Greenpro Capital(GRNQ) - 2024 Q2 - Quarterly Report

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].