Greenpro Capital(US:GRNQ)2023-05-10 16:00Revenue 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].