Greenpro Capital Corp. (GRNQ) Business Analysis — Annual Report Summary, Outlook & Risks

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Greenpro Capital Corp. (GRNQ)

Business Summary

Greenpro Capital Corp. (the "Company" or "Greenpro") operates in the financial consulting, corporate services, digital platform, digital asset trading, and real estate rental and sales industries, primarily targeting small and medium-sized businesses in Southeast Asia and East Asia, with a focus on Hong Kong, China, and Malaysia ¹. The Company also engages in venture capital activities, establishing business incubators for start-up and high-growth companies and seeking investment opportunities in these firms ².

The Company's core business model revolves around providing a "Package Solution" of services designed to reduce business costs and enhance revenues for its clients ³. This includes cross-border business solutions, record management services, and accounting outsourcing services. Revenue is generated from recurring service fees, transactional income from digital platform services and digital asset trading, and rental income from commercial properties ⁴.

The Company's services are categorized into Cross-Border Business Solutions, which include advising on company formation, bank account setup, loan referrals, company secretarial services, corporate finance consulting, due diligence, valuations, debt and company restructurings, liquidation advice, marketing strategy design, financial and liquidity analysis, cloud invoicing, capital raising assistance, cloud inventory and accounting systems, payroll matters, tax planning, cross-border listing advisory services (including for NASDAQ and OTC Markets), international tax planning, trust and wealth management, online equity crowdfunding, cryptocurrency trading, digital asset exchange services, capital market-focused portals, big data and AI financial services, and transaction services ⁵. The Company also offers Accounting Outsourcing Services, which involve developing relationships with professional firms to provide company secretarial, business centers and virtual offices, bookkeeping, tax compliance and planning, payroll management, business valuation, and wealth management services ⁶.

The Company's venture capital business segment, operated through Greenpro Venture Capital Limited, focuses on establishing business incubators and investing in start-up and high-growth companies in Southeast Asia and East Asia, including Hong Kong, Malaysia, China, Thailand, and Singapore ⁷. This segment also includes rental activities of commercial properties and the sale of investment properties ⁸. A significant development in the digital business is Green-X Corp., a licensed asset platform operator under Labuan Financial Services Authority, which facilitates the offering and trading of Shariah-compliant security tokens (RAMZ) through its Green-X digital asset exchange (DAX) platform ⁹.

For the fiscal year ended December 31, 2025, Greenpro reported total revenues of $2,073,557 ¹⁰. The gross profit for the period was $1,666,164 ¹¹. Operating expenses, primarily general and administrative expenses, amounted to $3,818,580 ¹², resulting in a loss from operations of $2,152,416 ¹³. The net loss for the year was $2,982,333 ¹⁴, leading to a diluted EPS of $(0.37) ¹⁵. Cash and cash equivalents stood at $636,659 ¹⁶ as of December 31, 2025. Total liabilities were $1,500,544 ¹⁷, and total stockholders' equity was $3,590,844 ¹⁸. The Company used net cash of $1,790,250 ¹⁹ in operating activities.

Comparing 2025 to 2024, total revenues decreased by $1,422,848 ²⁰ from $3,496,405 ²¹ in 2024 to $2,073,557 ²² in 2025, primarily due to a decrease in service business revenue ²³. Service business revenue declined from $3,091,903 ²⁴ in 2024 to $1,843,968 ²⁵ in 2025, a decrease of $1,247,935 ²⁶. Digital revenue also decreased from $327,802 ²⁷ in 2024 to $168,240 ²⁸ in 2025 ²⁹. Rental revenue saw a decrease from $76,700 ³⁰ in 2024 to $61,349 ³¹ in 2025 ³². The loss from operations increased from $969,278 ³³ in 2024 to $2,152,416 ³⁴ in 2025 ³⁵. Net loss increased from $725,827 ³⁶ in 2024 to $2,982,333 ³⁷ in 2025, mainly due to decreased service business revenue and impairments of property and equipment of $813,552 ³⁸ and real estate held for sale of $96,846 ³⁹ in 2025, which were not present in 2024 ⁴⁰.

During 2025, the Company recognized an impairment of $11,981 ⁴¹ for its investment in Greenpro Trust Limited (GTL) due to GTL's failure to provide updated financial statements, resulting in a nil value for the investment as of December 31, 2025 ⁴². The investment in Millennium Fine Art Inc. (MFAI) also remained at nil value as of December 31, 2025, following a $4,000,000 ⁴³ impairment in 2023 ⁴⁴. Similarly, investments in Ata Plus Sdn. Bhd., Global Leaders Corporation, First Bullion Holdings Inc., New Business Media Sdn. Bhd., Angkasa-X Holdings Corp., Ata Global Inc., catTHIS Holdings Corp., ACT Wealth Academy Inc., and Best2bid Technology Corp. were fully impaired with nil values as of December 31, 2025 ⁴⁵. On January 24, 2025, Greenpro Venture Capital Limited (GVCL) sold all 1,500,000 shares of Jocom Holdings Corp.'s common stock for $39,950 ⁴⁶, recognizing a gain on disposal of other investment of $39,800 ⁴⁷ and a reversal of impairment of investment of $150 ⁴⁸. On April 15, 2024, the Company acquired the remaining 40% shares of Forward Win International Limited (FWIL) from the non-controlling interest in exchange for a distribution of 40% of FWIL's real estate properties and settlement of a loan ⁴⁹. On June 6, 2024, the Company acquired Global Business Hub Limited (GBHL) for $100 ⁵⁰ to develop a digital banking business in Malaysia ⁵¹.

Business Outlook & Financial Sufficiency

The Company plans to continue its focus on Security Token Offerings (STO), aiming to provide ethical, sustainable, and Shariah-compliant investment opportunities through regulated, asset-backed digital securities on blockchain ⁵². This initiative seeks to tap into underserved communities by promoting financial inclusion through digital asset solutions and expanding reach in Southeast Asia and beyond, bridging traditional finance and blockchain technology for accessibility and transparency ⁵³.

Greenpro also intends to further expand its corporate finance services business, which includes financial advisory services for listings in the US capital markets (NYSE, NASDAQ, or OTC Markets), Hong Kong listings, mergers and acquisitions, investment valuation, project management, and other financial advisory services ⁵⁴. The Company plans to enhance this business in China, Hong Kong, Malaysia, and Thailand through increased marketing activities and expanding its business network in these regions ⁵⁵.

A significant development plan involves ADAQ, a next-generation online financial information platform ⁵⁶. ADAQ is designed to connect private high-growth emerging companies with potential investors and synergistic companies, providing guidance and information to build and stream sustainable core values ⁵⁷. It also offers an acceleration program to incubate and assist companies in preparing for IPOs on international exchanges like NYSE, NASDAQ, and HKEX ⁵⁸. The Company aims to strengthen ADAQ's development as an acceleration platform for high-growth emerging companies in the ASEAN regions (Malaysia, Thailand, Singapore, Indonesia, Myanmar, Laos, and Vietnam) and China to secure funding and prepare for IPOs ⁵⁹. The successful development of ADAQ is expected to heighten the prospects of Greenpro's venture capital projects, aiming for success and wider market coverage for new potential projects ⁶⁰.

In terms of capital allocation, the Company plans to enhance its strategic development in wealth management, fund management, and asset management businesses, leveraging its integrated financial services and strategic offices ⁶¹. It will continue to seek partnerships to explore the potential of these services and provide assistance with customized wealth creation, protection, and succession solutions for high-net-worth individuals and families in Asia ⁶². Additionally, more effort is expected to be put into developing the "Wealth Network Database" for wealth-related information sharing ⁶³. For its long-term plan, the Company looks forward to initiating the "Greenpro Capital Tower" plan in ASEAN to further develop its brand, strengthen its operational and client base, and increase market confidence ⁶⁴. Growth through mergers and acquisitions of related services is also planned to enhance services horizontally and vertically, continuously sourcing synergy and licensed financial institutions to strengthen capabilities and scope of services ⁶⁵.

The Company explicitly flagged several structural headwinds and execution risks. It is not currently profitable and may not become profitable, having recorded a net loss of $2,982,333 ⁶⁶ and negative cash flow from operating activities of $1,790,250 ⁶⁷ for the year ended December 31, 2025, and an accumulated deficit of $40,246,712 ⁶⁸ as of December 31, 2025 ⁶⁹. The Company's ability to continue as a going concern is dependent on improving profitability and continued financial support from major shareholders ⁷⁰. Operating results are unpredictable and highly volatile due to the nature of the crypto economy and crypto asset prices ⁷¹. Revenue is dependent on crypto asset prices and transaction volume, and declines in either would adversely affect the business ⁷². The Company may not achieve significant market acceptance for its services or establish a significant market presence, hindering revenue generation ⁷³. Management's ability to implement business strategy may be slower than expected, and profitability is not assured ⁷⁴. Competitors with superior services could adversely affect the business ⁷⁵. The use of open-source and third-party software could limit commercialization ⁷⁶. The security of computer systems may be compromised, harming the business ⁷⁷. Adverse developments in existing areas of operation in Southeast Asia and East Asia could negatively impact results ⁷⁸.

Management Sentiments & Priorities

Management's message to shareholders emphasizes the Company's commitment to improving profitability and securing continued financial support from its major shareholders to address the going concern uncertainty, as evidenced by a net loss of $2,982,333 ¹¹⁶ and net cash used in operations of $1,790,250 ¹¹⁷ for the year ended December 31, 2025, and an accumulated deficit of $40,246,712 ¹¹⁸ as of December 31, 2025. The strategic priorities for the period ahead include continuing to focus on Security Token Offerings (STO) to provide ethical, sustainable, and Shariah-compliant investment opportunities, further expanding corporate finance services in key Asian regions, and strengthening the development of ADAQ as an acceleration platform for high-growth emerging companies in ASEAN and China to obtain funding and prepare for IPOs. Management also plans to enhance wealth management portfolio development and initiate the "Greenpro Capital Tower" plan in ASEAN to bolster brand and operational base, alongside pursuing mergers and acquisitions to expand service capabilities.

Risk Factors

The Company faces significant risks, including the potential for adverse effects from natural disasters, pandemics, and human-caused problems such as terrorism, which could disrupt business operations and for which business continuity and disaster recovery plans may be inadequate ⁷⁹. The Company is not currently profitable, reporting a net loss of $2,982,333 ⁸⁰ and negative cash flow from operating activities of $1,790,250 ⁸¹ for the year ended December 31, 2025, and an accumulated deficit of $40,246,712 ⁸² as of December 31, 2025, raising substantial doubt about its ability to continue as a going concern ⁸³. Operating results are highly unpredictable and fluctuate significantly due to the volatile nature of the crypto economy and crypto asset prices, which directly impact transaction fee revenue ⁸⁴. Declines in crypto asset prices or transaction volume would adversely affect the business ⁸⁵. There is a risk that the Company may not achieve significant market acceptance for its services or establish a substantial market presence, hindering revenue generation ⁸⁶. Competition in the business advisory services sector, particularly in Hong Kong, is intense, with established law firms, consulting service providers, and accounting firms posing a threat ⁸⁷. The Company's use of open-source and third-party software could impose unanticipated conditions or restrictions on its ability to commercialize services ⁸⁸. Cybersecurity threats, including cyberattacks and security breaches of its platform or those impacting customers or third parties, could harm its brand, reputation, business, operating results, and financial condition ⁸⁹. The loss or destruction of private keys required to access digital assets may be irreversible, leading to significant financial losses and regulatory scrutiny ⁹⁰. Future developments regarding the treatment of crypto assets for U.S. and foreign tax purposes are uncertain and could adversely affect the business ⁹¹. The application of complex financial accounting rules, with limited guidance on crypto assets, could lead to significant fluctuations in operating results if standards change ⁹². Operations in Southeast Asia and East Asia expose the Company to economic, political, and legal conditions in those countries, including potential political instabilities in Malaysia ⁹³. Enforcing judgments against the Company may be difficult for U.S. investors as most assets and key personnel are outside the United States ⁹⁴. Dividends are subject to restrictions under Nevada, Hong Kong, Malaysia, and PRC laws ⁹⁵. Changes in PRC government policies, including new laws or increased state interference in business activities, could significantly impact operations in Hong Kong and China ⁹⁶. The Company's shares may be delisted from U.S. exchanges under the Holding Foreign Companies Accountable Act (HFCAA) if its auditors are not subject to PCAOB inspection for two consecutive years ⁹⁷. The Nasdaq Capital Market's "Low-Price Requirement" could lead to immediate delisting if the common stock closes at $0.10 or below for ten consecutive trading days ⁹⁸. International trade tensions, particularly between the U.S. and China, may adversely impact business ⁹⁹. The Hong Kong legal system embodies uncertainties that could limit legal protections ¹⁰⁰. Interpretation of PRC laws and the implementation of the National Security Law in Hong Kong involve uncertainty ¹⁰¹. The Company may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese anti-corruption law ¹⁰². Future restrictive measures by the PRC government could increase operating costs or restrict business operations ¹⁰³. It may be difficult for overseas shareholders and regulators to conduct investigations or collect evidence within China ¹⁰⁴. Failure to comply with Chinese laws and regulations could result in fines, penalties, and harm to the business ¹⁰⁵. The recent joint statement by the SEC, proposed NASDAQ rule changes, and the HFCAA call for additional and more stringent criteria for U.S.-listed companies with significant operations in China, adding uncertainties to future offerings and share price ¹⁰⁶. Future sales of substantial amounts of Common Stock by existing shareholders could adversely affect the price ¹⁰⁷. The market price of shares is likely to be highly volatile ¹⁰⁸. The proposed issuance of 8,500,000 ¹⁰⁹ shares of Common Stock in the Forekast share exchange would substantially dilute existing stockholders ¹¹⁰. If shares trade under $5.00 ¹¹¹, they will be considered penny stock, restricting trading ¹¹². The Company does not anticipate paying cash dividends in the foreseeable future ¹¹³. The CEO and CFO collectively own approximately 38% ¹¹⁴ of outstanding stock, which could significantly influence corporate matters ¹¹⁵.

View Source Annual Report on SEC.gov ↗

References

[1] Item 1, Business — Business Overview
[2] Item 1, Business — Our Venture Capital Business Segment
[3] Item 1, Business — Our Services
[4] Item 7, MD&A — Company Overview
[5] Item 1, Business — Cross-Border Business Solutions
[6] Item 1, Business — Accounting Outsourcing Services
[7] Item 1, Business — Our Venture Capital Business Segment
[8] Item 7, MD&A — Company Overview
[9] Item 1, Business — Business Overview
[10] Item 7, MD&A — Total Revenues
[11] Item 7, MD&A — GROSS PROFIT
[12] Item 7, MD&A — General and Administrative Expenses
[13] Item 7, MD&A — LOSS FROM OPERATIONS
[14] Item 7, MD&A — Net Loss
[15] Item 7, MD&A — NET LOSS PER SHARE, BASIC AND DILUTED
[16] Item 7, MD&A — Liquidity and Capital Resources
[17] Item 8, Consolidated Balance Sheets — Total liabilities
[18] Item 8, Consolidated Balance Sheets — Total stockholders’ equity
[19] Item 7, MD&A — Operating activities
[20] Item 7, MD&A — Total Revenues
[21] Item 7, MD&A — Total Revenues
[22] Item 7, MD&A — Total Revenues
[23] Item 7, MD&A — Total Revenues
[24] Item 7, MD&A — Service Business Revenue
[25] Item 7, MD&A — Service Business Revenue
[26] Item 7, MD&A — Loss from operations
[27] Item 7, MD&A — Digital Revenue
[28] Item 7, MD&A — Digital Revenue
[29] Item 7, MD&A — Digital Revenue
[30] Item 7, MD&A — Rental Revenue
[31] Item 7, MD&A — Rental Revenue
[32] Item 7, MD&A — Rental Revenue
[33] Item 7, MD&A — Loss from operations
[34] Item 7, MD&A — LOSS FROM OPERATIONS
[35] Item 7, MD&A — Loss from operations
[36] Item 7, MD&A — Net Loss
[37] Item 7, MD&A — Net Loss
[38] Item 7, MD&A — Net Loss
[39] Item 7, MD&A — Net Loss
[40] Item 7, MD&A — Net Loss
[41] Item 1, Business — Acquisition of Greenpro Trust Limited
[42] Item 1, Business — Acquisition of Greenpro Trust Limited
[43] Item 1, Business — Acquisition of Millennium Fine Art Inc.
[44] Item 1, Business — Acquisition of Millennium Fine Art Inc.
[45] Item 1, Business — Acquisitions of other investments
[46] Item 1, Business — Acquisition and disposal of Jocom Holdings Corp.
[47] Item 1, Business — Acquisition and disposal of Jocom Holdings Corp.
[48] Item 1, Business — Acquisition and disposal of Jocom Holdings Corp.
[49] Item 1, Business — Acquisition of Forward Win International Limited, a Hong Kong company
[50] Item 1, Business — Acquisition of Global Business Hub Limited, a Labuan, Malaysian company
[51] Item 1, Business — Acquisition of Global Business Hub Limited, a Labuan, Malaysian company
[52] Item 1, Business — Future Development Plan
[53] Item 1, Business — Future Development Plan
[54] Item 1, Business — Future Development Plan
[55] Item 1, Business — Future Development Plan
[56] Item 1, Business — Future Development Plan
[57] Item 1, Business — Future Development Plan
[58] Item 1, Business — Future Development Plan
[59] Item 1, Business — Future Development Plan
[60] Item 1, Business — Future Development Plan
[61] Item 1, Business — Future Development Plan
[62] Item 1, Business — Future Development Plan
[63] Item 1, Business — Future Development Plan
[64] Item 1, Business — Future Development Plan
[65] Item 1, Business — Future Development Plan
[66] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.
[67] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.
[68] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.
[69] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.
[70] Item 1A, Risk Factors — We may not be able to continue to operate as a going concern.
[71] Item 1A, Risk Factors — Our operating results have and will significantly fluctuate, and this will be due to the highly volatile nature of crypto.
[72] Item 1A, Risk Factors — Our revenue is dependent on the prices of crypto assets and the volume of transactions conducted on our platform. If such a price or volume declines, our business, operating results, and financial condition would be adversely affected, and the price of our Common Stock could decline.
[73] Item 1A, Risk Factors — If we are unable to gain any significant market acceptance for our service or establish a significant market presence, we may be unable to generate sufficient revenue to continue our business.
[74] Item 1A, Risk Factors — Management’s ability to implement the business strategy may be slower than expected and we may be unable to generate a profit.
[75] Item 1A, Risk Factors — Competitors may enter this sector with superior service which would affect our business adversely.
[76] Item 1A, Risk Factors — Our use of open-source and third-party software could impose limitations on our ability to commercialize our services.
[77] Item 1A, Risk Factors — The security of our computer systems may compromise and harm our business.
[78] Item 1A, Risk Factors — Adverse development in our existing areas of operation could adversely impact our results of operations, cash flows, and financial condition.
[79] Item 1A, Risk Factors — Risks Related to Natural Disasters and Public Health Crises
[80] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.
[81] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.
[82] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.
[83] Item 1A, Risk Factors — We may not be able to continue to operate as a going concern.
[84] Item 1A, Risk Factors — Our operating results have and will significantly fluctuate, and this will be due to the highly volatile nature of crypto.
[85] Item 1A, Risk Factors — Our revenue is dependent on the prices of crypto assets and the volume of transactions conducted on our platform. If such a price or volume declines, our business, operating results, and financial condition would be adversely affected, and the price of our Common Stock could decline.
[86] Item 1A, Risk Factors — If we are unable to gain any significant market acceptance for our service or establish a significant market presence, we may be unable to generate sufficient revenue to continue our business.
[87] Item 1, Business — Competition
[88] Item 1A, Risk Factors — Our use of open-source and third-party software could impose limitations on our ability to commercialize our services.
[89] Item 1A, Risk Factors — Cyberattacks and security breaches of our platform, or those impacting on our customers or third parties, could adversely affect our brand, reputation, business, operating results, and financial condition.
[90] Item 1A, Risk Factors — The loss or destruction of a private key required to access our or our users’ digital assets may be irreversible. If we are unable to access our private keys or if we experience a hack or other data loss relating to the digital assets that we are holding on behalf of users, our users may be unable to access their digital assets, which could harm user trust in us and our products and services and cause regulatory scrutiny.
[91] Item 1A, Risk Factors — Future developments regarding the treatment of crypto assets for U.S. and foreign tax purposes could adversely affect our business, operating results, and financial condition.
[92] Item 1A, Risk Factors — The nature of our business requires the application of complex financial accounting rules, and there is limited guidance from accounting standard setting bodies on certain topics. If financial accounting standards undergo significant changes, our operating results could fluctuate.
[93] Item 1A, Risk Factors — Our business is subject to the risks of international operations.
[94] Item 1A, Risk Factors — You may have difficulty enforcing judgments against us.
[95] Item 1A, Risk Factors — Payment of dividends is subject to restrictions under Nevada, Hong Kong, Malaysia, and the PRC laws.
[96] Item 1A, Risk Factors — The introduction of new laws or changes to existing laws by the PRC government may adversely affect our business.
[97] Item 1A, Risk Factors — Our shares may be delisted and prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, or the HFCAA, as amended by the Accelerating Holding Foreign Companies Accountable Act, if the PCAOB is unable to inspect or investigate completely our auditors. The delisting of our shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.
[98] Item 1A, Risk Factors — We face risks related to potential delisting from the Nasdaq Capital Market due to non-compliance with minimum bid price requirements.
[99] Item 1A, Risk Factors — The current tension in international trade, particularly regarding U.S. and China trade policies, may adversely impact our business, financial condition, and results of operations.
[100] Item 1A, Risk Factors — The Hong Kong legal system embodies uncertainties which could limit the legal protections available to the Company.
[101] Item 1A, Risk Factors — Interpretation of PRC laws and the implementation of National Security Law in Hong Kong involve uncertainty.
[102] Item 1A, Risk Factors — We may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese anti-corruption law.
[103] Item 1A, Risk Factors — The PRC government may issue further restrictive measures in the future.
[104] Item 1A, Risk Factors — It may be difficult for overseas shareholders and/or regulators to conduct investigations or collect evidence within China.
[105] Item 1A, Risk Factors — Failure to comply with laws and regulations applicable to our business in China could subject us to fines and penalties and could also cause us to lose customers or otherwise harm our business.
[106] Item 1A, Risk Factors — The recent joint statement by the SEC, proposed rule changes submitted by NASDAQ, and an act passed by the U.S. Senate and the U.S. House of Representatives, all call for additional and more stringent criteria to be applied to U.S.-listed companies with significant operations in China. These developments could add uncertainties to our future offerings, business operations, share price and reputation.
[107] Item 1A, Risk Factors — Future sales of substantial amounts of the shares of Common Stock by existing shareholders could adversely affect the price of our Common Stock.
[108] Item 1A, Risk Factors — The market price of our shares is likely to be highly volatile and subject to wide fluctuations in response to factors such as:
[109] Item 1A, Risk Factors — If we issue 8,500,000 shares of Common Stock in the proposed Forekast share exchange, existing stockholders will experience substantial dilution.
[110] Item 1A, Risk Factors — If we issue 8,500,000 shares of Common Stock in the proposed Forekast share exchange, existing stockholders will experience substantial dilution.
[111] Item 1A, Risk Factors — In the event our shares trade under $5.00 per share, they will be considered penny stock. Trading in penny stocks has many restrictions, and these restrictions could severely affect the price and liquidity of our shares.
[112] Item 1A, Risk Factors — In the event our shares trade under $5.00 per share, they will be considered penny stock. Trading in penny stocks has many restrictions, and these restrictions could severely affect the price and liquidity of our shares.
[113] Item 1A, Risk Factors — We do not anticipate paying cash dividends on our Common Stock in the foreseeable future.
[114] Item 1A, Risk Factors — Together, our Chief Executive Officer, Mr. Lee, Chong Kuang, and our Chief Financial Officer, Mr. Loke, Che Chan Gilbert own a large percentage of our outstanding stock and could significantly influence the outcome of our corporate matters.
[115] Item 1A, Risk Factors — Together, our Chief Executive Officer, Mr. Lee, Chong Kuang, and our Chief Financial Officer, Mr. Loke, Che Chan Gilbert own a large percentage of our outstanding stock and could significantly influence the outcome of our corporate matters.
[116] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.
[117] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.
[118] Item 1A, Risk Factors — We are not currently profitable and may not become profitable.

Analysis on 5/21/2026

Recent Material Events

Jul 6, 2026Material Event

On June 30, 2026, Greenpro Capital Corp. entered into a subscription agreement with its CEO, Mr. Lee Chong Kuang, for a private placement of 65,591 shares of common stock at $1.5246 per share, generating $100,000 in gross proceeds. Following the offering, Mr. Lee holds 1,940,884 shares directly, representing 10.71% of outstanding common stock. Greenpro Capital Corp. is a financial services company providing investment and capital management services.

Jul 1, 2026Material Event

Greenpro Capital Corp. entered into a Confidential Settlement Agreement and Mutual Release of Claims with Millennium Fine Art Inc. on June 24, 2026, to resolve all claims from a Nevada state court action and JAMS arbitration regarding an alleged 2021 NFT-related contract. The settlement involves the Company paying $100,000 and surrendering 2,000,000 restricted shares of MFAI's Class B common stock, which represents the Company's entire equity interest in MFAI. Greenpro Capital Corp. is a financial services company providing investment and capital management services.

Jun 26, 2026Material Event

Greenpro Capital Corp. approved a 1-for-10 reverse stock split of its common stock, which is expected to be completed on or about July 26, 2026. The split is intended to increase the per-share trading price of its common stock to address negative perceptions of low-priced securities and support its digital banking license application. Greenpro Capital Corp. is a financial services company operating in the digital banking and capital markets sector.