Revenue Performance - Total revenue for Q2 2024 was $361,174, a decrease of 39.9% from $600,885 in Q2 2023, primarily due to a decline in business services revenue [153]. - Business services revenue decreased to $342,630 in Q2 2024 from $580,390 in Q2 2023, attributed to fewer completed listing service obligations [154]. - Rental revenue for Q2 2024 was $18,544, down from $20,495 in Q2 2023, with expectations of stable rental income [155]. - Total revenue for the first half of 2024 was $1,019,573, down 17.7% from $1,238,620 in the same period of 2023 [170]. - Related party service revenue for the six months ended June 30, 2024, totaled $239,085, a decrease of 59% from $584,149 in the same period of 2023 [193]. Operating Costs and Expenses - Total operating costs and expenses increased to $962,794 in Q2 2024 from $911,944 in Q2 2023, leading to a loss from operations of $601,620 compared to $311,059 in Q2 2023 [158][159]. - General and administrative expenses rose to $920,070 in Q2 2024 from $817,259 in Q2 2023, driven by increased advertising, IT expenses, and provisions for credit losses [164]. Net Income and Loss - Net loss for Q2 2024 was $565,753, a significant decline from net income of $6,662,516 in Q2 2023, primarily due to the absence of reversals of impairments that occurred in the previous year [166]. - Net loss for the first half of 2024 was $838,663, compared to net income of $6,684,452 in the first half of 2023, again due to the lack of reversals of impairments [183]. - For the six months ended June 30, 2024, the net loss attributable to the NCI was $10,453, compared to a net loss of $13,955 for the same period in 2023, indicating an improvement of approximately 25% [186]. Cash Flow and Financial Position - Cash balance decreased to $1,189,489 on June 30, 2024, down from $2,223,197 on December 31, 2023, a decrease of $1,033,708 [219]. - Net cash used in operating activities was $1,040,865 for the six months ended June 30, 2024, compared to $1,094,675 for the same period in 2023 [223]. - For the six months ended June 30, 2024, net cash provided by investing activities was $209,052, compared to a net cash used of $15,276 for the same period in 2023 [225]. - Cash provided by investing activities included proceeds from the disposal of other investments of $197,820 and real estate held for sale of $15,632 [225]. - Net cash used in financing activities was $141,904 for the six months ended June 30, 2024, compared to $56,155 for the same period in 2023 [226]. - Cash used in financing activities in 2024 was mainly due to advances to related parties amounting to $140,547 [227]. Related Party Transactions - The cost of service revenue to related parties increased to $4,052 for the six months ended June 30, 2024, from $0 in the same period of 2023 [195]. - Related party other income increased to $25,866 for the six months ended June 30, 2024, from $6,733 in the same period of 2023 [199]. - Amounts due from related parties were $908,361 as of June 30, 2024, compared to $750,860 as of December 31, 2023, an increase of approximately 21% [204]. - Deferred revenue from related parties decreased to $75,800 as of June 30, 2024, from $157,500 as of December 31, 2023 [207]. Acquisitions - The company acquired the remaining 40% shares of Forward Win International Limited on April 15, 2024, making it a wholly-owned subsidiary [169][185].

Group 1 - Greenpro Capital's stock experienced a significant rally, closing up more than 34% on Monday with over 10 million shares traded, compared to an average daily volume of around 183,000 shares [1][3] - The rally was driven by the announcement of a strategic partnership between Greenpro Capital, its subsidiary Green-X, and Bank Islam Trust Company, aimed at penetrating the Muslim and Middle Eastern communities [1][2] - Following the rally, GRNQ stock fell 19.1% on Tuesday morning, with trading volume already exceeding the daily average at 230,000 shares [3] Group 2 - The CEO of Greenpro Capital, Dr. CK Lee, expressed excitement about the partnership with Bank Islam Trust, highlighting the demand for digital asset investments in the Middle East and plans to structure alternative investment products [2]

Revenue Performance - Total revenue for Q1 2024 was $658,399, an increase of 3.2% from $637,735 in Q1 2023, primarily due to higher service business revenue [124]. - Revenue from business services was $633,792 in Q1 2024, up from $615,604 in Q1 2023, reflecting increased non-listing advisory services [125]. - Rental revenue increased to $24,607 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 $1,132,112 in Q1 2024 from $969,748 in Q1 2023, leading to a loss from operations of $473,713 compared to $332,013 in the prior year [128]. - General and administrative expenses increased to $1,051,238 in Q1 2024 from $891,564 in Q1 2023, primarily due to a rise in provision for credit losses from $27,062 to $127,763 [130]. - Net loss for Q1 2024 was $272,910, 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 $194,249 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, an increase from $750,860 as of December 31, 2023 [144]. Cash Flow and Financial Position - The company's cash balance decreased to $1,654,243 on March 31, 2024, from $2,223,197 on December 31, 2023, a decrease of $568,954 [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]. - Net cash used in operating activities was $540,043 for the three months ended March 31, 2024, compared to $751,522 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 $206,090 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 $139,827 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, 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].

Revenue Performance - Total revenue for the year ended December 31, 2023, was $3,477,664, a decrease from $3,673,997 in 2022, primarily due to no real estate sales in 2023 compared to $840,036 from three units sold in 2022 [112]. - Service revenue increased to $3,379,596 in 2023 from $2,725,466 in 2022, driven by business consulting and advisory services [113]. - Rental revenue decreased to $98,068 in 2023 from $108,495 in 2022, with expectations for stable rental income moving forward [114]. - Related party service revenue increased to $1,425,577 in 2023 from $665,203 in 2022, representing a growth of approximately 114% [124]. - Related party service revenue accounted for 38% of total service revenue in 2023, up from 17% in 2022 [124]. Operating Costs and Expenses - Total operating costs and expenses decreased to $4,980,842 in 2023 from $5,192,500 in 2022, contributing to a reduced loss from operations of $1,503,178 compared to $1,518,503 in 2022 [116]. - General and administrative expenses rose to $4,409,264 in 2023 from $4,168,997 in 2022, with expectations for continued increases as the company expands [120]. - Cost of service revenue increased to $534,965 in 2023 from $404,077 in 2022, primarily due to employee compensation and related costs [117]. - Cost of rental revenue decreased to $36,613 in 2023 from $46,083 in 2022, reflecting lower associated costs [118]. Net Income and Other Income - Net income for the year ended December 31, 2023, was $1,049,699, a significant recovery from a net loss of $6,262,188 in 2022, attributed to increased service revenue and reversal of impairment [122]. - The company recorded net other income of $2,559,706 in 2023, compared to a net other expense of $4,741,329 in 2022, mainly due to a reversal of impairment of other investments [121]. - The company recorded a reversal of impairment of related party investment of $6,882,000 in 2023, compared to $0 in 2022 [125]. Cash Flow and Financial Position - Net cash used in operating activities decreased to $1,594,718 in 2023 from $2,402,769 in 2022, a reduction of approximately 34% [132]. - Cash balance decreased to $2,223,197 as of December 31, 2023, down from $3,911,535 in 2022, a decline of 43% [131]. - Amounts due from related parties increased to $750,860 in 2023 from $265,772 in 2022, representing a growth of approximately 182% [126]. - Deferred revenue from related parties decreased to $157,500 in 2023 from $849,400 in 2022, a decline of approximately 81% [127]. - The company incurred an accumulated deficit of $36,549,095 as of December 31, 2023 [131]. - The company did not issue any shares of Common Stock during 2023, maintaining 7,575,813 shares outstanding [132]. Impairment and Investments - Impairment of related party investments rose to $4,982,000 in 2023 from $4,208,029 in 2022, indicating an 18% increase [124]. - The company has no significant off-balance sheet arrangements that could materially affect its financial condition as of December 31, 2023 [123].

Revenue Performance - Total revenue for Q3 2023 was $1,070,972, a decrease of 18% from $1,306,439 in Q3 2022, primarily due to no real estate sales in 2023 compared to $652,788 from two units sold in 2022[138] - Revenue from business services increased to $1,043,360 in Q3 2023 from $628,295 in Q3 2022, driven by completed listing service obligations[139] - Rental revenue for Q3 2023 was $27,612, up from $25,356 in Q3 2022, indicating stable rental income[141] - For the nine months ended September 30, 2023, total revenue was $2,309,592, down from $2,690,227 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 $1,760,880 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 $548,602 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 $1,536,785 in Q3 2022, contributing to a reduced loss from operations of $136,545 compared to $230,346 in the prior year[142] - General and administrative expenses for the nine months ended September 30, 2023, were $2,686,846, down from $2,910,231 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 $452,805 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 $2,414,835 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] Cash Flow and Financial Position - As of September 30, 2023, the company's cash balance was $2,559,285, a decrease of $1,352,250 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, 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, compared to $416,382 for the same period in 2022[179] - The company incurred an accumulated deficit of $31,041,402 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, 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]

Revenue Performance - Total revenue for Q2 2023 was $600,885, a decrease of 25.6% from $807,942 in Q2 2022, primarily due to reduced revenue from business services [127]. - Revenue from business services was $580,390 in Q2 2023, down 25.4% from $777,552 in Q2 2022, attributed to fewer completed listing service obligations [128]. - Rental revenue decreased to $20,495 in Q2 2023 from $30,390 in Q2 2022, reflecting a decline of 32.5% [130]. - Total revenue for the first half of 2023 was $1,238,620, down 10.5% from $1,383,788 in the same period of 2022, mainly due to no real estate sales in 2023 [138]. - Revenue from business services for the first half of 2023 increased to $1,195,994 from $1,132,585 in the first half of 2022, reflecting a growth of 5.6% [139]. Operating Costs and Expenses - Total operating costs and expenses were $911,944 in Q2 2023, down 18.0% from $1,112,610 in Q2 2022, leading to a slight increase in loss from operations to $311,059 [131]. - General and administrative expenses for the first half of 2023 were $1,708,823, down 11.6% from $1,932,774 in the first half of 2022 [145]. Net Income and Other Income - Net other income for Q2 2023 was $6,976,688, compared to a net other expense of $645,956 in Q2 2022, primarily due to a reversal of impairment of other investments [136]. - Net income for Q2 2023 was $6,662,516, a significant turnaround from a net loss of $952,160 in Q2 2022 [137]. - Net income for the first half of 2023 was $6,684,452, compared to a net loss of $1,962,030 in the first half of 2022, driven by reversals of impairments and reduced G&A expenses [148]. - The company recorded a net income of $6,684,452 for the six months ended June 30, 2023 [165]. Cash Flow and Financial Position - As of June 30, 2023, the company's cash balance was $2,766,462, a decrease of $1,145,073 from $3,911,535 on December 31, 2022 [162]. - Net cash used in operating activities for the six months ended June 30, 2023, was $1,094,675, compared to $1,364,723 for the same period in 2022 [165]. - Cash used in financing activities for the six months ended June 30, 2023, was $56,155, compared to $93,768 for the same period in 2022 [167]. - The company incurred an accumulated deficit of $30,924,273 as of June 30, 2023, raising substantial doubt about its ability to continue as a going concern [163]. Related Party Transactions - Related party service revenue for the six months ended June 30, 2023, totaled $584,149, an increase from $507,171 in the same period of 2022 [153]. - As of June 30, 2023, net accounts receivable due from related parties was $225,669, up from $129,292 as of December 31, 2022 [153]. - Deferred revenue from related parties decreased to $623,600 as of June 30, 2023, from $849,400 as of December 31, 2022 [153]. Lease Obligations - The future minimum rental payments under a non-cancellable operating lease in Hong Kong are approximately $166,112, due in 2023: $48,618; 2024: $97,236; and 2025: $20,258 [152]. - The future minimum lease payments under a finance lease agreement for a motor vehicle in Malaysia are approximately $21,700, due in 2023: $2,207; 2024: $4,414; 2025: $4,414; and 2026 and thereafter: $10,665 [152].

Revenue Performance - Total revenue for the three months ended March 31, 2023, was $637,735, an increase of 10.7% from $575,846 in the same period of 2022[113]. - Revenue from business services was $615,604 for the three months ended March 31, 2023, compared to $355,033 for the same period in 2022, reflecting a significant increase of 73.5%[113]. - There was no revenue generated from the sale of real estate properties for the three months ended March 31, 2023, down from $186,873 in the same period of 2022[114]. - Rental revenue decreased to $22,131 for the three months ended March 31, 2023, from $33,940 in the same period of 2022, a decline of 34.7%[115]. - Related party service revenue increased to $341,172 for the three months ended March 31, 2023, compared to $59,085 in the same period of 2022, a growth of 476.5%[127]. Operating Costs and Income - Total operating costs and expenses decreased to $969,748 for the three months ended March 31, 2023, from $1,106,549 in the same period of 2022, a reduction of 12.4%[116]. - Loss from operations improved to $332,013 for the three months ended March 31, 2023, compared to a loss of $530,703 in the same period of 2022, a decrease in loss of 37.3%[116]. - Net income for the three months ended March 31, 2023, was $21,936, a significant recovery from a net loss of $1,009,870 in the same period of 2022[122]. - General and administrative expenses were $891,564 for the three months ended March 31, 2023, slightly down from $904,139 in the same period of 2022[120]. Cash Flow and Financial Position - The cash balance as of March 31, 2023, was $3,030,128, a decrease of $881,407 from $3,911,535 on December 31, 2022[136]. - Net cash used in operating activities for the three months ended March 31, 2023, was $751,522, compared to $774,931 for the same period in 2022[139]. - Net cash used in investing activities for the three months ended March 31, 2023, was $500, compared to net cash provided of $181,466 for the same period in 2022[140]. - Net cash used in financing activities for the three months ended March 31, 2023, was $128,702, down from $172,568 in 2022[140]. - Cash used in financing activities was mainly due to advances to related parties of $328,702, offset by collections of notes receivable of $200,000[140]. Going Concern and Future Outlook - The company incurred an accumulated deficit of $37,591,591 as of March 31, 2023, raising substantial doubt about its ability to continue as a going concern[137]. - The company’s ability to continue as a going concern depends on improving profitability and financial support from major shareholders[138]. - There is no assurance that future financing will be available or on satisfactory terms, which may lead to operational restrictions or shareholder dilution[138]. - The company has sufficient cash available to meet its anticipated working capital for the next twelve months[136]. - The company recorded non-cash adjustments totaling $264,598 for the three months ended March 31, 2023, primarily from reversals of impairment and write-offs[139]. - Future minimum rental payments under leases as of March 31, 2023, are approximately $191,225, with $73,932 due in 2023[126].

Company Overview - Greenpro Capital Corp. was incorporated on July 19, 2013, and changed its name from "Greenpro, Inc." on May 6, 2015[7]. - The company has multiple subsidiaries, including Greenpro Resources Limited, which serves as a holding company, and Greenpro Management Consultancy Limited, which provides corporate advisory services in China[11]. - Greenpro has established a presence in multiple regions, including Hong Kong, Belize, and Malaysia, through its various subsidiaries[12]. Acquisitions and Investments - The acquisition of Greenpro Resources Limited was completed on July 31, 2015, with 907,000 shares issued and $25,500 in cash paid[14]. - Greenpro Venture Capital Limited was acquired on September 30, 2015, with 1,326,000 shares issued and $6,000 in cash paid[14]. - The acquisition of A&G International Limited on September 30, 2015, involved issuing 184,200 shares of restricted Common Stock[15]. - The acquisition of Falcon Accounting & Secretaries Limited and related companies was valued at approximately $1,081,704 based on an average share price of $5.2[15]. - Greenpro Holding Limited acquired 100% of Greenpro Global Capital Sdn. Bhd. after initially purchasing 40% for MYR1 (approximately $0.25) and increasing ownership through subsequent transactions[16]. - The acquisition of Greenpro Credit Limited was completed for a total consideration of $105,000, with the company aiming to enhance its money lending operations in Hong Kong[16]. - Greenpro Family Office Limited was fully acquired for an undisclosed amount, with the initial 51% stake purchased from the sole shareholder, followed by the acquisition of the remaining 49%[16]. - The acquisition of Greenpro Sparkle Brokers Limited was valued at $170,322, consisting of $129,032 in cash and 860 shares of common stock valued at $41,290, aimed at expanding insurance services[16]. - The company holds various minority investments, including 15% in Ata Plus Sdn. Bhd., which provides funding access for SMEs[18]. - The acquisition of New Business Media Sdn. Bhd. was completed for an 18% equity interest, focusing on news services[18]. Financial Performance - The company generated revenues of $3,673,997 during the fiscal year ended December 31, 2022, compared to $2,949,780 in the fiscal year ended December 31, 2021, reflecting a year-over-year increase of approximately 24.5%[44]. - Total revenue for fiscal year 2022 was $3,673,997, an increase of 24.5% compared to $2,949,780 for fiscal year 2021[65]. - The company incurred a net loss of $6,262,188 for the year ended December 31, 2022, compared to a net loss of $14,363,232 for the previous year, indicating a significant reduction in losses[66]. - The company recorded a negative cash flow of $2,402,769 in operating activities for the year ended December 31, 2022[68]. - The company reported a net loss attributed to common shareholders for the year ended December 31, 2022, was $6,350,872, a reduction from a net loss of $14,349,356 in 2021, indicating improved financial performance[168]. Operational Strategy - The company focuses on providing financial consulting and corporate services, with a significant emphasis on cross-border advisory solutions[11]. - Greenpro's strategy includes market expansion through acquisitions and the establishment of new subsidiaries to enhance service offerings[14]. - The venture capital business focuses on companies in South-East Asia and East Asia, with an emphasis on supporting start-ups and high growth companies during their seed, start-up, and expansion stages[37]. - The company plans to expand its corporate finance services in China, Hong Kong, Malaysia, and Thailand, enhancing its business network in these regions[60]. - The company intends to enhance its wealth management services to cater to the increasing number of high-net-worth individuals in the Asia Pacific region[62]. Regulatory and Compliance Issues - The company complies with the Hong Kong Personal Data (Privacy) Ordinance and has not faced any lawsuits or prosecutions for breaches of local regulations[51]. - The Employment Contract Law in China mandates that employers execute written contracts with employees within one month of employment, with penalties for non-compliance[52]. - The company maintains compliance with local laws in Malaysia and has not faced legal issues related to its operations[51]. - The company is required to make MPF contributions of 5% of employees' relevant income, with minimum and maximum income levels set at $7,100 and $30,000, respectively[51]. - The company has established effective disclosure controls and procedures as of December 31, 2022[129]. Corporate Governance - Lee, Chong Kuang has served as CEO and President since July 19, 2013, and has extensive experience in corporate strategy and accounting[132]. - Loke, Che Chan Gilbert has been CFO and Treasurer since inception on July 19, 2013, and has over 35 years of accounting experience[132]. - The board of directors includes a majority of independent directors, complying with NASDAQ Listing Rules[137]. - The company has established an Audit Committee, Compensation Committee, and Corporate Governance and Nominating Committee to oversee its responsibilities[139]. - The company has established a code of ethics applicable to all directors, officers, and employees, addressing conflicts of interest and compliance with laws[145]. Market Risks - Political instabilities in Malaysia may reduce investor confidence and foreign direct investment, adversely affecting business operations[78]. - The company may face difficulties enforcing judgments in the U.S. due to most assets and operations being located outside the country[79]. - Changes in PRC laws and regulations could adversely affect business operations and profitability, particularly regarding environmental regulations and service fees[81]. - Recent Chinese government measures may increase regulatory scrutiny on U.S.-listed companies, potentially impacting operations in Hong Kong and China[82]. - The company may face delisting under the Holding Foreign Companies Accountable Act if its auditors are not inspected for three consecutive years starting in 2021[83]. Investment Performance - The company recognized an impairment loss of $4,208,029 for equity securities without readily determinable fair values in 2022, compared to $5,349,600 in 2021[197]. - The company experienced a significant impairment of goodwill amounting to $263,247 in 2022, with additional impairments on related party investments totaling $4,814,279[170]. - The company’s cash and cash equivalents decreased from $5,338,571 in 2021 to $3,911,535 in 2022, a decline of approximately 26.6%[167]. - The company’s allowance for doubtful accounts was $25,677 in 2022, compared to $133,356 in 2021, reflecting a significant reduction in expected uncollectible accounts[177]. Future Outlook - The company expects to continue incurring losses and negative cash flows for the foreseeable future, with no assurance of achieving profitability[66]. - The independent registered public accounting firm raised substantial doubt about the company's ability to continue as a going concern due to ongoing losses[68]. - The company has raised concerns about its ability to continue as a going concern due to the net loss and cash used in operations, relying on financial support from major shareholders[173].

Revenue Growth - Total revenue for Q3 2022 was $1,306,439, a 204% increase from $429,366 in Q3 2021, driven by business services and real estate sales [119]. - Revenue from business services was $628,295 in Q3 2022, up from $398,856 in Q3 2021, reflecting a focus on consulting and advisory services [120]. - Revenue from real estate sales was $652,788 in Q3 2022, generated from two commercial property units sold in Hong Kong, compared to no sales in Q3 2021 [121]. - Total revenue for the nine months ended September 30, 2022, was $2,690,227, up from $1,810,964 in the same period of 2021, attributed to business services and real estate sales [134]. - Revenue from business services for the nine months ended September 30, 2022, was $1,760,880, slightly up from $1,715,555 in 2021, indicating stable demand [135]. Operating Costs and Losses - Total operating costs and expenses increased to $1,536,785 in Q3 2022 from $1,060,087 in Q3 2021, leading to a reduced loss from operations of $230,346 [124]. - Net loss for Q3 2022 was $452,805, significantly lower than the $6,044,875 loss in Q3 2021, primarily due to reduced impairment losses and no interest expenses [131]. - G&A expenses for the nine months ended September 30, 2022, decreased to $2,910,231 from $3,525,332 in 2021, reflecting cost management efforts [142]. - Net other expenses for the nine months ended September 30, 2022, were $1,347,582, a significant reduction from $11,096,555 in 2021, due to lower impairment losses and no interest expenses [144]. - Net loss reduced from $13,106,274 in 2021 to $2,414,835 in 2022, primarily due to a decrease in impairment loss of other investments [147]. Cash Flow and Financial Position - Cash and cash equivalents decreased by $1,692,405 from $5,338,571 at December 31, 2021 to $3,646,166 at September 30, 2022 [161]. - Net cash used in operating activities was $2,157,380 in 2022, compared to $2,210,002 in 2021 [164]. - Net cash provided by investing activities increased significantly from $38,950 in 2021 to $836,167 in 2022, primarily from proceeds of real estate held for sale [165]. - Net cash used in financing activities shifted from a net cash provided of $7,016,119 in 2021 to a net cash used of $416,382 in 2022 [166]. Future Expectations and Other Financial Metrics - The company expects revenue from business services to improve as it expands into new territories and as the effects of the COVID-19 pandemic wane [119]. - Total interest expenses decreased from $12,949,517 in 2021 to $0 in 2022 for the nine months ended September 30 [145]. - Net income attributable to non-controlling interest increased from a net loss of $10,537 in 2021 to a net income of $96,107 in 2022 [148]. - Future minimum rental payments under operating leases total approximately $52,822, with $27,783 due in 2022 and $25,039 in 2023 [151]. - Impairment of investments in related parties decreased from $5,340,300 in 2021 to $1,459,900 in 2022 [153]. - The company has no significant off-balance sheet arrangements that could materially affect its financial condition as of September 30, 2022 [150].

Revenue Performance - Total revenue for Q2 2022 was $807,942, a 2% increase from $792,025 in Q2 2021, primarily due to growth in business services revenue [111]. - Revenue from business services was $777,552 in Q2 2022, up from $757,364 in Q2 2021, attributed to completed listing service obligations [112]. - Total revenue for the first half of 2022 was $1,383,788, a slight increase from $1,381,598 in the same period of 2021, driven by the sale of one real estate property [128]. - Revenue from business services for the first half of 2022 was $1,132,585, down from $1,316,699 in the first half of 2021, mainly due to decreased revenue from listing services [129]. Operating Costs and Expenses - Total operating costs and expenses decreased to $1,112,610 in Q2 2022 from $1,281,091 in Q2 2021, leading to a reduced loss from operations of $304,668 compared to $489,066 in Q2 2021 [116]. - General and administrative expenses were $1,028,635 in Q2 2022, down from $1,179,832 in Q2 2021, with expectations of a slight increase as the company expands [120]. - Total operating costs and expenses for the first half of 2022 were $2,219,159, down from $2,757,962 in the first half of 2021 [132]. Net Loss - Net loss for Q2 2022 was $952,160, compared to a net loss of $766,257 in Q2 2021, primarily due to decreased other income [125]. - Net loss for the six months ended June 30, 2022, was $1,962,030, a decrease from $7,061,399 in the same period of 2021, primarily due to reduced G&A expenses and interest expenses [141]. Cash Flow - Cash and cash equivalents decreased from $5,338,571 at December 31, 2021, to $4,094,007 at June 30, 2022, a reduction of $1,244,564 [160]. - Net cash used in operating activities was $1,364,723 for the six months ended June 30, 2022, compared to $1,294,682 for the same period in 2021 [164]. - Net cash provided by investing activities was $180,590 for the six months ended June 30, 2022, compared to a net cash used of $38,583 in the same period of 2021 [165]. - Net cash used in financing activities was $93,768 for the six months ended June 30, 2022, compared to net cash provided of $6,982,991 in the same period of 2021 [166]. Future Commitments - Future minimum rental payments under operating leases as of June 30, 2022, are approximately $81,438, with $56,085 due in 2022 and $25,353 in 2023 [148]. Other Financial Information - Noncontrolling interest attributable to Forward Win International Limited was recorded as $17,432 for the six months ended June 30, 2022, compared to $7,975 in 2021 [143]. - Impairment of investment in related parties was $1,213,800 for the six months ended June 30, 2022, down from $3,246,000 in the same period of 2021 [150]. - The company has no significant off-balance sheet arrangements that could materially affect its financial condition as of June 30, 2022 [147]. - Interest expenses were $0 for the first half of 2022, a significant decrease from $12,187,264 in the same period of 2021 [139]. - Interest expenses related to convertible promissory notes totaled $12,148,688 for the six months ended June 30, 2021 [140].