Greenpro Capital(GRNQ) - 2025 Q3 - Quarterly Report

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $393,228, a decrease of $146,471 (27.1%) compared to $539,699 for the same period in 2024, primarily due to a decrease in service business revenue[157]. - Revenue from the provision of business services for the three months ended September 30, 2025, was $377,423, down from $521,765 in 2024, reflecting a decrease in non-listing advisory services[158]. - Total revenue for the nine months ended September 30, 2025, was $1,173,075, a decrease of $386,197 (24.8%) from $1,559,272 in 2024, mainly due to a decline in service business revenue[173]. - Revenue from the provision of business services for the nine months ended September 30, 2025, was $1,083,533, down from $1,498,187 in 2024[174]. - Revenue from digital platform and trading for the nine months ended September 30, 2025, was $44,177, compared to $0 in 2024, derived from trading of digital assets[175]. Operating Costs and Expenses - Total operating costs and expenses for the three months ended September 30, 2025, were $913,777, a decrease from $1,012,972 in 2024[163]. - General and administrative expenses for the three months ended September 30, 2025, were $784,610, down from $868,333 in 2024, with significant reductions in staff costs and advertising expenses[170]. - Total operating costs and expenses for the nine months ended September 30, 2025, were $2,984,218, a decrease from $3,107,878 in 2024[178]. - Related party G&A expenses for the nine months ended September 30, 2025, totaled $98,210, down from $122,127 in 2024[202]. Net Loss and Financial Position - Net loss for the three months ended September 30, 2025, was $513,226, compared to a net loss of $330,320 in 2024, primarily due to decreased service business revenue[172]. - Loss from operations for the nine months ended September 30, 2025, was $1,811,143, an increase from $1,548,606 in 2024, attributed to decreased service business revenue[179]. - For the nine months ended September 30, 2025, the net loss was $1,722,930, an increase from $1,168,983 for the same period in 2024, primarily due to a decrease in service business revenue and gains on disposal of investments[188]. - The company incurred a net loss of $1,722,930 for the nine months ended September 30, 2025, with an accumulated deficit of $38,987,309[224]. Cash Flow and Financing Activities - Net cash used in operating activities was $1,180,574 for the nine months ended September 30, 2025, compared to $1,191,874 in 2024, indicating a slight improvement[227]. - Cash provided by financing activities was $775,778 for the nine months ended September 30, 2025, primarily from the sale of Common Stock in private placements totaling $760,000[230]. - Net cash provided by investing activities was $38,651 for the nine months ended September 30, 2025, significantly lower than $333,265 in 2024[229]. - As of September 30, 2025, the company's cash balance decreased to $775,388 from $1,124,818 on December 31, 2024, a decline of $349,430[223]. Related Party Transactions - Related party service revenue decreased to $45,992 for the nine months ended September 30, 2025, compared to $347,570 in 2024, with SEATech Ventures Corp. and Greenpro Trust Limited contributing approximately 54% of this revenue[197][198]. - The company recorded a gain on disposal of related party investments of $39,800 for the nine months ended September 30, 2025, compared to $324,917 in 2024[207]. - As of September 30, 2025, amounts due from related parties totaled $996,468, an increase from $954,184 as of December 31, 2024[210]. Future Outlook and Concerns - The company expects a slight increase in general and administrative (G&A) expenses as it develops its digital platform business through its Labuan subsidiary, Green-X Corp.[186]. - The company has expressed substantial doubt about its ability to continue as a going concern due to ongoing losses and cash flow challenges[224]. - The company has no significant off-balance sheet arrangements that could materially affect its financial condition as of September 30, 2025[194]. Risk Management and Cybersecurity - The company has implemented stringent processes to oversee and manage risks associated with third-party service providers[233]. - The board of directors administers cybersecurity risk oversight directly and through the Audit Committee, ensuring regular updates on cybersecurity risks[235]. - The company has not encountered material cybersecurity challenges that have impaired its operations or financial standing as of September 30, 2025[234].