Greenpro Capital(GRNQ) - 2022 Q3 - Quarterly Report

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].