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Business Acquisition and Unaudited Pro Forma Information (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2012 | Dec. 31, 2011
Schedule of Purchase Price Allocation [Table Text Block] | The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition:
Cash |  | $ | 141,231 |
Accounts receivable |  |  | 986,145 |
Inventory |  |  | 786,776 |
Property and equipment |  |  | 164,913 |
Customer relationship |  |  | 50,000 |
Goodwill |  |  | 218,606 |
Accounts payable |  |  | (1,742,540 | )
Other payable and accrued expenses |  |  | (138,131 | )
Deferred tax liability |  |  | (17,000 | )
Purchase price |  | $ | 450,000 |
| The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition:
Cash |  | $ | 141,231 |
Accounts receivable |  |  | 986,145 |
Inventory |  |  | 786,776 |
Property and equipment |  |  | 164,913 |
Customer relationship |  |  | 50,000 |
Goodwill |  |  | 218,606 |
Accounts payable |  |  | (1,742,540 | )
Other payable and accrued expenses |  |  | (138,131 | )
Deferred tax liability |  |  | (17,000 | )
Purchase price |  | $ | 450,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma consolidated results of operations of Nova LifeStyle and Diamond Bar for the nine and three months ended September 30, 2011, presents the operations of Nova LifeStyle and Diamond Bar as if the acquisition of Diamond Bar occurred on January 1, 2011. The pro forma results are not necessarily indicative of the actual results that would have occurred had the acquisition been completed as of the beginning of the periods presented, nor are they necessarily indicative of future consolidated results.
|  | For the nine months ended September 30, |  |  | For the three months ended September 30, |
|  | 2011 |  |  | 2011 |
|  | (Unaudited) |  |  | (Unaudited) |
Net sales |  | $ | 30,627,291 |  |  | $ | 12,462,962 |
Net income |  | $ | 3,147,306 |  |  | $ | 1,640,614 |
Basic weighted average shares outstanding |  |  | 13,451,350 |  |  |  | 16,431,723 |
Diluted weighted average shares outstanding |  |  | 13,522,150 |  |  |  | 16,641,815 |
Basic net earnings per share |  | $ | 0.23 |  |  | $ | 0.10 |
Diluted net earnings per share |  | $ | 0.23 |  |  | $ | 0.10 |
| The following unaudited pro forma consolidated results of operations of Nova LifeStyle and Diamond Bar for the years ended December 31, 2011 and 2010, presents the operations of Nova LifeStyle and Diamond Bar as if the acquisition of Diamond Bar occurred on January 1, 2011 and 2010, respectively. The pro forma results are not necessarily indicative of the actual results that would have occurred had the acquisition been completed as of the beginning of the periods presented, nor are they necessarily indicative of future consolidated results.
|  | For years ended December 31, |
|  | 2011 |  |  | 2010 |
|  | (Unaudited) |
Net sales |  | $ | 47,710,088 |  |  | $ | 30,094,554 |
Net income |  | $ | 5,250,294 |  |  | $ | 4,172,385 |
Basic weighted average shares outstanding |  |  | 14,506,915 |  |  |  | 9,685,000 |
Diluted weighted average shares outstanding |  |  | 14,697,206 |  |  |  | 9,685,000 |
Basic net earnings per share |  | $ | 0.36 |  |  | $ | 0.43 |
Diluted net earnings per share |  | $ | 0.36 |  |  | $ | 0.43 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 54 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 55 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph r(2, 3) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 + Details
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