Greenpro Capital(GRNQ) - 2024 Q4 - Annual Report

Revenue Performance - Total revenues for the year ended December 31, 2024, were $3,496,405, a slight increase from$3,477,664 in 2023, primarily driven by digital platform and trading of digital assets revenue of $327,802[411] - Service revenue decreased to$3,091,903 in 2024 from $3,379,596 in 2023, reflecting challenges in the business consulting and advisory services segment[412] - Digital revenue reached$327,802 in 2024, compared to $0 in 2023, indicating successful entry into the digital platform services and trading of digital assets[413] - Rental revenue declined to$76,700 in 2024 from $98,068 in 2023, with expectations for stable rental income moving forward[414] - Related party service revenue totaled$364,336 in 2024, significantly lower than $1,425,577 in 2023, indicating a shift in revenue sources[436] - Related party service revenue for the year ended December 31, 2023, totaled$1,289,779, representing approximately 38% of total service revenue[438] - Digital revenue from related parties for the year ended December 31, 2024, was $21,000, with Mr. Lee contributing$20,000, accounting for 95% of this revenue[439] Operating Costs and Losses - Total operating costs and expenses decreased to $4,465,683 in 2024 from$4,980,842 in 2023, contributing to a reduced loss from operations[416] - Loss from operations improved to $969,278 in 2024, down from$1,503,178 in 2023, due to increased gross profit from the digital business and reduced general and administrative expenses[417] - General and administrative expenses were $4,039,243 in 2024, down from$4,409,264 in 2023, with a significant decrease in provisions for credit losses[422] - Net loss for the year ended December 31, 2024, was $725,827, a decline from net income of$1,049,699 in 2023, primarily due to the absence of reversals of impairments that occurred in the previous year[428] Investments and Acquisitions - The company acquired the remaining 40% shares of Forward Win International Limited, making it a wholly owned subsidiary, which is expected to streamline operations and improve profitability[425] - Gain on disposal of related party investments for the year ended December 31, 2024, was $324,917, primarily from the sale of Agape ATP Corporation and MU Global Holding Limited[450] - Impairment of related party investments significantly decreased from$4,982,000 in 2023 to $87,425 in 2024[451] Cash Flow and Financial Position - The company recorded a net loss of$725,827 for the year ended December 31, 2024, with net cash used in operations amounting to $1,360,454[473] - Cash balance decreased from$2,223,197 on December 31, 2023, to $1,124,818 on December 31, 2024, a decrease of$1,098,379[472] - Net cash provided by investing activities was $601,277 in 2024, compared to a net cash used of$94,640 in 2023[481] - Net cash used in financing activities increased from $5,968 in 2023 to$208,768 in 2024, primarily due to advances to related parties[484] Related Party Transactions - The cost of service revenue to related parties decreased from $23,280 in 2023 to$10,934 in 2024[440] - Related party general and administrative expenses increased from $122,880 in 2023 to$149,817 in 2024[443]