Gross Profit was $1.2 million in 2019, as compared to $15.3 million in 2018. The key financial highlights exclude Bright Swallow International Group Limited. As of December 31, 2019, operations of Bright Swallow were reported as discontinued operations in the consolidated financial statements for all periods presented.
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced that the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (“Annual Report”) will be delayed beyond the required filing date of March 30, 2020 until May 14, 2020; and the Company provided an update on the impact of the COVID-19 outbreak on the Company. The Company previously announced that it expected to file its Annual Report within the extension period afforded by Rule 12b-25.
Nova LifeStyle, Inc. (NASDAQ: NVFY) (“Nova LifeStyle” or the “Company”) today announced an update with respect to the potential impact of the COVID-19 outbreak on its business operations, and the Company’s ability to timely file its Annual Report on Form 10-K. In response to the evolving dynamics related to the COVID-19 outbreak, the Company is following the guidelines of local authorities as it prioritizes the health and safety of its employees, contractors, suppliers and retail partners. While the Company’s new products are being sourced from manufacturers in India and Malaysia, some of the products provided by third-party suppliers in China are experiencing production delays.