Notification That Quarterly Report Will Be Submitted Late (nt 10-q)
November 14 2022 - 4:10PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
12b-25
NOTIFICATION
OF LATE FILING
(Check
one):
☐
Form 10-K ☐ Form 20-F ☐ Form 11-K ☒ Form 10-Q ☐ Form 10-D ☐ Form N-CEN ☐ Form N-CSR
For
Period Ended: September 30, 2022
|
☐ |
Transition
Report on Form 10-K |
|
☐ |
Transition
Report on Form 20-F |
|
☐ |
Transition
Report on Form 11-K |
|
☐ |
Transition
Report on Form 10-Q |
For
the Transition Period Ended:
Nothing
in this form shall be construed to imply that the Commission has verified any information contained
herein.
|
If
the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART
I — REGISTRANT INFORMATION
Nova
LifeStyle, Inc.
Full
Name of Registrant
N/A
Former
Name if Applicable
6565
E. Washington Blvd
Address
of Principal Executive Office (Street and Number)
Commerce,
CA 90040
City,
State and Zip Code
PART
II — RULES 12b-25(b) AND (c)
If
the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b),
the following should be completed. (Check box if appropriate)
|
(a) |
The
reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense |
|
|
|
☒ |
(b) |
The
subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or Form N-CSR, or portion
thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report
or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the
fifth calendar day following the prescribed due date; and |
|
|
|
|
(c) |
The
accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART
III — NARRATIVE
State
below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not
be filed within the prescribed time period.
Nova
Lifestyle, Inc. (the “Company”) is unable to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022
(the “Form10-Q”) within the prescribed time period without unreasonable effort or expense because additional
time is required to complete the preparation of the Company’s financial statements in time for filing. The Company anticipates
filing its Form 10-Q on or before the fifth calendar day following the prescribed due date.
PART
IV — OTHER INFORMATION
(1) |
Name
and telephone number of person to contact in regard to this notification |
|
Thanh
H. Lam |
|
323 |
|
888-9999 |
|
(Name) |
|
(Area
Code) |
|
(Telephone
Number) |
(2) |
Have
all other periodic reports required under Section 13 or 15(d) of the Securities Exchange
Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months
or for such shorter period that the registrant was required to file such report(s) been filed
? If answer is no, identify report(s).
|
|
☒
Yes ☐ No |
|
|
(3) |
Is
it anticipated that any significant change in results of operations from the corresponding
period for the last fiscal year will be reflected by the earnings statements to be included
in the subject report or portion thereof?
☒
Yes ☐ No
If
so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made. |
Nova
LifeStyle Inc.
(Name
of Registrant as Specified in Charter)
has
caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date:
November 14, 2022 |
By: |
/s/
Thanh H. Lam |
|
|
Thanh
H. Lam |
|
Title: |
Chief
Executive Officer |
Part
IV. (3) Anticipated Changes in Results of Operations
We
anticipate reporting the following significant changes in the results of operations from the same period of the last fiscal year:
Other
Expenses, Net Other expenses, net, was $0.76 million for the three months ended September 30, 2022, compared to other expenses,
net of $82,258 for the same period of 2021, representing an increase in other expenses of $676,736.
The increase in other expenses was due primarily to the increase in foreign exchange loss of $706,398 to $708,169 for the three months
ended September 30, 2022 from foreign exchange loss of $1,771 for the same period of 2021. The increase in foreign exchange loss was
mainly a result of the depreciation of Malaysian Ringgit against U.S. dollars on the Company’s assets in Malaysia. However, the
increase in other expenses was partially offset by a decrease in interest expense, net of $29,494 to $2,261 for the three months ended
September 30, 2022, compared with $31,755 for the same period of 2021. The decrease in interest expense was mainly because the
loan of $1.21 million to an unrelated party with 6% annual interest rate has been fully paid off on August 13, 2021.
Income
Tax Expenses Income tax expense was $0 for the three months ended September 30, 2022, compared to $167,532 for the same period
of 2021. The income tax expenses were primarily related to the foreign-sourced earnings from one of our subsidiaries, Nova Hong Kong for the
three months ended September 30, 2021.
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