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Greenpro Capital(GRNQ) - 2024 Q1 - Quarterly Report
GRNQGreenpro Capital(GRNQ)2024-05-13 10:20

Revenue Performance - Total revenue for Q1 2024 was 658,399,anincreaseof3.2658,399, an increase of 3.2% from 637,735 in Q1 2023, primarily due to higher service business revenue [124]. - Revenue from business services was 633,792inQ12024,upfrom633,792 in Q1 2024, up from 615,604 in Q1 2023, reflecting increased non-listing advisory services [125]. - Rental revenue increased to 24,607inQ12024from24,607 in Q1 2024 from 22,131 in Q1 2023, indicating stable rental income from properties in Malaysia and Hong Kong [126]. - The company expects steady improvement in revenue from both service and real estate business segments in the coming years [124]. Operating Costs and Losses - Total operating costs and expenses rose to 1,132,112inQ12024from1,132,112 in Q1 2024 from 969,748 in Q1 2023, leading to a loss from operations of 473,713comparedto473,713 compared to 332,013 in the prior year [128]. - General and administrative expenses increased to 1,051,238inQ12024from1,051,238 in Q1 2024 from 891,564 in Q1 2023, primarily due to a rise in provision for credit losses from 27,062to27,062 to 127,763 [130]. - Net loss for Q1 2024 was 272,910,asignificantdeclinefromnetincomeof272,910, a significant decline from net income of 21,936 in Q1 2023, attributed to the absence of reversals of impairments that occurred in the previous year [132]. Related Party Transactions - Related party service revenue decreased to 194,249inQ12024from194,249 in Q1 2024 from 341,172 in Q1 2023, with Celmonze Wellness Corporation contributing approximately 76% of this revenue [138]. - As of March 31, 2024, amounts due from related parties were 898,947,anincreasefrom898,947, an increase from 750,860 as of December 31, 2023 [144]. Cash Flow and Financial Position - The company's cash balance decreased to 1,654,243onMarch31,2024,from1,654,243 on March 31, 2024, from 2,223,197 on December 31, 2023, a decrease of 568,954[153].−Thecompanyincurredanetlossof568,954 [153]. - The company incurred a net loss of 272,910 for the three months ended March 31, 2024, with an accumulated deficit of 36,814,612[154].−Netcashusedinoperatingactivitieswas36,814,612 [154]. - Net cash used in operating activities was 540,043 for the three months ended March 31, 2024, compared to 751,522forthesameperiodin2023[156].−Netcashprovidedbyinvestingactivitieswas751,522 for the same period in 2023 [156]. - Net cash provided by investing activities was 176,100 for the three months ended March 31, 2024, primarily from the disposal of other investments [157]. - Net cash used in financing activities was 206,090forthethreemonthsendedMarch31,2024,mainlyduetoadvancestorelatedpartiesof206,090 for the three months ended March 31, 2024, mainly due to advances to related parties of 205,281 [157]. - The company experienced an increase in accounts receivable of 139,827andadecreaseinaccountspayableandaccruedliabilitiesof139,827 and a decrease in accounts payable and accrued liabilities of 273,025 during the three months ended March 31, 2024 [156]. - Non-cash adjustments for the three months ended March 31, 2024, totaled 9,112,includingagainondisposalofinvestmentof9,112, including a gain on disposal of investment of 179,980 [156]. Financial Outlook and Concerns - The company is dependent on improving profitability and financial support from major shareholders to continue as a going concern [155]. - The company has raised funds in the past but future financing is uncertain and may come with restrictions or dilution [155]. Revenue Recognition - The company follows ASC 606 for revenue recognition, which requires judgment in identifying contracts and performance obligations [148].