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Lines of Credit | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Note 10 - Lines of Credit On September 19, 2017, Diamond Bar extended the line of credit up to a maximum of $8,000,000 to mature on June 1, 2019. The annual interest rate was 5.50% as of December 31, 2019. The line of credit was secured by all of the assets of Diamond Bar and is guaranteed by Nova LifeStyle. We paid off our lines of credit upon expiration on June 30, 2019. As of September 30, 2020, and December 31, 2019, Diamond Bar had $0 outstanding on the line of credit. During the nine months ended September 30, 2020 and 2019, the Company recorded interest expense of $0 and $35,444, respectively; and $0 for the three months ended September 30, 2020 and 2019. As of September 30, 2020, and December 31, 2019, we do not have any credit facilities.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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