Greenpro Capital Corp
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 13, 2024
GRNQ$7.10+1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-13.
0001493152-24-018748
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-13.
0001493152-24-031472
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 99 previous paragraphs and 132 current paragraphs.
47 unchanged; 42 reworded; 34 added; 10 removed; 0 previous and 9 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
Business services revenue
Current report
Cost of business services revenue
Current report
Net loss attributable to noncontrolling interest
Current report
The Company had been a 60% shareholder of FWIL since inception.
Current report
On April 15, 2024, the Company acquired the remaining 40% shares of FWIL from the NCI by distribution of 40% of FWIL’s real estate properties for consideration of its acquisition and settlement of loan from the NCI (the “Acquisition”). After the Acquisition, FWIL becomes the wholly-owned subsidiary of the Company.
Current report
For the three months ended June 30, 2024, we recorded net loss attributable to the NCI of $3,150, while for the three months ended June 30, 2023, net loss attributable to the NCI was $4,802.
Current report
Comparison of the six months ended June 30, 2024, and 2023
Current report
Total revenue
Current report
Business services revenue
Current report
Real estate business
Current report
Rental revenue
Current report
Sale of real estate properties
Current report
Total operating costs and expenses
Current report
Total operating costs and expenses were $2,094,906 and $1,881,692 for the six months ended June 30, 2024, and 2023, respectively. They consist of cost of business services revenue, cost of rental revenue and G&A expenses. The Company incurred $1,971,308 and $1,708,823 of G&A expenses for the six months ended June 30, 2024, and 2023, respectively.
Current report
Loss from operations for the six months ended June 30, 2024, and 2023 was $1,075,333 and $643,072, respectively. An increase in loss from operations was mainly due to a decrease of business services revenue of $219,572 and an increase of G&A expenses of $262,485 for the six months ended June 30, 2024.
Current report
Cost of business services revenue
Current report
A decrease of cost of business services revenue was mainly due to a decrease of other professional fees directly attributable to the provision of services for the six months ended June 30, 2024.
Current report
Cost of rental revenue
Current report
General and administrative expenses
Current report
G&A expenses were $1,971,308 and $1,708,823 for the six months ended June 30, 2024, and 2023, respectively. For the six months ended June 30, 2024, G&A expenses consisted primarily of employees’ salaries and allowances of $690,785, directors’ salaries and compensation of $336,579, advertising and promotion expenses of $118,921, consulting fees of $114,673, computer and IT expenses of $86,757, legal service fees of $85,416, other professional fees of $44,137, provision for credit losses of $143,292 and rent and rates of $56,880. For the six months ended June 30, 2023, G&A expenses consisted primarily of employees’ salaries and allowances of $689,875, directors’ salaries and compensation of $326,162, advertising and promotion expenses of $104,300, consulting fees of $73,211, legal service fees of $112,367, other professional fees of $63,032, and rent and rates of $57,328. The increased G&A expense of $262,485 was mainly derived from the increase of computer and IT expenses from $38,543 to $86,757, consulting fees from $73,211 to $114,673 and provision for credit losses from reversal of provision of $15,269 to provision for credit losses of $143,292 the during the same period from 2023 to 2024. We expect our G&A expenses will continue to increase as we integrate our business acquisitions, explore, and expand businesses into new jurisdictions.
Current report
Other income
Current report
Net other income was $238,076 and $7,331,150 for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024, net other income mainly consisted of gain on disposal of investments of $197,300 and interest income of $12,849. For the six months ended June 30, 2023, other income mainly consisted of reversal of impairment of other investment of $6,882,000, reversal of write-off notes receivable of $400,000 and interest income of $22,006.
Current report
Net income or loss
Current report
Net loss attributable to noncontrolling interest
Current report
The Company recorded net loss attributable to noncontrolling interest in the consolidated statements of operations for a non-controlling interest (the “NCI”) of a consolidated subsidiary, Forward Win International Limited (“FWIL”), which is principally engaged in trading and leasing of properties in Hong Kong.
Current report
The Company had been a 60% shareholder of FWIL since inception.
Current report
On April 15, 2024, the Company acquired the remaining 40% shares of FWIL from the NCI by distribution of 40% of FWIL’s real estate properties for consideration of its acquisition and settlement of loan from the NCI (the “Acquisition”). After the Acquisition, FWIL becomes the wholly-owned subsidiary of the Company.
Current report
For the six months ended June 30, 2024, we recorded net loss attributable to the NCI of $10,453, while for the six months ended June 30, 2023, net loss attributable to the NCI was $13,955.
Current report
For the six months ended June 30, 2024 and 2023, related party service revenue totaled $239,085 and $584,149, respectively.
Current report
For the six months ended June 30, 2024 and 2023, related party G&A expenses totaled $82,762 and $76,720, respectively.
Current report
For the six months ended June 30, 2024 and 2023, related party other income was $25,866 and $6,733, respectively.
Current report
For the six months ended June 30, 2024 and 2023, gain on disposal of related party investments was $197,300 and $0, respectively.
Current report
As of June 30, 2024, amounts due from related parties mainly include amounts due from GGCVSB of $731,407, FBHI of $90,000 and GTL of $85,593, while amounts due to related parties mainly include Mr. Loke’s wholly owned companies, Falcon Certified Public Accountants Limited (“FCPA”) of $38,930 and FML of $11,508, respectively.
Current report
Net cash used in operating activities in 2023 primarily consisted of an increase in net accounts receivable of $185,041, a decrease in accounts payable and accrued liabilities of $265,775 and a decrease in deferred revenue of $131,103, a reversal of impairment of other investment of $6,882,000 and a reversal of write-off notes receivable of $400,000, offset by net income of $6,684,452. For the six months ended June 30, 2023, non-cash adjustments totaled $7,179,972. Noncash income, net was composed of non-cash income from reversal of provision for credit losses of $15,356, reversal of impairment of other investment of $6,882,000, reversal of write-off notes receivable of $400,000 and fair value gains of derivative liabilities associated with warrants of $1, offset by depreciation and amortization of $117,385.
Removed paragraphs (10)
Previous report
Service business revenue
Previous report
Cost of service revenue
Previous report
Net loss attributable to non-controlling interests
Previous report
The Company recorded net losses attributable to non-controlling interests in the consolidated statements of operations for the non-controlling interests of a consolidated subsidiary.
Previous report
For the three months ended March 31, 2024 and 2023, we recorded net losses attributable to non-controlling interests of $7,393 and $9,153, respectively.
Previous report
For the three months ended March 31, 2024 and 2023, related party service revenue totaled $194,249 and $341,172, respectively.
Previous report
For the three months ended March 31, 2024 and 2023, related party G&A expenses totaled $27,903 and $14,805, respectively.
Previous report
For the three months ended March 31, 2024 and 2023, related party other income was $11,426 and $3,365, respectively.
Previous report
As of March 31, 2024, the net accounts receivable from related parties was principally from Ezagoo Limited of $13,305.
Previous report
As of March 31, 2024, amounts due from related parties mainly include the amount due from GGCVSB of $723,850, while amounts due to related parties mainly include the amount due to the non-controlling interests of our 60% ownership subsidiary, FWIL of $284,784.
Reworded paragraphs (42)
Previous wording
During the three months ended March 31, 2024 and 2023, we operated in three regions: Hong Kong, China and Malaysia. We derived revenue from the provision of services and the rental activities of our commercial properties.
Current wording
During the three and six months ended June 30, 2024, and 2023, we operated in three regions: Hong Kong, China and Malaysia. We derived revenue from the provision of services and the rental activities of our commercial properties.
Previous wording
Total revenue was $658,399 and $637,735 for the three months ended March 31, 2024 and 2023, respectively. The increase of $20,664 was primarily due to an increase of service business revenue. We expect revenue from both service business and real estate business segments to steadily improve in the following years.
Current wording
Total revenue was $361,174 and $600,885 for the three months ended June 30, 2024, and 2023, respectively. The decreased amount of $239,711 was primarily due to a decrease in business services revenue. We expect revenue from both business services and real estate business segments to steadily improve in the following years.
Previous wording
Revenue from rentals was $24,607 and $22,131 for the three months ended March 31, 2024 and 2023, respectively. It was derived principally from leasing properties in Malaysia and Hong Kong. We believe our rental income will be stable.
Current wording
Revenue from rentals was $18,544 and $20,495 for the three months ended June 30, 2024, and 2023, respectively. It was derived principally from leasing properties in Malaysia and Hong Kong. We believe our rental income will be stable.
Previous wording
Total operating costs and expenses were $1,132,112 and $969,748 for the three months ended March 31, 2024 and 2023, respectively. They consist of cost-of-service revenue, cost of rental revenue, and general and administrative expenses.
Current wording
Total operating costs and expenses were $962,794 and $911,944 for the three months ended June 30, 2024, and 2023, respectively. They consist of cost of business services revenue, cost of rental revenue, and general and administrative expenses.
Previous wording
Loss from operations for the three months ended March 31, 2024 and 2023 was $473,713 and $332,013, respectively. An increase in loss from operations was mainly due to an increase of general and administrative expenses of $159,674 in the three months ended March 31, 2024.
Current wording
Loss from operations for the three months ended June 30, 2024, and 2023 was $601,620 and $311,059, respectively. An increase in loss from operations was mainly due to a decrease of revenue of $239,711 and an increase of general and administrative expenses of $102,811 in the three months ended June 30, 2024.
Previous wording
Cost of revenue on provision of services was $74,698 and $68,461 for the three months ended March 31, 2024 and 2023, respectively. It primarily consists of employee compensation and related payroll benefits, company formation costs, and other professional fees directly attributable to costs related to the services rendered.
Current wording
Cost of revenue from the provision of services was $36,010 and $85,722 for the three months ended June 30, 2024, and 2023, respectively. It primarily consists of employee compensation and related payroll benefits, company formation costs, and other professional fees directly attributable to costs related to the services rendered.
Previous wording
An increase of cost-of-service revenue was mainly due to an increase of other professional fees directly attributable to the provision of services for the three months ended March 31, 2024.
Current wording
A decrease of cost of business services revenue was mainly due to a decrease of other professional fees directly attributable to the provision of services for the three months ended June 30, 2024.
Previous wording
Cost of rental revenue was $6,176 and $9,723 for the three months ended March 31, 2024 and 2023, respectively. It includes the costs associated with governmental charges, repairs and maintenance, property management fees and insurance, depreciation, and other related administrative costs. Utility expenses are borne and paid directly by individual tenants.
Current wording
Cost of rental revenue was $6,714 and $8,963 for the three months ended June 30, 2024, and 2023, respectively. It includes the costs associated with governmental charges, repairs and maintenance, property management fees and insurance, depreciation, and other related administrative costs. Utility expenses are borne and paid directly by individual tenants.
Previous wording
General and administrative (“G&A”) expenses were $1,051,238 and $891,564 for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024, G&A expenses primarily consisted of employees’ salaries and allowances of $353,318, directors’ salaries and compensation of $170,300, advertising and promotion expenses of $49,790, consulting fee of $50,396, computer and IT expenses of $42,619, legal service fee of $50,072, other professional fees of $23,291, provision for credit losses of $127,763, and rent and rates of $29,112. For the three months ended March 31, 2023, G&A expenses primarily consisted of employees’ salaries and allowances of $364,949, directors’ salaries and compensation of $163,017, advertising and promotion expenses of $53,215, consulting fee of $26,406, legal service fee of $41,487, other professional fees of $23,213, and rent and rates of $29,409. The increased G&A expense of $159,674 was mainly derived from the increment of provision for credit losses from $27,062 to $127,763 during the same period from 2023 to 2024. We expect our G&A expenses will continue to increase as we integrate our business acquisitions, explore and expand our businesses into new jurisdictions.
Current wording
General and administrative (“G&A”) expenses were $920,070 and $817,259 for the three months ended June 30, 2024, and 2023, respectively. For the three months ended June 30, 2024, G&A expenses primarily consisted of employees’ salaries and allowances of $337,467, directors’ salaries and compensation of $166,279, advertising and promotion expenses of $69,131, consulting fee of $64,277, computer and IT expenses of $44,138, legal service fee of $35,344, other professional fees of $20,846, provision for credit losses of $15,529, and rent and rates of $27,768. For the three months ended June 30, 2023, G&A expenses consisted primarily of employees’ salaries and allowances of $324,926, directors’ salaries and compensation of $163,145, advertising and promotion expenses of $51,085, consulting fees of $46,805, legal service fees of $70,880, other professional fees of $39,819 and rent and rates of $27,919. The increased G&A expense of $102,811 was mainly derived from the increment of advertising and promotion expenses from $51,085 to $69,131, computer and IT expenses from $29,505 to $44,138 and provision for credit losses from reversal of provision of $42,331 to provision for credit losses of $15,529 during the same period from 2023 to 2024. We expect our G&A expenses will continue to increase as we integrate our business acquisitions, explore and expand our businesses into new jurisdictions.
Previous wording
Net other income was $202,209 and $354,462 for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024, net other income mainly consisted of gain on disposal of investment of $179,980 and interest income of $9,889. For the three months ended March 31, 2023, net other income mainly consisted of reversal of impairment of other investment of $123,000, reversal of write-off notes receivable of $200,000, and interest income of $10,815.
Current wording
Net other income was $35,867 and $6,976,688 for the three months ended June 30, 2024 and 2023, respectively. For the three months ended June 30, 2024, net other income mainly consisted of gain on disposal of investment of $17,320 and interest income of $2,960. For the three months ended June 30, 2023, other income mainly consisted of reversal of impairment of other investment of $6,759,000, reversal of write-off notes receivable of $200,000 and interest income of $11,191.
Previous wording
Net loss was $272,910 for the three months ended March 31, 2024, while net income was $21,936 for the three months ended March 31, 2023. In 2023, net income was mainly derived from reversal of impairment of other investment of $123,000 and reversal of write-off notes receivable of $200,000, but no such reversals occurred during the same period in 2024.
Current wording
Net loss was $565,753 for the three months ended June 30, 2024, while net income was $6,662,516 for the three months ended June 30, 2023. In 2023, net income was mainly derived from reversal of impairment of other investment of $6,759,900 and reversal of write-off notes receivable of $200,000, but no such reversals occurred during the same period in 2024.
Previous wording
At March 31, 2024, the non-controlling interests are related to the Company’s 60% ownership of Forward Win International Limited (“FWIL”), which is principally engaged in trading and leasing properties in Hong Kong.
Current wording
The Company recorded net loss attributable to noncontrolling interest in the consolidated statements of operations for a non-controlling interest (the “NCI”) of a consolidated subsidiary, Forward Win International Limited (“FWIL”), which is principally engaged in trading and leasing of properties in Hong Kong.
Previous wording
Revenue from the provision of business services was $633,792 and $615,604 for the three months ended March 31, 2024 and 2023, respectively. It was derived principally from the provision of business consulting and advisory services as well as company secretarial, accounting, and financial analysis services. We experienced a slight increase in service revenue as more non-listing advisory services were rendered during the same period in 2024.
Current wording
Revenue from the provision of business services was $976,422 and $1,195,994 for the six months ended June 30, 2024, and 2023, respectively. It was derived principally from the provision of business consulting and advisory services as well as company secretarial, accounting, and financial analysis services. We experienced a decrease in business services revenue as fewer listing advisory services were rendered during the same period in 2024.
Previous wording
Other than as disclosed elsewhere in this Quarterly Report, we are not aware of any trends, uncertainties, demands, commitments or events for the three months ended March 31, 2024 that are reasonably likely to have a material adverse effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.
Current wording
Other than as disclosed elsewhere in this Quarterly Report, we are not aware of any trends, uncertainties, demands, commitments or events for the six months ended June 30, 2024 that are reasonably likely to have a material adverse effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.
Previous wording
On March 31, 2024, the future minimum rental payments under this lease in the aggregate is approximately $92,919 and are due as follows: 2024: $73,027 and 2025: $19,892, respectively.
Current wording
On June 30, 2024, the future minimum rental payments under this lease in the aggregate is approximately $68,733 and are due as follows: 2024: $48,795 and 2025: $19,938, respectively.
Previous wording
In June 2023, one of our subsidiaries in Malaysia purchased a motor vehicle and the majority amount of the purchase, $18,957 was funded by Maybank Islamic under a finance lease agreement with a term of five years commencing from June 3, 2023, to June 2, 2028. As of March 31, 2024, the future minimum lease payments under this lease in the aggregate is approximately $18,172 and are due as follows: 2024: $3,271; 2025: $4,362, and 2026 and thereafter: $10,539.
Current wording
In June 2023, one of our subsidiaries in Malaysia purchased a motor vehicle and the majority amount of the purchase, $18,957 was funded by Maybank Islamic under a finance lease agreement with a term of five years commencing from June 3, 2023, to June 2, 2028. As of June 30, 2024, the future minimum lease payments under this lease in the aggregate is approximately $17,105 and are due as follows: 2024: $2,184; 2025: $4,368, and 2026 and thereafter: $10,553.
Previous wording
For the three months ended March 31, 2024, related party service revenue principally includes service revenue generated from Celmonze Wellness Corporation (“Celmonze”) of $147,004 representing approximately 76% of the related party service revenue and 23% of the service revenue for the three months ended March 31, 2024.
Current wording
For the six months ended June 30, 2024, related party service revenue principally includes service revenue generated from Celmonze Wellness Corporation (“Celmonze”) of $148,106, representing approximately 62% of related party service revenue and 15% of service revenue for the six months ended June 30, 2024.
Previous wording
For the three months ended March 31, 2023, related party service revenue principally includes service revenue generated from catTHIS Holdings Corp. of $320,000 representing approximately 94% of the related party service revenue and 52% of the service revenue for the three months ended March 31, 2023.
Current wording
For the six months ended June 30, 2023, related party service revenue principally includes service revenue generated from catTHIS Holdings Corp. of $323,093 and Simson Wellness Tech. Corp. of $189,123, in aggregate representing approximately 88% of related party service revenue and 43% of service revenue for the six months ended June 30, 2023, respectively.
Previous wording
For the three months ended March 31, 2024 and 2023, cost of service revenue to related party was $3,054 and $0, respectively.
Current wording
For the six months ended June 30, 2024 and 2023, cost of service revenue to related party was $4,052 and $0, respectively.
Previous wording
For the three months ended March 31, 2024, related party cost of service revenue includes cost of revenue paid to Falcon Management Limited of $2,555 and Falcon Consulting Limited of $499, respectively.
Current wording
For the six months ended June 30, 2024, related party cost of service revenue includes cost of revenue paid to Falcon Management Limited (“FML”) of $2,555 and Falcon Consulting Limited (“FCL”) of $1,497, respectively. FML is wholly-owned by our Chief Financial Officer, Loke Che Chan Gilbert (“Mr. Loke”) and FCL is wholly owned by Mr. Loke’s spouse.
Previous wording
For the three months ended March 31, 2024, related party G&A expenses included consulting fees paid to Ms. Yap Pei Ling (“Ms. Yap”), spouse of our Chief Executive Officer, Mr. Lee Chong Kuang, of $4,601 and Ms. Yap’s wholly owned company, Bright Interlink Sdn. Bhd. (“BISB”) of $3,803, and management fees paid to Greenpro Global Capital Village Sdn. Bhd. (“GGCVSB”) of $19,499, respectively.
Current wording
For the six months ended June 30, 2024, related party G&A expenses included consulting fees paid to Ms. Yap Pei Ling (“Ms. Yap”), spouse of our Chief Executive Officer, Lee Chong Kuang (“Mr. Lee”) of $8,056, Ms. Yap’s wholly owned company, Bright Interlink Sdn. Bhd. (“BISB”) of $6,974 and FCL of $28,769, and management fees paid to Greenpro Global Capital Village Sdn. Bhd. (“GGCVSB”), a Malaysian company jointly owned by Mr. Lee and Mr. Loke of $38,963.
Previous wording
For the three months ended March 31, 2023, related party G&A expenses include consulting fees paid to Ms. Yap of $10,706 and BISB of $4,099, respectively.
Current wording
For the six months ended June 30, 2023, related party G&A expenses include computer and IT expenses of $20,739, consulting fees of $25,494 and traveling expenses of $1,041 paid to First Bullion Holdings Inc. (“FBHI”), and consulting fees paid to Ms. Yap of $21,422 and BISB of $8,024.
Previous wording
For the three months ended March 31, 2024, related party other income includes other income generated from Acorn Finance Limited of $2,991 (“Acorn”), Greenpro Trust Limited (“GTL”) of $8,383, and SEATech Ventures Corp of $52, respectively.
Current wording
For the six months ended June 30, 2024, related party other income includes other income generated from Acorn Finance Limited of $5,985 (“Acorn”), Greenpro Trust Limited (“GTL”) of $19,829, and SEATech Ventures Corp. (“SEATech”) of $52.
Previous wording
For the three months ended March 31, 2023, related party other income principally includes other income generated from Acorn of $3,365.
Current wording
For the six months ended June 30, 2023, related party other income includes other income generated from Acorn of $6,733.
Previous wording
For the three months ended March 31, 2024 and 2023, related party interest income was $985 and $0, respectively.
Current wording
For the six months ended June 30, 2024 and 2023, related party interest income was $2,344 and $0, respectively.
Previous wording
For the three months ended March 31, 2024, related party interest income includes interest income generated from GTL of $240 and GTL’s subsidiary, Greenpro Custodian Service Limited of $745, respectively.
Current wording
For the six months ended June 30, 2024, related party interest income includes interest income generated from GTL of $480 and GTL’s subsidiary, Greenpro Custodian Service Limited of $1,864.
Previous wording
Gain on disposal of related party investment includes the sale of common stock of Agape ATP Corporation of $179,980 and $0 for the three months ended March 31, 2024 and 2023, respectively.
Current wording
Gain on disposal of related party investments includes sale of common stock of Agape ATP Corporation (“Agape”) of $179,980 and MU Global Holding Limited (“MUGH”) of $17,320 for the six months ended June 30, 2024.
Previous wording
A reversal of impairment of related party investment includes the reversal of impairment of Innovest Energy Fund of $0 and $123,000 for the three months ended March 31, 2024 and 2023, respectively.
Current wording
A reversal of impairment of related party investment, Innovest Energy Fund of $0 and $6,882,000 for the six months ended June 30, 2024 and 2023, respectively.
Previous wording
Net accounts receivable from related parties was $14,292 and $0 as of March 31, 2024, and December 31, 2023, respectively.
Current wording
Net accounts receivable from a related party, FCL was $117 and $0 as of June 30, 2024, and December 31, 2023, respectively.
Previous wording
Amounts due from related parties were $898,947 and $750,860 as of March 31, 2024, and December 31, 2023, respectively. Amounts due to related parties were $332,080 and $389,274 as of March 31, 2024, and December 31, 2023, respectively.
Current wording
Amounts due from related parties were $908,361 and $750,860 as of June 30, 2024, and December 31, 2023, respectively. Amounts due to related parties were $76,449 and $389,274 as of June 30, 2024, and December 31, 2023, respectively.
Previous wording
As of December 31, 2023, amounts due from related parties mainly include the amount due from GGCVSB of $723,889, while amounts due to related parties mainly include the amount due to the non-controlling interests of FWIL of $336,636.
Current wording
As of December 31, 2023, amounts due from related parties mainly include amount due from GGCVSB of $723,889, while amounts due to related parties mainly include amount due to noncontrolling interest of our subsidiary, Forward Win International Limited of $336,636.
Previous wording
As of March 31, 2024, deferred revenue from related parties includes ATA Global Inc. (“ATA”) of $15,800 and REBLOOD Biotech Corp. (“REBLOOD”) of $60,000, respectively.
Current wording
As of June 30, 2024, deferred revenue from related parties includes ATA Global Inc. (“ATA”) of $15,800 and REBLOOD Biotech Corp. (“REBLOOD”) of $60,000.
Previous wording
As of December 31, 2023, deferred revenue from related parties includes ATA of $15,800, REBLOOD of $60,000 and Celmonze of $81,700, respectively.
Current wording
As of December 31, 2023, deferred revenue from related parties includes ATA of $15,800, REBLOOD of $60,000 and Celmonze of $81,700.
Previous wording
As of March 31, 2024 and December 31, 2023, related party investments mainly include New Business Media Sdn. Bhd. (“NBMSB”) of $82,000 and GTL of $11,981, respectively.
Current wording
As of June 30, 2024 and December 31, 2023, related party investments mainly include New Business Media Sdn. Bhd. (“NBMSB”) of $82,000 and GTL of $11,981.
Previous wording
The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”), revenue from the rental of real estate properties and revenue from the sale of real estate properties.
Current wording
The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”), revenue from the sale of real estate properties, and revenue from the rental of real estate properties.
Previous wording
Our cash balance on March 31, 2024, was $1,654,243, as compared to $2,223,197 on December 31, 2023, decrease of $568,954. We estimate the Company has sufficient cash available to meet its anticipated working capital for the next twelve months.
Current wording
On June 30, 2024, our cash balance was $1,189,489, as compared to $2,223,197 on December 31, 2023, a decrease of $1,033,708. We estimate we still have sufficient cash available to meet our anticipated working capital for the next twelve months.
Previous wording
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the three months ended March 31, 2024, the Company incurred a net loss of $272,910 and net cash used in operations of $540,043, and as of March 31, 2024, the Company incurred an accumulated deficit of $36,814,612. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2023 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Current wording
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the six months ended June 30, 2024, the Company incurred a net loss of $838,663 and net cash used in operations of $1,040,865, and as of June 30, 2024, the Company incurred accumulated deficit of $37,377,215. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2023 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Previous wording
Net cash used in operating activities was $540,043 and $751,522 for the three months ended March 31, 2024 and 2023, respectively. The net cash used in operating activities in 2024 primarily consisted of an increase in accounts receivable of $139,827 and a decrease in accounts payable and accrued liabilities of $273,025. For the three months ended March 31, 2024, non-cash adjustments totaled $9,112, which was comprised of non-cash income from gain on disposal of investment of $179,980, offset by non-cash expenses from the provision for credit losses of $127,763 and depreciation and amortization of $61,329.
Current wording
Net cash used in operating activities was $1,040,865 and $1,094,675 for the six months ended June 30, 2024, and 2023, respectively. The net cash used in operating activities in 2024 primarily consisted of an increase in accounts receivable of $170,995, a decrease in accounts payable and accrued liabilities of $214,261and net loss of $838,663, offset by a decrease in prepaids and other current assets of $202,273. For the six months ended June 30, 2024, non-cash adjustments totaled $68,613. Noncash expense, net was comprised of non-cash expenses from provision for credit losses of $143,292 and depreciation and amortization of $122,621, offset by non-cash income from gain on disposal of investments of $197,300.
Previous wording
Net cash provided by investing activities was $176,100 for the three months ended March 31, 2024, while net cash used in investing activities was $500 for the three months ended March 31, 2023.
Current wording
Net cash provided by investing activities was $209,052 for the six months ended June 30, 2024, while net cash used in investing activities was $15,276 for the six months ended June 30, 2023.
Previous wording
Cash provided by investing activities was composed of the proceeds from disposal of other investments of $180,500, offset by the purchase of equipment of $4,400.
Current wording
Cash provided by investing activities was composed of the proceeds from disposal of other investments of $197,820 and proceeds from real estate held for sale of $15,632, offset by purchase of equipment of $4,400.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
Revenue from the provision of business services was $342,630 and $580,390 for the three months ended June 30, 2024, and 2023, respectively. It was derived principally from the provision of business consulting and advisory services as well as company secretarial, accounting, and financial analysis services. We experienced a decrease in business services revenue as fewer listing service obligations were completed during the three months ended June 30, 2024.
Current report — wording carried from elsewhere
Total revenue was $1,019,573 and $1,238,620 for the six months ended June 30, 2024, and 2023, respectively. A decrease of $219,047 was primarily due to a decrease of business services revenue. We expect revenue from both business services and real estate business segments to steadily improve in the following years.
Current report — wording carried from elsewhere
Revenue from rentals was $43,151 and $42,626 for the six months ended June 30, 2024, and 2023, respectively. It was derived principally from leasing properties in Malaysia and Hong Kong. We believe our rental income will be stable.
Current report — wording carried from elsewhere
There was no revenue generated from the sale of real estate properties for the six months ended June 30, 2024 and 2023, respectively.
Current report — wording carried from elsewhere
Cost of revenue on the provision of services was $110,708 and $154,183 for the six months ended June 30, 2024, and 2023, respectively. It primarily consists of employee compensation and related payroll benefits, company formation costs, and other professional fees directly attributable to costs related to the services rendered.
Current report — wording carried from elsewhere
Cost of rental revenue was $12,890 and $18,686 for the six months ended June 30, 2024, and 2023, respectively. It includes the costs associated with governmental charges, repairs and maintenance, property management fees and insurance, depreciation, and other related administrative costs. Utility expenses are borne and paid directly by individual tenants. A slight decrease of cost of rental revenue was mainly due to a decrease in depreciation and cleaning fee incurred for the six months ended June 30, 2024, as compared to the same fees incurred for the six months ended June 30, 2023.
Current report — wording carried from elsewhere
Cost of real estate properties sold
Current report — wording carried from elsewhere
During the six months ended June 30, 2024 and 2023, no real estate property was sold, and hence no cost was incurred.
Current report — wording carried from elsewhere
Net loss was $838,663 for the six months ended June 30, 2024, while net income was $6,684,452 for the six months ended June 30, 2023. In 2023, net income was mainly derived from reversal of impairment of other investment of $6,882,000 and reversal of write-off notes receivable of $400,000, but no such reversals occurred during the same period in 2024.