Greenpro Capital Corp

Previous wording

In addition to our business solution services, we also operate a venture capital business through Greenpro Venture Capital Limited, an Anguilla corporation. One of our venture capital business segments focuses on (1) establishing a business incubator for start-up and high growth companies to support such companies during critical growth periods, which will include education and support services, and (2) searching the investment opportunities in selected start-up and high growth companies, which may generate significant returns to the Company. Our venture capital business focuses on companies located in South-East Asia and East Asia, including Hong Kong, China, Malaysia, Thailand, and Singapore. Another venture capital business segment focuses on rental activities of commercial properties and the sale of investment properties.

Current wording

In addition to our business solution services, we also operate a venture capital business through Greenpro Venture Capital Limited, an Anguilla corporation. One of our venture capital business segments focuses on (1) establishing a business incubator for start-up and high growth companies to support such companies during critical growth periods, which will include education and support services, and (2) searching the investment opportunities in selected start-up and high growth companies, which may generate significant returns to the Company. Our venture capital business focuses on companies located in East and Southeast Asia, including Hong Kong, China, Malaysia, Thailand, and Singapore. Another venture capital business segment focuses on rental activities of commercial properties and the sale of investment properties.

Previous 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.

Current wording

During the three and nine months ended September 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 $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.

Current wording

Total revenue was $539,699 and $1,070,972 for the three months ended September 30, 2024, and 2023, respectively. The decreased amount of $531,273 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 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 wording

Revenue from the provision of business services was $521,765 and $1,043,360 for the three months ended September 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 September 30, 2024 as compared to the three months ended September 30, 2023.

Previous 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.

Current wording

Total operating costs and expenses were $1,012,972 and $1,207,517 for the three months ended September 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 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.

Current wording

Loss from operations for the three months ended September 30, 2024, and 2023 was $473,273 and $136,545, respectively. An increase in loss from operations was due to a decrease of revenue of $531,273, offset by a decrease of operating costs and expenses of $194,545 for the three months ended September 30, 2024.

Previous 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.

Current wording

Cost of revenue from the provision of services was $138,404 and $219,865 for the three months ended September 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

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.

Current wording

The decrease in 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 September 30, 2024.

Previous wording

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 wording

Cost of rental revenue was $6,235 and $9,629 for the three months ended September 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 by individual tenants directly. The decrease of cost of rental revenue was mainly due to 40% of FWIL’s real estate properties being distributed to its NCI in April 2024. As a result, fewer property units were available for lease and lower costs were incurred.

Previous 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.

Current wording

General and administrative (“G&A”) expenses were $868,333 and $978,023 for the three months ended September 30, 2024, and 2023, respectively. For the three months ended September 30, 2024, G&A expenses primarily consisted of employees’ salaries and allowances of $352,213, directors’ salaries and compensation of $167,032, advertising and promotion expenses of $75,133, consulting fees of $4,166, computer and IT expenses of $49,949, legal service fees of $33,760, other professional fees of $59,704 and rent and rates of $28,598. For the three months ended September 30, 2023, G&A expenses consisted primarily of employees’ salaries and allowances of $319,523, directors’ salaries and compensation of $163,427, advertising and promotion expenses of $45,104, computer and IT expenses of $101,624, consulting fees of $49,138, legal services fees of $48,936, other professional fees of $60,563 and rent and rates of $27,965. The decreased G&A expense of $109,690 was mainly derived from the decrease of consulting fees from $49,138 to $4,166 and computer and IT expenses from $101,624 to $49,949 during the same period from 2023 to 2024. We expect our G&A expenses will continue to increase as we are developing our cryptocurrency exchange businesses through our wholly owned subsidiary, Green-X Corp. and digital banking businesses through our newly acquired subsidiary, Global Business Hub Limited in Labuan.

Previous 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.

Current wording

Net other income was $142,953 and $18,488 for the three months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024, net other income mainly consisted of other income from gain on disposal of investment of $127,617 and interest income of $3,979. For the three months ended September 30, 2023, net other income consisted of interest income of $8,853 and other gains of $9,635.

Previous wording

Net loss attributable to noncontrolling interest

Current wording

Net loss attributable to non-controlling interest

Previous wording

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 wording

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”).

Previous wording

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 wording

After the Acquisition, FWIL becomes the wholly owned subsidiary of the Company and hence no profit or loss was attributed to the NCI during the three months ended September 30, 2024. We recorded a net loss attributable to the NCI of $3,865 for the three months ended September 30, 2023.

Previous wording

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 wording

Total revenue was $1,559,272 and $2,309,592 for the nine months ended September 30, 2024, and 2023, respectively. The decrease of $750,320 was primarily due to a decrease in business services revenue. We expect revenue from both business services and real estate business segments to slightly decline in the following months as some tenancies are due to expire and some may not renew or may be renewed at lower rental rates because of the downturn in the rental market in Hong Kong.

Previous 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.

Current wording

Revenue from the provision of business services was $1,498,187 and $2,239,354 for the nine months ended September 30, 2024, and 2023, respectively. It was derived principally from 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

There was no revenue generated from the sale of real estate properties for the six months ended June 30, 2024 and 2023, respectively.

Current wording

There was no revenue generated from the sale of real estate properties for the nine months ended September 30, 2024 and 2023, respectively.

Previous wording

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 wording

Total operating costs and expenses were $3,107,878 and $3,089,209 for the nine months ended September 30, 2024, and 2023, respectively. They consist of cost of business services revenue, cost of rental revenue and G&A expenses. The Company incurred $2,839,641 and $2,686,846 of G&A expenses for the nine months ended September 30, 2024, and 2023, respectively.

Previous wording

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 wording

Loss from operations for the nine months ended September 30, 2024, and 2023 was $1,548,606 and $779,617, respectively. The increase in loss from operations was mainly due to a decrease of business services revenue of $741,167 and an increase of G&A expenses of $152,795 for the nine months ended September 30, 2024.

Previous wording

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 wording

Cost of revenue from the provision of services was $249,112 and $374,048 for the nine months ended September 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

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 wording

The decrease in cost of business services revenue was mainly due to a decrease of other professional fees directly attributable to the provision of services for the nine months ended September 30, 2024.

Previous 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.

Current wording

Cost of rental revenue was $19,125 and $28,315 for the nine months ended September 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. The decrease of cost of rental revenue was mainly due to 40% of FWIL’s real estate properties being distributed to its NCI in April 2024. As a result, fewer property units were available for leasing and lower costs were incurred.

Previous wording

During the six months ended June 30, 2024 and 2023, no real estate property was sold, and hence no cost was incurred.

Current wording

During the nine months ended September 30, 2024 and 2023, no real estate property was sold, and hence no cost was incurred.

Previous wording

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 wording

G&A expenses were $2,839,641 and $2,686,846 for the nine months ended September 30, 2024, and 2023, respectively. For the nine months ended September 30, 2024, G&A expenses consisted primarily of employees’ salaries and allowances of $1,042,998, directors’ salaries and compensation of $503,611, advertising and promotion expenses of $194,054, consulting fees of $118,839, computer and IT expenses of $136,706, legal service fees of $119,176, other professional fees of $103,841, provision for credit losses of $90,243 and rent and rates of $85,478. For the nine months ended September 30, 2023, G&A expenses consisted primarily of employees’ salaries and allowances of $1,009,398, directors’ salaries and compensation of $489,589, advertising and promotion expenses of $149,404, computer and IT expenses of $140,167, consulting fees of $122,349, legal services fees of $161,303, other professional fees of $123,595 and rent and rates of $85,293. The increased G&A expense of $152,795 was mainly derived from the increase of advertising and promotion expenses from $149,404 to $194,054 and the increase of provision for credit losses of $91,328 during the same period from 2023 to 2024. We expect our G&A expenses will continue to increase as we are developing our cryptocurrency exchange businesses through our wholly owned subsidiary, Green-X Corp. and digital banking businesses through our newly acquired subsidiary, Global Business Hub Limited in Labuan.

Previous wording

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 wording

Net other income was $381,029 and $7,349,638 for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, net other income mainly consisted of other income from gain on disposal of investments of $324,917 and interest income of $16,828. For the nine months ended September 30, 2023, net other income mainly consisted of other income from reversal of impairment of other investment of $6,882,000, reversal of write-off notes receivable of $400,000 and interest income of $30,859.

Previous wording

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.

Current wording

Net loss was $1,168,983 for the nine months ended September 30, 2024, while net income was $6,563,458 for the nine months ended September 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.

Previous 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.

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, FWIL, which is principally engaged in trading and leasing of properties in Hong Kong.

Previous wording

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 wording

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”).

Previous wording

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 wording

For the nine months ended September 30, 2024 and 2023, we recorded net loss attributable to the NCI of $10,543 and $17,820, respectively. The amount represents the share of net loss attributable to the NCI prior to the Acquisition.

Previous wording

There were no seasonal aspects that had a material effect on the financial condition or results of operations of the Company.

Current wording

There were no seasonal aspects that had a material effect on the financial condition or the results of operations of the Company.

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 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.

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 nine months ended September 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 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.

Current wording

On September 30, 2024, the future minimum rental payments under this lease in the aggregate are approximately $44,554 and are due as follows: 2024: $24,518 and 2025: $20,036, 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 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.

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 September 30, 2024, the future minimum lease payments under this lease in the aggregate are approximately $18,312 and are due as follows: 2024: $1,249; 2025: $4,995, and 2026 and thereafter: $12,068.

Previous 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.

Current wording

For the nine months ended September 30, 2024, related party service revenue principally includes service revenue generated from Celmonze Wellness Corporation (“Celmonze”) of $149,030 and REBLOOD Biotech Corp. (“REBLOOD”) of $63,632, representing approximately 61% of related party service revenue and 14% of service revenue for the nine months ended September 30, 2024, respectively.

Previous 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.

Current wording

For the nine months ended September 30, 2023, related party service revenue principally includes service revenue generated from Angkasa-X Holdings Corp. (“Angkasa-X”) of $353,601, catTHIS Holdings Corp. (“catTHIS”) of $324,643, Leader Capital Holdings Corp. (“Leader”) of $255,080 and Simson Wellness Tech. Corp. (“Simson”) of $189,125, in aggregate representing approximately 91% of related party service revenue and 50% of service revenue for the nine months ended September 30, 2023, respectively.

Previous wording

For the six months ended June 30, 2024 and 2023, cost of service revenue to related party was $4,052 and $0, respectively.

Current wording

For the nine months ended September 30, 2024 and 2023, cost of service revenue to related party was $4,586 and $23,280, respectively.

Previous 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.

Current wording

For the nine months ended September 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 $2,031, 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 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.

Current wording

For the nine months ended September 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 $11,522, Ms. Yap’s wholly owned company, Bright Interlink Sdn. Bhd. (“BISB”) of $10,426 and Mr. Loke’s company, FCL of $40,293, and management fees paid to Greenpro Global Capital Village Sdn. Bhd. (“GGCVSB”), a Malaysian company jointly owned by Mr. Lee and Mr. Loke of $59,886.

Previous 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.

Current wording

For the nine months ended September 30, 2023, related party G&A expenses include computer and IT expenses of $21,780 paid to First Bullion Holdings Inc. (“FBHI”), management fees paid to GGCVSB of $24,559 and consulting fees paid to Ms. Yap of $32,157 and BISB of $11,911.

Previous 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.

Current wording

For the nine months ended September 30, 2024, related party other income includes other income generated from Acorn Finance Limited (“Acorn”) of $8,987, Greenpro Trust Limited (“GTL”) of $26,524, and SEATech Ventures Corp. (“SEATech”) of $54.