Greenpro Capital(GRNQ) - 2022 Q2 - Quarterly Report

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].