Intersindical RTVV Sat, 14 May 2022 06:12:08 +0000 en-US hourly 1 Intersindical RTVV 32 32 RH opens SF Gallery in historic steel building in Bethlehem – WWD Sat, 14 May 2022 01:03:14 +0000

When it comes to retail, RH doesn’t know what the word “small” means.

True to form, the brand perhaps best known by its old moniker, Restoration Hardware, just opened its latest gallery in San Francisco’s Bethlehem Steel Building on Thursday, inviting the public into the historic 80,000-foot neoclassical space. squares.

Nestled in the trendy Dogpatch neighborhood, the structure was designed by famed American architect Frederick H. Meyer and built in 1917 for Bethlehem Steel.

“We are both humbled and honored to play a part in restoring San Francisco’s historic shipyards and reimagining the iconic Bethlehem Steel Building as a place open to the public for the very first time,” said Gary Friedman, CEO. of HR, said in a statement. “It was a rare opportunity to do what we love, in a city we love and call home.”

Indeed, the new Gallery is just minutes from the company’s headquarters in the city’s Design District. While convenient, the backyard location wasn’t the motivation. The building’s industrial and artistic history and roots were irresistible to Friedman, as they fit into his vision to transcend traditional retail environments.

Meticulously restored, the sprawling SF Gallery took years to build, with a keen eye set on opulence and glamor across its five floors. RH’s signature neutral palette offers a luxury sensibility that’s both classic and modern.

Interior view of the restored Bethlehem Steel Building.
Courtesy picture

RH opens SF Gallery in Historic District

One of the many areas where visitors can relax and enjoy the surroundings.
Courtesy picture

Attention to detail also extends to services, with an HR interior design firm and studio, its largest yet at 10,000 square feet, residing on the lower level. Housing the company’s in-house designers, the section serves as a creative space where customers can customize products and view samples and materials – such as wood finishes for furniture, stones, upholstery and fabrics – as well as an RH rug showroom.

The company’s two brand extensions, RH Interiors and RH Modern, also welcomed a third through a San Francisco exclusive. Conceived as a way to bridge the gap between the two, with the more traditional aesthetic of the former and the modern design of the latter, the new RH Contemporary brings a global vision to furnishing. It marks its spring 2022 debut at the Bethlehem Gallery, which is currently the only place the public can view the collection.

But pushing or promoting a product is never quite the goal of reproductive health facilities. Hospitality is just as much, if not more, a priority.

The space here is anchored by the Palm Court Restaurant, a live dining establishment with a glass roof or skylight, while two on-site wine bars tempt guests with a global selection, including offerings from renowned winemakers in neighboring Napa Valley. Guests can also stroll through the indoor and outdoor spaces, including a rooftop park, to take in sweeping waterfront and city views.

RH opens SF Gallery in Historic District

Wine bar
Courtesy picture

RH opens SF Gallery in Historic District

palm yard restaurant
Courtesy picture

This effort is reminiscent of RH’s historic opening in Manhattan’s Meatpacking District four years ago. The space has become a standout destination in New York since then, and it’s clear the company hopes to repeat that success in its native Bay Area by following the CEO’s long-held vision.

As Friedman told WWD in 2018, HR’s commitment is to “create a deeper connection and experience,” with less emphasis on selling furnishings and more on making people feel at their home. This theme now extends to a growing portfolio of dozens of galleries across the United States and Canada.

It comes down to “our ability to transform our legacy stores into multi-dimensional design galleries that double our retail revenue and profitability in every market,” he explained during his Q1 2021 earnings call.

He shed light on this business philosophy in subsequent calls. The CEO believes that delivering inspiring experiences in physical locations generates a greater sense of value for products. It also builds brand awareness, allowing the company to capture more market share at lower advertising cost.

The sentiment isn’t new to Friedman, but it stands out right now as the retail industry as a whole rethinks its approach to physical locations. Opinions are divided on whether stores should downsize or close, move to showrooms, or simply serve as glorified distribution centers for a booming e-commerce economy.

In this context, Friedman’s bet on physical spaces and the focus on unique experiences that cannot be replicated online may offer an important test. But analyzing the success of this strategy is difficult, especially lately.

The sector exploded during the pandemic, as people stuck at home focused on arranging their spaces. Spending on furniture, appliances and equipment jumped $12.1 billion — and that was just for the second quarter of 2020, according to a Comscore e-Commerce and m-Commerce Measurement study. Research firm Earnest has predicted five-fold growth from pre-pandemic levels, up to 50% over this period.

But these days, demand seems to be weakening. Meanwhile, issues such as supply chain issues and Russia’s invasion of Ukraine have disrupted several industries. It remains to be seen what consumer appetites will look like as more vaccines come out and more restrictions ease.

RH opens SF Gallery in Historic District

The neutral palette runs through indoor lounge spaces and outdoor spaces.
Courtesy picture

RH opens SF Gallery in Historic District

Beautiful views are offered from outdoor seating areas
Courtesy picture

Last year, HR’s annual revenue rose 32% to $3.76 billion, with fourth quarter revenue up 11% to $903 million – which has showed growth, but fell short of expectations. What happens next seems unpredictable.

Again, if consumers feel like going out, there’s something quite logical about offering them unique experiences and destinations to visit.

Either way, Friedman moves on. During the last earnings call in March, he pledged that “our plan to open immersive design galleries in all major markets will unlock the value of our vast assortment, generating revenues of $5-6 billion in North America. North and 20 to 25 billion dollars worldwide. .”

His belief that galleries provide a major competitive advantage to the brand is unchanged, as he now hosts the “most extraordinary new bespoke gallery yet” in San Francisco – which, whether successful or not, proves one thing: Friedman apparently has nerves of steel.

RH opens SF Gallery in Historic District

rooftop park
Courtesy picture

NOVA LIFESTYLE, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) Fri, 13 May 2022 20:11:11 +0000

Safe Harbor Statement

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 consolidated financial
statements and notes thereto included in our annual report on Form 10-K for the
fiscal year ended December 31, 2021 (the "2021 Form 10-K"). All references to
the first quarter and first three months of 2022 and 2021 mean the three-month
periods ended March 31, 2022 and 2021. 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 2021 Form 10-K.


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 the family of brands currently includes Nova LifestyleDiamond Sofa ( 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 two 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 completed the de-registration
and liquidation process in January 2021.


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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 is to
market and sell high-end physiotherapeutic jade mats for use in therapy clinics,
hospitality, and real estate projects in Malaysia and other regions in Southeast

On January 7, 2020we transferred our entire stake in Bright Swallow to
Y-Tone (worldwide) limited an unrelated third party, for a cash consideration of
$2,500,000. We received payment on May 11, 2020.

On October 14, 2020, Nova Macao's offshore license was invalidated by the Macao
Trade and Investment Promotion Institute under the order of Repeal of Legal
Regime of the Offshore Services by Macao Special Administrative Region. Nova
Macao was de-registration and liquidation in January 2021 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, Inc. acquired Nova Living (HK) Group
Limited ("Nova HK") which was incorporated in Hong Kong on November 6, 2019.
This company has had minimal operations. In February 2022, Nova HK also entered
a de-registration process and is in the process of transferring all its assets
and business to Nova Malaysia.

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, Honduras, Panama,
Kazakhstan, Asian and Middle Eastern markets.

Due to the recent imposition of significant trade tariffs on importation from
China to the United States and the adverse effect such policies have on our
operations, we are actively pursuing alternative product lines with positive
growth potential. One such area pertains to the health-oriented furniture
segment which continues to experience popularity, particularly in Asia. Since
the second quarter of 2019, we have 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 is reopened now. In
April 2022, Malaysia has reopened the border for foreign visitors. We expect
that our flagship showroom/retail store will serve as one of our primary
distribution channels in Malaysia. Marketing of jade mats will focus on their
premium therapeutic qualities and target health conscious general consumers and
professionals. 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, currency exchange rate fluctuations, foreign exchange controls,
import and export requirements, potentially adverse tax consequences and higher
costs associated with doing business internationally.

Beginning in early 2020, a strain of novel coronavirus ("COVID-19") has spread
globally including the U.S. and Malaysia. In March 2020, the World Health
Organization declared the COVID-19 a pandemic. In response to the evolving
dynamics related to the COVID-19 outbreak, the Company has been following the
guidelines of local authorities as it prioritizes the health and safety of its
employees, contractors, suppliers and retail partners. The Company's two
showrooms and warehouse in Malaysia was closed from March, 2020 to May, 2020.
The Los Angeles facility closed on March 16, 2020 and reopened in full operation
on June 1, 2020. On May 12, 2020, the Company's Kuala Lumpur office and
warehouse reopened for business. On August 28, 2020, the Malaysia government
extended the shutdown order to all business until March 5, 2021 After the
re-opening on March 5, 2021, Malaysia government 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 is reopened now. In April 2022, Malaysia has
reopened the border for foreign visitors. The third-party contract manufacturers
that the Company utilizes in China were closed from the beginning of the Lunar
New Year Holiday at the end of January 2020 through the beginning of March 2020.
In 2022, there have been outbreaks of the Omicron variant of COVID-19 in Hong
Kong and many other cities in China, and travel restrictions, mandatory COVID-19
tests, quarantine requirements and/or temporary closure of office buildings and
facilities have been imposed by local governments. Although our suppliers in
China have not been materially and negatively impacted by such outbreaks , the
government authorities may issue new orders of office closure, travel and
transportation restrictions in China due to the resurgence of the COVID-19 and
outbreak of new variants, which could cause the delay of the delivery from our
suppliers in China.Certain of the Company's new products are being sourced from
manufacturers in India starting in 2020. The factories in India suspended their
operations as a result of the COVID-19 pandemic during March through early May
2020. Currently, the factories in India are open for operations. Shipping of
products from Asia has experienced significant delays since the onset of the
pandemic and the costs of shipping from Asia have increased since the onset; and
we have experienced and may continue to experience shipping disruptions in the
future. Finally, the Company expects that the impact of the COVID-19 outbreak on
the United States and world economies will continue to have a material adverse
impact on the demand for its products. Because of the significant uncertainties
surrounding the COVID-19 pandemic, the extent of the future business
interruption and the related financial impact cannot be reasonably estimated at
this time.


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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. In
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. We
currently believe that our financial resources will be adequate to finance our
operations through the outbreak. However, in the event that we do need to raise
capital in the future, the outbreak-related instability in the securities
markets could adversely affect our ability to raise additional capital.

Although there is no assurance, at this time we expect that the circumstances related to the epidemic will lead to significant write-downs of our jade mattress inventory in Malaysia which materially affect management’s judgments in assessing the fair value of our assets.

Main factors affecting our financial performance

At the beginning of 2019, we commenced a transition of our business. We began
moving away from low margin products. 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 decided to terminate 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 2019 Collection in the Las Vegas Market, with a view to attracting a
higher-end ultimate customer. We believe these new strategies, will provide us
with significant long term growth opportunities. The transition has and is
expected to continue to adversely impact our revenue and our net profit in the
short-term as we roll out new products and market those products to our existing
client base and to new potential customers better suited for the higher end
products, and as we assess our new products' market acceptance. Significant
factors that we believe could affect our operating results are the (i) prices of
our products to our 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 consequences of
the COVID-19 outbreak throughout the world; and (v) continued significant delays
in the receipt of shipments of our products from Asia and increased costs of
shipping from Asia. 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 once the COVID-19 outbreak
dissipates. 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 (excluding the United States) and particularly in Europe remain
challenging because such markets are experiencing a slow-down and may be
entering a recession due to the COVID-19 pandemic and war in Ukraine.

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 in our critical accounting policies and estimates from the critical accounting policies and estimates described in our Annual Report on Form 10-K for the year ended December 31, 2021.

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 Nova HK.

Use of Estimates

In preparing condensed consolidated financial statements in conformity with U.S.
GAAP, we make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities at
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 us, 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. Actual results could
differ from those estimates.


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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 potential 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 bad debt
of $2,924 and $1,741 as of March 31, 2022 and 2021, respectively. During the
three months ended March 31, 2022 and 2021, bad debts provision (reversal) were
$1,880 and ($3,460), respectively. As of March 31, 2022, we had gross receivable
of $292,398 of which no amount was over 90 days past due. The allowance for
doubtful accounts is our best estimate of the amount of probable 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 are reported net of allowance when we determine that
amounts outstanding are not likely to be collected in cash or utilized against
purchase of inventories. Based on our historical records and in normal
circumstances, we generally receive goods within 5 to 9 months from the date the
advance payment is made. Due to the COVID-19 pandemic, the freight
transportation of the products from our international suppliers have been
delayed or suspended during the outbreak. As such, no reserve on supplier
prepayments has been made or recorded by us. Any provisions for allowance for
advance to suppliers, if deemed necessary, will be included in general and
administrative expenses in the consolidated statements of operations.

Income Taxes

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.

We follow 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.
Nova HK is incorporated in Hong Kong and is subject to Hong Kong income taxes.

The Tax Cuts and Jobs Act 2017 (the “Act”) created new taxes on certain foreign source income, such as Global Low Tax Intangible Income (“GILTI”) under Section 951A of the IRC, which applies to the company for tax years. starting after January 1, 2018. For the quarter ended March 31, 2022the Company has calculated its best estimate of the impact of GILTI on its income tax provision in accordance with its understanding of the Act and guidance available as of the date of this filing.

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. 2014-09: (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.


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Revenue from product sales is recognized when the customer obtains control of
our product, which typically occurs upon delivery 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.

Revenues from the sale of products are recognized net of reserves set aside for applicable discounts and rebates that are offered under 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 three
months ended March 31, 2022.

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 condensed consolidated statements of operations.

Foreign Currency Conversion 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, Nova HK 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.

Conversion of RM amounts to WE dollars was made at the following exchange rates:

Balance sheet items, except for equity accounts
March 31, 2022                                      RM4.20 to 1
December 31, 2021                                   RM4.18 to 1

Income statement and cash flow items
For the three months ended March 31, 2022           RM4.19 to 1
For the three months ended March 31, 2021           RM4.07 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 have determined that our business constitutes a single segment for reporting in accordance with ASC 280. We operate exclusively in one business and industry segment: the design and sale of furniture.


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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, Nova HK was a furniture distributor based in Hong Kong focusing on
international customers and Nova Malaysia is a furniture retailer and
distributor focusing on customers primarily in Malaysia. Each of our
subsidiaries is operated under the same senior management of our company, and we
view the operations of Diamond Bar, Nova HK 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 May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt -
Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock
Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's
Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or
Exchanges of Freestanding Equity-Classified Written Call Options ("ASU
2021-04"). ASU 2021-04 provides guidance as to how an issuer should account for
a modification of the terms or conditions or an exchange of a freestanding
equity-classified written call option (i.e., a warrant) that remains classified
after modification or exchange as an exchange of the original instrument for a
new instrument. An issuer should measure the effect of a modification or
exchange as the difference between the fair value of the modified or exchanged
warrant and the fair value of that warrant immediately before modification or
exchange and then apply a recognition model that comprises four categories of
transactions and the corresponding accounting treatment for each category
(equity issuance, debt origination, debt modification, and modifications
unrelated to equity issuance and debt origination or modification). ASU 2021-04
is effective for all entities for fiscal years beginning after December 15,
2021, including interim periods within those fiscal years. An entity should
apply the guidance provided in ASU 2021-04 prospectively to modifications or
exchanges occurring on or after the effective date. The Company applied the new
standard beginning January 1, 2022. The adoption of the new standard did not
have any impact on our condensed consolidated financial statement presentation
or disclosures.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic
832): Disclosures by Business Entities about Government Assistance. This update
requires certain annual disclosures about transactions with a government that
are accounted for by applying a grant or contribution accounting model by
analogy. This update is effective for annual periods beginning after December
15, 2021, and early application is permitted. This guidance should be applied
either prospectively to all transactions that are reflected in financial
statements at the date of initial application and new transactions that are
entered into after the date of initial application or retrospectively to those
transactions. The Company adopted ASU 2021-10 beginning January 1, 2022. The
adoption of ASU 2021-10 did not have any impact on our condensed consolidated
financial statements.

Accounting pronouncements recently issued but not yet adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit
Losses (Topic 326) ("ASU 2016-13"), which requires entities to measure all
expected credit losses for financial assets held at the reporting date based on
historical experience, current conditions, and reasonable and supportable
forecasts. ASU 2016-13 replaces the existing incurred loss model and is
applicable to the measurement of credit losses on financial assets measured at
amortized cost. ASU 2016-13 is to be adopted on a modified retrospective basis.
As a smaller reporting company, ASU 2016-13 will be effective for the Company
for interim and annual reporting periods beginning after December 15, 2022. In
March 2022, the FASB issued ASU 2022-02, Topic 326. The ASU eliminates the
accounting guidance for trouble debt restructurings by creditors in Subtopic
310-40, and enhances the disclosure requirements for modifications of loans to
borrowers experiencing financial difficulty. Additionally, the ASU requires
disclosure of gross writeoffs of receivables by year of origination for
receivables within the scope of Subtopic 326-20, Financial Instruments - Credit
Losses - Measured at Amortized Cost. This ASU is effective for periods beginning
after December 15, 2022. We are currently evaluating the impact that the
adoption of ASU 2016-13 and ASU 2022-02 will have on our consolidated financial
statement presentations and disclosures.

In January 2017, the FASB issued ASU No. 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). Adoption of the ASUs is on a modified retrospective
basis. As a smaller reporting company, the standard will be effective for the
Company for interim and annual reporting periods beginning after December 15,
2022. We are currently evaluating the impact that the adoption of ASU 2017-04
will have on our consolidated financial statement presentation or disclosures.

We do not believe that any other recently issued but not yet effective authoritative guidance, if currently adopted, would have a material effect on the presentation or disclosure in our financial statements.


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Results of Operations

Comparison of the three months ended March 31, 2022 and 2021

The following table sets forth the results of our operations for the three
months ended March 31, 2022 and 2021. Certain columns may not add due to

                                                     Three Months Ended March 31,
                                               2022                               2021
                                   $                 % of Sales            $            % of Sales
Net sales                          $  3,665,946                       $  3,331,567
Cost of sales                        (2,137,618 )            (58 )%     (1,951,255 )            (59 )%
Gross profit                          1,528,328               42 %       1,380,312               41 %
Operating expenses                   (2,393,291 )            (65 )%     (2,146,415 )            (64 )%
Loss from operations                   (864,963 )            (24 )%       (766,103 )            (23 )%
Other (expenses) income, net            (33,084 )             (1 )%         12,242                0 %
Income tax expenses                           -                - %          (9,676 )              - %
Net loss                               (898,047 )            (25 )%       (763,537 )            (23 )%

Net Sales

Net sales for the three months ended March 31, 2022 were $3.67 million, an
increase of 10.0% from $3.33 million in the same period of 2021. This increase
in net sales resulted primarily from a 16.2% increase in average selling price,
partially offset by a 5.3% decrease in sales volume. Our three largest selling
product categories in the three months ended March 31, 2022 were sofas, beds and
chairs, which accounted for approximately 45%, 14% and 10% of sales,
respectively. In the three months ended March 31, 2021, the three largest
selling categories were sofas, beds and coffee tables, which accounted for
approximately 49%, 15% and 8% of sales, respectively.

The $0.33 million increase in net sales in the three months ended March 31,
2022, compared to the same period of 2021, was mainly due to increased sales to
North America. Sales to North America increased by 20.0% to $3.61 million in the
three months ended March 31, 2022, as compared to $3.01 million in the same
period of 2021. It was primarily due to the change of our sales strategy to seek
sales of products of higher margins. Sales to other countries decreased by
$92,920 to $53,934 in the three months ended March 31, 2022 from $146,854 in the
same period of 2021, primarily due to receiving less sales orders from our
customers in other countries. Sales to Asia decreased to $nil in the three
months ended March 31, 2022, compared to $178,282 in the same period of 2021,
primarily due to no sales orders from our customers in Malaysia because of the
rising of inflation rate that reduced consumers' purchasing power even though
there were recent signs of economy recovery from the COVID-19 outbreak and

Cost of Sales

Cost of sales consists primarily of costs of finished goods purchased from
third-party manufacturers. Total cost of sales increased by 9.6% to $2.14
million in the three months ended March 31, 2022, compared to $1.95 million in
the same period of 2021. Cost of sales as a percentage of sales decreased to 58%
in the three months ended March 31, 2022, compared to 59% in the same period of
2021. The increase of cost of sales in dollar term primarily resulted from the
increase of the sales. The decrease in cost of sales as a percentage of sales
was a result that we focused on selling products with higher profit margin.

Gross Profit

Gross profit was $1.53 million in the three months ended March 31, 2022,
compared to gross profit of $1.38 million in the same period of 2021,
representing an increase in gross profit of $0.15 million. Our gross profit
margin was 42% in the three months ended March 31, 2022, compared to a gross
profit margin of 41% in the same period of 2021. The increase in gross profit
margin was a result that we focused on selling products with higher profit

Operating Expenses

Operating expenses consisted of selling, general and administrative expenses and
loss on disposal of fixed assets. Operating expenses were $2.39 million in the
three months ended March 31, 2022, compared to $2.15 million in the same period
of 2021. Selling expenses were $768,333 in the three months ended March 31,
2022, very close to $768,085 in the same period of 2021. In addition, general
and administrative expenses increased by 15.2%, or $0.21 million, to $1.59
million in the three months ended March 31, 2022, from $1.38 million in the same
period of 2021, primarily due to an increase in technology services fee and
consulting fees of $0.16 million and $0.12 million, respectively, while the
increase was partially offset by the decrease of $78,726  in auditing expenses.
Also, the increase in operating expenses was a result of a loss on disposal of
fixed assets of $36,549 due to the de-registration of our subsidiary Nova HK.


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Other (Expenses) Income, Net

Other expenses, net, was $33,084 in the three months ended March 31, 2022,
compared with other income, net, of $12,242 in the same period of 2021,
representing an increase in other expenses of $45,326. The increase in other
expenses was due primarily to the decrease of foreign exchange gain to $17,763
for the three months ended March 31, 2022 from foreign exchange gain of $68,984
in the same period of 2021. The decrease in gain in March 31, 2022 was mainly a
result of the depreciation of Malaysian Ringgit against U.S. dollars on the
Company's assets in Malaysia. The increase in other expenses was partially
offset by the decrease in financial expense.

Income Tax Expenses

Income tax expense was $nil in the three months ended March 31, 2022, compared
with $9,676 in the same period of 2021. The income tax expenses were primarily
related to the foreign-sourced earnings from one of our subsidiaries, Nova HK
for the three months ended March 31, 2021.

Net Loss

As a result of the above, our net loss was $0.90 million within three months March 31, 2022compared to the net loss of $0.76 million for the same period of 2021.

Cash 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 March 31,
2022, 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 a net working capital of $23,028,776 on March 31, 2022a decrease of
$725,780 net working capital of $23,754,556 on December 31, 2021. The ratio of current assets to current liabilities was 11.06 to 1 over March 31, 2022.

The following is a summary of the cash provided or used in each of the types of activities indicated during the three months ended March 31, 2022 and 2021:

                                 2022           2021
Cash provided by (used in):
Operating activities          $ (856,595 )   $ (880,935 )
Investing activities                   -              -
Financing activities                   -              -

Net cash used in operating activities was $0.86 million within three months March 31, 2022a decrease in cash outflows of $24,340 from $0.88 million
cash used in operating activities during the same period of 2021.

The decrease of cash outflow was attributable primarily to the increase in cash
inflow for advance to suppliers of $0.41 million to $0.44 million cash inflow in
the three months ended March 31, 2022, compared to $30,806 cash inflow in the
same period of 2021, such increase in cash inflow being mainly due to less
deposits paid to our suppliers with more goods being received from them. Also,
the increase in cash inflow for accounts payable of $0.57 million to $0.32
million cash inflow in the three months ended March 31, 2022, compared to $0.25
million cash outflow in the same period of 2021, such increase in cash inflow
being mainly because more purchases were made on credit due to the increase of
sales. The decrease of cash outflow in the first quarter of 2022 was also
attributable to decreased cash outflow of $0.20 million from advance from
customers to $24,953 in the three months ended March 31, 2022, compared to $0.23
million in the same period of 2021. The change of cash outflow from accrued
liabilities and other payables of $64,427 in the three months ended March 31,
2021 to cash inflow of $0.19 million in the three months ended March 31, 2022.

The decrease in operating cash outflow was partially offset by (i) an increased
cash outflow of $0.54 million in accounts receivable to $0.19 million cash
outflow in the three months ended March 31, 2022, compared to $0.35 million cash
inflow in the same period of 2021, such increase in cash outflow being mainly a
result of the increase of our sales on credit in the first quarter of 2022,
compared to the same period of 2021; (ii) the increase in cash outflow for
inventories of $0.91 million to $1.04 million cash outflow in the three months
ended March 31, 2022, compared to $0.13 million in the same period of 2021, such
increase in cash outflow being mainly due to more purchase was made in the
months ended March 31, 2022.

Net cash from investing activities was nil for the three months ended
March 31, 2022 and 2021.

Net cash provided by financing activities was nil during the three months ended
March 31, 2022 and 2021.


  Table of Contents

As of March 31, 2022, we had gross accounts receivable of $292,398, of which
$228,332 was not yet past due and $64,066 was less than 90 days past due. We had
an allowance for bad debt of $2,924. As of May 9, 2022, accounts receivable of
$264,988 outstanding as of March 31, 2022 had been collected.

All outstanding accounts receivable December 31, 2021 had been collected in 2022.

From March 31, 2022 and December 31, 2021we had advances to suppliers of
$267,920 and $707,264, respectively. These supplier prepayments are made for the 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 five months after our advance payment. Due to the
COVID-19 pandemic, freight transportation of products from our international
suppliers has been delayed or suspended during the outbreak. As such, no reserve
on supplier prepayments had been made or recorded by us. 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 March 31, 2022 and
December 31, 2021, no reserve on supplier prepayments had been made or recorded
by us.

From May 9, 202285% of our advances to suppliers in progress on March 31, 2022 had been delivered to us in the form of furniture purchases.

Shelf Registration

On October 8, 2020, the Company filed a shelf registration statement on Form S-3
under which the Company may, from time to time, sell securities in one or more
offerings up to a total dollar amount of $60,000,000. The shelf registration
statement was declared effective on October 15, 2020. On July 23, 2021, the
Company entered into a Securities Purchase Agreement with certain institutional
investors for the sale by the Company of 1,114,508 shares of common stock. The
shares were offered and sold by the Company pursuant to the effective shelf
registration statement on Form S-3. 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.

Other Long-Term Liabilities

As of March 31, 2022, we recorded long-term taxes payable of $1.54 million,
consisting of an income tax payable of $1.54 million, primarily arising from a
one-time transition tax recognized in the fourth quarter of 2017 on our
post-1986 foreign unremitted earnings, and a $0.01 million unrecognized tax
benefit, 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 have chosen to pay the single transition tax over the eight years beginning
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
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.

© Edgar Online, source Previews

Latest news on the legal situation of Jerry Jeudy Fri, 13 May 2022 16:06:00 +0000

The female victim involved in the alleged incident that led to the arrest of Denver Broncos wide receiver jerry jedy reportedly told a Colorado judge that she never felt threatened by Jeudy.

Mike Klisthe Broncos insider for 9Newsreports that the woman went to an Arapahoe County court on Friday, May 13 morning and said she called 911 during the alleged incident “hoping the police would monitor the situation and not get an arrest. Thursday”.

Jeudy appeared in court for the first time on Friday, hours after being charged with second-degree criminal tampering with a domestic violence amplifier (misdemeanor).

Judge Chantel Contiguglia found probable cause on the charge of criminal tampering and domestic violence, however, added that there was no threat of physical violence in the incident, acknowledging that the district attorney’s office is pressing charges, reports Klis.

Additionally, a mandatory protective order was implemented, however, the “no contact” provision for Jeudy and the victim was dropped.

Jeudy is cleared to travel and will be released from prison on personal bond, with his next court appearance scheduled for May 31.

Jeudy’s lawyer, Harvey Steinbergspoke to reporters outside the courtroom on Friday and said his client should never have been arrested.

“Bad things happen to good people and that’s what this case is all about,” Steinberg said via Klis. “I don’t think he should have been arrested. I don’t think he should have been incarcerated and I think people are going to look at this and come to the same conclusion I did and say, ‘boy, that’s a bump in the road. He’s a very, very good guy and we’re sorry this happened to him.

Jeudy was selected by the Broncos at No. 15 overall in the 2020 NFL Draft after a decorated collegiate career at the University of Alabama, which included winning the College Football Playoff National Championship in 2017; winning the Biletnikoff Award as the top wide receiver in the nation and named a consensus All-American in 2018; and being selected as a first-team All-SEC wide receiver in 2018 and 2019.

The Deerfield Beach native was limited to just five starts and 10 appearances due to a sprained ankle in 2021, recording 38 receptions for 467 yards.

Jets announces new ticket deals for 2022 season Fri, 13 May 2022 00:04:39 +0000

When the Jets kick off the 2022 regular season against the Baltimore Ravens at MetLife Stadium on September 11, fans will have more options than ever to watch their team in person. In addition to season tickets and the Visa single game presale, which run until Monday morning, new ticket packages are now available. Also check out the entire 2022 Jets schedule presented by JetBlue.

the Ticket plan for 7 matches is an opportunity for fans to lock down 7 of the season’s biggest matchups at MetLife Stadium Giants, Crows, Bengals, Dolphins, Patriots, Bears and Jaguars. Buyers will get the same great lower tier seats for all 7 games, with plans starting at just $120 per game. Fans will also benefit from savings on game day fees and parking at MetLife Stadium. To purchase, fans can call 800-469-5387 or email Inventory is limited and conditions apply. Learn more at

Also, new this season, fans can purchase tickets in the WynnBET Green Room. Tickets to this all-inclusive VIP betting space for fans 21 and older include premium alcohol and gourmet food. Fans can also participate in live action games and casino games directly from their phones with the WynnBET app in this space which offers incredible views of the field from level 100 and appearances from Jets Legends and of celebrities. For a limited time, Green Room buyers living in New Jersey or New York get up to $100 in WynnBET online gaming credits with their first order of Green Room tickets! To purchase, call 973-549-4834 or email Learn more at Terms and conditions of application.

The warehouse is a brand new space with private seating for up to 250 people in groups. Located on the mezzanine level, the Hangar allows guests to experience the game from an air-conditioned indoor suite with an outdoor seating area as well as upscale dining and bar options. To purchase, call 973-549-4590 or email Learn more at

In addition to these new ticket offers, tickets for the 2022 season, groups, premium tickets and individual matches are on sale now. For more information, visit

Columbia’s new business school is a dynamic face for a growing campus Thu, 12 May 2022 16:13:56 +0000

We had almost everything. During a fleeting interval in the early 1930s, Columbia University had the idea to build a massive skyscraper right in the middle of its Charles McKim-designed campus in Morningside Heights, Manhattan. As documented in Barry Bergdoll’s Mastering McKim’s Plan, the project would have called for a looming steel-framed tower in a deco-ized version of the same neoclassical style as Low Library, the domed masterpiece to which the skyscraper would have served as a dramatic backdrop. Better yet, in a proposal by William Boring, dean of the school of architecture, the addition was to be built directly atop University Hall, a never-completed McKim project that would serve as a large base on which successive floors could be added. in stages. . As the institution grew, the new building could have grown with it, rising year by year into the heavens.

What did we get instead? In 1964, on the very site that might have been the university’s answer to the Chrysler Building (or better: a Beaux Arts answer to Pitt’s Cathedral of Learning), the university erected Uris Hall, a building whose name could be called Dickensian if it was the case. not unfair to Dickens’ own Uriah Heap. It’s so bad – a concrete cash register, lined with tin, appropriate only insofar as it was built to house the Columbia Business School (CBS), which it has stood ever since. Its construction was a calamity in more ways than one, obliterating the largest square on the McKim grid while displacing the large sports facility that was meant to go there. The administration would go on to claim (wrongly) that it had to set up the school’s new gymnasium in nearby Morningside Park, sparking the massive student protests of 1968 and all their dismal aftermath.

Manhattanville Campus of Columbia (Iwaan Baan)

But that’s in the past, supposedly. Columbia has just completed a new home for its business school, located on a brand new campus, the Renzo Piano-designed satellite in neighboring Manhattan. Designed by Diller Scofidio + Renfro (DS+R), in collaboration with FXCollaborative and with landscaping by James Corner, the facility is actually made up of two buildings, David Geffen Hall and Henry R. Kravis Hall, the latter named d ‘after the billionaire financier who underwrote most of the project. “Originally there would only be one building,” noted FX’s Sylvia Smith on a recent visit: Apparently, when discussing Piano’s master plan with university administrators , Kravis noted the pair of volumes next to the smaller wedge-shaped plot that had originally been intended for CBS. He shone on both and donated $100 million to make it happen.

Connected by an underground service passage, the structures actually work as a fairly harmonious duo, with a loop-shaped lawn in the middle serving as the main pathway from one to the other. “We’ve always been interested in blurring the lines between social spaces, learning spaces, academic spaces,” said Charles Renfro, who served as project manager for DS+R. As with the park and circulatory plaza, the architects took the whole dual site scheme as an opportunity to create a series of connections, opportunities to mix and mingle various parts of the program within and with each other. In each building, prominent staircases zigzag along the facade past glass-enclosed reading rooms, with offices adjoining outdoor terraces adjoining game rooms equipped with foosball. The compressed, layered spatial logic of the interior finds expression in the wedding-cake-like envelopes of both structures, with jagged-layered sliding floor plates and glowing projections. For all their similarities, the two also complement each other in a gratifying and rhyming way – Geffen the smoother and calmer, his more muscular counterpart. “This one is Michelangelo,” Smith said, pointing to Kravis. “The other is Borromini.”

exterior view of a glazed university building in front of a lawn
Geffen Hall (Iwan Baan)

While they may or may not live up to the masters, there’s no doubt that the pair of buildings represent a step forward for CBS and one that heralds a bigger change. Program leadership has made clear in recent years its intention to run the business school in a way that is not just business as usual, becoming “business builders who create value for their stakeholders and society,” as its mission statement puts it. Inclusion, community and social entrepreneurship are now regular staples in the institution’s literature and in its curriculum – as they are in new buildings, where during the same visit several meetings and lunches were underway for South Asian, African American and female students and visiting executives. Banishing the dull, double-loaded hallways of Uris, the school evidently seeks to banish the sad double-loaded businessman of yesteryear, ushering in a new era of goal-driven profit (or perhaps the reverse). ). The pivot is especially significant given the new school’s location, along with CBS and indeed the entire Manhattanville development located on the west end of Harlem, smack in the middle of a former industrial area in a marginalized low-income community. revenue. All this transparency and these shared green spaces, all this mixture of urban and bourgeois functions, all this aims to announce the new role of the university as an integral part of the city and the world.

exterior of a glazed university building facing a square
Kraviz Hall (Iwan Baan)

Again, a step forward, perhaps, but on a metaphorical staircase no less delicate and sinuous than those of Kravis and Geffen. Renzo’s first building for the Manhattanville campus, the Jerome L. Greene Science Center, declared the political and economic intent of the entire company. Clean and white and glassy, ​​but with a huge chimney protruding from the roof, the building was a factory: much like the factories that once filled the neighborhood, only instead of manufacturing Studebakers, this one would manufacture knowledge. This vision of the post-industrial global future, conceived more than 20 years ago when Columbia began its breakthrough in Manhattanville, seems more than a little quaint at this point. With the completion of the new business school, one feels all too intensely the contradiction of a campus that becomes more compelling and aesthetically appealing, even as the very commercial premise behind it – that of institutional growth endless – seems less and less sustainable.

a study room in a university business school
A study room at Geffen Hall. (Iwan Baan)
The commons on the ground floor of Geffen Hall. (Iwan Baan)

The challenges to this model seem to multiply daily. What about the demands of Columbia’s newly unionized graduate students? What about the scarce affordable housing stock likely to disappear as expansion continues? And what about the poor Morningside campus, where the university has apparently decided to leave Uris almost entirely as it is, making only modest changes inside to accommodate humanities students (understandably) who are ready to live there. Until he does something about the 1964 error, Columbia may still have to worry about another 1968.

Design architect: Diller Scofidio + Renfro
Project architect: FXCollaborative
Location: manhattan

construction manager: Turner Construction
exterior fencing contractor: W&W glass
Facade consultant: Arup
Glass: Sedak Glass, AGC Interpane Glass Germany, Cricursa Spain, Pilkington Glass
GFRG: IDA Exterior Systems and DKI/David Kucera Inc.

Ian Volner has contributed articles on architecture and urbanism to Harper’s, the new yorker, The Wall Street Journaland New York magazine, among other publications. He has authored or co-authored numerous books and monographs, the most recent of which contributed to Jorge Pardo: public projects and commissions, 1996-2018 (Petzel, 2021).

Propose new regulations on the management of multi-level marketing (MLM) activities Thu, 12 May 2022 13:58:16 +0000

1. Amendment and addition to the regulations relating to the private placement and trading of corporate bonds

The Ministry of Finance is preparing a decree amending and supplementing a number of articles of Decree No. 153/2020/ND-CP of December 31st2020 providing for the private placement of corporate bonds for trading in the domestic market and the offering of corporate bonds in the international market.

Some notable contents of the draft include:

(I) Firstly, to amend and supplement the regulations relating to the subject of bond issuance in Article 5 of Decree No. 153/2020/ND-CP. Specifically, the draft clearly states that companies are not permitted to issue bonds to provide capital in any form, to purchase shares, to purchase bonds of other companies, or to lend capital to other companies. The settlement helps close the loophole that many companies have taken to issue bonds for the wrong purposes, helping to strengthen the issuer’s liability and obligation to use the proceeds of the bond issue for good endings.

(ii) Second, detail the regulations on bond buyers. Specifically, the Draft adds Point d, Clause 1, Article 8 as follows: “Before entering into a bond purchase/sale transaction, an investor must identify himself as a professional securities investor” .

(iii) Third, complete the requirements that bond offering documents must have credit rating results for certain types of bonds issued. Accordingly, the new draft amendment to Clause 2 of Article 12 on bond offering documents requires: “The credit rating results of credit rating agencies for bond issuers and bonds issued in the event of the issue of bonds to professional investors in securities who are individuals, issuing bonds without guarantee, without guarantee of payment, the issuing company has achieved a loss of commercial result in the year preceding the year of issue or has accumulated losses in the year of issue.

(iv) Fourth, complete the regulations relating to the representative of bondholders when signing contracts with issuers (amendment point c, paragraph 2, article 12). More specifically, the Project completes: “The representative of the bondholders is responsible for supervising the use of the capital raised by the issuance of bonds, receiving and managing the guarantees, monitoring the implementation of the company’s commitments issuer and to exercise other responsibilities in accordance with the provisions of securities law. This involves strengthening the monitoring of the purpose of use of the issuer’s bond capital as well as strengthening the monitoring of the implementation of the issuer’s other commitments.

(v) Fifth, complete the specific regulations relating to the documents and procedures for recording transactions on the system for trading corporate bonds for private placement on the Stock Exchange (Article 16 ter); on the modification, cancellation of registration of transactions on the trading system of corporate bonds offered for private sale on the Stock Exchange (Article 16c).

(vi) Sixth, amend a number of regulations relating to the timing and content of disclosure of information; while enhancing the transparency of bond issuers and their use of bond issue capital.

2. Propose new regulations on the management of multi-level marketing (MLM) activities

The Ministry of Industry and Commerce is collecting comments from the public with the draft circular amending and supplementing Circular No. 10/2018/TT-BCT detailing a number of articles of Decree No. 40/2018/ND- Government CP on MLM business management.

The Draft introduces the following rules:

(i) The process of organizing the MLM knowledge test for local elected officials.

The process includes the following steps: Verification of the completeness and validity of the registration file to verify the knowledge of the local representative in accordance with the regulations; establish a plan for the time, place and method of the examination and notify the Department of Competition and Consumer Protection in writing of the organization of the examination in the event that the Department of Industry and commerce organizes the examination; announcement of the test plan; organize the exam; evaluate test results; report test results and issue certificates.

(ii) Reduced requirements for evaluation of test results

The draft amendments and supplements to the regulations on examination forms and the evaluation of test results. As a result, the MLM Knowledge Legal Knowledge Test for Local Representatives is conducted as an essay or multiple choice in a minimum time of 60 minutes.

Test results are scored on a 100-point scale, with specific requirements as follows:

Điểm kiểm tra được chấm theo thang điểm 100, yêu cầu cụ thể như sau:

  • For the MLM business legal knowledge test, the test score less than 80 points (replacing the current 90 points) for the multiple choice test and less than 65 points (replacing the current 75 points) for the essay form is not satisfactory.
  • Regarding the knowledge test for local representatives, the test result with less than 70 points for the multiple-choice test and less than 50 points for the essay form is not satisfactory.
Should the Ravens settle for young wide receivers? Wed, 11 May 2022 13:55:37 +0000

Expert says Lamar Jackson is easy to root

With his electric playmaking skills and affable personality, Jackson is an easy player to support, unless he’s playing against your team, of course. columnist Jim Trotter named one person on each team to cheer on, and Jackson was his pick for the Ravens.

“I make no secret of the fact that I am a fan of Baltimore Ravens QB Lamar Jackson – the player and the person,” Trotter wrote. “The poise and grace he showed on his draft night in April 2018, when he crashed to the bottom of the first round, remains an indelible memory. The camera continued to focus on him and his mother in an increasingly empty green room, the two of them leaning against each other, shoulder to shoulder, as they sat with their heads bowed, the tension mounting. One could wonder who was most uncomfortable at the time: Jackson or the national television audience. After the fall was over, once Baltimore came back in the first round and selected him with the final Day 1 pick, Jackson chose to look forward, not back.

“The next morning, after Jackson arrived at the Ravens facility, I asked him to choose one or the other: a Super Bowl win or a Hall of Fame jacket. He didn’t hesitate. “If you win Super Bowls, things like gold jackets can follow,” he said The fact that someone had so much wisdom, poise and humility at such a young age hit me. The truth is, it never left me. That’s why I have no problem admitting my bias when it comes to Lamar.”

Gun deaths rose in first year of pandemic, CDC reports Tue, 10 May 2022 21:56:33 +0000

“We have two things together: the trauma of the past two years and the mental health crisis that has resulted from this pandemic,” Mayor Eric M. Garcetti of Los Angeles said earlier this year at an event to discuss criminality. “These things made us see more violence.”

Christopher Herrmann, an assistant professor in the department of law and police science at the John Jay College of Criminal Justice in New York, said he was not surprised by the CDC’s analysis but worried what it might bode well for next summer, when there are generally more gun homicides.

“June, July and August are always the deadliest months,” he said, adding that most major US cities saw increases of around 30% in shootings and homicides in the summer.

Federal officials and outside experts were unsure of the cause of the increase in gun deaths.

“One possible explanation is stressors associated with the Covid pandemic that may have played a role, including changes and disruption in services and education, social isolation, housing instability and difficulty in cover day-to-day expenses,” said Thomas R. Simon, associate director for science in the CDC’s Violence Prevention Division.

The rise also corresponded to an acceleration in gun sales as the pandemic spread and lockdowns became the norm, the CDC analysis noted. Americans embarked on a gun-buying spree in 2020 that continued into 2021, when in a single week the FBI reported a record 1.2 million background checks.

The number one reason people give for buying a handgun is self-protection. But research published in the 1990s established that simply having a gun in the home increases the risk of firearm homicide threefold and increases the risk of suicide fivefold.

Today, gun buying is largely back to pre-pandemic levels, but there are still about 15 million more guns in circulation than there would be without the pandemic, according to Garen J. Wintemute, a researcher on gun violence at the University of California at Davis.

Marty Friedman explains why streaming listeners skip guitar solos Tue, 10 May 2022 17:20:20 +0000

Guitarist and former Megadeth member Marty Friedman has a theory why music streaming subscribers would skip guitar solos when listening to songs.

It’s unclear where he saw the stat, but in a Facebook post last week, the musician said recent data shows that many Japanese listeners who use streaming services skip to the next track when they hear a guitar solo. So the rocker, who lives in Japan, jotted down his best guess as to why.

Friedman wrote: “It has been reported (true or not, who knows) that [in this country] a lot of people jump to the next song when the guitar solo starts.”

He speculated that the phenomenon primarily affects “mainstream hit music, not heavy metal bands and rock bands“. Yet he felt that guitar solos “have all but disappeared in the top levels of the United States”

Friedman continued, “Fortunately for us in Japan, the Japanese are used to having guitar solos in all genres of music. music industry may think the guitar solo is an important part of the song.”

However, he posited that in American music the guitar solo has become a required prop instead of an inspired addition. It can “sometimes take on a mandatory existence, where as long as there’s some kind of distorted guitar solo for eight bars somewhere in the song, the quota is met”, Friedman remarked.

“No wonder people skip guitar solos when they listen,” he added. “Even I skip them sometimes.”

Friedman continued, “Imagine any Queen song with a decent random guitar solo. … Those solos would be skipped for sure. So instead of having a guitar solo in the song just for familiarity, or because a guitar solo sounds cool (they usually do), it has to be there for a deeper reason.”

Read the musician’s full post below.

Top 66 Hard Rock + Metal Guitarists of All Time

Countdown to the greatest rock and metal guitarists.

Melqart Asset Management UK Regulatory Announcement: Form 8.3 – Ideagen plc Tue, 10 May 2022 14:25:00 +0000 FORM 8.3 DISCLOSURE OF OPEN POSITION TO THE PUBLIC / DISCLOSURE OF OPERATIONS BY A PERSON HOLDING AN INTEREST IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”)


KEY INFORMATION (a) Full Name of Discloser:


(b) Owner or control of interests and short positions disclosed, if different from 1(a):

N / A

The designation of nominees or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of offeror/offeree in relation to the securities concerned by this form:

Ideagen plc

Use a separate form for each offeror/participant (d) If an exempt fund manager is related to an offeror/beneficiary, state this and provide the identity of the offeror/beneficiary:

N / A

(e) Date Position Held/Bargaining Started:

May 09, 2022

For an open position disclosure, indicate the last practicable date before disclosure (f) In addition to the company mentioned in 1(c) above, does the discloser make disclosures regarding any other party to the offer?


If it is a cash offer or a possible cash offer, indicate “N/A”

If YES, specify which ones:


POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or subscription rights to be disclosed in more than one class of relevant securities of the offeror or recipient named in 1(c), copy table 2(a) or (b) (depending on the case) for each additional category of relevant securities. Security. (a) Interests and short positions in relevant securities of the offeror or recipient to which the disclosure relates following the transaction (if any) Class of security concerned:

1p ordinary


Short positions





(1) Relevant securities held and/or controlled:

(2) Derivatives settled in cash:



(3) Derivative instruments settled in shares (including options) and purchase/sale contracts:




All interests and short positions must be disclosed. Details of all open equity-settled derivative positions (including traded options) or agreements to buy or sell the relevant securities must be provided on Supplementary Form 8 (Open Positions). (b) Rights to subscribe for new securities (including options for directors and other employees) Class of securities concerned in relation to which a subscription right exists: Details, including the nature of the rights affected and the relevant percentages:


TRANSACTIONS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been transactions in more than one class of relevant securities of the originator or recipient named in 1(c), copy table 3(a), (b), (c) or (d) ) (as applicable) for each class of relevant securities traded. The currency of all prices and other monetary amounts must be stated. (a) Purchases and sales

Relevant security class

Buy Sell

Number of titles

Unit price (GBp)

(b) Cash-settled derivative transactions

Relevant security class

Product Description

Type of transaction

Number of reference titles

Unit price (GBp)

for example CFDs

e.g. open/close a long/short position, increase/decrease a long/short position

5p ordinary


open a long position



5p ordinary


increase a long position



5p ordinary


increase a long position



(vs) Equity-settled derivative transactions (including options) (I) Write, sell, buy or vary Relevant security class Description of the product, e.g. purchase option Write, buy, sell, vary etc. Number of shares on which the option relates Strike price per share Type Expiration date Option amount paid/received per unit for example American, European, etc. (ii) Exercise Relevant security class Product Description Exercise / exercise against Number of titles Strike price per share for example call option (D) Other transactions (including subscription of new securities) Relevant security class Type of transaction Details Unit price (if applicable) e.g. subscription, conversion


OTHER INFORMATION (a) Indemnity and other business arrangements Details of any indemnification or option agreement, or any agreement or understanding, formal or informal, relating to the relevant securities which may be an inducement to trade or refrain from trading entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, indicate “none” Nothing (b) Agreements, Arrangements or Agreements Relating to Options or Derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person regarding: (i) the voting rights of any relevant security under any option; or (ii) voting rights or the future acquisition or disposal of any relevant security to which any derivative is referenced: If there are no such agreements, arrangements or understandings, indicate “none” Nothing (vs) Attachments Is an additional form 8 (open positions) attached? NOPE Disclosure date:

May 10, 2022

Name of the contact:

Ben Sharp

Phone number:

+44 (0)20 3826 4493

Public disclosures under rule 8 of the code must be made to a regulatory information service. The Panel’s Market Surveillance Unit can be consulted about the Code’s disclosure requirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel’s website at ]]>