Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Greenpro Capital Corp. | |
Entity Central Index Key | 1,597,846 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 53,233,960 | |
Trading Symbol | GRNQ | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,302,627 | $ 1,021,351 |
Accounts receivable | 706,973 | 439,217 |
Inventory – finished property | 3,747,732 | 3,747,732 |
Amounts due from related companies | 31,993 | 30,215 |
Prepayments and other receivables | 601,912 | 84,965 |
Total current assets | 6,391,237 | 5,323,480 |
Non-current assets: | ||
Investment Property, net | 1,007,706 | 1,014,289 |
Plant and equipment, net | 57,402 | 38,531 |
Cash surrender value of life insurance, net | 58,262 | 56,058 |
Investments in unconsolidated entities | 255,445 | 52,195 |
Intangible assets, net | 501,553 | 472,320 |
Goodwill | 2,686,650 | 1,472,729 |
Total non-current assets | 4,567,018 | 3,106,122 |
TOTAL ASSETS | 10,958,255 | 8,429,602 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 257,609 | 241,789 |
Amounts due to related parties | 1,443,040 | 1,463,386 |
Amounts due to directors | 220,654 | 46,109 |
Current portion of long-term bank loans | 14,157 | 13,042 |
Income tax payable | 25,313 | 18,077 |
Total current liabilities | 1,960,773 | 1,782,403 |
Non-current liabilities | ||
Deferred income tax liabilities | 15,519 | |
Long-term bank loans | 570,737 | 554,128 |
Total non-current liabilities | 586,256 | 554,128 |
Total liabilities | 2,547,029 | 2,336,531 |
Commitments and contingencies | ||
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; 53,233,960 and 52,387,759 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 5,323 | 5,239 |
Additional paid in capital | 8,803,996 | 6,626,958 |
Accumulated other comprehensive income | 87,858 | 102,898 |
Accumulated deficit | (664,349) | (790,254) |
Total Greenpro Capital Corp. stockholders’ equity | 8,232,828 | 5,944,841 |
Non-controlling interest | 178,398 | 148,230 |
Total stockholders’ equity | 8,411,226 | 6,093,071 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 10,958,255 | $ 8,429,602 |
Condensed Interim Consolidated3
Condensed Interim Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 53,233,960 | 52,387,759 |
Common stock, shares outstanding | 53,233,960 | 52,387,759 |
Condensed Interim Consolidated4
Condensed Interim Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
REVENUES, NET | ||||
- Rental income | $ 56,661 | $ 20,871 | $ 85,818 | $ 44,126 |
- Service income Related parties | 12,612 | 111,345 | 90,383 | 156,448 |
- Service income Unrelated parties | 984,870 | 621,031 | 1,653,265 | 1,004,336 |
Total revenues | 1,054,143 | 753,247 | 1,829,466 | 1,204,910 |
COST OF REVENUES | ||||
- Cost of rental | (18,817) | (16,396) | (30,901) | (26,714) |
- Cost of service | (122,997) | (276,476) | (267,476) | (502,215) |
Total cost of revenues | (141,814) | (292,872) | (298,377) | (528,929) |
GROSS PROFIT | 912,329 | 460,375 | 1,531,089 | 675,981 |
OPERATING EXPENSES: | ||||
General and administrative | (683,467) | (440,951) | (1,394,216) | (857,767) |
PROFIT (LOSS) FROM OPERATIONS | 228,862 | 19,424 | 136,873 | (181,786) |
OTHER EXPENSES: | ||||
Interest expense | (7,787) | (19,301) | (14,748) | (45,686) |
PROFIT (LOSS) BEFORE INCOME TAX AND NON-CONTROLLING INTEREST | 221,075 | 123 | 122,125 | (227,472) |
Income tax expense | (1,143) | (9,157) | (13,989) | (14,746) |
NET INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST | 219,932 | (9,034) | 108,136 | (242,218) |
Less: Net Income (loss) attributable to non-controlling interest | 14,459 | 1,644 | 17,768 | (435) |
NET INCOME (LOSS) ATTRIBUTED TO GREENPRO CAPITAL CORP. COMMON STOCKHOLDERS | 234,391 | (7,390) | 125,904 | (242,653) |
Other comprehensive loss: | ||||
- Foreign currency translation income (loss) | (2,172) | (13,827) | (8,606) | 32,683 |
COMPREHENSIVE INCOME (LOSS) | $ 232,219 | $ (21,217) | $ 117,298 | $ (209,970) |
NET INCOME (LOSS) PER SHARE, BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED | 53,134,942 | 52,079,771 | 52,883,811 | 52,021,764 |
Condensed Interim Consolidated5
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 108,136 | $ (242,218) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 87,894 | 82,847 |
Gain on investment in securities | (3,600) | |
Increase in cash surrender value on life insurance | (2,204) | (16,932) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (372,214) | 4,001 |
Prepayments and other receivables | (408,521) | 132,965 |
Inventory – finished property | (755) | |
Accounts payable and accrued liabilities | (270,603) | (280,397) |
Deferred revenue | (174,546) | |
Income tax payable | 6,076 | 14,660 |
Net cash used in operating activities | (851,436) | (483,975) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (38,444) | (13,933) |
Cash proceeds from acquisition of subsidiaries | 145,354 | |
Withdrawal of shares subscribed of associates | 2,160 | |
Long-term investment | (203,250) | |
Net cash used in investing activities | (96,340) | (11,773) |
Cash flows from financing activities: | ||
Proceeds from share issuance | 984,864 | 412,000 |
Proceeds from non-controlling interest | 106 | |
Repayments to related parties | (17,571) | (107,847) |
Repayments to shareholders | (4,695) | |
Advances from/ (Repayments) to directors | 158,179 | (63,993) |
Repayment of bank loans | (6,931) | (7,467) |
Net cash provided by financing activities | 1,113,846 | 232,799 |
Effect of exchange rate changes in cash and cash equivalents | 115,206 | 11,597 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 281,276 | (251,352) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,021,351 | 1,587,861 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,302,627 | 1,336,509 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Shares issued for acquisition of subsidiaries | 1,192,258 | |
Cash paid for income tax | ||
Cash paid for interest | $ 45,686 |
Organization and Business Backg
Organization and Business Background | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | NOTE 1 – ORGANIZATION AND BUSINESS BACKGROUND Greenpro Capital Corp. (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. from Greenpro, Inc. The Company currently operates and provides a wide range of business solution services to small and medium-size businesses located in Asia, with an initial focus on Hong Kong, China and Malaysia. Our comprehensive range of services includes cross-border business solutions, record management services, and accounting outsourcing services. Our cross border business services include, among other services, tax planning, trust and wealth management, cross border listing advisory services and transaction 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 Asia and Southeast Asia including Hong Kong, Malaysia, China, Thailand, and Singapore. One of our venture capital business segments is focused on rental activities of commercial properties and the sale of investment properties. On July 29, 2015, the Company entered into a Sale and Purchase Agreement (the “Agreement”) with Greenpro Resources Limited (“GRBV”), a company incorporated in the British Virgin Islands, and the stockholders of GRBV to purchase 100% of the issued and outstanding shares and the assets of GRBV. Pursuant to the Agreement, GRNQ agreed to issue 9,070,000 shares of its restricted common stock at $0.35 per share to the stockholders of GRBV and pay $25,500 in cash, representing an aggregate purchase consideration of $3,200,000. Mr. Lee Chong Kuang and Mr. Loke Che Chan, Gilbert, the directors of the Company, are the stockholders and directors of GRBV each with 50% of the shareholdings. On July 31, 2015, the Company further entered into various Sale and Purchase Agreements to purchase the following companies: (i) 100% of the issued and outstanding shares and the assets of A&G International Limited (“A&G”), a company incorporated in Belize. GRNQ agreed to issue 1,842,000 shares of its restricted common stock at $0.52 per share to the stockholder of A&G, representing an aggregate purchase consideration of $957,840. Ms. Yap Pei Ling, the sole stockholder and director of A&G, is the spouse of the director of the Company. (ii) 100% of the issued and outstanding shares and the assets of Falcon Secretaries Limited, Ace Corporate Services Limited, and Shenzhen Falcon Financial Consulting Limited (collectively refer as “F&A”). GRNQ agreed to issue 2,080,200 shares of its restricted common stock at $0.52 per share to the stockholder of F&A, representing an aggregate purchase consideration of $1,081,740. Ms. Chen Yan Hong, an independent third party, is the sole stockholder of F&A. (iii) 60% of the issued and outstanding shares and the assets of Yabez (Hong Kong) Company Limited (“Yabez”), a company incorporated in Hong Kong. GRNQ agreed to issue 486,171 shares of its restricted common stock at $0.52 per share to the stockholders of Yabez, representing an aggregate purchase consideration of $252,808. Mr. Cheng Chi Ho and Ms. Wong Kit Yi, both are independent third parties, are the stockholders of Yabez with 51% and 49% of the shareholdings, respectively. On September 30, 2015, the Company further entered into a Sale and Purchase Agreement to purchase the following company: (iv) 100% of the issued and outstanding shares and the assets of Greenpro Venture Capital Limited (“GPVC”), a company incorporated in Anguilla. GRNQ agreed to issue 13,260,000 shares of its restricted common stock at $0.60 per share to the stockholders of GPVC and pay $6,000 in cash, representing an aggregate purchase consideration of $7,962,000. Mr. Lee Chong Kuang and Mr. Loke Che Chan, Gilbert, the directors of the Company, are the stockholders and directors of GPVC, each with 50% of the shareholdings. These share exchange transactions between GRNQ and GRBV, A&G, and GPVC resulted in the owners of these companies obtaining over 89% voting interest in GRNQ at that time. The merger of GRBV, A&G, and GPVC into GRNQ, which has nominal net assets, is considered to be acquisition transactions under common control. For accounting purposes, GRNQ presents unaudited condensed interim consolidated financial statements as of the beginning of the period as though the share exchanges had occurred at the beginning of the period. Financial statements of all prior periods are retrospectively adjusted to furnish comparative information. No goodwill was recognized for these acquisition transactions under common control. The acquisition of F&A and Yabez is considered as a business combination using the acquisition method of accounting under ASC 805 “Business Combinations” On October 1, 2015, QSC Asia Sdn. Bhd., an unaffiliated third party, acquired 49% of Greenpro Capital Village Sdn. Bhd. (Formerly known as Greenpro Global Advisory Sdn. Bhd.) in consideration of $11,000 (MYR 49,000) from Greenpro Financial Consulting Limited. Concurrently with such sale, Greenpro Financial Consulting Limited transferred 51% of Greenpro Capital Village Sdn. Bhd. to Greenpro Holding Limited, our subsidiary. This subsidiary became the new business arm which provides educational and support services. On May 11, 2016, Greenpro Capital Pty Ltd was formed with 50% held by Greenpro Holding Limited (“GPHL”), one of our subsidiaries, and 50% was held by Mohammad Reza Masoumi Al Agha. On May 23, 2016, our subsidiary, Greenpro Holding Limited (“GPHL”), acquired 400 shares of Greenpro Wealthon Sdn. Bhd. from Mr. Lee Chong Kuang with MYR 1 (approximately US$0.25). On June 7, 2016, GPHL acquired an additional 200 shares of Greenpro Wealthon Sdn. Bhd for MYR120,000 (approximately US$30,000), resulting in GPHL owing 60% of Greenpro Wealthon Sdn Bhd. The remaining 40% of Greenpro Wealthon Sdn. Bhd. is held by Mr. Yiap Soon Keong. On April 25, 2017, the Company entered into a Sale and Purchase Agreement with Billion Sino Holdings Limited (“BSHL”), a company incorporated in the Seychelles, and the stockholders of BSHL, to purchase 60% of the issued and outstanding shares and the assets of BSHL. Pursuant to this agreement, GRNQ agreed to issue 340,645 shares of its restricted common stock at $3.50 per share to the stockholders of BSHL. On April 27, 2017, Greenpro Resources Limited, the wholly owned subsidiary of GRNQ, and Gushen Credit Limited, a Hong Kong corporation (“GCL”), entered into an Asset Purchase Agreement, pursuant to which GRNQ purchased the assets in Gushen Credit Limited. As consideration thereto, GRNQ agreed to pay the purchase price of $105,000. GCL operates a money lending business in Hong Kong, located at 1701-03, 17/F, Metropolis Tower, 10 Metropolis Drive, Hung Hom, Kowloon, Hong Kong. On April 28, 2017, GSHL sold two (2) ordinary shares of GCL to GRNQ, representing 100% ownership, for a total consideration of $0.26 in cash. The purchase price is determined based on the mutual agreement between Gushen Holding Limited and GRNQ. GCL was renamed to Greenpro Credit Limited on May 16, 2017. Greenpro Synergy Network Ltd (“GSN”) was incorporated in Hong Kong on March 2, 2016, as a variable interest entity (“VIE”) that is subject to consolidation with the Company. GSN’s principal activities are to hold certain of our universal life insurance policies. Loke Che Chan, Gilbert, and Lee Chong Kuang, are the shareholders of GSN. We control GSN through a series of contractual arrangements (the “VIE Agreements”) between GPHL and GSN. The VIE agreements include (i) an Exclusive Business Cooperation Agreement, (ii) a Loan Agreement, (iii) a Share Pledge Agreement, (iv) a Power of Attorney and (v) an Exclusive Option Agreement with the shareholders of GSN. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed interim consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying unaudited condensed interim consolidated financial statements and notes. ● Basis of presentation The accompanying unaudited condensed interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). These unaudited interim consolidated financial statements are condensed and should be read in conjunction with the audited consolidated financial statements of the Company and subsidiaries as of and for the year ended December 31, 2016. These unaudited interim statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods presented. The results for the six month period may not be indicative of a full year’s result. ● Basis of consolidation The unaudited condensed interim 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 consolidated statements of operations for any non-owned portion of consolidated subsidiaries. Non-controlling interest is recorded within the equity section but separate from GRNQ’s equity in the consolidated balance sheets. ● Use of estimates In preparing these unaudited condensed interim 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 customer’s 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. The allowance for any uncollectible accounts for six months ended June 30, 2017 was zero. ● 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 June 30, 2017), 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 June 30, 2017, 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, classified as cost of rental, for the six months ended June 30, 2017 and 2016 were $14,751 and $15,924, 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, classified as operating expenses, for the six months ended June 30, 2017 and 2016 were $7,811 and $7,767, 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 considered customer lists and order backlogs amortized on a straight-line basis over a useful life of five years and six years, respectively. 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 six months ended June 30, 2017 and 2016. Amortization expense for the six months ended June 30, 2017 and 2016 were $65,332 and $59,155 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 Company’s proportionate share of net earnings or losses of the entity, distributions received, contributions and certain other adjustments, as appropriate. The Company’s 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 Company’s 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 Company’s 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 Company’s 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 six months ended June 30, 2017, the Company has recorded $85,818 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$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective local currency, Malaysian Ringgit (“MYR”), Renminbi (“RMB”), and Hong Kong Dollars (“HK$”), 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 six months ended June 30, 2017 2016 Period-end MYR : US$1 exchange rate 4.29 4.03 Period-average MYR : US$1 exchange rate 4.37 3.87 Period-end RMB : US$1 exchange rate 6.78 6.64 Period-average RMB : US$1 exchange rate 6.85 6.32 Period-end / average HK$ : 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 ● Business Combination ASC 805, Business Combinations (“ASC 805”), applies the acquisition method of accounting for business combinations to all acquisitions where the acquirer gains a controlling interest, regardless of whether consideration was exchanged. ASC 805 establishes principles and requirements for how the acquirer: a) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree; b) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and c) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. Accounting for acquisitions requires the Company to recognize, separately from goodwill, the assets acquired and the liabilities assumed at their acquisition-date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition-date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. ● Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits, prepayments and other receivables, accounts payable, receipts in advance, bank loan (current and long term), 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 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. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 3 - BUSINESS COMBINATIONS On September 30, 2015, GRNQ completed the purchase of a 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 purchase of a 60% equity interest and assets of Yabez (Hong Kong) Company Limited (“Yabez”). As of the acquisition date, the 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 21,520 29,050 50,570 Accounts payable and accrued liabilities (129,039 ) (39,627 ) (168,666 ) Intangible assets 449,500 175,000 624,500 Goodwill* 1,211,864 260,865 1,472,729 Fair value of F&A and Yabez, respectively 1,664,160 474,228 2,138,388 Non-controlling interest - (85,291 ) (85,291 ) Total purchase consideration** $ 1,664,160 $ 388,937 $ 2,053,097 *The goodwill was adjusted from $1,402,316 in 2015 to $1,472,729 in 2016 due to finalization of the purchase price allocation and valuation of the acquired entities. **Total purchase consideration consisted of 2,080,200 and 486,171 shares of GRNQ common stock, which was priced at $0.80 per share, for F&A and Yabez, respectively. On April 25, 2017, GRNQ completed the purchase of a 60% equity interest and assets of Billion Sino Holdings Limited (“BSHL”). (See Note 1). On April 28, 2017, GSHL sold two (2) ordinary shares of Gushen Credit Limited (“GCL”) to GRNQ, representing 100% of ownership, for a total consideration of $0.26 in cash. (See Note 1). As of the acquisition date, the allocations of the purchase price are stated as follows: BSHL GCL Total Rental and utility deposit $ 3,481 $ - $ 3,481 Bank fixed deposit 12,903 - 12,903 Cash and cash equivalents 132,451 - 132,451 Amount due to a director (16,597 ) - (16,597 ) Accrued expenses (90,939 ) (93,565 ) (184,504 ) Intangible assets 94,057 - 94,057 Deferred tax liabilities (15,519 ) - (15,519 ) Goodwill 1,120,356 93,565 1,213,921 Fair value of BSHL 1,240,193 - 1,240,193 Non-controlling interest (47,935 ) - (47,935 ) Total purchase consideration* $ 1,192,258 $ - $ 1,192,258 *Total purchase consideration consisted of 340,645 shares of GRNQ common stock, which was priced at $3.50 per share, for BSHL. The following unaudited pro forma information presents the combined results of operations as if the acquisition of BSHL had been completed on January 1, 2016, the beginning of the comparable prior annual reporting period. The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred in integrating the two companies. Accordingly, these unaudited pro forma results are presented for informational purpose only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations: For the six months ended June 30 2017 2016 (unaudited) (unaudited) Revenue $ 2,117,169 $ 1,301,629 Gross profit 1,540,521 676.905 Operating income (loss) 117,784 (244,072 ) Net income (loss) $ 106,815 $ (304,939 ) Net income (loss) per share 0.00 (0.00 ) |
Amounts Due from Related Compan
Amounts Due from Related Companies | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Amounts Due from Related Companies | NOTE 4 - AMOUNT DUE FROM RELATED COMPANIES As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Amount Due From Related Companies 31,993 30,215 Total $ 31,993 $ 30,215 The amount due from related companies are interest free, with no specific term of repayment. |
Inventory - Finished Property
Inventory - Finished Property | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory - Finished Property | NOTE 5 - INVENTORY - FINISHED PROPERTY Inventory – Finished Property represents properties which were acquired directly or through foreclosure for which a committed plan to sell exists and an active program to market such properties has been initiated. We planned to use our best efforts to sell the inventory to generate revenue in fiscal 2017. 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. (See Note 2). |
Investment Property
Investment Property | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Investment Property | NOTE 6 - INVESTMENT PROPERTY As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Leasehold land and buildings for rental purpose $ 1,046,036 $ 1,044,213 Furniture and fixtures 68,893 64,695 Office equipment 15,863 12,263 Leasehold improvement 90,600 87,920 1,221,392 1,209,091 Less: Accumulated depreciation (213,686 ) (194,802 ) Total $ 1,007,706 $ 1,014,289 Depreciation expense, classified as cost of rental, was $14,751 and $15,924 for the six months ended June 30, 2017 and 2016, respectively. |
Plant and Equipment
Plant and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Plant and Equipment | NOTE 7 - PLANT AND EQUIPMENT As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Furniture and fixtures $ 48,145 $ 27,570 Office equipment 42,543 31,078 Leasehold improvement 13,992 13,992 104,680 72,640 Less: Accumulated depreciation (47,278 ) (34,109 ) Total $ 57,402 $ 38,531 Depreciation expense, classified as operating expenses, was $7,811 and $7,767 for the six months ended June 30, 2017 and 2016, respectively. |
Cash Surrender Value of Life In
Cash Surrender Value of Life Insurance | 6 Months Ended |
Jun. 30, 2017 | |
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 is secured by the cash value of the life insurance policy and personally guaranteed by Mr. Lee Chong Kuang and Mr. Loke Che Chan, the directors of the Company. The loan was renewed on May 27, 2016 and July 17, 2017. The loan carries interest at 1.75% per annum over 1 month HIBOR or the Bank’s Cost of Funds, whichever is higher, payable at the end of each interest period. Final maturity date of the loan is 12 months from the date of drawdown. A summary of the net cash surrender value of life insurance as of June 30, 2017 is reported below: As of June 30, 2017 As of December 31, 2016 (unaudited) (audited) Cash surrender value of life insurance $ 174,735 $ 172,531 Less: policy loan balance outstanding (116,473 ) (116,473 ) Cash surrender value of life insurance, net $ 58,262 $ 56,058 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2017 | |
Investments, All Other Investments [Abstract] | |
Investments in Unconsolidated Entities | NOTE 9 - INVESTMENTS IN UNCONSOLIDATED ENTITIES For the six months ended June 30, 2017, the Company invested in three unconsolidated entities, namely Agape ATP Corporation, Dongjia, Inc. and Aquarius Protection Fund SPC, with initial investment amounts of $1,750, $1,500 and $200,000, respectively. The Company’s ownership was less than 5% in each investment and each investment is accounted for under the cost method of accounting. For the year ended December 31, 2016, the Company invested in four unconsolidated entities, in which the Company’s ownership ranges from 19% to 50% and are accounted for under the equity method of accounting, with initial investment amount aggregated of $10,507. The Company recognized its share of loss on investments in unconsolidated entities of $0 and $9,007 for six months ended June 30, 2017 and for the year ended December 31, 2016, respectively. For the year ended December 31, 2016, the Company invested in Greenpro Trust Limited with an initial investment amount of $51,613, which is approximately 12% of the equity interest of Greenpro Trust Limited and is accounted for under the cost method of accounting. 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. 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 (under equity method of accounting) are as follows: As of June 30, 2017 As of December 31, 2016 Total assets $ 954,383 $ 1,642,569 Total liabilities $ 306,695 $ 897,032 For the six months ended June 30, 2017 For the year ended December 31, 2016 Revenue $ 186,245 $ 168,742 Net loss for the period/year $ 1,029,597 $ 1,256,789 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 10 – INTANGILBE ASSETS As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Trademarks $ 5,635 $ 5,127 Customer Lists (Acquired in Business Combination) 624,500 624,500 Order Backlogs (Acquired in Business Combination) 94,057 - 724,192 629,627 Less: Accumulated amortization (222,639 ) (157,307 ) Total $ 501,553 $ 472,320 Amortization expense for the six months ended June 30, 2017 and 2016 were $65,332 and $59,155, respectively. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | NOTE 11 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of: As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Accounts payable $ 52,833 $ 39,971 Receipts in advance 8,852 4,261 Other payables and accrued liabilities 195,924 197,557 Total $ 257,609 $ 241,789 |
Amounts Due To Related Parties
Amounts Due To Related Parties | 6 Months Ended |
Jun. 30, 2017 | |
Due to Related Parties [Abstract] | |
Amounts Due To Related Parties | NOTE 12 - AMOUNTS DUE TO RELATED PARTIES As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Amounts due to shareholders $ 331 $ 4,883 Amount due to non-controlling interest party 1,441,548 1,441,548 Amount due to related companies 1,161 16,955 Total $ 1,443,040 $ 1,463,386 For the amount due to related companies, those are expenses paid to third party by the related companies, they are interest free and repayable on demand. As of June 30, 2017, the non-controlling interest party of Forward Win advanced $1,441,548 to the Company, which is unsecured, bears no interest and is payable upon demand, for the purchase of real properties for trading purpose. |
Amounts Due To Directors
Amounts Due To Directors | 6 Months Ended |
Jun. 30, 2017 | |
Amounts Due To Directors | |
Amounts Due To Directors | NOTE 13 - AMOUNTS DUE TO DIRECTORS As of June 30, 2017, the directors of the Company advanced collectively $220,654 to the Company, which is unsecured, bears no interest and is payable upon demand, for working capital purposes. Imputed interest is considered insignificant. |
Long-Term Bank Loans
Long-Term Bank Loans | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Bank Loans | NOTE 14 - LONG-TERM BANK LOANS As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Bank loans from financial institutions in Malaysia Standard Chartered Saadiq Berhad $ 347,483 $ 337,464 United Overseas Bank (Malaysia) Berhad 237,411 229,706 584,894 567,170 Less: current portion (14,157 ) (13,042 ) Bank loan, net of current portion $ 570,737 $ 554,128 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 Kuala 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 is 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 Kuala 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 June 30, 2017 are as follows: Year ending June 30: 2018 $ 15,057 2019 15,710 2020 16,537 2021 17,331 2022 18,164 Thereafter 487,938 Total $ 570,737 For the six months ended June 30, 2017 and 2016, the base lending rate are 6.70% and 6.85% per annum, respectively. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Common Stock | NOTE 15 - COMMON STOCK On July 31, 2015, GRNQ completed the purchase of GRBV and issued 9,070,000 shares of its restricted common stock at $0.35 per share to the stockholders of GRBV and paid $25,500 in cash, representing an aggregate purchase consideration of $3,200,000. On August 20, 2015, GRNQ entered into a Subscription Agreement with an investor in a private placement of a total of 625,000 shares of common stock at a subscription price of $0.80 per share, for aggregate gross proceeds of $500,000. On August 21, 2015, GRNQ entered into two Subscription Agreements with two investors in a private placement of a total of 500,000 shares of common stock at a subscription price of $1 per share, for aggregate gross proceeds of $500,000. On August 31, 2015, GRNQ issued an aggregate of 1,171,000 shares of its restricted common stock pursuant to the conversion of $1,171,000 of two promissory notes issued on July 10, 2015. On September 30, 2015, GRNQ completed the purchase of A&G, F&A and Yabez pursuant to acquisition agreements and issued 1,842,000 shares, 2,080,200 shares, and 486,171 shares, respectively, of its restricted common stock at $0.52 per share to the stockholders of A&G, F&A, and Yabez, respectively, representing an aggregate purchase consideration of $2,292,352. Due to the Company’s thinly-traded market, the purchase price consideration transferred was based on the latest offering price in the private placement to a third party before the acquisition closing date, which was $0.80 per share of restricted common stock. The aggregate purchase consideration was $4,408,371. On September 30, 2015, GRNQ completed the purchase of GPVC pursuant to a sale and purchase agreement, an entity under common control of the Company’s directors, and issued 13,260,000 shares of its restricted common stock at $0.60 per share to the stockholders of GPVC and paid $6,000 in cash, representing an aggregate purchase consideration of $7,962,000. The aggregate purchase consideration based on fair value, which is $0.8 per share of restricted common stock, is amount of 10,608,000. On October 19, 2015, GRNQ entered into a number of Subscription Agreements with investors in a private placement of a total of 96,270 shares of common stock at a subscription price of $1.50 per share, for aggregate gross proceeds of $144,405. On December 31, 2015, GRNQ entered into two Subscription Agreements with two investors in a private placement of a total of 410,314 shares of common stock at a subscription price of $1.50 per share, for aggregate gross proceeds of $615,471. On May 20, 2016, GRNQ entered into three Subscription Agreements with three investors in a private placement of a total of 257,500 shares of common stock at a subscription price of $1.60 per share, for aggregate gross proceeds of $412,000. On December 7, 2016, GRNQ entered into a Subscription Agreement with an investor in a private placement of a total of 27,700 shares of common stock at a subscription price of $1.80 per share, for aggregate gross proceeds of $49,860. On December 27, 2016, GRNQ entered into two Subscription Agreements with two investors in a private placement of a total of 138,804 shares of common stock at a subscription price of $1.80 per share, for aggregate gross proceeds of $249,847. On January 13, 2017, GRNQ entered into two Subscription Agreements with two investors in a private placement of a total of 199,922 shares of common stock at a subscription price of $1.80 per share, for aggregate gross proceeds of $359,860. On March 8, 2017, GRNQ entered into two Subscription Agreements with two investors in a private placement of a total of 278,162 shares of common stock at a subscription price of $2.00 per share, for aggregate gross proceeds of $556,324. On April 18, 2017, GRNQ entered into a Subscription Agreement with an investor in a private placement of a total of 27,472 shares of common stock at a subscription price of $2.50 per share, for aggregate gross proceeds of $68,680. On April 25, 2017, GRNQ completed the purchase of Billion Sino Holdings Limited and issued 340,645 shares of its restricted common stock at $3.50 per share to the stockholders of Billion Sino Holdings Limited, representing an aggregate purchase consideration of $1,192,258. As of June 30, 2017, the Company has 53,233,960 shares issued and outstanding. There are no shares of preferred stock issued and outstanding. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 16 - INCOME TAXES The income (loss) before income taxes of the Company for the six months ended June 30, 2017 and 2016 were comprised of the following: For the six months ended June 30, 2017 2016 Tax jurisdictions from: – Local $ (181,870 ) $ (558,820 ) – Foreign, representing: BVI (97,241 ) (59,714 ) Belize 673,568 287,548 Anguilla (627 ) 5,191 Malaysia (89,090 ) 13,597 Australia - (4,385 ) Seychelles (559 ) - Hong Kong (104,379 ) 88,751 The PRC (77,677 ) 360 Income (Loss) before income taxes $ 122,125 $ (227,472 ) Provision for income taxes consisted of the following: For the six months ended June 30, 2017 2016 Current: – Local $ - $ - – Foreign, representing: BVI - - Belize - - Anguilla - - Hong Kong 8,407 14,746 The PRC - - Seychelles - - Malaysia - - Deferred: – Local - - – Foreign - - $ 8,407 $ 14,746 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 June 30, 2017, the operations in the United States of America incurred $1,361,585 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2037, if unutilized. The Company has provided for a full valuation allowance of approximately $476,555 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 Company’s 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 Company’s 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, GPVC and GPVC (Qianhai) are registered as an international business company which is governed by the International Business Companies Act of Anguilla and there is no income tax charged in Anguilla. For the six months ended June 30, 2017, the GPVC and GPVC (Qianhai) incurred aggregated net operating loss of $627. For the six months ended June 30, 2016, the GPVC and GPVC (Qianhai) incurred aggregated net operating profit of $1,591. Seychelles Under the current laws of the Seychelles, Billion Sino Holdings Limited is registered as an international business company which governs by the International Business Companies Act of Seychelles. A company is subject to Seychelles income tax if it does business in Seychelles. A company that incorporated in Seychelles, but does not do business in Seychelles, is not subject to income tax there. Billion Sino Holdings Limited did not do business in Seychelles for the six months ended June 30, 2017, and it does not intend to do business in Seychelles in the future. Hong Kong All of the Company’s subsidiaries operating in Hong Kong are 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 six months ended June 30, 2017 2016 Subsidiary with operating income before income tax $ 83,706 $ 101,681 Subsidiaries with loss before income tax (188,084 ) (12,930 ) Net income before income tax (104,378 ) 88,751 Subsidiary with operating income before income tax $ 83,706 $ 101,681 Statutory income tax rate 16.5 % 16.5 % Income tax at Hong Kong statutory income tax rate 13,812 16,777 Income tax paid - - Tax effect of tax loss brought forward - - Tax effect of tax reduction (5,405 ) (2,031 ) Income tax expense $ 8,407 $ 14,746 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 June 30, 2017, therefore no deferred tax assets or liabilities have been recognized. The PRC GMC(SZ) and SZ Falcon are operating in the PRC subject to the Corporate Income Tax governed by the Income Tax Law of the People’s Republic of China with a unified statutory income tax rate of 25%. For the six months ended June 30, 2017, the GMC(SZ) and SZ Falcon incurred aggregated operating loss of $78,112, which can be carried forward up to five years to offset its taxable income. For the six months ended June 30, 2016, the GMC(SZ) and SZ Falcon incurred aggregated operating gain of $360. As of June 30, 2017, the operations in the PRC incurred $318,948 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2022, if unutilized. The Company has provided for a full valuation allowance against the deferred tax assets of $79,737 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. Malaysia GRSB, GCVSB and GWSB 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 six months ended June 30, 2017 and 2016, GRSB and GCVSB incurred an aggregated operating loss of $100,423 and $13,633, respectively which can be carried forward indefinitely to offset its taxable income. As of June 30, 2017, the operations in the Malaysia incurred $319,672 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss can be carried forward indefinitely. The Company has provided for a full valuation allowance against the deferred tax assets of $65,172 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 June 30, 2017 and December 31, 2016: As of As of June 30, 2017 December 31, 2016 Deferred tax assets: Net operating loss carryforwards – United States of America $ 476,555 $ 412,900 – The PRC 79,737 60,209 – Malaysia 65,172 45,645 621,464 518,754 Less: valuation allowance (621,464 ) (518,754 ) 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 $621,464 as of June 30, 2017. During the period ended June 30, 2017, the valuation allowance increased by $102,710, primarily relating to net operating loss carryforwards from the various tax regime. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 17 - RELATED PARTY TRANSACTIONS For the six months ended June 30, 2017 2016 Business consulting and advisory service income - Related party A $ 3,483 131,079 -Related party B 86,900 - - Related party C - 23,092 - Related party D - 590 - Related party E - 1,688 Total 90,383 156,449 Related party A is under common control of Mr. Loke Che Chan, Gilbert, a director of the Company. Related party B represent companies where Greenpro Venture Capital Limited owns a certain percentage of their company shares. Related party C is under common control of Ms. Chen Yanhong, the director of GMC(SZ), a wholly-owned subsidiary of the Company. Related parties D and E are both 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 | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 18 - 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 2). The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: (a) By Categories For the three months ended June 30, 2017 (unaudited) Real estate business Service business Corporate Total Revenues $ 56,661 $ 997,482 $ - $ 1,054,143 Cost of revenues (18,817 ) (122,997 ) - (141,814 ) Gross income 37,844 874,485 - 921,329 Depreciation and amortization (2,850 ) 49,066 - 46,216 Net income (loss) 18,892 201,240 (200 ) 219,932 Total assets 3,792,531 6,930,102 235,622 10,958,255 Expenditure for long-lived assets $ - $ 33,941 $ - $ 33,941 For the three months ended June 30, 2016 (unaudited) Real estate business Service business Corporate Total Revenues $ 20,871 $ 732,376 $ - $ 753,247 Cost of revenues (16,396 ) (276,476 ) - (292,872 ) Gross income 4,475 455,900 - 460,375 Depreciation and amortization - 3,978 31,338 35,316 Net income (loss) 7,838 17,826 (33,054 ) (7,390 ) Total assets 5,012,246 3,318,797 294,497 8,625,540 Expenditure for long-lived assets $ 8,891 $ 5,042 $ (2,160 ) $ 11,773 For the six months ended June 30, 2017 (unaudited) Real estate business Service business Corporate Total Revenues $ 85,818 $ 1,743,648 $ - $ 1,829,466 Cost of revenues (30,901 ) (267,476 ) - (298,377 ) Gross income 54,917 1,476,172 - 1,531,089 Depreciation and amortization 4,272 83,622 - 87,894 Net income (loss) 18,153 90,610 (627 ) 108,136 Total assets 3,792,531 6,930,102 235,622 10,958,255 Expenditure for long-lived assets $ - $ 38,444 $ - $ 38,444 For the six months ended June 30, 2016 (unaudited) Real estate business Service business Corporate Total Revenues $ 44,126 $ 1,160,784 $ - $ 1,204,910 Cost of revenues (26,714 ) (502,215 ) - (528,929 ) Gross income 17,412 658,569 - 675,981 Depreciation and amortization - 7,767 59,155 66,922 Net income (loss) 1,838 (201,714 ) (42,777 ) (242,653 ) Total assets 5,012,246 3,318,797 294,497 8,625,540 Expenditure for long-lived assets $ 8,891 $ 5,042 $ (2,160 ) $ 11,773 |
Concentrations of Risks
Concentrations of Risks | 6 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risks | NOTE 19 - CONCENTRATIONS OF RISKS (a) Major customers For service income: For the three months ended June 30, 2017, only one customer accounted for 10% or more of the service income presented as follows: For the three months ended June 30, 2017 June 30, 2017 Revenues Percentage of revenues Trade accounts receivable Customer A $ 291,000 28 % 290,000 Total: $ 291,000 28 % $ 290,000 For the three months ended June 30, 2016, two customers accounted for 10% or more of the service income presented as follows: For the three months ended June 30, 2016 June 30, 2016 Revenues Percentage of revenues Trade accounts receivable Customer B $ 200,000 27 % $ - Customer C, related party 98,106 13 % - Total: $ 298,106 40 % $ - For the six months ended June 30, 2017, only one customer accounted for 10% or more of the service income presented as follows: For the six months ended June 30, 2017 June 30, 2017 Revenues Percentage of revenues Trade accounts receivable Customer A 291,000 16 % 290,000 Total: $ 291,000 16 % $ 290,000 For the six months ended June 30, 2016, two customers accounted for 10% or more of the service income presented as follows: For the six months ended June 30, 2016 June 30, 2016 Revenues Percentage of revenues Trade accounts receivable Customer B $ 200,000 17 % $ - Customer C, related party 131,079 11 % - Total: $ 331,079 28 % $ - (b) Major vendors For the three months ended June 30, 2017 and 2016, no vendor accounted for 10% or more of the Company’s cost of revenues, with no accounts payable balance at year-end. For the six months ended June 30, 2017 and 2016, no vendor accounted for 10% or more of the Company’s 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 Company’s income and operating cash flows are substantially independent of changes in market interest rates. The Company’s 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 Company’s services are conducted in Malaysia, the PRC and Asian region. The Company’s operations are subject to various political, economic, and other risks and uncertainties inherent in Malaysia. Among other risks, the Company’s 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 Company’s 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 Company’s 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 | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 20 - COMMITMENTS AND CONTINGENCIES GRNQ leases office premises in Hong Kong under a non-cancellable operating lease that expires in August 2016. The lease, which covers a term of two years, generally provides for renewal options at specified rental amounts. On July 2016, the Company renewed the lease agreement and the new expiry date is on August 2018. The Company’s subsidiaries lease certain office premises in the PRC under a non-cancellable operating lease that expires in December 2017. The lease, which covers a term of two years, generally provides for renewal options at specified rental amounts. The Company’s subsidiaries lease certain office premises in Hong Kong under a non-cancellable operating lease that expires in April 2018. The lease, which covers a term of two years, generally provides for renewal options at specified rental amounts. The aggregate lease expense for the six months ended June 30, 2017 and 2016 were $198,478 and $140,053, respectively. As of June 30, 2017, the Company has future minimum rental payments of $421,743 for office premises due under non-cancellable operating leases in the next twelve months. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 21 - SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events On July 21, 2017, Greenpro Resources Limited, the wholly owned subsidiary of GRNQ, acquired 51% of the shareholdings of Greenpro Family Office Limited (“GFOL”). GFOL allotted 231,895 shares of GFOL to Greenpro Resources Limited, representing 51% of the shareholdings of GFOL. The remaining 49% of the shareholdings of GFOL is held by Icon Capital Management Company Limited. On July 28, 2017, GSN incorporated a new subsidiary in Shenzhen, China, Greenpro Synergy Network (Shenzhen) Limited, with 100% ownership. Greenpro Synergy Network (Shenzhen) Limited was incorporated for cross-border cooperation among independent professional services firms, global institutions, high net worth individuals, and entrepreneurs. We intend to provide a borderless platform through networking events and programs in China for our members to seek professional services, business opportunities, and to exchange sources of information and research. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | ● Basis of presentation The accompanying unaudited condensed interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). These unaudited interim consolidated financial statements are condensed and should be read in conjunction with the audited consolidated financial statements of the Company and subsidiaries as of and for the year ended December 31, 2016. These unaudited interim statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods presented. The results for the six month period may not be indicative of a full year’s result. |
Basis of Consolidation | ● Basis of consolidation The unaudited condensed interim 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 consolidated statements of operations for any non-owned portion of consolidated subsidiaries. Non-controlling interest is recorded within the equity section but separate from GRNQ’s equity in the consolidated balance sheets. |
Use of Estimates | ● Use of estimates In preparing these unaudited condensed interim 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 customer’s 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. The allowance for any uncollectible accounts for six months ended June 30, 2017 was zero. |
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 June 30, 2017), 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 June 30, 2017, 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, classified as cost of rental, for the six months ended June 30, 2017 and 2016 were $14,751 and $15,924, 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, classified as operating expenses, for the six months ended June 30, 2017 and 2016 were $7,811 and $7,767, 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 considered customer lists and order backlogs amortized on a straight-line basis over a useful life of five years and six years, respectively. 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 six months ended June 30, 2017 and 2016. Amortization expense for the six months ended June 30, 2017 and 2016 were $65,332 and $59,155 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 Company’s proportionate share of net earnings or losses of the entity, distributions received, contributions and certain other adjustments, as appropriate. The Company’s 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 Company’s 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 Company’s 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 Company’s 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 six months ended June 30, 2017, the Company has recorded $85,818 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$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective local currency, Malaysian Ringgit (“MYR”), Renminbi (“RMB”), and Hong Kong Dollars (“HK$”), 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 six months ended June 30, 2017 2016 Period-end MYR : US$1 exchange rate 4.29 4.03 Period-average MYR : US$1 exchange rate 4.37 3.87 Period-end RMB : US$1 exchange rate 6.78 6.64 Period-average RMB : US$1 exchange rate 6.85 6.32 Period-end / average HK$ : 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 |
Business Combination | ● Business Combination ASC 805, Business Combinations (“ASC 805”), applies the acquisition method of accounting for business combinations to all acquisitions where the acquirer gains a controlling interest, regardless of whether consideration was exchanged. ASC 805 establishes principles and requirements for how the acquirer: a) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree; b) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and c) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. Accounting for acquisitions requires the Company to recognize, separately from goodwill, the assets acquired and the liabilities assumed at their acquisition-date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred and the net of the acquisition-date fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, the estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. |
Fair Value of Financial Instruments | ● Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits, prepayments and other receivables, accounts payable, receipts in advance, bank loan (current and long term), 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 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. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 - |
Schedule of 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 six months ended June 30, 2017 2016 Period-end MYR : US$1 exchange rate 4.29 4.03 Period-average MYR : US$1 exchange rate 4.37 3.87 Period-end RMB : US$1 exchange rate 6.78 6.64 Period-average RMB : US$1 exchange rate 6.85 6.32 Period-end / average HK$ : US$1 exchange rate 7.75 7.75 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Fair Value of Assets Acquired and Liabilities | As of the acquisition date, the 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 21,520 29,050 50,570 Accounts payable and accrued liabilities (129,039 ) (39,627 ) (168,666 ) Intangible assets 449,500 175,000 624,500 Goodwill* 1,211,864 260,865 1,472,729 Fair value of F&A and Yabez, respectively 1,664,160 474,228 2,138,388 Non-controlling interest - (85,291 ) (85,291 ) Total purchase consideration** $ 1,664,160 $ 388,937 $ 2,053,097 *The goodwill was adjusted from $1,402,316 in 2015 to $1,472,729 in 2016 due to finalization of the purchase price allocation and valuation of the acquired entities. **Total purchase consideration consisted of 2,080,200 and 486,171 shares of GRNQ common stock, which was priced at $0.80 per share, for F&A and Yabez, respectively. As of the acquisition date, the allocations of the purchase price are stated as follows: BSHL GCL Total Rental and utility deposit $ 3,481 $ - $ 3,481 Bank fixed deposit 12,903 - 12,903 Cash and cash equivalents 132,451 - 132,451 Amount due to a director (16,597 ) - (16,597 ) Accrued expenses (90,939 ) (93,565 ) (184,504 ) Intangible assets 94,057 - 94,057 Deferred tax liabilities (15,519 ) - (15,519 ) Goodwill 1,120,356 93,565 1,213,921 Fair value of BSHL 1,240,193 - 1,240,193 Non-controlling interest (47,935 ) - (47,935 ) Total purchase consideration* $ 1,192,258 $ - $ 1,192,258 *Total purchase consideration consisted of 340,645 shares of GRNQ common stock, which was priced at $3.50 per share, for BSHL. |
Schedule of Proforma Information of Operation | Accordingly, these unaudited pro forma results are presented for informational purpose only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations: For the six months ended June 30 2017 2016 (unaudited) (unaudited) Revenue $ 2,117,169 $ 1,301,629 Gross profit 1,540,521 676.905 Operating income (loss) 117,784 (244,072 ) Net income (loss) $ 106,815 $ (304,939 ) Net income (loss) per share 0.00 (0.00 ) |
Amounts Due from Related Comp30
Amounts Due from Related Companies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Due from Related Parties | As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Amount Due From Related Companies 31,993 30,215 Total $ 31,993 $ 30,215 |
Investment Property (Tables)
Investment Property (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Schedule of Investment Property | As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Leasehold land and buildings for rental purpose $ 1,046,036 $ 1,044,213 Furniture and fixtures 68,893 64,695 Office equipment 15,863 12,263 Leasehold improvement 90,600 87,920 1,221,392 1,209,091 Less: Accumulated depreciation (213,686 ) (194,802 ) Total $ 1,007,706 $ 1,014,289 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment | As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Furniture and fixtures $ 48,145 $ 27,570 Office equipment 42,543 31,078 Leasehold improvement 13,992 13,992 104,680 72,640 Less: Accumulated depreciation (47,278 ) (34,109 ) Total $ 57,402 $ 38,531 |
Cash Surrender Value of Life 33
Cash Surrender Value of Life Insurance (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Cash Surrender Value Of Life Insurance | |
Summary of Net Cash Surrender Value of Life Insurance | A summary of the net cash surrender value of life insurance as of June 30, 2017 is reported below: As of June 30, 2017 As of December 31, 2016 (unaudited) (audited) Cash surrender value of life insurance $ 174,735 $ 172,531 Less: policy loan balance outstanding (116,473 ) (116,473 ) Cash surrender value of life insurance, net $ 58,262 $ 56,058 |
Investments in Unconsolidated34
Investments in Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, All Other Investments [Abstract] | |
Schedule of Investment of Unconsolidated Entities | Combined summarized financial information for all the unconsolidated entities (under equity method of accounting) are as follows: As of June 30, 2017 As of December 31, 2016 Total assets $ 954,383 $ 1,642,569 Total liabilities $ 306,695 $ 897,032 For the six months ended June 30, 2017 For the year ended December 31, 2016 Revenue $ 186,245 $ 168,742 Net loss for the period/year $ 1,029,597 $ 1,256,789 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Trademarks $ 5,635 $ 5,127 Customer Lists (Acquired in Business Combination) 624,500 624,500 Order Backlogs (Acquired in Business Combination) 94,057 - 724,192 629,627 Less: Accumulated amortization (222,639 ) (157,307 ) Total $ 501,553 $ 472,320 |
Accounts Payable and Accrued 36
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of: As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Accounts payable $ 52,833 $ 39,971 Receipts in advance 8,852 4,261 Other payables and accrued liabilities 195,924 197,557 Total $ 257,609 $ 241,789 |
Amounts Due to Related Parties
Amounts Due to Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Due to Related Parties [Abstract] | |
Schedule of Amounts Due to Related Parties | As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Amounts due to shareholders $ 331 $ 4,883 Amount due to non-controlling interest party 1,441,548 1,441,548 Amount due to related companies 1,161 16,955 Total $ 1,443,040 $ 1,463,386 |
Long-Term Bank Loans (Tables)
Long-Term Bank Loans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Bank Loans | As of As of June 30, 2017 December 31, 2016 (unaudited) (audited) Bank loans from financial institutions in Malaysia Standard Chartered Saadiq Berhad $ 347,483 $ 337,464 United Overseas Bank (Malaysia) Berhad 237,411 229,706 584,894 567,170 Less: current portion (14,157 ) (13,042 ) Bank loan, net of current portion $ 570,737 $ 554,128 |
Schedule of Maturities of Long-term Bank Loans | Maturities of the long-term bank loans for each of the five years and thereafter following June 30, 2017 are as follows: Year ending June 30: 2018 $ 15,057 2019 15,710 2020 16,537 2021 17,331 2022 18,164 Thereafter 487,938 Total $ 570,737 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Loss) Income Before Income Taxes | The income (loss) before income taxes of the Company for the six months ended June 30, 2017 and 2016 were comprised of the following: For the six months ended June 30, 2017 2016 Tax jurisdictions from: – Local $ (181,870 ) $ (558,820 ) – Foreign, representing: BVI (97,241 ) (59,714 ) Belize 673,568 287,548 Anguilla (627 ) 5,191 Malaysia (89,090 ) 13,597 Australia - (4,385 ) Seychelles (559 ) - Hong Kong (104,379 ) 88,751 The PRC (77,677 ) 360 Income (Loss) before income taxes $ 122,125 $ (227,472 ) |
Provision for Income Taxes | Provision for income taxes consisted of the following: For the six months ended June 30, 2017 2016 Current: – Local $ - $ - – Foreign, representing: BVI - - Belize - - Anguilla - - Hong Kong 8,407 14,746 The PRC - - Seychelles - - Malaysia - - Deferred: – Local - - – Foreign - - $ 8,407 $ 14,746 |
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 six months ended June 30, 2017 2016 Subsidiary with operating income before income tax $ 83,706 $ 101,681 Subsidiaries with loss before income tax (188,084 ) (12,930 ) Net income before income tax (104,378 ) 88,751 Subsidiary with operating income before income tax $ 83,706 $ 101,681 Statutory income tax rate 16.5 % 16.5 % Income tax at Hong Kong statutory income tax rate 13,812 16,777 Income tax paid - - Tax effect of tax loss brought forward - - Tax effect of tax reduction (5,405 ) (2,031 ) Income tax expense $ 8,407 $ 14,746 |
Schedule of Deferred Tax Assets | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of June 30, 2017 and December 31, 2016: As of As of June 30, 2017 December 31, 2016 Deferred tax assets: Net operating loss carryforwards – United States of America $ 476,555 $ 412,900 – The PRC 79,737 60,209 – Malaysia 65,172 45,645 621,464 518,754 Less: valuation allowance (621,464 ) (518,754 ) Deferred tax assets $ - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Parties Transactions | For the six months ended June 30, 2017 2016 Business consulting and advisory service income - Related party A $ 3,483 131,079 -Related party B 86,900 - - Related party C - 23,092 - Related party D - 590 - Related party E - 1,688 Total 90,383 156,449 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Summarized Financial Information | For the three months ended June 30, 2017 (unaudited) Real estate business Service business Corporate Total Revenues $ 56,661 $ 997,482 $ - $ 1,054,143 Cost of revenues (18,817 ) (122,997 ) - (141,814 ) Gross income 37,844 874,485 - 921,329 Depreciation and amortization (2,850 ) 49,066 - 46,216 Net income (loss) 18,892 201,240 (200 ) 219,932 Total assets 3,792,531 6,930,102 235,622 10,958,255 Expenditure for long-lived assets $ - $ 33,941 $ - $ 33,941 For the three months ended June 30, 2016 (unaudited) Real estate business Service business Corporate Total Revenues $ 20,871 $ 732,376 $ - $ 753,247 Cost of revenues (16,396 ) (276,476 ) - (292,872 ) Gross income 4,475 455,900 - 460,375 Depreciation and amortization - 3,978 31,338 35,316 Net income (loss) 7,838 17,826 (33,054 ) (7,390 ) Total assets 5,012,246 3,318,797 294,497 8,625,540 Expenditure for long-lived assets $ 8,891 $ 5,042 $ (2,160 ) $ 11,773 For the six months ended June 30, 2017 (unaudited) Real estate business Service business Corporate Total Revenues $ 85,818 $ 1,743,648 $ - $ 1,829,466 Cost of revenues (30,901 ) (267,476 ) - (298,377 ) Gross income 54,917 1,476,172 - 1,531,089 Depreciation and amortization 4,272 83,622 - 87,894 Net income (loss) 18,153 90,610 (627 ) 108,136 Total assets 3,792,531 6,930,102 235,622 10,958,255 Expenditure for long-lived assets $ - $ 38,444 $ - $ 38,444 For the six months ended June 30, 2016 (unaudited) Real estate business Service business Corporate Total Revenues $ 44,126 $ 1,160,784 $ - $ 1,204,910 Cost of revenues (26,714 ) (502,215 ) - (528,929 ) Gross income 17,412 658,569 - 675,981 Depreciation and amortization - 7,767 59,155 66,922 Net income (loss) 1,838 (201,714 ) (42,777 ) (242,653 ) Total assets 5,012,246 3,318,797 294,497 8,625,540 Expenditure for long-lived assets $ 8,891 $ 5,042 $ (2,160 ) $ 11,773 |
Concentrations of Risks (Tables
Concentrations of Risks (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentrations of Risk | For the three months ended June 30, 2017, only one customer accounted for 10% or more of the service income presented as follows: For the three months ended June 30, 2017 June 30, 2017 Revenues Percentage of revenues Trade accounts receivable Customer A $ 291,000 28 % 290,000 Total: $ 291,000 28 % $ 290,000 For the three months ended June 30, 2016, two customers accounted for 10% or more of the service income presented as follows: For the three months ended June 30, 2016 June 30, 2016 Revenues Percentage of revenues Trade accounts receivable Customer B $ 200,000 27 % $ - Customer C, related party 98,106 13 % - Total: $ 298,106 40 % $ - For the six months ended June 30, 2017, only one customer accounted for 10% or more of the service income presented as follows: For the six months ended June 30, 2017 June 30, 2017 Revenues Percentage of revenues Trade accounts receivable Customer A 291,000 16 % 290,000 Total: $ 291,000 16 % $ 290,000 For the six months ended June 30, 2016, two customers accounted for 10% or more of the service income presented as follows: For the six months ended June 30, 2016 June 30, 2016 Revenues Percentage of revenues Trade accounts receivable Customer B $ 200,000 17 % $ - Customer C, related party 131,079 11 % - Total: $ 331,079 28 % $ - |
Organization and Business Bac43
Organization and Business Background (Details Narrative) | Apr. 28, 2017$ / sharesshares | Apr. 27, 2017USD ($) | Apr. 25, 2017USD ($)$ / sharesshares | Jun. 07, 2016USD ($)shares | Jun. 07, 2016MYRshares | May 23, 2016USD ($)shares | Oct. 01, 2015USD ($) | Oct. 01, 2015MYR | Sep. 30, 2015USD ($)$ / sharesshares | Jul. 31, 2015USD ($)$ / sharesshares | Jul. 29, 2015USD ($)$ / sharesshares | Jun. 30, 2017 | May 11, 2016 |
Mr. Lee Chong Kuang [Member] | Greenpro Wealthon Sdn Bhd [Member] | |||||||||||||
Number of shares acquire during period | shares | 400 | ||||||||||||
Number of shares acquire during period, value | $ 0 | ||||||||||||
Mr. Lee Chong Kuang [Member] | MYR [Member] | Greenpro Wealthon Sdn Bhd [Member] | |||||||||||||
Number of shares acquire during period, value | $ 1 | ||||||||||||
Mr.Yiap Soon Keong [Member] | Greenpro Wealthon Sdn Bhd [Member] | |||||||||||||
Number of shares acquire during period | shares | 200 | 200 | |||||||||||
Number of shares acquire during period, value | $ 30,000 | ||||||||||||
Number of shares acquire during period, description | On June 7, 2016, GPHL acquired an additional 200 shares of Greenpro Wealthon Sdn Bhd for MYR120,000 (approximately US$30,000), resulting in GPHL owing 60% of Greenpro Wealthon Sdn Bhd. The remaining 40% of Greenpro Wealthon Sdn. Bhd. is held by Mr. Yiap Soon Keong. | On June 7, 2016, GPHL acquired an additional 200 shares of Greenpro Wealthon Sdn Bhd for MYR120,000 (approximately US$30,000), resulting in GPHL owing 60% of Greenpro Wealthon Sdn Bhd. The remaining 40% of Greenpro Wealthon Sdn. Bhd. is held by Mr. Yiap Soon Keong. | |||||||||||
Mr.Yiap Soon Keong [Member] | MYR [Member] | Greenpro Wealthon Sdn Bhd [Member] | |||||||||||||
Number of shares acquire during period, value | MYR | MYR 120,000 | ||||||||||||
Greenpro Resources Limited [Member] | |||||||||||||
Percentage of equity ownership interest | 100.00% | ||||||||||||
Restricted common stock, issued | shares | 9,070,000 | ||||||||||||
Exercise price | $ / shares | $ 0.35 | ||||||||||||
Cash payment | $ 25,500 | ||||||||||||
Aggregate purchase consideration | $ 3,200,000 | ||||||||||||
Greenpro Resources Limited [Member] | Asset Purchase Agreement [Member] | |||||||||||||
Assets purchase price amount | $ 105,000 | ||||||||||||
Greenpro Resources Limited [Member] | Mr. Lee Chong Kuang [Member] | |||||||||||||
Percentage of equity ownership interest | 50.00% | ||||||||||||
Greenpro Resources Limited [Member] | Mr. Loke Che Chan, Gilbert [Member] | |||||||||||||
Percentage of equity ownership interest | 50.00% | ||||||||||||
A&G International Limited [Member] | |||||||||||||
Percentage of equity ownership interest | 100.00% | ||||||||||||
Restricted common stock, issued | shares | 1,842,000 | ||||||||||||
Exercise price | $ / shares | $ 0.52 | ||||||||||||
Aggregate purchase consideration | $ 957,840 | ||||||||||||
Falcon Secretaries Limited [Member] | |||||||||||||
Percentage of equity ownership interest | 100.00% | ||||||||||||
Restricted common stock, issued | shares | 2,080,200 | ||||||||||||
Exercise price | $ / shares | $ 0.52 | ||||||||||||
Aggregate purchase consideration | $ 1,081,740 | ||||||||||||
Yabez (Hong Kong) [Member] | |||||||||||||
Percentage of equity ownership interest | 60.00% | ||||||||||||
Restricted common stock, issued | shares | 486,171 | ||||||||||||
Exercise price | $ / shares | $ 0.52 | ||||||||||||
Aggregate purchase consideration | $ 252,808 | ||||||||||||
Yabez (Hong Kong) [Member] | Mr. Lee Chong Kuang [Member] | |||||||||||||
Percentage of equity ownership interest | 51.00% | ||||||||||||
Yabez (Hong Kong) [Member] | Mr. Loke Che Chan, Gilbert [Member] | |||||||||||||
Percentage of equity ownership interest | 49.00% | ||||||||||||
Greenpro Venture Capital Limited [Member] | |||||||||||||
Percentage of equity ownership interest | 100.00% | ||||||||||||
Restricted common stock, issued | shares | 13,260,000 | ||||||||||||
Exercise price | $ / shares | $ 0.60 | ||||||||||||
Cash payment | $ 6,000 | ||||||||||||
Aggregate purchase consideration | $ 7,962,000 | ||||||||||||
Greenpro Venture Capital Limited [Member] | Mr. Lee Chong Kuang [Member] | |||||||||||||
Percentage of equity ownership interest | 50.00% | ||||||||||||
Greenpro Venture Capital Limited [Member] | Mr. Loke Che Chan, Gilbert [Member] | |||||||||||||
Percentage of equity ownership interest | 50.00% | ||||||||||||
GRNQ [Member] | |||||||||||||
Percentage of voting interest | 89.00% | ||||||||||||
QSC Asia Sdn Bhd [Member] | |||||||||||||
Percentage of equity ownership interest | 49.00% | 49.00% | |||||||||||
Greenpro Global Advisory Sdn. Bhd [Member] | |||||||||||||
Percentage of equity ownership interest | 51.00% | 51.00% | |||||||||||
Aggregate purchase consideration | $ 11,000 | ||||||||||||
Greenpro Global Advisory Sdn. Bhd [Member] | MYR [Member] | |||||||||||||
Aggregate purchase consideration | MYR | MYR 49,000 | ||||||||||||
Greenpro Holding Limited [Member] | |||||||||||||
Percentage of equity ownership interest | 50.00% | ||||||||||||
Mohammad Reza Masoumi Al Agha [Member] | |||||||||||||
Percentage of equity ownership interest | 50.00% | ||||||||||||
Billion Sino Holdings Limited [Member] | |||||||||||||
Percentage of equity ownership interest | 60.00% | ||||||||||||
Cash payment | $ 1,192,258 | ||||||||||||
Number of shares acquire during period | shares | 340,645 | ||||||||||||
Total consideration in cash | $ / shares | $ 3.50 | ||||||||||||
Billion Sino Holdings Limited [Member] | Sale and Purchase Agreement [Member] | |||||||||||||
Restricted common stock, issued | shares | 340,645 | ||||||||||||
Shares purchase percentage of issued and outstanding | 60.00% | ||||||||||||
Stock issued price per share | $ / shares | $ 3.50 | ||||||||||||
Gushen Holding Limited [Member] | |||||||||||||
Percentage of equity ownership interest | 100.00% | ||||||||||||
Number of sale of stock | shares | 2 | ||||||||||||
Total consideration in cash | $ / shares | $ 0.26 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details Narrative) | 6 Months Ended | |
Jun. 30, 2017USD ($)OperatingSegments | Jun. 30, 2016USD ($) | |
Depreciation expense | $ 14,751 | $ 15,924 |
Depreciation expense, classify as operating expenses | $ 7,811 | 7,767 |
Finite lived intangible assets useful life | 10 years | |
Amortization expense | $ 65,332 | $ 59,155 |
Lease description | 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. | |
Rental revenue | $ 85,818 | |
Minimum percentage of income tax benefit | 50.00% | |
Number of reportable operating segment | OperatingSegments | 3 | |
Minimum [Member] | ||
Finite lived intangible assets useful life | 5 years | |
Maximum [Member] | ||
Finite lived intangible assets useful life | 6 years |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Summary of Property and Equipment (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Leasehold Land And Buildings [Member] | Investment Property [Member] | |
Property, Plant and Equipment [Line Items] | |
Expected useful life | 50 years |
Residual Value | |
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 Accoun46
Summary of Significant Accounting Policies - Schedule of Foreign Currencies Translation (Details) | Jun. 30, 2017 | Jun. 30, 2016 |
Period-End MYR : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 4.29 | 4.03 |
Period-Average MYR : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 4.37 | 3.87 |
Period-End RMB : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 6.78 | 6.64 |
Period-Average RMB : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 6.85 | 6.32 |
Period-End /Average HK$ : US$1 Exchange Rate [Member] | ||
Foreign Currency Exchange Rate, Translation | 7.75 | 7.75 |
Business Combinations (Details
Business Combinations (Details Narrative) - $ / shares | Apr. 28, 2017 | Apr. 25, 2017 | Sep. 30, 2015 |
Billion Sino Holdings Limited [Member] | |||
Purchase of equity interest and assets percentage | 60.00% | ||
Total consideration in cash | $ 3.50 | ||
Gushen Holding Limited [Member] | |||
Purchase of equity interest and assets percentage | 100.00% | ||
Number of sale of stock | 2 | ||
Total consideration in cash | $ 0.26 | ||
Falcon Secretaries Limited [Member] | |||
Purchase of equity interest and assets percentage | 100.00% | ||
F&A [Member] | |||
Purchase of equity interest and assets percentage | 100.00% | ||
Yabez [Member] | |||
Purchase of equity interest and assets percentage | 60.00% |
Business Combinations - Schedul
Business Combinations - Schedule of Fair Value of Assets Acquired and Liabilities (Details) - USD ($) | Jun. 30, 2017 | Apr. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |||
Plant and equipment | $ 4,296 | |||||||
Accounts receivable | 143,013 | |||||||
Prepayments, deposits and other receivables | 11,946 | |||||||
Cash and cash equivalents | $ 132,451 | 50,570 | ||||||
Accounts payable and accrued liabilities | (168,666) | |||||||
Intangible assets | 94,057 | 624,500 | ||||||
Goodwill | $ (2,686,650) | 1,213,921 | $ (1,472,729) | $ (1,402,316) | 1,472,729 | [1] | ||
Rental and utility deposit | 3,481 | |||||||
Bank fixed deposit | 12,903 | |||||||
Amount due to a director | (16,597) | |||||||
Accrued expenses | (184,504) | |||||||
Deferred tax liabilities | (15,519) | |||||||
Fair value of BSHL, F&A and Yabez, respectively | 1,240,193 | 2,138,388 | ||||||
Non-controlling interest | (47,935) | (85,291) | ||||||
Total purchase considerations | 1,192,258 | [2] | 2,053,097 | [3] | ||||
F&A [Member] | ||||||||
Plant and equipment | 1,270 | |||||||
Accounts receivable | 103,578 | |||||||
Prepayments, deposits and other receivables | 5,467 | |||||||
Cash and cash equivalents | 21,520 | |||||||
Accounts payable and accrued liabilities | (129,039) | |||||||
Intangible assets | 449,500 | |||||||
Goodwill | [1] | 1,211,864 | ||||||
Fair value of BSHL, F&A and Yabez, respectively | 1,664,160 | |||||||
Non-controlling interest | ||||||||
Total purchase considerations | [3] | 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 | 29,050 | |||||||
Accounts payable and accrued liabilities | (39,627) | |||||||
Intangible assets | 175,000 | |||||||
Goodwill | [1] | 260,865 | ||||||
Fair value of BSHL, F&A and Yabez, respectively | 474,228 | |||||||
Non-controlling interest | (85,291) | |||||||
Total purchase considerations | [3] | $ 388,937 | ||||||
Billion Sino Holdings Limited [Member] | ||||||||
Cash and cash equivalents | 132,451 | |||||||
Intangible assets | 94,057 | |||||||
Goodwill | 1,120,356 | |||||||
Rental and utility deposit | 3,481 | |||||||
Bank fixed deposit | 12,903 | |||||||
Amount due to a director | (16,597) | |||||||
Accrued expenses | (90,939) | |||||||
Deferred tax liabilities | (15,519) | |||||||
Fair value of BSHL, F&A and Yabez, respectively | 1,240,193 | |||||||
Non-controlling interest | (47,935) | |||||||
Total purchase considerations | [2] | 1,192,258 | ||||||
Gushen Holding Limited [Member] | ||||||||
Cash and cash equivalents | ||||||||
Intangible assets | ||||||||
Goodwill | 93,565 | |||||||
Rental and utility deposit | ||||||||
Bank fixed deposit | ||||||||
Amount due to a director | ||||||||
Accrued expenses | (93,565) | |||||||
Deferred tax liabilities | ||||||||
Fair value of BSHL, F&A and Yabez, respectively | ||||||||
Non-controlling interest | ||||||||
Total purchase considerations | [2] | |||||||
[1] | The goodwill was adjusted from $1,402,316 in 2015 to $1,472,729 in 2016 due to finalization of the purchase price allocation and valuation of the acquired entities. | |||||||
[2] | Total purchase consideration consisted of 340,645 shares of GRNQ common stock, which was priced at $3.50 per share, for BSHL. | |||||||
[3] | Total purchase consideration consisted of 2,080,200 and 486,171 shares of GRNQ common stock, which was priced at $0.80 per share, for F&A and Yabez, respectively. |
Business Combinations - Sched49
Business Combinations - Schedule of Fair Value of Assets Acquired and Liabilities (Details) (Parenthetical) - USD ($) | 6 Months Ended | ||||||
Jun. 30, 2017 | Apr. 28, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |||
Goodwill | $ 2,686,650 | $ (1,213,921) | $ 1,472,729 | $ 1,402,316 | $ (1,472,729) | [1] | |
F&A [Member] | |||||||
Goodwill | [1] | (1,211,864) | |||||
Number of common stock shares for purchase consideration | 2,080,200 | ||||||
Shares issued price per share | $ 0.80 | ||||||
Yabez [Member] | |||||||
Goodwill | [1] | $ (260,865) | |||||
Number of common stock shares for purchase consideration | 486,171 | ||||||
Shares issued price per share | $ 0.80 | ||||||
Billion Sino Holdings Limited [Member] | |||||||
Goodwill | $ (1,120,356) | ||||||
Number of common stock shares for purchase consideration | 340,645 | ||||||
Shares issued price per share | $ 3.50 | ||||||
[1] | The goodwill was adjusted from $1,402,316 in 2015 to $1,472,729 in 2016 due to finalization of the purchase price allocation and valuation of the acquired entities. |
Business Combinations - Sched50
Business Combinations - Schedule of Proforma Information of Operation (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Business Combinations [Abstract] | ||
Revenue | $ 2,117,169 | $ 1,301,629 |
Gross profit | 1,540,521 | 677 |
Operating income (loss) | 117,784 | (244,072) |
Net income (loss) | $ 106,815 | $ (304,939) |
Net income (loss) per share | $ 0 | $ 0 |
Amounts Due from Related Comp51
Amounts Due from Related Companies - Schedule of Amounts Due from Related Parties (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Amounts Due from Related Companies | $ 31,993 | $ 30,215 |
Amount Due From Related Parties [Member] | ||
Amounts Due from Related Companies | $ 31,993 | $ 30,215 |
Investment Property (Details Na
Investment Property (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 14,751 | $ 15,924 |
Investment Property - Schedule
Investment Property - Schedule of Investment Properties (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Property, plant and equipment, Gross | $ 104,680 | $ 72,640 |
Less: Accumulated depreciation | (47,278) | (34,109) |
Property, plant and equipment, Net | 57,402 | 38,531 |
Investment Property [Member] | ||
Property, plant and equipment, Gross | 1,221,392 | 1,209,091 |
Less: Accumulated depreciation | (213,686) | (194,802) |
Property, plant and equipment, Net | 1,007,706 | 1,014,289 |
Leasehold Land And Buildings [Member] | Investment Property [Member] | ||
Property, plant and equipment, Gross | 1,046,036 | |
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 | 48,145 | 27,570 |
Furniture and Fixtures [Member] | Investment Property [Member] | ||
Property, plant and equipment, Gross | 68,893 | 64,695 |
Office Equipment [Member] | ||
Property, plant and equipment, Gross | 42,543 | 31,078 |
Office Equipment [Member] | Investment Property [Member] | ||
Property, plant and equipment, Gross | 15,863 | 12,263 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, Gross | 13,992 | 13,992 |
Leasehold Improvements [Member] | Investment Property [Member] | ||
Property, plant and equipment, Gross | $ 90,600 | $ 87,920 |
Plant and Equipment (Details Na
Plant and Equipment (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense, classify as operating expenses | $ 7,811 | $ 7,767 |
Plant and Equipment - Schedule
Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 104,680 | $ 72,640 |
Less: Accumulated depreciation | (47,278) | (34,109) |
Property, plant and equipment, Net | 57,402 | 38,531 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 48,145 | 27,570 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | 42,543 | 31,078 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 13,992 | $ 13,992 |
Cash Surrender Value of Life 56
Cash Surrender Value of Life Insurance (Details Narrative) | May 15, 2015USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | May 15, 2015HKD |
Surrender value of life insurance | $ 58,262 | $ 56,058 | ||
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 57
Cash Surrender Value of Life Insurance - Summary of Net Cash Surrender Value of Life Insurance (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Cash Surrender Value Of Life Insurance | ||
Cash surrender value of life insurance | $ 174,735 | $ 172,531 |
Less: policy loan balance outstanding | (116,473) | (116,473) |
Cash surrender value of life insurance, net | $ 58,262 | $ 56,058 |
Investments in Unconsolidated58
Investments in Unconsolidated Entities (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Agape ATP Corporation [Member] | ||
Investment amount | $ 1,750 | |
Agape ATP Corporation [Member] | Maximum [Member] | ||
Percentage of equity ownership interest | 5.00% | |
Dongjia, Inc [Member] | ||
Investment amount | $ 1,500 | |
Dongjia, Inc [Member] | Maximum [Member] | ||
Percentage of equity ownership interest | 5.00% | |
Aquarius Protection Fund SPC [Member] | ||
Investment amount | $ 200,000 | |
Aquarius Protection Fund SPC [Member] | Maximum [Member] | ||
Percentage of equity ownership interest | 5.00% | |
Greenpro Trust Limited [Member] | ||
Investment amount | $ 51,613 | |
Percentage of equity ownership interest | 12.00% | |
Equity method of accounting, with initial investment amount | $ 10,507 | |
Loss on investments in unconsolidated entities | $ 0 | $ 9,007 |
Common stock, shares authorized | 3,400,000 | |
Greenpro Trust Limited [Member] | Hong Kong Dollar [Member] | ||
Common stock par value | $ 1 | |
Greenpro Trust Limited [Member] | Maximum [Member] | ||
Percentage of equity ownership interest | 50.00% | |
Greenpro Trust Limited [Member] | Minimum [Member] | ||
Percentage of equity ownership interest | 19.00% |
Investments in Unconsolidated59
Investments in Unconsolidated Entities - Schedule of Combined Summarized Financial Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2016 | |
Total assets | $ 10,958,255 | $ 10,958,255 | $ 8,429,602 | $ 8,625,540 | ||
Total liabilities | 2,547,029 | 2,547,029 | 2,336,531 | |||
Revenue | 1,054,143 | $ 753,247 | 1,829,466 | $ 1,204,910 | ||
Net loss for the period/year | 234,391 | $ (7,390) | 125,904 | $ (242,653) | ||
Unconsolidated entities [Member] | ||||||
Total assets | 954,383 | 954,383 | 1,642,569 | |||
Total liabilities | $ 306,695 | 306,695 | 897,032 | |||
Revenue | 186,245 | 168,742 | ||||
Net loss for the period/year | $ 1,029,597 | $ 1,256,789 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 65,332 | $ 59,155 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Total intangible assets, gross | $ 724,192 | $ 629,627 |
Less: Accumulated amortization | (222,639) | (157,307) |
Total intangible assets, net | 501,553 | 472,320 |
Trademarks [Member] | ||
Total intangible assets, gross | 5,635 | 5,127 |
Customer Lists (Acquired in Business Combination) [Member] | ||
Total intangible assets, gross | 624,500 | 624,500 |
Order Backlogs (Acquired in Business Combination) [Member] | ||
Total intangible assets, gross | $ 94,057 |
Accounts Payable and Accrued 62
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accounts payable | $ 52,833 | $ 39,971 |
Receipts in advance | 8,852 | 4,261 |
Other payables and accrued liabilities | 195,924 | 197,557 |
Total | $ 257,609 | $ 241,789 |
Amounts Due to Related Partie63
Amounts Due to Related Parties (Details Narrative) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Amount due to non-controlling interest party | $ 220,654 | $ 46,109 |
Forward Win International Limited [Member] | ||
Amount due to non-controlling interest party | $ 1,441,548 |
Amounts Due to Related Partie64
Amounts Due to Related Parties - Schedule of Amounts Due to Related Parties (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Due to Related Parties [Abstract] | ||
Amounts due to shareholders | $ 331 | $ 4,883 |
Amount due to non-controlling interest party | 1,441,548 | 1,441,548 |
Amount due to related companies | 1,161 | 16,955 |
Total | $ 1,443,040 | $ 1,463,386 |
Amounts Due to Directors (Detai
Amounts Due to Directors (Details Narrative) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Amounts Due To Directors | ||
Due to directors | $ 220,654 | $ 46,109 |
Long-Term Bank Loans (Details N
Long-Term Bank Loans (Details Narrative) | 1 Months Ended | 6 Months Ended | |||||||
Aug. 31, 2013USD ($) | Aug. 31, 2013MYR | May 31, 2013USD ($) | May 31, 2013MYR | Jun. 30, 2017USD ($) | Jun. 30, 2016 | Dec. 31, 2016USD ($) | Aug. 31, 2013MYR | May 31, 2013MYR | |
Bank loans from financial institutions | $ 584,894 | $ 567,170 | |||||||
Base Rate [Member] | |||||||||
Base lending rate per annum | 6.70% | 6.85% | |||||||
Standard Chartered Saadiq Berhad [Member] | |||||||||
Bank loans from financial institutions | $ 495,170 | $ 347,483 | 337,464 | ||||||
Interest rate on bank loans | 2.10% | 2.10% | |||||||
Number of Installments 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 | $ 237,411 | $ 229,706 | ||||||
Interest rate on bank loans | 2.20% | 2.20% | |||||||
Number of Installments 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 ($) | Jun. 30, 2017 | Dec. 31, 2016 | Aug. 31, 2013 | May 31, 2013 |
Bank loans from financial institutions in Malaysia | $ 584,894 | $ 567,170 | ||
Less: current portion | (14,157) | (13,042) | ||
Bank loan, net of current portion | 570,737 | 554,128 | ||
Standard Chartered Saadiq Berhad [Member] | ||||
Bank loans from financial institutions in Malaysia | 347,483 | 337,464 | $ 495,170 | |
United Overseas Bank (Malaysia) Berhad [Member] | ||||
Bank loans from financial institutions in Malaysia | $ 237,411 | $ 229,706 | $ 326,530 |
Long-Term Bank Loans - Schedu68
Long-Term Bank Loans - Schedule of Maturities of Long-term Bank Loans (Details) | Jun. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 15,057 |
2,019 | 15,710 |
2,020 | 16,537 |
2,021 | 17,331 |
2,022 | 18,164 |
Thereafter | 487,938 |
Total | $ 570,737 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Apr. 25, 2017 | Apr. 18, 2017 | Mar. 08, 2017 | Jan. 13, 2017 | Dec. 27, 2016 | Dec. 07, 2016 | May 20, 2016 | Oct. 19, 2015 | Sep. 30, 2015 | Aug. 31, 2015 | Aug. 21, 2015 | Aug. 20, 2015 | Jul. 31, 2015 | Dec. 31, 2015 | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock shares issued | 53,233,960 | 52,387,759 | ||||||||||||||
Common stock, shares outstanding | 53,233,960 | 52,387,759 | ||||||||||||||
Preferred stock, shares issued | ||||||||||||||||
Preferred stock, shares outstanding | ||||||||||||||||
Billion Sino Holdings Limited [Member] | ||||||||||||||||
Number of shares acquire during period | 340,645 | |||||||||||||||
Cash paid for acquisition to shareholders | $ 1,192,258 | |||||||||||||||
Equity issuance price per share | $ 3.50 | |||||||||||||||
Subscription Agreements [Member] | Private Placement [Member] | ||||||||||||||||
Number of common stock shares sold during the period | 500,000 | 625,000 | ||||||||||||||
Equity issuance price per share | $ 1 | $ 0.80 | ||||||||||||||
Proceeds from private placement | $ 500,000 | $ 500,000 | ||||||||||||||
Subscription Agreements [Member] | Private Placement [Member] | Investor [Member] | ||||||||||||||||
Number of shares acquire during period | 27,472 | 27,700 | 96,270 | |||||||||||||
Equity issuance price per share | $ 2.50 | $ 1.80 | $ 1.50 | |||||||||||||
Proceeds from private placement | $ 68,680 | $ 49,860 | $ 144,405 | |||||||||||||
Two Subscription Agreements [Member] | Private Placement [Member] | Two Investors [Member] | ||||||||||||||||
Number of shares acquire during period | 278,162 | 199,922 | 138,804 | 410,314 | ||||||||||||
Equity issuance price per share | $ 2 | $ 1.80 | $ 1.80 | $ 1.50 | ||||||||||||
Proceeds from private placement | $ 556,324 | $ 359,860 | $ 249,847 | $ 615,471 | ||||||||||||
Three Subscription Agreements [Member] | Private Placement [Member] | Three Investors [Member] | ||||||||||||||||
Number of shares acquire during period | 257,500 | |||||||||||||||
Equity issuance price per share | $ 1.60 | |||||||||||||||
Proceeds from private placement | $ 412,000 | |||||||||||||||
Restricted Common Stock [Member] | ||||||||||||||||
Number of common stock converted into the shares issued | 1,171,000 | |||||||||||||||
Number of common stock value converted into the shares | $ 1,171,000 | |||||||||||||||
GRBV [Member] | Restricted Common Stock [Member] | ||||||||||||||||
Number of shares acquire during period | 9,070,000 | |||||||||||||||
Shares price for acquisition | $ 0.35 | |||||||||||||||
Cash paid for acquisition to shareholders | $ 25,500 | |||||||||||||||
Aggregate purchase consideration | $ 3,200,000 | |||||||||||||||
A&G [Member] | Restricted Common Stock [Member] | ||||||||||||||||
Number of shares acquire during period | 1,842,000 | |||||||||||||||
F&A [Member] | Restricted Common Stock [Member] | ||||||||||||||||
Number of shares acquire during period | 2,080,200 | |||||||||||||||
Yabez [Member] | Restricted Common Stock [Member] | ||||||||||||||||
Number of shares acquire during period | 486,171 | |||||||||||||||
A&G, F&A and Yabez [Member] | Restricted Common Stock [Member] | ||||||||||||||||
Shares price for acquisition | $ 0.52 | |||||||||||||||
Aggregate purchase consideration | $ 2,292,352 | |||||||||||||||
A&G, F&A and Yabez [Member] | Restricted Common Stock [Member] | Private Placement [Member] | ||||||||||||||||
Shares price for acquisition | $ 0.80 | |||||||||||||||
Aggregate purchase consideration | $ 4,408,371 | |||||||||||||||
GPVC And GPVC (CGN) [Member] | ||||||||||||||||
Number of shares acquire during period | 10,608,000 | |||||||||||||||
Shares price for acquisition | $ 0.8 | |||||||||||||||
GPVC And GPVC (CGN) [Member] | Restricted Common Stock [Member] | ||||||||||||||||
Shares price for acquisition | $ 0.60 | |||||||||||||||
GPVC And GPVC (CGN) [Member] | Restricted Common Stock [Member] | Sale and Purchase Agreement [Member] | ||||||||||||||||
Number of shares acquire during period | 13,260,000 | |||||||||||||||
Cash paid for acquisition to shareholders | $ 6,000 | |||||||||||||||
Aggregate purchase consideration | $ 7,962,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Valuation allowance deferred tax assets | $ 621,464 | $ 518,754 | |
Belizean International Business Corporation [Member] | |||
Income tax rate | 0.00% | ||
United States of America [Member] | |||
Net operating loss carryforwards | $ 1,361,585 | ||
Operating loss carryforwards expiration term | expire in 2037 | ||
Valuation allowance deferred tax assets | $ 476,555 | ||
Anguilla [Member] | GPVC And GPVC (CGN) [Member] | |||
Net operating loss carryforwards | $ 627 | $ 1,591 | |
Hong Kong [Member] | |||
Statutory income tax rate | 16.50% | 16.50% | |
The PRC [Member] | GMC (SZ) and SZ Falcon [Member] | |||
Net operating loss carryforwards | $ 78,112 | $ 360 | |
Operating loss carryforwards expiration term | expire in 2022 | ||
Valuation allowance deferred tax assets | $ 79,737 | ||
Income tax rate | 25.00% | ||
Cumulative net operating losses | $ 318,948 | ||
Malaysia [Member] | |||
Valuation allowance deferred tax assets | $ 621,464 | ||
Income tax rate | 20.00% | ||
Valuation allowance increase | $ 102,710 | ||
Malaysia [Member] | GRSB and GGASB [Member] | |||
Net operating loss carryforwards | 100,423 | $ 13,633 | |
Valuation allowance deferred tax assets | 65,172 | ||
Cumulative net operating losses | $ 319,672 |
Income Taxes - Schedule of (Los
Income Taxes - Schedule of (Loss) Income Before Income Taxes (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income (Loss) before income taxes | $ 122,125 | $ (227,472) |
Local [Member] | ||
Income (Loss) before income taxes | (181,870) | (558,820) |
BVI [Member] | ||
Income (Loss) before income taxes | (97,241) | (59,714) |
Belize [Member] | ||
Income (Loss) before income taxes | 673,568 | 287,548 |
Anguilla [Member] | ||
Income (Loss) before income taxes | (627) | 5,191 |
Malaysia [Member] | ||
Income (Loss) before income taxes | (89,090) | 13,597 |
Australia [Member] | ||
Income (Loss) before income taxes | (4,385) | |
Seychelles [Member] | ||
Income (Loss) before income taxes | (559) | |
Hong Kong [Member] | ||
Income (Loss) before income taxes | (104,379) | 88,751 |
The PRC [Member] | ||
Income (Loss) before income taxes | $ (77,677) | $ 360 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Provision for income taxes local current | ||
Provision for income taxes deferred local | ||
Provision for income taxes deferred foreign | ||
Deferred Provision for income taxes | 8,407 | 14,746 |
BVI [Member] | ||
Provision for income taxes current foreign | ||
Belize [Member] | ||
Provision for income taxes current foreign | ||
Anguilla [Member] | ||
Provision for income taxes current foreign | ||
Hong Kong [Member] | ||
Provision for income taxes current foreign | 8,407 | 14,746 |
Deferred Provision for income taxes | 8,407 | 14,746 |
The PRC [Member] | ||
Provision for income taxes current foreign | ||
Seychelles [Member] | ||
Provision for income taxes current foreign | ||
Malaysia [Member] | ||
Provision for income taxes current foreign |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income (Loss) Before Income Taxes Effective Tax Rate (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income before income tax | $ 221,075 | $ 123 | $ 122,125 | $ (227,472) |
Income tax expense | $ 1,143 | $ 9,157 | 13,989 | 14,746 |
Hong Kong [Member] | ||||
Subsidiary with operating income before income tax | 83,706 | 101,681 | ||
Subsidiaries with loss before income tax | (188,084) | (12,930) | ||
Net income before income tax | $ (104,378) | $ 88,751 | ||
Statutory income tax rate | 16.50% | 16.50% | ||
Income tax at Hong Kong statutory income tax rate | $ 13,812 | $ 16,777 | ||
Income tax paid | ||||
Tax effect of tax loss brought forward | ||||
Tax effect of tax reduction | (5,405) | (2,031) | ||
Income tax expense | $ 8,407 | $ 14,746 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred tax assets net operating loss carryforwards | $ 621,464 | $ 518,754 |
Less: valuation allowance | (621,464) | (518,754) |
Deferred tax assets | ||
United States of America [Member] | ||
Deferred tax assets net operating loss carryforwards | 476,555 | 412,900 |
The PRC [Member] | ||
Deferred tax assets net operating loss carryforwards | 79,737 | 60,209 |
Malaysia [Member] | ||
Deferred tax assets net operating loss carryforwards | $ 65,172 | $ 45,645 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Parties Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Business consulting and advisory service income | $ 12,612 | $ 111,345 | $ 90,383 | $ 156,448 |
Related Party A [Member] | ||||
Business consulting and advisory service income | 3,484 | 131,079 | ||
Related Party B [Member] | ||||
Business consulting and advisory service income | 86,900 | |||
Related Party C [Member] | ||||
Business consulting and advisory service income | 23,092 | |||
Related Party D [Member] | ||||
Business consulting and advisory service income | 590 | |||
Related Party E [Member] | ||||
Business consulting and advisory service income | $ 1,688 |
Segment Information (Details Na
Segment Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2017OperatingSegments | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 3 |
Segment Information - Schedule
Segment Information - Schedule of Summarized Financial Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2016 | |
Revenues | $ 1,054,143 | $ 753,247 | $ 1,829,466 | $ 1,204,910 | ||
Cost of revenues | (141,814) | (292,872) | (298,377) | (528,929) | ||
Gross income | 912,329 | 460,375 | 1,531,089 | 675,981 | ||
Depreciation and amortization | 46,216 | 35,316 | 87,894 | 66,922 | ||
Net income (loss) | 219,932 | (9,034) | 108,136 | (242,218) | ||
Total assets | 10,958,255 | 10,958,255 | $ 8,429,602 | $ 8,625,540 | ||
Expenditure for long-lived assets | 33,941 | 11,773 | 38,444 | 11,773 | ||
Real Estate Business [Member] | ||||||
Revenues | 56,661 | 20,871 | 85,818 | 44,126 | ||
Cost of revenues | (18,817) | (16,396) | (30,901) | (26,714) | ||
Gross income | 37,844 | 4,475 | 54,917 | 17,412 | ||
Depreciation and amortization | (2,850) | 4,272 | ||||
Net income (loss) | 18,892 | 7,838 | 18,153 | 1,838 | ||
Total assets | 3,792,531 | 5,012,246 | 3,792,531 | 5,012,246 | ||
Expenditure for long-lived assets | 8,891 | 8,891 | ||||
Service Business [Member] | ||||||
Revenues | 997,482 | 732,376 | 1,743,648 | 1,160,784 | ||
Cost of revenues | (122,997) | (276,476) | (267,476) | (502,215) | ||
Gross income | 874,485 | 455,900 | 1,476,172 | 658,569 | ||
Depreciation and amortization | 49,066 | 3,978 | 83,622 | 7,767 | ||
Net income (loss) | 201,240 | 17,826 | 90,610 | (201,714) | ||
Total assets | 6,930,102 | 3,318,797 | 6,930,102 | 3,318,797 | ||
Expenditure for long-lived assets | 33,941 | 5,042 | 38,444 | 5,042 | ||
Corporate Business [Member] | ||||||
Revenues | ||||||
Cost of revenues | ||||||
Gross income | ||||||
Depreciation and amortization | 31,338 | 59,155 | ||||
Net income (loss) | (200) | (33,054) | (627) | (42,777) | ||
Total assets | 235,622 | 294,497 | 235,622 | 294,497 | ||
Expenditure for long-lived assets | $ (2,160) | $ (2,160) |
Concentrations of Risks (Detail
Concentrations of Risks (Details Narrative) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Concentrations of risks percentage | 28.00% | 40.00% | 16.00% | 28.00% |
Customer [Member] | ||||
Concentrations of risks percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Vendor [Member] | ||||
Concentrations of risks percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Concentrations of Risks - Sched
Concentrations of Risks - Schedule of Concentrations of Risk (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | |
Revenues | $ 291,000 | $ 298,106 | $ 291,000 | $ 331,079 | |
Percentage of revenues | 28.00% | 40.00% | 16.00% | 28.00% | |
Trade accounts receivable | $ 290,000 | $ 290,000 | |||
Customer A [Member] | |||||
Revenues | $ 291,000 | $ 200,000 | $ 291,000 | ||
Percentage of revenues | 28.00% | 27.00% | 16.00% | ||
Trade accounts receivable | $ 290,000 | $ 290,000 | |||
Customer C, Related Party [Member] | |||||
Revenues | $ 98,106 | $ 131,079 | |||
Percentage of revenues | 13.00% | 11.00% | |||
Trade accounts receivable | |||||
Customer B [Member] | |||||
Revenues | $ 200,000 | ||||
Percentage of revenues | 17.00% | ||||
Trade accounts receivable |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jul. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease expiration date | Aug. 31, 2018 | Dec. 31, 2017 | |
Lease term | 2 years | ||
Lease expense | $ 198,478 | $ 140,053 | |
Future minimum rental payments due under non-cancelable operating lease in the next twelve months | $ 421,743 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - shares | Jul. 21, 2017 | Jul. 28, 2017 | Jul. 29, 2015 |
Greenpro Resources Limited [Member] | |||
Percentage of equity ownership interest | 100.00% | ||
Subsequent Event [Member] | Greenpro Family Office Limited [Member] | |||
Percentage of equity ownership interest | 51.00% | ||
Subsequent Event [Member] | Greenpro Resources Limited [Member] | |||
Percentage of equity ownership interest | 51.00% | ||
Number of common stock issued during the period | 231,895 | ||
Subsequent Event [Member] | Icon Capital Management Company Limited [Member] | |||
Percentage of equity ownership interest | 49.00% | ||
Subsequent Event [Member] | GSN [Member] | |||
Percentage of equity ownership interest | 100.00% |