Business Context and Reporting Period
Company: Greenpro Capital Corp. (GRNQ)
Filing Type: Form 8-K (Current Report)
Date of Report: April 27, 2017
Event: Entry into a Material Definitive Agreement for the acquisition of Gushen Credit Limited (GCL).
Key Financial Metrics
This filing reports a specific transaction rather than periodic financial performance. Key transaction metrics include:
- Asset Purchase Price: $105,000 (determined based on fair value of assets including deposits and utility bills, excluding cash).
- Payment Status: The purchase price was fully offset by amounts owed to Greenpro Resources Limited (GRNQ); no cash shortfall was paid.
- Equity Acquisition Cost: $0.26 (for 100% of GCL ordinary shares).
- Assets Acquired: Business premises and Money Lender License of GCL.
Note: The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics for the reporting period.
Material Changes
On April 27, 2017, Greenpro Resources Limited (a wholly-owned subsidiary of GRNQ) entered into an Asset Purchase Agreement with Gushen Holding Limited (GSHL). On April 28, 2017, GRNQ acquired 100% ownership of GCL by purchasing two ordinary shares for $0.26. This transaction expands GRNQ's operations into the money lending business in Hong Kong.
Outlook, Risks, and Management Commentary
Management Commentary: The acquisition allows GRNQ to take over the business premises and the Money Lender License of GCL, located in Kowloon, Hong Kong.
Risks and Contingencies: The filing states that the description of the agreement is a summary and is qualified in its entirety by the full Asset Purchase Agreement filed as Exhibit 2.1. No specific risk factors or contingencies are detailed in the text of this report.
Investor Verification Checklist
- Verify the full terms of the Asset Purchase Agreement in Exhibit 2.1.
- Confirm the status of the Money Lender License transfer and regulatory compliance in Hong Kong.
- Review the specific assets included in the $105,000 valuation (deposits, utility bills) versus excluded items (cash).
- Assess the financial health and loan portfolio of Gushen Credit Limited, as no financial statements were provided in this filing.