Greenpro Capital Corp.

Previous wording

Greenpro Capital Corp. (the “Company” or “Greenpro”), was incorporated in the State of Nevada on July 19, 2013. We provide cross-border business solutions and accounting outsourcing services to small and medium-size businesses located in Asia, with an initial focus on Hong Kong, China and Malaysia. Greenpro provides a range of services as a package solution (the “Package Solution”) to our clients, and we believe that our clients can reduce their business costs and improve their revenues.

Current wording

Greenpro Capital Corp. (the “Company” or “Greenpro”) was incorporated in the State of Nevada on July 19, 2013. We provide cross-border business solutions and accounting outsourcing services to small and medium-sized businesses located in Asia, with an initial focus on Hong Kong, China and Malaysia. Greenpro provides a range of services as a package solution (the “Package Solution”) to our clients, and we believe that our clients can reduce their business costs and improve their revenues.

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 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.

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 Southeast 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.

Previous 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.

Current wording

During the three months ended March 31, 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 $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.

Current wording

Total revenue was $352,755 and $658,399 for the three months ended March 31, 2025 and 2024, respectively. The decrease of $305,644 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 $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.

Current wording

Revenue from the provision of business services was $310,853 and $633,792 for the three months ended March 31, 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 business service revenue as fewer listing and non-listing advisory services were rendered during the same period in 2025.

Previous 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.

Current wording

Total operating costs and expenses were $1,041,688 and $1,132,112 for the three months ended March 31, 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.

Previous 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.

Current wording

Loss from operations for the three months ended March 31, 2025 and 2024 was $688,933 and $473,713, respectively. An increase in loss from operations was mainly due to a decrease in revenue of $305,644 for the three months ended March 31, 2025.

Previous 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.

Current wording

Cost of revenue on provision of business services was $89,853 and $74,698 for the three months ended March 31, 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

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.

Current wording

An increase in 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, 2025.

Previous 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.

Current wording

Cost of rental revenue was $3,789 and $6,176 for the three months ended March 31, 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

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.

Current wording

General and administrative (“G&A”) expenses were $948,046 and $1,051,238 for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, G&A expenses primarily consisted of staff costs of $396,158, directors’ salaries and compensation of $167,220, advertising and promotion expenses of $35,345, consulting fees of $17,214, computer and IT expenses of $52,248, legal service fees of $44,397, other professional fees of $51,113, provision for credit losses of $41,013, and operating lease costs of $28,654. For the three months ended March 31, 2024, G&A expenses primarily consisted of staff costs of $387,123, directors’ salaries and compensation of $170,300, advertising and promotion expenses of $49,790, consulting fees of $50,396, computer and IT expenses of $42,619, legal service fees of $50,072, other professional fees of $23,291, provision for credit losses of $127,763, and operating lease costs of $29,112. The decreased G&A expense of $103,192 was mainly derived from the decrease of provision for credit losses of $86,750 during the same period in 2025. We expect our G&A expenses will 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, a newly acquired subsidiary in Labuan.

Previous 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.

Current wording

Net other income was $53,867 and $202,209 for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the other net income mainly consisted of gain on disposal of investment of $39,800 and interest income of $2,884. For the three months ended March 31, 2024, the other net income mainly consisted of gain on disposal of investment of $179,980 and interest income of $9,889.

Previous wording

Net loss was $330,320 and $120,994 for the three months ended September 30, 2024 and 2023, respectively. The increase in net loss was mainly due to a decrease in business services revenue for the three months ended September 30, 2024.

Current wording

Net loss was $635,576 and $272,910 for the three months ended March 31, 2025 and 2024, respectively. The increase in net loss was mainly due to a decrease in service revenue.

Previous wording

Net loss attributable to non-controlling interest

Current wording

Net loss attributable to non-controlling interests

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”).

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 a loan from the NCI (the “Acquisition”).

Previous wording

After the Acquisition, FWIL becomes the wholly owned subsidiary of the Company and no profit or loss attributable to the NCI.

Current wording

After the Acquisition, FWIL became the wholly owned subsidiary of the Company and hence no profit or loss was attributable to the NCI thereafter.

Previous wording

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

Current wording

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

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 three months ended March 31, 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

As of September 30, 2024, one of our subsidiaries, leases one office in Hong Kong under a non-cancellable operating lease, with a term of two years commencing from March 15, 2023, to March 14, 2025.

Current wording

As of March 31, 2025, one of our subsidiaries, has an operating lease agreement for one office space in Hong Kong with a non-cancellable term of two years from March 15, 2023, to March 14, 2025, and a cancellable term of one year from March 15, 2025, to March 14, 2026.

Previous 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.

Current wording

On March 31, 2025, the future minimum rental payments under this lease in the aggregate are approximately $93,484 and are due as follows: 2025: $73,471 and 2026: $20,013, 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 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.

Current wording

In June 2023, one of our subsidiaries in Malaysia purchased a motor vehicle, and the majority 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, 2025, the future minimum lease payments under this lease in the aggregate are approximately $14,709 and are due as follows: 2025: $3,484; 2026: $4,646, and 2027 and thereafter: $6,579.

Previous 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.

Current wording

For the three months ended March 31, 2025, related party service revenue principally includes service revenue generated from SEATech Ventures Corp. (“SEATech”) of $13,158, representing approximately 60% of the related party service revenue and 4% of the service revenue for the three months ended March 31, 2025.

Previous 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.

Current 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.

Previous 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.

Current wording

For the three months ended March 31, 2025 and 2024, cost of service revenue to related parties was $8,396 and $3,054, respectively.

Previous 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.

Current wording

For the three months ended March 31, 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 $2,146, 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.

Previous wording

For the nine months ended September 30, 2023, related party cost of service revenue includes cost of revenue paid to SEATech Ventures Corp. (“SEATech”) of $23,280.

Current wording

For the three months ended March 31, 2024, related party cost of service revenue includes cost of revenue paid to FML of $2,555 and FCL of $499, respectively.

Previous 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.

Current wording

For the three months ended March 31, 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 $3,469 and Ms. Yap’s wholly owned company, Bright Interlink Sdn. Bhd. (“BISB”) of $3,371, and management fees paid to Greenpro Global Capital Village Sdn. Bhd. (“GGCVSB”) of $16,312, a Malaysian company jointly owned by Mr. Lee and Mr. Loke.

Previous 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.

Current wording

For the three months ended March 31, 2024, related party G&A expenses included consulting fees paid to Ms. Yap of $4,601 and BISB of $3,803, and management fees paid to GGCVSB of $19,499, respectively.

Previous 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.

Current wording

For the three months ended March 31, 2025, related party other income includes other income generated from Acorn Finance Limited (“Acorn”) of $2,698 and Greenpro Trust Limited (“GTL”) of $13,860, respectively.

Previous wording

For the nine months ended September 30, 2023, related party other income includes other income generated from Acorn of $7,861 and GTL of $2,297.

Current wording

For the three months ended March 31, 2024, related party other income includes other income generated from Acorn of $2,991, GTL of $8,383, and SEATech of $52, respectively.

Previous wording

For the nine months ended September 30, 2024, related party interest income includes interest income generated from GTL of $720 and GTL’s subsidiary, Greenpro Custodian Service Limited of $2,987.

Current wording

For the three months ended March 31, 2025, related party interest income includes interest income generated from GTL of $273 and GTL’s subsidiary, Greenpro Custodian Service Limited (“GCSL”), of $1,124, respectively.

Previous wording

Gain on disposal of related party investments includes sale of common stock of Agape ATP Corporation (“Agape”) of $307,597 and MU Global Holding Limited (“MUGH”) of $17,320 for the nine months ended September 30, 2024.

Current wording

For the three months ended March 31, 2024, gain on disposal of related party investment generated from the sale of common stock of Agape ATP Corporation of $179,980.

Previous wording

Amounts due from related parties were $936,761 and $750,860 as of September 30, 2024, and December 31, 2023, respectively. Amounts due to related parties were $64,401 and $389,274 as of September 30, 2024, and December 31, 2023, respectively.

Current wording

Amounts due from related parties were $985,541 and $954,184 as of March 31, 2025, and December 31, 2024, respectively. Amounts due to related parties were $96,735 and $57,497 as of March 31, 2025, and December 31, 2024, respectively.

Previous wording

As of September 30, 2024, amounts due from related parties mainly include amounts due from GGCVSB of $758,484, FBHI of $90,000 and GTL of $86,901, while amounts due to related parties mainly include Mr. Loke’s wholly owned company, Falcon Certified Public Accountants Limited (“FCPA”) of $24,743 and Mr. Lee of $20,677, respectively.

Current wording

As of December 31, 2024, amounts due from related parties mainly include amounts due from GGCVSB of $772,311, GTL of $90,207 and FBHI of $90,000, while amounts due to related parties mainly include FCPA of $22,820 and Mr. Lee of $20,677, respectively.

Previous wording

As of September 30, 2024 and December 31, 2023, other investments in related parties were $99,598 and $100,106, respectively.

Current wording

As of March 31, 2025 and December 31, 2024, other investments in related party were $12,073.

Previous wording

As of September 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.

Current wording

As of March 31, 2025 and December 31, 2024, related party investments mainly include investment in 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 sale of real estate properties, and revenue from the rental 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 provision of digital platforms and trading of digital assets (“digital revenue”), revenue from the rental of real estate properties and revenue from the sale of real estate properties.

Previous wording

Long-lived assets primarily include real estate held for investment, property and equipment, and intangible assets. In accordance with the provision of ASC 360, the Company generally conducts its annual impairment evaluation of its long-lived assets in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. In addition, for real estate held for sale, an impairment loss is the adjustment to fair value less estimated cost to dispose of the asset.

Current wording

Long-lived assets primarily include real estate held for investment, property and equipment, and intangible assets. In accordance with the provision of ASC 360, the Company generally conducts its annual impairment evaluation of its long-lived assets in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and the carrying amount of the asset. In addition, for real estate held for sale, an impairment loss is the adjustment to fair value less estimated cost to dispose of the asset.

Previous wording

On September 30, 2024, our cash balance was $1,027,513, as compared to $2,223,197 on December 31, 2023, a decrease of $1,195,684. We estimate we still have sufficient cash available to meet our anticipated working capital for the next twelve months.

Current wording

Our cash balance on March 31, 2025, was $885,924, as compared to $1,124,818 on December 31, 2024, decrease of $238,894. We estimate the Company has sufficient cash available to meet its 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 nine months ended September 30, 2024, Company incurred a net loss of $1,168,983 and net cash used in operations of $1,191,874, and as of September 30, 2024, the Company incurred an accumulated deficit of $37,707,535. 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 three months ended March 31, 2025, the Company incurred a net loss of $635,576 and net cash used in operations of $240,942, and as of March 31, 2025, the Company incurred an accumulated deficit of $37,899,955. 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, 2024 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.