Greenpro Capital Corp.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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.
Sep 30, 2025 · Filed Nov 13, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001641172-25-023123
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001493152-25-022086
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 164 previous paragraphs and 157 current paragraphs.
85 unchanged; 64 reworded; 7 added; 8 removed; 7 previous and 1 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 (7)
Current report
There was no cost of revenue incurred for the provision of digital platform services and trading of digital assets for the three months ended September 30, 2025, and 2024, respectively.
Current report
Comparison of the nine months ended September 30, 2025, and 2024
Current report
There was no revenue generated from the sale of real estate properties for the nine months ended September 30, 2025, and 2024, respectively.
Current report
For the nine months ended September 30, 2025, and 2024, related party service revenue totaled $45,992 and $347,570, respectively.
Current report
For the nine months ended September 30, 2025, and 2024, related party G&A expenses totaled $98,210 and $122,127, respectively.
Current report
For the nine months ended September 30, 2025, and 2024, related party other income was $31,697 and $35,565, respectively.
Current report
For the nine months ended September 30, 2025, and 2024, related party interest income was $4,212 and $3,707, respectively.
Removed paragraphs (8)
Previous report
Comparison of the six months ended June 30, 2025, and 2024
Previous report
There was no revenue generated from the sale of real estate properties for the six months ended June 30, 2025, and 2024, respectively.
Previous report
For the six months ended June 30, 2025 and 2024, related party service revenue totaled $33,353 and $239,085, respectively.
Previous report
For the six months ended June 30, 2025, and 2024, related party G&A expenses totaled $60,499 and $82,762, respectively.
Previous report
For the six months ended June 30, 2025, and 2024, related party other income was $29,023 and $25,866, respectively.
Previous report
For the six months ended June 30, 2025, and 2024, related party interest income was $2,804 and $2,344, respectively.
Previous report
Accounts payable to related party was $127 and $0 as of June 30, 2025, and December 31, 2024, respectively.
Previous report
As of June 30, 2025, the accounts payable to a related party was due to Falcon Consulting Limited, which is wholly owned by Mr. Loke’s spouse (“FCL”).
Reworded paragraphs (64)
Previous wording
During the three and six months ended June 30, 2025, and 2024, we operated in three regions: Hong Kong, China and Malaysia. We derived revenues from the provision of business services, digital platform services and trading of digital assets, and leasing or trading of our commercial properties, respectively.
Current wording
During the three and nine months ended September 30, 2025, and 2024, we operated in three regions: Hong Kong, China and Malaysia. We derived revenues from the provision of business services, digital platform services and trading of digital assets, and leasing or trading of our commercial properties, respectively.
Previous wording
Total revenue was $427,092 and $361,174 for the three months ended June 30, 2025, and 2024, respectively. The increased amount of $65,918 was primarily due to an increase in business services revenue. We expect revenue from our service business to steadily improve in the following months.
Current wording
Total revenue was $393,228 and $539,699 for the three months ended September 30, 2025, and 2024, respectively. The decreased amount of $146,471 was primarily due to a decrease in service business revenue. We expect revenue from our service business to steadily improve in the following months.
Previous wording
Revenue from the provision of business services was $395,257 and $342,630 for the three months ended June 30, 2025, and 2024, 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 an increase in business services revenue as more listing service obligations were completed during the three months ended June 30, 2025.
Current wording
Revenue from the provision of business services was $377,423 and $521,765 for the three months ended September 30, 2025, and 2024, 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 service business revenue as fewer non-listing advisory services were rendered during the three months ended September 30, 2025, as compared to the same period in 2024.
Previous wording
Revenue from the digital platform and trading was $17,921 and $0 for the three months ended June 30, 2025 and 2024, respectively. It was derived from the trading of digital assets of $17,169 and the sale of our digital assets, GX Token, of $752 during the three months ended June 30, 2025.
Current wording
There was no revenue generated from the digital platform and trading for the three months ended September 30, 2025, and 2024, respectively.
Previous wording
Revenue from rentals was $13,914 and $18,544 for the three months ended June 30, 2025, and 2024, respectively. It was derived from the leasing properties in Malaysia and Hong Kong. We expect our rental income to be stable.
Current wording
Revenue from rentals was $15,805 and $17,934 for the three months ended September 30, 2025, and 2024, respectively. It was derived from the leasing properties in Malaysia and Hong Kong. We expect our rental income to be stable.
Previous wording
Total operating costs and expenses were $1,028,753 and $962,794 for the three months ended June 30, 2025, and 2024, respectively. They consist of cost-of-service revenue, cost of digital revenue, cost of rental revenue and general and administrative (“G&A”) expenses. The Company incurred G&A expenses of $944,949 and $920,070 for the three months ended June 30, 2025, and 2024, respectively.
Current wording
Total operating costs and expenses were $913,777 and $1,012,972 for the three months ended September 30, 2025, and 2024, respectively. They consist of cost-of-service revenue, cost of digital revenue, cost of rental revenue and general and administrative (“G&A”) expenses. The Company incurred G&A expenses of $784,610 and $868,333 for the three months ended September 30, 2025, and 2024, respectively.
Previous wording
Loss from operations for the three months ended June 30, 2025, and 2024 was $601,661 and $601,620, respectively.
Current wording
Loss from operations for the three months ended September 30, 2025, and 2024 was $520,549 and $473,273, respectively.
Previous wording
Cost of revenue on the provision of services was $80,423 and $36,010 for the three months ended June 30, 2025, and 2024, 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 on the provision of services was $125,135 and $138,404 for the three months ended September 30, 2025, and 2024, 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 in cost of service business revenue was mainly due to an increase of other professional fees directly attributable to the provision of services for the three months ended June 30, 2025.
Current wording
The decrease in cost-of-service business revenue was mainly due to a decrease in other professional fees directly attributable to the provision of services for the three months ended September 30, 2025.
Previous wording
Cost of rental revenue was $3,380 and $6,714 for the three months ended June 30, 2025, and 2024, 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 decrease in the cost of rental revenue was mainly due to 40% of our Hong Kong subsidiary’s real estate properties being distributed to its non-controlling interest in April 2024. As a result, fewer property units were available for leasing and lower costs were incurred.
Current wording
Cost of rental revenue was $4,032 and $6,235 for the three months ended September 30, 2025, and 2024, 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 decrease in the cost of rental revenue was mainly due to 40% of our Hong Kong subsidiary’s real estate properties being distributed to its non-controlling interest in April 2024. As a result, fewer property units were available for leasing and lower costs were incurred.
Previous wording
General and administrative (“G&A”) expenses were $944,949 and $920,070 for the three months ended June 30, 2025, and 2024, respectively. For the three months ended June 30, 2025, G&A expenses primarily consisted of staff costs of $368,290, directors’ salaries and compensation of $166,595, advertising and marketing expenses of $31,239, consulting fees of $83,851, computer and IT expenses of $55,779, legal service fees of $49,121, other professional fees of $47,457 and operating lease costs of $27,866, offset by reversal of provision for credit losses of $499. For the three months ended June 30, 2024, G&A expenses primarily consisted of staff costs of $363,288, directors’ salaries and compensation of $166,279, advertising and marketing expenses of $69,131, consulting fees of $64,277, computer and IT expenses of $44,138, legal service fees of $35,344, other professional fees of $20,846, provision for credit losses of $15,529, and operating lease costs of $27,768. The increased G&A expense of $24,879 was mainly derived from the increase in consulting fees of $19,574, legal service fees of $13,777, and other professional fees of $26,611, offset by the decrease in advertising and marketing expenses of $37,892 during the same period in 2025. We expect our G&A expenses to slightly increase as we are developing our digital platform business through our Labuan subsidiary, Green-X Corp., and the digital banking businesses through Global Business Hub Limited, another Labuan subsidiary, which was acquired in 2024.
Current wording
General and administrative (“G&A”) expenses were $784,610 and $868,333 for the three months ended September 30, 2025, and 2024, respectively. For the three months ended September 30, 2025, G&A expenses primarily consisted of staff costs of $350,679, directors’ salaries and compensation of $166,650, advertising and marketing expenses of $30,330, consulting fees of $43,322, computer and IT expenses of $4,495, legal service fees of $19,832, other professional fees of $38,891 and operating lease costs of $28,348. For the three months ended September 30, 2024, G&A expenses primarily consisted of staff costs of $382,873, directors’ salaries and compensation of $167,032, advertising and marketing 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 operating lease costs of $28,598. The decreased G&A expense of $83,723 was mainly derived from the decrease in staff costs of $32,194, advertising and marketing expenses of $44,803, and computer and IT expenses of $45,454, offset by the increase in consulting fees of $39,156 during the same period in 2025. We expect our G&A expenses to slightly increase as we are developing our digital platform business through our Labuan subsidiary, Green-X Corp., and the digital banking businesses through Global Business Hub Limited, another Labuan subsidiary, which was acquired in 2024.
Previous wording
Net other income was $27,533 and $35,867 for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025, net other income mainly consisted of related party other income of $12,465, fair value gain on digital assets of $1,895 and interest income of $1,793. For the three months ended June 30, 2024, net other income mainly consisted of related party other income of $14,440, gain on disposal of investment of $17,320 and interest income of $2,960.
Current wording
Net other income was $14,149 and $142,953 for the three months ended September 30, 2025 and 2024, respectively. For the three months ended September 30, 2025, net other income mainly consisted of related party other income of $2,674, interest income of $2,408 and fair value gain on digital assets of $1,426. For the three months ended September 30, 2024, net other income mainly consisted of related party other income of $9,699, gain on disposal of investment of $127,617 and interest income of $3,979.
Previous wording
Net loss was $574,128 and $565,753 for the three months ended June 30, 2025 and 2024, respectively. The increase in net loss was mainly due to an increase in G&A.
Current wording
Net loss was $513,226 and $330,320 for the three months ended September 30, 2025, and 2024, respectively. The increase in net loss was mainly due to a decrease in service business revenue for the three months ended September 30, 2025.
Previous wording
Total revenue was $779,847 and $1,019,573 for the six months ended June 30, 2025, and 2024, respectively. A decrease of $239,726 was primarily due to a decrease in service business revenue. We expect revenue from our service business to recover slightly as we are exploring new markets.
Current wording
Total revenue was $1,173,075 and $1,559,272 for the nine months ended September 30, 2025, and 2024, respectively. The decrease of $386,197 was primarily due to a decrease in service business revenue. We expect revenue from our service business to recover slightly as we are exploring new markets.
Previous wording
Revenue from the provision of business services was $706,110 and $976,422 for the six months ended June 30, 2025, and 2024, 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 service business revenue as fewer listing and non-listing advisory services were rendered during the same period in 2025.
Current wording
Revenue from the provision of business services was $1,083,533 and $1,498,187 for the nine months ended September 30, 2025, and 2024, 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 service business revenue as fewer non-listing advisory services were rendered during the same period in 2025.
Previous wording
Revenue from the digital platform and trading was $44,177 and $0 for the six months ended June 30, 2025 and 2024, respectively. It was derived from the trading of digital assets of $43,425 and the sale of our digital assets, GX Token, of $752 during the six months ended June 30, 2025.
Current wording
Revenue from the digital platform and trading was $44,177 and $0 for the nine months ended September 30, 2025, and 2024, respectively. It was derived from the trading of digital assets of $43,425 and the sale of our digital assets, GX Token, of $752 during the nine months ended September 30, 2025.
Previous wording
Revenue from rentals was $29,560 and $43,151 for the six months ended June 30, 2025, and 2024, respectively. It was derived from the leasing properties in Malaysia and Hong Kong. We expect our rental income to be stable.
Current wording
Revenue from rentals was $45,365 and $61,085 for the nine months ended September 30, 2025, and 2024, respectively. It was derived from the leasing properties in Malaysia and Hong Kong. We expect our rental income to be stable.
Previous wording
Total operating costs and expenses were $2,070,441 and $2,094,906 for the six months ended June 30, 2025, and 2024, respectively. They consist of cost-of-service revenue, cost of digital revenue, cost of rental revenue and general and administrative (“G&A”) expenses. The Company incurred G&A expenses of $1,892,995 and $1,971,308 for the six months ended June 30, 2025, and 2024, respectively.
Current wording
Total operating costs and expenses were $2,984,218 and $3,107,878 for the nine months ended September 30, 2025, and 2024, respectively. They consist of cost-of-service revenue, cost of digital revenue, cost of rental revenue and general and administrative (“G&A”) expenses. The Company incurred $2,677,605 and $2,839,641 of G&A expenses for the nine months ended September 30, 2025, and 2024, respectively.
Previous wording
Loss from operations for the six months ended June 30, 2025 and 2024 was $1,290,594 and $1,075,333, respectively. An increase in loss from operations was mainly due to a decrease in service business revenue of $270,312 for the six months ended June 30, 2025.
Current wording
Loss from operations for the nine months ended September 30, 2025, and 2024 was $1,811,143 and $1,548,606, respectively. An increase in the loss from operations was mainly due to a decrease in service business revenue of $414,654, offset by a decrease in G&A of $162,036 for the nine months ended September 30, 2025.
Previous wording
Cost of revenue on the provision of services was $170,276 and $110,708 for the six months ended June 30, 2025, and 2024, 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 $295,411 and $249,112 for the nine months ended September 30, 2025, and 2024, 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 in the cost of service business revenue was mainly due to an increase in other professional fees directly attributable to the provision of services for the six months ended June 30, 2025.
Current wording
The increase in the cost-of-service business revenue was mainly due to an increase in other professional fees directly attributable to the provision of services for the nine months ended September 30, 2025.
Previous wording
Cost of revenue for the provision of digital platform services and trading of digital assets was $1 and $0 for the three months ended June 30, 2025, and 2024, respectively. It primarily consists of the cost of technical advisory and IT support to blockchain-based services, directly attributable to the cost of digital platforms and digital assets.
Current wording
Cost of revenue for the provision of digital platform services and trading of digital assets was $1 and $0 for the nine months ended September 30, 2025, and 2024, respectively. It primarily consists of the cost of technical advisory and IT support to blockchain-based services, directly attributable to the cost of digital platforms and digital assets.
Previous wording
Cost of rental revenue was $7,169 and $12,890 for the six months ended June 30, 2025, and 2024, 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 decrease in the cost of rental revenue was mainly due to 40% of our Hong Kong subsidiary’s real estate properties being distributed to its non-controlling interest in April 2024. As a result, fewer property units were available for leasing and lower costs were incurred.
Current wording
Cost of rental revenue was $11,201 and $19,125 for the nine months ended September 30, 2025, and 2024, 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 decrease in the cost of rental revenue was mainly due to 40% of our Hong Kong subsidiary’s real estate properties being distributed to its non-controlling interest 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, 2025, and 2024, no real estate property was sold, and hence no cost was incurred.
Current wording
During the nine months ended September 30, 2025, and 2024, no real estate property was sold, and hence no cost was incurred.
Previous wording
G&A expenses were $1,892,995 and $1,971,308 for the six months ended June 30, 2025, and 2024, respectively. For the six months ended June 30, 2025, G&A expenses consisted primarily of staff costs of $764,448, directors’ salaries and compensation of $333,815, advertising and marketing expenses of $66,584, consulting fees of $101,065, computer and IT expenses of $108,027, legal service fees of $93,518, other professional fees of $98,570, provision for credit losses of $40,514 and operating lease costs of $56,520. For the six months ended June 30, 2024, G&A expenses consisted primarily of staff costs of $750,411, directors’ salaries and compensation of $336,579, advertising and marketing 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 operating lease costs of $56,880. The decreased G&A expense of $78,313 was mainly derived from the decrease in advertising and marketing expenses of $52,337 and consulting fees of $13,608 during the same period in 2025. We expect our G&A expenses to slightly increase as we are developing our digital platform business through our Labuan subsidiary, Green-X Corp., and the digital banking businesses through Global Business Hub Limited, another Labuan subsidiary, which was acquired in 2024.
Current wording
G&A expenses were $2,677,605 and $2,839,641 for the nine months ended September 30, 2025, and 2024, respectively. For the nine months ended September 30, 2025, G&A expenses consisted primarily of staff costs of $1,115,127, directors’ salaries and compensation of $500,465, advertising and marketing expenses of $96,914, consulting fees of $144,387, computer and IT expenses of $112,522, legal service fees of $113,350, other professional fees of $137,461, provision for credit losses of $3,594 and operating lease costs of $84,868. For the nine months ended September 30, 2024, G&A expenses consisted primarily of staff costs of $1,133,284, directors’ salaries and compensation of $503,611, advertising and marketing 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 operating lease costs of $85,478. The decreased G&A expense of $162,036 was mainly derived from the decrease in advertising and marketing expenses of $97,140 and provision for credit losses of $86,649, offset by an increase in other professional fees of $33,620 during the same period in 2025. We expect our G&A expenses to slightly increase as we are developing our digital platform business through our Labuan subsidiary, Green-X Corp., and the digital banking businesses through Global Business Hub Limited, another Labuan subsidiary, which was acquired in 2024.
Previous wording
Net other income was $81,400 and $238,076 for the six months ended June 30, 2025, and 2024, respectively. For the six months ended June 30, 2025, net other income mainly consisted of related party other income of $29,023, gain on disposal of investment of $39,800 and interest income of $4,677. For the six months ended June 30, 2024, net other income mainly consisted of related party other income of $25,866, gain on disposal of investments of $197,300 and interest income of $12,849.
Current wording
Net other income was $95,549 and $381,029 for the nine months ended September 30, 2025, and 2024, respectively. For the nine months ended September 30, 2025, net other income mainly consisted of related party other income of $31,697, gain on disposal of investment of $39,800 and interest income of $7,085. For the nine months ended September 30, 2024, net other income mainly consisted of related party other income of $35,565, gain on disposal of investments of $324,917 and interest income of $16,828.
Previous wording
Net loss was $1,209,704 and $838,663 for the six months ended June 30, 2025, and 2024, respectively. The increase in net loss was mainly due to a decrease in service business revenue and gains on disposal of investments.
Current wording
Net loss was $1,722,930 and $1,168,983 for the nine months ended September 30, 2025, and 2024, respectively. The increase in net loss was mainly due to a decrease in service business revenue and gains on disposal of investments.
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 a loan from the NCI (the “Acquisition”).
Current wording
On April 15, 2024, the Company acquired the remaining 40% shares of FWIL from the NCI by the distribution of 40% of FWIL’s real estate properties for consideration of its acquisition and settlement of a loan from the NCI (the “Acquisition”).
Previous wording
The Company recorded a net loss attributable to the NCI of $10,543 for the six months ended June 30, 2024.
Current wording
The Company recorded a net loss attributable to the NCI of $10,543 for the nine months ended September 30, 2024.
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, 2025 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, 2025 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, 2025, the future minimum rental payments under this lease in the aggregate are approximately $68,366 and are due as follows: 2025: $48,535 and 2026: $19,831, respectively.
Current wording
On September 30, 2025, the future minimum rental payments under this lease in the aggregate are approximately $44,490 and are due as follows: 2025: $24,483 and 2026: $20,007, respectively.
Previous wording
In June 2023, one of our subsidiaries in Malaysia purchased a motor vehicle, and the majority of the purchase price, $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, 2025, the future minimum lease payments under this lease in the aggregate are approximately $14,262 and are due as follows: 2025: $2,445; 2026: $4,891; and 2027 and thereafter: $6,926.
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, 2025, the future minimum lease payments under this lease in the aggregate are approximately $13,049 and are due as follows: 2025: $1,224; 2026: $4,895; and 2027 and thereafter: $6,930.
Previous wording
For the six months ended June 30, 2025, related party service revenue principally includes service revenue generated from SEATech Ventures Corp. (“SEATech”) of $13,130, representing approximately 39% of the related party service revenue and 2% of the service revenue for the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2025, related party service revenue principally includes service revenue generated from SEATech Ventures Corp. (“SEATech”) of $13,123 and Greenpro Trust Limited (“GTL”) of $11,639, representing approximately 54% of the related party service revenue and 2% of the service revenue for the nine months ended September 30, 2025.
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, 2025, and 2024, cost of service revenue to related parties was $8,520 and $4,052, respectively.
Current wording
For the nine months ended September 30, 2025, and 2024, cost of service revenue to related parties was $14,640 and $4,586, respectively.
Previous wording
For the six months ended June 30, 2025, related party cost of service revenue includes cost of services paid to Falcon Management Limited (“FML”) of $2,500, Falcon Consulting Limited (“FCL”) of $2,270, and Loke Yu (“Jimmy”) of $3,750, respectively. FML is wholly owned by our Chief Financial Officer, Loke, Che Chan Gilbert (“Mr. Loke”), FCL is wholly owned by Mr. Loke’s spouse and Jimmy is Mr. Loke’s brother.
Current wording
For the nine months ended September 30, 2025, related party cost of service revenue includes cost of services paid to Falcon Management Limited (“FML”) of $5,000, Falcon Consulting Limited (“FCL”) of $2,140, and Loke Yu (“Jimmy”) of $7,500, respectively. FML is wholly owned by our Chief Financial Officer, Loke, Che Chan Gilbert (“Mr. Loke”), FCL is wholly owned by Mr. Loke’s spouse, and Jimmy is Mr. Loke’s brother.
Previous wording
For the six months ended June 30, 2024, related party cost of service revenue includes cost of revenue paid to FML of $2,555 and FCL of $1,497, respectively.
Current wording
For the nine months ended September 30, 2024, related party cost of service revenue includes cost of revenue paid to FML of $2,555 and FCL of $2,031, respectively.
Previous wording
For the six months ended June 30, 2025, related party G&A expenses included consulting fees paid to Ms. Yap, Pei Ling (“Ms. Yap”), the spouse of our Chief Executive Officer, Mr. Lee, Chong Kuang, of $6,924, Ms. Yap’s wholly owned company, Bright Interlink Sdn. Bhd. (“BISB”) of $6,887 and FML of $4,488, and management fees paid to Greenpro Global Capital Village Sdn. Bhd. (“GGCVSB”) of $42,200, a Malaysian company jointly owned by Mr. Lee and Mr. Loke.
Current wording
For the nine months ended September 30, 2025, 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 $10,380, Ms. Yap’s wholly owned company, Bright Interlink Sdn. Bhd. (“BISB”), of $10,428 and FML of $13,455, and management fees paid to Greenpro Global Capital Village Sdn. Bhd. (“GGCVSB”) of $63,947, a Malaysian company jointly owned by Mr. Lee and Mr. Loke.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
As of September 30, 2025, the net accounts receivable from related parties was due from Mr. Loke’s wholly owned company, Falcon Certified Public Accountants Limited (“FCPA”), of $142 and GTL of $77.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
The Company recorded a net loss attributable to the NCI of $3,150 for the three months ended June 30, 2024.
Previous report — wording carried elsewhere
Cost of revenue for the provision of digital platform services and trading of digital assets was $1 and $0 for the six months ended June 30, 2025, and 2024, respectively. It primarily consists of the cost of technical advisory and IT support to blockchain-based services, directly attributable to the cost of digital platforms and digital assets.
Previous report — wording carried elsewhere
Net loss attributable to noncontrolling interest
Previous report — wording carried elsewhere
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 report — wording carried elsewhere
The Company had been a 60% shareholder of FWIL since its inception.
Previous report — wording carried elsewhere
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 a loan from the NCI (the “Acquisition”).
Previous report — wording carried elsewhere
After the Acquisition, FWIL becomes the wholly owned subsidiary of the Company, and hence no profit or loss was attributable to the NCI thereafter.