UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended June 30, 2025

☐ 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.)

B-23A-02, G-Vestor Tower,

Pavilion Embassy, 200 Jalan Ampang,

50450 W.P. Kuala Lumpur, Malaysia

(Address of principal executive offices, including zip code)

Registrant’s phone number, including area code (60) 3 8408-1788

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 ☒ 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 ☒ 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 ☒	Smaller reporting company ☒
	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 ☒

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE

PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of August 12, 2025, there were 8,275,813 shares, par value $0.0001 of the registrant’s common stock (“Common Stock”) issued and outstanding.

TABLE OF CONTENTS

		Page

PART I	FINANCIAL INFORMATION	3

ITEM 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:	3

	Condensed Consolidated Balance Sheets - June 30, 2025 (Unaudited) and December 31, 2024 (Audited)	3

	Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - Three and Six Months Ended June 30, 2025 and 2024	4

	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - Three and Six Months Ended June 30, 2025 and 2024	5

	Condensed Consolidated Statements of Cash Flows (Unaudited) - Six Months Ended June 30, 2025 and 2024	6

	Notes to Condensed Consolidated Financial Statements (Unaudited) - Six Months Ended June 30, 2025 and 2024	7

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	26

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	37

ITEM 4.	CONTROLS AND PROCEDURES	37

PART II	OTHER INFORMATION	38

ITEM 1	LEGAL PROCEEDINGS	38

ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	38

ITEM 3	DEFAULTS UPON SENIOR SECURITIES	38

ITEM 4	MINE SAFETY DISCLOSURES	38

ITEM 5	OTHER INFORMATION	38

ITEM 6	EXHIBITS	38

SIGNATURES		39

PART I – FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements.

GREENPRO CAPITAL CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2025 AND DECEMBER 31, 2024

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

	June 30, 2025		December 31, 2024
	(Unaudited)		(Audited)
ASSETS
Current assets:
Cash and cash equivalents (including $63,693 and $77,239 of time deposits as of June 30, 2025 and December 31, 2024, respectively)	$	833,234	$	1,124,818
Accounts receivable, net of allowance for credit losses of $43,408 and $2,883 as of June 30, 2025 and December 31, 2024, respectively (including $41 of net accounts receivable from related party as of December 31, 2024)		66,095		94,521
Prepaids and other current assets		450,261		450,458
Digital assets		233,778		192,398
Due from related parties		1,261,534		954,184
Deferred costs of revenue (including $12,500 and $18,750 to related parties as of June 30, 2025 and December 31, 2024, respectively)		52,847		38,382
Total current assets		2,897,749		2,854,761

Property and equipment, net		2,203,630		2,226,888
Real estate investments:
Real estate held for sale		980,402		980,402
Real estate held for investment, net		369,152		352,854
Intangible assets, net		568		709
Goodwill		6,035		6,035
Other investments (including $12,073 of related party investments as of June 30, 2025 and December 31, 2024, respectively)		12,073		12,073
Operating lease right-of-use assets, net		67,304		19,929
Finance lease right-of-use asset, net		18,364		20,272
TOTAL ASSETS	$	6,555,277	$	6,473,923

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities (including $127 of accounts payable to related party as of June 30, 2025)	$	833,424	$	975,208
Due to related parties		83,982		57,497
Operating lease liabilities, current portion		67,304		19,929
Finance lease liabilities, current portion		4,135		3,766
Deferred revenue		741,746		213,000
Total current liabilities		1,730,591		1,269,400

Finance lease liabilities, non-current portion		8,759		10,235
Total liabilities		1,739,350		1,279,635

Commitments and contingencies

SEC Form 10-Q filed by Greenpro Capital Corp.