Nova LifeStyle(NVFY) - 2021 Q3 - Quarterly Report

PART I. FINANCIAL INFORMATION This part presents the company's unaudited financial statements and management's analysis for the period Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements and accompanying notes for the specified periods Condensed Consolidated Balance Sheets The company's total assets and stockholders' equity decreased from December 2020 to September 2021 Condensed Consolidated Balance Sheets (September 30, 2021 vs. December 31, 2020) | Metric | Sep 30, 2021 (Unaudited) | Dec 31, 2020 | | :--- | :--- | :--- | | Assets | | | | Total Current Assets | $37,364,444 | $43,294,903 | | Total Noncurrent Assets | $2,754,964 | $3,183,619 | | Total Assets | $40,119,408 | $46,478,522 | | Liabilities & Stockholders' Equity | | | | Total Current Liabilities | $2,348,443 | $2,025,283 | | Total Noncurrent Liabilities | $3,033,341 | $3,524,764 | | Total Liabilities | $5,381,784 | $5,550,047 | | Total Stockholders' Equity | $34,737,624 | $40,928,475 | | Total Liabilities and Stockholders' Equity | $40,119,408 | $46,478,522 | - Total Assets decreased by approximately $6.36 million from December 31, 2020, to September 30, 2021, primarily driven by a decrease in current assets, notably inventories and cash and cash equivalents[10] - Total Stockholders' Equity decreased by approximately $6.19 million, from $40.93 million to $34.74 million, during the nine months ended September 30, 2021[13] Condensed Consolidated Statements of Loss and Comprehensive Loss The company reported a significant reduction in net loss for the three and nine-month periods ending September 30, 2021 Condensed Consolidated Statements of Loss and Comprehensive Loss (Nine Months Ended Sep 30, 2021 vs. 2020) | Metric | 2021 (Unaudited) | 2020 (Unaudited) | Change (YoY) | | :--- | :--- | :--- | :--- | | Net Sales | $9,798,154 | $7,813,819 | +25.39% | | Cost of Sales | $11,025,436 | $12,753,072 | -13.55% | | Gross (Loss) Profit | $(1,227,282) | $(4,939,253) | +75.19% | | Total Operating Expenses | $6,964,266 | $4,663,111 | +49.37% | | Loss From Operations | $(8,191,548) | $(9,602,364) | +14.69% | | Net Loss | $(8,505,696) | $(10,031,756) | +15.21% | | Basic and Diluted EPS | $(1.45) | $(1.80) | +19.44% | Condensed Consolidated Statements of Loss and Comprehensive Loss (Three Months Ended Sep 30, 2021 vs. 2020) | Metric | 2021 (Unaudited) | 2020 (Unaudited) | Change (YoY) | | :--- | :--- | :--- | :--- | | Net Sales | $2,916,571 | $3,315,673 | -12.03% | | Cost of Sales | $1,517,032 | $9,905,852 | -84.67% | | Gross (Loss) Profit | $1,399,539 | $(6,590,179) | +121.24% | | Total Operating Expenses | $2,546,381 | $1,652,777 | +54.07% | | Loss From Operations | $(1,146,842) | $(8,242,956) | +86.00% | | Net Loss | $(1,396,632) | $(8,177,010) | +82.92% | | Basic and Diluted EPS | $(0.22) | $(1.46) | +84.93% | - The company reported a significant improvement in net loss for both the three and nine months ended September 30, 2021, primarily due to a substantial decrease in cost of sales, driven by lower inventory write-downs compared to the prior year[15] Condensed Consolidated Statements of Stockholders' Equity Stockholders' equity decreased significantly year-over-year, primarily due to accumulated deficits and currency translation losses Condensed Consolidated Statements of Stockholders' Equity (Nine Months Ended Sep 30, 2021 vs. 2020) | Metric | Sep 30, 2021 | Sep 30, 2020 | | :--- | :--- | :--- | | Common Stock (Amount) | $6,730 | $5,589 | | Additional Paid-in Capital | $42,565,427 | $39,751,265 | | Accumulated Other Comprehensive Income | $313,552 | $417,774 | | Retained Earnings (Accumulated Deficits) | $(8,148,085) | $16,397,939 | | Total Stockholders' Equity | $34,737,624 | $56,578,808 | - Total Stockholders' Equity decreased significantly from $56.58 million in 2020 to $34.74 million in 2021 for the nine-month period, largely due to accumulated deficits and foreign currency translation losses[22][25] - The company issued 1,114,508 shares of common stock through a registered direct offering, contributing $2,760,973 to additional paid-in capital during the nine months ended September 30, 2021[22][134] Condensed Consolidated Statements of Cash Flows Net cash used in operating activities increased while cash from financing activities grew due to an equity offering Condensed Consolidated Statements of Cash Flows (Nine Months Ended Sep 30, 2021 vs. 2020) | Metric | 2021 (Unaudited) | 2020 (Unaudited) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(3,129,345) | $(1,091,885) | | Net Cash Used in Investing Activities | $(155,156) | $(360,084) | | Net Cash Provided by Financing Activities | $2,760,973 | $466,096 | | Net Cash Provided by Discontinued Operations | $- | $1,037,800 | | Effect of Exchange Rate Changes on Cash | $(342,380) | $413,290 | | Net (decrease) increase in cash and cash equivalents | $(865,908) | $465,217 | | Cash and cash equivalents, ending of period | $7,878,876 | $9,350,615 | - Net cash used in operating activities increased significantly to $3.13 million in 2021 from $1.09 million in 2020, primarily due to changes in advances to suppliers and inventory[27][250] - Net cash provided by financing activities increased to $2.76 million in 2021, driven by proceeds from equity financing, compared to $0.47 million from other loans in 2020[27][252] Notes to Condensed Consolidated Financial Statements These notes provide detailed explanations of the company's accounting policies and specific financial statement items Note 1 - Organization and Description of Business The company operates as a U.S. holding company designing and selling furniture globally through its subsidiaries - Nova LifeStyle, Inc. is a U.S. holding company that markets, designs, and sells furniture worldwide through its subsidiaries. Key subsidiaries include Nova Furniture, Diamond Bar, Nova Malaysia, and Nova HK[31][32][38] - The company sold its interest in Bright Swallow in January 2020 for $2.5 million and completed the de-registration and liquidation of Nova Macao in January 2021 due to regulatory changes[36][37] - COVID-19 significantly impacted operations, particularly Nova Malaysia, which experienced showroom closures and sales lagging due to government lockdown orders, leading to slow-moving inventories and shipping delays from Asia[39][41] Note 2 - Summary of Significant Accounting Policies Financial statements adhere to U.S. GAAP and involve significant management estimates across several key areas - The financial statements are prepared in accordance with U.S. GAAP, with management making significant estimates for revenue recognition, bad debt allowance, inventory valuation, stock-based compensation, and income taxes[43][46] - Goodwill is tested for impairment annually or more frequently, with no impairment recognized for Diamond Bar as of September 30, 2021, and December 31, 2020[51][52] - Revenue from product sales is recognized when the customer obtains control, typically upon delivery, and is recorded net of discounts, returns, and rebates[75][76][77] - The company operates as a single reportable segment: the design and sale of furniture, with management viewing all subsidiary operations as one entity for business decisions[98][99][101] Note 3 - Discontinued Operations The company disposed of its interest in Bright Swallow in January 2020, reclassifying its results as discontinued operations - On January 7, 2020, the Company transferred its entire interest in Bright Swallow to Y-Tone (Worldwide) Limited for $2,500,000 cash consideration[114] - Operations of Bright Swallow were reclassified as discontinued operations for all periods presented in the financial statements[115] Net Assets of Bright Swallow at Disposal (January 7, 2020) | Asset/Liability | Amount ($) | | :--- | :--- | | Cash and cash equivalents | 1,462,200 | | Accounts receivable, net | 969,841 | | Advance to suppliers | 609,935 | | Accounts payable | (948) | | Advance from customers | (126,916) | | Accrued liabilities and other payables | (2,553) | | Income tax payable | (85,028) | | Net assets upon disposal | 2,826,531 | | Cash consideration received | (2,500,000) | | Loss on disposal of subsidiary | (326,531) | Note 4 - Inventories Inventories decreased by approximately $5 million, with significant write-downs for slow-moving stock in both 2021 and 2020 Inventories (Finished Goods) | Date | Amount ($) | | :--- | :--- | | September 30, 2021 | 27,779,269 | | December 31, 2020 | 32,814,520 | - Inventories decreased by approximately $5 million from December 31, 2020, to September 30, 2021[118] Inventory Write-downs (Slow-Moving Inventory) | Period | Amount ($) | | :--- | :--- | | Nine months ended Sep 30, 2021 | 5,526,307 | | Three months ended Sep 30, 2021 | - | | Nine months ended Sep 30, 2020 | 7,767,910 | | Three months ended Sep 30, 2020 | 7,767,910 | Note 5 - Plant, Property and Equipment, Net The net value of plant, property, and equipment increased slightly, with a corresponding rise in depreciation expense Plant, Property and Equipment, Net | Category | Sep 30, 2021 ($) | Dec 31, 2020 ($) | | :--- | :--- | :--- | | Computer and office equipment | 499,043 | 396,302 | | Decoration and renovation | 485,947 | 448,641 | | Less: accumulated depreciation | (452,153) | (391,425) | | Total, Net | 532,837 | 453,518 | Depreciation Expense | Period | Amount ($) | | :--- | :--- | | Nine months ended Sep 30, 2021 | 62,055 | | Nine months ended Sep 30, 2020 | 42,805 | | Three months ended Sep 30, 2021 | 23,529 | | Three months ended Sep 30, 2020 | 14,791 | Note 6 - Advances to Suppliers Advances to suppliers saw a minor decrease, and no impairment charges were recorded during the reported periods Advances to Suppliers | Date | Amount ($) | | :--- | :--- | | September 30, 2021 | 325,454 | | December 31, 2020 | 381,894 | - No impairment charges were made on advances to suppliers for the nine and three months ended September 30, 2021 and 2020[121] Note 7 - Prepaid Expenses and Other Receivables Prepaid expenses and other receivables more than doubled, driven by increases in prepaid insurance and other balances Prepaid Expenses and Other Receivables | Category | Sep 30, 2021 ($) | Dec 31, 2020 ($) | | :--- | :--- | :--- | | Prepaid expenses | 538,293 | 217,591 | | Other receivables | 181,796 | 132,155 | | Total | 720,089 | 349,746 | - Prepaid expenses and other receivables significantly increased from $349,746 at December 31, 2020, to $720,089 at September 30, 2021, mainly due to higher prepaid insurance, credit card payments, and other account balances[122] Note 8 - Accrued Liabilities and Other Payables Accrued liabilities increased, primarily due to higher financed insurance premiums and other accrued expenses Accrued Liabilities and Other Payables | Category | Sep 30, 2021 ($) | Dec 31, 2020 ($) | | :--- | :--- | :--- | | Other payables | 6,804 | 6,428 | | Salary payable | 12,462 | 6,731 | | Financed insurance premiums | 266,847 | 103,104 | | Accrued rents | 1,490 | 14,899 | | Accrued marketing | - | 30,000 | | Accrued commission | 84,084 | 112,673 | | Accrued expenses, others | 119,501 | 49,159 | | Total | 491,188 | 322,994 | - Accrued liabilities and other payables increased by approximately $168,194, primarily driven by higher financed insurance premiums and other accrued expenses[123] Note 9 - Loan to Unrelated Party The company granted a significant loan to an unrelated party, a portion of which was repaid during the period - Nova Malaysia granted a loan of up to 20,000,000 Malaysian Ringgit ($4,776,690) at 6.0% annual interest to an unrelated third party on May 25, 2021[125] - The unrelated party repaid 5,000,000 Malaysian Ringgit ($1,234,359) in August 2021, and accrued interest of 120,000 Malaysian Ringgit ($29,048) was written off[125] Note 10 - Other Loans The company and its subsidiary received government-backed loans under the PPP and EIDL programs - The Company received $139,802 under the Paycheck Protection Program (PPP) on May 4, 2020, and submitted a forgiveness application on December 28, 2020[126] - Diamond Bar received a $176,294 PPP loan on May 5, 2020, which was approved for forgiveness by the SBA on June 15, 2021[128] - Diamond Bar also received a $150,000 U.S. SBA Economic Injury Disaster Loan on June 19, 2020, bearing 3.75% annual interest, maturing June 18, 2050[129] Note 11 - Related Party Transactions The company engaged in transactions with its CEO, including a showroom lease and commission payments to a CEO-owned firm - Diamond Bar leased a showroom from the Company's CEO, renewing the lease for an additional year on April 1, 2021, at a cost of $34,561[130] Commission Expense to Consulting Firm (Owned by CEO) | Period | Amount ($) | | :--- | :--- | | Nine months ended Sep 30, 2021 | 304,958 | | Nine months ended Sep 30, 2020 | 155,905 | | Three months ended Sep 30, 2021 | 93,156 | | Three months ended Sep 30, 2020 | 90,402 | Note 12 - Stockholders' Equity The company established a new equity incentive plan and raised capital through a registered direct offering of shares and warrants - The Company's 2021 Equity Incentive Plan, approved by stockholders on May 28, 2021, authorizes 3,000,000 shares for stock rewards to attract and retain personnel[132] - On July 23, 2021, the Company completed a registered direct offering of 1,114,508 common shares and issued unregistered warrants to purchase an equal number of shares, generating net proceeds of approximately $2.76 million[134] Warrant Activity (Nine Months Ended Sep 30, 2021) | Metric | Number of Warrants | Average Exercise Price ($) | | :--- | :--- | :--- | | Outstanding at Jan 1, 2021 | - | - | | Granted | 1,225,959 | 3.50 | | Outstanding at Sep 30, 2021 | 1,225,959 | 3.50 | | Exercisable at Sep 30, 2021 | - | 5.97 | - Unrecognized share-based compensation expense was $6,317 as of September 30, 2021[145] Note 13 - Geographical Analysis North America drove sales growth for the nine-month period, while sales in Asia declined sharply due to COVID-19 lockdowns Geographical Distribution of Sales (Nine Months Ended Sep 30, 2021 vs. 2020) | Geographical Areas | 2021 ($) | 2020 ($) | Change (YoY) | | :--- | :--- | :--- | :--- | | North America | 9,237,435 | 7,365,659 | +25.41% | | Asia (excluding China) | 248,118 | 422,336 | -41.25% | | Other countries | 312,601 | 25,824 | +1110.54% | | Total | 9,798,154 | 7,813,819 | +25.39% | Geographical Distribution of Sales (Three Months Ended Sep 30, 2021 vs. 2020) | Geographical Areas | 2021 ($) | 2020 ($) | Change (YoY) | | :--- | :--- | :--- | :--- | | North America | 2,850,262 | 3,099,042 | -8.03% | | Asia (excluding China) | (2,028) | 213,954 | -100.95% | | Other countries | 68,337 | 2,677 | +2459.84% | | Total | 2,916,571 | 3,315,673 | -12.03% | - North America remains the largest market, showing a 25.41% increase in sales for the nine months ended September 30, 2021, while sales to Asia significantly decreased due to COVID-19 lockdowns in Malaysia[149][236] Note 14 - Lease The company extended its main U.S. facility lease for five years, resulting in increased operating lease expenses - The Company extended its main U.S. office, warehouse, storage, and distribution space lease for another five years, expiring October 31, 2026, with a monthly rental payment of $42,000 and an annual 3% increase[150] Operating Lease Expense | Period | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | Nine months ended Sep 30 | 603,764 | 384,108 | | Three months ended Sep 30 | 203,388 | 107,745 | Maturities of Operating Lease Liabilities (as of Sep 30, 2021) | Period | Amount ($) | | :--- | :--- | | 12 months ending Sep 30, 2022 | 820,461 | | 2023 | 731,242 | | 2024 | 675,690 | | Total undiscounted cash flows | 2,227,393 | | Present value of lease liabilities | 2,076,545 | Note 15 - Commitments and Contingencies The company is managing several legal actions, including a class action lawsuit nearing a settlement funded by insurance - The Company executed a Term Sheet to settle the Barney Action, a federal putative class action lawsuit, for $750,000. Most, if not all, of the settlement is expected to be funded by Nova's insurance carrier[157][160][273] - Two shareholder derivative lawsuits (Jie Action and Samuels Action) were filed against current and former executives and directors, alleging securities violations and self-dealing. These actions are currently stayed pending the resolution of the Barney Action[162][163][274][275] Note 16 - Subsequent Events No material subsequent events were identified after the reporting period that required disclosure - The Company has evaluated subsequent events through the date of issuance of the condensed consolidated financial statements and identified no material subsequent events[166] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management provides its perspective on financial results, operational factors, and liquidity for the reported periods Overview The company distributes contemporary furniture globally and is expanding into health-oriented product lines - Nova LifeStyle is a global distributor of contemporary residential and commercial furniture, operating through subsidiaries like Diamond Sofa, Nova Malaysia, and Nova HK[171][174] - The company is expanding into health-oriented furniture, launching high-end physiotherapeutic jade mats in Malaysia, with showrooms reopening in October 2021 after COVID-19 lockdowns[180][181] - COVID-19 caused significant operational disruptions, including showroom closures, shipping delays from Asia, and increased costs, with the full financial impact remaining uncertain[181] Discontinued Operations The company ceased its Canadian marketing efforts and sold its Bright Swallow subsidiary in early 2020 - The company discontinued its marketing efforts in Canada and disposed of Bright Swallow on January 7, 2020, for $2.5 million cash consideration[184] - Operations of Bright Swallow were reported as discontinued operations in the financial statements for all periods presented[184] Principal Factors Affecting Our Financial Performance Financial performance is influenced by a strategic shift to higher-margin products, economic conditions, and trade tariffs - The company is transitioning its business from low-margin products to higher-end offerings to improve gross profit margin and net profitability, which is expected to impact revenue and net profit in the short-term[185] - Key factors affecting financial performance include product pricing, general economic conditions (U.S., China, international), trade tariffs on Chinese products, and the ongoing impact of the COVID-19 pandemic, including shipping delays and increased costs from Asia[185] - In response to tariffs, the company is shifting manufacturing from China to other Asian countries like Vietnam, India, and Malaysia, with some manufacturing already transitioned since 2020[185] Critical Accounting Policies The company's critical accounting policies and estimates remain consistent with its 2020 annual report - No material changes to critical accounting policies and estimates were reported compared to the Annual Report on Form 10-K for fiscal year 2020[187] - Significant estimates include revenue recognition, allowance for bad debt, inventory valuation, stock-based compensation, income taxes, and impairment of long-lived assets and goodwill[190] - The company adopted ASU 2019-12 (Income Taxes) and ASU 2020-06 (Convertible Instruments) effective January 1, 2021, with no material impact on financial statement presentation or disclosures[213][214] Results of Operations This section provides a detailed comparison of operational results for the three and nine-month periods of 2021 and 2020 Comparison of Three Months Ended September 30, 2021 and 2020 The company's gross profit improved dramatically in Q3 2021 due to the absence of large inventory write-downs Key Financial Highlights (Three Months Ended Sep 30, 2021 vs. 2020) | Metric | 2021 ($) | 2020 ($) | Change (YoY) | % of Sales (2021) | % of Sales (2020) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Sales | 2,916,571 | 3,315,673 | -12.03% | 100% | 100% | | Cost of Sales | 1,517,032 | 9,905,852 | -84.67% | 52% | 299% | | Gross Profit (Loss) | 1,399,539 | (6,590,179) | +121.24% | 48% | (199)% | | Operating Expenses | 2,546,381 | 1,652,777 | +54.07% | 87% | 50% | | Loss from Operations | (1,146,842) | (8,242,956) | +86.00% | (39)% | (249)% | | Net Loss | (1,396,632) | (8,177,010) | +82.92% | (48)% | (247)% | - Net sales decreased by 12% to $2.92 million, primarily due to a 25.63% decrease in sales volume, partially offset by an 18.28% increase in average selling price[221] - Gross profit significantly improved to $1.40 million from a gross loss of $6.59 million, mainly due to no inventory write-downs in Q3 2021 compared to $7.77 million in Q3 2020[224][226] - Operating expenses increased by 54% to $2.55 million, driven by a 153% increase in selling expenses (marketing and advertising) and an 8% increase in general and administrative expenses (R&D)[227] Comparison of Nine Months Ended September 30, 2021 and 2020 Net sales grew for the nine-month period, while gross loss narrowed due to lower inventory write-downs Key Financial Highlights (Nine Months Ended Sep 30, 2021 vs. 2020) | Metric | 2021 ($) | 2020 ($) | Change (YoY) | % of Sales (2021) | % of Sales (2020) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Sales | 9,798,154 | 7,813,819 | +25.39% | 100% | 100% | | Cost of Sales | 11,025,436 | 12,753,072 | -13.55% | 113% | 163% | | Gross Loss | (1,227,282) | (4,939,253) | +75.19% | (13)% | (63)% | | Operating Expenses | 6,964,266 | 4,663,111 | +49.37% | 71% | 60% | | Loss from Operations | (8,191,548) | (9,602,364) | +14.69% | (84)% | (123)% | | Net Loss | (8,505,696) | (10,031,756) | +15.21% | (87)% | (128)% | - Net sales increased by 25% to $9.80 million, driven by a 16.25% increase in average selling price and a 7.86% increase in sales volume[235] - Gross loss decreased by $3.71 million, primarily due to a lower inventory write-down of $5.53 million in 2021 compared to $7.77 million in 2020[237][240] - Operating expenses increased by 49% to $6.96 million, mainly due to a 170% increase in selling expenses (marketing and advertising) and a 12% increase in general and administrative expenses (legal fees and rent)[241] Liquidity and Capital Resources The company's working capital decreased, while a direct offering provided additional capital for operational needs - The company's principal liquidity demands are for sales growth, inventory purchases, sales distribution, and general corporate purposes, primarily met through cash flow from operations, accounts receivable collections, and credit facilities[247][248] Cash Flow Summary (Nine Months Ended Sep 30, 2021 vs. 2020) | Activity | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | Operating activities | (3,129,345) | (1,091,885) | | Investing activities | (155,156) | (360,084) | | Financing activities | 2,760,973 | 466,096 | | Discontinued operations | - | 1,037,800 | - Net working capital decreased by $6.25 million to $35.02 million at September 30, 2021, from $41.27 million at December 31, 2020[249] - The company completed a registered direct offering in July 2021, raising $2.76 million in net proceeds, and has a shelf registration statement for up to $60 million in securities[252][259] Off-Balance Sheet Arrangements The company reports no off-balance sheet arrangements that could materially affect its financial condition - The company has no off-balance sheet arrangements that have, or are reasonably likely to have, a material adverse effect on its financial condition, revenues, or liquidity[262] - The company has not entered into any financial guarantees, derivative contracts indexed to its shares, or variable interests in unconsolidated entities[263] Item 3. Quantitative and Qualitative Disclosures about Market Risk Disclosures about market risk are not required for the company - Quantitative and qualitative disclosures about market risk are not required for the company[264] Item 4. Controls and Procedures This section details the evaluation of the company's disclosure controls and internal financial reporting controls Evaluation of Disclosure Controls and Procedures Management concluded that the company's disclosure controls and procedures were effective as of the end of the period - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2021[265] - Disclosure controls are designed to provide reasonable assurance that information required for SEC reports is recorded, processed, summarized, and reported timely[266] Changes in Internal Control over Financial Reporting No material changes to the company's internal control over financial reporting occurred during the reporting period - There were no changes in internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting during or subsequent to the period covered by this report[268] PART II. OTHER INFORMATION This part covers legal proceedings, exhibits filed with the report, and official signatures Item 1. Legal Proceedings The company is managing ongoing legal matters, including a class action and two shareholder derivative lawsuits - The company is involved in the Barney Action, a federal putative class action lawsuit alleging securities law violations and inflated sales from December 2015 to December 2018[270][271] - A Term Sheet was executed to settle the Barney Action for $750,000, with most of the settlement expected to be covered by the company's insurance carrier[273] - Two shareholder derivative lawsuits (Jie Action and Samuels Action) were filed against current and former executives and directors, alleging similar securities violations and self-dealing. These actions are stayed pending the resolution of the Barney Action[274][275] Item 6. Exhibits This section lists the certifications and interactive data files filed as exhibits with the report - The exhibits include certifications from the CEO and CFO (31.1, 31.2, 32.1, 32.2) and various Inline XBRL documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[279] Signatures The report is duly signed by the company's authorized officers as required - The report is signed by Thanh H. Lam, Chairperson and Chief Executive Officer, and Jeffery Chuang, Chief Financial Officer, on November 15, 2021[281]