisions of ASC Topic 740, when tax returns are filed, it is highly certain that some positions taken would be sustained upon examination
by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position
that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which,
based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination,
including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions.
Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more
than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated
with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits
in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon
examination.
Nova
Lifestyle, Inc. and Diamond Bar are subject to U.S. federal and state income taxes. Nova Furniture BVI was incorporated in the BVI
and Nova Samoa was incorporated in Samoa. There is no income tax for companies domiciled in the BVI and Samoa. Accordingly, the
Company’s condensed consolidated financial statements do not present any income tax provisions related to the BVI and Samoa
tax jurisdictions where Nova Furniture BVI and Nova Samoa are domiciled. Nova Malaysia is incorporated in Malaysia and is subject to
Malaysia income taxes at the statutory rate of 24%.
The
Tax Cuts and Jobs Act of 2017 (the “Act”) created new taxes on certain foreign-sourced earnings such as global intangible
low-taxed income (“GILTI”) under IRC Section 951A, which is effective for the Company for tax years beginning after January
1, 2018. For the six months ended June 30, 2024 , the Company has calculated its best estimate of the impact of the GILTI
in its income tax provision in accordance with its understanding of the Act and guidance available as of the date of this filing.
On
December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal
Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning
after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a modified territorial system,
and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017.
On
March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act contains numerous income tax provisions,
such as relaxing limitations on the deductibility of interest and the use of net operating losses (NOLs) arising in taxable years beginning
after December 31, 2017.
Beginning
in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures immediately in the year
incurred and requires taxpayers to amortize such expenditures over five years. While it is possible that Congress may defer, modify,
or repeal this provision, potentially with retroactive effect, we have no assurance that this provision will be deferred, modified, or
repealed. Furthermore, in anticipation of the new provision taking effect, we have analyzed the provision and worked with our advisors
to evaluate its application to our business. Since all research and development expenditures were incurred within the U.S. and the amount
is immaterial, we do not anticipate it having any material impact to our provision.
As
of June 30, 2024 and December 31, 2023, the accumulated undistributed loss generated by its foreign subsidiaries were approximately $25.2
million and $25.4 million of which substantially all was previously subject to U.S. tax, the one-time transition tax on foreign unremitted
earnings required by the Tax Act, or GILTI. Those earnings are considered to be permanently reinvested and accordingly, no deferred tax
expense is recorded for U.S. federal and state income tax or applicable withholding taxes.
As
of June 30, 2024 and 2023, unrecognized tax benefits were approximately $0. The total amount of unrecognized tax benefits that, if recognized,
would favorably affect the effective tax rate was $0 as of June 30, 2024 and 2023.
A
reconciliation of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) for the six months ended June
30, 2024 and 2023, is as follows:
Schedule of Unrecognized Tax Benefits
|
|
|
Gross
UTB |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance
– January 1 and June 30 |
|
$ |
- |
|
$ |
- |
|
As
of June 30, 2024 and December 31, 2023, the Company had cumulatively accrued approximately $0 for estimated interest and penalties related
to unrecognized tax benefits. The Company recorded interest and penalties related to unrecognized tax benefits as a component of income
tax benefit, which totaled $0 and $0 for the six and three months ended June 30, 2024 and 2023, respectively, related to the Company’s
continuing operations. The Company does not anticipate any significant changes to its unrecognized tax benefits within the next 12 months.
Nova
Lifestyle and Diamond Bar are subject to U.S. federal and state income taxes and tax years 2020-2023 remain open to examination by tax
authorities in the U.S.
Revenue
Recognition
The
Company recognizes revenues when its customers obtain control of promised goods or services, in an amount that reflects the consideration
which it expects to receive in exchange for those goods. The Company recognizes revenues following the five-step model prescribed under
ASC-606: (i) identifies contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the
transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenues when
(or as) it satisfies the performance obligation.
Revenues
from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time,
typically upon shipment to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected
amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.
Revenues
from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts
with the Company’s customers.
Product
revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts,
returns and rebates. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified
as reductions of accounts receivable as the amount is payable to the Company’s customer.
The
Company’s sales policy allows for product returns within the warranty period if the product is defective and the defects are the
Company’s fault. As alternatives to the product return option, the customers have the option of requesting a discount from the
Company for products with quality issues or of receiving replacement parts from the Company at no cost. The amount for product returns,
the discount provided to the Company’s customers, and the costs for replacement parts were immaterial for the six and three months
ended June 30, 2024 and 2023.
In
February 2023, the Company entered into a sales contract to transfer its entire inventory of Jade Mats, with the net realized value of
$1.54 million to Shopants Sdn Bhd, an unrelated third party, for cash consideration of $2.00 million. The Company agreed to deliver the
Jade Mats on May 20, 2023, May 31, 2023 and June 15, 2023. On June 30, 2023, the Company delivered all the Jade Mats to Shopants Sdn
Bhd and recorded as revenue accordingly.
Cost
of Sales
Cost
of sales consists primarily of costs of finished goods purchased from third-party manufacturers and write-downs of inventory.
Shipping
and Handling Costs
Shipping
and handling costs related to delivery of finished goods are included in selling expenses. During the six months ended June 30, 2024
and 2023, shipping and handling costs were $1,515 and ($555), respectively; and $859 and ($194) for the three months ended June 30, 2024
and 2023, respectively.
Advertising
Advertising
expenses consist primarily of costs of promotion and marketing for the Company’s image and products, and costs of direct advertising,
and are included in selling expenses. The Company expenses all advertising costs as incurred. Advertising expense was $255,875 and $619,465
for the six months ended June 30, 2024 and 2023, respectively; and $30,414 and $207,890 for the three months ended June 30, 2024 and
2023, respectively.
Share-based
Compensation
The
Company accounts for share-based compensation awards to officers, directors, employees, and for acquiring goods and services from nonemployees
in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment
transactions be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over
the vesting period. The Company accounts for forfeitures when they occur.
Earnings
per Share (EPS)
Basic
EPS is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed
similar to basic net income per share except that the denominator is increased to include the number of additional common shares that
would have been outstanding if all the potential common shares pertaining to warrants, stock options, and similar instruments had been
issued and if the additional common shares were dilutive. Diluted earnings per share are based on the assumption that all dilutive convertible
shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method for the
outstanding unvested restricted stock, options and warrants, and the if-converted method for the outstanding convertible instruments.
Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance,
if later) and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the
if-converted method, outstanding convertible instruments are assumed to be converted into common stock at the beginning of the period
(or at the time of issuance, if later).
The
following table presents a reconciliation of basic and diluted loss per share for the six and three months ended June 30, 2024
and 2023:
Schedule of Reconciliations of Basic and Diluted Loss Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, |
|
Three
Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(2,026,245 |
) |
|
$ |
(1,760,896 |
) |
|
(563,489 |
) |
|
(538,581 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding – Basic and Diluted * |
|
|
2,387,653 |
|
|
|
1,452,303 |
|
|
2,538,792 |
|
|
1,459,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and Diluted |
|
$ |
(0.85 |
) |
|
$ |
(1.21 |
) |
|
(0.22 |
) |
|
(0.37 |
) |
For
the six and three months ended June 30, 2024, 1,500 shares of unvested restricted stock,
vested stock options to purchase 13,400 shares of the Company’s common stock, and
245,192 shares exercisable under warrants were excluded from the EPS calculation, as their
effect were anti-dilutive.
For
the six and three months ended June 30, 2023, 300 shares of unvested restricted stock, vested stock options to purchase 26,800 shares
of common stock of the Company, and 245,192 shares exercisable under warrants were excluded
from the EPS calculation, as their effects were anti-dilutive.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts receivable
and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts
periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.
The
following table sets forth information as to the Company’s customers that accounted for 10% or more of the Company’s sales
and accounts receivable for the six and three months ended June 30, 2024 and 2023.
Schedule
of Concentration Credit Risk
Six
Months Ended June 30, 2024 | |
Three
Months Ended June 30, 2024 | | |
As
of June 30, 2024 | |
Customer | |
Percentage
of Total
Sales | | |
Customer | | |
Percentage
of Total
Sales | | |
Percentage
of accounts receivable | |
A | |
| 2 | % | |
| A | | |
| 2 | % | |
| 19 | % |
B | |
| - | % | |
| B | | |
| - | % | |
| 30 | % |
C | |
| - | % | |
| C | | |
| - | % | |
| - | % |
D | |
| - | % | |
| D | | |
| - | % | |
|
| % |
Six
Months Ended June 30, 2023 | |
Three
Months Ended June 30, 2023 | | |
As
of June 30, 2023 | |
Customer | |
Percentage
of Total
Sales | | |
Customer | | |
Percentage
of Total
Sales | | |
Percentage
of accounts receivable | |
A | |
| 2 | % | |
| A | | |
| 1 | % | |
| - | % |
B | |
| 1 | % | |
| B | | |
| 1 | % | |
| - | % |
C | |
| 31 | % | |
| C | | |
| 45 | % | |
| 77 | % |
D | |
| - | % | |
| D | | |
| - | % | |
| 16 | % |
No
customer accounted for 10% or more of the Company’s sales for the six and three months ended June 30, 2024;
and one customer accounted for 31% and 45% of the Company’s sales for the six and three months ended June 30, 2023, respectively.
Two
customers accounted for 19%
and 30% of the Company’s gross accounts receivable as of June 30, 2024, respectively. Two customers accounted for 77%
and 16%
of the Company’s gross accounts receivable as of June 30, 2023, respectively.
The
following table sets forth information as to the Company’s suppliers that accounted for 10% or more of the Company’s total
purchases, accounts payable and advance to suppliers for the six and three months ended June 30, 2024 and 2023.
Six Months Ended June 30, 2024 | |
Three Months Ended June 30, 2024 | | |
As of June 30, 2024 | | |
As of June 30. 2024 | |
Supplier | |
Percentage of Total Purchases | | |
Supplier | | |
Percentage of Total Purchases | | |
Balance of Accounts Payable | | |
Balance of Advance to Supplier | |
A | |
| 12 | % | |
| A | | |
| 20 | % | |
$ | 26,402 | | |
| - | |
B | |
| 6 | % | |
| B | | |
| 5 | % | |
| - | | |
| - | |
C | |
| 7 | % | |
| C | | |
| 8 | % | |
| - | | |
| - | |
Six Months Ended June 30, 2023 | |
Three Months Ended June 30, 2023 | | |
As of June 30, 2023 | | |
As of June 30. 2023 | |
Supplier | |
Percentage of Total Purchases | | |
Supplier | | |
Percentage of Total Purchases | | |
Balance of Accounts Payable | | |
Balance of Advance to Supplier | |
A | |
| 14 | % | |
| A | | |
| 7 | % | |
$ | 45,859 | | |
| - | |
B | |
| 22 | % | |
| B | | |
| 27 | % | |
$ | 141,849 | | |
| - | |
C | |
| 9 | % | |
| C | | |
| 12 | % | |
| - | | |
| - | |
The
Company purchased its products from one major vendor, accounting for 12% and 20% during the six and three months ended June 30, 2024,
respectively. The Company purchased its products from two major vendors during the six and three months ended June 30, 2023, respectively,
accounting for a total of 36%
(22% and 14%) and 39%
(27% and 12%), respectively.
Advances
made to these major vendors were $0
as of June 30, 2024 and June 30, 2023, respectively.
Accounts payable to these major vendors were $26,402 and $187,708 as of June 30, 2024 and June 30, 2023, respectively.
Fair
Value of Financial Instruments
ASC
Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments
held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation
hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying
amounts reported in the condensed consolidated balance sheets for receivables and current liabilities each qualify as financial
instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such
instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are
defined as follows:
● |
Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
● |
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
● |
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
The
carrying value of cash, accounts receivable, advances to suppliers, other receivables, accounts payable, advance from customers, other
payables and accrued liabilities approximate estimated fair values because of their short maturities.
Foreign
Currency Translation and Transactions
The
accompanying consolidated financial statements are presented in United States Dollar (“$”
or “USD”), which is also the functional currency of Nova LifeStyle, Nova Furniture, Nova Samoa, Diamond Bar, and i Design.
The
Company’s subsidiary with operations in Malaysia uses its local currency, the Malaysian Ringgit (“RM”), as its functional
currency. An entity’s functional currency is the currency of the primary economic environment in which it operates, which is the
currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine
the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company
transactions and arrangements.
Foreign
currency transactions denominated in currencies other than the functional currency are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the balance sheet date are re-measured at the applicable rates of exchange in effect at that date. Gains and losses resulting from foreign
currency re-measurement are included in the statements of operations.
The
financial statements are presented in U.S. dollars. Assets and liabilities are translated into U.S. dollars at the current exchange rate
in effect at the balance sheet date, and revenues and expenses are translated at the average of the exchange rates in effect during the
reporting period. Stockholders’ equity accounts are translated using the historical exchange rates at the date the entry to stockholders’
equity was recorded, except for the change in retained earnings during the period, which is translated using the historical exchange
rates used to translate each period’s income statement. Differences resulting from translating functional currencies to the reporting
currency are recorded in accumulated other comprehensive income in the balance sheets.
Translation
of amounts from RM into U.S. dollars has been made at the following exchange rates:
Schedule of Exchange Rates
Balance
sheet items, except for equity accounts |
|
|
June
30, 2024 |
|
RM
4.72 to 1 |
December
31, 2023 |
|
RM
4.59 to 1 |
|
|
|
Income
Statement and cash flow items |
|
|
For
the six months ended June 30, 2024 |
|
RM
4.73 to 1 |
For
the six months ended June 30, 2023 |
|
RM
4.46 to 1 |
Segment
Reporting
ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management
approach model is based on the way a company’s chief operating decision maker organizes segments within the company for making
operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography,
legal structure, management structure, or any other manner in which management disaggregates a company.
Management
determined that the Company’s operations constitute a single reportable segment in accordance with ASC 280. The Company operates
exclusively in one business and industry segment: the design and sale of furniture.
Management
concluded that the Company had one reportable segment under ASC 280 because Diamond Bar is a furniture distributor based in California
focusing on customers in the United States and Nova Malaysia is a furniture retailer and distributor focusing on customers primarily
in Malaysia. They are all operated under the same senior management of the Company, and management views the operations of Diamond Bar
and Nova Malaysia as one entity for making business decisions.
All
of the Company’s long-lived assets are mainly property, plant and equipment located in the United States and Malaysia and are utilized
for administrative purposes.
Net
sales to customers by geographic area are determined by reference to the physical product shipment delivery locations requested by the
customers. For example, if the products are delivered to a customer in the United States, the sales are recorded as generated in the
United States; if the customer directs us to ship its products to China, the sales are recorded as sold in China.
Leases
The
Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on
the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the
rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate
based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use
(“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and
lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized
based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the
lease term.
ROU
assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject
to the impairment guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.
ROU
assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent
from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used,
which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets
and liabilities.
The
Company recognized no impairment of ROU assets as of June 30, 2024 and December 31, 2023.
The
operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current
on the condensed consolidated balance sheets at June 30, 2024 and December 31, 2023.
Reclassification
Certain
prior period accounts have been reclassified in conformity with current period’s presentation.
Recent
Accounting Pronouncements
Recently
Adopted Accounting Standards
In
January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment
(“ASU 2017-04”). ASU 2017-04 eliminates Step 2 of the two-step goodwill impairment test, under which a goodwill impairment
loss was measured by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill.
ASU 2017-04 requires only a one-step quantitative impairment test, whereby a goodwill impairment loss is measured as the excess of a
reporting unit’s carrying amount over its fair value (not to exceed the total goodwill allocated to that reporting unit). This
Update is effective for smaller reporting companies for their annual or any interim goodwill impairment tests in fiscal years beginning
after December 15, 2022, which is required to be applied prospectively from the date of adoption. The Company adopted ASU 2017-04 for
its interim and annual goodwill impairment tests beginning January 1, 2023. The adoption of ASU 2017-04 did not have any impact on our
unaudited condensed consolidated financial statements.
Recently
Issued But Not Yet Adopted Accounting Pronouncements
In
March 2023, the FASB issued ASU 2023-01, Lease (Topic 842): Common Control Arrangements, which clarifies the accounting for leasehold
improvements associated with leases between entities under common control (hereinafter referred to as common control lease). ASU 2023-01
requires entities to amortize leasehold improvements associated with common control lease over the useful life to the common control
group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease, and to account for
any remaining leasehold improvements as a transfer between entities under common control through an adjustment to equity when the lessee
no longer controls the underlying asset. This ASU will be effective for fiscal years beginning after December 15, 2023, including interim
periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been
made available for issuance. An entity may apply ASU 2023-01 either prospectively or retrospectively. The Company is currently evaluating
the impact that the adoption of ASU 2023-01 will have on our unaudited condensed consolidated financial statement presentations and disclosures.
ln
December 2023, the FASB issued Accounting Standards Update No.2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”
(“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories
in the rate reconciliation,(2) the income or loss from continuing operations before income tax expense or benefit (separated between
domestic and foreign) and (3)income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU
2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among
other changes. The guidance is effective for annual period beginning after December 15, 2024. Early adoption is permitted for annual
financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis,
but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on
its unaudited condensed consolidated financial statements and related disclosures.
The
Company’s management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently
adopted, would have a material impact on the Company’s financial statement presentation or disclosures.
Note
3 - Inventories
The
inventories as of June 30, 2024 and December 31, 2023 totaled $2,134,343 and $2,213,311, respectively, and consisted entirely of finished
goods.
Inventories
are stated at the lower of cost and net realizable value, with cost determined on a weighted-average basis. Write-down of potential obsolete
or slow moving inventories is recorded based on management’s assumptions about future demands and market conditions. For the six
months ended June 30, 2024 and 2023, the Company wrote-down $44,253 and $108,785 of slow-moving
inventory, respectively; and $5,271 and $23,113 of slow-moving inventory for the three months ended June 30, 2024 and 2023, respectively.
The inventory write-down is included in “Cost of Sales” in the unaudited condensed consolidated statements of loss and comprehensive
loss.
Note
4 - Plant, Property and Equipment, Net
As
of June 30, 2024 and December 31, 2023, plant, property and equipment consisted of the following:
Schedule of Plant, Property and Equipment
|
|
June
30, 2024 |
|
December
31, 2023 |
|
Computer
and office equipment |
|
$ |
253,769 |
|
$ |
255,352 |
|
Decoration
and renovation |
|
|
369,334 |
|
|
378,237 |
|
Property plant and equipment gross |
|
|
623,103 |
|
|
633,589 |
|
Less:
accumulated depreciation |
|
|
(369,005 |
) |
|
(345,916 |
) |
Property plant and equipment
net |
|
$ |
254,098 |
|
$ |
287,673 |
|
Depreciation
expense was $27,009 and $36,258 for the six months ended June 30, 2024 and 2023, respectively; and $13,493 and $17,840 for the three
months ended June 30, 2024 and 2023, respectively.
For
six months ended June 30, 2024 and 2023, the Company disposed of $0 of office equipment and decoration and renovation, respectively.
Note
5 – Intangible Assets
As
of June 30, 2024 and December 31, 2023, intangible assets consisted of the following:
Schedule of Intangible Assets
|
|
June
30, 2024 |
|
December
31, 2023 |
|
Accounting
software |
|
$ |
26,800 |
|
$ |
26,800 |
|
Less:
accumulated amortization |
|
|
(21,009 |
) |
|
(18,327 |
) |
Intangible assets, net |
|
$ |
5,791 |
|
$ |
8,473 |
|
Amortization
expense was $2,682 and $30,553 for the six months ended June 30, 2024 and 2023, respectively and $1,341 and $29,212 for the three months
ended June 30, 2024 and 2023, respectively.
Note
6 – Advances to Suppliers
The
Company makes advances to certain vendors for inventory purchases. The advances on inventory purchases were $50,793 and $93,740 as of
June 30, 2024 and December 31, 2023, respectively. No impairment charges were made on advances to suppliers for the six months ended
June 30, 2024 and the twelve months ended December 31, 2023.
Note
7 – Prepaid Expenses and Other Receivables
Prepaid
expenses and other receivables consisted of the following as of June 30, 2024 and December 31, 2023:
Schedule of Prepaid Expenses and Other Receivables
|
|
June
30, 2024 |
|
December
31, 2023 |
|
|
|
|
|
|
|
Prepaid
expenses |
|
$ |
1,088,677 |
|
$ |
984,934 |
|
Other
receivables |
|
|
30,982 |
|
|
41,265 |
|
Prepaid expenses and
other receivables |
|
$ |
1,119,659 |
|
$ |
1,026,199 |
|
As
of June 30, 2024 and December 31, 2023, prepaid expenses and other receivables mainly represented prepaid insurance, prepaid rent, refund
receivable from suppliers, prepaid advertising expense, and Celero and Cardknox account balances.
Note
8 – Accrued Liabilities and Other Payables
Accrued
liabilities and other payables consisted of the following as of June 30, 2024 and December 31, 2023:
Schedule of Accrued Liabilities and Other Payables
|
|
June
30, 2024 |
|
December
31, 2023 |
|
|
|
|
|
|
|
Other
payables |
|
$ |
756,514 |
|
$ |
139,722 |
|
Salary
payable |
|
|
6,804 |
|
|
7,511 |
|
Marketing |
|
|
20,000 |
|
|
- |
|
Financed
insurance premiums |
|
|
198,999 |
|
|
69,337 |
|
Auditing
fee |
|
|
- |
|
|
125,000 |
|
Warranty
liability |
|
|
25,283 |
|
|
27,545 |
|
Accrued
commission |
|
|
75,989 |
|
|
58,669 |
|
Accrued
expenses, others |
|
|
53,042 |
|
|
672,877 |
|
Total accrued liabilities and other payable |
|
$ |
1,136,631 |
|
$ |
1,100,661 |
|
As
of June 30, 2024 and December 31, 2023, other accrued expenses mainly included legal and professional fees, utilities and unpaid operating
expenses incurred in Malaysia. Other payables represented balance on credit card, other taxes payable, 401(k) payable and payable for
marketing, shipping, and showroom.
Note
9 – Other Loans
On
June 19, 2020, Diamond Bar was granted a U.S. Small Business Administration (SBA) loan in the aggregate amount of $150,000, pursuant
to the Economic Injury Disaster Loan. The Loan, which was in the form of a promissory note dated June 19, 2020, matures on June 19, 2050
and bears interest at a rate of 3.75% per annum, payable monthly beginning 12 months from the date of the promissory note. Funds from
the Loan may only be used for working capital. The loan was secured by all tangible and intangible property of Diamond Bar and has accumulated
interest of $2,737 and $4,386 for the six months ended June 30, 2024 and 2023, respectively; and $1,365 and $2,193 for the three months
ended June 30, 2024 and 2023, respectively.
Note
10 – Related Party Transactions
On
September 30, 2011, Diamond Bar leased a showroom in High Point, North Carolina from the Company’s President who is currently also
the Chief Executive Officer and Chairperson of the Board. The lease is renewable and has been renewed each year since 2011. On April
10, 2024, the Company renewed the lease for an additional one year term at a cost of $41,000. During the six months ended June 30, 2024
and 2023, the Company recorded rental amounts of $18,890 and $17,280, respectively; and $10,250 and $8,640 for the three months ended
June 30, 2024 and 2023, respectively, which were included in selling expenses.
On
January 4, 2018, the Company entered into a sales representative agreement with a consulting firm, which is owned by the President, Chief
Executive Officer and Chairperson of the Board, for sales representative service for a term of two years. On January 4, 2020, the Company
renewed the agreement for an additional two years which was amended in July 2020. If not terminated during the first year, the agreement
will continue until one party or the other terminates the agreement with 30 days written notice. The Company agreed to compensate the
consulting firm via commission at predetermined rates of the relevant sales amount. During the six months ended June 30, 2024 and 2023,
the Company recorded $153,043 and $151,911; and $87,316 and $86,381 for the three months ended June 30, 2024 and 2023 as commission expense
to this consulting firm, respectively.
In
February 2024, the Company entered into a loan agreement in the aggregate amount of $200,000 with a shareholder of the Company. The loan
was in the form of a promissory note dated on February 21, 2024, matures on February 20, 2025, and bears interest at a rate of 8.5% per
annum. The proceed of the loan is used for working capital. During the six and three months ended June 30, 2024, the Company accrued
$6,141 and $4,278 as interest expense, respectively.
On
April 11, 2024, the Company entered into a loan agreement in the aggregate amount of $160,000 with a shareholder of the Company. The
loan was in the form of a promissory note dated on April 11, 2024, matures on April 10, 2025, and bears interest at a rate of 8.5% per
annum. The proceed of the loan is used for working capital. During the six and three months ended June 30, 2024, the Company
accrued $3,018 and $3,018 as interest expense, respectively.
Note
11 – Stockholders’ Equity
On
May 28, 2021, the Company’s stockholders approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”)
at its annual meeting. The 2021 Plan was approved by the Board of Directors of the Company on April 12, 2021 and has a total of 600,000
shares of the Company’s common stock which may be granted as stock reward to attract and retain personnel, provide additional incentives
to employees, directors and consultants and promote the success of the Company’s business. On June 16, 2021, the Company filed
Form S-8 to register the 600,000 shares of the Company’s common stock under the 2021 Plan.
On
August 31, 2023, the Company’s stockholders approved the Company’s 2023 Equity Incentive Plan (the “2023 Plan”)
at its special shareholders’ meeting. The 2023 Plan was approved by the Board of Directors of the Company on June 28, 2023 and
has a total of 800,000 shares of the Company’s common stock which may be granted as stock reward to attract and retain personnel,
provide additional incentives to employees, directors and consultants and promote the success of the Company’s business. On December
15, 2023, the Company filed Form S-8 to register the 800,000 shares of the Company’s common stock under the 2023 Plan.
On May 31, 2024, the Company’s stockholders
approved the Company’s 2024 Equity Incentive Plan (the “2024 Plan”) at its special shareholders’ meeting. The
2024 Plan was approved by the Board of Directors of the Company on April 19, 2024 and has a total of 3,000,000 shares of the Company’s
common stock which may be granted as stock reward to attract and retain personnel, provide additional incentives to employees, directors
and consultants and promote the success of the Company’s business.
On
April 18, 2024, the Company received written notice from the NASDAQ Stock Market (“NASDAQ”) stating that the Company
does not meet the requirement of maintaining a minimum of $2,500,000 in stockholders’ equity for continued listing on the
NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1), the Company also does not meet the alternative of market
value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2) or net income from continuing operations of $500,000
in the most recently completed fiscal year or in two of the last three most recently completed fiscal years under NASDAQ Listing
Rule 5550(b)(3), and the Company is no longer in compliance with the NASDAQ Listing Rules.
The
NASDAQ notification letter provides the Company until June 6, 2024 to submit a plan to regain compliance. If the plan is accepted, NASDAQ
can grant the Company an extension up to 180 calendar days from the date of NASDAQ letter to demonstrate compliance. If NASDAQ does not
accept the Company’s compliance plan, the Company will have the opportunity to appeal that decision to a Hearing Panel per NASDAQ
Listing Rule 5815(a).
The
Company submitted its plan of compliance on May 28, 2024 and a supplemental letter to the plan of compliance on June 20, 2024. On June 27, 2024, the Company received a notification letter from NASDAQ
Listing Qualification Staff (“Staff”). Based
on the review of the letters submitted by the Company, Staff has determined to grant the Company an extension until October 14, 2024
to regain compliance with the Rule and the Company must complete its initiatives and provide evidences for the compliance with the Rule
as required by Nasdaq.
The
Company intends to fully comply with the exception granted by the Staff and to regain the compliance on or before October 14, 2024.
On
May 16, 2024, the Company entered into a Securities Purchase Agreement with an investor to sell 200,000 shares of the Company’s
common stock at a purchase price of $2.00 per share for an aggregate price of $400,000 (the “Private Placement”). The Private
Placement was completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of
1933, as amended.
Shares
and Warrants issued through Private Placement
On
July 23, 2021, the Company conducted a registered direct offering of 222,902 shares of common stock. The shares were offered and sold
by the Company pursuant to an effective shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission
(the “SEC”) on October 8, 2020 and subsequently declared effective on October 15, 2020. Additionally, the Company issued
to the investors unregistered warrants to purchase up to an aggregate of 222,902 shares of common stock in a concurrent private placement.
The combined purchase price for one share of common stock and a warrant to purchase one share of common stock was $14.00. The warrants
have an exercise price of $17.50 per share, are exercisable beginning six-months from the date of issuance, and will expire five and
a half years from the date of issuance. The offering gross proceeds were $3,120,622 before deducting placement agent’s commissions
and other offering costs, and the net proceeds of the offering were approximately $2,760,000. The offering closed on July 27, 2021.
In
conjunction with this offering, the Company issued warrants to purchase 22,290 shares of common stock at an exercise price of $17.50
per share to the placement agent and its designees. The placement agent warrants are exercisable on the six-month anniversary of the
issuance date. The placement agent warrants are exercisable for four and a half years from the initial exercise date. The placement agent
warrants have piggy-back registration rights and have a termination date of July 23, 2026.
The
warrants issued in the private placement described above are exercisable for a fixed number of shares, and are classified as equity instruments
under ASC 815-40-25-10. The Company accounted for the warrants issued in the private placement based on the fair value method under ASC
Topic 505, and the fair value of the warrants was calculated using the Black-Scholes model under the following assumptions: estimated
life of 5.5 years, volatility of 107%, risk-free interest rate of 0.71% and dividend yield of 0%. No estimate of forfeitures was made
as the Company has a short history of granting options and warrants. The fair value of the warrants issued to investors and placement
agent at grant date was $2,018,597.
Warrants
The
following is a summary of the warrant activity for the six months ended June 30, 2024:
Summary of Warrant Activity
|
|
Number
of
Warrants |
|
|
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term
in Years |
|
|
|
|
|
|
|
|
|
|
|
Outstanding
at January 1, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
3.02 |
|
Exercisable
at January 1, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
3.02 |
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised
/ surrendered |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expired |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Outstanding
at June 30, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
2.52 |
|
Exercisable
at June 30, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
2.52 |
|
Shares
Issued to Consultants
On
January 28, 2022, the Company entered into an advisory service agreement with a designer for advising furniture design concept and development
effective on February 1, 2022 for twelve months. The Company shall pay the designer $10,000 per month starting from February 1, 2022
for twelve months, in the form of the Company’s Common Stock, calculated based on the closing stock price on the first trading
day of the corresponding month. The shares were issued pursuant to the 2021 Plan. During the six and three months ended June 30, 2023,
the Company issued 4,748 shares to the designer and charged $10,000, respectively to operations as designer fee.
On
July 1, 2022, the Company entered into a consulting agreement with a consultant for consulting and strategy services effective on July
1, 2022 for a one-year term. The Company agreed to grant the consultant 10,000 shares of the Company’s common stock, vesting 25%
on July 1, 2022, 25% on October 1, 2022, 25% on January 1, 2023 and 25% on April 1, 2023. The fair value of the 10,000 shares was $36,000,
which was calculated based on the stock price of $3.60 per share on July 1, 2022 and has been amortized over the service term. The shares
were issued pursuant to the 2021 Plan. During the six and three months ended June 30, 2023, the Company charged $18,000 and $9,000 to
operations as consulting expenses, respectively.
On
November 16, 2022, the Company entered into a consulting agreement with a consultant for consulting and strategy services effective on
November 16, 2022 for a one-year term. The Company agreed to grant the consultant 10,000 shares of the Company’s common stock,
vesting 25% on February 15, 2023, 25% on May 15, 2023, 25% on August 15, 2023 and 25% on November 15, 2023. The fair value of the 10,000
shares was $28,000, which was calculated based on the stock price of $2.80 per share on November 16, 2022. The shares were issued pursuant
to the 2021 Plan. During the six and three months ended June 30, 2023, the Company charged $14,000 and $7,000, respectively, to operations
as consulting expenses.
On
January 28, 2023, the Company entered into an advisory service agreement with a designer for advising furniture design concept and development
effective on February 1, 2023 for twelve months. The Company shall pay the designer $10,000 per month starting from February 1, 2023
for twelve months, in the form of the Company’s Common Stock, calculated based on the closing stock price on the first trading
day of the corresponding month. The shares were issued pursuant to the 2021 Plan. During the six months ended June 30, 2024 and 2023,
the Company issued 2,645 and 15,328 shares to the designer and charged $10,000 and $50,000 to operations as designer fee, respectively.
During the three months ended June 30, 2024 and 2023, the company issued 0 and 10,543 shares to the designer and charged $0 and $30,000
to operations as designer fee, respectively
On
July 3, 2023, the Company entered into an IT consulting service agreement with three consultants for analyzing the Company’s IT
infrastructure and system effective on July 3, 2023 for twelve months. The Company agreed to grant
the consultant 300,000 shares of the Company’s common stock, vesting 25% on July 3, 2023, 25% on October 3, 2023, 25% on January
3, 2024 and 25% on April 3, 2024. The fair value of the 300,000 shares was $636,000, which was calculated based on the stock price of
$2.12 per share on July 3, 2023. The shares were issued pursuant to the 2021 Plan. During the six and three months ended June 30, 2024,
the Company charged $318,000 and $159,000 to operations as consulting expenses, respectively.
On
November 9, 2023, the Company entered into a consulting agreement with a consultant for consulting and strategy services effective on
November 16, 2023 for a one-year term. The Company agreed to grant the consultant 50,000 shares of the Company’s common stock,
vesting 25% on February 15, 2024, 25% on May 15, 2024, 25% on August 15, 2024 and 25% on November 15, 2024. The fair value of the 50,000
shares was $117,500, which was calculated based on the stock price of $2.35 per share on November 16, 2023. The shares were granted pursuant
to the 2021 Plan. During the six and three months ended June 30, 2024, the Company charged $58,750 and $29,375 to operations as consulting
expenses, respectively.
On
November 16, 2023, Nova Malaysia entered into an agreement with an IT consulting firm to acquire an Artificial Intelligent powered IT
System for $675,000. The Company agreed to issue 270,000 shares of common stocks at the price of $2.50 per share which was in equivalent
to $675,000 (3,161,970 in Malaysia Ringgit on November 16, 2023) to the IT consulting firm. Artificial Intelligent IT System is just
a part of the ultimate software product. The ultimate software is still in developing stage and not feasible to be functional.
During the six and three months ended June 30, 2023, the Company recorded $0 as research and development expense.
On
January 23, 2024, Nova Malaysia entered into a purchase agreement with an IT consulting firm to acquire an AI-Calculation Engine System,
which includes Commission Management Calculation Module, Compiled and Encrypted Calculation Engine,
Membership Module, Sales Module and Maintenance and Support, etc. for $750,000. The Company agreed to issue 300,000 shares of
common stocks at the price of $2.50 per share which was in equivalent to $750,000 (3,544,875 in Malaysia Ringgit on January 23, 2024)
to the IT consulting firm. AI-Calculation Engine System is just a part of the ultimate software
product. The ultimate software is still in developing stage and not feasible to be functional. During the six and three months
ended June 30, 2024, the Company recorded $750,000 and $0 as research and development expense, respectively.
On
January 28, 2024, the Company entered into an advisory service agreement with a designer for advising furniture design concept and development
effective on February 1, 2024 for twelve months. The Company shall pay the designer $10,000 per month starting from February 1, 2024
for twelve months, in the form of the Company’s Common Stock, calculated based on the closing stock price on the first trading
day of the corresponding month. The shares were granted pursuant to the 2021 Plan. During the six and three months ended June 30, 2024,
the Company issued 24,076 and 13,248 shares to the designer and charged $50,000 and $30,000 to operations as designer fee, respectively.
On
March 1, 2024, Nova Malaysia entered into a consulting agreement with a consultant for IT system related maintenance and services effective
on March 1, 2024 for a one-year term. The Company agreed to grant the consultant 100,000 shares of the Company’s common stock,
vesting 25% on March 1, 2024, 25% on June 1, 2024, 25% on September 1, 2024 and 25% on December 1, 2024. The fair value of the 100,000
shares was $163,000, which was calculated based on the stock price of $ per share on March 1, 2024. The shares were granted pursuant
to the 2023 Omnibus Long-Term Incentive Plan. During the six and three months ended June 30, 2024, the Company charged $54,594 and $13,844
to operations as consulting fee.
Shares
and Options Issued to Independent Directors
On
November 7, 2018 (the “Grant Date”), the Company entered into stock option agreements under the 2014 Omnibus Long-Term Incentive
Plan with the three independent members of the board of directors. The Company agreed to grant the Company’s three independent
directors’ options to purchase an aggregate of 12,000 shares of the Company’s common stock at an exercise price of $29.50
per shares, with a term of 5 years. Twenty-five percent (25%) of those stock options vested on November 30, 2018, 25% on will vest on
February 28, 2019, 25% on May 31, 2019, and the remaining 25% will vest on August 31, 2019. The fair value of the stock options granted
is estimated on the date of the grant using the Black-Scholes option pricing model (“BSOPM”) as described above. The fair
value of the options was calculated using the following assumptions: estimated life of ten years, volatility of 84%, risk free interest
rate of 3.07%, and dividend yield of 0%. The fair value of 60,000 stock options was $240,105 at the grant date.
On
November 4, 2019, the Company entered into stock option agreements under the 2014 Omnibus Long-Term Incentive Plan with the three independent
members of the board of directors. The Company agreed to grant the Company’s three independent directors options to purchase an
aggregate of 12,000 shares of the Company’s common stock at an exercise price of $14.00 per share, with a term of 5 years, vesting
25% on November 30, 2019, 25% on February 28, 2020, 25% on May 31, 2020, and 25% on August 31, 2020. The fair value of the stock options
granted was estimated on the date of the grant using the Black-Scholes option pricing model. The fair value of the options was calculated
using the following assumptions: estimated life of ten years, volatility of 87%, risk free interest rate of 1.60%, and dividend yield
of 0%. The fair value of the 12,000 stock options was $114,740 at the grant date.
Shares
Issued to Employees
On
November 11, 2022, the Company extended an employment agreement with the Company’s Corporate Secretary for a term of one year effective
from November 14, 2022. The Company agreed to grant an award of 1,200 restricted Stock Units to the officer pursuant to the Company’s
2021 Omnibus Equity Plan. The fair value of these shares was $3,540, which was calculated based on the stock price of $2.95 per share
on November 11, 2022, the date the award was determined by the Compensation Committee of the Board of Directors, vesting 25% on November
11, 2022, 25% on March 31, 2023, 25% on June 30, 2023 and 25% on September 30, 2023. During the six and three months ended June 30, 2023,
the Company record $1,770 and $885 to operations as stock compensation expense.
On
November 9, 2023, the Company extended an employment agreement with the Company’s Corporate Secretary for a term of one year effective
from November 14, 2023. The Company agreed to grant an award of 6,000 restricted Stock Units to the officer pursuant to the Company’s
2021 Omnibus Equity Plan. The fair value of these shares was $12,900, which was calculated based
on the stock price of $2.15 per share on November 9, 2023, the date the award was determined by the Compensation Committee of the Board
of Directors, vesting 25% on November 9, 2023, 25% on March 31, 2024, 25% on June 30, 2024 and 25% on September 30, 2024. During the
six and three months ended June 30, 2024, the Company record $6,450 and $3,225 to operations as stock compensation expense.
Options
Issued to Employees
On
August 24, 2018, the compensation committee of the Board approved an option grant to the Company’s Chief Financial Officer to purchase
an aggregate of 1,400 shares of the Company’s common stock at an exercise price of $46.25 per share, with a term of 5 years, pursuant
to the Company’s 2014 Omnibus Long-Term Incentive Plan. Fifty percent (50%) of those stock options vested immediately, and the
remaining 50% vested on the six-month anniversary of the grant date.
The
fair value of the option granted to the Chief Financial Officer in 2018 was recognized as compensation expense over the vesting period
of the stock option award. The fair value of the option was calculated using Black-Scholes model under the following assumptions: estimated
life of five years, volatility of 84%, risk free interest rate of 2.72%, and dividend yield of 0%. The fair value of the 1,400 stock
options was $43,680 at the grant date.
On
August 12, 2019, the compensation committee of the Board approved an option grant to the Company’s Chief Financial Officer to purchase
an aggregate of 1,400 shares of the Company’s common stock at an exercise price of $19.25 per share, with a term of 5 years, pursuant
to the Company’s 2014 Omnibus Long-Term Incentive Plan. Fifty percent (50%) of those stock options vested immediately, and the
remaining 50% vested on the six-month anniversary of the grant date.
The
fair value of the option granted to the Chief Financial Officer in 2019 was recognized as compensation expense over the vesting period
of the stock option award. The fair value of the option was calculated using Black-Scholes model under the following assumptions: estimated
life of five years, volatility of 87%, risk free interest rate of 1.49%, and dividend yield of 0%. The fair value of the 1,400 stock
options was $18,318 at the grant date.
As
of June 30, 2024, unrecognized share-based compensation expense was $227,102.
Stock
option activity under the Company’s stock-based compensation plans is shown below:
Schedule of Stock Option Activity
|
|
Number
of
Shares |
|
|
Average
Exercise
Price
per Share |
|
|
Weighted
Average
Remaining
Contractual
Term
in Years |
|
|
|
|
|
|
|
|
|
|
|
Outstanding
at January 1, 2024 |
|
|
13,400 |
|
|
$ |
14.55 |
|
|
|
0.82 |
|
Exercisable
at January 1, 2024 |
|
|
13,400 |
|
|
|
14.55 |
|
|
|
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Outstanding
at June 30, 2024 |
|
|
13,400 |
|
|
|
14.55 |
|
|
|
0.32 |
|
Exercisable
at June 30, 2024 |
|
|
13,400 |
|
|
|
14.55 |
|
|
|
0.32 |
|
(1) |
The
intrinsic value of the stock options at June 30, 2024 is the amount by which the market value of the Company’s common stock
of $1.63 as of June 28, 2024 exceeds the average exercise price of the option. As of June 30, 2024, the intrinsic value of the outstanding
and exercisable stock options was $0. |
Note
12 – Geographical Analysis
Geographical
distribution of sales consisted of the following for the six and three months ended June 30, 2024 and 2023:
Schedule of Revenue by Geographic Areas
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
Six
Months Ended June 30, |
|
|
Three
Months ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Geographical
Areas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America |
|
$ |
4,957,058 |
|
|
$ |
4,192,106 |
|
|
$ |
2,631,328 |
|
|
$ |
2,435,441 |
|
Asia |
|
|
- |
|
|
|
1,993,671 |
|
|
|
- |
|
|
|
1,993,671 |
|
Other
countries |
|
|
107,868 |
|
|
|
151,217 |
|
|
|
57,205 |
|
|
|
33,317 |
|
Revenues |
|
$ |
5,064,926 |
|
|
$ |
6,336,994 |
|
|
$ |
2,688,533 |
|
|
$ |
4,462,429 |
|
Geographical
location of identifiable long-lived assets as of June 30, 2024 and December 31, 2023:
Schedule of Long-lived Assets by Geographic Areas
|
|
June
30, 2024 |
|
|
December
31, 2023 |
|
Geographical
Areas |
|
|
|
|
|
|
|
|
North
America |
|
$ |
1,601,636 |
|
|
$ |
1,873,623 |
|
Asia |
|
|
264,942 |
|
|
|
318,398 |
|
Total |
|
$ |
1,866,578 |
|
|
$ |
2,192,021 |
|
Note
13 – Lease
On
June 17, 2013, the Company entered into a lease agreement for office, warehouse, storage, and distribution space in the United States
with a five year term, commencing on November 1, 2013 and expiring on October 31, 2018. The lease agreement also provided an option to
extend the term for an additional six years. On April 23, 2018, the Company extended the lease for another three years with an expiration
date of October 31, 2021. On October 15, 2021, the Company extended the lease for another five years with an expiration date of October
31, 2026. The initial monthly rental payment is $42,000 with an annual 3% increase.
The
Company has entered into several lease agreements for office and warehouse space in Commerce, California and showroom space in Las Vegas,
Nevada and High Point, North Carolina (see Note 10) on monthly or annual terms.
On
July 15, 2019, Nova Malaysia entered into a sublease agreement for warehouse space with a two-year term, expiring on July 14, 2021. The
initial monthly rental payment was 20,000 Malaysia Ringgit ($4,232) and was increased to 35,000 Malaysia Ringgit ($7,406) effective August
1, 2020. On July 15, 2021, Nova Malaysia extended the lease for another two years with an expiration date of July 31, 2023. Nova Malaysia
did not extend this lease after July 31, 2023.
On
October 29, 2019, Nova Malaysia entered into a lease agreement for a showroom with a two-year term, commencing on December 1, 2019 and
expiring on November 30, 2021. On November 26, 2021, Nova Malaysia extended the lease to November 30, 2022 with an option for renewal
for another term of 24 months. On October 4, 2022, Nova Malaysia renewed the lease for two years to November 30, 2024. The monthly rental
payment is 9,280 Malaysia Ringgit ($1,964).
On
August 20, 2020, Nova Malaysia entered into a sublease agreement for an office and service center with a two-year term, commencing on
September 1, 2020 and expiring on August 31, 2022. On July 29, 2022, Nova Malaysia extended the lease for another two years with an expiration
date of August 31, 2024. The monthly rental payment is 30,000 Malaysia Ringgit ($6,348).
Operating
lease expense for the six months ended June 30, 2024 and 2023 was as follows:
Schedule of Lease Cost
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
Six
Months Ended June 30, |
|
|
Three
Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
lease cost – straight line |
|
$ |
388,830 |
|
|
$ |
438,981 |
|
|
|
194,389 |
|
|
|
219,296 |
|
The
following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2024:
Schedule of Operating Lease Liability Maturity
|
|
Operating
Leases |
|
2024 |
|
$ |
364,617 |
|
2025 |
|
|
701,142 |
|
2026 |
|
|
598,820 |
|
Thereafter |
|
|
0 |
|
Total
undiscounted cash flows |
|
|
1,664,579 |
|
Less:
imputed interest |
|
|
(61,186 |
) |
Present
value of lease liabilities |
|
|
1,603,393 |
|
Lease
Term and Discount Rate
Schedule of Lease Term and Discount Rate
|
|
June
30, 2024 |
|
Weighted-average
remaining lease term – years |
|
|
|
|
Operating
leases – USA |
|
|
2.34 |
|
Operating
leases – Malaysia |
|
|
0.23 |
|
|
|
|
|
|
Weighted-average
discount rate (%) |
|
|
|
|
Operating
leases – USA |
|
|
3.36 |
% |
Operating
leases – Malaysia |
|
|
4.74 |
% |
Supplemental
cash flow information related to leases where the Company was the lessee for the six months ended June 30, 2024 and 2023 was as follows:
Schedule of Supplemental Cash Flow Information Related to Leases
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Operating
cash outflows from operating leases |
|
$ |
388,555 |
|
|
$ |
428,818 |
|
Note
14 – Commitments and Contingencies
Legal
Proceedings
The
Company previously reported on a federal putative class action complaint George Barney filed against the Company and its former and current
CEOs and CFOs (Thanh H. Lam, Ya Ming Wong, Jeffery Chuang and Yuen Ching Ho) in the United States District Court for the Central District
of California, claiming the Company violated federal securities laws and pursuing remedies under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 (the “Barney Action”).
That
action was resolved by a January 30, 2024 Order of the Court certifying a settlement class and approving a class settlement.
In
the Barney action, Company shareholders sought to assert claims on behalf of all entities purchasing stock from December 21, 2015,
through December 20, 2018, under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Securities Exchange Commission Rule
10b-5. In support of these claims, plaintiffs alleged that defendants artificially inflated the Company’s share price by issuing
a press release announcing a strategic relationship with Shanxi Winqing Senior Care Service Group, claiming in the Company’s Annual
Statements on Form 10-Ks for the 2017 and 2018 fiscal years that Shanxi Winqing and Merlino Lewis LLP were among the Company’s
largest customers, and reporting revenues from sales transactions with these entities. Plaintiffs claimed that Shanxi Winqing was a fictitious
entity and Merlno Lewis LLP dissolved in 2013, so that the announcement of a strategic alliance was false and the reported revenues non-existent.
The
Company denied these allegations and all liability. It asserted that the entities referenced in its public disclosures were actual companies
and the revenues booked from those entities were genuine and actually collected. The Company alleged that no registration exists for
Shanxi Winqing because the Company slightly mistranslated its Chinese name in its public disclosures. Similarly, the Company claimed
to have previously sold products to Merlino Lewis LLP and failed to update its customer name when the customer restructured its business.
On
March 31, 2023, the parties filed a Renewed Stipulation of Settlement (“Renewed Stipulation”) resolving all claims asserted
in the matter. This Renewed Stipulation was executed and filed after the Court denied plaintiffs’ Motion to Certify a Settlement
Class and Approve Class Action settlement in accordance with the parties’ original Stipulation of Settlement. The substantive terms
of the settlement as they applied to the Company were not modified between the original Settlement Stipulation and the Renewed Settlement
Stipulation. The Renewed Stipulation provided for the certification of a settlement class and the Company’s payment to the settlement
class of $750,000. It also provided for the complete release of all claims by the settlement class against the Company and its directors,
officers, and employees and the other named defendants with respect to any of the matters alleged in the litigation. The Company settled
without in any manner admitting, and expressly denying, liability.
By
Order entered July 10, 2023, the Court preliminarily approved a settlement class and the proposed settlement. The settlement escrow was
then funded as specified in this Order. The funding was provided through a directors and officers liability insurance policy.
The
Court thereafter certified a settlement class and finally approved the settlement by Order entered January 30, 2024. The entry of this
Order resolved the matter as to the Company. The settlement payment was funded through insurance.
On
March 8, 2019, Jie Yuan (the “Jie Action”) filed a putative shareholder derivative lawsuit purportedly on behalf of the Company
against its former and current CEOs and CFOs (Thanh H. Lam, Ya Ming Wong, Jeffery Chuang and Yuen Ching Ho) and directors (Charlie Huy
La, Bin Liu, Umesh Patel, and Min Su) and vice president (Steven Qiang Liu) (collectively, the “Defendants”) seeking to recover
any losses the Company sustains as a result of alleged securities violations outlined in the Seeking Alpha blog and Barney
securities class action complaint. Specifically, the derivative lawsuit alleges that the Defendants caused the Company to make the
alleged false and/or misleading statements giving rise to the putative securities class action. The Plaintiff also alleges that President
and CEO Lam engaged in self-dealing transactions by leasing her property to Diamond Bar, a Company subsidiary, and asserts, in conclusory
fashion, that Lam, former CEO and director Ya Ming Wong, former CFO and director Yuen Ching Ho, and director Umesh Patel sold securities
during the period of time when the alleged false and/or misleading statements were made “with knowledge of material non-public
information.”
On
May 15, 2019, Wilson Samuels (the “Samuels Action”) filed a largely duplicative putative derivative complaint purportedly
on behalf of the Company against the same current and former directors and officers named in the Jie Action other than Steven Qiang Liu.
That action was filed in the United States District Court for the Central District of California. Samuels repeats the allegations of
the Complaint in the Jie Action. Additionally, Samuels claims that, in announcing its change of auditing firms in September 2016, the
Company asserted that this change was made because its existing auditor ceased auditing public companies subject to regulation in the
United States without disclosing that its new auditing firm was created in a merger of three accounting firms, including a firm whose
registration was revoked by the Public Company Accounting Oversight Board. Samuels also claims that the Company redeemed its stock in
reliance upon the same purported fraudulent recognition of revenues claimed in the putative class action. Samuels purports to state direct
claims under Sections 10(b) and 20 of the Exchange Act and SEC Rule 10b-5.
On
March 3, 2020, the defendants filed motions to stay the derivative actions until the Barney Action is resolved or alternatively to dismiss
on the grounds that plaintiffs’ failure to make demand upon the Board of Directors was not excused and the Complaints otherwise
fail to state a claim upon which relief can be granted. By Order entered April 7, 2020, the Court granted defendants’ Motion to
Stay and stayed the Jie Action until the Barney Action is resolved. The Court subsequently entered a similar Order in the Samuels Action.
It also took a motion that the derivative plaintiffs filed to consolidate the proceedings and appoint lead counsel off calendar.
With
the resolution of the Barney action, settlement of the action, the stay of the derivative actions will be lifted.
While
these derivative actions are purportedly asserted on behalf of the Company, it is possible that the Company will incur
attorneys’ fees and costs in advancing the costs of defense for its current directors and officers pursuant to contractual and
legal indemnity obligations. The plaintiffs also seek to require corporate governance changes. The Company believes there is no basis
to the derivative complaints and they will be vigorously defended if necessary.
Other
than the above, the Company is not currently a party to any legal proceeding, investigation or claim which, in the opinion of the management,
is likely to have a material adverse effect on the business, financial condition or results of operations.
Note
15 – Subsequent Events
The
Company has evaluated subsequent events through August 13, 2024, the date of the issuance of the interim condensed consolidated
financial statements, and the following subsequent events have been identified.
On July 5, 2024, the Company, Nova Malaysia and Hong Sheng Sdn Bhd (“Hong
Sheng”), a company incorporated in Malaysia entered into a Sale and Purchase Agreement (the “Agreement”). Pursuant to
the Agreement, the parties agree: (i) Nova Malaysia will purchase a Nova Living DesignXperience System from Hong Sheng for $660,000 (the
“Purchase Price”) and (ii) the Purchase Price shall be paid in 400,000 shares of common stock (“Shares”) of the
Company at $1.65 per share. The Nova Living DesignXperience System includes Virtual Interior Design Consultation, Furniture Recommendation
Generation, Realistic Rendering of Virtual Products, Testing and Quality Assurance, Documentation and Support and Deployment and Maintenance.
The Shares will be issued pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of
1933, as amended.
On
July 30, 2024, the Company entered into a Securities Purchase Agreement with one of our shareholders to sell 125,000 shares of the Company’s
common stock at a purchase price of $1.60 per share for an aggregate price of $200,000 (the “Private Placement”). The
Private Placement will be completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities
Act of 1933, as amended.
On August 7, 2024, the Company, “Nova Malaysia
and VT Conceptone Sdn Bhd (“VT Conceptone”), a company incorporated in Malaysia entered into a Sale and Purchase Agreement
(the “Agreement”). Pursuant to the Agreement, the parties agree: (i) Nova Malaysia will purchase a Payment IT System from
VT Conceptone for $552,000 (the “Purchase Price”) and (ii) the Purchase Price shall be paid in 460,000 shares of common stock
(“Shares”) of the Company at $1.20 per share. The Payment IT System includes User Registration and Management, Payment Processing,
Security and Compliance, Integration and APIs, Merchant Tools, Transaction Management, Reporting and Analytics and Notification System.
The Shares will be issued pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of
1933, as amended.
CAUTIONARY
STATEMENT FOR FORWARD-LOOKING STATEMENTS
This
Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We have based
these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are
subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance
or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied
by such forward-looking statements. Words such as “may,” “will,” “should,” “could,” “would,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,”
the negatives of such terms and other terms of similar meaning typically identify forward-looking statements. Factors that might cause
or contribute to such a discrepancy include, but are not limited to, those listed under the heading “Risk Factors” and those
listed in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10K”). The following discussion
should be read in conjunction with our Financial Statements and related Notes thereto included elsewhere in this report and in our 2023
Form 10-K. Unless the context otherwise requires, references in this report to “we,” “us,” “Nova,”
“Nova Lifestyle” or the “Company” refer to Nova Lifestyle, Inc. and its subsidiaries.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Safe
Harbor Declaration
The
following discussion and analysis are based upon our financial statements as of the dates and for the periods presented in this
section. You should read this discussion and analysis in conjunction with the financial statements and notes thereto found in Part
I, Item 1 of this Form 10-Q and our condensed consolidated financial statements and notes thereto included in our annual report on
Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”). All references to the second quarter and
first six months of 2024 and 2023 mean the three and six-month periods ended June 30, 2024 and 2023. In addition to historical
information, the following discussion and other parts of this report contain certain forward-looking information. When used in this
discussion, the words, “believes,” “anticipates,” “expects” and similar expressions are intended
to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual
results to differ materially from projected results, due to a number of risks, uncertainties and factors beyond our control. We do
not undertake to publicly update or revise any of these forward-looking statements, even if experience or future changes show that
the indicated results or events will not be realized. Furthermore, we cannot guarantee future results, events, levels of activity,
performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak
only as of the date hereof. Readers also are urged to carefully review and consider our discussions regarding the various factors
that affect the company’s business, which are described in this section and elsewhere in this report. For more information,
see our discussion of risk factors located at Part I, Item 1A of our 2023 Form 10-K.
Overview
Nova
LifeStyle, Inc. is a distributor of contemporary styled residential and commercial furniture incorporated into a dynamic marketing and
sales platform offering retail as well as online selection and global purchase fulfillment. We monitor popular trends and products to
create design elements that are then integrated into our product lines that can be used as both stand-alone or whole-room and home furnishing
solutions. Through our global network of retailers, e-commerce platforms, stagers and hospitality providers, Nova LifeStyle also sells
(through an exclusive third-party manufacturing partner) a managed variety of high quality bedding foundation components.
Nova
LifeStyle’s brand family currently includes Nova LifeStyle, Diamond Sofa (www.diamondsofa.com) and Nova Living.
Our
customers principally consist of distributors and retailers with specific geographic territories that deploy middle to high end private
label home furnishings which have very little competitive overlap with our specific furnishing products or product lines. Nova LifeStyle
is constantly seeking to integrate new sources of distribution and manufacturing that are properly aligned with our growth strategy.
This allows us to continually focus on building both our overall distribution and manufacturing relationships through a deployment of
popular, as well as trend-based, furnishing solutions worldwide.
We
are a U.S. holding company with no material assets in the U.S. other than the ownership interests of our wholly owned subsidiaries through
which we market, design and sell residential and commercial furniture worldwide: Nova Furniture Limited domiciled in the British Virgin
Islands (“Nova Furniture”), Nova Furniture Ltd. domiciled in Samoa (“Nova Samoa”), Diamond Bar Outdoors, Inc.
domiciled in California (“Diamond Bar”), Nova Living (M) SDN. BHD. domiciled in Malaysia (“Nova Malaysia”) and
Nova Living (HK) Group Limited domiciled in Hong Kong (“Nova HK”). The Company had three former subsidiaries Bright Swallow
International Group Limited domiciled in Hong Kong (“Bright Swallow” or “BSI”) which was sold in January 2020,
and Nova Furniture Macao Commercial Offshore Limited domiciled in Macao (“Nova Macao”) which was de-registration and liquidation
in January 2021. In February 2022, Nova HK entered a de-registration process and transferred all its assets and business to Nova Malaysia.
The process of de-registration and liquidation of Nova HK was completed in February 2023.
On
December 7, 2017, we incorporated i Design Blockchain Technology, Inc. (“i Design”) under the laws of the State of California.
The purpose of i Design is to build our own blockchain technology team. i Design is in the planning stage and has had minimum operations
to date. On December 12, 2019, we became the sole shareholder of Nova Living (M) SDN. BHD. (“Nova Malaysia”), a company incorporated
on July 26, 2019 under the laws of Malaysia. Nova Malaysia markets and sells high-end physiotherapeutic jade mats for use in therapy
clinics, hospitality, and real estate projects in Malaysia and other regions in Southeast Asia.
On
November 5, 2020, Nova LifeStyle, Inc. acquired Nova Living (HK) Group Limited (“Nova HK”) which was incorporated in Hong
Kong on November 6, 2019. This company had minimal operations. In February 2022, Nova HK entered a de-registration process and transferred
all its assets and business to Nova Malaysia. The process of de-registration and liquidation of Nova HK was completed in February 2023.
Our
experience developing and marketing products for international markets has enabled us to develop the scale, logistics, marketing, manufacturing
efficiencies and design expertise that serve as the foundation for us to expand aggressively into the highly attractive U.S., Canada,
South America, Asia and Middle Easter markets.
In
2019, we developed a line of high-end physiotherapeutic jade mats with China-based manufacturing partners for use in therapy clinics,
hospitality, and real estate projects in Asia. We launched our first flagship showroom/retail store in Kuala Lumpur, Malaysia in late
2019, which, after a COVID-19 related closing, was reopened in May 2020. On August 28, 2020, after few months reopening, Malaysia government
extended Movement Control Order to prohibit the businesses to open to public until March 5, 2021 to contain the spread of COVID-19. After
the re-opening on March 5, 2021, Malaysia imposed a new nationwide lockdown on May 12, 2021 until early June 2021 which was subsequently
extended to early October 2021. In October 2021, the Order was lifted for people who are fully vaccinated and our store has been reopened
since. In April 2022, Malaysia has reopened the border for foreign visitors. In June 2023, everything is back to normal in Malaysia.
Due to the negative impact caused by COVID-19 from 2020 to 2022, the Company eventually sold the entire jade mats inventory for $2.00
million in liquidation sales in June 2023. We exited from Jade Mats business in 2023. Nova Malaysia has engaged in the development of an innovative home decoration
design, showroom and payment IT software systems. We have limited experience with operations in
Southeast Asia and considerable management attention and resources may be required to manage these new markets and product lines. We
may be subject to additional risks including credit risk, inflation, currency exchange rate fluctuations, foreign exchange controls,
import and export requirements, potentially adverse tax consequences and higher costs associated with doing business internationally.
We
do not have access to a revolving credit facility. On May 4, 2020, the Company received loan proceeds in the amount of approximately
$139,802 under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and
Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the
average monthly payroll expenses of the qualifying business. On May 5, 2020, Diamond Bar Outdoors Inc. (“Diamond Bar”)
was granted a loan from Cathay Bank in the aggregate amount of $176,294, pursuant to the Paycheck Protection Program. On June 19,
2020, Diamond Bar was granted a U.S. Small Business Administration (SBA) loan in the aggregate amount of $150,000, pursuant to the
Economic Injury Disaster Loan. In July 2021, we completed a registered direct offering of our shares of common stock and received
offering gross proceeds of $3,120,622. In May 2024 and August 2024, we completed two private placements for gross proceeds of
$600,000. We currently believe that our financial resources will be adequate to finance our operations in the next 12 months.
However, in the event that we do need to raise capital in the future, the instability in the securities markets could adversely
affect our ability to raise additional capital.
On April 18, 2024, the Company received written notice
from the NASDAQ Stock Market (“NASDAQ”) stating that the Company does not meet the requirement of maintaining a minimum of
$2,500,000 in stockholders’ equity for continued listing on the NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1),
the Company also does not meet the alternative of market value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2)
or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently
completed fiscal years under NASDAQ Listing Rule 5550(b)(3), and the Company is no longer in compliance with the NASDAQ Listing Rules.
The NASDAQ notification letter provides the Company
until June 6, 2024 to submit a plan to regain compliance. If the plan is accepted, NASDAQ can grant the Company an extension up to 180
calendar days from the date of NASDAQ letter to demonstrate compliance. If NASDAQ does not accept the Company’s compliance plan,
the Company will have the opportunity to appeal that decision to a Hearing Panel per NASDAQ Listing Rule 5815(a).
The Company submitted its plan of compliance on May
28, 2024 and a supplemental letter to the plan of compliance on June 20, 2024. On June 27, 2024, the Company received a notification letter
from NASDAQ Listing Qualification Staff (“Staff”). Based on the review of the letters submitted by the Company, Staff has
determined to grant the Company an extension until October 14, 2024 to regain compliance with the Rule and the Company must complete its
initiatives and provide evidences for the compliance with the Rule as required by Nasdaq.
The Company intends to fully comply with the exception
granted by the Staff and to regain the compliance on or before October 14, 2024.
Principal
Factors Affecting Our Financial Performance
Since
2019, we have moved away from low margin products and this move was intended to improve our gross profit margin, receivable collections
and net profitability, and to increase our return on long-term equity. We terminated sales and marketing efforts to customers that represented
a high purchase volume but low profit margin, and we adjusted our product line, which included the launch of our Summer 2024 Collection
in the Las Vegas and High Point Markets, with a view to attracting a higher-end ultimate customer. The core focus of the Company’s
direction today is entirely centered on product. Identifying a fashion-driven generational shift in the general perception and consumption
of furniture and being more aware of actual consumer tastes and how best to fulfill and engage that need. Closely integrating product
development alongside marketing results in appealing products that adheres to the scope of our target demographic of decision makers
in the design, staging and retail fields. A process that is continually refined upon each release cycle, maintaining a singular, cohesive
vision. In short, we have better identified our customers and how to cater to them – in the process gaining greater traction with
every product launch considerably more so on an international level than ever previous. We believe these new strategies, will provide
us with significant long term growth opportunities. Significant factors that we believe could affect our operating results are the (i)
prices of our products to our domestic and international retailer and wholesaler customers and their markups to end consumers; (ii) general
economic conditions in the U.S., Chinese, and other international markets; and (iii) trade tariffs imposed by the United States on certain
products manufactured in China; and (iv) the recovery from the COVID-19 outbreak throughout the world; and (v) high interest rate, inflation
and slow- down in real estate market. We believe most of our customers are willing to pay for our high quality and stylish products,
timely delivery, and strong production capacity at price levels which we expect will allow us to maintain a relatively high gross profit
margin for our products. We do not manufacture our products, but instead we utilize third-party manufacturers. In response to the tariffs
imposed by the United States on certain products manufactured in China, we are in the process of shifting a portion of our product manufacturing
from third-party manufacturers located in China to third-party manufacturers located in other parts of Asia, such as Vietnam, India and/or
Malaysia, countries unaffected by the tariffs. Implementation of a relocation of manufacturing (which by necessity includes an assessment
of the factory’s ability to deliver the quantity of the product, in accordance with the Company’s specifications, and in
accordance with the Company’s quality control requirements) is time-consuming, but a portion of our manufacturing has been transitioned
to Malaysia and India starting in 2020 and we expect that more of our manufacturing will be transitioned to one or more of these venues.
Some of our manufacturing will continue to be performed in China because the intellectual know-how necessary to manufacture certain products
is not generally available in other Asian countries. Consumer preference trends favoring high quality and stylish products and lifestyle-based
furniture suites should also allow us at least to maintain our gross profit margins. The markets in North America is challenging because
such markets are experiencing a slow-down and may be entering a recession due to high interest rate and inflation.
Critical
Accounting Policies
While
our significant accounting policies are described more fully in Note 2 to our accompanying unaudited condensed consolidated financial
statements, we believe the following accounting policies are the most critical to aid you in fully understanding and evaluating this
Management’s Discussion and Analysis.
There
have been no material changes to our critical accounting policies and estimates as compared to the critical accounting policies and estimates
described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) for Nova LifeStyle and its subsidiaries, Diamond Bar, i Design, Nova
Furniture, Nova Samoa, Nova Malaysia and its former subsidiary, Nova HK.
Reverse
Split
On
May 22, 2023, the Company filed a Certificate of Change with the Secretary of State of Nevada with an effective date of May 22, 2023,
at which time a 1-for-5 reverse stock split of the Company’s authorized shares of common stock, par value $0.001, accompanied by
a corresponding decrease in the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”),
was effected. All references to shares and per share data have been retroactively restated to reflect such split.
Amendments
to Articles of Incorporation
On
September 5, 2023, the Company filed the Certificate of Change (the “Amendment”) with the Secretary of State for the State
of Nevada to amend its Articles of Incorporation to increase the amount of authorized shares of its common stock, par value $0.001 per
share, from 3,000,000 to 250,000,000. The Amendment was approved by the Company’s Board of Directors (the “Board”)
on June 28, 2023 and by the shareholders at a special meeting of the Company’s shareholders held on August 31, 2023. The Amendment
does not affect the rights of the Company’s shareholders and was effective immediately upon filing.
Use
of Estimates
In
preparing condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the
condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period.
Significant estimates and assumptions made by management include, but are not limited to, revenue recognition, the allowance for bad
debt, valuation of inventories, the valuation of stock-based compensation, income taxes and unrecognized tax benefits, valuation
allowance for deferred tax assets, assumptions used in assessing impairment of long-lived assets and goodwill, and loss
contingencies. Actual results could differ from those estimates.
Accounts
Receivable
Our
accounts receivable arises from product sales. We do not adjust receivables for the effects of a significant financing component at contract
inception if we expect to collect the receivables in one year or less from the time of sale. We do not expect to collect receivables
greater than one year from the time of sale. Our policy is to maintain an allowance for expected credit losses on accounts receivable.
We review the composition of accounts receivable and analyze historical bad debts, customer concentrations, customer credit worthiness,
current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. We maintained an allowance
for expected credit loss of $449 and $532 as of June 30, 2024 and December 31, 2023, respectively. During the six months ended June 30,
2024 and 2023, expected credit losses provision (reversal) was ($83) and ($196), respectively; ($924) and $65 for the three months ended
June 30, 2024 and 2023, respectively. As of June 30, 2024, we had gross receivable of $44,918 of which none was over 90 days past due.
The allowance for expected credit losses is our best estimate of the amount of expected credit losses in our existing trade accounts
receivable. We determine the allowance based on historical bad debt experience, customer concentrations, customer credit worthiness,
current economic trends and changes in customer payment patterns.
Advances
to Suppliers
Advances
to suppliers represent amounts paid to suppliers in advance for goods that are yet to be delivered and from which future economic benefits
are expected to flow to the Company within the normal operating cycle. Based on our historical records and in normal circumstances, we
generally receive goods within 4 to 6 months from the date the advance payment is made.
Income
Taxes
In
its interim financial statements, the Company follows the guidance in ASC 270 “Interim Reporting” and ASC 740 “Income
Taxes” whereby the Company utilizes the expected annual effective rate in determining its income tax provision. The income tax
expense for the six months ended June 30, 2024 and 2023 are $4,876 and $2,400, respectively; and $4,876 and $2,400 for the three months ended June 30, 2024 and 2023,
respectively.
Income
taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The
Company follows ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on recognition of income tax assets
and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated
with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
Under
the provisions of ASC Topic 740, when tax returns are filed, it is highly certain that some positions taken would be sustained upon examination
by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position
that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which,
based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination,
including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions.
Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more
than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated
with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits
in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon
examination.
Nova
Lifestyle, Inc. and Diamond Bar are subject to U.S. federal and state income taxes. Nova Furniture BVI was incorporated in the BVI and
Nova Samoa was incorporated in Samoa. There is no income tax for companies domiciled in the BVI and Samoa. Accordingly, the Company’s
unaudited condensed consolidated financial statements do not present any income tax provisions related to the BVI and Samoa tax jurisdictions
where Nova Furniture BVI and Nova Samoa are domiciled. Nova Malaysia is incorporated in Malaysia and is subject to Malaysia income taxes
at the statutory rate of 24%.
The
Tax Cuts and Jobs Act of 2017 (the “Act”) created new taxes on certain foreign-sourced earnings such as global intangible
low-taxed income (“GILTI”) under IRC Section 951A, which is effective for the Company for tax years beginning after January
1, 2018. For the year ended December 31, 2023, the Company has calculated its best estimate of the impact of the GILTI in its income
tax provision in accordance with its understanding of the Act and guidance available as of the date of this filing.
On
December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal
Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning
after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a modified territorial system,
and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017.
On
March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act contains numerous income tax provisions,
such as relaxing limitations on the deductibility of interest and the use of net operating losses (NOLs) arising in taxable years beginning
after December 31, 2017.
Beginning
in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures immediately in the year
incurred and requires taxpayers to amortize such expenditures over five years. While it is possible that Congress may defer, modify,
or repeal this provision, potentially with retroactive effect, we have no assurance that this provision will be deferred, modified, or
repealed. Furthermore, in anticipation of the new provision taking effect, we have analyzed the provision and worked with our advisors
to evaluate its application to our business. Since all research and development expenditures were incurred within the U.S. and the amount
is immaterial, we do not anticipate it having any material impact to our provision.
As
of June 30, 2024 and December 31, 2023, the accumulated undistributed earnings generated by its foreign subsidiaries were approximately
$25.2 million and $25.4 million of which substantially all was previously subject to U.S. tax, the one-time transition tax on foreign
unremitted earnings required by the Tax Act, or GILTI. Those earnings are considered to be permanently reinvested and accordingly, no
deferred tax expense is recorded for U.S. federal and state income tax or applicable withholding taxes.
As
of June 30, 2024 and 2023, unrecognized tax benefits were approximately $0. The total amount of unrecognized tax benefits that, if recognized,
would favorably affect the effective tax rate was $0 as of June 30, 2024 and 2023.
A
reconciliation of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) for the six months ended June
30, 2024 and 2023, is as follows:
|
|
|
Gross
UTB |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Balance
– January 1 and June 30 |
|
$ |
- |
|
|
$ |
- |
|
At
June 30, 2024 and December 31, 2023, the Company had cumulatively accrued approximately $0 for estimated interest and penalties related
to unrecognized tax benefits. The Company recorded interest and penalties related to unrecognized tax benefits as a component of income
tax benefit, which totaled $0 and $0 for the six and three ended June 30, 2024 and 2023, respectively, related to the Company’s
continuing operations. The Company does not anticipate any significant changes to its unrecognized tax benefits within the next 12 months.
Nova
Lifestyle and Diamond Bar are subject to U.S. federal and state income taxes and tax years 2020-2023 remain open to examination by tax
authorities in the U.S.
Intangible
Assets
Intangible
assets consist primarily of computer software acquired for internal use. Acquired intangible assets are initially recorded at the acquisition-date
fair value. Intangible assets are amortized on a straight-line basis over their estimated useful lives and are carried at cost less accumulated
amortization. The estimated useful life of computer software is generally 5 years.
Revenue
Recognition
We
recognize revenues when our customer obtains control of promised goods or services, in an amount that reflects the consideration which
it expects to receive in exchange for those goods. We recognize revenues following the five step model prescribed under ASU No. 606:
(i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction
price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) we
satisfy the performance obligation.
Revenue
from product sales is recognized when the customer obtains control of our product, which typically occurs upon shipment to the customer.
We expense incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that it would
have recognized is one year or less or the amount is immaterial.
Revenue
from product sales is recorded net of reserves established for applicable discounts and allowances that are offered within contracts
with our customers.
Product
revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts,
returns and rebates. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified
as reductions of accounts receivable as the amount is payable to our customer.
Our
sales policy allows for the return of product within the warranty period if the product is defective and the defects are our fault. As
alternatives for the product return option, the customers have the option of asking us for a discount for products with quality issues,
or of receiving replacement parts from us at no cost. The amount of reserves for return of products, the discount provided to the customers,
and cost for the replacement parts were immaterial for the six and three months ended June 30, 2024 and 2023.
We
generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded
within selling expenses on our unaudited condensed consolidated statements of operations.
Foreign
Currency Translation and Transactions
The
accompanying unaudited condensed consolidated financial statements are presented in United States Dollar (“$” or “USD”),
which is also the functional currency of Nova LifeStyle, Nova Furniture, Nova Samoa, Diamond Bar, and i Design.
The
Company’s subsidiary with operations in Malaysia uses its local currency, Malaysian Ringgit (“RM”), as its functional
currency. An entity’s functional currency is the currency of the primary economic environment in which it operates, which is normally
the currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to
determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and
inter-company transactions and arrangements.
Foreign
currency transactions denominated in currencies other than the functional currency are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the balance sheet date are re-measured at the applicable rates of exchange in effect at that date. Gains and losses resulting from foreign
currency re-measurement are included in the statements of operations.
The
financial statements are presented in U.S. dollars. Assets and liabilities are translated into U.S. dollars at the current exchange rate
in effect at the balance sheet date, and revenues and expenses are translated at the average of the exchange rates in effect during the
reporting period. Stockholders’ equity accounts are translated using the historical exchange rates at the date the entry to stockholders’
equity was recorded, except for the change in retained earnings during the period, which is translated using the historical exchange
rates used to translate each period’s income statement. Differences resulting from translating functional currencies to the reporting
currency are recorded in accumulated other comprehensive income in the balance sheets.
Translation
of amounts from RM into U.S. dollars has been made at the following exchange rates:
Balance
sheet items, except for equity accounts |
|
|
|
|
June
30, 2024 |
|
|
RM4.72
to 1 |
|
December
31, 2023 |
|
|
RM4.59
to 1 |
|
|
|
|
|
|
Income
statement and cash flow items |
|
|
|
|
For
the six months ended June 30, 2024 |
|
|
RM4.73
to 1 |
|
For
the six months ended June 30, 2023 |
|
|
RM4.46
to 1 |
|
Segment
Reporting
ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management
approach model is based on the way a company’s chief operating decision maker organizes segments within the company for making
operating decisions, assessing performance and allocating resources. Reportable segments are based on products and services, geography,
legal structure, management structure, or any other manner in which management disaggregates a company.
We
determined that our operations constitute a single reportable segment in accordance with ASC 280. We operate exclusively in one business
and industry segment: the design and sale of furniture.
We
concluded that we had one reportable segment under ASC 280 because Diamond Bar is a furniture distributor based in California
focusing on customers in the US and Nova Malaysia is a furniture retailer and distributor focusing on customers primarily in
Malaysia and Asia. Each of our subsidiaries is operated under the same senior management of our company, and we view the operations of
Diamond Bar and Nova Malaysia as a whole for making business decisions. Our long-lived assets are mainly property, plant and
equipment located in the United States and Malaysia for administrative purposes.
Net
sales to customers by geographic area are determined by reference to the physical product shipment delivery locations requested by our
customers. For example, if the products are delivered to a customer in the U.S., the sales are recorded as generated in the U.S.; if
the customer directs us to ship its products to China, the sales are recorded as sold in China.
New
Accounting Pronouncements
Recently
Adopted Accounting Standards
In
January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment
(“ASU 2017-04”). ASU 2017-04 eliminates Step 2 of the two-step goodwill impairment test, under which a goodwill impairment
loss was measured by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill.
ASU 2017-04 requires only a one-step quantitative impairment test, whereby a goodwill impairment loss is measured as the excess of a
reporting unit’s carrying amount over its fair value (not to exceed the total goodwill allocated to that reporting unit). This
Update is effective for smaller reporting companies for their annual or any interim goodwill impairment tests in fiscal years beginning
after December 15, 2022, which is required to be applied prospectively from the date of adoption. The Company adopted ASU 2017-04 for
its interim and annual goodwill impairment tests beginning January 1, 2023. The adoption of ASU 2017-04 did not have any impact on our
unaudited condensed consolidated financial statements.
Recently
Issued But Not Yet Adopted Accounting Pronouncements
In
March 2023, the FASB issued ASU 2023-01, Lease (Topic 842): Common Control Arrangements, which clarifies the accounting for
leasehold improvements associated with leases between entities under common control (hereinafter referred to as common control
lease). ASU 2023-01 requires entities to amortize leasehold improvements associated with common control lease over the useful life
to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a
lease, and to account for any remaining leasehold improvements as a transfer between entities under common control through an
adjustment to equity when the lessee no longer controls the underlying asset. This ASU will be effective for fiscal years beginning
after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and
annual financial statements that have not yet been made available for issuance. An entity may apply ASU 2023-01 either prospectively
or retrospectively. The Company is currently evaluating the impact that the adoption of ASU 2023-01 will have on our condensed
consolidated financial statement presentations and disclosures.
ln
December 2023, the FASB issued Accounting Standards Update No.2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”
(“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories
in the rate reconciliation,(2) the income or loss from continuing operations before income tax expense or benefit (separated between
domestic and foreign) and (3)income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU
2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among
other changes. The guidance is effective for annual period beginning after December 15, 2024. Early adoption is permitted for annual
financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis,
but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on
its unaudited condensed consolidated financial statements and related disclosures.
We
do not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material
impact on our financial statement presentation or disclosures.
Results
of Operations
Comparison
of Three Months Ended June 30, 2024 and 2023
The
following table sets forth the results of our operations for the three months ended June 30, 2024 and 2023. Certain columns may not add
due to rounding.
|
|
Three
Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
$ |
|
%
of
Sales |
|
|
$ |
|
%
of
Sales |
|
Net
sales |
|
$ |
2,688,533 |
|
|
|
|
|
$ |
4,462,429 |
|
|
|
|
Cost
of sales |
|
|
(1,493,566 |
) |
|
(56 |
)% |
|
|
(3,015,089 |
) |
|
(68 |
)% |
Gross
profit (loss) |
|
|
1,194,967 |
|
|
44 |
% |
|
|
1,447,340 |
|
|
32 |
% |
Operating
expenses |
|
|
(1,692,631 |
) |
|
(63 |
)% |
|
|
(1,825,577 |
) |
|
(41 |
)% |
Loss
from operations |
|
|
(497,664 |
) |
|
(19 |
)% |
|
|
(378,237 |
) |
|
(8 |
)% |
Other
income (expenses), net |
|
|
(60,949 |
)
|
|
(2 |
)% |
|
|
(157,944 |
) |
|
(4 |
)% |
Income
tax expenses |
|
|
(4,876 |
) |
|
- |
% |
|
|
(2,400 |
)
|
|
- |
% |
Net
loss |
|
|
(563,489 |
) |
|
(21 |
)% |
|
|
(538,581 |
) |
|
(12 |
)% |
Net
Sales
Net
sales for the three months ended June 30, 2024 were $2.69 million, a decrease of 40% from $4.46 million for the same period of 2023.
This decrease in net sales resulted primarily from 69% decrease in sales volume, while partially offset by 96% increase in average selling
price. Our three largest selling product categories for the three months ended June 30, 2024 were sofas, beds and coffee tables, which
accounted for approximately 50%, 13% and 10% of sales, respectively. For the three months ended June 30, 2023, the three largest selling
categories were jade mats, sofas and beds, which accounted for approximately 45%, 25% and 8% of sales, respectively.
The
$1.77 million decrease in net sales for the three months ended June 30, 2024, compared to the same period of 2023, was mainly due to
decreased sales to Asia. Sales to Asia decreased by 100% to $0 million for the three months ended June 30, 2024, compared to $1.99
million for the same period of 2023, such decrease mainly due to our liquidation sales of the entire inventory of jade mats by Nova
Malaysia for $1.99 million in Malaysia during the three months ended June 30, 2023. However, the decrease in net sales was partially
offset by the increase in sales to North America and other countries. Sales to North America increased by $0.20 million to $2.63
million for the three months ended June 30, 2024, from $2.44 million for the same period of 2023, primarily due to more sales order
received from our customers in North America. Sales to other countries increased by $23,888 to $57,205 for the three months ended
June 30, 2024, from $33,317 for the same period of 2023, primary due to more direct container sales in other countries.
Cost
of Sales
Cost
of sales consists primarily of costs of finished goods purchased from third-party manufacturers. Total cost of sales decreased by 50%
to $1.49 million for the three months ended June 30, 2024, compared to $3.02 million for the same period of 2023. Cost of sales as a
percentage of sales decreased to 57% for the three months ended June 30, 2024, compared to 65% for the same period of 2023. The decrease
in cost of sales in dollar term was mainly due to decreased net sales. The decrease in cost of sales as a percentage of sales is a result
of two factors: (a) the decrease in average purchase cost; and (b) the liquidation sales of the jade mats in Malaysia which came with
high cost and low profit margin during the three months ended June 30, 2023.
Gross
Profit (Loss)
Gross
profit was $1.19 million for the three months ended June 30, 2024, compared to $1.45 million for the same period of 2023,
representing a decrease in gross profit of $0.25 million. Our gross profit margin was 44% for the three months ended June 30, 2024,
compared to 32% for the same period of 2023. The decrease in gross profit and increase gross profit margin was mainly a result of
the liquidation sales of the jade mats in Malaysia which came with a large amount of sales but low profit margin during the three
months ended June 30, 2023.
Operating
Expenses
Operating
expenses consisted of selling, general and administrative expenses, and research and development. Operating expenses were $1.69 million
for the three months ended June 30, 2024, compared to $1.83 million for the same period of 2023. Selling expenses decreased by 28%, or
$0.16 million, to $0.41 million for the three months ended June 30, 2024, from $0.57 million for the same period of 2023, primarily due
to decreased marketing and advertising expenses. On the other hand, general and administrative expenses increased by 3%, or $0.04 million,
to $1.29 million for the three months ended June 30, 2024, from $1.25 million for the same period of 2023, primarily due to an increase
in consulting fees of $0.04 million and stock compensation of $0.16 million, while the increase was partially offset by a decrease in
insurance of $0.03 million, rent of $0.02 million, travel of $0.05 million and utilities of $0.02 million. In addition, research and
development decreased by 105%, or $0.01 million to ($518) for the three months ended June 30, 2024, from $10,026 for the same period
of 2023, primarily due to less research and development expenses incurred during the three months ended June 30, 2024.
Other
Expenses, Net
Other
expenses, net was $60,949 for the three months ended June 30, 2024, compared to other expenses, net of $157,944 for the same period
of 2023, representing a decrease in other expenses of $96,995. The decrease in other expenses was due primarily to a decrease in foreign
exchange loss by $125,895 to $2,383 for the three months ended June 30, 2024, from foreign exchange loss of $128,278 for the same period
of 2023. The decrease in foreign exchange loss was mainly a result of the appreciation of U.S. dollar against Malaysian Ringgit on acquisition
of AI-Calculation engine in U.S. dollars.
Income
Tax Expenses
Income
tax expenses were $4,876 and $2,400 for the three months ended June 30, 2024 and 2023, respectively due to minimum California state tax
incurred in US subsidiaries.
Net
Loss
As
a result of the foregoing, our net loss was $0.56 million for the three months ended June 30, 2024, compared to $0.54 million for the
same period of 2023.
Comparison
of Six Months Ended June 30, 2024 and 2023
The
following table sets forth the results of our operations for the six months ended June 30, 2024 and 2023.
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
| |
$ | | |
% of Sales | | |
$ | | |
% of Sales | |
Net sales | |
$ | 5,064,926 | | |
| | | |
$ | 6,336,994 | | |
| | |
Cost of sales | |
| (2,853,799 | ) | |
| (56 | )% | |
| (4,228,352 | ) | |
| (67 | )% |
Gross profit | |
| 2,211,127 | | |
| 44 | % | |
| 2,108,642 | | |
| 33 | % |
Operating expenses | |
| (4,197,182 | ) | |
| (83 | )% | |
| (3,670,489 | ) | |
| (58 | )% |
Loss from operations | |
| (1,986,055 | ) | |
| (39 | )% | |
| (1,561,847 | ) | |
| (25 | )% |
Other expenses, net | |
| (35,314 | ) | |
| (1 | )% | |
| (196,649 | ) | |
| (3 | )% |
Income tax expenses | |
| (4,876 | ) | |
| 0 | % | |
| (2400 | ) | |
| - | % |
Net loss | |
| (2,026,245 | ) | |
| (40 | )% | |
| (1,760,896 | ) | |
| (28 | )% |
Net
Sales
Net
sales for the six months ended June 30, 2024 were $5.06 million, a decrease of 20% from $6.34 million for the same period of 2023. This
decrease in net sales resulted primarily from 52% decrease in sales volume, while partially offset by 65% increase in average selling
price. Our three largest selling product categories for the six months ended June 30, 2024 were sofas, beds and chairs, which accounted
for approximately 51%, 12% and 8% of sales, respectively. For the six months ended June 30, 2023, the three largest selling categories
were jade mats, sofa and beds, which accounted for approximately 31%, 30% and 11% of sales, respectively.
The
$1.27 million decrease in net sales for the six months ended June 30, 2024, compared to the same period of 2023, was mainly due to
decreased sales to Asia. Sales to Asia decreased by 100% to $0 million for the six months ended June 30, 2024, compared to $1.99
million for the same period of 2023, such decrease mainly due to our liquidation sales of the entire inventory of jade mats by Nova
Malaysia for $1.99 million in Malaysia during six months ended June 30, 2023. Also, sales to other countries decreased by $43,349 to
$107,868 for the six months ended June 30, 2024, from $151,217 for the same period of 2023, primarily due to less direct container
sales in other countries. However, the decrease in net sales in Asia and other countries was partially offset by the increase in
sales to North America. Sales to North America increased by $0.76 million to $4.96 million for the six months ended June 30, 2024,
from $4.19 million for the same period of 2023, primary due to more sales order received from our customers in North
America.
Cost
of Sales
Cost
of sales consists primarily of costs of finished goods purchased from third-party manufacturers. Total cost of sales decreased by
20% to $2.85 million for the six months ended June 30, 2024, compared to $4.23 million for the same period of 2023. Cost of sales as
a percentage of sales decreased to 56% for the six months ended June 30, 2024, compared to 67% for the same period of 2023. The
decrease in cost of sales in dollar term was mainly due to decreased net sales. The decrease in cost of sales as a percentage of
sales is a result of two factors: (a) the decrease in average purchase cost; and (b) the liquidation sales of the jade mats in
Malaysia which came with high cost and low profit margin during the six months ended June 30, 2023.
Gross
Profit (Loss)
Gross
profit was $2.21 million for the six months ended June 30, 2024, compared to $2.11 million for the same period of 2023, representing
an increase in gross profit of $0.10 million. Our gross profit margin was 44% for the six months ended June 30, 2024, compared to 33%
for the same period of 2023. The increase in gross profit and gross profit margin was mainly a result of the liquidation sales of the
jade mats in Malaysia which came with low profit margin during the six months ended June 30, 2023
Operating
Expenses
Operating
expenses consisted of selling, general and administrative expenses, and research and development. Operating expenses were $4.20 million
for the six months ended June 30, 2024, compared to $3.67 million for the same period of 2023. Selling expenses decreased by 25%, or
$0.31 million, to $0.96 million for the six months ended June 30, 2024, from $1.28 million for the same period of 2023, primarily due
to decreased marketing and advertising expenses. On the other hand, general and administrative expenses increased by 4%, or $0.10 million,
to $2.48 million for the six months ended June 30, 2024, from $2.38 million for the same period of 2023, primarily due to an increase
in stock compensation of $0.32 million, while the increase was partially offset by a decrease in payroll of $0.04 million and rent of
$0.04 million. In addition, research and development increased by 7300%, or $0.74 million to $0.75 million for the six months ended June
30, 2024, from $10,144 for the same period of 2023, primary due to our spending on AI-Calculation engine which is for integrating with
our AI and IT system.
Other
Expenses, Net
Other
expenses, net was $35,314 for the six months ended June 30, 2024, compared to other expenses, net of $196,649 for the same period of
2023, representing a decrease in other expenses of $161,335. The decrease in other expenses was due primarily to an increase in
foreign exchange gain by $204,310 to $70,649 for the six months ended June 30, 2024, from foreign exchange loss of $133,661 for the
same period of 2023. The increase in foreign exchange gain in 2024 from foreign exchange in 2023 loss was mainly a result of the
appreciation of U.S. dollar against Malaysian Ringgit on acquisition of AI-Calculation engine in U.S. dollars during the six months
ended June 30, 2024.
Income
Tax Expenses
Income
tax expenses were $4,876 and $2,400 for the six months ended June 30, 2024 and 2023, respectively due to minimum California state tax
incurred in US subsidiaries.
Net
Loss
As
a result of the foregoing, our net loss was $2.03 million for the six months ended June 30, 2024, compared to $1.76 million for the same
period of 2023.
Liquidity
and Capital Resources
Our
principal demands for liquidity are related to our efforts to increase sales and purchase inventory, and for expenditures related to
sales distribution and general corporate purposes. We intend to meet our liquidity requirements, including capital expenditures related
to purchase of inventories and the expansion of our business, primarily through cash flow provided by operations, collections of accounts
receivable, and credit facilities from banks.
We
rely primarily on internally generated cash flow and available working capital to support growth. We may seek additional financing in
the form of bank loans or other credit facilities or funds raised through offerings of our equity or debt, if and when we determine such
offerings are required. As of June 30, 2024, we do not have any credit facilities. We believe that our current cash and cash equivalents
and anticipated cash receipts from sales of products will be sufficient to meet our anticipated working capital requirements and capital
expenditures for the next 12 months.
We
had working capital deficit of $322,470 at June 30, 2024, a decrease of $382,527 from net working capital of $60,057 at December 31,
2023. The ratio of current assets to current liabilities was 0.92-to-1 at June 30, 2024.
The
following is a summary of cash provided by or used in each of the indicated types of activities during the six months ended June 30,
2024 and 2023:
|
|
2024 |
|
|
2023 |
|
Cash
(used in) provided by: |
|
|
|
|
|
|
|
|
Operating
activities |
|
$ |
(690,415 |
) |
|
$ |
1,429,646 |
|
Investing
activities |
|
|
- |
|
|
|
(2,468,582 |
)
|
Financing
activities |
|
|
760,000 |
|
|
|
- |
|
Net
cash used in operating activities was $0.69 million for the six months ended June 30, 2024, an increase in cash outflow by $2.12 million
from $1.43 million of cash provided by operating activities for the same period of 2023.
The
increase in cash outflow was attributable primarily to (i) a decrease in cash inflow of $2.39 million for inventory to $0.03 million
cash inflow for the six months ended June 30, 2024, from $2.42 million cash inflow for the same period of 2023, such decrease in cash
inflow being mainly a result of less purchase were made during the six months ended June 30, 2024. (ii) an increase in cash outflow of
$1.27 million for other current assets to $0.11 million cash outflow for the six months ended June 30, 2024, from $1.17 million cash
inflow for the same period of 2023, such increase in cash outflow being mainly a result of more prepayments to operating expenses during
the six months ended June 30, 2024. The increase in operating cash outflow was partially offset by an increase in cash inflow of $0.96
million for accounts receivable to $2,612 cash inflow for the six months ended June 30, 2024, from $0.96 million cash outflow for the
same period of 2023, such increase in cash inflow being mainly due to we collected the payments from our customers in timely matter.
Net
cash used in investing activities was $0 million for the six months ended June 30, 2024, a decrease in cash outflow of $2.47 million
from $2.47 million of cash used in investing activities for the same period of 2023.
We incurred cash outflow of $2.47 million from the virtual tour and web augmented reality experience software project during the six
months ended June 30, 2023.
Net
cash provided by financing activities was $0.76 million for the six months ended June 30, 2024, compared to $0 for the same period of
2023. During the six months ended June 30, 2024, we borrowed $0.36 million from a shareholder and sold 200,000 shares of common stock with the proceeds of $0.40 million for our working capital.
As
of June 30, 2024, we had gross accounts receivable of $44,918 of which $21,570 was not yet past due and $23,348 was less than 90
days past due. We had an allowance for expected credit losses of $449. As of August 6, 2024, 77.1% of accounts receivable
outstanding as of June 30, 2024 had been collected.
100%
of our accounts receivable outstanding at December 31, 2023 had been collected during the six months ended June 30, 2024.
As
of June 30, 2024 and December 31, 2023, we had advances to suppliers of $50,793 and $93,740, respectively. These supplier prepayments
are made for goods before we actually receive them.
For
a new product, the normal lead time from new product R&D, prototype, and mass production to delivery of goods from our suppliers
to us is approximately six to nine months after we make advance payments to our suppliers. For other products, the typical time is 4-6
months after our advance payment. We will consider the need for a reserve when and if a supplier fails to fulfill our orders within the
time frame as stipulated in the purchase contracts.
As
of August 6, 2024, $14,914 or 29% and $93,740 or 100% of our advances to suppliers outstanding at June 30, 2024 and December
31, 2023 had been delivered to us in the form of purchases of furniture.
Other
Long-Term Liabilities
As
of June 30, 2024, we recorded long-term taxes payable of $0.64 million, consisting of an income tax payable of $0.64 million, primarily
arising from a one-time transition tax recognized in the fourth quarter of 2017 on our post-1986 foreign unremitted earnings, as ASC
740 specifies that tax positions for which the timing of the ultimate resolution is uncertain should be recognized as long-term liabilities.
We
elected to pay the one-time transition tax over the eight years commencing April 2018.
Off-Balance
Sheet Arrangements
There
are no off-balance sheet arrangements between us and any other entity that have, or are reasonably likely to have, a current or future
effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures
or capital resources that is material to shareholders.
We
have not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties.
We have not entered into any derivative contracts that are indexed to our shares and classified as stockholders’ equity or
that are not reflected in our condensed consolidated financial statements. Furthermore, we do not have any retained or contingent
interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity.
We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support
to us or engages in leasing, hedging or research and development services with us.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
Not
required.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
We
have evaluated, under the supervision of our Chief Executive Officer (“CEO”) and our Chief Financial Officer (“CFO”),
the effectiveness of disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934 (the “Exchange Act”) as of June 30, 2024. Based on this evaluation, our CEO and CFO concluded that as
of the end of the period covered by this report, our disclosure controls and procedures were effective.
Disclosure
controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports
filed or submitted under the Exchange Act (a) is recorded, processed, summarized and reported within the time periods specified in the
SEC’s rules and forms and (b) is accumulated and communicated to management, including our CEO and CFO, as appropriate, to allow
timely decisions regarding required disclosure. Our management recognizes that any controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in
evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to
provide reasonable assurance of achieving their objectives as described above.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) that
occurred during or subsequent to the period covered by this report that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
Item
1. Legal Proceedings
The
Company has reported a federal putative class action complaint George Barney filed the Company and former and current CEOs and CFOs (Thanh
H. Lam, Ya Ming Wong, Jeffery Chuang and Yuen Ching Ho) in the United States District Court for the Central District of California, claiming
the Company violated federal securities laws and pursuing remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
and Rule 10b-5 (the “Barney Action”). That matter was resolved by the entry of an Order on January 30, 2024 certifying a
settlement class and approving a class settlement.
In
the Barney action, Company shareholders sought to assert claims on behalf of all entities purchasing stock from December 21, 2015, through
December 20, 2018, under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Securities Exchange Commission Rule 10b-5.
In support of these claims, plaintiffs alleged that defendants artificially inflated the Company’s share price by issuing a press
release announcing a strategic relationship with Shanxi Winqing Senior Care Service Group, claiming in the Company’s Annual Statements
on Form 10-Ks for the 2017 and 2018 fiscal years that Shanxi Winqing and Merlino Lewis LLP were among the Company’s largest customers,
and reporting revenues from sales transactions with these entities. Plaintiffs claimed that Shanxi Winqing was a fictitious entity and
Merlno Lewis LLP dissolved in 2013, so that the announcement of a strategic alliance was false and the reported revenues non-existent.
The
Company denied these allegations and all liability. It asserted that the entities referenced in its public disclosures were actual companies
and the revenues booked from those entities were genuine and actually collected. The Company alleged that no registration exists for
Shanxi Winqing because the Company slightly mistranslated its Chinese name in its public disclosures. Similarly, the Company claimed
to have previously sold products to Merlino Lewis LLP and failed to update its customer name when the customer restructured its business.
On
March 31, 2023, the parties filed a Renewed Stipulation of Settlement (“Renewed Stipulation”) resolving all claims asserted
in the matter. This Renewed Stipulation was executed and filed after the Court denied plaintiffs’ Motion to Certify a Settlement
Class and Approve Class Action settlement in accordance with the parties’ original Stipulation of Settlement. The substantive terms
of the settlement as they applied to the Company were not modified between the original Settlement Stipulation and the Renewed Settlement
Stipulation. The Renewed Stipulation provided for the certification of a settlement class and the Company’s payment to the settlement
class of $750,000. It also provided for the complete release of all claims by the settlement class against the Company and its directors,
officers, and employees and the other named defendants with respect to any of the matters alleged in the litigation. The Company settled
without in any manner admitting, and expressly denying, liability.
By
Order entered July 10, 2023, the Court preliminarily approved a settlement class and the proposed settlement. The settlement escrow was
then funded as specified in this Order. The funding was provided through a directors and officers liability insurance policy.
The
Court thereafter certified a settlement class and finally approved the settlement by Order entered January 30, 2024. The entry of this
Order resolved the matter as to the Company. The settlement payment was funded through insurance.
On
March 8, 2019, Jie Yuan (the “Jie Action”) filed a putative shareholder derivative lawsuit in the United States District
Court for the Central District of California, purportedly on behalf of the Company against its former and current CEOs and CFOs (Thanh
H. Lam, Ya Ming Wong, Jeffery Chuang and Yuen Ching Ho) and directors (Charlie Huy La, Bin Liu, Umesh Patel, and Min Su) and vice president
(Steven Qiang Liu) (collectively, the “Defendants”) seeking to recover any losses the Company sustains as a result of alleged
securities violations outlined in the Seeking Alpha blog and Barney securities class action complaint. Specifically, the
derivative lawsuit alleges that the Defendants caused the Company to make the alleged false and/or misleading statements giving rise
to the Barney Action. The Plaintiff also alleges that President and CEO Lam engaged in self-dealing transactions by leasing her
property to Diamond Bar, a Company subsidiary, and asserts, in conclusory fashion, that Lam, former CEO and director Ya Ming Wong, former
CFO and director Yuen Ching Ho, and director Umesh Patel sold securities during the period of time when the alleged false and/or misleading
statements were made “with knowledge of material non-public information.”
On
May 15, 2019, Wilson Samuels (the “Samuels Action”) filed a largely duplicative putative derivative complaint purportedly
on behalf of the Company against the same current and former directors and officers named in the Jie Action other than Steven Qiang Liu.
That action was filed in the United States District Court for the Central District of California. Samuels repeats the allegations of
the Complaint in the Jie Action. Additionally, Samuels claims that, in announcing its change of auditing firms in September 2016,
the Company asserted that this change was made because its existing auditor ceased auditing public companies subject to regulation in
the United States without disclosing that its new auditing firm was created in a merger of three accounting firms, including a firm whose
registration was revoked by the Public Company Accounting Oversight Board. Samuels also claims that the Company redeemed its stock in
reliance upon the same purported fraudulent recognition of revenues claimed in the putative class action. Samuels purports to state direct
claims under Sections 10(b) and 20 of the Exchange Act and SEC Rule 10b-5.
On
March 3, 2020, the defendants filed motions to stay the derivative actions until the Barney Action is resolved or alternatively to dismiss
on the grounds that plaintiffs’ failure to make demand upon the Board of Directors was not excused and the Complaints otherwise
fail to state a claim upon which relief can be granted. By Order entered April 7, 2020, the Court granted defendants’ Motion to
Stay and stayed the Jie Action until the Barney Action is resolved. The Court subsequently entered a similar Order in the Samuels Action.
It also took a motion that the derivative plaintiffs filed to consolidate the proceedings and appoint lead counsel off calendar.
With
the settlement of the Barney action, it is expected that the stay of the derivative actions will be lifted.
While
these derivative actions are purportedly asserted on behalf of the Company, when they are subsequently activated, it is possible
that the Company may directly incur attorneys’ fees and costs in advancing the costs of defense for its current directors and
officers pursuant to contractual and legal indemnity obligations. Plaintiffs also seek to require corporate governance changes. The
Company believes there is no basis to the derivative complaints and they will be vigorously defended if necessary.
Other
than the above, the Company is not currently a party to any legal proceeding, investigation or claim which, in the opinion of the management,
is likely to have a material adverse effect on the business, financial condition or results of operations.
Item
1A. Risk Factors
Not
Applicable
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item
5. Other Information
Insider
Trading Arrangements
During
the quarterly period covered by this report, none of the Company’s directors or executive
officers adopted
or terminated
any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements.
Item
6. Exhibits
EXHIBIT
INDEX
†
Filed herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
NOVA
LIFESTYLE, INC. |
|
(Registrant) |
|
|
|
Date:
August 14, 2024 |
By: |
/s/
Thanh H. Lam |
|
|
Thanh
H. Lam
Chairperson
and Chief Executive Officer
(Principal
Executive Officer) |
|
|
|
Date:
August 14, 2024 |
|
/s/
Jeffery Chuang |
|
|
Jeffery
Chuang
Chief
Financial Officer
(Principal
Financial Officer and Principal Accounting Officer) |
Exhibit
31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO SECTION 302(a)
OF
THE SARBANES-OXLEY ACT OF 2002
I,
Thanh H. Lam, certify that:
1.
|
I
have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024, of Nova Lifestyle, Inc.; |
|
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3.
|
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4.
|
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
a.
|
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
b.
|
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
c.
|
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
d.
|
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5.
|
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
|
a.
|
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
b.
|
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
By: |
/s/
Thanh H. Lam |
|
|
Thanh
H. Lam
Chairperson
and Chief Executive Officer
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT
TO SECTION 302(a)
OF
THE SARBANES-OXLEY ACT OF 2002
I,
Jeffery Chuang, certify that:
1.
|
I
have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2024, of Nova Lifestyle, Inc.; |
|
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3.
|
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4.
|
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
a.
|
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
b.
|
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
c.
|
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
d.
|
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5.
|
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
|
a.
|
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
b.
|
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
By: |
/s/
Jeffery Chuang |
|
|
Jeffery
Chuang
Chief
Financial Officer
(Principal
Financial Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Nova Lifestyle, Inc. (the “Company”) for the quarter ended June 30,
2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thanh H. Lam, Chairperson
and Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. §78m
or §78o(d)); and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
August 14, 2024 |
By: |
/s/
Thanh H. Lam |
|
|
Thanh
H. Lam
Chairperson
and Chief Executive Officer |
This
certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required
by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended.
A
signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company
and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of Nova Lifestyle, Inc. (the “Company”) for the quarter ended June 30,
2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jeffery Chuang, Chief Financial
Officer of the Company, hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. §78m
or §78o(d)); and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
August 14, 2024 |
By: |
/s/
Jeffery Chuang |
|
|
Jeffery
Chuang
Chief
Financial Officer (Principal Financial Officer) |
This
certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required
by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended.
A
signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company
and furnished to the Securities and Exchange Commission or its staff upon request.
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 12, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-36259
|
|
Entity Registrant Name |
NOVA
LIFESTYLE, INC.
|
|
Entity Central Index Key |
0001473334
|
|
Entity Tax Identification Number |
90-0746568
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
6565
E. Washington Blvd
|
|
Entity Address, City or Town |
Commerce
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
90040
|
|
City Area Code |
(323)
|
|
Local Phone Number |
888-9999
|
|
Title of 12(b) Security |
Common
Stock, par value $0.001 per share
|
|
Trading Symbol |
NVFY
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
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|
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 363,409
|
$ 369,137
|
Accounts receivable, net |
44,469
|
46,998
|
Advance to suppliers |
50,793
|
93,740
|
Inventories |
2,134,343
|
2,213,311
|
Prepaid expenses |
1,088,677
|
984,934
|
Other receivables |
30,982
|
41,265
|
Total Current Assets |
3,712,673
|
3,749,385
|
Noncurrent Assets |
|
|
Plant, property and equipment, net |
254,098
|
287,673
|
Operating lease right-of-use assets, net |
1,543,204
|
1,904,349
|
Intangible assets, net |
5,791
|
8,473
|
Lease deposit |
69,275
|
69,992
|
Goodwill |
218,606
|
218,606
|
Total Noncurrent Assets |
2,090,974
|
2,489,093
|
Total Assets |
5,803,647
|
6,238,478
|
Current Liabilities |
|
|
Accounts payable |
297,764
|
430,045
|
Operating lease liability, current |
671,988
|
701,985
|
Advance from customers |
428,736
|
306,532
|
Loan from shareholder |
369,159
|
|
Accrued liabilities and other payables |
1,136,631
|
1,100,661
|
Income tax payable |
1,130,865
|
1,150,105
|
Total Current Liabilities |
4,035,143
|
3,689,328
|
Noncurrent Liabilities |
|
|
Other Loan |
145,779
|
147,428
|
Operating lease liability, non-current |
931,405
|
1,262,256
|
Income tax payable |
643,112
|
643,112
|
Total Noncurrent Liabilities |
1,720,296
|
2,052,796
|
Total Liabilities |
5,755,439
|
5,742,124
|
Contingencies and Commitments |
|
|
Stockholders’ Equity |
|
|
Common stock, $0.001 par value; 250,000,000 shares authorized, 2,672,427 and 1,917,706 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
2,672
|
1,918
|
Additional paid-in capital |
46,062,766
|
44,402,821
|
Accumulated other comprehensive income |
438,825
|
521,425
|
Accumulated deficits |
(46,456,055)
|
(44,429,810)
|
Total Stockholders’ Equity |
48,208
|
496,354
|
Total Liabilities and Stockholders’ Equity |
$ 5,803,647
|
$ 6,238,478
|
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
Common stock, shares issued |
2,672,427
|
1,917,706
|
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2,672,427
|
1,917,706
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v3.24.2.u1
Condensed Consolidated Statements of Loss and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
|
Net Sales |
|
$ 2,688,533
|
$ 4,462,429
|
$ 5,064,926
|
$ 6,336,994
|
Cost of Sales |
|
1,493,566
|
3,015,089
|
2,853,799
|
4,228,352
|
Gross Profit |
|
1,194,967
|
1,447,340
|
2,211,127
|
2,108,642
|
Operating Expenses |
|
|
|
|
|
Selling expenses |
|
405,212
|
565,093
|
964,682
|
1,279,607
|
General and administrative expenses |
|
1,287,937
|
1,250,458
|
2,481,802
|
2,380,738
|
Research and development |
|
(518)
|
10,026
|
750,698
|
10,144
|
Total Operating Expenses |
|
1,692,631
|
1,825,577
|
4,197,182
|
3,670,489
|
Loss From Operations |
|
(497,664)
|
(378,237)
|
(1,986,055)
|
(1,561,847)
|
Other Income (Expenses) |
|
|
|
|
|
Non-operating income |
|
1,162
|
16,173
|
2,743
|
17,892
|
Foreign exchange transaction income (loss) |
|
(2,383)
|
(128,278)
|
70,649
|
(133,661)
|
Interest expense, net |
|
(8,626)
|
(1,322)
|
(12,568)
|
(3,231)
|
Financial expense |
|
(51,102)
|
(44,517)
|
(96,138)
|
(77,649)
|
Total Other Expenses, Net |
|
(60,949)
|
(157,944)
|
(35,314)
|
(196,649)
|
Loss Before Income Taxes |
|
(558,613)
|
(536,181)
|
(2,021,369)
|
(1,758,496)
|
Income Tax Expense |
|
(4,876)
|
(2,400)
|
(4,876)
|
(2,400)
|
Net Loss |
|
(563,489)
|
(538,581)
|
(2,026,245)
|
(1,760,896)
|
Other Comprehensive Loss |
|
|
|
|
|
Foreign currency translation |
|
(909)
|
(96,183)
|
(82,600)
|
(99,290)
|
Net Loss and Comprehensive Loss |
|
$ (564,398)
|
$ (634,764)
|
$ (2,108,845)
|
$ (1,860,186)
|
Weighted average shares outstanding - Basic |
[1] |
2,538,792
|
1,459,655
|
2,387,653
|
1,452,303
|
Weighted average shares outstanding - Diluted |
[1] |
2,538,792
|
1,459,655
|
2,387,653
|
1,452,303
|
Net loss per share of common stock |
|
|
|
|
|
Basic |
|
$ (0.22)
|
$ (0.37)
|
$ (0.85)
|
$ (1.21)
|
Diluted |
|
$ (0.22)
|
$ (0.37)
|
$ (0.85)
|
$ (1.21)
|
|
|
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v3.24.2.u1
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 1,440
|
$ 43,239,701
|
$ 77,242
|
|
$ 6,611,830
|
Balance, shares at Dec. 31, 2022 |
1,423,836
|
|
|
|
|
Stock issued to employees |
|
1,770
|
|
|
1,770
|
Stock issued to employees, shares |
600
|
|
|
|
|
Stock issued to consultants |
|
32,000
|
|
|
32,000
|
Stock issued to consultants, shares |
10,000
|
|
|
|
|
Stock issued to designer |
$ 20
|
58,687
|
|
|
58,707
|
Stock issued to designer, shares |
19,676
|
|
|
|
|
Foreign currency translation loss |
|
|
(99,290)
|
|
(99,290)
|
Net loss |
|
|
|
|
(1,760,896)
|
Fractional shares due to 1:5 stock split |
$ 10
|
|
|
|
10
|
Fractional shares due to 1:5 stock split, shares |
10,979
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 1,470
|
43,332,158
|
(22,048)
|
$ (38,467,449)
|
4,844,131
|
Balance, shares at Jun. 30, 2023 |
1,465,090
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 1,449
|
43,285,295
|
74,135
|
(37,928,868)
|
5,432,011
|
Balance, shares at Mar. 31, 2023 |
1,438,268
|
|
|
|
|
Stock issued to employees |
|
885
|
|
|
885
|
Stock issued to employees, shares |
300
|
|
|
|
|
Stock issued to consultants |
|
16,000
|
|
|
16,000
|
Stock issued to consultants, shares |
5,000
|
|
|
|
|
Stock issued to designer |
$ 11
|
29,978
|
|
|
29,989
|
Stock issued to designer, shares |
10,543
|
|
|
|
|
Foreign currency translation loss |
|
|
(96,183)
|
|
(96,183)
|
Net loss |
|
|
|
(538,581)
|
(538,581)
|
Fractional shares due to 1:5 stock split |
$ 10
|
|
|
|
10
|
Fractional shares due to 1:5 stock split, shares |
10,979
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 1,470
|
43,332,158
|
(22,048)
|
(38,467,449)
|
4,844,131
|
Balance, shares at Jun. 30, 2023 |
1,465,090
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 1,918
|
44,402,821
|
521,425
|
|
496,354
|
Balance, shares at Dec. 31, 2023 |
1,917,706
|
|
|
|
|
Stock issued to employees |
$ 3
|
6,447
|
|
|
6,450
|
Stock issued to employees, shares |
3,000
|
|
|
|
|
Stock issued to consultants |
$ 225
|
444,024
|
|
|
444,249
|
Stock issued to consultants, shares |
225,000
|
|
|
|
|
Stock issued to designer |
$ 26
|
59,974
|
|
|
60,000
|
Stock issued to designer, shares |
26,721
|
|
|
|
|
Stock issued to an investor |
$ 200
|
399,800
|
|
|
400,000
|
Stock issued to an investor, shares |
200,000
|
|
|
|
|
Foreign currency translation loss |
|
|
(82,600)
|
|
(82,600)
|
Net loss |
|
|
|
|
(2,026,245)
|
Acquisition of AI-Calculation Engine |
$ 300
|
749,700
|
|
|
750,000
|
Acquisition of AI-Calculation Engine, shares |
300,000
|
|
|
|
|
Balance at Jun. 30, 2024 |
$ 2,672
|
46,062,766
|
438,825
|
(46,456,055)
|
48,208
|
Balance, shares at Jun. 30, 2024 |
2,672,427
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 2,346
|
45,407,744
|
439,734
|
(45,892,566)
|
(42,742)
|
Balance, shares at Mar. 31, 2024 |
2,345,179
|
|
|
|
|
Stock issued to employees |
$ 1
|
3,224
|
|
|
3,225
|
Stock issued to employees, shares |
1,500
|
|
|
|
|
Stock issued to consultants |
$ 113
|
222,010
|
|
|
222,123
|
Stock issued to consultants, shares |
112,500
|
|
|
|
|
Stock issued to designer |
$ 12
|
29,988
|
|
|
30,000
|
Stock issued to designer, shares |
13,248
|
|
|
|
|
Stock issued to an investor |
$ 200
|
399,800
|
|
|
400,000
|
Stock issued to an investor, shares |
200,000
|
|
|
|
|
Foreign currency translation loss |
|
|
(909)
|
|
(909)
|
Net loss |
|
|
|
(563,489)
|
(563,489)
|
Balance at Jun. 30, 2024 |
$ 2,672
|
$ 46,062,766
|
$ 438,825
|
$ (46,456,055)
|
$ 48,208
|
Balance, shares at Jun. 30, 2024 |
2,672,427
|
|
|
|
|
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flows From Operating Activities |
|
|
Net loss |
$ (2,026,245)
|
$ (1,760,896)
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
Depreciation and amortization |
29,691
|
66,812
|
Amortization of operating lease right-of-use assets |
359,086
|
392,146
|
Write down of inventories |
44,253
|
108,785
|
Stock based compensation expense |
497,794
|
93,770
|
Research and development |
750,000
|
|
Changes in allowance for expected credit losses |
(83)
|
(196)
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
2,612
|
(958,457)
|
Advance to suppliers |
42,947
|
(36,716)
|
Inventories |
34,714
|
2,420,468
|
Other current assets |
(109,576)
|
1,165,396
|
Operating lease liabilities |
(358,790)
|
(389,840)
|
Accounts payable |
(132,281)
|
261,883
|
Advance from customers |
124,889
|
20,905
|
Accrued liabilities and other payables |
50,574
|
132,908
|
Taxes payable |
|
(87,322)
|
Net Cash provided by (Used in) Operating Activities |
(690,415)
|
1,429,646
|
Cash Flows From Investing Activities |
|
|
Purchase of intangible assets |
|
(2,468,582)
|
Net Cash Used in Investing Activities |
|
(2,468,582)
|
Cash Flows From Financing Activities |
|
|
Proceed from loan from a shareholder |
360,000
|
|
Proceed from issuing common stocks |
400,000
|
|
Net Cash Provided by Financing Activities |
760,000
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
(75,313)
|
106,867
|
Net Decrease in Cash and Cash Equivalents |
(5,728)
|
(932,069)
|
Cash and Cash Equivalents, Beginning of Period |
369,137
|
1,374,167
|
Cash and Cash Equivalents, Ending of Period |
363,409
|
442,098
|
Supplemental Disclosure of Cash Flow Information |
|
|
Income tax payments |
4,800
|
202,288
|
Interest expense |
$ 9,368
|
$ 3,400
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
Net Income (Loss) |
$ (563,489)
|
$ (538,581)
|
$ (2,026,245)
|
$ (1,760,896)
|
X |
- ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K -Number 229 -Section 402 -Subsection v -Paragraph 1
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v3.24.2.u1
Organization and Description of Business
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Description of Business |
Note
1 - Organization and Description of Business
Organization
and Business
Nova
LifeStyle, Inc. (“Nova LifeStyle” or the “Company”), formerly known as Stevens Resources, Inc., was incorporated
in the State of Nevada on September 9, 2009.
The
Company is a U.S. holding company with no material assets other than the ownership interests of its subsidiaries through which it markets,
designs and sells furniture worldwide: Nova Furniture Limited domiciled in the British Virgin Islands (“Nova Furniture”),
Nova Furniture Ltd. domiciled in Samoa (“Nova Samoa”), Diamond Bar Outdoors, Inc. domiciled in California (“Diamond
Bar”), i Design Blockchain Technology, Inc. domiciled in California (“i Design”) and Nova Living (M) SDN. BHD. domiciled
in Malaysia (“Nova Malaysia”). The Company had three former subsidiaries Bright Swallow International Group Limited domiciled
in Hong Kong (“Bright Swallow” or “BSI”) which was sold in January 2020, Nova Furniture Macao Commercial Offshore
Limited domiciled in Macao (“Nova Macao”) which was de-registered and liquidated in January 2021 and Nova Living (HK) Group
Limited domiciled in Hong Kong (“Nova HK”) which was de-registered and liquidated in February 2023.
Nova
Macao was organized under the laws of Macao on May 20, 2006, and was a wholly owned subsidiary of Nova Furniture. Nova Macao was a trading
company, importing, marketing and selling products designed and manufactured by third-party manufacturers for the international market.
Diamond Bar was incorporated in California on June 15, 2000. Diamond Bar markets and sells products manufactured by third-party manufacturers
under the Diamond Sofa brand to distributors and retailers principally in the U.S. market.
On
December 7, 2017, Nova LifeStyle incorporated i Design Blockchain Technology, Inc. (“i Design”) under the laws of the State
of California. The purpose of i Design is to build the Company’s own blockchain technology team. This company will focus on the
application of blockchain technology in the furniture industry, including encouraging and facilitating interactions among designers and
customers, and building a blockchain-powered platform that enables designers to showcase their products, including current and future
furniture designs. This company is in the planning stage and has had minimal operations through December 31, 2023.
On
December 12, 2019, Nova LifeStyle acquired Nova Malaysia at cost of $1.00 which was incorporated in Malaysia on July 26, 2019. The purpose
of this acquisition was to market and sell high-end physiotherapeutic jade mats in Malaysia.
On
January 7, 2020, the Company transferred its entire interest in Bright Swallow to Y-Tone (Worldwide) Limited, an unrelated third party,
for cash consideration of $2,500,000, pursuant to a formal agreement entered into on January 7, 2020. The Company received the payment
on May 11, 2020.
On
October 14, 2020, the Macao Trade and Investment Promotion Institute invalidated licenses for offshore companies under an Order of Repeal
of Legal Regime of the Offshore Services by Macao Special Administrative Region. Nova Macao then entered into a de-registration process
and its business was taken over by Nova HK. Nova Macao completed the de-registration and liquidation process in January 2021.
On
November 5, 2020, Nova LifeStyle acquired Nova HK at cost of $1,290
which was incorporated in Hong Kong on November 6, 2019. This company had minimal operations other than to take over the business of Nova Macao. On February 15, 2022, the Company
transferred its entire assets and business in Nova HK to Nova Malaysia, a subsidiary of the Company. In February 2023, Nova HK was
completed the process of de-registration and liquidation.
The
“Company” and “Nova” collectively refer to Nova LifeStyle, the U.S. parent, and its subsidiaries, Nova Furniture,
Nova Samoa, Diamond Bar, i Design, Nova HK and Nova Malaysia.
Going
Concern
The
accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis and following GAAP in
the U.S. The going concern basis of presentation assumes that the Company will continue in operation one year after the date these financial
statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.
The Company incurred a net loss of $2.03 million and $1.76 million for the six months ended June 30, 2024 and 2023, respectively; and
$0.56 million and $0.54 million for the three months ended June 30, 2024 and 2023, respectively. The accumulated deficit of the Company
was $46.46 million and $44.43 million as of June 30, 2024 and December 31, 2023. Net cash balance decreased to $0.36 million for the
six months ended June 30, 2024 from $0.37 million for the year ended December 31, 2023. Continuation as a going concern is dependent
upon the ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal
business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters
cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able to continue as a going
concern.
The
Company has faced ongoing losses from operations, and significant cash outflows from cash used in operating activities in past years.
The Company lacks assurance regarding its ability to achieve profitability or secure essential financing for its operations. Considering
these principal conditions, the Company’s management has determined that it is probable the Company might encounter challenges
in meeting its obligations within one year after the issuance of financial statements, primarily due to insufficient cash flow. Therefore,
the Company must assess the probability that its plans will effectively alleviate the substantial doubt.
The
Company management has the following plans to alleviate the substantial doubt: the Company will participate in four major U.S.
furniture fairs every year to seek new customers to increase the Company’s sales. To augment diversified revenue streams, the
Company’s subsidiary Nova Malaysia has engaged in the development of an innovative home decoration design IT software systems.
Besides, in the second half of this year, the Company plans to raise money from the market to increase cash flow and investment
capital in addition to the private placement during the second quarter.
|
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.24.2.u1
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 - Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange
Commission (“SEC”) regarding interim financial reporting. The unaudited condensed consolidated financial statements include
the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated
in consolidation.
The
interim unaudited condensed consolidated financial statements as of June 30, 2024 and for the six and three-month periods ended June
30, 2024 and 2023 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and
footnote disclosures, which are normally included in condensed consolidated financial statements prepared in accordance with U.S.
GAAP have been condensed or omitted pursuant to such rules and regulations. The interim unaudited condensed consolidated financial
information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2023, previously filed with the SEC on April 15, 2024.
In
the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair
statement of the Company’s interim unaudited condensed consolidated financial position as of June 30, 2024, its interim unaudited
condensed consolidated results of operations and cash flows for the six and three-month periods ended June 30, 2024 and 2023, as applicable,
have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or
any future periods.
Reverse
split
On
May 22, 2023, the Company filed a Certificate of Change with the Secretary of State of Nevada with an effective date of May 22, 2023,
at which time a 1-for-5 reverse stock split of the Company’s authorized shares of common stock, par value $0.001, accompanied by
a corresponding decrease in the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”),
shall be effected. All references to shares and per share data have been retroactively restated to reflect such split.
Amendments
to Articles of Incorporation
On
September 5, 2023, the Company filed the Certificate of Change (the “Amendment”) with the Secretary of State for the State
of Nevada to amend its Articles of Incorporation to increase the amount of authorized shares of its common stock, par value $0.001 per
share, from 3,000,000 to 250,000,000. The Amendment was approved by the Company’s Board of Directors (the “Board”)
on June 28, 2023 and by the shareholders at a special meeting of the Company’s shareholders held on August 31, 2023. The Amendment
does not affect the rights of the Company’s shareholders and was effective immediately upon filing.
Use
of Estimates
In
preparing unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the
unaudited condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting
period. Significant estimates and assumptions made by management include, but are not limited to, revenue recognition, the allowance
for expected credit losses, valuation of inventories, the valuation of stock-based compensation, income taxes and unrecognized tax benefits,
valuation allowance for deferred tax assets, assumptions used in assessing impairment of long-lived assets and goodwill, and loss contingencies.
Actual results could differ from those estimates.
Business
Combination
For
a business combination, the assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree are recognized at
the acquisition date and measured at their fair values as of that date. In a business combination achieved in stages, the identifiable
assets and liabilities, as well as the noncontrolling interest in the acquiree, are recognized at the full amounts of their fair values.
In a bargain purchase in which the total acquisition-date fair value of the identifiable net assets acquired exceeds the fair value of
the consideration transferred plus any noncontrolling interest in the acquiree, that excess in earnings is recognized as a gain attributable
to the acquirer.
Deferred
tax liability and assets are recognized for the deferred tax consequences of differences between the tax bases and the recognized values
of assets acquired and liabilities assumed in a business combination in accordance with Accounting Standards Codification (“ASC”)
Topic 740-10.
Goodwill
Goodwill
is the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses
acquired. In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for
impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed
at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds its
fair value, with the fair value of the reporting unit determined using discounted cash flow (“DCF”) analysis. A number of
significant assumptions and estimates are involved in the application of the DCF analysis to forecast operating cash flows, including
the discount rate, the internal rate of return and projections of realizations and costs to produce. Management considers historical
experience and all available information at the time the fair values of its reporting units are estimated.
ASC
Topic 350 also permits an entity to first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood
of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is more
likely than not that the fair value of a reporting unit is less than its carrying amount, then the single step goodwill impairment test
is required to be performed. Otherwise, no further testing is required. Performing the qualitative assessment involved identifying the
relevant drivers of fair value, evaluating the significance of all identified relevant events and circumstances, and weighing the factors
to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. After evaluating
and weighing all these relevant events and circumstances, it was concluded that a positive assertion can be made from the qualitative
assessment that it is more likely than not that the fair value of Diamond Bar is greater than its carrying amount. As such, it is not
necessary to perform the single step goodwill impairment test for the Diamond Bar reporting unit. Accordingly, as of June 30, 2024 and
December 31, 2023, the Company concluded there was no impairment of goodwill of Diamond Bar.
Intangible
Assets
Intangible
assets consist primarily of computer software acquired for internal use. Acquired intangible assets are initially recorded at the acquisition-date
fair value. Intangible assets are amortized on a straight-line basis over their estimated useful lives and are carried at cost less accumulated
amortization. The estimated useful life of computer software are generally from 5 years.
Cash
and Cash Equivalents
For
purposes of the statement of cash flows, the Company considers cash, money market funds, investments in interest bearing demand deposit
accounts, time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.
The
Company’s cash is maintained at financial institutions in the United States of America. Deposits in these financial institutions
may, from time to time, exceed the Federal Deposit Insurance Corporation (“FDIC”)’s federally insured limits. The standard
insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The bank deposits exceeding the standard
insurance amount will not be covered. As of June 30, 2024 and December 31, 2023, cash balances held in the banks, exceeding the standard
insurance amount, are $0 and $0, respectively. The Company has not experienced any losses in accounts held in these financial institutions
and believes it is not exposed to any risks on its cash held in these financial institutions.
Accounts
Receivable
The
Company’s accounts receivable arises from product sales. The Company does not adjust its receivables for the effects of a significant
financing component at contract inception if it expects to collect the receivables in one year or less from the time of sale. The Company
does not expect to collect receivables greater than one year from the time of sale.
The
Company’s policy is to maintain an allowance for expected credit losses on accounts receivable. Management reviews the composition
of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends
and changes in customer payment patterns to evaluate the adequacy of these reserves.
Accounts
receivable consisted of the following as of the date indicated:
Schedule of Allowance for Credit Losses
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Accounts receivable | |
$ | 44,918 | | |
$ | 47,530 | |
Less: allowance for credit losses | |
| (449 | ) | |
| (532 | ) |
Total accounts receivable, net | |
$ | 44,469 | | |
$ | 46,998 | |
The
expected credit losses (reversal) provision for the six months ended June 30, 2024 and 2023 was ($83) and
($196),
respectively; ($924)
and
$65
for
the three months ended June 30, 2024 and 2023, respectively.
Advances
to Suppliers
Advances
to suppliers represent amounts paid to suppliers in advance for goods that are yet to be delivered and from which future economic benefits
are expected to flow to the Company within the normal operating cycle. Based on its historical record and in normal circumstances, the
Company receives goods within 4 to 6 months from the date the advance payment is made. During the six months ended June 30, 2024 and
December 31, 2023, no provision was made on advances to suppliers.
Inventories
Inventories
are stated at the lower of cost and net realizable value, with cost determined on a weighted-average basis. Write-down of potential obsolete
or slow moving inventories is recorded based on management’s assumptions about future demands and market conditions. For the six
months ended June 30, 2024 and 2023, the Company wrote down $44,253 and $108,785 of slow-moving inventory, respectively and $5,271 and
$23,113 for the three months ended June 30, 2024 and 2023, respectively. The inventory write-down is included in “Cost of Sales”
in the unaudited condensed consolidated statements of loss and comprehensive loss.
Plant,
Property and Equipment
Property,
plant, and equipment are stated at cost, net of accumulated depreciation and impairment losses, if any. Expenditures for maintenance
and repairs are expensed as incurred, while additions, renewals and improvements are capitalized. When property and equipment are retired
or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts, and any gain or loss
is included in operations. Depreciation of property and equipment is provided using the straight-line method for substantially all assets
with no salvage value and estimated lives as follows:
Schedule of Plant, Property and Equipment Estimated Lives Under Straight - line Method
Computer
and office equipment |
5
- 10 years |
Decoration
and renovation |
5
- 10 years |
Impairment
of Long-Lived Assets
Long-lived
assets, which include property, plant and equipment and operating lease right-of-use assets, are reviewed for impairment whenever events
or changes in circumstances indicate the carrying amount of an asset may not be recoverable.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair
value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying
amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment
or Disposal of Long-Lived Assets.” ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which
identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against
the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable,
an impairment charge is measured as the amount by which the carrying amount of the asset group asset group exceeds its fair value based
on discounted cash flow analysis or appraisals. There was no impairment of long-lived assets for the six months ended June 30, 2024 and
December 31, 2023.
Research
and Development
Research
and development costs are related primarily to the Company designing and testing its new products during the development stage.
During 2023, the Company has been developing Virtual and Augmented reality software and AI system for potential consulting business.
In addition, during the six months ended June 30, 2024, the Company acquired an IT system for AI-Calculation Engine which was
integrated into our current IT system (see Note 11). The entire system is far from complete as it requires to integrate with other
components in order to be functional. It is still in development stage and not in operation. Research and development costs are
recognized in general and administrative expenses and expensed as incurred. Research and development expenses were $0.75
million and $10,144
for the six months ended June 30, 2024 and 2023, respectively; and ($518)
and $10,026
for the three months ended June 30, 2024 and 2023, respectively.
Income
Taxes
In
its interim financial statements, the Company follows the guidance in ASC 270 “Interim Reporting” and ASC 740
“Income Taxes” whereby the Company utilizes the expected annual effective rate in determining its income tax provision.
The income tax expense for the six months ended June 30, 2024 and 2023 are $4,876
and $2,400,
respectively; and $4,876 and $2,400 for the three months ended June 30, 2024 and 2023,
respectively, are primarily related to quarter-to-date income generated from domestic and foreign operation.
Income
taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The
Company follows ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on recognition of income tax assets
and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated
with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
Under
the provisions of ASC Topic 740, when tax returns are filed, it is highly certain that some positions taken would be sustained upon examination
by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position
that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which,
based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination,
including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions.
Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more
than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated
with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits
in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon
examination.
Nova
Lifestyle, Inc. and Diamond Bar are subject to U.S. federal and state income taxes. Nova Furniture BVI was incorporated in the BVI
and Nova Samoa was incorporated in Samoa. There is no income tax for companies domiciled in the BVI and Samoa. Accordingly, the
Company’s condensed consolidated financial statements do not present any income tax provisions related to the BVI and Samoa
tax jurisdictions where Nova Furniture BVI and Nova Samoa are domiciled. Nova Malaysia is incorporated in Malaysia and is subject to
Malaysia income taxes at the statutory rate of 24%.
The
Tax Cuts and Jobs Act of 2017 (the “Act”) created new taxes on certain foreign-sourced earnings such as global intangible
low-taxed income (“GILTI”) under IRC Section 951A, which is effective for the Company for tax years beginning after January
1, 2018. For the six months ended June 30, 2024 , the Company has calculated its best estimate of the impact of the GILTI
in its income tax provision in accordance with its understanding of the Act and guidance available as of the date of this filing.
On
December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal
Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning
after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a modified territorial system,
and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017.
On
March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act contains numerous income tax provisions,
such as relaxing limitations on the deductibility of interest and the use of net operating losses (NOLs) arising in taxable years beginning
after December 31, 2017.
Beginning
in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures immediately in the year
incurred and requires taxpayers to amortize such expenditures over five years. While it is possible that Congress may defer, modify,
or repeal this provision, potentially with retroactive effect, we have no assurance that this provision will be deferred, modified, or
repealed. Furthermore, in anticipation of the new provision taking effect, we have analyzed the provision and worked with our advisors
to evaluate its application to our business. Since all research and development expenditures were incurred within the U.S. and the amount
is immaterial, we do not anticipate it having any material impact to our provision.
As
of June 30, 2024 and December 31, 2023, the accumulated undistributed loss generated by its foreign subsidiaries were approximately $25.2
million and $25.4 million of which substantially all was previously subject to U.S. tax, the one-time transition tax on foreign unremitted
earnings required by the Tax Act, or GILTI. Those earnings are considered to be permanently reinvested and accordingly, no deferred tax
expense is recorded for U.S. federal and state income tax or applicable withholding taxes.
As
of June 30, 2024 and 2023, unrecognized tax benefits were approximately $0. The total amount of unrecognized tax benefits that, if recognized,
would favorably affect the effective tax rate was $0 as of June 30, 2024 and 2023.
A
reconciliation of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) for the six months ended June
30, 2024 and 2023, is as follows:
Schedule of Unrecognized Tax Benefits
|
|
|
Gross
UTB |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance
– January 1 and June 30 |
|
$ |
- |
|
$ |
- |
|
As
of June 30, 2024 and December 31, 2023, the Company had cumulatively accrued approximately $0 for estimated interest and penalties related
to unrecognized tax benefits. The Company recorded interest and penalties related to unrecognized tax benefits as a component of income
tax benefit, which totaled $0 and $0 for the six and three months ended June 30, 2024 and 2023, respectively, related to the Company’s
continuing operations. The Company does not anticipate any significant changes to its unrecognized tax benefits within the next 12 months.
Nova
Lifestyle and Diamond Bar are subject to U.S. federal and state income taxes and tax years 2020-2023 remain open to examination by tax
authorities in the U.S.
Revenue
Recognition
The
Company recognizes revenues when its customers obtain control of promised goods or services, in an amount that reflects the consideration
which it expects to receive in exchange for those goods. The Company recognizes revenues following the five-step model prescribed under
ASC-606: (i) identifies contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the
transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenues when
(or as) it satisfies the performance obligation.
Revenues
from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time,
typically upon shipment to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected
amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.
Revenues
from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts
with the Company’s customers.
Product
revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts,
returns and rebates. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified
as reductions of accounts receivable as the amount is payable to the Company’s customer.
The
Company’s sales policy allows for product returns within the warranty period if the product is defective and the defects are the
Company’s fault. As alternatives to the product return option, the customers have the option of requesting a discount from the
Company for products with quality issues or of receiving replacement parts from the Company at no cost. The amount for product returns,
the discount provided to the Company’s customers, and the costs for replacement parts were immaterial for the six and three months
ended June 30, 2024 and 2023.
In
February 2023, the Company entered into a sales contract to transfer its entire inventory of Jade Mats, with the net realized value of
$1.54 million to Shopants Sdn Bhd, an unrelated third party, for cash consideration of $2.00 million. The Company agreed to deliver the
Jade Mats on May 20, 2023, May 31, 2023 and June 15, 2023. On June 30, 2023, the Company delivered all the Jade Mats to Shopants Sdn
Bhd and recorded as revenue accordingly.
Cost
of Sales
Cost
of sales consists primarily of costs of finished goods purchased from third-party manufacturers and write-downs of inventory.
Shipping
and Handling Costs
Shipping
and handling costs related to delivery of finished goods are included in selling expenses. During the six months ended June 30, 2024
and 2023, shipping and handling costs were $1,515 and ($555), respectively; and $859 and ($194) for the three months ended June 30, 2024
and 2023, respectively.
Advertising
Advertising
expenses consist primarily of costs of promotion and marketing for the Company’s image and products, and costs of direct advertising,
and are included in selling expenses. The Company expenses all advertising costs as incurred. Advertising expense was $255,875 and $619,465
for the six months ended June 30, 2024 and 2023, respectively; and $30,414 and $207,890 for the three months ended June 30, 2024 and
2023, respectively.
Share-based
Compensation
The
Company accounts for share-based compensation awards to officers, directors, employees, and for acquiring goods and services from nonemployees
in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment
transactions be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over
the vesting period. The Company accounts for forfeitures when they occur.
Earnings
per Share (EPS)
Basic
EPS is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed
similar to basic net income per share except that the denominator is increased to include the number of additional common shares that
would have been outstanding if all the potential common shares pertaining to warrants, stock options, and similar instruments had been
issued and if the additional common shares were dilutive. Diluted earnings per share are based on the assumption that all dilutive convertible
shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method for the
outstanding unvested restricted stock, options and warrants, and the if-converted method for the outstanding convertible instruments.
Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance,
if later) and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the
if-converted method, outstanding convertible instruments are assumed to be converted into common stock at the beginning of the period
(or at the time of issuance, if later).
The
following table presents a reconciliation of basic and diluted loss per share for the six and three months ended June 30, 2024
and 2023:
Schedule of Reconciliations of Basic and Diluted Loss Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, |
|
Three
Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(2,026,245 |
) |
|
$ |
(1,760,896 |
) |
|
(563,489 |
) |
|
(538,581 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding – Basic and Diluted * |
|
|
2,387,653 |
|
|
|
1,452,303 |
|
|
2,538,792 |
|
|
1,459,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and Diluted |
|
$ |
(0.85 |
) |
|
$ |
(1.21 |
) |
|
(0.22 |
) |
|
(0.37 |
) |
* |
Including 0
shares that were granted and vested but not yet issued for the six and three months ended June 30, 2024 and 2023,
respectively. |
For
the six and three months ended June 30, 2024, 1,500 shares of unvested restricted stock,
vested stock options to purchase 13,400 shares of the Company’s common stock, and
245,192 shares exercisable under warrants were excluded from the EPS calculation, as their
effect were anti-dilutive.
For
the six and three months ended June 30, 2023, 300 shares of unvested restricted stock, vested stock options to purchase 26,800 shares
of common stock of the Company, and 245,192 shares exercisable under warrants were excluded
from the EPS calculation, as their effects were anti-dilutive.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts receivable
and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts
periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.
The
following table sets forth information as to the Company’s customers that accounted for 10% or more of the Company’s sales
and accounts receivable for the six and three months ended June 30, 2024 and 2023.
Schedule
of Concentration Credit Risk
Six
Months Ended June 30, 2024 | |
Three
Months Ended June 30, 2024 | | |
As
of June 30, 2024 | |
Customer | |
Percentage
of Total
Sales | | |
Customer | | |
Percentage
of Total
Sales | | |
Percentage
of accounts receivable | |
A | |
| 2 | % | |
| A | | |
| 2 | % | |
| 19 | % |
B | |
| - | % | |
| B | | |
| - | % | |
| 30 | % |
C | |
| - | % | |
| C | | |
| - | % | |
| - | % |
D | |
| - | % | |
| D | | |
| - | % | |
|
| % |
Six
Months Ended June 30, 2023 | |
Three
Months Ended June 30, 2023 | | |
As
of June 30, 2023 | |
Customer | |
Percentage
of Total
Sales | | |
Customer | | |
Percentage
of Total
Sales | | |
Percentage
of accounts receivable | |
A | |
| 2 | % | |
| A | | |
| 1 | % | |
| - | % |
B | |
| 1 | % | |
| B | | |
| 1 | % | |
| - | % |
C | |
| 31 | % | |
| C | | |
| 45 | % | |
| 77 | % |
D | |
| - | % | |
| D | | |
| - | % | |
| 16 | % |
No
customer accounted for 10% or more of the Company’s sales for the six and three months ended June 30, 2024;
and one customer accounted for 31% and 45% of the Company’s sales for the six and three months ended June 30, 2023, respectively.
Two
customers accounted for 19%
and 30% of the Company’s gross accounts receivable as of June 30, 2024, respectively. Two customers accounted for 77%
and 16%
of the Company’s gross accounts receivable as of June 30, 2023, respectively.
The
following table sets forth information as to the Company’s suppliers that accounted for 10% or more of the Company’s total
purchases, accounts payable and advance to suppliers for the six and three months ended June 30, 2024 and 2023.
Six Months Ended June 30, 2024 | |
Three Months Ended June 30, 2024 | | |
As of June 30, 2024 | | |
As of June 30. 2024 | |
Supplier | |
Percentage of Total Purchases | | |
Supplier | | |
Percentage of Total Purchases | | |
Balance of Accounts Payable | | |
Balance of Advance to Supplier | |
A | |
| 12 | % | |
| A | | |
| 20 | % | |
$ | 26,402 | | |
| - | |
B | |
| 6 | % | |
| B | | |
| 5 | % | |
| - | | |
| - | |
C | |
| 7 | % | |
| C | | |
| 8 | % | |
| - | | |
| - | |
Six Months Ended June 30, 2023 | |
Three Months Ended June 30, 2023 | | |
As of June 30, 2023 | | |
As of June 30. 2023 | |
Supplier | |
Percentage of Total Purchases | | |
Supplier | | |
Percentage of Total Purchases | | |
Balance of Accounts Payable | | |
Balance of Advance to Supplier | |
A | |
| 14 | % | |
| A | | |
| 7 | % | |
$ | 45,859 | | |
| - | |
B | |
| 22 | % | |
| B | | |
| 27 | % | |
$ | 141,849 | | |
| - | |
C | |
| 9 | % | |
| C | | |
| 12 | % | |
| - | | |
| - | |
The
Company purchased its products from one major vendor, accounting for 12% and 20% during the six and three months ended June 30, 2024,
respectively. The Company purchased its products from two major vendors during the six and three months ended June 30, 2023, respectively,
accounting for a total of 36%
(22% and 14%) and 39%
(27% and 12%), respectively.
Advances
made to these major vendors were $0
as of June 30, 2024 and June 30, 2023, respectively.
Accounts payable to these major vendors were $26,402 and $187,708 as of June 30, 2024 and June 30, 2023, respectively.
Fair
Value of Financial Instruments
ASC
Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments
held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation
hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying
amounts reported in the condensed consolidated balance sheets for receivables and current liabilities each qualify as financial
instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such
instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are
defined as follows:
● |
Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
● |
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
● |
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
The
carrying value of cash, accounts receivable, advances to suppliers, other receivables, accounts payable, advance from customers, other
payables and accrued liabilities approximate estimated fair values because of their short maturities.
Foreign
Currency Translation and Transactions
The
accompanying consolidated financial statements are presented in United States Dollar (“$”
or “USD”), which is also the functional currency of Nova LifeStyle, Nova Furniture, Nova Samoa, Diamond Bar, and i Design.
The
Company’s subsidiary with operations in Malaysia uses its local currency, the Malaysian Ringgit (“RM”), as its functional
currency. An entity’s functional currency is the currency of the primary economic environment in which it operates, which is the
currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine
the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company
transactions and arrangements.
Foreign
currency transactions denominated in currencies other than the functional currency are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the balance sheet date are re-measured at the applicable rates of exchange in effect at that date. Gains and losses resulting from foreign
currency re-measurement are included in the statements of operations.
The
financial statements are presented in U.S. dollars. Assets and liabilities are translated into U.S. dollars at the current exchange rate
in effect at the balance sheet date, and revenues and expenses are translated at the average of the exchange rates in effect during the
reporting period. Stockholders’ equity accounts are translated using the historical exchange rates at the date the entry to stockholders’
equity was recorded, except for the change in retained earnings during the period, which is translated using the historical exchange
rates used to translate each period’s income statement. Differences resulting from translating functional currencies to the reporting
currency are recorded in accumulated other comprehensive income in the balance sheets.
Translation
of amounts from RM into U.S. dollars has been made at the following exchange rates:
Schedule of Exchange Rates
Balance
sheet items, except for equity accounts |
|
|
June
30, 2024 |
|
RM
4.72 to 1 |
December
31, 2023 |
|
RM
4.59 to 1 |
|
|
|
Income
Statement and cash flow items |
|
|
For
the six months ended June 30, 2024 |
|
RM
4.73 to 1 |
For
the six months ended June 30, 2023 |
|
RM
4.46 to 1 |
Segment
Reporting
ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management
approach model is based on the way a company’s chief operating decision maker organizes segments within the company for making
operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography,
legal structure, management structure, or any other manner in which management disaggregates a company.
Management
determined that the Company’s operations constitute a single reportable segment in accordance with ASC 280. The Company operates
exclusively in one business and industry segment: the design and sale of furniture.
Management
concluded that the Company had one reportable segment under ASC 280 because Diamond Bar is a furniture distributor based in California
focusing on customers in the United States and Nova Malaysia is a furniture retailer and distributor focusing on customers primarily
in Malaysia. They are all operated under the same senior management of the Company, and management views the operations of Diamond Bar
and Nova Malaysia as one entity for making business decisions.
All
of the Company’s long-lived assets are mainly property, plant and equipment located in the United States and Malaysia and are utilized
for administrative purposes.
Net
sales to customers by geographic area are determined by reference to the physical product shipment delivery locations requested by the
customers. For example, if the products are delivered to a customer in the United States, the sales are recorded as generated in the
United States; if the customer directs us to ship its products to China, the sales are recorded as sold in China.
Leases
The
Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on
the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the
rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate
based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use
(“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and
lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized
based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the
lease term.
ROU
assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject
to the impairment guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.
ROU
assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent
from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used,
which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets
and liabilities.
The
Company recognized no impairment of ROU assets as of June 30, 2024 and December 31, 2023.
The
operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current
on the condensed consolidated balance sheets at June 30, 2024 and December 31, 2023.
Reclassification
Certain
prior period accounts have been reclassified in conformity with current period’s presentation.
Recent
Accounting Pronouncements
Recently
Adopted Accounting Standards
In
January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment
(“ASU 2017-04”). ASU 2017-04 eliminates Step 2 of the two-step goodwill impairment test, under which a goodwill impairment
loss was measured by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill.
ASU 2017-04 requires only a one-step quantitative impairment test, whereby a goodwill impairment loss is measured as the excess of a
reporting unit’s carrying amount over its fair value (not to exceed the total goodwill allocated to that reporting unit). This
Update is effective for smaller reporting companies for their annual or any interim goodwill impairment tests in fiscal years beginning
after December 15, 2022, which is required to be applied prospectively from the date of adoption. The Company adopted ASU 2017-04 for
its interim and annual goodwill impairment tests beginning January 1, 2023. The adoption of ASU 2017-04 did not have any impact on our
unaudited condensed consolidated financial statements.
Recently
Issued But Not Yet Adopted Accounting Pronouncements
In
March 2023, the FASB issued ASU 2023-01, Lease (Topic 842): Common Control Arrangements, which clarifies the accounting for leasehold
improvements associated with leases between entities under common control (hereinafter referred to as common control lease). ASU 2023-01
requires entities to amortize leasehold improvements associated with common control lease over the useful life to the common control
group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease, and to account for
any remaining leasehold improvements as a transfer between entities under common control through an adjustment to equity when the lessee
no longer controls the underlying asset. This ASU will be effective for fiscal years beginning after December 15, 2023, including interim
periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been
made available for issuance. An entity may apply ASU 2023-01 either prospectively or retrospectively. The Company is currently evaluating
the impact that the adoption of ASU 2023-01 will have on our unaudited condensed consolidated financial statement presentations and disclosures.
ln
December 2023, the FASB issued Accounting Standards Update No.2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”
(“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories
in the rate reconciliation,(2) the income or loss from continuing operations before income tax expense or benefit (separated between
domestic and foreign) and (3)income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU
2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among
other changes. The guidance is effective for annual period beginning after December 15, 2024. Early adoption is permitted for annual
financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis,
but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on
its unaudited condensed consolidated financial statements and related disclosures.
The
Company’s management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently
adopted, would have a material impact on the Company’s financial statement presentation or disclosures.
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Inventories
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories |
Note
3 - Inventories
The
inventories as of June 30, 2024 and December 31, 2023 totaled $2,134,343 and $2,213,311, respectively, and consisted entirely of finished
goods.
Inventories
are stated at the lower of cost and net realizable value, with cost determined on a weighted-average basis. Write-down of potential obsolete
or slow moving inventories is recorded based on management’s assumptions about future demands and market conditions. For the six
months ended June 30, 2024 and 2023, the Company wrote-down $44,253 and $108,785 of slow-moving
inventory, respectively; and $5,271 and $23,113 of slow-moving inventory for the three months ended June 30, 2024 and 2023, respectively.
The inventory write-down is included in “Cost of Sales” in the unaudited condensed consolidated statements of loss and comprehensive
loss.
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v3.24.2.u1
Plant, Property and Equipment, Net
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Plant, Property and Equipment, Net |
Note
4 - Plant, Property and Equipment, Net
As
of June 30, 2024 and December 31, 2023, plant, property and equipment consisted of the following:
Schedule of Plant, Property and Equipment
|
|
June
30, 2024 |
|
December
31, 2023 |
|
Computer
and office equipment |
|
$ |
253,769 |
|
$ |
255,352 |
|
Decoration
and renovation |
|
|
369,334 |
|
|
378,237 |
|
Property plant and equipment gross |
|
|
623,103 |
|
|
633,589 |
|
Less:
accumulated depreciation |
|
|
(369,005 |
) |
|
(345,916 |
) |
Property plant and equipment
net |
|
$ |
254,098 |
|
$ |
287,673 |
|
Depreciation
expense was $27,009 and $36,258 for the six months ended June 30, 2024 and 2023, respectively; and $13,493 and $17,840 for the three
months ended June 30, 2024 and 2023, respectively.
For
six months ended June 30, 2024 and 2023, the Company disposed of $0 of office equipment and decoration and renovation, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.2.u1
Intangible Assets
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
Note
5 – Intangible Assets
As
of June 30, 2024 and December 31, 2023, intangible assets consisted of the following:
Schedule of Intangible Assets
|
|
June
30, 2024 |
|
December
31, 2023 |
|
Accounting
software |
|
$ |
26,800 |
|
$ |
26,800 |
|
Less:
accumulated amortization |
|
|
(21,009 |
) |
|
(18,327 |
) |
Intangible assets, net |
|
$ |
5,791 |
|
$ |
8,473 |
|
Amortization
expense was $2,682 and $30,553 for the six months ended June 30, 2024 and 2023, respectively and $1,341 and $29,212 for the three months
ended June 30, 2024 and 2023, respectively.
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v3.24.2.u1
Advances to Suppliers
|
6 Months Ended |
Jun. 30, 2024 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
Advances to Suppliers |
Note
6 – Advances to Suppliers
The
Company makes advances to certain vendors for inventory purchases. The advances on inventory purchases were $50,793 and $93,740 as of
June 30, 2024 and December 31, 2023, respectively. No impairment charges were made on advances to suppliers for the six months ended
June 30, 2024 and the twelve months ended December 31, 2023.
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v3.24.2.u1
Prepaid Expenses and Other Receivables
|
6 Months Ended |
Jun. 30, 2024 |
Prepaid Expenses And Other Receivables |
|
Prepaid Expenses and Other Receivables |
Note
7 – Prepaid Expenses and Other Receivables
Prepaid
expenses and other receivables consisted of the following as of June 30, 2024 and December 31, 2023:
Schedule of Prepaid Expenses and Other Receivables
|
|
June
30, 2024 |
|
December
31, 2023 |
|
|
|
|
|
|
|
Prepaid
expenses |
|
$ |
1,088,677 |
|
$ |
984,934 |
|
Other
receivables |
|
|
30,982 |
|
|
41,265 |
|
Prepaid expenses and
other receivables |
|
$ |
1,119,659 |
|
$ |
1,026,199 |
|
As
of June 30, 2024 and December 31, 2023, prepaid expenses and other receivables mainly represented prepaid insurance, prepaid rent, refund
receivable from suppliers, prepaid advertising expense, and Celero and Cardknox account balances.
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v3.24.2.u1
Accrued Liabilities and Other Payables
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Liabilities and Other Payables |
Note
8 – Accrued Liabilities and Other Payables
Accrued
liabilities and other payables consisted of the following as of June 30, 2024 and December 31, 2023:
Schedule of Accrued Liabilities and Other Payables
|
|
June
30, 2024 |
|
December
31, 2023 |
|
|
|
|
|
|
|
Other
payables |
|
$ |
756,514 |
|
$ |
139,722 |
|
Salary
payable |
|
|
6,804 |
|
|
7,511 |
|
Marketing |
|
|
20,000 |
|
|
- |
|
Financed
insurance premiums |
|
|
198,999 |
|
|
69,337 |
|
Auditing
fee |
|
|
- |
|
|
125,000 |
|
Warranty
liability |
|
|
25,283 |
|
|
27,545 |
|
Accrued
commission |
|
|
75,989 |
|
|
58,669 |
|
Accrued
expenses, others |
|
|
53,042 |
|
|
672,877 |
|
Total accrued liabilities and other payable |
|
$ |
1,136,631 |
|
$ |
1,100,661 |
|
As
of June 30, 2024 and December 31, 2023, other accrued expenses mainly included legal and professional fees, utilities and unpaid operating
expenses incurred in Malaysia. Other payables represented balance on credit card, other taxes payable, 401(k) payable and payable for
marketing, shipping, and showroom.
|
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v3.24.2.u1
Other Loans
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Other Loans |
Note
9 – Other Loans
On
June 19, 2020, Diamond Bar was granted a U.S. Small Business Administration (SBA) loan in the aggregate amount of $150,000, pursuant
to the Economic Injury Disaster Loan. The Loan, which was in the form of a promissory note dated June 19, 2020, matures on June 19, 2050
and bears interest at a rate of 3.75% per annum, payable monthly beginning 12 months from the date of the promissory note. Funds from
the Loan may only be used for working capital. The loan was secured by all tangible and intangible property of Diamond Bar and has accumulated
interest of $2,737 and $4,386 for the six months ended June 30, 2024 and 2023, respectively; and $1,365 and $2,193 for the three months
ended June 30, 2024 and 2023, respectively.
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v3.24.2.u1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
10 – Related Party Transactions
On
September 30, 2011, Diamond Bar leased a showroom in High Point, North Carolina from the Company’s President who is currently also
the Chief Executive Officer and Chairperson of the Board. The lease is renewable and has been renewed each year since 2011. On April
10, 2024, the Company renewed the lease for an additional one year term at a cost of $41,000. During the six months ended June 30, 2024
and 2023, the Company recorded rental amounts of $18,890 and $17,280, respectively; and $10,250 and $8,640 for the three months ended
June 30, 2024 and 2023, respectively, which were included in selling expenses.
On
January 4, 2018, the Company entered into a sales representative agreement with a consulting firm, which is owned by the President, Chief
Executive Officer and Chairperson of the Board, for sales representative service for a term of two years. On January 4, 2020, the Company
renewed the agreement for an additional two years which was amended in July 2020. If not terminated during the first year, the agreement
will continue until one party or the other terminates the agreement with 30 days written notice. The Company agreed to compensate the
consulting firm via commission at predetermined rates of the relevant sales amount. During the six months ended June 30, 2024 and 2023,
the Company recorded $153,043 and $151,911; and $87,316 and $86,381 for the three months ended June 30, 2024 and 2023 as commission expense
to this consulting firm, respectively.
In
February 2024, the Company entered into a loan agreement in the aggregate amount of $200,000 with a shareholder of the Company. The loan
was in the form of a promissory note dated on February 21, 2024, matures on February 20, 2025, and bears interest at a rate of 8.5% per
annum. The proceed of the loan is used for working capital. During the six and three months ended June 30, 2024, the Company accrued
$6,141 and $4,278 as interest expense, respectively.
On
April 11, 2024, the Company entered into a loan agreement in the aggregate amount of $160,000 with a shareholder of the Company. The
loan was in the form of a promissory note dated on April 11, 2024, matures on April 10, 2025, and bears interest at a rate of 8.5% per
annum. The proceed of the loan is used for working capital. During the six and three months ended June 30, 2024, the Company
accrued $3,018 and $3,018 as interest expense, respectively.
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v3.24.2.u1
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
11 – Stockholders’ Equity
On
May 28, 2021, the Company’s stockholders approved the Company’s 2021 Equity Incentive Plan (the “2021 Plan”)
at its annual meeting. The 2021 Plan was approved by the Board of Directors of the Company on April 12, 2021 and has a total of 600,000
shares of the Company’s common stock which may be granted as stock reward to attract and retain personnel, provide additional incentives
to employees, directors and consultants and promote the success of the Company’s business. On June 16, 2021, the Company filed
Form S-8 to register the 600,000 shares of the Company’s common stock under the 2021 Plan.
On
August 31, 2023, the Company’s stockholders approved the Company’s 2023 Equity Incentive Plan (the “2023 Plan”)
at its special shareholders’ meeting. The 2023 Plan was approved by the Board of Directors of the Company on June 28, 2023 and
has a total of 800,000 shares of the Company’s common stock which may be granted as stock reward to attract and retain personnel,
provide additional incentives to employees, directors and consultants and promote the success of the Company’s business. On December
15, 2023, the Company filed Form S-8 to register the 800,000 shares of the Company’s common stock under the 2023 Plan.
On May 31, 2024, the Company’s stockholders
approved the Company’s 2024 Equity Incentive Plan (the “2024 Plan”) at its special shareholders’ meeting. The
2024 Plan was approved by the Board of Directors of the Company on April 19, 2024 and has a total of 3,000,000 shares of the Company’s
common stock which may be granted as stock reward to attract and retain personnel, provide additional incentives to employees, directors
and consultants and promote the success of the Company’s business.
On
April 18, 2024, the Company received written notice from the NASDAQ Stock Market (“NASDAQ”) stating that the Company
does not meet the requirement of maintaining a minimum of $2,500,000 in stockholders’ equity for continued listing on the
NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1), the Company also does not meet the alternative of market
value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2) or net income from continuing operations of $500,000
in the most recently completed fiscal year or in two of the last three most recently completed fiscal years under NASDAQ Listing
Rule 5550(b)(3), and the Company is no longer in compliance with the NASDAQ Listing Rules.
The
NASDAQ notification letter provides the Company until June 6, 2024 to submit a plan to regain compliance. If the plan is accepted, NASDAQ
can grant the Company an extension up to 180 calendar days from the date of NASDAQ letter to demonstrate compliance. If NASDAQ does not
accept the Company’s compliance plan, the Company will have the opportunity to appeal that decision to a Hearing Panel per NASDAQ
Listing Rule 5815(a).
The
Company submitted its plan of compliance on May 28, 2024 and a supplemental letter to the plan of compliance on June 20, 2024. On June 27, 2024, the Company received a notification letter from NASDAQ
Listing Qualification Staff (“Staff”). Based
on the review of the letters submitted by the Company, Staff has determined to grant the Company an extension until October 14, 2024
to regain compliance with the Rule and the Company must complete its initiatives and provide evidences for the compliance with the Rule
as required by Nasdaq.
The
Company intends to fully comply with the exception granted by the Staff and to regain the compliance on or before October 14, 2024.
On
May 16, 2024, the Company entered into a Securities Purchase Agreement with an investor to sell 200,000 shares of the Company’s
common stock at a purchase price of $2.00 per share for an aggregate price of $400,000 (the “Private Placement”). The Private
Placement was completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of
1933, as amended.
Shares
and Warrants issued through Private Placement
On
July 23, 2021, the Company conducted a registered direct offering of 222,902 shares of common stock. The shares were offered and sold
by the Company pursuant to an effective shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission
(the “SEC”) on October 8, 2020 and subsequently declared effective on October 15, 2020. Additionally, the Company issued
to the investors unregistered warrants to purchase up to an aggregate of 222,902 shares of common stock in a concurrent private placement.
The combined purchase price for one share of common stock and a warrant to purchase one share of common stock was $14.00. The warrants
have an exercise price of $17.50 per share, are exercisable beginning six-months from the date of issuance, and will expire five and
a half years from the date of issuance. The offering gross proceeds were $3,120,622 before deducting placement agent’s commissions
and other offering costs, and the net proceeds of the offering were approximately $2,760,000. The offering closed on July 27, 2021.
In
conjunction with this offering, the Company issued warrants to purchase 22,290 shares of common stock at an exercise price of $17.50
per share to the placement agent and its designees. The placement agent warrants are exercisable on the six-month anniversary of the
issuance date. The placement agent warrants are exercisable for four and a half years from the initial exercise date. The placement agent
warrants have piggy-back registration rights and have a termination date of July 23, 2026.
The
warrants issued in the private placement described above are exercisable for a fixed number of shares, and are classified as equity instruments
under ASC 815-40-25-10. The Company accounted for the warrants issued in the private placement based on the fair value method under ASC
Topic 505, and the fair value of the warrants was calculated using the Black-Scholes model under the following assumptions: estimated
life of 5.5 years, volatility of 107%, risk-free interest rate of 0.71% and dividend yield of 0%. No estimate of forfeitures was made
as the Company has a short history of granting options and warrants. The fair value of the warrants issued to investors and placement
agent at grant date was $2,018,597.
Warrants
The
following is a summary of the warrant activity for the six months ended June 30, 2024:
Summary of Warrant Activity
|
|
Number
of
Warrants |
|
|
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term
in Years |
|
|
|
|
|
|
|
|
|
|
|
Outstanding
at January 1, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
3.02 |
|
Exercisable
at January 1, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
3.02 |
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised
/ surrendered |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expired |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Outstanding
at June 30, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
2.52 |
|
Exercisable
at June 30, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
2.52 |
|
Shares
Issued to Consultants
On
January 28, 2022, the Company entered into an advisory service agreement with a designer for advising furniture design concept and development
effective on February 1, 2022 for twelve months. The Company shall pay the designer $10,000 per month starting from February 1, 2022
for twelve months, in the form of the Company’s Common Stock, calculated based on the closing stock price on the first trading
day of the corresponding month. The shares were issued pursuant to the 2021 Plan. During the six and three months ended June 30, 2023,
the Company issued 4,748 shares to the designer and charged $10,000, respectively to operations as designer fee.
On
July 1, 2022, the Company entered into a consulting agreement with a consultant for consulting and strategy services effective on July
1, 2022 for a one-year term. The Company agreed to grant the consultant 10,000 shares of the Company’s common stock, vesting 25%
on July 1, 2022, 25% on October 1, 2022, 25% on January 1, 2023 and 25% on April 1, 2023. The fair value of the 10,000 shares was $36,000,
which was calculated based on the stock price of $3.60 per share on July 1, 2022 and has been amortized over the service term. The shares
were issued pursuant to the 2021 Plan. During the six and three months ended June 30, 2023, the Company charged $18,000 and $9,000 to
operations as consulting expenses, respectively.
On
November 16, 2022, the Company entered into a consulting agreement with a consultant for consulting and strategy services effective on
November 16, 2022 for a one-year term. The Company agreed to grant the consultant 10,000 shares of the Company’s common stock,
vesting 25% on February 15, 2023, 25% on May 15, 2023, 25% on August 15, 2023 and 25% on November 15, 2023. The fair value of the 10,000
shares was $28,000, which was calculated based on the stock price of $2.80 per share on November 16, 2022. The shares were issued pursuant
to the 2021 Plan. During the six and three months ended June 30, 2023, the Company charged $14,000 and $7,000, respectively, to operations
as consulting expenses.
On
January 28, 2023, the Company entered into an advisory service agreement with a designer for advising furniture design concept and development
effective on February 1, 2023 for twelve months. The Company shall pay the designer $10,000 per month starting from February 1, 2023
for twelve months, in the form of the Company’s Common Stock, calculated based on the closing stock price on the first trading
day of the corresponding month. The shares were issued pursuant to the 2021 Plan. During the six months ended June 30, 2024 and 2023,
the Company issued 2,645 and 15,328 shares to the designer and charged $10,000 and $50,000 to operations as designer fee, respectively.
During the three months ended June 30, 2024 and 2023, the company issued 0 and 10,543 shares to the designer and charged $0 and $30,000
to operations as designer fee, respectively
On
July 3, 2023, the Company entered into an IT consulting service agreement with three consultants for analyzing the Company’s IT
infrastructure and system effective on July 3, 2023 for twelve months. The Company agreed to grant
the consultant 300,000 shares of the Company’s common stock, vesting 25% on July 3, 2023, 25% on October 3, 2023, 25% on January
3, 2024 and 25% on April 3, 2024. The fair value of the 300,000 shares was $636,000, which was calculated based on the stock price of
$2.12 per share on July 3, 2023. The shares were issued pursuant to the 2021 Plan. During the six and three months ended June 30, 2024,
the Company charged $318,000 and $159,000 to operations as consulting expenses, respectively.
On
November 9, 2023, the Company entered into a consulting agreement with a consultant for consulting and strategy services effective on
November 16, 2023 for a one-year term. The Company agreed to grant the consultant 50,000 shares of the Company’s common stock,
vesting 25% on February 15, 2024, 25% on May 15, 2024, 25% on August 15, 2024 and 25% on November 15, 2024. The fair value of the 50,000
shares was $117,500, which was calculated based on the stock price of $2.35 per share on November 16, 2023. The shares were granted pursuant
to the 2021 Plan. During the six and three months ended June 30, 2024, the Company charged $58,750 and $29,375 to operations as consulting
expenses, respectively.
On
November 16, 2023, Nova Malaysia entered into an agreement with an IT consulting firm to acquire an Artificial Intelligent powered IT
System for $675,000. The Company agreed to issue 270,000 shares of common stocks at the price of $2.50 per share which was in equivalent
to $675,000 (3,161,970 in Malaysia Ringgit on November 16, 2023) to the IT consulting firm. Artificial Intelligent IT System is just
a part of the ultimate software product. The ultimate software is still in developing stage and not feasible to be functional.
During the six and three months ended June 30, 2023, the Company recorded $0 as research and development expense.
On
January 23, 2024, Nova Malaysia entered into a purchase agreement with an IT consulting firm to acquire an AI-Calculation Engine System,
which includes Commission Management Calculation Module, Compiled and Encrypted Calculation Engine,
Membership Module, Sales Module and Maintenance and Support, etc. for $750,000. The Company agreed to issue 300,000 shares of
common stocks at the price of $2.50 per share which was in equivalent to $750,000 (3,544,875 in Malaysia Ringgit on January 23, 2024)
to the IT consulting firm. AI-Calculation Engine System is just a part of the ultimate software
product. The ultimate software is still in developing stage and not feasible to be functional. During the six and three months
ended June 30, 2024, the Company recorded $750,000 and $0 as research and development expense, respectively.
On
January 28, 2024, the Company entered into an advisory service agreement with a designer for advising furniture design concept and development
effective on February 1, 2024 for twelve months. The Company shall pay the designer $10,000 per month starting from February 1, 2024
for twelve months, in the form of the Company’s Common Stock, calculated based on the closing stock price on the first trading
day of the corresponding month. The shares were granted pursuant to the 2021 Plan. During the six and three months ended June 30, 2024,
the Company issued 24,076 and 13,248 shares to the designer and charged $50,000 and $30,000 to operations as designer fee, respectively.
On
March 1, 2024, Nova Malaysia entered into a consulting agreement with a consultant for IT system related maintenance and services effective
on March 1, 2024 for a one-year term. The Company agreed to grant the consultant 100,000 shares of the Company’s common stock,
vesting 25% on March 1, 2024, 25% on June 1, 2024, 25% on September 1, 2024 and 25% on December 1, 2024. The fair value of the 100,000
shares was $163,000, which was calculated based on the stock price of $ per share on March 1, 2024. The shares were granted pursuant
to the 2023 Omnibus Long-Term Incentive Plan. During the six and three months ended June 30, 2024, the Company charged $54,594 and $13,844
to operations as consulting fee.
Shares
and Options Issued to Independent Directors
On
November 7, 2018 (the “Grant Date”), the Company entered into stock option agreements under the 2014 Omnibus Long-Term Incentive
Plan with the three independent members of the board of directors. The Company agreed to grant the Company’s three independent
directors’ options to purchase an aggregate of 12,000 shares of the Company’s common stock at an exercise price of $29.50
per shares, with a term of 5 years. Twenty-five percent (25%) of those stock options vested on November 30, 2018, 25% on will vest on
February 28, 2019, 25% on May 31, 2019, and the remaining 25% will vest on August 31, 2019. The fair value of the stock options granted
is estimated on the date of the grant using the Black-Scholes option pricing model (“BSOPM”) as described above. The fair
value of the options was calculated using the following assumptions: estimated life of ten years, volatility of 84%, risk free interest
rate of 3.07%, and dividend yield of 0%. The fair value of 60,000 stock options was $240,105 at the grant date.
On
November 4, 2019, the Company entered into stock option agreements under the 2014 Omnibus Long-Term Incentive Plan with the three independent
members of the board of directors. The Company agreed to grant the Company’s three independent directors options to purchase an
aggregate of 12,000 shares of the Company’s common stock at an exercise price of $14.00 per share, with a term of 5 years, vesting
25% on November 30, 2019, 25% on February 28, 2020, 25% on May 31, 2020, and 25% on August 31, 2020. The fair value of the stock options
granted was estimated on the date of the grant using the Black-Scholes option pricing model. The fair value of the options was calculated
using the following assumptions: estimated life of ten years, volatility of 87%, risk free interest rate of 1.60%, and dividend yield
of 0%. The fair value of the 12,000 stock options was $114,740 at the grant date.
Shares
Issued to Employees
On
November 11, 2022, the Company extended an employment agreement with the Company’s Corporate Secretary for a term of one year effective
from November 14, 2022. The Company agreed to grant an award of 1,200 restricted Stock Units to the officer pursuant to the Company’s
2021 Omnibus Equity Plan. The fair value of these shares was $3,540, which was calculated based on the stock price of $2.95 per share
on November 11, 2022, the date the award was determined by the Compensation Committee of the Board of Directors, vesting 25% on November
11, 2022, 25% on March 31, 2023, 25% on June 30, 2023 and 25% on September 30, 2023. During the six and three months ended June 30, 2023,
the Company record $1,770 and $885 to operations as stock compensation expense.
On
November 9, 2023, the Company extended an employment agreement with the Company’s Corporate Secretary for a term of one year effective
from November 14, 2023. The Company agreed to grant an award of 6,000 restricted Stock Units to the officer pursuant to the Company’s
2021 Omnibus Equity Plan. The fair value of these shares was $12,900, which was calculated based
on the stock price of $2.15 per share on November 9, 2023, the date the award was determined by the Compensation Committee of the Board
of Directors, vesting 25% on November 9, 2023, 25% on March 31, 2024, 25% on June 30, 2024 and 25% on September 30, 2024. During the
six and three months ended June 30, 2024, the Company record $6,450 and $3,225 to operations as stock compensation expense.
Options
Issued to Employees
On
August 24, 2018, the compensation committee of the Board approved an option grant to the Company’s Chief Financial Officer to purchase
an aggregate of 1,400 shares of the Company’s common stock at an exercise price of $46.25 per share, with a term of 5 years, pursuant
to the Company’s 2014 Omnibus Long-Term Incentive Plan. Fifty percent (50%) of those stock options vested immediately, and the
remaining 50% vested on the six-month anniversary of the grant date.
The
fair value of the option granted to the Chief Financial Officer in 2018 was recognized as compensation expense over the vesting period
of the stock option award. The fair value of the option was calculated using Black-Scholes model under the following assumptions: estimated
life of five years, volatility of 84%, risk free interest rate of 2.72%, and dividend yield of 0%. The fair value of the 1,400 stock
options was $43,680 at the grant date.
On
August 12, 2019, the compensation committee of the Board approved an option grant to the Company’s Chief Financial Officer to purchase
an aggregate of 1,400 shares of the Company’s common stock at an exercise price of $19.25 per share, with a term of 5 years, pursuant
to the Company’s 2014 Omnibus Long-Term Incentive Plan. Fifty percent (50%) of those stock options vested immediately, and the
remaining 50% vested on the six-month anniversary of the grant date.
The
fair value of the option granted to the Chief Financial Officer in 2019 was recognized as compensation expense over the vesting period
of the stock option award. The fair value of the option was calculated using Black-Scholes model under the following assumptions: estimated
life of five years, volatility of 87%, risk free interest rate of 1.49%, and dividend yield of 0%. The fair value of the 1,400 stock
options was $18,318 at the grant date.
As
of June 30, 2024, unrecognized share-based compensation expense was $227,102.
Stock
option activity under the Company’s stock-based compensation plans is shown below:
Schedule of Stock Option Activity
|
|
Number
of
Shares |
|
|
Average
Exercise
Price
per Share |
|
|
Weighted
Average
Remaining
Contractual
Term
in Years |
|
|
|
|
|
|
|
|
|
|
|
Outstanding
at January 1, 2024 |
|
|
13,400 |
|
|
$ |
14.55 |
|
|
|
0.82 |
|
Exercisable
at January 1, 2024 |
|
|
13,400 |
|
|
|
14.55 |
|
|
|
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Outstanding
at June 30, 2024 |
|
|
13,400 |
|
|
|
14.55 |
|
|
|
0.32 |
|
Exercisable
at June 30, 2024 |
|
|
13,400 |
|
|
|
14.55 |
|
|
|
0.32 |
|
(1) |
The
intrinsic value of the stock options at June 30, 2024 is the amount by which the market value of the Company’s common stock
of $1.63 as of June 28, 2024 exceeds the average exercise price of the option. As of June 30, 2024, the intrinsic value of the outstanding
and exercisable stock options was $0. |
|
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v3.24.2.u1
Geographical Analysis
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Geographical Analysis |
Note
12 – Geographical Analysis
Geographical
distribution of sales consisted of the following for the six and three months ended June 30, 2024 and 2023:
Schedule of Revenue by Geographic Areas
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
Six
Months Ended June 30, |
|
|
Three
Months ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Geographical
Areas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America |
|
$ |
4,957,058 |
|
|
$ |
4,192,106 |
|
|
$ |
2,631,328 |
|
|
$ |
2,435,441 |
|
Asia |
|
|
- |
|
|
|
1,993,671 |
|
|
|
- |
|
|
|
1,993,671 |
|
Other
countries |
|
|
107,868 |
|
|
|
151,217 |
|
|
|
57,205 |
|
|
|
33,317 |
|
Revenues |
|
$ |
5,064,926 |
|
|
$ |
6,336,994 |
|
|
$ |
2,688,533 |
|
|
$ |
4,462,429 |
|
Geographical
location of identifiable long-lived assets as of June 30, 2024 and December 31, 2023:
Schedule of Long-lived Assets by Geographic Areas
|
|
June
30, 2024 |
|
|
December
31, 2023 |
|
Geographical
Areas |
|
|
|
|
|
|
|
|
North
America |
|
$ |
1,601,636 |
|
|
$ |
1,873,623 |
|
Asia |
|
|
264,942 |
|
|
|
318,398 |
|
Total |
|
$ |
1,866,578 |
|
|
$ |
2,192,021 |
|
|
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v3.24.2.u1
Lease
|
6 Months Ended |
Jun. 30, 2024 |
Lease |
|
Lease |
Note
13 – Lease
On
June 17, 2013, the Company entered into a lease agreement for office, warehouse, storage, and distribution space in the United States
with a five year term, commencing on November 1, 2013 and expiring on October 31, 2018. The lease agreement also provided an option to
extend the term for an additional six years. On April 23, 2018, the Company extended the lease for another three years with an expiration
date of October 31, 2021. On October 15, 2021, the Company extended the lease for another five years with an expiration date of October
31, 2026. The initial monthly rental payment is $42,000 with an annual 3% increase.
The
Company has entered into several lease agreements for office and warehouse space in Commerce, California and showroom space in Las Vegas,
Nevada and High Point, North Carolina (see Note 10) on monthly or annual terms.
On
July 15, 2019, Nova Malaysia entered into a sublease agreement for warehouse space with a two-year term, expiring on July 14, 2021. The
initial monthly rental payment was 20,000 Malaysia Ringgit ($4,232) and was increased to 35,000 Malaysia Ringgit ($7,406) effective August
1, 2020. On July 15, 2021, Nova Malaysia extended the lease for another two years with an expiration date of July 31, 2023. Nova Malaysia
did not extend this lease after July 31, 2023.
On
October 29, 2019, Nova Malaysia entered into a lease agreement for a showroom with a two-year term, commencing on December 1, 2019 and
expiring on November 30, 2021. On November 26, 2021, Nova Malaysia extended the lease to November 30, 2022 with an option for renewal
for another term of 24 months. On October 4, 2022, Nova Malaysia renewed the lease for two years to November 30, 2024. The monthly rental
payment is 9,280 Malaysia Ringgit ($1,964).
On
August 20, 2020, Nova Malaysia entered into a sublease agreement for an office and service center with a two-year term, commencing on
September 1, 2020 and expiring on August 31, 2022. On July 29, 2022, Nova Malaysia extended the lease for another two years with an expiration
date of August 31, 2024. The monthly rental payment is 30,000 Malaysia Ringgit ($6,348).
Operating
lease expense for the six months ended June 30, 2024 and 2023 was as follows:
Schedule of Lease Cost
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
Six
Months Ended June 30, |
|
|
Three
Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
lease cost – straight line |
|
$ |
388,830 |
|
|
$ |
438,981 |
|
|
|
194,389 |
|
|
|
219,296 |
|
The
following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2024:
Schedule of Operating Lease Liability Maturity
|
|
Operating
Leases |
|
2024 |
|
$ |
364,617 |
|
2025 |
|
|
701,142 |
|
2026 |
|
|
598,820 |
|
Thereafter |
|
|
0 |
|
Total
undiscounted cash flows |
|
|
1,664,579 |
|
Less:
imputed interest |
|
|
(61,186 |
) |
Present
value of lease liabilities |
|
|
1,603,393 |
|
Lease
Term and Discount Rate
Schedule of Lease Term and Discount Rate
|
|
June
30, 2024 |
|
Weighted-average
remaining lease term – years |
|
|
|
|
Operating
leases – USA |
|
|
2.34 |
|
Operating
leases – Malaysia |
|
|
0.23 |
|
|
|
|
|
|
Weighted-average
discount rate (%) |
|
|
|
|
Operating
leases – USA |
|
|
3.36 |
% |
Operating
leases – Malaysia |
|
|
4.74 |
% |
Supplemental
cash flow information related to leases where the Company was the lessee for the six months ended June 30, 2024 and 2023 was as follows:
Schedule of Supplemental Cash Flow Information Related to Leases
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Operating
cash outflows from operating leases |
|
$ |
388,555 |
|
|
$ |
428,818 |
|
|
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
14 – Commitments and Contingencies
Legal
Proceedings
The
Company previously reported on a federal putative class action complaint George Barney filed against the Company and its former and current
CEOs and CFOs (Thanh H. Lam, Ya Ming Wong, Jeffery Chuang and Yuen Ching Ho) in the United States District Court for the Central District
of California, claiming the Company violated federal securities laws and pursuing remedies under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 (the “Barney Action”).
That
action was resolved by a January 30, 2024 Order of the Court certifying a settlement class and approving a class settlement.
In
the Barney action, Company shareholders sought to assert claims on behalf of all entities purchasing stock from December 21, 2015,
through December 20, 2018, under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Securities Exchange Commission Rule
10b-5. In support of these claims, plaintiffs alleged that defendants artificially inflated the Company’s share price by issuing
a press release announcing a strategic relationship with Shanxi Winqing Senior Care Service Group, claiming in the Company’s Annual
Statements on Form 10-Ks for the 2017 and 2018 fiscal years that Shanxi Winqing and Merlino Lewis LLP were among the Company’s
largest customers, and reporting revenues from sales transactions with these entities. Plaintiffs claimed that Shanxi Winqing was a fictitious
entity and Merlno Lewis LLP dissolved in 2013, so that the announcement of a strategic alliance was false and the reported revenues non-existent.
The
Company denied these allegations and all liability. It asserted that the entities referenced in its public disclosures were actual companies
and the revenues booked from those entities were genuine and actually collected. The Company alleged that no registration exists for
Shanxi Winqing because the Company slightly mistranslated its Chinese name in its public disclosures. Similarly, the Company claimed
to have previously sold products to Merlino Lewis LLP and failed to update its customer name when the customer restructured its business.
On
March 31, 2023, the parties filed a Renewed Stipulation of Settlement (“Renewed Stipulation”) resolving all claims asserted
in the matter. This Renewed Stipulation was executed and filed after the Court denied plaintiffs’ Motion to Certify a Settlement
Class and Approve Class Action settlement in accordance with the parties’ original Stipulation of Settlement. The substantive terms
of the settlement as they applied to the Company were not modified between the original Settlement Stipulation and the Renewed Settlement
Stipulation. The Renewed Stipulation provided for the certification of a settlement class and the Company’s payment to the settlement
class of $750,000. It also provided for the complete release of all claims by the settlement class against the Company and its directors,
officers, and employees and the other named defendants with respect to any of the matters alleged in the litigation. The Company settled
without in any manner admitting, and expressly denying, liability.
By
Order entered July 10, 2023, the Court preliminarily approved a settlement class and the proposed settlement. The settlement escrow was
then funded as specified in this Order. The funding was provided through a directors and officers liability insurance policy.
The
Court thereafter certified a settlement class and finally approved the settlement by Order entered January 30, 2024. The entry of this
Order resolved the matter as to the Company. The settlement payment was funded through insurance.
On
March 8, 2019, Jie Yuan (the “Jie Action”) filed a putative shareholder derivative lawsuit purportedly on behalf of the Company
against its former and current CEOs and CFOs (Thanh H. Lam, Ya Ming Wong, Jeffery Chuang and Yuen Ching Ho) and directors (Charlie Huy
La, Bin Liu, Umesh Patel, and Min Su) and vice president (Steven Qiang Liu) (collectively, the “Defendants”) seeking to recover
any losses the Company sustains as a result of alleged securities violations outlined in the Seeking Alpha blog and Barney
securities class action complaint. Specifically, the derivative lawsuit alleges that the Defendants caused the Company to make the
alleged false and/or misleading statements giving rise to the putative securities class action. The Plaintiff also alleges that President
and CEO Lam engaged in self-dealing transactions by leasing her property to Diamond Bar, a Company subsidiary, and asserts, in conclusory
fashion, that Lam, former CEO and director Ya Ming Wong, former CFO and director Yuen Ching Ho, and director Umesh Patel sold securities
during the period of time when the alleged false and/or misleading statements were made “with knowledge of material non-public
information.”
On
May 15, 2019, Wilson Samuels (the “Samuels Action”) filed a largely duplicative putative derivative complaint purportedly
on behalf of the Company against the same current and former directors and officers named in the Jie Action other than Steven Qiang Liu.
That action was filed in the United States District Court for the Central District of California. Samuels repeats the allegations of
the Complaint in the Jie Action. Additionally, Samuels claims that, in announcing its change of auditing firms in September 2016, the
Company asserted that this change was made because its existing auditor ceased auditing public companies subject to regulation in the
United States without disclosing that its new auditing firm was created in a merger of three accounting firms, including a firm whose
registration was revoked by the Public Company Accounting Oversight Board. Samuels also claims that the Company redeemed its stock in
reliance upon the same purported fraudulent recognition of revenues claimed in the putative class action. Samuels purports to state direct
claims under Sections 10(b) and 20 of the Exchange Act and SEC Rule 10b-5.
On
March 3, 2020, the defendants filed motions to stay the derivative actions until the Barney Action is resolved or alternatively to dismiss
on the grounds that plaintiffs’ failure to make demand upon the Board of Directors was not excused and the Complaints otherwise
fail to state a claim upon which relief can be granted. By Order entered April 7, 2020, the Court granted defendants’ Motion to
Stay and stayed the Jie Action until the Barney Action is resolved. The Court subsequently entered a similar Order in the Samuels Action.
It also took a motion that the derivative plaintiffs filed to consolidate the proceedings and appoint lead counsel off calendar.
With
the resolution of the Barney action, settlement of the action, the stay of the derivative actions will be lifted.
While
these derivative actions are purportedly asserted on behalf of the Company, it is possible that the Company will incur
attorneys’ fees and costs in advancing the costs of defense for its current directors and officers pursuant to contractual and
legal indemnity obligations. The plaintiffs also seek to require corporate governance changes. The Company believes there is no basis
to the derivative complaints and they will be vigorously defended if necessary.
Other
than the above, the Company is not currently a party to any legal proceeding, investigation or claim which, in the opinion of the management,
is likely to have a material adverse effect on the business, financial condition or results of operations.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
15 – Subsequent Events
The
Company has evaluated subsequent events through August 13, 2024, the date of the issuance of the interim condensed consolidated
financial statements, and the following subsequent events have been identified.
On July 5, 2024, the Company, Nova Malaysia and Hong Sheng Sdn Bhd (“Hong
Sheng”), a company incorporated in Malaysia entered into a Sale and Purchase Agreement (the “Agreement”). Pursuant to
the Agreement, the parties agree: (i) Nova Malaysia will purchase a Nova Living DesignXperience System from Hong Sheng for $660,000 (the
“Purchase Price”) and (ii) the Purchase Price shall be paid in 400,000 shares of common stock (“Shares”) of the
Company at $1.65 per share. The Nova Living DesignXperience System includes Virtual Interior Design Consultation, Furniture Recommendation
Generation, Realistic Rendering of Virtual Products, Testing and Quality Assurance, Documentation and Support and Deployment and Maintenance.
The Shares will be issued pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of
1933, as amended.
On
July 30, 2024, the Company entered into a Securities Purchase Agreement with one of our shareholders to sell 125,000 shares of the Company’s
common stock at a purchase price of $1.60 per share for an aggregate price of $200,000 (the “Private Placement”). The
Private Placement will be completed pursuant to the exemption from registration provided by Regulation S promulgated under the Securities
Act of 1933, as amended.
On August 7, 2024, the Company, “Nova Malaysia
and VT Conceptone Sdn Bhd (“VT Conceptone”), a company incorporated in Malaysia entered into a Sale and Purchase Agreement
(the “Agreement”). Pursuant to the Agreement, the parties agree: (i) Nova Malaysia will purchase a Payment IT System from
VT Conceptone for $552,000 (the “Purchase Price”) and (ii) the Purchase Price shall be paid in 460,000 shares of common stock
(“Shares”) of the Company at $1.20 per share. The Payment IT System includes User Registration and Management, Payment Processing,
Security and Compliance, Integration and APIs, Merchant Tools, Transaction Management, Reporting and Analytics and Notification System.
The Shares will be issued pursuant to the exemption from registration provided by Regulation S promulgated under the Securities Act of
1933, as amended.
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v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange
Commission (“SEC”) regarding interim financial reporting. The unaudited condensed consolidated financial statements include
the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated
in consolidation.
The
interim unaudited condensed consolidated financial statements as of June 30, 2024 and for the six and three-month periods ended June
30, 2024 and 2023 have been prepared without audit, pursuant to the rules and regulations of the SEC. Certain information and
footnote disclosures, which are normally included in condensed consolidated financial statements prepared in accordance with U.S.
GAAP have been condensed or omitted pursuant to such rules and regulations. The interim unaudited condensed consolidated financial
information should be read in conjunction with the Financial Statements and the notes thereto, included in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2023, previously filed with the SEC on April 15, 2024.
In
the opinion of management, all adjustments (which include all significant normal and recurring adjustments) necessary to present a fair
statement of the Company’s interim unaudited condensed consolidated financial position as of June 30, 2024, its interim unaudited
condensed consolidated results of operations and cash flows for the six and three-month periods ended June 30, 2024 and 2023, as applicable,
have been made. The interim results of operations are not necessarily indicative of the operating results for the full fiscal year or
any future periods.
|
Reverse split |
Reverse
split
On
May 22, 2023, the Company filed a Certificate of Change with the Secretary of State of Nevada with an effective date of May 22, 2023,
at which time a 1-for-5 reverse stock split of the Company’s authorized shares of common stock, par value $0.001, accompanied by
a corresponding decrease in the Company’s issued and outstanding shares of common stock (the “Reverse Stock Split”),
shall be effected. All references to shares and per share data have been retroactively restated to reflect such split.
|
Amendments to Articles of Incorporation |
Amendments
to Articles of Incorporation
On
September 5, 2023, the Company filed the Certificate of Change (the “Amendment”) with the Secretary of State for the State
of Nevada to amend its Articles of Incorporation to increase the amount of authorized shares of its common stock, par value $0.001 per
share, from 3,000,000 to 250,000,000. The Amendment was approved by the Company’s Board of Directors (the “Board”)
on June 28, 2023 and by the shareholders at a special meeting of the Company’s shareholders held on August 31, 2023. The Amendment
does not affect the rights of the Company’s shareholders and was effective immediately upon filing.
|
Use of Estimates |
Use
of Estimates
In
preparing unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the dates of the
unaudited condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting
period. Significant estimates and assumptions made by management include, but are not limited to, revenue recognition, the allowance
for expected credit losses, valuation of inventories, the valuation of stock-based compensation, income taxes and unrecognized tax benefits,
valuation allowance for deferred tax assets, assumptions used in assessing impairment of long-lived assets and goodwill, and loss contingencies.
Actual results could differ from those estimates.
|
Business Combination |
Business
Combination
For
a business combination, the assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree are recognized at
the acquisition date and measured at their fair values as of that date. In a business combination achieved in stages, the identifiable
assets and liabilities, as well as the noncontrolling interest in the acquiree, are recognized at the full amounts of their fair values.
In a bargain purchase in which the total acquisition-date fair value of the identifiable net assets acquired exceeds the fair value of
the consideration transferred plus any noncontrolling interest in the acquiree, that excess in earnings is recognized as a gain attributable
to the acquirer.
Deferred
tax liability and assets are recognized for the deferred tax consequences of differences between the tax bases and the recognized values
of assets acquired and liabilities assumed in a business combination in accordance with Accounting Standards Codification (“ASC”)
Topic 740-10.
|
Goodwill |
Goodwill
Goodwill
is the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses
acquired. In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” goodwill is not amortized but is tested for
impairment, annually or more frequently when circumstances indicate a possible impairment may exist. Impairment testing is performed
at a reporting unit level. An impairment loss generally would be recognized when the carrying amount of the reporting unit exceeds its
fair value, with the fair value of the reporting unit determined using discounted cash flow (“DCF”) analysis. A number of
significant assumptions and estimates are involved in the application of the DCF analysis to forecast operating cash flows, including
the discount rate, the internal rate of return and projections of realizations and costs to produce. Management considers historical
experience and all available information at the time the fair values of its reporting units are estimated.
ASC
Topic 350 also permits an entity to first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood
of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount, including goodwill. If it is more
likely than not that the fair value of a reporting unit is less than its carrying amount, then the single step goodwill impairment test
is required to be performed. Otherwise, no further testing is required. Performing the qualitative assessment involved identifying the
relevant drivers of fair value, evaluating the significance of all identified relevant events and circumstances, and weighing the factors
to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. After evaluating
and weighing all these relevant events and circumstances, it was concluded that a positive assertion can be made from the qualitative
assessment that it is more likely than not that the fair value of Diamond Bar is greater than its carrying amount. As such, it is not
necessary to perform the single step goodwill impairment test for the Diamond Bar reporting unit. Accordingly, as of June 30, 2024 and
December 31, 2023, the Company concluded there was no impairment of goodwill of Diamond Bar.
|
Intangible Assets |
Intangible
Assets
Intangible
assets consist primarily of computer software acquired for internal use. Acquired intangible assets are initially recorded at the acquisition-date
fair value. Intangible assets are amortized on a straight-line basis over their estimated useful lives and are carried at cost less accumulated
amortization. The estimated useful life of computer software are generally from 5 years.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
For
purposes of the statement of cash flows, the Company considers cash, money market funds, investments in interest bearing demand deposit
accounts, time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.
The
Company’s cash is maintained at financial institutions in the United States of America. Deposits in these financial institutions
may, from time to time, exceed the Federal Deposit Insurance Corporation (“FDIC”)’s federally insured limits. The standard
insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The bank deposits exceeding the standard
insurance amount will not be covered. As of June 30, 2024 and December 31, 2023, cash balances held in the banks, exceeding the standard
insurance amount, are $0 and $0, respectively. The Company has not experienced any losses in accounts held in these financial institutions
and believes it is not exposed to any risks on its cash held in these financial institutions.
|
Accounts Receivable |
Accounts
Receivable
The
Company’s accounts receivable arises from product sales. The Company does not adjust its receivables for the effects of a significant
financing component at contract inception if it expects to collect the receivables in one year or less from the time of sale. The Company
does not expect to collect receivables greater than one year from the time of sale.
The
Company’s policy is to maintain an allowance for expected credit losses on accounts receivable. Management reviews the composition
of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends
and changes in customer payment patterns to evaluate the adequacy of these reserves.
Accounts
receivable consisted of the following as of the date indicated:
Schedule of Allowance for Credit Losses
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Accounts receivable | |
$ | 44,918 | | |
$ | 47,530 | |
Less: allowance for credit losses | |
| (449 | ) | |
| (532 | ) |
Total accounts receivable, net | |
$ | 44,469 | | |
$ | 46,998 | |
The
expected credit losses (reversal) provision for the six months ended June 30, 2024 and 2023 was ($83) and
($196),
respectively; ($924)
and
$65
for
the three months ended June 30, 2024 and 2023, respectively.
|
Advances to Suppliers |
Advances
to Suppliers
Advances
to suppliers represent amounts paid to suppliers in advance for goods that are yet to be delivered and from which future economic benefits
are expected to flow to the Company within the normal operating cycle. Based on its historical record and in normal circumstances, the
Company receives goods within 4 to 6 months from the date the advance payment is made. During the six months ended June 30, 2024 and
December 31, 2023, no provision was made on advances to suppliers.
|
Inventories |
Inventories
Inventories
are stated at the lower of cost and net realizable value, with cost determined on a weighted-average basis. Write-down of potential obsolete
or slow moving inventories is recorded based on management’s assumptions about future demands and market conditions. For the six
months ended June 30, 2024 and 2023, the Company wrote down $44,253 and $108,785 of slow-moving inventory, respectively and $5,271 and
$23,113 for the three months ended June 30, 2024 and 2023, respectively. The inventory write-down is included in “Cost of Sales”
in the unaudited condensed consolidated statements of loss and comprehensive loss.
|
Plant, Property and Equipment |
Plant,
Property and Equipment
Property,
plant, and equipment are stated at cost, net of accumulated depreciation and impairment losses, if any. Expenditures for maintenance
and repairs are expensed as incurred, while additions, renewals and improvements are capitalized. When property and equipment are retired
or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts, and any gain or loss
is included in operations. Depreciation of property and equipment is provided using the straight-line method for substantially all assets
with no salvage value and estimated lives as follows:
Schedule of Plant, Property and Equipment Estimated Lives Under Straight - line Method
Computer
and office equipment |
5
- 10 years |
Decoration
and renovation |
5
- 10 years |
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
Long-lived
assets, which include property, plant and equipment and operating lease right-of-use assets, are reviewed for impairment whenever events
or changes in circumstances indicate the carrying amount of an asset may not be recoverable.
Recoverability
of long-lived assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future
cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair
value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.
The
Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying
amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment
or Disposal of Long-Lived Assets.” ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which
identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against
the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable,
an impairment charge is measured as the amount by which the carrying amount of the asset group asset group exceeds its fair value based
on discounted cash flow analysis or appraisals. There was no impairment of long-lived assets for the six months ended June 30, 2024 and
December 31, 2023.
|
Research and Development |
Research
and Development
Research
and development costs are related primarily to the Company designing and testing its new products during the development stage.
During 2023, the Company has been developing Virtual and Augmented reality software and AI system for potential consulting business.
In addition, during the six months ended June 30, 2024, the Company acquired an IT system for AI-Calculation Engine which was
integrated into our current IT system (see Note 11). The entire system is far from complete as it requires to integrate with other
components in order to be functional. It is still in development stage and not in operation. Research and development costs are
recognized in general and administrative expenses and expensed as incurred. Research and development expenses were $0.75
million and $10,144
for the six months ended June 30, 2024 and 2023, respectively; and ($518)
and $10,026
for the three months ended June 30, 2024 and 2023, respectively.
|
Income Taxes |
Income
Taxes
In
its interim financial statements, the Company follows the guidance in ASC 270 “Interim Reporting” and ASC 740
“Income Taxes” whereby the Company utilizes the expected annual effective rate in determining its income tax provision.
The income tax expense for the six months ended June 30, 2024 and 2023 are $4,876
and $2,400,
respectively; and $4,876 and $2,400 for the three months ended June 30, 2024 and 2023,
respectively, are primarily related to quarter-to-date income generated from domestic and foreign operation.
Income
taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end
based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The
Company follows ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on recognition of income tax assets
and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated
with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
Under
the provisions of ASC Topic 740, when tax returns are filed, it is highly certain that some positions taken would be sustained upon examination
by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position
that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which,
based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination,
including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions.
Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more
than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated
with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits
in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon
examination.
Nova
Lifestyle, Inc. and Diamond Bar are subject to U.S. federal and state income taxes. Nova Furniture BVI was incorporated in the BVI
and Nova Samoa was incorporated in Samoa. There is no income tax for companies domiciled in the BVI and Samoa. Accordingly, the
Company’s condensed consolidated financial statements do not present any income tax provisions related to the BVI and Samoa
tax jurisdictions where Nova Furniture BVI and Nova Samoa are domiciled. Nova Malaysia is incorporated in Malaysia and is subject to
Malaysia income taxes at the statutory rate of 24%.
The
Tax Cuts and Jobs Act of 2017 (the “Act”) created new taxes on certain foreign-sourced earnings such as global intangible
low-taxed income (“GILTI”) under IRC Section 951A, which is effective for the Company for tax years beginning after January
1, 2018. For the six months ended June 30, 2024 , the Company has calculated its best estimate of the impact of the GILTI
in its income tax provision in accordance with its understanding of the Act and guidance available as of the date of this filing.
On
December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal
Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning
after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a modified territorial system,
and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017.
On
March 27, 2020, the CARES Act was enacted in response to the COVID-19 pandemic. The CARES Act contains numerous income tax provisions,
such as relaxing limitations on the deductibility of interest and the use of net operating losses (NOLs) arising in taxable years beginning
after December 31, 2017.
Beginning
in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures immediately in the year
incurred and requires taxpayers to amortize such expenditures over five years. While it is possible that Congress may defer, modify,
or repeal this provision, potentially with retroactive effect, we have no assurance that this provision will be deferred, modified, or
repealed. Furthermore, in anticipation of the new provision taking effect, we have analyzed the provision and worked with our advisors
to evaluate its application to our business. Since all research and development expenditures were incurred within the U.S. and the amount
is immaterial, we do not anticipate it having any material impact to our provision.
As
of June 30, 2024 and December 31, 2023, the accumulated undistributed loss generated by its foreign subsidiaries were approximately $25.2
million and $25.4 million of which substantially all was previously subject to U.S. tax, the one-time transition tax on foreign unremitted
earnings required by the Tax Act, or GILTI. Those earnings are considered to be permanently reinvested and accordingly, no deferred tax
expense is recorded for U.S. federal and state income tax or applicable withholding taxes.
As
of June 30, 2024 and 2023, unrecognized tax benefits were approximately $0. The total amount of unrecognized tax benefits that, if recognized,
would favorably affect the effective tax rate was $0 as of June 30, 2024 and 2023.
A
reconciliation of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) for the six months ended June
30, 2024 and 2023, is as follows:
Schedule of Unrecognized Tax Benefits
|
|
|
Gross
UTB |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance
– January 1 and June 30 |
|
$ |
- |
|
$ |
- |
|
As
of June 30, 2024 and December 31, 2023, the Company had cumulatively accrued approximately $0 for estimated interest and penalties related
to unrecognized tax benefits. The Company recorded interest and penalties related to unrecognized tax benefits as a component of income
tax benefit, which totaled $0 and $0 for the six and three months ended June 30, 2024 and 2023, respectively, related to the Company’s
continuing operations. The Company does not anticipate any significant changes to its unrecognized tax benefits within the next 12 months.
Nova
Lifestyle and Diamond Bar are subject to U.S. federal and state income taxes and tax years 2020-2023 remain open to examination by tax
authorities in the U.S.
|
Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenues when its customers obtain control of promised goods or services, in an amount that reflects the consideration
which it expects to receive in exchange for those goods. The Company recognizes revenues following the five-step model prescribed under
ASC-606: (i) identifies contract(s) with a customer; (ii) identifies the performance obligations in the contract; (iii) determines the
transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenues when
(or as) it satisfies the performance obligation.
Revenues
from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time,
typically upon shipment to the customer. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected
amortization period of the asset that it would have recognized is one year or less or the amount is immaterial.
Revenues
from product sales are recorded net of reserves established for applicable discounts and allowances that are offered within contracts
with the Company’s customers.
Product
revenue reserves, which are classified as a reduction in product revenues, are generally characterized in the following categories: discounts,
returns and rebates. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified
as reductions of accounts receivable as the amount is payable to the Company’s customer.
The
Company’s sales policy allows for product returns within the warranty period if the product is defective and the defects are the
Company’s fault. As alternatives to the product return option, the customers have the option of requesting a discount from the
Company for products with quality issues or of receiving replacement parts from the Company at no cost. The amount for product returns,
the discount provided to the Company’s customers, and the costs for replacement parts were immaterial for the six and three months
ended June 30, 2024 and 2023.
In
February 2023, the Company entered into a sales contract to transfer its entire inventory of Jade Mats, with the net realized value of
$1.54 million to Shopants Sdn Bhd, an unrelated third party, for cash consideration of $2.00 million. The Company agreed to deliver the
Jade Mats on May 20, 2023, May 31, 2023 and June 15, 2023. On June 30, 2023, the Company delivered all the Jade Mats to Shopants Sdn
Bhd and recorded as revenue accordingly.
|
Cost of Sales |
Cost
of Sales
Cost
of sales consists primarily of costs of finished goods purchased from third-party manufacturers and write-downs of inventory.
|
Shipping and Handling Costs |
Shipping
and Handling Costs
Shipping
and handling costs related to delivery of finished goods are included in selling expenses. During the six months ended June 30, 2024
and 2023, shipping and handling costs were $1,515 and ($555), respectively; and $859 and ($194) for the three months ended June 30, 2024
and 2023, respectively.
|
Advertising |
Advertising
Advertising
expenses consist primarily of costs of promotion and marketing for the Company’s image and products, and costs of direct advertising,
and are included in selling expenses. The Company expenses all advertising costs as incurred. Advertising expense was $255,875 and $619,465
for the six months ended June 30, 2024 and 2023, respectively; and $30,414 and $207,890 for the three months ended June 30, 2024 and
2023, respectively.
|
Share-based Compensation |
Share-based
Compensation
The
Company accounts for share-based compensation awards to officers, directors, employees, and for acquiring goods and services from nonemployees
in accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment
transactions be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over
the vesting period. The Company accounts for forfeitures when they occur.
|
Earnings per Share (EPS) |
Earnings
per Share (EPS)
Basic
EPS is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed
similar to basic net income per share except that the denominator is increased to include the number of additional common shares that
would have been outstanding if all the potential common shares pertaining to warrants, stock options, and similar instruments had been
issued and if the additional common shares were dilutive. Diluted earnings per share are based on the assumption that all dilutive convertible
shares and stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method for the
outstanding unvested restricted stock, options and warrants, and the if-converted method for the outstanding convertible instruments.
Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance,
if later) and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the
if-converted method, outstanding convertible instruments are assumed to be converted into common stock at the beginning of the period
(or at the time of issuance, if later).
The
following table presents a reconciliation of basic and diluted loss per share for the six and three months ended June 30, 2024
and 2023:
Schedule of Reconciliations of Basic and Diluted Loss Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, |
|
Three
Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(2,026,245 |
) |
|
$ |
(1,760,896 |
) |
|
(563,489 |
) |
|
(538,581 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding – Basic and Diluted * |
|
|
2,387,653 |
|
|
|
1,452,303 |
|
|
2,538,792 |
|
|
1,459,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and Diluted |
|
$ |
(0.85 |
) |
|
$ |
(1.21 |
) |
|
(0.22 |
) |
|
(0.37 |
) |
* |
Including 0
shares that were granted and vested but not yet issued for the six and three months ended June 30, 2024 and 2023,
respectively. |
For
the six and three months ended June 30, 2024, 1,500 shares of unvested restricted stock,
vested stock options to purchase 13,400 shares of the Company’s common stock, and
245,192 shares exercisable under warrants were excluded from the EPS calculation, as their
effect were anti-dilutive.
For
the six and three months ended June 30, 2023, 300 shares of unvested restricted stock, vested stock options to purchase 26,800 shares
of common stock of the Company, and 245,192 shares exercisable under warrants were excluded
from the EPS calculation, as their effects were anti-dilutive.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to credit risk consist primarily of accounts receivable
and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts
periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.
The
following table sets forth information as to the Company’s customers that accounted for 10% or more of the Company’s sales
and accounts receivable for the six and three months ended June 30, 2024 and 2023.
Schedule
of Concentration Credit Risk
Six
Months Ended June 30, 2024 | |
Three
Months Ended June 30, 2024 | | |
As
of June 30, 2024 | |
Customer | |
Percentage
of Total
Sales | | |
Customer | | |
Percentage
of Total
Sales | | |
Percentage
of accounts receivable | |
A | |
| 2 | % | |
| A | | |
| 2 | % | |
| 19 | % |
B | |
| - | % | |
| B | | |
| - | % | |
| 30 | % |
C | |
| - | % | |
| C | | |
| - | % | |
| - | % |
D | |
| - | % | |
| D | | |
| - | % | |
|
| % |
Six
Months Ended June 30, 2023 | |
Three
Months Ended June 30, 2023 | | |
As
of June 30, 2023 | |
Customer | |
Percentage
of Total
Sales | | |
Customer | | |
Percentage
of Total
Sales | | |
Percentage
of accounts receivable | |
A | |
| 2 | % | |
| A | | |
| 1 | % | |
| - | % |
B | |
| 1 | % | |
| B | | |
| 1 | % | |
| - | % |
C | |
| 31 | % | |
| C | | |
| 45 | % | |
| 77 | % |
D | |
| - | % | |
| D | | |
| - | % | |
| 16 | % |
No
customer accounted for 10% or more of the Company’s sales for the six and three months ended June 30, 2024;
and one customer accounted for 31% and 45% of the Company’s sales for the six and three months ended June 30, 2023, respectively.
Two
customers accounted for 19%
and 30% of the Company’s gross accounts receivable as of June 30, 2024, respectively. Two customers accounted for 77%
and 16%
of the Company’s gross accounts receivable as of June 30, 2023, respectively.
The
following table sets forth information as to the Company’s suppliers that accounted for 10% or more of the Company’s total
purchases, accounts payable and advance to suppliers for the six and three months ended June 30, 2024 and 2023.
Six Months Ended June 30, 2024 | |
Three Months Ended June 30, 2024 | | |
As of June 30, 2024 | | |
As of June 30. 2024 | |
Supplier | |
Percentage of Total Purchases | | |
Supplier | | |
Percentage of Total Purchases | | |
Balance of Accounts Payable | | |
Balance of Advance to Supplier | |
A | |
| 12 | % | |
| A | | |
| 20 | % | |
$ | 26,402 | | |
| - | |
B | |
| 6 | % | |
| B | | |
| 5 | % | |
| - | | |
| - | |
C | |
| 7 | % | |
| C | | |
| 8 | % | |
| - | | |
| - | |
Six Months Ended June 30, 2023 | |
Three Months Ended June 30, 2023 | | |
As of June 30, 2023 | | |
As of June 30. 2023 | |
Supplier | |
Percentage of Total Purchases | | |
Supplier | | |
Percentage of Total Purchases | | |
Balance of Accounts Payable | | |
Balance of Advance to Supplier | |
A | |
| 14 | % | |
| A | | |
| 7 | % | |
$ | 45,859 | | |
| - | |
B | |
| 22 | % | |
| B | | |
| 27 | % | |
$ | 141,849 | | |
| - | |
C | |
| 9 | % | |
| C | | |
| 12 | % | |
| - | | |
| - | |
The
Company purchased its products from one major vendor, accounting for 12% and 20% during the six and three months ended June 30, 2024,
respectively. The Company purchased its products from two major vendors during the six and three months ended June 30, 2023, respectively,
accounting for a total of 36%
(22% and 14%) and 39%
(27% and 12%), respectively.
Advances
made to these major vendors were $0
as of June 30, 2024 and June 30, 2023, respectively.
Accounts payable to these major vendors were $26,402 and $187,708 as of June 30, 2024 and June 30, 2023, respectively.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
ASC
Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments
held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value and establishes a three-level valuation
hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying
amounts reported in the condensed consolidated balance sheets for receivables and current liabilities each qualify as financial
instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such
instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are
defined as follows:
● |
Level
1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
● |
Level
2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that
are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
● |
Level
3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
The
carrying value of cash, accounts receivable, advances to suppliers, other receivables, accounts payable, advance from customers, other
payables and accrued liabilities approximate estimated fair values because of their short maturities.
|
Foreign Currency Translation and Transactions |
Foreign
Currency Translation and Transactions
The
accompanying consolidated financial statements are presented in United States Dollar (“$”
or “USD”), which is also the functional currency of Nova LifeStyle, Nova Furniture, Nova Samoa, Diamond Bar, and i Design.
The
Company’s subsidiary with operations in Malaysia uses its local currency, the Malaysian Ringgit (“RM”), as its functional
currency. An entity’s functional currency is the currency of the primary economic environment in which it operates, which is the
currency of the environment in which the entity primarily generates and expends cash. Management’s judgment is essential to determine
the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company
transactions and arrangements.
Foreign
currency transactions denominated in currencies other than the functional currency are translated into the functional currency using
the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at
the balance sheet date are re-measured at the applicable rates of exchange in effect at that date. Gains and losses resulting from foreign
currency re-measurement are included in the statements of operations.
The
financial statements are presented in U.S. dollars. Assets and liabilities are translated into U.S. dollars at the current exchange rate
in effect at the balance sheet date, and revenues and expenses are translated at the average of the exchange rates in effect during the
reporting period. Stockholders’ equity accounts are translated using the historical exchange rates at the date the entry to stockholders’
equity was recorded, except for the change in retained earnings during the period, which is translated using the historical exchange
rates used to translate each period’s income statement. Differences resulting from translating functional currencies to the reporting
currency are recorded in accumulated other comprehensive income in the balance sheets.
Translation
of amounts from RM into U.S. dollars has been made at the following exchange rates:
Schedule of Exchange Rates
Balance
sheet items, except for equity accounts |
|
|
June
30, 2024 |
|
RM
4.72 to 1 |
December
31, 2023 |
|
RM
4.59 to 1 |
|
|
|
Income
Statement and cash flow items |
|
|
For
the six months ended June 30, 2024 |
|
RM
4.73 to 1 |
For
the six months ended June 30, 2023 |
|
RM
4.46 to 1 |
|
Segment Reporting |
Segment
Reporting
ASC
Topic 280, “Segment Reporting,” requires use of the “management approach” model for segment reporting. The management
approach model is based on the way a company’s chief operating decision maker organizes segments within the company for making
operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography,
legal structure, management structure, or any other manner in which management disaggregates a company.
Management
determined that the Company’s operations constitute a single reportable segment in accordance with ASC 280. The Company operates
exclusively in one business and industry segment: the design and sale of furniture.
Management
concluded that the Company had one reportable segment under ASC 280 because Diamond Bar is a furniture distributor based in California
focusing on customers in the United States and Nova Malaysia is a furniture retailer and distributor focusing on customers primarily
in Malaysia. They are all operated under the same senior management of the Company, and management views the operations of Diamond Bar
and Nova Malaysia as one entity for making business decisions.
All
of the Company’s long-lived assets are mainly property, plant and equipment located in the United States and Malaysia and are utilized
for administrative purposes.
Net
sales to customers by geographic area are determined by reference to the physical product shipment delivery locations requested by the
customers. For example, if the products are delivered to a customer in the United States, the sales are recorded as generated in the
United States; if the customer directs us to ship its products to China, the sales are recorded as sold in China.
|
Leases |
Leases
The
Company determines if an arrangement is a lease or contains a lease at inception. Operating lease liabilities are recognized based on
the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. As the
rate implicit in the lease is not readily determinable for the operating lease, the Company generally uses an incremental borrowing rate
based on information available at the commencement date to determine the present value of future lease payments. Operating lease right-of-use
(“ROU assets”) assets represent the Company’s right to control the use of an identified asset for the lease term and
lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are generally recognized
based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the
lease term.
ROU
assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject
to the impairment guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.
ROU
assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent
from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used,
which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets
and liabilities.
The
Company recognized no impairment of ROU assets as of June 30, 2024 and December 31, 2023.
The
operating lease is included in operating lease right-of-use assets, operating lease liabilities-current and operating lease liabilities-non-current
on the condensed consolidated balance sheets at June 30, 2024 and December 31, 2023.
|
Reclassification |
Reclassification
Certain
prior period accounts have been reclassified in conformity with current period’s presentation.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
Recently
Adopted Accounting Standards
In
January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment
(“ASU 2017-04”). ASU 2017-04 eliminates Step 2 of the two-step goodwill impairment test, under which a goodwill impairment
loss was measured by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill.
ASU 2017-04 requires only a one-step quantitative impairment test, whereby a goodwill impairment loss is measured as the excess of a
reporting unit’s carrying amount over its fair value (not to exceed the total goodwill allocated to that reporting unit). This
Update is effective for smaller reporting companies for their annual or any interim goodwill impairment tests in fiscal years beginning
after December 15, 2022, which is required to be applied prospectively from the date of adoption. The Company adopted ASU 2017-04 for
its interim and annual goodwill impairment tests beginning January 1, 2023. The adoption of ASU 2017-04 did not have any impact on our
unaudited condensed consolidated financial statements.
Recently
Issued But Not Yet Adopted Accounting Pronouncements
In
March 2023, the FASB issued ASU 2023-01, Lease (Topic 842): Common Control Arrangements, which clarifies the accounting for leasehold
improvements associated with leases between entities under common control (hereinafter referred to as common control lease). ASU 2023-01
requires entities to amortize leasehold improvements associated with common control lease over the useful life to the common control
group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease, and to account for
any remaining leasehold improvements as a transfer between entities under common control through an adjustment to equity when the lessee
no longer controls the underlying asset. This ASU will be effective for fiscal years beginning after December 15, 2023, including interim
periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been
made available for issuance. An entity may apply ASU 2023-01 either prospectively or retrospectively. The Company is currently evaluating
the impact that the adoption of ASU 2023-01 will have on our unaudited condensed consolidated financial statement presentations and disclosures.
ln
December 2023, the FASB issued Accounting Standards Update No.2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”
(“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories
in the rate reconciliation,(2) the income or loss from continuing operations before income tax expense or benefit (separated between
domestic and foreign) and (3)income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU
2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among
other changes. The guidance is effective for annual period beginning after December 15, 2024. Early adoption is permitted for annual
financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis,
but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on
its unaudited condensed consolidated financial statements and related disclosures.
The
Company’s management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently
adopted, would have a material impact on the Company’s financial statement presentation or disclosures.
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v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Allowance for Credit Losses |
Accounts
receivable consisted of the following as of the date indicated:
Schedule of Allowance for Credit Losses
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
Accounts receivable | |
$ | 44,918 | | |
$ | 47,530 | |
Less: allowance for credit losses | |
| (449 | ) | |
| (532 | ) |
Total accounts receivable, net | |
$ | 44,469 | | |
$ | 46,998 | |
|
Schedule of Plant, Property and Equipment Estimated Lives Under Straight - line Method |
Schedule of Plant, Property and Equipment Estimated Lives Under Straight - line Method
Computer
and office equipment |
5
- 10 years |
Decoration
and renovation |
5
- 10 years |
|
Schedule of Unrecognized Tax Benefits |
A
reconciliation of unrecognized tax benefits excluding interest and penalties (“Gross UTB”) for the six months ended June
30, 2024 and 2023, is as follows:
Schedule of Unrecognized Tax Benefits
|
|
|
Gross
UTB |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance
– January 1 and June 30 |
|
$ |
- |
|
$ |
- |
|
|
Schedule of Reconciliations of Basic and Diluted Loss Per Share |
The
following table presents a reconciliation of basic and diluted loss per share for the six and three months ended June 30, 2024
and 2023:
Schedule of Reconciliations of Basic and Diluted Loss Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, |
|
Three
Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(2,026,245 |
) |
|
$ |
(1,760,896 |
) |
|
(563,489 |
) |
|
(538,581 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding – Basic and Diluted * |
|
|
2,387,653 |
|
|
|
1,452,303 |
|
|
2,538,792 |
|
|
1,459,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and Diluted |
|
$ |
(0.85 |
) |
|
$ |
(1.21 |
) |
|
(0.22 |
) |
|
(0.37 |
) |
* |
Including 0
shares that were granted and vested but not yet issued for the six and three months ended June 30, 2024 and 2023,
respectively. |
|
Schedule of Concentration Credit Risk |
The
following table sets forth information as to the Company’s customers that accounted for 10% or more of the Company’s sales
and accounts receivable for the six and three months ended June 30, 2024 and 2023.
Schedule
of Concentration Credit Risk
Six
Months Ended June 30, 2024 | |
Three
Months Ended June 30, 2024 | | |
As
of June 30, 2024 | |
Customer | |
Percentage
of Total
Sales | | |
Customer | | |
Percentage
of Total
Sales | | |
Percentage
of accounts receivable | |
A | |
| 2 | % | |
| A | | |
| 2 | % | |
| 19 | % |
B | |
| - | % | |
| B | | |
| - | % | |
| 30 | % |
C | |
| - | % | |
| C | | |
| - | % | |
| - | % |
D | |
| - | % | |
| D | | |
| - | % | |
|
| % |
Six
Months Ended June 30, 2023 | |
Three
Months Ended June 30, 2023 | | |
As
of June 30, 2023 | |
Customer | |
Percentage
of Total
Sales | | |
Customer | | |
Percentage
of Total
Sales | | |
Percentage
of accounts receivable | |
A | |
| 2 | % | |
| A | | |
| 1 | % | |
| - | % |
B | |
| 1 | % | |
| B | | |
| 1 | % | |
| - | % |
C | |
| 31 | % | |
| C | | |
| 45 | % | |
| 77 | % |
D | |
| - | % | |
| D | | |
| - | % | |
| 16 | % |
No
customer accounted for 10% or more of the Company’s sales for the six and three months ended June 30, 2024;
and one customer accounted for 31% and 45% of the Company’s sales for the six and three months ended June 30, 2023, respectively.
Two
customers accounted for 19%
and 30% of the Company’s gross accounts receivable as of June 30, 2024, respectively. Two customers accounted for 77%
and 16%
of the Company’s gross accounts receivable as of June 30, 2023, respectively.
The
following table sets forth information as to the Company’s suppliers that accounted for 10% or more of the Company’s total
purchases, accounts payable and advance to suppliers for the six and three months ended June 30, 2024 and 2023.
Six Months Ended June 30, 2024 | |
Three Months Ended June 30, 2024 | | |
As of June 30, 2024 | | |
As of June 30. 2024 | |
Supplier | |
Percentage of Total Purchases | | |
Supplier | | |
Percentage of Total Purchases | | |
Balance of Accounts Payable | | |
Balance of Advance to Supplier | |
A | |
| 12 | % | |
| A | | |
| 20 | % | |
$ | 26,402 | | |
| - | |
B | |
| 6 | % | |
| B | | |
| 5 | % | |
| - | | |
| - | |
C | |
| 7 | % | |
| C | | |
| 8 | % | |
| - | | |
| - | |
Six Months Ended June 30, 2023 | |
Three Months Ended June 30, 2023 | | |
As of June 30, 2023 | | |
As of June 30. 2023 | |
Supplier | |
Percentage of Total Purchases | | |
Supplier | | |
Percentage of Total Purchases | | |
Balance of Accounts Payable | | |
Balance of Advance to Supplier | |
A | |
| 14 | % | |
| A | | |
| 7 | % | |
$ | 45,859 | | |
| - | |
B | |
| 22 | % | |
| B | | |
| 27 | % | |
$ | 141,849 | | |
| - | |
C | |
| 9 | % | |
| C | | |
| 12 | % | |
| - | | |
| - | |
|
Schedule of Exchange Rates |
Translation
of amounts from RM into U.S. dollars has been made at the following exchange rates:
Schedule of Exchange Rates
Balance
sheet items, except for equity accounts |
|
|
June
30, 2024 |
|
RM
4.72 to 1 |
December
31, 2023 |
|
RM
4.59 to 1 |
|
|
|
Income
Statement and cash flow items |
|
|
For
the six months ended June 30, 2024 |
|
RM
4.73 to 1 |
For
the six months ended June 30, 2023 |
|
RM
4.46 to 1 |
|
X |
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v3.24.2.u1
Plant, Property and Equipment, Net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Plant, Property and Equipment |
As
of June 30, 2024 and December 31, 2023, plant, property and equipment consisted of the following:
Schedule of Plant, Property and Equipment
|
|
June
30, 2024 |
|
December
31, 2023 |
|
Computer
and office equipment |
|
$ |
253,769 |
|
$ |
255,352 |
|
Decoration
and renovation |
|
|
369,334 |
|
|
378,237 |
|
Property plant and equipment gross |
|
|
623,103 |
|
|
633,589 |
|
Less:
accumulated depreciation |
|
|
(369,005 |
) |
|
(345,916 |
) |
Property plant and equipment
net |
|
$ |
254,098 |
|
$ |
287,673 |
|
|
X |
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v3.24.2.u1
Intangible Assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Intangible Assets |
As
of June 30, 2024 and December 31, 2023, intangible assets consisted of the following:
Schedule of Intangible Assets
|
|
June
30, 2024 |
|
December
31, 2023 |
|
Accounting
software |
|
$ |
26,800 |
|
$ |
26,800 |
|
Less:
accumulated amortization |
|
|
(21,009 |
) |
|
(18,327 |
) |
Intangible assets, net |
|
$ |
5,791 |
|
$ |
8,473 |
|
|
X |
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v3.24.2.u1
Prepaid Expenses and Other Receivables (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Prepaid Expenses And Other Receivables |
|
Schedule of Prepaid Expenses and Other Receivables |
Prepaid
expenses and other receivables consisted of the following as of June 30, 2024 and December 31, 2023:
Schedule of Prepaid Expenses and Other Receivables
|
|
June
30, 2024 |
|
December
31, 2023 |
|
|
|
|
|
|
|
Prepaid
expenses |
|
$ |
1,088,677 |
|
$ |
984,934 |
|
Other
receivables |
|
|
30,982 |
|
|
41,265 |
|
Prepaid expenses and
other receivables |
|
$ |
1,119,659 |
|
$ |
1,026,199 |
|
|
X |
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v3.24.2.u1
Accrued Liabilities and Other Payables (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Liabilities and Other Payables |
Accrued
liabilities and other payables consisted of the following as of June 30, 2024 and December 31, 2023:
Schedule of Accrued Liabilities and Other Payables
|
|
June
30, 2024 |
|
December
31, 2023 |
|
|
|
|
|
|
|
Other
payables |
|
$ |
756,514 |
|
$ |
139,722 |
|
Salary
payable |
|
|
6,804 |
|
|
7,511 |
|
Marketing |
|
|
20,000 |
|
|
- |
|
Financed
insurance premiums |
|
|
198,999 |
|
|
69,337 |
|
Auditing
fee |
|
|
- |
|
|
125,000 |
|
Warranty
liability |
|
|
25,283 |
|
|
27,545 |
|
Accrued
commission |
|
|
75,989 |
|
|
58,669 |
|
Accrued
expenses, others |
|
|
53,042 |
|
|
672,877 |
|
Total accrued liabilities and other payable |
|
$ |
1,136,631 |
|
$ |
1,100,661 |
|
|
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v3.24.2.u1
Stockholders’ Equity (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Summary of Warrant Activity |
The
following is a summary of the warrant activity for the six months ended June 30, 2024:
Summary of Warrant Activity
|
|
Number
of
Warrants |
|
|
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual
Term
in Years |
|
|
|
|
|
|
|
|
|
|
|
Outstanding
at January 1, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
3.02 |
|
Exercisable
at January 1, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
3.02 |
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised
/ surrendered |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Expired |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Outstanding
at June 30, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
2.52 |
|
Exercisable
at June 30, 2024 |
|
|
245,192 |
|
|
$ |
17.50 |
|
|
|
2.52 |
|
|
Schedule of Stock Option Activity |
Stock
option activity under the Company’s stock-based compensation plans is shown below:
Schedule of Stock Option Activity
|
|
Number
of
Shares |
|
|
Average
Exercise
Price
per Share |
|
|
Weighted
Average
Remaining
Contractual
Term
in Years |
|
|
|
|
|
|
|
|
|
|
|
Outstanding
at January 1, 2024 |
|
|
13,400 |
|
|
$ |
14.55 |
|
|
|
0.82 |
|
Exercisable
at January 1, 2024 |
|
|
13,400 |
|
|
|
14.55 |
|
|
|
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Outstanding
at June 30, 2024 |
|
|
13,400 |
|
|
|
14.55 |
|
|
|
0.32 |
|
Exercisable
at June 30, 2024 |
|
|
13,400 |
|
|
|
14.55 |
|
|
|
0.32 |
|
(1) |
The
intrinsic value of the stock options at June 30, 2024 is the amount by which the market value of the Company’s common stock
of $1.63 as of June 28, 2024 exceeds the average exercise price of the option. As of June 30, 2024, the intrinsic value of the outstanding
and exercisable stock options was $0. |
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v3.24.2.u1
Geographical Analysis (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Revenue by Geographic Areas |
Geographical
distribution of sales consisted of the following for the six and three months ended June 30, 2024 and 2023:
Schedule of Revenue by Geographic Areas
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
Six
Months Ended June 30, |
|
|
Three
Months ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Geographical
Areas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America |
|
$ |
4,957,058 |
|
|
$ |
4,192,106 |
|
|
$ |
2,631,328 |
|
|
$ |
2,435,441 |
|
Asia |
|
|
- |
|
|
|
1,993,671 |
|
|
|
- |
|
|
|
1,993,671 |
|
Other
countries |
|
|
107,868 |
|
|
|
151,217 |
|
|
|
57,205 |
|
|
|
33,317 |
|
Revenues |
|
$ |
5,064,926 |
|
|
$ |
6,336,994 |
|
|
$ |
2,688,533 |
|
|
$ |
4,462,429 |
|
|
Schedule of Long-lived Assets by Geographic Areas |
Geographical
location of identifiable long-lived assets as of June 30, 2024 and December 31, 2023:
Schedule of Long-lived Assets by Geographic Areas
|
|
June
30, 2024 |
|
|
December
31, 2023 |
|
Geographical
Areas |
|
|
|
|
|
|
|
|
North
America |
|
$ |
1,601,636 |
|
|
$ |
1,873,623 |
|
Asia |
|
|
264,942 |
|
|
|
318,398 |
|
Total |
|
$ |
1,866,578 |
|
|
$ |
2,192,021 |
|
|
X |
- DefinitionTabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets.
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v3.24.2.u1
Lease (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Lease |
|
Schedule of Lease Cost |
Operating
lease expense for the six months ended June 30, 2024 and 2023 was as follows:
Schedule of Lease Cost
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
Six
Months Ended June 30, |
|
|
Three
Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
lease cost – straight line |
|
$ |
388,830 |
|
|
$ |
438,981 |
|
|
|
194,389 |
|
|
|
219,296 |
|
|
Schedule of Operating Lease Liability Maturity |
The
following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2024:
Schedule of Operating Lease Liability Maturity
|
|
Operating
Leases |
|
2024 |
|
$ |
364,617 |
|
2025 |
|
|
701,142 |
|
2026 |
|
|
598,820 |
|
Thereafter |
|
|
0 |
|
Total
undiscounted cash flows |
|
|
1,664,579 |
|
Less:
imputed interest |
|
|
(61,186 |
) |
Present
value of lease liabilities |
|
|
1,603,393 |
|
|
Schedule of Lease Term and Discount Rate |
Schedule of Lease Term and Discount Rate
|
|
June
30, 2024 |
|
Weighted-average
remaining lease term – years |
|
|
|
|
Operating
leases – USA |
|
|
2.34 |
|
Operating
leases – Malaysia |
|
|
0.23 |
|
|
|
|
|
|
Weighted-average
discount rate (%) |
|
|
|
|
Operating
leases – USA |
|
|
3.36 |
% |
Operating
leases – Malaysia |
|
|
4.74 |
% |
|
Schedule of Supplemental Cash Flow Information Related to Leases |
Supplemental
cash flow information related to leases where the Company was the lessee for the six months ended June 30, 2024 and 2023 was as follows:
Schedule of Supplemental Cash Flow Information Related to Leases
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Operating
cash outflows from operating leases |
|
$ |
388,555 |
|
|
$ |
428,818 |
|
|
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v3.24.2.u1
Organization and Description of Business (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
Nov. 05, 2020 |
Jan. 07, 2020 |
Dec. 12, 2019 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Net loss |
|
|
|
$ 560,000
|
$ 540,000
|
$ 2,030,000.00
|
$ 1,760,000
|
|
Accumulated deficit |
|
|
|
46,456,055
|
|
46,456,055
|
|
$ 44,429,810
|
Cash |
|
|
|
$ 363,409
|
|
$ 363,409
|
|
$ 369,137
|
Formal Agreement [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Cash consideration amount |
|
$ 2,500,000
|
|
|
|
|
|
|
Nova Living (M) SDN. BHD [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Payments to acquire businesses gross |
|
|
$ 1.00
|
|
|
|
|
|
Nova HK [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Payments to acquire businesses gross |
$ 1,290
|
|
|
|
|
|
|
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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|
Jun. 30, 2024 |
Minimum [Member] | Computer Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
5 years
|
Minimum [Member] | Decoration and Renovation [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
5 years
|
Maximum [Member] | Computer Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
10 years
|
Maximum [Member] | Decoration and Renovation [Member] |
|
Property, Plant and Equipment [Line Items] |
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10 years
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v3.24.2.u1
Schedule of Reconciliations of Basic and Diluted Loss Per Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
|
Net loss |
|
$ (563,489)
|
$ (538,581)
|
$ (2,026,245)
|
$ (1,760,896)
|
Weighetd average shares outstanding - basic |
[1] |
2,538,792
|
1,459,655
|
2,387,653
|
1,452,303
|
Weighetd average shares outstanding - diluted |
[1] |
2,538,792
|
1,459,655
|
2,387,653
|
1,452,303
|
Net loss per share of common stock - basic |
|
$ (0.22)
|
$ (0.37)
|
$ (0.85)
|
$ (1.21)
|
Net loss per share of common stock - diluted |
|
$ (0.22)
|
$ (0.37)
|
$ (0.85)
|
$ (1.21)
|
|
|
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v3.24.2.u1
Schedule of Concentration Credit Risk (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer A [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
2.00%
|
1.00%
|
2.00%
|
2.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer B [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
1.00%
|
|
1.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
45.00%
|
|
31.00%
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer D [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
|
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
|
19.00%
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
|
30.00%
|
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
|
|
77.00%
|
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer D [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
|
|
|
16.00%
|
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Advances made to suppliers |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier A [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
20.00%
|
7.00%
|
12.00%
|
14.00%
|
Accounts payable |
$ 26,402
|
$ 45,859
|
$ 26,402
|
$ 45,859
|
Advances made to suppliers |
|
|
|
|
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier B [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
5.00%
|
27.00%
|
6.00%
|
22.00%
|
Accounts payable |
|
$ 141,849
|
|
$ 141,849
|
Advances made to suppliers |
|
|
|
|
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Supplier C [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Concentration risk percentage |
8.00%
|
12.00%
|
7.00%
|
9.00%
|
Accounts payable |
|
|
|
|
Advances made to suppliers |
|
|
|
|
X |
- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
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v3.24.2.u1
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|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
May 22, 2023
$ / shares
|
Feb. 28, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
shares
|
Dec. 31, 2023
USD ($)
Segment
$ / shares
shares
|
Dec. 22, 2017 |
Sep. 05, 2023
$ / shares
shares
|
Sep. 04, 2023
shares
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
1-for-5
|
|
|
|
|
|
|
|
|
|
Common stock, par value | $ / shares |
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
$ 0.001
|
|
Common stock, shares authorized | shares |
|
|
250,000,000
|
|
250,000,000
|
|
250,000,000
|
|
250,000,000
|
3,000,000
|
Cash FDIC insured amount |
|
|
$ 250,000
|
|
$ 250,000
|
|
|
|
|
|
Cash balances held in banks |
|
|
0
|
|
0
|
|
$ 0
|
|
|
|
Provision for loan lease and other losses |
|
|
(924)
|
$ 65
|
83
|
$ (196)
|
|
|
|
|
Inventory write down |
|
|
|
|
44,253
|
108,785
|
|
|
|
|
Impairment of long-lived assets |
|
|
|
|
0
|
|
0
|
|
|
|
Income Tax Expense (Benefit) |
|
|
4,876
|
2,400
|
$ 4,876
|
2,400
|
|
|
|
|
Effective income tax rate |
|
|
|
|
21.00%
|
|
|
35.00%
|
|
|
Accumulated undistributed earnings |
|
|
25,200,000
|
|
$ 25,200,000
|
|
25,400,000
|
|
|
|
Unrecognized tax benefits |
|
|
|
|
|
|
|
|
|
|
Unrecognized tax benefits affect the effective tax rate |
|
|
0
|
0
|
0
|
0
|
|
|
|
|
Income tax penalties and interest accrued |
|
|
0
|
|
0
|
|
0
|
|
|
|
Income tax penalties and interest |
|
|
0
|
0
|
0
|
0
|
|
|
|
|
Inventory net |
|
|
2,134,343
|
|
$ 2,134,343
|
|
$ 2,213,311
|
|
|
|
Number of reportable segment | Segment |
|
|
|
|
|
|
1
|
|
|
|
Accounts Receivable [Member] | Customer One [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
|
19.00%
|
|
77.00%
|
|
|
|
Accounts Receivable [Member] | Customer Two [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
|
30.00%
|
|
16.00%
|
|
|
|
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Advances to suppliers |
|
|
0
|
0
|
$ 0
|
0
|
|
|
|
|
Cost of Goods and Service Benchmark [Member] | Major Vendor [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
$ 26,402
|
$ 187,708
|
$ 26,402
|
$ 187,708
|
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares |
|
|
1,500
|
300
|
1,500
|
300
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares |
|
|
13,400
|
26,800
|
13,400
|
26,800
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares |
|
|
245,192
|
245,192
|
245,192
|
245,192
|
|
|
|
|
Shopants Sdn Bhd [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Inventory net |
|
$ 1,540,000
|
|
|
|
|
|
|
|
|
Cash consideration |
|
$ 2,000,000.00
|
|
|
|
|
|
|
|
|
MALAYSIA | Foreign Tax Jurisdiction [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Effective income tax rate |
|
|
|
|
24.00%
|
|
|
|
|
|
Continuing Operations [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Inventory write down |
|
|
$ 5,271
|
$ 23,113
|
$ 44,253
|
$ 108,785
|
|
|
|
|
Research and development expense |
|
|
518
|
10,026
|
750,000
|
10,144
|
|
|
|
|
Shipping and handling cost credits |
|
|
859
|
194
|
1,515
|
555
|
|
|
|
|
Advertising expense |
|
|
$ 30,414
|
$ 207,890
|
$ 255,875
|
$ 619,465
|
|
|
|
|
Continuing Operations [Member] | Revenue Benchmark [Member] | No Customer [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
10.00%
|
|
10.00%
|
|
|
|
|
|
Continuing Operations [Member] | Revenue Benchmark [Member] | One Customer [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
45.00%
|
|
31.00%
|
|
|
|
|
Continuing Operations [Member] | Cost of Goods and Service Benchmark [Member] | One Major Vendors [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
20.00%
|
|
12.00%
|
|
|
|
|
|
Continuing Operations [Member] | Cost of Goods and Service Benchmark [Member] | Two Major Vendors [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
39.00%
|
|
36.00%
|
|
|
|
|
Continuing Operations [Member] | Cost of Goods and Service Benchmark [Member] | Vendor One [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
27.00%
|
|
22.00%
|
|
|
|
|
Continuing Operations [Member] | Cost of Goods and Service Benchmark [Member] | Vendor Two [Member] | Supplier Concentration Risk [Member] |
|
|
|
|
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
|
|
|
|
Concentration risk percentage |
|
|
|
12.00%
|
|
14.00%
|
|
|
|
|
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Inventories (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Inventory net |
$ 2,134,343
|
|
$ 2,134,343
|
|
$ 2,213,311
|
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|
|
44,253
|
$ 108,785
|
|
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|
|
|
|
|
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|
$ 23,113
|
$ 44,253
|
$ 108,785
|
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Schedule of Plant, Property and Equipment (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property plant and equipment gross |
$ 623,103
|
$ 633,589
|
Less: accumulated depreciation |
(369,005)
|
(345,916)
|
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254,098
|
287,673
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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253,769
|
255,352
|
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|
|
Property, Plant and Equipment [Line Items] |
|
|
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$ 369,334
|
$ 378,237
|
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Plant, Property and Equipment, Net (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
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$ 13,493
|
$ 17,840
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$ 27,009
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$ 36,258
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623,103
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623,103
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$ 633,589
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$ 0
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|
Jun. 30, 2024 |
Dec. 31, 2023 |
Prepaid Expenses And Other Receivables |
|
|
Prepaid expenses |
$ 1,088,677
|
$ 984,934
|
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30,982
|
41,265
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v3.24.2.u1
Schedule of Accrued Liabilities and Other Payables (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Other payables |
$ 756,514
|
$ 139,722
|
Salary payable |
6,804
|
7,511
|
Marketing |
20,000
|
|
Financed insurance premiums |
198,999
|
69,337
|
Auditing fee |
|
125,000
|
Warranty liability |
25,283
|
27,545
|
Accrued commission |
75,989
|
58,669
|
Accrued expenses, others |
53,042
|
672,877
|
Total accrued liabilities and other payable |
$ 1,136,631
|
$ 1,100,661
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.
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v3.24.2.u1
Other Loans (Details Narrative) - SBA Loan [Member] - USD ($)
|
|
3 Months Ended |
6 Months Ended |
Jun. 19, 2020 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Short-Term Debt [Line Items] |
|
|
|
|
|
Proceeds from loans |
$ 150,000
|
|
|
|
|
Maturity date |
Jun. 19, 2050
|
|
|
|
|
Interest rate percentage |
3.75%
|
|
|
|
|
Debt instrument, payment terms |
payable monthly beginning 12 months from the date of the promissory note
|
|
|
|
|
Accumulated interest |
|
$ 1,365
|
$ 2,193
|
$ 2,737
|
$ 4,386
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
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v3.24.2.u1
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
Apr. 11, 2024 |
Apr. 10, 2024 |
Feb. 29, 2024 |
Jan. 04, 2020 |
Jan. 04, 2018 |
Sep. 30, 2011 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Promissory Loan [Member] |
|
|
|
|
|
|
|
|
|
|
Proceeds from loans |
$ 160,000
|
|
$ 200,000
|
|
|
|
|
|
|
|
Interest rate |
8.50%
|
|
8.50%
|
|
|
|
|
|
|
|
Accumulated interest |
|
|
|
|
|
|
$ 4,278
|
|
$ 6,141
|
|
Promissory Loan One [Member] |
|
|
|
|
|
|
|
|
|
|
Accumulated interest |
|
|
|
|
|
|
3,018
|
$ 3,018
|
3,018
|
$ 3,018
|
Sales Representative Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Consulting agreement term |
|
|
|
2 years
|
2 years
|
|
|
|
|
|
Payments for commissions |
|
|
|
|
|
|
87,316
|
86,381
|
153,043
|
151,911
|
Diamond Bar Outdoors, Inc [Member] |
|
|
|
|
|
|
|
|
|
|
Related party transaction description of transaction |
|
|
|
|
|
Diamond Bar leased a showroom in High Point, North Carolina from the Company’s President who is currently also
the Chief Executive Officer and Chairperson of the Board
|
|
|
|
|
Lessee operating lease renewal term |
|
1 year
|
|
|
|
|
|
|
|
|
Lease cost |
|
$ 41,000
|
|
|
|
|
|
|
|
|
Payments for rent |
|
|
|
|
|
|
$ 10,250
|
$ 8,640
|
$ 18,890
|
$ 17,280
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Summary of Warrant Activity (Details) - Warrant [Member] - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of warrants outstanding, beginning |
245,192
|
|
Warrants average exercise price, beginning |
$ 17.50
|
|
Weighted average remaining contractual term, Ending balance |
2 years 6 months 7 days
|
3 years 7 days
|
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245,192
|
|
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$ 17.50
|
|
Weighted average remaining contractual term, Exercisable |
2 years 6 months 7 days
|
3 years 7 days
|
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|
|
Warrants average exercise price, granted |
|
|
Number of warrants, exercised/ surrendered |
|
|
Warrants average exercise price, exercised/ surrendered |
|
|
Number of warrants, expired |
|
|
Warrants average exercise price, expired |
|
|
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245,192
|
245,192
|
Warrants average exercise price, ending |
$ 17.50
|
$ 17.50
|
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245,192
|
245,192
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$ 17.50
|
$ 17.50
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Schedule of Stock Option Activity (Details) - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Equity [Abstract] |
|
|
Number of Options, outstanding at Beginning |
13,400
|
|
Weighted Average Exercise Price per share, outstanding |
$ 14.55
|
|
Weighted Average Exercise Price per share, outstanding |
3 months 25 days
|
9 months 25 days
|
Number of Options, Exercisable Outstanding at beginning |
13,400
|
|
Weighted average exercise price per share, exercisable |
$ 14.55
|
|
Weighted Average Remaining Contractual Term, Exercisable, Ending |
3 months 25 days
|
9 months 25 days
|
Number of Options, Granted |
|
|
Weighted average exercise price per share, granted |
|
|
Number of Options, Exercised |
|
|
Weighted average exercise price per share, exercised |
|
|
Number of Options, Forfeited |
|
|
Weighted average exercise price per share,forfeited |
|
|
Number of Options, outstanding at ending |
13,400
|
13,400
|
Weighted Average Exercise Price per share, outstanding |
$ 14.55
|
$ 14.55
|
Number of Options, Exercisable Outstanding at Ending |
13,400
|
13,400
|
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$ 14.55
|
$ 14.55
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X |
- DefinitionThe grant-date intrinsic value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
+ Details
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X |
- DefinitionAmount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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|
v3.24.2.u1
Stockholders’ Equity (Details Narrative)
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3 Months Ended |
6 Months Ended |
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Dec. 01, 2024 |
Nov. 15, 2024 |
Sep. 30, 2024 |
Sep. 01, 2024 |
Aug. 15, 2024 |
Jun. 30, 2024
USD ($)
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Jun. 01, 2024 |
May 16, 2024
USD ($)
$ / shares
shares
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May 15, 2024 |
Apr. 18, 2024 |
Apr. 03, 2024 |
Mar. 31, 2024 |
Mar. 01, 2024
USD ($)
$ / shares
shares
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Feb. 15, 2024 |
Jan. 28, 2024
USD ($)
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Jan. 23, 2024
USD ($)
$ / shares
shares
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Jan. 23, 2024
MYR (RM)
shares
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Jan. 03, 2024 |
Nov. 16, 2023
USD ($)
$ / shares
shares
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Nov. 16, 2023
MYR (RM)
shares
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Nov. 15, 2023 |
Nov. 09, 2023
USD ($)
$ / shares
shares
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Oct. 03, 2023 |
Sep. 30, 2023 |
Aug. 15, 2023 |
Jul. 03, 2023
USD ($)
$ / shares
shares
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Jun. 30, 2023 |
May 15, 2023 |
Apr. 01, 2023 |
Mar. 31, 2023 |
Feb. 15, 2023 |
Jan. 28, 2023
USD ($)
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Jan. 01, 2023 |
Nov. 16, 2022
USD ($)
$ / shares
shares
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Nov. 11, 2022
USD ($)
$ / shares
shares
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Oct. 01, 2022 |
Jul. 01, 2022
USD ($)
$ / shares
shares
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Jan. 28, 2022
USD ($)
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Jul. 23, 2021
USD ($)
$ / shares
shares
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Aug. 31, 2020 |
May 31, 2020 |
Feb. 28, 2020 |
Nov. 30, 2019 |
Nov. 04, 2019
USD ($)
$ / shares
shares
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Aug. 31, 2019 |
Aug. 12, 2019
USD ($)
$ / shares
shares
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May 31, 2019 |
Feb. 28, 2019 |
Nov. 30, 2018 |
Nov. 07, 2018
USD ($)
$ / shares
shares
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Aug. 24, 2018
USD ($)
$ / shares
shares
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Jun. 30, 2024
USD ($)
shares
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Jun. 30, 2023
USD ($)
shares
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Jun. 30, 2024
USD ($)
$ / shares
shares
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Jun. 30, 2023
USD ($)
shares
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May 31, 2024
shares
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Dec. 15, 2023
shares
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Aug. 31, 2023
shares
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Jun. 16, 2021
shares
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Apr. 12, 2021
shares
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Subsidiary, Sale of Stock [Line Items] |
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Company delisting notice from NASDAQ Marketwatch, description |
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On
April 18, 2024, the Company received written notice from the NASDAQ Stock Market (“NASDAQ”) stating that the Company
does not meet the requirement of maintaining a minimum of $2,500,000 in stockholders’ equity for continued listing on the
NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1), the Company also does not meet the alternative of market
value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2) or net income from continuing operations of $500,000
in the most recently completed fiscal year or in two of the last three most recently completed fiscal years under NASDAQ Listing
Rule 5550(b)(3), and the Company is no longer in compliance with the NASDAQ Listing Rules.
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Stock issued to consultants |
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$ 222,123
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$ 16,000
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$ 444,249
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$ 32,000
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Research and development expense |
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$ 0
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$ 0
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$ 750,000
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Options granted to purchase common stock | shares |
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Weighted average exercise price | $ / shares |
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Private Placement [Member] |
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Subsidiary, Sale of Stock [Line Items] |
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Stock issued , shares | shares |
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222,902
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Proceeds from offering, gross |
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$ 3,120,622
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Number of warrants to purchase common stock | shares |
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222,902
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Warrants to purchase price per share | $ / shares |
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$ 14.00
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Warrant exercise price per share | $ / shares |
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$ 17.50
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Proceeds from offering, net |
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$ 2,760,000
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Private Placement [Member] | Warrant [Member] |
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Subsidiary, Sale of Stock [Line Items] |
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Estimated life |
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5 years 6 months
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Volatility rate |
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107.00%
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Risk free interest rate |
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0.71%
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Dividend yield |
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0.00%
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Fair value of warrants |
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$ 2,018,597
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Placement Agent [Member] | Warrant [Member] |
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Subsidiary, Sale of Stock [Line Items] |
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Warrant exercise price per share | $ / shares |
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$ 17.50
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Number of warrants to purchase common stock | shares |
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22,290
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Advisory Service Agreement [Member] |
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Subsidiary, Sale of Stock [Line Items] |
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Consulting agreement term |
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12 months
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Payment to advisory fee |
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$ 10,000
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Stock issued to consultants, shares | shares |
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0
|
10,543
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2,645
|
15,328
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Stock issued to consultants |
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$ 0
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$ 30,000
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$ 10,000
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$ 50,000
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|
Advisory Service Agreement One Member] |
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Subsidiary, Sale of Stock [Line Items] |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment to advisory fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,748
|
|
4,748
|
|
|
|
|
|
Stock issued to consultants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
$ 10,000
|
|
|
|
|
|
Consulting Agreement Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 36,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
25.00%
|
|
|
25.00%
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,000
|
|
18,000
|
|
|
|
|
|
Consulting Agreement Three [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 28,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
25.00%
|
|
|
25.00%
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,000
|
|
14,000
|
|
|
|
|
|
IT Consulting Service Agreement One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
25.00%
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159,000
|
|
318,000
|
|
|
|
|
|
|
IT Consulting Service Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.50
|
|
|
$ 2.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300,000
|
300,000
|
|
270,000
|
270,000
|
|
|
|
|
|
300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 750,000
|
RM 3,544,875
|
|
$ 675,000
|
RM 3,161,970
|
|
|
|
|
|
$ 636,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 750,000
|
|
|
$ 675,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued , shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 117,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
25.00%
|
|
|
|
25.00%
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 29,375
|
|
$ 58,750
|
|
|
|
|
|
|
Consulting Agreement [Member] | Forecast [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory Service Agreement Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment to advisory fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,248
|
|
24,076
|
|
|
|
|
|
|
Stock issued to consultants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 30,000
|
|
$ 50,000
|
|
|
|
|
|
|
Consulting Agreement One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued , shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
$ 1.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting agreement term |
|
|
|
|
|
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued to consultants |
|
|
|
|
|
|
|
|
|
|
|
|
$ 163,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,844
|
|
54,594
|
|
|
|
|
|
|
Consulting Agreement One [Member] | Forecast [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
25.00%
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employement Agreement [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated share based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,225
|
|
6,450
|
|
|
|
|
|
|
Employement Agreement One [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
|
25.00%
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award, gross | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, value, restricted stock award, gross |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 12,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employement Agreement One [Member] | Forecast [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued , shares | shares |
|
|
|
|
|
|
|
200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
|
|
|
|
|
$ 2.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from offering, gross |
|
|
|
|
|
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chief Financial Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated life |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
Volatility rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87.00%
|
|
|
|
|
84.00%
|
|
|
|
|
|
|
|
|
|
Risk free interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.49%
|
|
|
|
|
2.72%
|
|
|
|
|
|
|
|
|
|
Dividend yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
|
|
|
|
50.00%
|
|
|
|
|
|
|
|
|
|
Options granted to purchase common stock | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,400
|
|
|
|
|
1,400
|
|
|
|
|
|
|
|
|
|
Weighted average exercise price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 19.25
|
|
|
|
|
$ 46.25
|
|
|
|
|
|
|
|
|
|
Option term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
Fair value of stock options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 18,318
|
|
|
|
|
$ 43,680
|
|
|
|
|
|
|
|
|
|
Unrecognized share-based compensation expense |
|
|
|
|
|
$ 227,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 227,102
|
|
$ 227,102
|
|
|
|
|
|
|
Chief Financial Officer [Member] | Six-month Anniversary [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50.00%
|
|
|
|
|
50.00%
|
|
|
|
|
|
|
|
|
|
2021 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock rewards granted | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800,000
|
|
600,000
|
600,000
|
Two Thousand Twenty Three Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock rewards granted | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800,000
|
|
|
Twenty Twenty Four Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock rewards granted | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000,000
|
|
|
|
|
2014 Omnibus Long-Term Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated life |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 years
|
|
|
|
|
|
10 years
|
|
|
|
|
|
|
|
|
|
|
Volatility rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87.00%
|
|
|
|
|
|
84.00%
|
|
|
|
|
|
|
|
|
|
|
Risk free interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.60%
|
|
|
|
|
|
3.07%
|
|
|
|
|
|
|
|
|
|
|
Dividend yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
0.00%
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
25.00%
|
25.00%
|
25.00%
|
|
25.00%
|
|
25.00%
|
25.00%
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
Options granted to purchase common stock | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,000
|
|
|
|
|
|
12,000
|
|
|
|
|
|
|
|
|
|
|
Weighted average exercise price | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 14.00
|
|
|
|
|
|
$ 29.50
|
|
|
|
|
|
|
|
|
|
|
Option term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 years
|
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
Fair value of stock options, shares | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,000
|
|
|
|
|
|
60,000
|
|
|
|
|
|
|
|
|
|
|
Grant date fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 114,740
|
|
|
|
|
|
$ 240,105
|
|
|
|
|
|
|
|
|
|
|
2021 Omnibus Equity Plan [Member] | Employement Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price per share | $ / shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options vesting percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
25.00%
|
|
|
25.00%
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock award, gross | shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued during period, value, restricted stock award, gross |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated share based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 885
|
|
$ 1,770
|
|
|
|
|
|
X |
- DefinitionCompany delisting notice from NASDAQ Marketwatch, description.
+ References
+ Details
Name: |
NVFY_CompanyDelistingNoticeFromNasdaqMarketDescription |
Namespace Prefix: |
NVFY_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionConsulting agreement term.
+ References
+ Details
Name: |
NVFY_ConsultingAgreementTerm |
Namespace Prefix: |
NVFY_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFair value of stock options.
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Schedule of Revenue by Geographic Areas (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
$ 2,688,533
|
$ 4,462,429
|
$ 5,064,926
|
$ 6,336,994
|
North America [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
2,631,328
|
2,435,441
|
4,957,058
|
4,192,106
|
Asia [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
|
1,993,671
|
|
1,993,671
|
Other Countries [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Revenues |
$ 57,205
|
$ 33,317
|
$ 107,868
|
$ 151,217
|
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Schedule of Long-lived Assets by Geographic Areas (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total |
$ 1,866,578
|
$ 2,192,021
|
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|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total |
1,601,636
|
1,873,623
|
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|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total |
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|
$ 318,398
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Schedule of Lease Cost (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Lease |
|
|
|
|
Operating lease cost – straight line |
$ 194,389
|
$ 219,296
|
$ 388,830
|
$ 438,981
|
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Lease (Details Narrative)
|
Oct. 04, 2022
USD ($)
|
Oct. 04, 2022
MYR (RM)
|
Jul. 29, 2022
USD ($)
|
Jul. 29, 2022
MYR (RM)
|
Nov. 26, 2021 |
Oct. 15, 2021 |
Jul. 15, 2021 |
Aug. 20, 2020 |
Aug. 01, 2020
USD ($)
|
Aug. 01, 2020
MYR (RM)
|
Oct. 29, 2019 |
Jul. 15, 2019
USD ($)
|
Jul. 15, 2019
MYR (RM)
|
Apr. 23, 2018 |
Jun. 17, 2013
USD ($)
|
Lease Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term of contract |
|
|
|
|
|
|
|
|
|
|
2 years
|
|
|
|
5 years
|
Lease expiration date |
Nov. 30, 2024
|
Nov. 30, 2024
|
|
|
Nov. 30, 2022
|
Oct. 31, 2026
|
|
|
|
|
Nov. 30, 2021
|
|
|
Oct. 31, 2021
|
Oct. 31, 2018
|
Extended term |
2 years
|
2 years
|
|
|
24 months
|
5 years
|
|
|
|
|
|
|
|
3 years
|
6 years
|
Rental payment |
$ 1,964
|
RM 9,280
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 42,000
|
Operating lease annual rent expense increase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.00%
|
Sub Lease Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term of contract |
|
|
|
|
|
|
|
2 years
|
|
|
|
2 years
|
2 years
|
|
|
Lease expiration date |
|
|
Aug. 31, 2024
|
Aug. 31, 2024
|
|
|
Jul. 31, 2023
|
Aug. 31, 2022
|
|
|
|
Jul. 14, 2021
|
Jul. 14, 2021
|
|
|
Extended term |
|
|
2 years
|
2 years
|
|
|
2 years
|
|
|
|
|
|
|
|
|
Rental payment |
|
|
$ 6,348
|
RM 30,000
|
|
|
|
|
$ 7,406
|
RM 35,000
|
|
$ 4,232
|
RM 20,000
|
|
|
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Subsequent Events (Details Narrative) - USD ($)
|
|
|
|
6 Months Ended |
Jul. 30, 2024 |
Jul. 08, 2024 |
Jul. 05, 2024 |
Jun. 30, 2024 |
Subsequent Event [Line Items] |
|
|
|
|
Purchase price |
|
|
|
$ 750,000
|
Sale and Purchase Agreement [Member] | Subsequent Event [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Purchase price |
|
$ 552,000
|
$ 660,000
|
|
Number of shares issued for acquisition |
|
460,000
|
400,000
|
|
Share price |
|
$ 1.20
|
$ 1.65
|
|
Securities Purchase Agreement [Member] | Subsequent Event [Member] |
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
Share price |
$ 1.60
|
|
|
|
Shares new issues |
125,000
|
|
|
|
Shares new issues,value |
$ 200,000
|
|
|
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Nova Lifestyle (NASDAQ:NVFY)
過去 株価チャート
から 7 2024 まで 8 2024
Nova Lifestyle (NASDAQ:NVFY)
過去 株価チャート
から 8 2023 まで 8 2024