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Greenpro Capital(GRNQ) - 2023 Q3 - Quarterly Report
GRNQGreenpro Capital(GRNQ)2023-11-12 16:00

Revenue Performance - Total revenue for Q3 2023 was 1,070,972,adecreaseof181,070,972, a decrease of 18% from 1,306,439 in Q3 2022, primarily due to no real estate sales in 2023 compared to 652,788fromtwounitssoldin2022[138]−Revenuefrombusinessservicesincreasedto652,788 from two units sold in 2022[138] - Revenue from business services increased to 1,043,360 in Q3 2023 from 628,295inQ32022,drivenbycompletedlistingserviceobligations[139]−RentalrevenueforQ32023was628,295 in Q3 2022, driven by completed listing service obligations[139] - Rental revenue for Q3 2023 was 27,612, up from 25,356inQ32022,indicatingstablerentalincome[141]−FortheninemonthsendedSeptember30,2023,totalrevenuewas25,356 in Q3 2022, indicating stable rental income[141] - For the nine months ended September 30, 2023, total revenue was 2,309,592, down from 2,690,227inthesameperiodof2022,againduetonorealestatesalesin2023[149]−RevenuefrombusinessservicesfortheninemonthsendedSeptember30,2023,was2,690,227 in the same period of 2022, again due to no real estate sales in 2023[149] - Revenue from business services for the nine months ended September 30, 2023, was 2,239,354, an increase from 1,760,880in2022,reflectinggrowthinconsultingandadvisoryservices[150]−RelatedpartyservicerevenuefortheninemonthsendedSeptember30,2023,was1,760,880 in 2022, reflecting growth in consulting and advisory services[150] - Related party service revenue for the nine months ended September 30, 2023, was 1,232,526, an increase from 548,602inthesameperiodof2022[164]OperatingCostsandExpenses−Totaloperatingcostsandexpensesdecreasedto548,602 in the same period of 2022[164] Operating Costs and Expenses - Total operating costs and expenses decreased to 1,207,517 in Q3 2023 from 1,536,785inQ32022,contributingtoareducedlossfromoperationsof1,536,785 in Q3 2022, contributing to a reduced loss from operations of 136,545 compared to 230,346intheprioryear[142]−GeneralandadministrativeexpensesfortheninemonthsendedSeptember30,2023,were230,346 in the prior year[142] - General and administrative expenses for the nine months ended September 30, 2023, were 2,686,846, down from 2,910,231in2022,indicatingcostmanagementefforts[155]NetIncomeandLoss−NetlossforQ32023was2,910,231 in 2022, indicating cost management efforts[155] Net Income and Loss - Net loss for Q3 2023 was 120,994, significantly improved from a net loss of 452,805inQ32022,mainlyduetotheabsenceofimpairmentchargesin2023[147]−NetincomefortheninemonthsendedSeptember30,2023,was452,805 in Q3 2022, mainly due to the absence of impairment charges in 2023[147] - Net income for the nine months ended September 30, 2023, was 6,563,458, a turnaround from a net loss of 2,414,835inthesameperiodof2022,primarilyduetoareversalofimpairment[158]−Thecompanyrecordedanetincomeof2,414,835 in the same period of 2022, primarily due to a reversal of impairment[158] - The company recorded a net income of 6,563,458 for the nine months ended September 30, 2023, with non-cash adjustments totaling 7,105,607[177]CashFlowandFinancialPosition−AsofSeptember30,2023,thecompany′scashbalancewas7,105,607[177] Cash Flow and Financial Position - As of September 30, 2023, the company's cash balance was 2,559,285, a decrease of 1,352,250from1,352,250 from 3,911,535 on December 31, 2022[174] - For the nine months ended September 30, 2023, net cash used in operating activities was 1,293,574,comparedto1,293,574, compared to 2,157,380 for the same period in 2022[177] - Cash used in financing activities for the nine months ended September 30, 2023, was 66,763,comparedto66,763, compared to 416,382 for the same period in 2022[179] - The company incurred an accumulated deficit of 31,041,402asofSeptember30,2023,raisingsubstantialdoubtaboutitsabilitytocontinueasagoingconcern[175]−Thecompanyhasnosignificantoff−balancesheetarrangementsthatcouldmateriallyaffectitsfinancialconditionasofSeptember30,2023[162]FutureCommitments−Thefutureminimumrentalpaymentsunderanon−cancellableoperatingleaseinHongKongareapproximately31,041,402 as of September 30, 2023, raising substantial doubt about its ability to continue as a going concern[175] - The company has no significant off-balance sheet arrangements that could materially affect its financial condition as of September 30, 2023[162] Future Commitments - The future minimum rental payments under a non-cancellable operating lease in Hong Kong are approximately 141,508, due in 2023, 2024, and 2025[163] - Future minimum lease payments under a finance lease agreement for a motor vehicle in Malaysia are approximately 20,476,duefrom2023to2028[163]ImpairmentandAdjustments−Thecompanyrecordedareversalofimpairmentofrelatedpartyinvestmentof20,476, due from 2023 to 2028[163] Impairment and Adjustments - The company recorded a reversal of impairment of related party investment of 6,882,000 for the nine months ended September 30, 2023[165] - The company expects revenue from both service and real estate businesses to improve as the impact of the COVID-19 pandemic abates[138]