Revenue Performance - Total revenue for Q3 2024 was 539,699,adecreaseof49.61,070,972 in Q3 2023, primarily due to a decline in business services revenue [124]. - Business services revenue decreased to 521,765inQ32024from1,043,360 in Q3 2023, attributed to fewer completed listing service obligations [125]. - Rental revenue fell to 17,934inQ32024from27,612 in Q3 2023, a decrease of 35% due to the distribution of 40% of real estate properties to non-controlling interest [126]. - Total revenue for the nine months ended September 30, 2024, was 1,559,272,down32.52,309,592 in the same period of 2023 [137]. - Related party service revenue for the nine months ended September 30, 2024, totaled 347,570,downfrom1,232,526 in 2023, representing a decline of approximately 72% [158]. Operating Costs and Losses - Total operating costs and expenses were 1,012,972inQ32024,downfrom1,207,517 in Q3 2023, reflecting a decrease of 16.1% [127]. - Loss from operations increased to 473,273inQ32024comparedto136,545 in Q3 2023, driven by reduced revenue [128]. - Net loss for Q3 2024 was 330,320,comparedtoanetlossof120,994 in Q3 2023, indicating a worsening financial position [135]. - Net loss for the nine months ended September 30, 2024, was 1,168,983,contrastingwithanetincomeof6,563,458 in the same period of 2023, primarily due to the absence of significant reversals of impairments [149]. - The Company incurred a net loss of 1,168,983fortheninemonthsendedSeptember30,2024,contributingtoanaccumulateddeficitof37,707,535 [181]. Cash Flow and Financial Position - As of September 30, 2024, the cash balance was 1,027,513,downfrom2,223,197 on December 31, 2023, indicating a decrease of 1,195,684[180].−Netcashusedinoperatingactivitieswas1,191,874 for the nine months ended September 30, 2024, compared to 1,293,574in2023,showingadecreaseofapproximately8333,265, compared to a net cash used of 14,710forthesameperiodin2023[186].−Netcashusedinfinancingactivitiesincreasedfrom66,763 in 2023 to 183,533in2024,primarilyduetoadvancestorelatedpartiesof180,994 [187]. Expenses and Adjustments - General and administrative expenses decreased to 868,333inQ32024from978,023 in Q3 2023, a reduction of 11.3% [133]. - Related party G&A expenses increased to 122,127fortheninemonthsendedSeptember30,2024,comparedto90,407 in 2023, reflecting an increase of approximately 35% [162]. - Non-cash adjustments for the nine months ended September 30, 2023, totaled 7,106,692,mainlyfromthereversalofimpairmentofotherinvestmentsof6,882,000 [185]. Future Outlook - The company expects revenue from business services and real estate segments to slightly decline in the coming months due to expiring tenancies and potential lower rental rates [137]. - Future minimum rental payments under a non-cancellable operating lease in Hong Kong are approximately 44,554,with24,518 due in 2024 and 20,036in2025[156].CybersecurityManagement−Thecompanyhasintegratedcybersecurityriskmanagementintoitsoverallriskmanagementframeworktoenhancedecision−makingprocesses[188].−Thecompanyconductsthoroughsecurityassessmentsofallthird−partyprovidersbeforeengagementandmaintainsongoingmonitoringtoensurecompliancewithcybersecuritystandards[189].−Thecompanyhasnotencounteredcybersecuritychallengesthatmateriallyimpaireditsoperationsorfinancialstanding[190].−Asasmallerreportingcompany,thecompanyisnotrequiredtoprovidecertainmarketriskdisclosures[191].Non−controllingInterest−FortheninemonthsendedSeptember30,2024,thenetlossattributabletonon−controllinginterestwas10,543, a decrease from $17,820 in the same period of 2023, representing a reduction of approximately 41% [152]. - The Company acquired the remaining 40% shares of FWIL on April 15, 2024, making it a wholly owned subsidiary, which eliminated profit or loss attributable to non-controlling interest [151].
