Nova LifeStyle, Inc. (NASDAQ:NVFY), a U.S. based
fast-growing, innovative designer, manufacturer and distributor of
modern LifeStyle furniture, today announced financial results for
the fourth quarter and twelve months ended December 31, 2015.
Fourth Quarter and Full Year 2015 Financial
Highlights:
- For the twelve-month period ended December 31, 2015, Net Sales
were $108.8 million, an increase of 10.3% compared to the prior
year period. Sales growth was driven primarily by a 11%
increase in sales volume along with a 2% decrease in average
selling prices.
- Fourth quarter Net Sales were $28.6 million compared to $29.0
in the prior year period.
- For the full year 2015, gross profit was $18.4 million, a
decrease of 5.2% versus the prior year period. Gross profit
for the fourth quarter was $4.8 million, a decrease of 8.0% from
the prior year period.
- Fourth quarter Gross Margin was 15%, compared to 23% in the
prior year period while full year 2015 Gross Margin was 16.9%,
compared to 19.6% in the prior year period. Fourth quarter
sales mix was more heavily weighted to lower price products which
also yield lower margins for the Company.
- Gross Profit and Gross Margin both also declined due to
increased costs associated with products purchased from third
parties. In addition, Nova LifeStyle reduced selling prices
on certain items sold to a limited number of large accounts during
2015, which the Company believes will ultimately benefit its growth
in the future while allowing it to sell additional product into
core accounts while eventually gaining margin expansion as it
reaches critical mass with those customers.
- Net Income was $0.7 million, or $0.03 per diluted share based
on 22.8 million shares outstanding in the fourth quarter of 2015,
compared to net income of $1.8 million or $0.09 per diluted share
based on 20.4 million shares outstanding in the prior year
period.
- For the full year 2015, Net Income was $2.2 million, or $0.10
per diluted share based on 22.8 million shares outstanding,
compared to net income of $8.5 million or $0.42 per diluted share
based on 20.4 million shares outstanding in the prior year
period.
Management CommentaryJeffrey
Wong, Chief Executive Officer of Nova LifeStyle, stated, "Our 2015
results were highlighted by top line growth of 10% year over year,
largely driven by our continued expansion in North America and
China. North American sales increased 17% during the period,
showing that our expanded marketing efforts to the U.S. and
Canadian markets are bearing fruit. This also compares very
favorably with North American industry growth of 3.8% last
year.1 In China we grew our sales 11% as our relationship
with IKEA continues to expand. In addition, we expect
recently-announced partnerships, such as Vanke, one of the leading
real estate developers in China, to help drive continued sales
growth in 2016 and beyond. Although European sales were
relatively flat year over year we continue to believe that
customers in those markets have an appetite for our new modern home
furnishing solutions that encapsulate a changing contemporary
lifestyle. As those economies begin to rebound we expect to
see increased sales activity.”
Mr. Wong continued, “Last quarter we noted that
our cost of goods was elevated due to increased seasonal orders
fulfilled using third party manufacturers and this dynamic
persisted in the fourth quarter. We feel it is vital to make
sure we provide our customers with the highest quality products in
a timely manner. In order to maintain this level of service,
we are sometimes forced to absorb higher third party costs.
Over the long run we are confident that this strategy cements our
relationship with our clients and is the right course of
action. We are working to expand our supplier base which we
feel will lead to more stability in our supply chain moving
forward. Additionally, as we pursue large, “national account
sized” customers, we may choose to offer some flexibility on price
in order to gain new customers. During the fourth quarter we
made a small number of such concessions which we believe will
benefit our business in the long run.”
Ms. Tawny Lam, President of Nova LifeStyle,
stated, “2015 featured a number of highlights for Nova
LifeStyle. We participated in several of the leading industry
trade shows, such as the Las Vegas Market events along with the
High Point Market. We continued to expand our online commerce
presence and announced new partnerships with leading firms such as
Vanke and I-Kongjian. An additional highlight of the year was
that Nova LifeStyle won the Outstanding Import & Export
Enterprise Award from The Hong Kong Chinese Importers’ &
Exporters’ Association (“HKCIEA” or the “Association”) on September
14, 2015 following the Company’s participation at The 36th Edition
of the China International Furniture Fair (Shanghai), from
September 8-12, 2015. In closing, I would like to thank all
of our shareholders for their trust in our company and I would also
like to thank all of our employees for their hard work and
dedication.”
1 https://ycharts.com/indicators/us_furniture_and_home_furnishings_store_sales
Operational Overview
Product CategoryNova
LifeStyle’s largest selling product categories in the twelve months
ended December 31, 2015 and 2014 were sofas, cabinets and dining
tables, which accounted for approximately 30%, 15% and 16% of
sales, respectively, for the twelve months ended December 31, 2015,
versus 34%,16% and 16% of sales in the prior year period.
In order to drive growth, the Company is focused
on the adoption of new image standards along with continued
expansion of its product lines. The Company intends to
enrich its product lines to include a bedroom series, which would
include beds, bed side tables, mattresses (which could be imported
or purchased in China) and bedding sets including bed sheets,
pillowcases, quilt covers, and other items (which can be purchased
within China).
Geographic Breakdown
North AmericaSales to North America were $75.2 million in the
twelve months ended December 31, 2015, an increase of 17% from
$64.4 million in the same period of 2014, driven by a continuation
of our increased marketing efforts in the U.S. markets. As a
percentage of total revenue, North American sales remain the
largest for Nova LifeStyle at 69%.
China In China, overall sales increased by 11% to $19.0 million
in the twelve months ended December 31, 2015, as compared to $17.0
million in the same period of 2014, driven by increased sales from
our subsidiary, Ding Nuo, to IKEA.
Europe Sales to Europe were $10.6 million in the twelve
months ended December 31, 2015, a decrease of 7% from $11.4 million
in the same period of 2014 as a result of the continued softness in
European economies.
Geographical distribution of sales is set out as follows:
(US$ in millions) |
For twelve
months ended December 31, |
|
For three
months ended December 31, |
|
|
2015 |
2014 |
|
2015 |
2014 |
|
|
Sales |
% of
Total |
Sales |
% of
Total |
|
Sales |
% of
Total |
Sales |
% of
Total |
|
China* |
$ |
19.0 |
|
|
17 |
% |
$ |
17.0 |
|
|
17 |
% |
|
$ |
5.5 |
|
|
19 |
% |
$ |
4.8 |
|
|
17 |
% |
|
North America |
|
75.2 |
|
|
69 |
% |
|
64.4 |
|
|
65 |
% |
|
|
18.0 |
|
|
63 |
% |
|
120.2 |
|
|
70 |
% |
|
Asia** |
|
2.7 |
|
|
2 |
% |
|
4.4 |
|
|
5 |
% |
|
|
0.6 |
|
|
2 |
% |
|
0.3 |
|
|
1 |
% |
|
Europe |
|
10.6 |
|
|
10 |
% |
|
11.4 |
|
|
12 |
% |
|
|
3.7 |
|
|
13 |
% |
|
3.2 |
|
|
11 |
% |
|
Australia |
|
0.5 |
|
|
1 |
% |
|
0.7 |
|
|
1 |
% |
|
|
0.1 |
|
|
1 |
% |
|
0.4 |
|
|
1 |
% |
|
Hong Kong |
|
0.7 |
|
|
1 |
% |
|
0.7 |
|
|
1 |
% |
|
|
0.6 |
|
|
2 |
% |
|
0.0 |
|
|
0 |
% |
|
Other countries |
|
0.3 |
|
|
0 |
% |
|
0.1 |
|
|
0 |
% |
|
|
0.2 |
|
|
1 |
% |
|
- |
|
NA |
|
|
$ |
108.9 |
|
|
100 |
% |
$ |
98.7 |
|
|
100 |
% |
|
$ |
28.6 |
|
|
100 |
% |
$ |
25.9 |
|
|
100 |
% |
|
* excluding Hong Kong |
** excluding China |
|
Notable Achievements and Highlights During
2015
- January 2015: Presented at the Winter 2015 Las
Vegas Market trade show. The Las Vegas Market is an
international furnishings showcase that combines style, inspiration
and productivity in an unrivaled, world-class
destination.
- April 2015: Announced the successful
development of a new, health-oriented, product
line called Smart
Health Furniture, that offers the ability
to monitor, record and deliver user data to key
medical care providers.
- June 2015: Launched First-of-Its-Kind "Last
Mile" Furniture Delivery and Installation Service called
ezHome.
- August 2015: Presented at the Summer 2015 Las
Vegas Market trade show. The Las Vegas Market is an
international furnishings showcase that combines style, inspiration
and productivity in an unrivaled, world-class
destination.
- September 2015: Won the Outstanding Import
& Export Enterprise Award from The Hong Kong Chinese Importers’
& Exporters’ Association (“HKCIEA” or the “Association”) on
September 14, 2015 following the Company’s participation at The
36th Edition of the China International Furniture Fair (Shanghai),
from September 8-12, 2015.
- October 2015: Participated in the High Point
Market trade show in High Point, NC. The High Point Market is
the largest furnishings industry trade show in the world, bringing
more than 75,000 people every six months.
- December 2015: Signed a strategic alliance
agreement with (China) Shanxi Wanqing Senior Care Service, Group
(“Shanxi Wanqing”), a senior care service, senior care home and
hotel development company, to operate as its exclusive supplier for
furniture design and manufacturing.
Balance Sheet and Cash Flow
Highlights
- Cash and cash equivalents were $1.0 million at December 31,
2015, as compared to $1.2 million as of December 31,
2014.
- Working capital at December 31, 2015 was $48.6 million, as
compared to $34.5 million at December 31, 2014.
The following is a summary of cash provided by or used in each
of the indicated types of activities during the twelve months ended
December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
2015 |
|
|
2014 |
|
Cash (used in) provided
by: |
|
|
|
|
|
|
Operating
activities |
|
$ |
(4,229,308 |
) |
|
$ |
(6,455,730 |
) |
Investing
activities |
|
|
(2,473,664 |
) |
|
|
(4,137,725 |
) |
Financing
activities |
|
|
6,452,072 |
|
|
|
9,510,373 |
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities was $4.2
million in the twelve months ended December 30, 2015, a decrease of
cash outflow of $2.3 million from $6.5 million of cash used in
operating activities in the same period of 2014.
|
|
Conference Call Details |
|
|
|
Date / Time: |
Monday, March 28, 2016 at 11:00 a.m.
ET |
|
|
Participant Dial-In Numbers |
|
(United States): |
877-704-4209 |
(International): |
201-689-8024 |
(China): |
+86 40-0120-2840 |
|
|
WebcastTo listen to the live
webcast, please go to www.NovaLifeStyle.com and click on the
conference call link, or click: Nova Lifestyle Fourth Quarter and
Full Year 2015 Webcast. This webcast will be archived and
accessible through the Company’s website for approximately 30 days
following the call.
About Nova LifeStyleNova
LifeStyle, Inc., a NASDAQ Global Markets Exchange listed company
headquartered in California, is a fast growing, innovative
designer, manufacturer and distributor of modern LifeStyle
furniture; primarily sofas, dining rooms, cabinets, office
furniture and related components, bedrooms, and various accessories
in matching collections. Nova's products are made in the US,
Europe, and Asia and include LifeStyle brands such as Diamond Sofa,
Colorful World, Giorgio Mobili, Nova QwiK, and Bright Swallow
International. Nova's products feature urban contemporary styles
that integrate comfort and functionality incorporating upscale
luxury designs appealing to LifeStyle-conscious middle and upper
middle-income consumers in the U.S., China, Europe, and elsewhere
in the world. To learn more about Nova LifeStyle, Inc., please
visit our website at www.NovaLifeStyle.com or download
the NVFY IRapp from the investor page.
Safe Harbor Statement All statements in this
press release that are not historical are forward-looking
statements made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. There can be no
assurance that actual results will not differ from the company's
expectations. You are cautioned not to place undue reliance on any
forward-looking statements in this press release as they reflect
Nova's current expectations with respect to future events and are
subject to risks and uncertainties that may cause actual results to
differ materially from those contemplated. Potential risks and
uncertainties include, but are not limited to, the risks described
in Nova's filings with the Securities and Exchange Commission.
|
|
|
NOVA LIFESTYLE, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME |
FOR THE TWELVE AND THREE MONTHS ENDED DECEMBER
31, 2015 AND 2014 |
|
|
|
|
|
|
|
|
|
Years Ended December 31 |
|
Three Months Ended December 31 |
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
|
(Audited) |
|
(Audited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Net
Sales |
$ |
108,820,112 |
|
|
$ |
98,711,275 |
|
|
$ |
28,617,544 |
|
|
$ |
29,002,293 |
|
|
|
|
|
|
|
|
|
Cost of
Sales |
|
90,430,560 |
|
|
|
79,319,418 |
|
|
|
23,763,946 |
|
|
|
23,726,425 |
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
18,389,552 |
|
|
|
19,391,857 |
|
|
|
4,853,598 |
|
|
|
5,275,868 |
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
|
|
|
Selling expenses |
|
6,161,294 |
|
|
|
5,477,132 |
|
|
|
2,273,585 |
|
|
|
2,678,803 |
|
General and administrative
expenses |
|
8,678,402 |
|
|
|
7,823,767 |
|
|
|
1,883,117 |
|
|
|
2,024,572 |
|
Goodwill impairment |
-- |
|
|
808,518 |
|
|
-- |
|
-- |
Loss on disposal fixed assets |
-- |
|
|
31,727 |
|
|
-- |
|
|
2,764 |
|
|
|
|
|
|
|
|
|
Total Operating
Expenses |
|
14,839,696 |
|
|
|
14,141,144 |
|
|
|
4,156,702 |
|
|
|
4,706,139 |
|
|
|
|
|
|
|
|
|
Income From
Operations |
|
3,549,856 |
|
|
|
5,250,713 |
|
|
|
696,896 |
|
|
|
569,729 |
|
|
|
|
|
|
|
|
|
Other Income
(Expenses) |
|
|
|
|
|
|
|
Non-operating income, net |
|
325,701 |
|
|
|
241,189 |
|
|
|
220,618 |
|
|
|
76,909 |
|
Foreign exchange transaction
gain |
|
93,797 |
|
|
|
48,183 |
|
|
|
17,820 |
|
|
|
48,183 |
|
Change in fair value of warrant
liability |
|
(767,096 |
) |
|
|
4,194,847 |
|
|
-- |
|
|
1,353,670 |
|
Interest expense |
|
(387,477 |
) |
|
|
(158,336 |
) |
|
|
(106,320 |
) |
|
|
(57,419 |
) |
Financial expense |
|
(62,953 |
) |
|
|
(41,212 |
) |
|
|
(17,198 |
) |
|
|
15,111 |
|
|
|
|
|
|
|
|
|
Total Other Income
(Expenses), Net |
|
(798,028 |
) |
|
|
4,284,671 |
|
|
|
114,920 |
|
|
|
1,436,454 |
|
|
|
|
|
|
|
|
|
Income Before
Income Tax |
|
2,751,828 |
|
|
|
9,535,384 |
|
|
|
811,816 |
|
|
|
2,006,183 |
|
|
|
|
|
|
|
|
|
Income Tax
Expense |
|
551,586 |
|
|
|
980,736 |
|
|
|
127,313 |
|
|
|
228,425 |
|
|
|
|
|
|
|
|
|
Net
Income |
|
2,200,242 |
|
|
|
8,554,648 |
|
|
|
684,503 |
|
|
|
1,777,758 |
|
|
|
|
|
|
|
|
|
Other
Comprehensive Income |
|
|
|
|
|
|
|
Foreign currency translation |
|
(1,004,633 |
) |
|
|
(27,843 |
) |
|
|
(349,463 |
) |
|
|
111,893 |
|
|
|
|
|
|
|
|
|
Comprehensive
Income |
$ |
1,195,609 |
|
|
$ |
8,526,805 |
|
|
$ |
335,040 |
|
|
$ |
1,889,651 |
|
|
|
|
|
|
|
|
|
Basic weighted average
shares outstanding |
|
22,825,652 |
|
|
|
20,381,934 |
|
|
|
22,594,017 |
|
|
|
20,257,955 |
|
Diluted weighted
average shares outstanding |
|
22,825,652 |
|
|
|
20,470,258 |
|
|
|
22,594,017 |
|
|
|
20,372,292 |
|
|
|
|
|
|
|
|
|
Basic net earnings per
share |
$ |
0.10 |
|
|
$ |
0.42 |
|
|
$ |
0.03 |
|
|
$ |
0.09 |
|
Diluted net earnings
per share |
$ |
0.10 |
|
|
$ |
0.42 |
|
|
$ |
0.03 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOVA LIFESTYLE, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
DECEMBER 31, 2015 AND 2014 |
|
|
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
Cash and cash equivalents |
$ |
988,029 |
|
|
$ |
1,244,308 |
|
|
Accounts receivable, net |
|
50,451,665 |
|
|
|
42,971,510 |
|
|
Advance to suppliers |
|
7,958,870 |
|
|
|
8,104,312 |
|
|
Inventories |
|
5,254,029 |
|
|
|
3,612,868 |
|
|
Prepaid expenses and other
receivables |
|
1,180,452 |
|
|
|
641,208 |
|
|
Deferred tax asset |
-- |
|
|
118,866 |
|
|
|
|
|
|
|
Total Current
Assets |
|
65,833,045 |
|
|
|
56,693,072 |
|
|
|
|
|
|
|
Noncurrent
Assets |
|
|
|
|
Heritage and cultural assets |
|
124,868 |
|
|
|
132,513 |
|
|
Plant, property and equipment,
net |
|
15,201,395 |
|
|
|
14,377,909 |
|
|
Construction in progress |
-- |
|
|
1,378,860 |
|
|
Lease deposit |
|
94,235 |
|
|
|
96,096 |
|
|
Deposits for equipment and factory
construction |
|
143,758 |
|
|
|
1,264,551 |
|
|
Goodwill |
|
218,606 |
|
|
|
218,606 |
|
|
Intangible assets, net |
|
8,062,649 |
|
|
|
6,493,726 |
|
|
Deferred tax asset |
|
69,451 |
|
|
-- |
|
|
|
|
|
|
Total
Noncurrent Assets |
|
23,914,962 |
|
|
|
23,962,261 |
|
|
|
|
|
|
|
Total
Assets |
$ |
89,748,007 |
|
|
$ |
80,655,333 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
Accounts payable |
$ |
9,822,857 |
|
|
$ |
10,454,485 |
|
|
Line of credit |
|
4,604,560 |
|
|
|
7,592,879 |
|
|
Advance from customers |
|
187,359 |
|
|
|
123,673 |
|
|
Accrued liabilities and other
payables |
|
2,584,622 |
|
|
|
2,470,284 |
|
|
Warrant derivative liability |
-- |
|
|
1,465,019 |
|
|
Taxes payable |
|
5,773 |
|
|
|
61,769 |
|
|
|
|
|
|
|
Total Current
Liabilities |
|
17,205,171 |
|
|
|
22,168,109 |
|
|
|
|
|
|
|
Noncurrent
Liabilities |
|
|
|
|
Line of credit |
|
5,659,357 |
|
|
|
-- |
|
|
Deferred rent payable |
|
89,904 |
|
|
|
85,077 |
|
|
Deferred tax liability |
-- |
|
|
12,199 |
|
|
Income tax payable |
|
6,801,893 |
|
|
|
6,607,739 |
|
|
|
|
|
|
|
Total
Noncurrent Liabilities |
|
12,551,154 |
|
|
|
6,705,015 |
|
|
|
|
|
|
|
Total
Liabilities |
|
29,756,325 |
|
|
|
28,873,124 |
|
|
|
|
|
|
|
Contingencies
and Commitments |
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
Common stock, $0.001 par value;
75,000,000 shares authorized, |
|
|
|
|
24,254,160 and 20,897,316 shares
issued and outstanding |
|
24,254 |
|
|
|
20,897 |
|
|
as of December 31, 2015 and 2014,
respectively |
|
|
Additional paid-in capital |
|
31,761,983 |
|
|
|
24,751,476 |
|
|
Statutory reserves |
|
6,241 |
|
|
|
6,241 |
|
|
Accumulated other comprehensive
income |
|
1,570,534 |
|
|
|
2,575,167 |
|
|
Retained earnings |
|
26,628,670 |
|
|
|
24,428,428 |
|
|
|
|
|
|
|
Total
Stockholders' Equity |
|
59,991,682 |
|
|
|
51,782,209 |
|
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity |
$ |
89,748,007 |
|
|
$ |
80,655,333 |
|
|
|
|
|
|
|
NOVA LIFESTYLE, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 |
|
(AUDITED) |
|
|
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
Cash Flows From
Operating Activities |
|
|
|
|
Net Income |
$ |
2,200,242 |
|
|
$ |
8,554,648 |
|
|
Adjustments to reconcile net income
to net cash |
|
|
|
|
(used in) operating
activities: |
|
|
|
|
Depreciation and amortization |
|
1,860,598 |
|
|
|
1,700,758 |
|
|
Changes in deferred tax |
|
35,127 |
|
|
|
180,720 |
|
|
Stock compensation expense |
|
1,377,328 |
|
|
|
663,317 |
|
|
Warrants expense |
-- |
|
|
76,629 |
|
|
Change in fair value of warrant
liability |
|
767,096 |
|
|
|
(4,194,847 |
) |
|
Bad debt expenses |
|
669,596 |
|
|
|
119,121 |
|
|
Goodwill impairment |
-- |
|
|
808,518 |
|
|
Loss on disposal of fixed
assets |
-- |
|
|
31,727 |
|
|
Changes in operating assets and
liabilities: |
|
|
|
|
Accounts receivable |
|
(8,659,276 |
) |
|
|
(15,066,077 |
) |
|
Advance to suppliers |
|
137,262 |
|
|
|
(4,572,043 |
) |
|
Inventories |
|
(1,798,077 |
) |
|
|
(266,023 |
) |
|
Other current assets |
|
(922,702 |
) |
|
|
131,343 |
|
|
Accounts payable |
|
(382,438 |
) |
|
|
3,508,782 |
|
|
Advance from customers |
|
68,975 |
|
|
|
80,602 |
|
|
Accrued expenses and other
payables |
|
(5,036 |
) |
|
|
998,188 |
|
|
Deferred rent payable |
|
10,149 |
|
|
|
11,149 |
|
|
Taxes payable |
|
411,848 |
|
|
|
777,758 |
|
|
|
|
|
|
|
Net Cash Used
in Operating Activities |
|
(4,229,308 |
) |
|
|
(6,455,730 |
) |
|
|
|
|
|
|
Cash Flows From
Investing Activities |
|
|
|
|
Deposit on plant construction and
equipment |
|
(80,604 |
) |
|
|
(1,252,811 |
) |
|
Payment for land compensation fee
and occupancy tax |
|
(951,003 |
) |
|
-- |
|
Purchase of property and
equipment |
|
(396,049 |
) |
|
|
(1,617,961 |
) |
|
Cash received from disposition of
fixed assets |
-- |
|
|
11,998 |
|
|
Construction in progress |
|
(1,046,008 |
) |
|
|
(1,278,951 |
) |
|
|
|
|
|
|
Net Cash Used
in Investing Activities |
|
(2,473,664 |
) |
|
|
(4,137,725 |
) |
|
|
|
|
|
|
Cash Flows From
Financing Activities |
|
|
|
|
Proceeds from line of credit and
bank loan |
|
38,908,577 |
|
|
|
30,612,098 |
|
|
Repayment to line of credit and
bank loan |
|
(36,101,507 |
) |
|
|
(30,439,566 |
) |
|
Proceeds from subscription
receivable |
-- |
|
|
750,000 |
|
|
Cash received from warrants
exercised |
-- |
|
|
468,841 |
|
|
Proceeds from equity financing, net
of expenses of $355,000 |
|
3,645,002 |
|
|
|
8,119,000 |
|
|
|
|
|
|
|
Net Cash
Provided by Financing Activities |
$ |
6,452,072 |
|
|
$ |
9,510,373 |
|
|
|
|
|
|
|
|
|
|
|
|
NOVA LIFESTYLE, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONTINUED) |
|
FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 |
|
(AUDITED) |
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
Effect of
Exchange Rate Changes on |
|
|
|
|
Cash and Cash
Equivalents |
$ |
(5,379 |
) |
|
$ |
4,052 |
|
|
|
|
|
|
|
Net decrease in
cash and cash equivalents |
|
(256,279 |
) |
|
|
(1,079,030 |
) |
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
1,244,308 |
|
|
|
2,323,338 |
|
|
|
|
|
|
|
Cash and cash
equivalents, ending of period |
$ |
988,029 |
|
|
$ |
1,244,308 |
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow
Information |
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
Income tax payments |
$ |
131,292 |
|
|
$ |
21,493 |
|
|
Interest expense |
$ |
388,325 |
|
|
$ |
312,322 |
|
|
|
|
|
|
|
Supplemental Disclosure of Non-Cash Financing
Activities |
|
|
|
|
|
|
Construction in progress and
deposits for equipment and factory construction transfer to fixed
assets |
$ |
2,406,995 |
|
|
$ |
797,665 |
|
|
Construction in progress transfer
to intangible assets |
$ |
1,208,200 |
|
|
$ -- |
|
Issuance of common stock in
exchange of surrender and termination of warrants |
$ |
2,232,115 |
|
|
$ -- |
|
|
|
|
|
|
Company Contact:
Investor Relations:
The Equity Group Inc.
In U.S.
Adam Prior, Senior Vice President
+1 (212) 836-9606
aprior@equityny.com
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com
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