Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document Information [Line Items] | |
Entity Registrant Name | Greenpro Capital Corp. |
Entity Central Index Key | 1,597,846 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Mar. 31, 2016 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 51,963,755 |
Trading Symbol | GRNQ |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,183,228 | $ 1,587,861 |
Accounts receivable | 167,054 | 186,162 |
Inventory – finished property | 3,747,732 | 3,746,977 |
Amounts due from a related company | 69,664 | 69,568 |
Prepayments and other receivables | 94,927 | 233,402 |
Total current assets | 5,262,605 | 5,823,970 |
Non-current assets: | ||
Investment Property, net | 1,018,092 | 1,030,009 |
Plant and equipment, net | 46,876 | 48,471 |
Cash surrender value of life insurance, net | 37,711 | 36,832 |
Investments in unconsolidated entities | 62,773 | 62,773 |
Intangible assets, net | 565,765 | 663,995 |
Goodwill | 1,472,729 | 1,402,316 |
Total non-current assets | 3,203,946 | 3,244,396 |
TOTAL ASSETS | 8,466,551 | 9,068,366 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 179,779 | 433,350 |
Deferred revenue | 174,547 | 174,547 |
Amounts due to related parties | 2,013,635 | 2,101,715 |
Amounts due to directors | 142,863 | 180,793 |
Current portion of long-term bank loans | 15,108 | 13,610 |
Income tax payable | 13,534 | 7,988 |
Total current liabilities | 2,539,466 | 2,912,003 |
Non-current liabilities | ||
Long-term bank loans | 642,734 | 592,318 |
Total liabilities | $ 3,182,200 | $ 3,504,321 |
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 100,000,000 shares authorized; no share issued and outstanding | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized; 51,963,755 shares issued and outstanding at March 31, 2016 and December 31, 2015 | $ 5,196 | $ 5,196 |
Additional paid in capital | 5,915,294 | 5,915,294 |
Accumulated other comprehensive income | 27,993 | 74,503 |
Accumulated deficit | (803,194) | (567,931) |
Total Greenpro Capital Corp. stockholders’ equity | 5,145,289 | 5,427,062 |
Non-controlling interest | 139,062 | 136,983 |
Total stockholders’ equity | 5,284,351 | 5,564,045 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 8,466,551 | $ 9,068,366 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 51,963,755 | 51,963,755 |
Common stock, shares outstanding | 51,963,755 | 51,963,755 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Operations) and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUES, NET | ||
- Rental income | $ 23,255 | $ 8,927 |
Related parties | 45,103 | 5,023 |
Unrelated parties | 383,305 | 324,073 |
Total revenues | 451,663 | 338,023 |
COST OF REVENUES | ||
- Cost of rental | (10,318) | (10,891) |
- Cost of service Unrelated parties | (225,739) | (128,723) |
Total cost of revenues | (236,057) | (139,614) |
GROSS PROFIT | 215,606 | 198,409 |
OPERATING EXPENSES: | ||
General and administrative | (416,816) | (235,597) |
LOSS FROM OPERATIONS | (201,210) | (37,188) |
OTHER EXPENSES: | ||
Interest expense | (26,385) | (8,757) |
LOSS BEFORE INCOME TAX AND NON-CONTROLLING INTEREST | (227,595) | $ (45,945) |
Income tax expense | (5,589) | |
NET LOSS BEFORE NON-CONTROLLING INTEREST | (233,184) | $ (45,945) |
Less: Net (loss) income attributable to non-controlling interest | (2,079) | 2,218 |
NET LOSS ATTRIBUTED TO GREENPRO CAPITAL CORP. COMMON STOCKHOLDERS | (235,263) | (43,727) |
Other comprehensive loss: | ||
- Foreign currency translation (loss) income | 46,510 | (8,550) |
COMPREHENSIVE LOSS | $ (188,753) | $ (52,277) |
NET LOSS PER SHARE, BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED | 51,963,755 | 22,422,800 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss before non-controlling interest | $ (233,184) | $ (45,945) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 39,506 | $ 9,809 |
Increase in cash surrender value on life insurance | (16,381) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 19,108 | $ (42,038) |
Inventory – finished property | (755) | |
Prepayments and other receivables | 139,598 | $ (1,041,166) |
Accounts payable and accrued liabilities | 20,892 | |
Receipt in advance | (40,114) | $ 456 |
Other payable and accrued liabilities | (238,249) | $ (46,854) |
Income tax payable | 5,546 | |
Net cash used in operating activities | (304,033) | $ (1,165,738) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (3,812) | $ (854) |
Refund for life insurance premium | 15,502 | |
Net cash (used in) provided by investing activities | $ 11,690 | $ (854) |
Cash flows from financing activities: | ||
Proceeds from non-controlling interest | 516 | |
Advances from / (repayments to) related parties | $ (107,311) | 1,470,781 |
Repayments to directors | (19,018) | (44,848) |
Repayment of bank borrowings | (3,665) | (3,674) |
Net cash (used in) provided by financing activities | (129,994) | 1,422,775 |
Effect of exchange rate changes in cash and cash equivalents | 17,704 | (3,316) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (404,633) | 252,867 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1,587,861 | 623,370 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 1,183,228 | $ 876,237 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income tax | ||
Cash paid for interest | $ 26,385 | $ 8,757 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1 BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (GAAP), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although Greenpro Capital Corp (the Company or GRNQ) believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for the fair presentation of the financial information for the interim periods reported have been made. Results of operations for the three months ended March 31, 2016, are not necessarily indicative of the results for the year ending December 31, 2016, or any period thereafter. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our annual report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission on March 30, 2016. |
Going Concern Uncertainties
Going Concern Uncertainties | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Going Concern Uncertainties | NOTE 2 GOING CONCERN UNCERTAINTIES The accompanying condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2016, the Company has an accumulated deficit of $803,194 and incurred a net operating loss of $235,263 for the three months ended March 31, 2016. The continuation of the Company as a going concern through December 31, 2016 is dependent upon improving the profitability and the continuing financial support from its stockholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Companys obligations as they become due. These and other factors raise substantial doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
Organization and Business Backg
Organization and Business Background | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | NOTE 3 ORGANIZATION AND BUSINESS BACKGROUND Greenpro, Inc. (the Company or GRNQ) was incorporated on July 19, 2013, in the state of Nevada. On May 6, 2015, the Company changed its name to Greenpro Capital Corp. The Company currently operates and provides a wide range of business solution services varying from cloud system resolution, financial consulting service and corporate accounting services to small and mid-size businesses located in Asia, with an initial focus in Hong Kong, China, and Malaysia. The Companys comprehensive range of services cover cloud accounting solutions, cross-border business solutions, record management services, and accounting outsourcing services. 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 is focused on establishing a business incubator for start-up and high growth companies to support them during their critical growth periods and investing in select start-up and high growth companies. Our venture capital business is focused on companies located in East Asia and Southeast Asia including Hong Kong, Malaysia, China, Thailand, and Singapore. Another one of our venture capital business segments is focused on rental activities of commercial properties and the sale of investment properties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. ● Basis of presentation The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP). ● Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All inter-company accounts and transactions have been eliminated in consolidation. The Company records income attributable to non-controlling interest in the condensed consolidated statements of operations for any non-owned portion of consolidated subsidiaries. Non-controlling interest is recorded within the equity section but separate from GRNQs equity in the condensed consolidated balance sheets. ● Use of estimates In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. The following are some of the areas requiring significant judgments and estimates: determinations of the useful lives of assets, estimates of allowances for doubtful accounts, cash flow and valuation assumptions in performing asset impairment tests of long-lived assets. ● Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. ● Accounts receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customers financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. ● Inventory finished property Inventory finished property represents a multi-unit property developed for resale on a unit by unit basis. Inventory is stated at cost unless the inventory is determined to be impaired in which case the impaired inventory is written down to fair value. The cost of inventory finished property includes the purchase price of property, legal fees, improvement costs to the building structure, and other acquisition costs. Project wide costs such as land acquisition and certain development costs are allocated to the specific units based upon their relative fair value before construction. All property is finished and ready for sale. In conducting its reviews for indicators of impairment, the Company evaluates, among other things, the margins on units already sold within the project, margins on units under contract but not closed (none as of March 31, 2016), and projected margin on future unit sales. The Company pays particular attention to discern if inventory is moving at a slower than expected pace or where margins are trending downward. As at March 31, 2016, the Company determined inventory finished property was not impaired. ● Investment Property Investment Property is stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Categories Expected useful life Residual value Leasehold land and buildings 50 years - Furniture and fixtures 3 - 10 years 5 % Office equipment 3 - 10 years 5% - 10 % Leasehold improvement Over the shorter of estimated useful life or term of lease - The cost of leasehold land and buildings includes the purchase price of property, legal fees, and other acquisition costs. Depreciation expense, classify as cost of rental, for the three months ended March 31, 2016 and 2015 were $7,899 and $8,212, respectively. ● Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Categories Expected useful life Residual value Furniture and fixtures 3 - 10 years 5 % Office equipment 3 - 10 years 5% - 10 % Leasehold improvement Over the shorter of estimated useful life or term of lease - Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. Depreciation expense, classify as operating expenses, for the three months ended March 31, 2016 and 2015 were $3,789 and $1,491, respectively. ● Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trade marks registered in Hong Kong, the PRC, and Malaysia, which are amortized on a straight-line basis over a useful life of ten years. Intangible assets acquired in business combinations are provisionally considered customer lists amortized on a straight-line basis over a useful life of five years. The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets carrying amounts. There were no impairment losses recorded on intangible assets for the three months ended March 31, 2016 and 2015. The Company completed the analysis to determine the fair value of customer relationships as of the acquisition date and adjusted the cost and accumulative amortization of customer relationships. The cost of customer relationships has been adjusted from $694,911 to $624,500 as of the acquisition data with a corresponding increase to Goodwill. The Company valued customer relationships using the income approach, specifically the multi-period excess earnings method. In determining the fair value of the customer relationships, the multi- period excess earnings approach values the intangible asset at the present value of the incremental after-tax cash flows attributable only to the customer relationship. And the adjusted amortization reflected in the current-period income statement that would have been recognized the adjustment to provisional amounts in previous period is amount of $3,521. Amortization expense for the three months ended March 31, 2016 and 2015 were $27,818 and $106, respectively. ● Goodwill Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities assumed in a business combination. With the provision of ASC 350 Goodwill and Other ● Impairment of long-lived assets Long-lived assets primarily include property, plant and equipment and intangible assets. In accordance with the provision of ASC Topic 360-10-5, Impairment or Disposal of Long-Lived Assets ● Cash value of life insurance The cash value of life insurance relates to the Company-owned life insurance policies on the general manager and executive corporate advisor of the Company, which is stated at the cash surrender value of the contract. ● Investments in unconsolidated entities Under the equity method of accounting, investments in unconsolidated entities are initially recognized in the consolidated balance sheet at cost and are subsequently adjusted to reflect the Companys proportionate share of net earnings or losses of the entity, distributions received, contributions and certain other adjustments, as appropriate. The Companys share of the income or loss of the unconsolidated entity is reflected in the consolidated statements of operations and will increase or decrease, as applicable, the carrying value of the Companys investments in unconsolidated entities on the consolidated balance sheet. When the investment cost in an unconsolidated entity is reduced to zero, the Company records no further losses in its consolidated statements of operations unless the Company has an outstanding guarantee obligation or has committed additional funding to the entity. When such entity subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Companys share of losses not previously recognized. ● Comprehensive income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Companys accumulated other comprehensive income consists of cumulative foreign currency translation adjustments. ● Revenue recognition The Company recognizes its revenue in accordance with ASC Topic 605, Revenue Recognition (a) Rental income Revenue from rental of leasehold land and buildings are recognized on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased assets. The Company leases its commercial office premises in Malaysia and Hong Kong under various non-cancelable operating leases with terms of two to three years and renewal options. For the three months ended March 31, 2016, the Company has recorded $23,255 in rental revenue, based upon its annual rental over the life of the lease under operating lease, using straight-line method. (b) Service income Revenue from the provision of (i) business consulting and advisory services and (ii) company secretarial, accounting and financial review services are recognized when there is (i) an existence of contract or an arrangement (ii) services are rendered, (iii) the service price is fixed or determinable, and (iv) collectability is reasonable assured. (c) Sale of properties Revenue from the sale of properties is recognized at the time each unit is delivered and title and possession are transferred to the buyer. Specifically, the Company utilizes the full accrual method where recognition occurs when (i) the collectability of the sales price is reasonably assured, (ii) the seller is not obligated to perform significant activities after the sale, (iii) the initial investment from the buyer is sufficient, and (iv) the Company recognizes revenue when it satisfies a performance obligation by transferring control of a promised property to a customer. Revenue on sales of properties may be deferred in whole or in part until the requirements for revenue recognition have been met. ● Cost of revenues Cost of revenue on rental shown on the accompanying statements of operations include costs associated with government rent and rates, repairs and maintenance, property insurance, depreciation and other related administrative costs. Property management fee and utility expenses are paid directly by tenants. Costs of revenue on provision of services primarily consist of employee compensation and related payroll benefits, company formation cost and other professional fees directly attributable to cost in related to the services rendered. Cost of revenues on sale of properties primary consist of the purchase price of property, legal fees, improvement costs to the building structure, and other acquisition costs. Selling and advertising costs are expensed as incurred. ● Non-controlling interest Non-controlling interest represents the capital contribution, income and loss attributable to the shareholders of less than wholly-owned and consolidated entities. ● Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Hong Kong, Malaysia and China and is subject to tax in its own jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. ● Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company is the United States Dollars (US$) and the accompanying financial statements have been expressed in US$. In addition, the Companys operating subsidiaries maintain their books and record in a local currency, Malaysian Ringgit (MYR), Renminbi (RMB), and Hong Kong Dollars (HK$), which is also the respective functional currencies for each subsidiary as they are the primary currency of the economic environment in which each subsidiary operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, Translation of Financial Statement Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the three months ended March 31, 2016 2015 Period-end MYR : US$1 exchange rate 3.93 3.71 Period-average MYR : US$1 exchange rate 3.85 3.54 Period-end RMB : US$1 exchange rate 6.46 6.11 Period-average RMB : US$1 exchange rate 6.27 6.14 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 ● Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. ● Segment reporting ASC Topic 280, Segment Reporting ● Fair value of financial instruments The carrying value of the Companys financial instruments: cash and cash equivalents, accounts receivable, deposits, prepayments and other receivables, accounts payable, receipts in advance, loan from shareholders, amounts due to directors, amount due to related companies, amount due to non-controlling interest party, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 ● Recent accounting pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after January December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15), which establishes managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2014-15 on the Companys financial statement presentation and disclosures. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16) , which eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. This guidance is effective for us for the quarter ending March 31, 2016. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 5 BUSINESS COMBINATIONS On September 30, 2015, GRNQ completed the business purchase of 100% equity interest and assets of Falcon Secretaries Limited, Ace Corporate Services Limited, and Shenzhen Falcon Financial Consulting Limited (Collectively known as F&A). On the same day, GRNQ completed the business purchase of 60% equity interest and assets of Yabez (Hong Kong) Company Limited (Yabez). As of the acquisition date, the preliminary allocations of the purchase price are stated as follows: F&A Yabez Total Plant and equipment $ 1,270 $ 3,026 $ 4,296 Accounts receivable 103,578 39,435 143,013 Prepayments, deposits and other receivables 5,467 6,479 11,946 Cash and cash equivalents 21,521 29,049 50,570 Accounts payable and accrued liabilities (129,039 ) (39,627 ) (168,666 ) Provisional Intangible assets customer relationship 449,500 175,000 624,500 Provisional Goodwill 1,211,863 260,866 1,472,729 Provisional fair values of F&A and Yabez respectively $ 1,664,160 $ 474,228 $ 2,138,388 Non-controlling interest - (85,291 ) (85,291 ) Total purchase considerations* $ 1,664,160 $ 388,937 $ 2,053,097 *Total purchase considerations were consisted of 2,080,200 and 486,171 shares of GRNQ common stock, which is priced at 0.8 per share, for F&A and Yabez respectively. Goodwill of $1,472,729, which is approximately the amount of goodwill deductible for U.S. income tax purposes, represents the premium the Company paid over the fair value of the net tangible and identifiable intangible assets it acquired. The Company paid this premium because the acquisition of F&A and Yabez will, among other things, significantly broadened the Company's corporate advisory services rendered in Hong Kong and China market. In addition, the Company paid this premium to acquire established customer relationships in the corporate advisory businesses. The allocation of the purchase price to the assets and liabilities above is subject to change as the Company finalizes purchase accounting. The Company is in the process of finalizing the valuation of intangible assets. During the first quarter of 2016, the Company adjusted the intangible asset to recognize an aggregate increase of $70,413 in Goodwill. The fair value of intangible asset at the acquisition date was determined based on the present value of the incremental after-tax cash flows attributable only to the customer relationship by multi-period excess earnings approach. As of March 31, 2016, the Company recorded provisional goodwill of $1,472,729. The unaudited pro forma information for F&A and Yabez below present statement of operations data for the three months ended March 2015 as if the acquisition of F&A and Yabez took place on January 1, 2015. F&A and Yabez For the three months ended F&A and Yabez For the three months ended (unaudited) (unaudited) Revenue $ 214,091 $ 180,182 Gross profit 140,121 91,188 Operating loss (7,051 ) (11,277 ) Net loss $ (9,144 ) $ (12,098 ) Earnings (Loss) per share $ (0.00 ) $ (0.00 ) |
Investment Property
Investment Property | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Investment Property | NOTE 6 INVESTMENT PROPERTY 2016 2015 Leasehold land and buildings for rental purpose $ 1,044,213 $ 1,044,213 Furniture and fixtures 62,151 62,151 Office equipment 10,166 8,514 Leasehold improvement 84,907 84,907 1,201,437 1,199,785 Less: Accumulated depreciation (183,345 ) (169,776 ) Total $ 1,018,092 $ 1,030,009 Depreciation expense, classify as cost of rental, was $7,899 and $8,212 for the three months ended March 31, 2016 and 2015 respectively. |
Plant and Equipment
Plant and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | NOTE 7 PLANT AND EQUIPMENT 2016 2015 Furniture and fixtures $ 26,879 $ 33,028 Office equipment 27,373 26,096 Leasehold improvement 13,992 12,074 68,244 71,198 Less: Accumulated depreciation (21,368 ) (22,727 ) Total $ 46,876 $ 48,471 Depreciation expense, classify as operating expenses, was $3,789 and $1,491 for the three months ended March 2016 and 2015 respectively. |
Cash Surrender Value of Life In
Cash Surrender Value of Life Insurance | 3 Months Ended |
Mar. 31, 2016 | |
Cash Surrender Value Of Life Insurance | |
Cash Surrender Value of Life Insurance | NOTE 8 CASH SURRENDER VALUE OF LIFE INSURANCE On September 9, 2013, the Company purchased insurance on the life of the General Manager of the Company. As beneficiary, the Company receives the cash surrender value if the policy is terminated and, upon death of the insured, receives all benefits payable. Net cash surrender value of this life insurance is presented in the accompanying financial statement, net of surrender charge. On May 15, 2015, the Company purchased additional insurance on the life of an Executive Corporate Advisor of the Company. As beneficiary, the Company receives the cash surrender value if the policy is terminated and, upon death of the insured, receives all benefits payable. The cash surrender value of this life insurance is pledged as collateral against HK$902,663 (approximately $116,473) credit facility with Hang Seng Bank Limited. Cash value of this life insurance is presented in the accompanying financial statement, net of the policy loan. The loan carries interest at an effective rate of 1.75% per annum over 1-month Hong Kong Interbank Offered Rate (HIBOR), payable with one lump sum on maturity in May 2016, which are secured by the cash value of the life insurance policy and personally guaranteed by Mr. Lee Chong Kuang and Mr. Loke Che Chan Gilbert, the directors of the Company. A summary of net cash surrender values of life insurance as of March 31, 2016 and December 31, 2015 are reported as below: As of March 31, 2016 As of December 31, 2015 Cash surrender value of life insurance $ 154,184 $ 153,305 Less: policy loan balance outstanding (116,473 ) (116,473 ) Cash surrender value of life insurance, net $ 37,711 $ 36,832 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Investments in Unconsolidated Entities | NOTE 9 INVESTMENTS IN UNCONSOLIDATED ENTITIES As of March 31, 2016, the Company invested in five different unconsolidated entities, which the Companys ownership ranges from 20% to 30%, and are accounted for under the equity method of accounting, with initial investment amount of $11,000. The Company recognized its share of loss on investments in unconsolidated entities of $5,100. As of March 31, 2016, the Company invested in Greenpro Trust Limited with initial investment amount of $56,773. Greenpro Trust Limited is a company incorporated in Hong Kong with 3,400,000 ordinary shares authorized, issued and outstanding at a par value of HK$1 (approximately $0.129). Mr. Lee Chong Kuang and Mr. Loke Che Chan, Gilbert are the common directors of Greenpro Trust Limited and the Company. Combined summarized financial information for all the unconsolidated entities are as follows: As of March 31, 2016 As of December 31, 2015 Total assets $ 5,042,243 $ 1,610,416 Total liabilities $ 1,538,120 $ 999,591 For three months ended March 31, 2016 For three months ended December 31, 2015 Revenue $ 87,267 $ 60,617 Net loss for the periods end respectively $ 602,887 $ 477,834 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | NOTE 10 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of: 2016 2015 Accounts payable $ 20,892 $ - Receipts in advance 16,509 55,187 Other payables and accrued liabilities 142,378 378,163 Total $ 179,779 $ 433,350 |
Amounts Due To Related Parties
Amounts Due To Related Parties | 3 Months Ended |
Mar. 31, 2016 | |
Due to Related Parties [Abstract] | |
Amounts Due To Related Parties | NOTE 11 AMOUNTS DUE TO RELATED PARTIES 2016 2015 Amounts due to shareholders $ 546,278 $ 505,327 Amount due to non-controlling interest party 1,467,357 1,596,388 Amount due to a related company - - Total $ 2,013,635 $ 2,101,715 As of March 31, 2016, a shareholder advanced $500,000 to the Company, which is unsecured, bears interest at 12% per annum and payable with one lump sum in September 2016 upon maturity, for the purpose of business development. The remaining amounts of $46,278 are temporary advances made to the Company by various shareholders, which are unsecured, interest-free and are payable on demand, for working capital purpose. As of March 31, 2016, the non-controlling interest party of Forward Win International Limited advanced $1,467,357 to the Company, which is unsecured, bears no interest and payable upon demand, for the purchase of real properties for trading purpose. |
Amounts Due To Directors
Amounts Due To Directors | 3 Months Ended |
Mar. 31, 2016 | |
Amounts Due To Directors | |
Amounts Due To Directors | NOTE 12 AMOUNTS DUE TO DIRECTORS As of March 31, 2016, the directors of the Company advanced collectively $142,863 to the Company, which is unsecured, bears no interest and is payable upon demand, for working capital purpose. Imputed interest is considered insignificant. |
Long-Term Bank Loans
Long-Term Bank Loans | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Bank Loans | NOTE 13 LONG-TERM BANK LOANS 2016 2015 Bank loans from financial institutions in Malaysia Standard Chartered Saadiq Berhad $ 392,269 $ 361,596 United Overseas Bank (Malaysia) Berhad 265,573 244,332 657,842 605,928 Less: current portion (15,108 ) (13,610 ) Bank loan, net of current portion $ 642,734 $ 592,318 In May 2013, the Company obtained a loan in the principal amount of MYR1,629,744 (approximately $495,170) from Standard Chartered Saadiq Berhad, a financial institution in Malaysia to finance the acquisition of leasehold office units at Skypark One City, Selangor in Kulua Lumpur, Malaysia which bears interest at the base lending rate less 2.1% per annum with 300 monthly installments of MYR9,287 (approximately $2,840) each and will mature in May 2038. The mortgage loan is secured by (i) the first legal charge over the property, (ii) personally guaranteed by Mr. Lee Chong Kuang and Mr. Loke Che Chan Gilbert, the directors of the Company, and (iii) corporate guaranteed by a related company which controlled by the directors of the Company. In August 2013, the Company, through Mr. Lee Chong Kuang, the director of the Company, obtained a loan in the principal amount of MYR1,074,696 (approximately $326,530) from United Overseas Bank (Malaysia) Berhad, a financial institution in Malaysia to finance the acquisition of a leasehold office unit at Northpoint, Mid Valley City in Kulua Lumpur, Malaysia which bears interest at the base lending rate less 2.2% per annum with 360 monthly installments of MYR5,382 (approximately $1,645) each and will mature in August 2043. The mortgage loan is secured by the first legal charge over the property. Maturities of the long-term bank loans for each of the five years and thereafter following March 31, 2016 are as follows: Year ending March 31: 2017 $ 15,108 2018 15,828 2019 16,582 2020 17,296 2021 18,197 Thereafter 574,831 Total $ 657,842 For the three months ended March 31, 2016 and 2015, the base lending rate is 6.85% per annum. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | NOTE 14 COMMON STOCK For the three months ended March 31, 2016, the company had not issued any common stock. As of March 31, 2016, the company has 51,963,755 shares issued and outstanding. There are no shares of preferred stock issued and outstanding. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 15 INCOME TAXES The (loss) income before income taxes of the Company for the three months ended March 31, 2016 and 2015 were comprised of the following: For the three months ended March 31, 2016 2015 Tax jurisdictions from: Local $ (286,206 ) $ (133,484 ) Foreign, representing: BVI (102 ) (2,921 ) Belize 67,271 109,723 Anguilla 1,669 (3,149 ) Malaysia (2,223 ) (16,472 ) Hong Kong 1,400 1,688 The PRC (9,404 ) (1,330 ) Loss before income taxes $ (227,595 ) $ (45,945 ) Provision for income taxes consisted of the following: For the three months ended March 31, 2016 2015 Current: Local $ - $ - Foreign, representing: BVI - - Belize - - Anguilla - - Hong Kong 5,589 - The PRC - - Malaysia - - Deferred: Local - - Foreign - - $ 5,589 $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the periods presented, the Company has a number of subsidiaries that operates in different countries and is subject to tax in the jurisdictions in which its subsidiaries operate, as follows: United States of America GRNQ is registered in the State of Nevada and is subject to United States of America tax law. As of March 31, 2016, the operations in the United States of America incurred $734,628 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2033, if unutilized. The Company has provided for a full valuation allowance of approximately $257,000 against the deferred tax assets on the expected future tax benefits from the net operating loss carryforwards as the management believes it is not likely that these assets will not be realized in the future. British Virgin Islands Under the current BVI law, the Companys subsidiaries are not subject to tax on income. No provision for income tax is required due to operating loss incurred. Belize Under the current Laws of Belize, the Companys subsidiaries are registered as a Belizean International Business Corporation which is subject to 0% income tax rate. Anguilla Under the current laws of the Anguilla, Greenpro Venture Capital Limited (GPVC) and Greenpro Venture CAP (CGN) Limited (GPVCCGN) are registered as an international business company which governs by the International Business Companies Act of Anguilla and there is no income tax charged in Anguilla. For the years ended March 31, 2016 and 2015, the GPVC and GPVCCGN incurred aggregated net operating profit of $1,669 and net operating loss of $3,149, respectively. Hong Kong All of the Companys subsidiaries operating in Hong Kong subject to the Hong Kong Profits Tax, which is charged at the statutory income tax rate of 16.5% on its assessable income for its tax year. A reconciliation of income (loss) before income taxes to the effective tax rate as follows: For the three months ended March 31, 2016 2015 Subsidiary with operating income before income tax $ 50,253 $ 7,395 Subsidiaries with loss before income tax (21,148 ) (5,707 ) Net income before income tax 29,105 1,688 Subsidiary with operating income before income tax $ 50,253 $ 7,395 Statutory income tax rate 16.5 % 16.5 % Income tax at Hong Kong statutory income tax rate 8,291 1,220 Tax effect of tax loss brought forward - (1,220 ) Tax effect of tax reduction (2,702 ) - Income tax expense $ 5,589 $ - Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. There was no significant temporary difference as of March 31, 2016, therefore no deferred tax assets or liabilities have been recognized. The PRC Greenpro Management Consultancy (Shenzhen) Limited (GMC(SZ)) and Shenzhen Falcon Financial Consulting Limited (SZ Falcon) are operating in the PRC subject to the Corporate Income Tax governed by the Income Tax Law of the Peoples Republic of China with a unified statutory income tax rate of 25%. For the three ended March 31, 2016 and 2015, the GMC(SZ) and SZ Falcon incurred aggregated net operating loss of $9,404 and $1,330, respectively. Malaysia Greenpro Resources Sdn Bhd (GRSB) and Greenpro Capital Village Sdn Bhd (GCVSB) are subject to the Malaysia Corporate Tax Laws at a progressive income tax rate starting from 20% on the assessable income for its tax year. For the three months ended March 31, 2016 and 2015, GRSB and GCVSB incurred an aggregated operating loss of $2,223 and $16,472, respectively which can be carried forward indefinitely to offset its taxable income. The Company has provided for a full valuation allowance against the deferred tax assets of $32,934 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of March 31, 2016 and December 31, 2015: As of March 31, 2016 December 31, 2015 (unaudited) (audited) Deferred tax assets: Net operating loss carryforwards United States of America $ 257,000 $ 146,000 The PRC 52,037 49,686 Malaysia 32,934 32,490 341,971 228,176 Less: valuation allowance (341,971 ) (228,176 ) Deferred tax assets $ - $ - Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $341,971 as of March 31, 2016. During the three months ended March 31, 2016, the valuation allowance increased by $113,795, primarily relating to net operating loss carry forwards from the various tax regime. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 16 RELATED PARTY TRANSACTIONS For the three months ended March 31, 2016 2015 Business consulting and advisory service income - Related party A $ 32,973 $ 3,000 - Related party B - 2,023 - Related party C 11,540 - - Related party D 590 - $ 45,103 $ 5,023 Related party A is under common control of Mr. Loke Che Chan, Gilbert, the director of the Company. Related party B and C is under common control of Ms. Chen Yanhong, the director of GMC(SZ), a wholly-owned subsidiary of the Company. Related party D is under common control of Mr. Lee Chong Kuang and Mr. Loke Che Chan, Gilbert, the directors of the Company. All of these related party transactions are generally transacted in an arm-length basis at the current market value in the normal course of business. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 17 SEGMENT INFORMATION The Company operates three reportable business segments, as defined by ASC Topic 280: ● Service business provision of business solution services ● Real estate business leasing and trading of commercial real estate properties in Hong Kong and Malaysia ● Corporate other than the above two-segments The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 4). The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Companys reportable segments is shown as below: (a) By Categories For the three months ended March 31, 2016 Real estate business Service business Corporate Total Revenues $ 23,255 $ 428,408 $ - $ 451,663 Cost of revenues (10,318 ) (225,739 ) - (236,057 ) Gross income 12,937 202,669 - 215,606 Depreciation and amortization 7,899 3,789 27,818 39,506 Net loss (6,000 ) (219,540 ) (9,723 ) (235,263 ) Total assets 5,009,139 3,274,234 183,178 8,466,551 Expenditure for long-lived assets $ 1,686 $ 2,126 $ - $ 3,812 For the three months ended March 31, 2015 Real estate business Service business Corporate Total Revenues $ 8,927 $ 329,096 $ - $ 338,023 Cost of revenues (10,891 ) (128,723 ) - (139,614 ) Gross income (1,964 ) 200,373 - 198,409 Depreciation and amortization 8,212 1,491 106 9,809 Net loss (15,655 ) (24,763 ) (3,309 ) (43,727 ) Total assets 2,466,672 1,001,177 81,405 3,549,254 Expenditure for long-lived assets $ 492 $ 362 $ - $ 854 |
Concentrations of Risks
Concentrations of Risks | 3 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risks | NOTE 18 CONCENTRATIONS OF RISKS (a) Major customers For Service income: For the three months ended March 31, 2016, the customers who accounted for 10% or more of the Service income are presented as follows: For the three months ended March 31, 2016 As of March 31, 2016 Revenues Percentage of revenues Trade accounts receivable Customer A $ 60,000 11 % $ - Total: $ 60,000 11 % $ - For the three months ended March 31, 2015, the customers who accounted for 10% or more of the Service income are presented as follows: For the three months ended March 31, 2015 As of March 31, 2015 Revenues Percentage of revenues Trade accounts receivable Customer B $ 140,000 43 % $ - Total: $ 140,000 43 % $ - For Sale of properties: For the three months ended March 31, 2016 and 2015, there was no revenue generated from sale of properties. (b) Major vendors For the three months ended March 31, 2016 and 2015, there was no vendor who accounted for 10% or more of the Companys cost of revenues with no accounts payable balance at year-end. (c) Credit risk Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. (d) Interest rate risk As the Company has no significant interest-bearing assets, the Companys income and operating cash flows are substantially independent of changes in market interest rates. The Companys interest-rate risk arises from bank loans. The Company manages interest rate risk by varying the issuance and maturity dates variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. (e) Exchange rate risk The reporting currency of the Company is US$, to date the majority of the revenues and costs are denominated in MYR and RMB and a significant portion of the assets and liabilities are denominated in MYR and RMB. As a result, the Company is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$, MYR and RMB. If MYR and RMB depreciates against US$, the value of MYR and RMB revenues and assets as expressed in US$ financial statements will decline. The Company does not hold any derivative or other financial instruments that expose it to substantial market risk. (f) Economic and political risks Substantially all of the Companys services are conducted in Malaysia, the PRC and Asian region. The Companys operations are subject to various political, economic, and other risks and uncertainties inherent in Malaysia. Among other risks, the Companys operations are subject to the risks of restrictions on transfer of funds; export duties, quotas, and embargoes; domestic and international customs and tariffs; changing taxation policies; foreign exchange restrictions; and political conditions and governmental regulations in Malaysia. The Companys operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Companys results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 19 COMMITMENTS AND CONTINGENCIES GRNQ leases an office premises in Hong Kong under a non-cancellable operating lease that expire in August 2016. The leases, which cover a term of two years, generally provide for renewal options at specified rental amounts. The Companys subsidiaries lease certain office premises in the PRC under a non-cancellable operating lease that expire in December 2017. The leases, which cover a term of two years, generally provide for renewal options at specified rental amounts. The aggregate lease expense for the three months ended March 31, 2016 and 2015 were $71,165 and $37,043, respectively. As of March 31, 2016, the Company has future minimum rental payments of $158,603 for office premises due under a non-cancellable operating lease in the next twelve months. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 20 SUBSEQUENT EVENTS In accordance with ASC Topic 855, Subsequent Events The Company mutually agreed with Lepora Holdings Corporation and CGN Nanotech Inc. regarding the withdrawal of shares subscribed, and to release each other from any and all claims and/or obligations arising under the Subscription Agreement. Since April 1, 2016, the Company has not owned any shares of Lepora Holdings Corporation and CGN Nanotech Inc. On May 11, 2016, the Greenpro Holding Limited incorporated Greenpro Capital Pty Ltd with 50% shareholding, remaining 50% was held by Mohammad Reza Masoumi Al Agha. The subsidiary becomes the new business arm which provides corporate advisory services such as strategic planning, cross-border business solution and advisory, transaction services. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | ● Basis of presentation The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP). |
Basis of Consolidation | ● Basis of consolidation The condensed consolidated financial statements include the accounts of the Company and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All inter-company accounts and transactions have been eliminated in consolidation. The Company records income attributable to non-controlling interest in the condensed consolidated statements of operations for any non-owned portion of consolidated subsidiaries. Non-controlling interest is recorded within the equity section but separate from GRNQs equity in the condensed consolidated balance sheets. |
Use of Estimates | ● Use of estimates In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates. The following are some of the areas requiring significant judgments and estimates: determinations of the useful lives of assets, estimates of allowances for doubtful accounts, cash flow and valuation assumptions in performing asset impairment tests of long-lived assets. |
Cash and Cash Equivalents | ● Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Accounts Receivable | ● Accounts receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts and do not bear interest, which are due on demand. Management reviews the adequacy of the allowance for doubtful accounts on an ongoing basis, using historical collection trends and aging of receivables. Management also periodically evaluates individual customers financial condition, credit history, and the current economic conditions to make adjustments in the allowance when it is considered necessary. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Inventory - finished property | ● Inventory finished property Inventory finished property represents a multi-unit property developed for resale on a unit by unit basis. Inventory is stated at cost unless the inventory is determined to be impaired in which case the impaired inventory is written down to fair value. The cost of inventory finished property includes the purchase price of property, legal fees, improvement costs to the building structure, and other acquisition costs. Project wide costs such as land acquisition and certain development costs are allocated to the specific units based upon their relative fair value before construction. All property is finished and ready for sale. In conducting its reviews for indicators of impairment, the Company evaluates, among other things, the margins on units already sold within the project, margins on units under contract but not closed (none as of March 31, 2016), and projected margin on future unit sales. The Company pays particular attention to discern if inventory is moving at a slower than expected pace or where margins are trending downward. As at March 31, 2016, the Company determined inventory finished property was not impaired. |
Investment Property | ● Investment Property Investment Property is stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Categories Expected useful life Residual value Leasehold land and buildings 50 years - Furniture and fixtures 3 - 10 years 5 % Office equipment 3 - 10 years 5% - 10 % Leasehold improvement Over the shorter of estimated useful life or term of lease - The cost of leasehold land and buildings includes the purchase price of property, legal fees, and other acquisition costs. Depreciation expense, classify as cost of rental, for the three months ended March 31, 2016 and 2015 were $7,899 and $8,212, respectively. |
Plant and Equipment | ● Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Categories Expected useful life Residual value Furniture and fixtures 3 - 10 years 5 % Office equipment 3 - 10 years 5% - 10 % Leasehold improvement Over the shorter of estimated useful life or term of lease - Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of operations. Depreciation expense, classify as operating expenses, for the three months ended March 31, 2016 and 2015 were $3,789 and $1,491, respectively. |
Intangible Assets | ● Intangible assets Intangible assets are stated at cost less accumulated amortization. Intangible assets represented the registration costs of trade marks registered in Hong Kong, the PRC, and Malaysia, which are amortized on a straight-line basis over a useful life of ten years. Intangible assets acquired in business combinations are provisionally considered customer lists amortized on a straight-line basis over a useful life of five years. The Company follows ASC Topic 350 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets carrying amounts. There were no impairment losses recorded on intangible assets for the three months ended March 31, 2016 and 2015. The Company completed the analysis to determine the fair value of customer relationships as of the acquisition date and adjusted the cost and accumulative amortization of customer relationships. The cost of customer relationships has been adjusted from $694,911 to $624,500 as of the acquisition data with a corresponding increase to Goodwill. The Company valued customer relationships using the income approach, specifically the multi-period excess earnings method. In determining the fair value of the customer relationships, the multi- period excess earnings approach values the intangible asset at the present value of the incremental after-tax cash flows attributable only to the customer relationship. And the adjusted amortization reflected in the current-period income statement that would have been recognized the adjustment to provisional amounts in previous period is amount of $3,521. Amortization expense for the three months ended March 31, 2016 and 2015 were $27,818 and $106, respectively. |
Goodwill | ● Goodwill Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities assumed in a business combination. With the provision of ASC 350 Goodwill and Other |
Impairment of Long-lived Assets | ● Impairment of long-lived assets Long-lived assets primarily include property, plant and equipment and intangible assets. In accordance with the provision of ASC Topic 360-10-5, Impairment or Disposal of Long-Lived Assets |
Cash Value of Life Insurance | ● Cash value of life insurance The cash value of life insurance relates to the Company-owned life insurance policies on the general manager and executive corporate advisor of the Company, which is stated at the cash surrender value of the contract. |
Investments in Unconsolidated Entities | ● Investments in unconsolidated entities Under the equity method of accounting, investments in unconsolidated entities are initially recognized in the consolidated balance sheet at cost and are subsequently adjusted to reflect the Companys proportionate share of net earnings or losses of the entity, distributions received, contributions and certain other adjustments, as appropriate. The Companys share of the income or loss of the unconsolidated entity is reflected in the consolidated statements of operations and will increase or decrease, as applicable, the carrying value of the Companys investments in unconsolidated entities on the consolidated balance sheet. When the investment cost in an unconsolidated entity is reduced to zero, the Company records no further losses in its consolidated statements of operations unless the Company has an outstanding guarantee obligation or has committed additional funding to the entity. When such entity subsequently reports income, the Company will not record its share of such income until it exceeds the amount of the Companys share of losses not previously recognized. |
Comprehensive Income | ● Comprehensive income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Companys accumulated other comprehensive income consists of cumulative foreign currency translation adjustments. |
Revenue Recognition | ● Revenue recognition The Company recognizes its revenue in accordance with ASC Topic 605, Revenue Recognition (a) Rental income Revenue from rental of leasehold land and buildings are recognized on a straight-line basis over the lease term when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased assets. The Company leases its commercial office premises in Malaysia and Hong Kong under various non-cancelable operating leases with terms of two to three years and renewal options. For the three months ended March 31, 2016, the Company has recorded $23,255 in rental revenue, based upon its annual rental over the life of the lease under operating lease, using straight-line method. (b) Service income Revenue from the provision of (i) business consulting and advisory services and (ii) company secretarial, accounting and financial review services are recognized when there is (i) an existence of contract or an arrangement (ii) services are rendered, (iii) the service price is fixed or determinable, and (iv) collectability is reasonable assured. (c) Sale of properties Revenue from the sale of properties is recognized at the time each unit is delivered and title and possession are transferred to the buyer. Specifically, the Company utilizes the full accrual method where recognition occurs when (i) the collectability of the sales price is reasonably assured, (ii) the seller is not obligated to perform significant activities after the sale, (iii) the initial investment from the buyer is sufficient, and (iv) the Company recognizes revenue when it satisfies a performance obligation by transferring control of a promised property to a customer. Revenue on sales of properties may be deferred in whole or in part until the requirements for revenue recognition have been met. |
Cost of Revenues | ● Cost of revenues Cost of revenue on rental shown on the accompanying statements of operations include costs associated with government rent and rates, repairs and maintenance, property insurance, depreciation and other related administrative costs. Property management fee and utility expenses are paid directly by tenants. Costs of revenue on provision of services primarily consist of employee compensation and related payroll benefits, company formation cost and other professional fees directly attributable to cost in related to the services rendered. Cost of revenues on sale of properties primary consist of the purchase price of property, legal fees, improvement costs to the building structure, and other acquisition costs. Selling and advertising costs are expensed as incurred. |
Non-controlling Interest | ● Non-controlling interest Non-controlling interest represents the capital contribution, income and loss attributable to the shareholders of less than wholly-owned and consolidated entities. |
Income Taxes | ● Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company conducts major businesses in Hong Kong, Malaysia and China and is subject to tax in its own jurisdiction. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. |
Foreign Currencies Translation | ● Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company is the United States Dollars (US$) and the accompanying financial statements have been expressed in US$. In addition, the Companys operating subsidiaries maintain their books and record in a local currency, Malaysian Ringgit (MYR), Renminbi (RMB), and Hong Kong Dollars (HK$), which is also the respective functional currencies for each subsidiary as they are the primary currency of the economic environment in which each subsidiary operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, Translation of Financial Statement Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the three months ended March 31, 2016 2015 Period-end MYR : US$1 exchange rate 3.93 3.71 Period-average MYR : US$1 exchange rate 3.85 3.54 Period-end RMB : US$1 exchange rate 6.46 6.11 Period-average RMB : US$1 exchange rate 6.27 6.14 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 |
Related Parties | ● Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Segment Reporting | ● Segment reporting ASC Topic 280, Segment Reporting |
Fair Value of Financial Instruments | ● Fair value of financial instruments The carrying value of the Companys financial instruments: cash and cash equivalents, accounts receivable, deposits, prepayments and other receivables, accounts payable, receipts in advance, loan from shareholders, amounts due to directors, amount due to related companies, amount due to non-controlling interest party, and other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. The Company follows the guidance of the ASC Topic 820-10, Fair Value Measurements and Disclosures ● Level 1 ● Level 2 ● Level 3 |
Recent Accounting Pronouncements | ● Recent accounting pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 supersedes the revenue recognition requirements in Revenue Recognition (Topic 605), and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after January December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. Management is currently assessing the impact the adoption of ASU 2014-09 and has not determined the effect of the standard on our ongoing financial reporting. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15), which establishes managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term substantial doubt and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is currently evaluating the impact the adoption of ASU 2014-15 on the Companys financial statement presentation and disclosures. We do not expect the adoption of this new standard to have a material impact on our consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16) , which eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. This guidance is effective for us for the quarter ending March 31, 2016. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Property and Equipment | Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Categories Expected useful life Residual value Leasehold land and buildings 50 years - Furniture and fixtures 3 - 10 years 5 % Office equipment 3 - 10 years 5% - 10 % Leasehold improvement Over the shorter of estimated useful life or term of lease - Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Categories Expected useful life Residual value Furniture and fixtures 3 - 10 years 5 % Office equipment 3 - 10 years 5% - 10 % Leasehold improvement Over the shorter of estimated useful life or term of lease - |
Foreign Currencies Translation | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the three months ended March 31, 2016 2015 Period-end MYR : US$1 exchange rate 3.93 3.71 Period-average MYR : US$1 exchange rate 3.85 3.54 Period-end RMB : US$1 exchange rate 6.46 6.11 Period-average RMB : US$1 exchange rate 6.27 6.14 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 |
Business Combination (Tables)
Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Fair Value of Assets Acquired and Liabilities | As of the acquisition date, the preliminary allocations of the purchase price are stated as follows: F&A Yabez Total Plant and equipment $ 1,270 $ 3,026 $ 4,296 Accounts receivable 103,578 39,435 143,013 Prepayments, deposits and other receivables 5,467 6,479 11,946 Cash and cash equivalents 21,521 29,049 50,570 Accounts payable and accrued liabilities (129,039 ) (39,627 ) (168,666 ) Provisional Intangible assets customer relationship 449,500 175,000 624,500 Provisional Goodwill 1,211,863 260,866 1,472,729 Provisional fair values of F&A and Yabez respectively $ 1,664,160 $ 474,228 $ 2,138,388 Non-controlling interest - (85,291 ) (85,291 ) Total purchase considerations* $ 1,664,160 $ 388,937 $ 2,053,097 *Total purchase considerations were consisted of 2,080,200 and 486,171 shares of GRNQ common stock, which is priced at 0.8 per share, for F&A and Yabez respectively. |
Pre-acquisition Aggregated Amounts of Revenue and Earnings | The unaudited pro forma information for F&A and Yabez below present statement of operations data for the three months ended March 2015 as if the acquisition of F&A and Yabez took place on January 1, 2015. F&A and Yabez For the three months ended F&A and Yabez For the three months ended (unaudited) (unaudited) Revenue $ 214,091 $ 180,182 Gross profit 140,121 91,188 Operating loss (7,051 ) (11,277 ) Net loss $ (9,144 ) $ (12,098 ) Earnings (Loss) per share $ (0.00 ) $ (0.00 ) |
Investment Property (Tables)
Investment Property (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Investment Propeties | 2016 2015 Leasehold land and buildings for rental purpose $ 1,044,213 $ 1,044,213 Furniture and fixtures 62,151 62,151 Office equipment 10,166 8,514 Leasehold improvement 84,907 84,907 1,201,437 1,199,785 Less: Accumulated depreciation (183,345 ) (169,776 ) Total $ 1,018,092 $ 1,030,009 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property Plant and Equipment | 2016 2015 Furniture and fixtures $ 26,879 $ 33,028 Office equipment 27,373 26,096 Leasehold improvement 13,992 12,074 68,244 71,198 Less: Accumulated depreciation (21,368 ) (22,727 ) Total $ 46,876 $ 48,471 |
Cash Surrender Value of Life 31
Cash Surrender Value of Life Insurance (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Cash Surrender Value Of Life Insurance | |
Summary of Net Cash Surrender Value of Life Insurance | A summary of net cash surrender values of life insurance as of March 31, 2016 and December 31, 2015 are reported as below: As of March 31, 2016 As of December 31, 2015 Cash surrender value of life insurance $ 154,184 $ 153,305 Less: policy loan balance outstanding (116,473 ) (116,473 ) Cash surrender value of life insurance, net $ 37,711 $ 36,832 |
Investments in Unconsolidated32
Investments in Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Schedule of Combined Summarized Financial Information | Combined summarized financial information for all the unconsolidated entities are as follows: As of March 31, 2016 As of December 31, 2015 Total assets $ 5,042,243 $ 1,610,416 Total liabilities $ 1,538,120 $ 999,591 For three months ended March 31, 2016 For three months ended December 31, 2015 Revenue $ 87,267 $ 60,617 Net loss for the periods end respectively $ 602,887 $ 477,834 |
Accounts Payable and Accrued 33
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of: 2016 2015 Accounts payable $ 20,892 $ - Receipts in advance 16,509 55,187 Other payables and accrued liabilities 142,378 378,163 Total $ 179,779 $ 433,350 |
Amounts Due to Related Parties
Amounts Due to Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Due to Related Parties [Abstract] | |
Schedule of Amounts Due to Related Parties | 2016 2015 Amounts due to shareholders $ 546,278 $ 505,327 Amount due to non-controlling interest party 1,467,357 1,596,388 Amount due to a related company - - Total $ 2,013,635 $ 2,101,715 |
Long-Term Bank Loans (Tables)
Long-Term Bank Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Bank Loans | 2016 2015 Bank loans from financial institutions in Malaysia Standard Chartered Saadiq Berhad $ 392,269 $ 361,596 United Overseas Bank (Malaysia) Berhad 265,573 244,332 657,842 605,928 Less: current portion (15,108 ) (13,610 ) Bank loan, net of current portion $ 642,734 $ 592,318 |
Maturities of Long-term Bank Loans | Maturities of the long-term bank loans for each of the five years and thereafter following March 31, 2016 are as follows: Year ending March 31: 2017 $ 15,108 2018 15,828 2019 16,582 2020 17,296 2021 18,197 Thereafter 574,831 Total $ 657,842 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Loss) Income Before Income Taxes | The (loss) income before income taxes of the Company for the three months ended March 31, 2016 and 2015 were comprised of the following: For the three months ended March 31, 2016 2015 Tax jurisdictions from: Local $ (286,206 ) $ (133,484 ) Foreign, representing: BVI (102 ) (2,921 ) Belize 67,271 109,723 Anguilla 1,669 (3,149 ) Malaysia (2,223 ) (16,472 ) Hong Kong 1,400 1,688 The PRC (9,404 ) (1,330 ) Loss before income taxes $ (227,595 ) $ (45,945 ) |
Provision for Income Taxes | Provision for income taxes consisted of the following: For the three months ended March 31, 2016 2015 Current: Local $ - $ - Foreign, representing: BVI - - Belize - - Anguilla - - Hong Kong 5,589 - The PRC - - Malaysia - - Deferred: Local - - Foreign - - $ 5,589 $ - |
Reconciliation of Income (Loss) Before Income Taxes Effective Tax Rate | A reconciliation of income (loss) before income taxes to the effective tax rate as follows: For the three months ended March 31, 2016 2015 Subsidiary with operating income before income tax $ 50,253 $ 7,395 Subsidiaries with loss before income tax (21,148 ) (5,707 ) Net income before income tax 29,105 1,688 Subsidiary with operating income before income tax $ 50,253 $ 7,395 Statutory income tax rate 16.5 % 16.5 % Income tax at Hong Kong statutory income tax rate 8,291 1,220 Tax effect of tax loss brought forward - (1,220 ) Tax effect of tax reduction (2,702 ) - Income tax expense $ 5,589 $ - |
Schedule of Deferred Tax Assets | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of March 31, 2016 and December 31, 2015: As of March 31, 2016 December 31, 2015 (unaudited) (audited) Deferred tax assets: Net operating loss carryforwards United States of America $ 257,000 $ 146,000 The PRC 52,037 49,686 Malaysia 32,934 32,490 341,971 228,176 Less: valuation allowance (341,971 ) (228,176 ) Deferred tax assets $ - $ - |
Related Parties Transactions (T
Related Parties Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties Transactions | For the three months ended March 31, 2016 2015 Business consulting and advisory service income - Related party A $ 32,973 $ 3,000 - Related party B - 2,023 - Related party C 11,540 - - Related party D 590 - $ 45,103 $ 5,023 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Summarized Financial Information | The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Companys reportable segments is shown as below: (a) By Categories For the three months ended March 31, 2016 Real estate business Service business Corporate Total Revenues $ 23,255 $ 428,408 $ - $ 451,663 Cost of revenues (10,318 ) (225,739 ) - (236,057 ) Gross income 12,937 202,669 - 215,606 Depreciation and amortization 7,899 3,789 27,818 39,506 Net loss (6,000 ) (219,540 ) (9,723 ) (235,263 ) Total assets 5,009,139 3,274,234 183,178 8,466,551 Expenditure for long-lived assets $ 1,686 $ 2,126 $ - $ 3,812 For the three months ended March 31, 2015 Real estate business Service business Corporate Total Revenues $ 8,927 $ 329,096 $ - $ 338,023 Cost of revenues (10,891 ) (128,723 ) - (139,614 ) Gross income (1,964 ) 200,373 - 198,409 Depreciation and amortization 8,212 1,491 106 9,809 Net loss (15,655 ) (24,763 ) (3,309 ) (43,727 ) Total assets 2,466,672 1,001,177 81,405 3,549,254 Expenditure for long-lived assets $ 492 $ 362 $ - $ 854 |
Concentrations of Risk (Tables)
Concentrations of Risk (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Schdeule of Concentrations of Risk | For the three months ended March 31, 2016, the customers who accounted for 10% or more of the Service income are presented as follows: For the three months ended March 31, 2016 As of March 31, 2016 Revenues Percentage of revenues Trade accounts receivable Customer A $ 60,000 11 % $ - Total: $ 60,000 11 % $ - For the three months ended March 31, 2015, the customers who accounted for 10% or more of the Service income are presented as follows: For the three months ended March 31, 2015 As of March 31, 2015 Revenues Percentage of revenues Trade accounts receivable Customer B $ 140,000 43 % $ - Total: $ 140,000 43 % $ - |
Going Concern Uncertainties (De
Going Concern Uncertainties (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Accumulated deficit | $ 803,194 | $ 567,931 | |
Net (loss) income | $ (235,263) | $ (43,727) |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended | |
Mar. 31, 2016USD ($)OperatingSegments | Mar. 31, 2015USD ($) | |
Depreciation expense | $ 7,899 | $ 8,212 |
Depreciation expense, classify as operating expenses | 3,789 | 1,491 |
Cost of service accumulative amortization | 694,911 | 624,500 |
Accumulative amortization | 3,521 | |
Amortization expense | $ 27,817 | $ 106 |
Operating lease term | 2 years | |
Rental revenue | $ 23,255 | |
Minimum percentage of income tax benefit | 50.00% | |
Number of reportable oprerating segments | OperatingSegments | 3 | |
Minimum [Member] | ||
Operating lease term | 2 years | |
Maximum [Member] | ||
Operating lease term | 3 years |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Summary of Property and Equipment (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Leasehold Land And Buildings [Member] | Investment Property [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | |
Leasehold Land And Buildings [Member] | Investment Property [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 50 years |
Furniture and Fixtures [Member] | Investment Property [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | 5.00% |
Furniture and Fixtures [Member] | Investment Property [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 3 years |
Furniture and Fixtures [Member] | Investment Property [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 10 years |
Furniture and Fixtures [Member] | Plant And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | 5.00% |
Furniture and Fixtures [Member] | Plant And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 3 years |
Furniture and Fixtures [Member] | Plant And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 10 years |
Office Equipment [Member] | Investment Property [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 3 years |
Residual Value | 5.00% |
Office Equipment [Member] | Investment Property [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 10 years |
Residual Value | 10.00% |
Office Equipment [Member] | Plant And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 3 years |
Residual Value | 5.00% |
Office Equipment [Member] | Plant And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 10 years |
Residual Value | 10.00% |
Leasehold Improvements [Member] | Investment Property [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life, description | Over the shorter of estimated useful life or term of lease |
Residual Value | |
Leasehold Improvements [Member] | Plant And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life, description | Over the shorter of estimated useful life or term of lease |
Residual Value |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Schedule of Foreign Currencies Translation (Details) | Mar. 31, 2016 | Mar. 31, 2015 |
Period-End MYR : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 3.93 | 3.71 |
Period-Average MYR : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 3.85 | 3.54 |
Period-End RMB : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 6.46 | 6.11 |
Period-Average RMB : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 6.27 | 6.14 |
Period-End /Average HK$ : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 7.75 | 7.75 |
Business Combination (Details N
Business Combination (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Goodwill | $ 1,472,729 | $ 1,402,316 | |
Increase of goodwill | $ 70,413 | ||
Falcon Secretaries Limited [Member] | |||
Purchase of equity interest and assets percentage | 100.00% | ||
Yabez [Member] | |||
Purchase of equity interest and assets percentage | 60.00% |
Business Combination - Schedule
Business Combination - Schedule of Fair Value of Assets Acquired and Liabilities (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Plant and equipment | $ 4,296 | ||
Accounts receivable | 143,013 | ||
Prepayments, deposits and other receivables | 11,946 | ||
Cash and cash equivalents | 50,570 | ||
Accounts payable and accrued liabilities | (168,666) | ||
Intangible assets | 624,500 | ||
Goodwill | 1,472,729 | $ 1,402,316 | |
Fair values of F&A and Yabez respectively | 2,138,388 | ||
Non-controlling interest | (85,291) | ||
Total purchase consideration | [1] | 2,053,097 | |
F&A [Member] | |||
Plant and equipment | 1,270 | ||
Accounts receivable | 103,578 | ||
Prepayments, deposits and other receivables | 5,467 | ||
Cash and cash equivalents | 21,521 | ||
Accounts payable and accrued liabilities | (129,039) | ||
Intangible assets | 449,500 | ||
Goodwill | 1,211,863 | ||
Fair values of F&A and Yabez respectively | $ 1,664,160 | ||
Non-controlling interest | |||
Total purchase consideration | [1] | $ 1,664,160 | |
Yabez [Member] | |||
Plant and equipment | 3,026 | ||
Accounts receivable | 39,435 | ||
Prepayments, deposits and other receivables | 6,479 | ||
Cash and cash equivalents | 29,049 | ||
Accounts payable and accrued liabilities | (39,627) | ||
Intangible assets | 175,000 | ||
Goodwill | 260,866 | ||
Fair values of F&A and Yabez respectively | 474,228 | ||
Non-controlling interest | (85,291) | ||
Total purchase consideration | [1] | $ 388,937 | |
[1] | Total purchase considerations were consisted of 2,080,200 and 486,171 shares of GRNQ common stock, which is priced at 0.8 per share, for F&A and Yabez respectively. |
Business Combination - Schedu46
Business Combination - Schedule of Fair Value of Assets Acquired and Liabilities (Details) (Parenthetical) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
F&A [Member] | |
Number of common stock shares for purchase consideration | shares | 2,080,200 |
Shares issued price per share | $ / shares | $ 0.8 |
Yabez [Member] | |
Number of common stock shares for purchase consideration | shares | 486,171 |
Shares issued price per share | $ / shares | $ 0.8 |
Business Combination - Pre-acqu
Business Combination - Pre-acquisition Aggregated Amounts of Revenue and Earnings (Details) - F&A and Yabez [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | $ 214,091 | $ 180,182 |
Gross profit | 140,121 | 91,188 |
Operating loss | (7,051) | (11,277) |
Net loss | $ (9,144) | $ (12,098) |
Earnings (Loss) per share | $ 0 | $ 0 |
Investment Property (Details Na
Investment Property (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 7,899 | $ 8,212 |
Investment Property - Schedule
Investment Property - Schedule of Investment Propeties (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Property, plant and equipment, Gross | $ 68,244 | $ 71,198 |
Less: Accumulated depreciation | (21,368) | (22,727) |
Property, plant and equipment, Net | 46,876 | 48,471 |
Investment Property [Member] | ||
Property, plant and equipment, Gross | 1,201,437 | 1,199,785 |
Less: Accumulated depreciation | (183,345) | (169,776) |
Property, plant and equipment, Net | 1,018,092 | 1,030,009 |
Leasehold Land And Buildings [Member] | Investment Property [Member] | ||
Property, plant and equipment, Gross | 1,044,213 | |
Leasehold Land And Buildings [Member] | Investment Property [Member] | ||
Property, plant and equipment, Gross | 1,044,213 | |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, Gross | 26,879 | 33,028 |
Furniture and Fixtures [Member] | Investment Property [Member] | ||
Property, plant and equipment, Gross | 62,151 | 62,151 |
Office Equipment [Member] | ||
Property, plant and equipment, Gross | 27,373 | 26,096 |
Office Equipment [Member] | Investment Property [Member] | ||
Property, plant and equipment, Gross | 10,166 | 8,514 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, Gross | 13,992 | 12,074 |
Leasehold Improvements [Member] | Investment Property [Member] | ||
Property, plant and equipment, Gross | $ 84,907 | $ 84,907 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense, classify as operating expenses | $ 3,789 | $ 1,491 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 68,244 | $ 71,198 |
Less: Accumulated depreciation | (21,368) | (22,727) |
Property, plant and equipment, Net | 46,876 | 48,471 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 26,879 | 33,028 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 27,373 | 26,096 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 13,992 | $ 12,074 |
Cash Surrender Value of Life 52
Cash Surrender Value of Life Insurance (Details Narrative) | May. 15, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May. 15, 2015HKD |
Surrender value of life insurance | $ 37,711 | $ 36,832 | ||
Hang Seng Bank Limited [Member] | ||||
Surrender value of life insurance | $ 116,473 | |||
Loan maturity date | May 31, 2016 | |||
Hang Seng Bank Limited [Member] | HIBOR [Member] | ||||
Effective interest rate of loan | 1.75% | 1.75% | ||
Hang Seng Bank Limited [Member] | Hong Kong Dollar [Member] | ||||
Surrender value of life insurance | HKD | HKD 902,663 |
Cash Surrender Value of Life 53
Cash Surrender Value of Life Insurance - Summary of Net Cash Surrender Value of Life Insurance (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Cash Surrender Value Of Life Insurance | ||
Cash surrender value of life insurance | $ 154,184 | $ 153,305 |
Less: policy loan balance outstanding | (116,473) | (116,473) |
Cash surrender value of life insurance, net | $ 37,711 | $ 36,832 |
Investments in Unconsolidated54
Investments in Unconsolidated Entities (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Greenpro Trust Limited [Member] | ||
Equity method of accounting, with initial investment amoun | $ 11,000 | |
Investment amount | 56,773 | |
Loss on investments in unconsolidated entities | $ 5,100 | |
Common stock, shares authorized | 3,400,000 | |
Common stock par value | $ 0.129 | |
Greenpro Trust Limited [Member] | Hong Kong Dollar [Member] | ||
Common stock par value | $ 1 | |
Greenpro Trust Limited [Member] | Minimum [Member] | ||
Percentage of onwership ranges | 20.00% | |
Greenpro Trust Limited [Member] | Maximum [Member] | ||
Percentage of onwership ranges | 30.00% |
Investments in Unconsolidated55
Investments in Unconsolidated Entities - Schedule of Combined Summarized Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Total assets | $ 8,466,551 | $ 3,549,254 | $ 9,068,366 |
Total liabilities | 3,182,200 | 3,504,321 | |
Revenue | 451,663 | 338,023 | |
Net (loss) income | (233,184) | $ (45,945) | |
Unconsolidated entities [Member] | |||
Total assets | 5,042,243 | 1,610,416 | |
Total liabilities | 1,538,120 | 999,591 | |
Revenue | 87,267 | 60,617 | |
Net (loss) income | $ 602,887 | $ 477,834 |
Accounts Payable and Accrued 56
Accounts Payable and Accrued Liabilities - Schedule of Amounts Due to Related Parties (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accounts payable | $ 20,892 | |
Receipts in advance | 16,509 | $ 55,187 |
Other payables and accrued liabilities | 142,378 | 378,163 |
Total | $ 179,779 | $ 433,350 |
Amounts Due to Related Partie57
Amounts Due to Related Parties (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Amount due to non-controlling interest party | $ 142,863 | $ 180,793 |
Shareholder [Member] | ||
Shareholder advanced | $ 500,000 | |
Unsecured debt interest rate | 12.00% | |
Maturity date | Sep. 30, 2016 | |
Advances to shareholder | $ 46,278 | |
Forward Win International Limited [Member] | ||
Amount due to non-controlling interest party | $ 1,467,357 |
Amounts Due to Related Partie58
Amounts Due to Related Parties - Schedule of Amounts Due to Related Parties (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Due to Related Parties [Abstract] | ||
Amounts due to shareholders | $ 546,278 | $ 505,327 |
Amount due to non-controlling interest party | $ 1,467,357 | $ 1,596,388 |
Amount due to a related company | ||
Total | $ 2,013,635 | $ 2,101,715 |
Amounts Due to Directors (Detai
Amounts Due to Directors (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Amounts Due To Directors | ||
Due to Directors | $ 142,863 | $ 180,793 |
Long-Term Bank Loans (Details N
Long-Term Bank Loans (Details Narrative) | 1 Months Ended | 3 Months Ended | ||||||
Aug. 31, 2013USD ($) | Aug. 31, 2013MYR | May. 31, 2013USD ($) | May. 31, 2013MYR | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Aug. 31, 2013MYR | May. 31, 2013MYR | |
Bank loans from financial institutions | $ 657,842 | $ 605,928 | ||||||
Base Rate [Member] | ||||||||
Base lending rate per annum | 6.85% | 6.85% | ||||||
Standard Chartered Saadiq Berhad [Member] | ||||||||
Bank loans from financial institutions | $ 495,170 | $ 392,269 | $ 361,596 | |||||
Interes rate on bank loans | 2.10% | 2.10% | ||||||
Number of Instalments on bank loan | 300 monthly installments | 300 monthly installments | ||||||
Monthly installment of bank loan | $ 2,840 | |||||||
Bank loan mature date | May 31, 2038 | May 31, 2038 | ||||||
Standard Chartered Saadiq Berhad [Member] | MYR [Member] | ||||||||
Bank loans from financial institutions | MYR | MYR 1,629,744 | |||||||
Monthly installment of bank loan | MYR | MYR 9,287 | |||||||
United Overseas Bank (Malaysia) Berhad [Member] | ||||||||
Bank loans from financial institutions | $ 326,530 | $ 265,573 | $ 244,332 | |||||
Interes rate on bank loans | 2.20% | 2.20% | ||||||
Number of Instalments on bank loan | 360 monthly installments | 360 monthly installments | ||||||
Monthly installment of bank loan | $ 1,645 | |||||||
Bank loan mature date | Aug. 31, 2043 | Aug. 31, 2043 | ||||||
United Overseas Bank (Malaysia) Berhad [Member] | MYR [Member] | ||||||||
Bank loans from financial institutions | MYR | MYR 1,074,696 | |||||||
Monthly installment of bank loan | MYR | MYR 5,382 |
Long-Term Bank Loans - Schedule
Long-Term Bank Loans - Schedule of Long Term Bank Loans (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 | Aug. 31, 2013 | May. 31, 2013 |
Bank loans from financial institutions in Malaysia | $ 657,842 | $ 605,928 | ||
Less: current portion | (15,108) | (13,610) | ||
Bank loan, net of current portion | 642,734 | 592,318 | ||
Standard Chartered Saadiq Berhad [Member] | ||||
Bank loans from financial institutions in Malaysia | 392,269 | 361,596 | $ 495,170 | |
United Overseas Bank (Malaysia) Berhad [Member] | ||||
Bank loans from financial institutions in Malaysia | $ 265,573 | $ 244,332 | $ 326,530 |
Long-Term Bank Loans - Maturiti
Long-Term Bank Loans - Maturities of Long-term Bank Loans (Details) | Mar. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 15,108 |
2,018 | 15,828 |
2,019 | 16,582 |
2,020 | 17,296 |
2,021 | 18,197 |
Thereafter | 574,831 |
Total | $ 657,842 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - shares | Mar. 31, 2016 | Dec. 31, 2015 |
Stockholders' Equity Note [Abstract] | ||
Common stock shares issued | 51,963,755 | 51,963,755 |
Common stock, shares outstanding | 51,963,755 | 51,963,755 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Valuation allowance deferred tax assets | $ (341,971) | $ (228,176) | |
Belizean International Business Corporation [Member] | |||
Income tax rate | 0.00% | ||
United States of America [Member] | |||
Net operating loss carryforwards | $ 734,628 | ||
Operating loss carryforwards expiration term | expire in 2033 | ||
Valuation allowance deferred tax assets | $ 257,000 | ||
Anguilla [Member] | GPVC And GPVC (CGN) [Member] | |||
Net operating loss carryforwards | $ 1,669 | $ 3,149 | |
Hong Kong [Member] | |||
Statutory income tax rate | 16.50% | 16.50% | |
The PRC [Member] | GMC (SZ) and SZ Falcon [Member] | |||
Net operating loss carryforwards | $ 9,404 | $ 1,330 | |
Income tax rate | 25.00% | ||
Malaysia [Member] | GRSB and GGASB [Member] | |||
Net operating loss carryforwards | $ 2,223 | $ 16,472 | |
Valuation allowance deferred tax assets | 32,934 | ||
Malaysia [Member] | |||
Valuation allowance deferred tax assets | $ 341,971 | ||
Income tax rate | 20.00% | ||
Valuation allowance increase | $ 113,795 |
Income Taxes - Schedule of (Los
Income Taxes - Schedule of (Loss) Income Before Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
(Loss) income before income taxes | $ (227,595) | $ (45,945) |
Local [Member] | ||
(Loss) income before income taxes | (286,206) | (133,484) |
BVI [Member] | ||
(Loss) income before income taxes | (102) | (2,921) |
Belize [Member] | ||
(Loss) income before income taxes | 67,271 | 109,723 |
Anguilla [Member] | ||
(Loss) income before income taxes | 1,669 | (3,149) |
Malaysia [Member] | ||
(Loss) income before income taxes | (2,223) | (16,472) |
Hong Kong [Member] | ||
(Loss) income before income taxes | 1,400 | 1,688 |
The PRC [Member] | ||
(Loss) income before income taxes | $ (9,404) | $ (1,330) |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Provision for income taxes, current local | ||
Provision for income taxes deferred local | ||
Provision for income taxes deferred foreign | ||
Provision for income taxes | $ 5,589 | |
BVI [Member] | ||
Provision for income taxes, current foreign | ||
Belize [Member] | ||
Provision for income taxes, current foreign | ||
Anguilla [Member] | ||
Provision for income taxes, current foreign | ||
Hong Kong [Member] | ||
Provision for income taxes, current foreign | ||
Provision for income taxes | $ 5,589 | |
The PRC [Member] | ||
Provision for income taxes, current foreign | ||
Malaysia [Member] | ||
Provision for income taxes, current foreign |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income (Loss) Before Income Taxes Effective Tax Rate (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income before income tax | $ (227,595) | $ (45,945) |
Income tax expense | 5,589 | |
Hong Kong [Member] | ||
Subsidiary with operating income before income tax | 50,253 | $ 7,395 |
Subsidiaries with loss before income tax | (21,148) | (5,707) |
Net income before income tax | $ 29,105 | $ 1,688 |
Statutory income tax rate | 16.50% | 16.50% |
Income tax at Hong Kong statutory income tax rate | $ 8,291 | $ 1,220 |
Tax effect of tax loss brought forward | $ (1,220) | |
Tax effect of tax reduction | $ (2,702) | |
Income tax expense | $ 5,589 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets net operating loss carryforwards | $ 341,971 | $ 228,176 |
Less: valuation allowance | $ (341,971) | $ (228,176) |
Deferred tax assets | ||
United States of America [Member] | ||
Deferred tax assets net operating loss carryforwards | $ 257,000 | $ 146,000 |
The PRC [Member] | ||
Deferred tax assets net operating loss carryforwards | 52,037 | 49,686 |
Malaysia [Member] | ||
Deferred tax assets net operating loss carryforwards | $ 32,934 | $ 32,490 |
Related Parties Transactions -
Related Parties Transactions - Schedule of Related Parties Transactions (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business consulting and advisory service income | $ 45,103 | $ 5,023 |
Related Party A [Member] | ||
Business consulting and advisory service income | $ 32,973 | 3,000 |
Related Party B [Member] | ||
Business consulting and advisory service income | $ 2,023 | |
Related Party C [Member] | ||
Business consulting and advisory service income | $ 11,540 | |
Related Party D [Member] | ||
Business consulting and advisory service income | $ 590 |
Segment Information (Details Na
Segment Information (Details Narrative) | 3 Months Ended |
Mar. 31, 2016OperatingSegments | |
Segment Reporting [Abstract] | |
Number of reportable oprerating segments | 3 |
Segment Information - Schedule
Segment Information - Schedule of Summarized Financial Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Revenues | $ 451,663 | $ 338,023 | |
Cost of revenues | (236,057) | (139,614) | |
Gross income | 215,606 | 198,409 | |
Depreciation and amortization | 39,506 | 9,809 | |
Net loss | (235,263) | (43,727) | |
Total assets | 8,466,551 | 3,549,254 | $ 9,068,366 |
Expenditure for long-lived assets | 3,812 | 854 | |
Real Estate Business [Member] | |||
Revenues | 23,255 | 8,927 | |
Cost of revenues | (10,318) | (10,891) | |
Gross income | 12,937 | (1,964) | |
Depreciation and amortization | 7,899 | 8,212 | |
Net loss | (6,000) | (15,655) | |
Total assets | 5,009,139 | 2,466,672 | |
Expenditure for long-lived assets | 1,686 | 492 | |
Service Business [Member] | |||
Revenues | 428,408 | 329,096 | |
Cost of revenues | (225,739) | (128,723) | |
Gross income | 202,669 | 200,373 | |
Depreciation and amortization | 3,789 | 1,491 | |
Net loss | (219,540) | (24,763) | |
Total assets | 3,274,234 | 1,001,177 | |
Expenditure for long-lived assets | $ 2,126 | $ 362 | |
Corporate [Member] | |||
Revenues | |||
Cost of revenues | |||
Gross income | |||
Depreciation and amortization | $ 27,818 | $ 106 | |
Net loss | (9,723) | (3,309) | |
Total assets | $ 183,178 | $ 81,405 | |
Expenditure for long-lived assets |
Concentrations of Risks (Detail
Concentrations of Risks (Details Narrative) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Concentrations of risks percentage | 11.00% | 43.00% |
Customer [Member] | ||
Concentrations of risks percentage | 10.00% | |
Vendor [Member] | ||
Concentrations of risks percentage | 10.00% |
Concentration of Risk - Schdeul
Concentration of Risk - Schdeule of Concentrations of Risk (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | $ 60,000 | $ 140,000 |
Percentage of revenues | 11.00% | 43.00% |
Trade accounts receivable | ||
Customer A [Member] | ||
Revenues | $ 60,000 | |
Percentage of revenues | 11.00% | |
Trade accounts receivable | ||
Customer B [Member] | ||
Revenues | $ 140,000 | |
Percentage of revenues | 43.00% | |
Trade accounts receivable |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease expiration date | Dec. 31, 2017 | |
Lease term | 2 years | |
Lease expense | $ 71,165 | $ 37,043 |
Future minimum rental payments due under non-cancelable operating lease in the next twelve months | $ 158,603 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - Subsequent Event [Member] | May. 11, 2016 |
Greenpro Capital Pty Ltd [Member] | |
Equity ownership interest percentage | 50.00% |
Mohammad Reza Masoumi Al Agha [Member] | |
Equity ownership interest percentage | 50.00% |