Greenpro Capital Corp.
For the period ended Dec 31, 2025. Filed Mar 30, 2026.
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FY2025 · Filed Mar 30, 2026
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Item 8. Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders
Greenpro Capital Corp.
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheet of Greenpro Capital Corp. and its subsidiaries (collectively, the “Company”) as of December 31, 2025, and the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for the year ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Substantial doubt about the Company’s ability to continue as a going concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, for the year ended December 31, 2025, the Company incurred a negative cash flow from operating activities of $1,790,250 and as of December 31, 2025, the Company incurred an accumulated deficit of $40,246,712. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the United States federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Valuation, Presentation and Disclosure of Digital Assets
As disclosed in Note 3 to the financial statements, the Company held digital assets with a carrying amount of $282,161 as of December 31, 2025, consisting of various types of cryptocurrency assets. The accounting for these digital assets requires management to assess their valuation, presentation, and disclosure in accordance with U.S. generally accepted accounting principles. The presentation of digital assets within the financial statements is determined based on the nature of the assets, the rights and obligations conveyed by the specific digital asset, how they are held, and their intended use. In accordance with ASU 2023-08 – Accounting for and Disclosure of Crypto Assets, these digital assets are subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in net income (loss) in the consolidated statements of operations. The determination of fair value requires judgment due to the volatile nature of cryptocurrency markets.
We identified the valuation, presentation and disclosure of the digital assets as a critical audit matter due to the complexity and subjectivity involved in (i) determining the appropriate accounting classification, considering whether the assets meet the definition of cash equivalents, financial instruments, inventory or intangible assets; and (ii) assessing the valuation of digital assets in the absence of observable market prices at specific reporting dates. Given the significant judgment required by management to apply relevant accounting guidance and the inherent volatility of cryptocurrency prices, auditing this area required a high degree of auditor judgment and extensive audit effort. As of December 31, 2025, the Company has recorded digital assets of USD282,161, significant to the consolidated financial statements.
Our audit procedure in this area included the following, among others:
| a) | Reviewed management’s assessment of the appropriate classification of digital assets under ASC 350 (Intangibles – Goodwill and Other); |
|---|---|
| b) | Assessed whether management considered alternative classification, such as cash equivalents, financial instruments, inventory and documented their rationale; |
| c) | Evaluated the Company’s accounting policies for digital assets for compliance with U.S. GAAP; |
| d) | Obtained understanding and inspected the platform integration and transaction processing mechanisms; |
| e) | Assessed the effective system of internal control over financial reporting through the review of SOC reports; |
| f) | Inspected transaction records and supporting evidence to verify the recognition of digital assets. |
| g) | Performed wallet reconciliation of transactions movement to match the financial records; |
| h) | Reviewed management’s process for determining fair value, including sources used (e.g., market exchanges, pricing services); |
| i) | Tested the fair value calculation by independently verifying cryptocurrency prices from multiple exchanges on the reporting date; |
| j) | Evaluated how management considers price volatility in assessing impairment and assessed whether the Company considers market conditions at the reporting date; |
| k) | Assessed the recognition and measurement of financial statement items and evaluated the appropriateness of management’s judgments; and |
| l) | Considered the adequacy of the disclosures in the financial statements. |
We have served as the Company’s auditor since 2025.
/s/SFAI MALAYSIA PLT
(PCAOB:7167)
Malaysia
March 30, 2026
The Board of Directors and Stockholders of
Greenpro Capital Corp.
B-23A-02, G-Vestor Tower,
Pavilion Embassy, 200 Jalan Ampang,
50450 W.P. Kuala Lumpur, Malaysia
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Greenpro Capital Corp. and subsidiaries (the Company) as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive income (loss), changes in stockholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2024 and 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.
Substantial Doubt About the Entity’s Ability to Continue as a Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, for the years ended December 31, 2024, the Company incurred a negative cash flow from operating activities of $1,360,454 and as of December 31, 2024, the Company incurred an accumulated deficit of $37,264,379. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Valuation, Presentation and Disclosure of Digital Assets
As disclosed in Note 4 to the financial statements, the Company holds digital assets, consist of various type of cryptocurrency assets, which require management to assess their valuation, presentation and disclosure in accordance with U.S. Generally Accepted Accounting Principles (GAAP). The presentation of the digital assets within the financial statements is determined based on the nature of the assets, the rights and obligations conveyed by the digital asset type, how they are held, and their intended use. These digital assets are classified under ASC350, Intangibles – Goodwill and Other, initially recorded at cost, subject to annual impairment testing. The determination of fair value is challenging due to the volatile nature of cryptocurrency markets and the absence of centralized valuation standards.
We identified the valuation, presentation and disclosure of the digital assets as a critical audit matter due to the complexity and subjectivity involved in (i) determining the appropriate accounting classification, considering whether the assets meet the definition of cash equivalents, financial instruments, inventory or intangible assets; and (ii) assessing the valuation of digital assets in the absence of observable market prices at specific reporting dates. Given the significant judgment required by management to apply relevant accounting guidance and the inherent volatility of cryptocurrency prices, auditing this area required a high degree of auditor judgment and extensive audit effort. As of December 31, 2024, the Company has recorded digital assets of USD192,398, which are significant in values to the financial statements of the Company.
Our audit procedure in this area included the following, among others:
| a) | Reviewed management’s assessment of the appropriate classification of digital assets under ASC 350 (Intangibles – Goodwill and Other); |
|---|---|
| b) | Assessed whether management considered alternative classification, such as cash equivalents, financial instruments, inventory and documented their rationale; |
| c) | Evaluated the Company’s accounting policies for digital assets for compliance with U.S. GAAP; |
| d) | Obtained understanding and inspected the platform integration and transaction processing mechanisms; |
| e) | Assessed the effective system of internal control over financial reporting through the review of SOC reports; |
| f) | Inspected transactions receipts to verify the recognition of digital assets. |
| g) | Performed wallet reconciliation of transactions movement to match the financial records; |
| h) | Reviewed management’s process for determining fair value, including sources used (e.g., market exchanges, pricing services); |
| i) | Tested the fair value calculation by independently verifying cryptocurrency prices from multiple exchanges on the reporting date; |
| j) | Evaluated how management considers price volatility in assessing impairment and assessed whether the Company considers market conditions at the reporting date; |
| k) | Assessed the recognition and measurement of financial statement items and evaluated the appropriateness of management’s judgments; and |
| l) | Considered the adequacy of the disclosures in the financial statements. |
JP CENTURION & PARTNERS PLT (PCAOB: 6723)
We have served as the Company’s auditor since 2021.
Kuala Lumpur, Malaysia
April 9, 2025
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.