Nova Lifestyle, Inc. (NASDAQ:NVFY), a company specialized in the design, manufacture, and distribution of modern lifestyle furniture, has reported a change in its independent accounting firm, according to a recent SEC filing. On Monday, the company dismissed its former accountant, WWC, P.C., and appointed Enrome LLP as its new auditor for the fiscal year ending December 31, 2024.
The company's previous reports from WWC for the fiscal years ending December 31, 2023, and 2022, were found to be free of any adverse opinions or disclaimers and did not contain any qualifications regarding uncertainty, audit scope, or accounting principles. In the periods covered up until the dismissal date, there were no reported disagreements or "reportable events" between Nova Lifestyle and WWC that would have impacted WWC's reports.
In other recent news, Nova Lifestyle, Inc. has announced a series of significant developments. The company has entered into a private placement agreement to sell 125,000 shares of common stock, generating $200,000. This sale is part of Nova Lifestyle's strategic financial initiatives to bolster its balance sheet.
The company has also acquired a DesignXperience System from Hong Sheng Sdn Bhd, a Malaysian company, for $660,000, paid in 400,000 shares of common stock. This technology is expected to enhance Nova Lifestyle's offerings in the furniture market.
In addition to these developments, Nova Lifestyle has been granted an extension by NASDAQ to meet the exchange's listing requirements. After reviewing the company's compliance plan, NASDAQ granted this extension, giving Nova Lifestyle until October 14, 2024, to meet the minimum stockholders' equity requirement or fulfill alternative criteria.
Nova Lifestyle's management has expressed its intention to comply fully with the extension granted. These are among the recent developments for Nova Lifestyle, as the company continues to implement strategic initiatives and work towards NASDAQ compliance.
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