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Transcript of Greenpro Capital Corp. (Form: 10-Q, Received: 05/14/2020 ... Web view Greenpro Capital Corp. (the...

Greenpro Capital Corp. (Form: 10-Q, Received: 05/14/2020 06:17:18)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended March 31, 2020

 

or

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _________ to _________

 

Commission File Number 001-38308

 

Greenpro Capital Corp.

(Exact name of registrant issuer as specified in its charter)

 

Nevada

 

98-1146821

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

Room 1701-1703, 17/F., The Metropolis Tower,

10 Metropolis Drive, Hung Hom, Kowloon,

Hong Kong

(Address of principal executive offices, including zip code)

 

Registrant’s phone number, including area code (852) 3111 -7718

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Common Stock, $0.0001 par value

 

GRNQ

 

NASDAQ Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

YES [X] NO [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

 

YES [X] NO [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” or an “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer [  ] Accelerated Filer [  ] Non-accelerated Filer [X] Smaller reporting company [X]

Emerging Growth Company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

As of May 14, 2020, there were 54,723,889 shares, par value $0.0001, of the registrant’s common stock outstanding.

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I

FINANCIAL INFORMATION

3

 

 

 

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

3

 

 

 

 

Condensed Consolidated Balance Sheets - March 31, 2020 (Unaudited) and December 31, 2019

3

 

 

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - Three Months Ended March 31, 2020 and 2019

4

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - Three Months Ended March 31, 2020 and 2019

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited) - Three Months Ended March 31, 2020 and 2019

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited) – Three Months Ended March 31, 2020 and 2019

7

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

18

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

23

 

 

 

ITEM 4.

CONTROLS AND PROCEDURES

23

 

 

 

PART II

OTHER INFORMATION

24

 

 

 

ITEM 1

LEGAL PROCEEDINGS

24

 

 

 

ITEM 2

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

24

 

 

 

ITEM 3

DEFAULTS UPON SENIOR SECURITIES

24

 

 

 

ITEM 4

MINE SAFETY DISCLOSURES

24

 

 

 

ITEM 5

OTHER INFORMATION

24

 

 

 

ITEM 6

EXHIBITS

24

 

 

 

SIGNATURES

25

 

 

2

 

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements.

 

GREENPRO CAPITAL CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2020 AND DECEMBER 31, 2019

(In U.S. dollars, except share and per share data)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents (including $161,344 and $163,813 of restricted cash as of March 31, 2020 and December 31, 2019, respectively)

 

$

679,214

 

 

$

1,256,739

 

Accounts receivable, net of allowance of $20,953 and $46,624 as of March 31, 2020 and December 31, 2019, respectively (including due from related parties of $602 and $0 as of March 31, 2020 and December 31, 2019, respectively)

 

 

43,331

 

 

 

221,529

 

Prepaids and other current assets (including due from related parties of $61,032 and $61,623 as of March 31, 2020 and December 31, 2019, respectively)

 

 

276,393

 

 

 

246,156

 

Deferred costs of revenue

 

 

52,377

 

 

 

73,821

 

Total current assets

 

 

1,051,315

 

 

 

1,798,245

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

2,750,830

 

 

 

2,831,109

 

Real Estate investments:

 

 

 

 

 

 

 

 

Real estate held for sale

 

 

2,396,238

 

 

 

2,396,238

 

Real estate held for investment, net

 

 

747,848

 

 

 

796,059

 

Intangible assets, net

 

 

67,245

 

 

 

91,012

 

Goodwill

 

 

319,726

 

 

 

319,726

 

Other investments (including investments in related parties of $53,363 as of March 31, 2020 and December 31, 2019)

 

 

145,594

 

 

 

145,140

 

Operating lease right-of-use assets, net

 

 

272,506

 

 

 

506,924

 

TOTAL ASSETS

 

$

7,751,302

 

 

$

8,884,453

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

452,826

 

 

$

757,813

 

Current portion of loans secured by real estate

 

 

528,314

 

 

 

531,488

 

Due to related parties

 

 

1,065,874

 

 

 

1,009,760

 

Operating lease liabilities, current portion

 

 

255,996