Xmax公司2025年季度报告

FORM10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30,2025 OR Commission file number:001-36259 (Registrant’s telephone number, including area code) Nova LifeStyle, Inc.(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: NasdaqStock Market XWIN Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the last 90 days. YES☒NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See definitions of “large accelerated filer,” accelerated filer” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer☐Non-accelerated filer☒Emerging growth company☐ Accelerated filer☐Smaller reporting company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:41,871,727shares of common stock outstanding as of November 13, 2025. XMax Inc. Table of Contents PART I. FINANCIAL INFORMATION Item 1.Financial Statements1Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 20241Condensed Consolidated Statements of Loss and Comprehensive Loss for the nine months and three monthsended September 30, 2025 and 2024 (unaudited)3Condensed Consolidated Statements of Stockholders’ Equity for the nine months and three months endedSeptember 30, 2025 and 2024 (unaudited)4Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024(unaudited)6Notes to Condensed Consolidated Financial Statements for the nine months and three months ended September30, 2025 and 2024 (unaudited)7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations34Item 3.Quantitative and Qualitative Disclosures about Market Risk48Item 4.Controls and Procedures48 PART II. OTHER INFORMATION Item 1.Legal Proceedings49Item 1A.Risk Factors49Item 2.Unregistered Sales of Equity Securities and Use of Proceeds49Item 5.Other Information49Item 6.Exhibits49 PART I. FINANCIAL INFORMATION XMAX INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETSAS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 The accompanying notes are an integral part of these condensed consolidated financial statements. XMAX INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSFOR THE NINE AND THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED) Note 1 -Organization and Description of Business Organization and Business XMax Inc. (“XMAX” or the “Company”), formerly known as Nova LifeStyle, Inc. or Stevens Resources, Inc., was incorporated in theState of Nevada on September 9, 2009. The Company is a U.S. holding company with no material assets other than the ownership interests of its subsidiaries through which itmarkets, designs and sells 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”), iDesign Blockchain Technology, Inc. domiciled in California (“i Design”) and Nova Living (M) SDN. BHD. domiciled in Malaysia(“Nova Malaysia”). The Company had three former subsidiaries Bright Swallow International Group Limited domiciled in Hong Kong(“Bright Swallow” or “BSI”) which was sold in January 2020, Nova Furniture Macao Commercial Offshore Limited domiciled inMacao (“Nova Macao”) which was de-registered and liquidated in January 2021 and Nova Living (HK) Group Limited domiciled inHong Kong (“Nova HK”) which was de-registered and liquidated in February 2023. Nova Macao was organized under the laws of Macao on May 20, 2006, and was a wholly owned subsidiary of Nova Furniture. NovaMacao was a trading company, importing, marketing and selling pr