Greenpro Capital Corp. Goodwill & Intangibles Disclosure

NOTE 8 - INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets, net

 SCHEDULE OF INTANGIBLE ASSETS

		2025				2024
		As of December 31,
		2025				2024
Intangible assets
Trademarks		$	7,253			$	7,253
Customer lists			344,500				344,500
Insurance agency license			129,032				129,032
Total intangible assets, gross			480,785				480,785
Less: Accumulated amortization
Accumulated amortization, beginning of year			(480,076	)			(479,604	)
Amortization for the year			(271	)			(476	)
Effect of changes in exchange rate			(1	)			4
Accumulated amortization, end of year			(480,348	)			(480,076	)
Intangible assets, net		$	437			$	709

 

As of December 31, 2025 and 2024, the original cost of our intangible assets totaled $480,785 which includes $7,253 of trademarks acquired by Greenpro Resources (HK) Limited (“GRHK”) during the years of 2013 to 2018, $344,500 of customer lists from the acquisition of Ace Corporate Services Limited (renamed to Falcon Corporate Services Limited on August 26, 2016) (“FCSL”) in 2015, and $129,032 of an insurance agency license from the acquisition of Sparkle Insurance Brokers Limited (renamed to Greenpro Sparkle Insurance Brokers Limited on April 4, 2019) (“Sparkle”) on January 2, 2019, respectively.

 

As of December 31, 2025, and 2024, the customer lists from FCSL and the insurance agency license from Sparkle had been fully amortized with a nil value.

 

During the fourth quarter of 2025, the Company conducted an annual impairment test and concluded that it is more likely than not that the estimated fair value of GRHK’s trademarks was more than their carrying amount, and no impairment indicator existed. As a result, no impairment was recognized for the year ended December 31, 2025.

 

Amortization expense for intangible assets for the years ended December 31, 2025, and 2024 was $271 and $476, respectively.

 

Amortization for each year following December 31, 2025, is as follows:

 SCHEDULE OF AMORTIZATION EXPENSE OF INTANGIBLE ASSETS

Year ending December 31,		Trademarks
2026		$	242
2027			150
2028			45
Total		$	437

 

As of December 31, 2025, the accumulated amortization of intangible assets was $480,348, and the net value of intangible assets was $437.

 

 

Goodwill

 SCHEDULE OF GOODWILL

		2025				2024
		As of December 31,
		2025				2024
Goodwill
Falcon Accounting & Secretaries Limited		$	319,726			$	319,726
Greenpro Capital Village Sdn. Bhd.			26,082				26,082
Global Business Hub Limited			6,035				-
Goodwill			351,843				345,808
Changes during the year:
Add: Goodwill from Global Business Hub Limited			-				6,035
Changes during the year			351,843				351,843
Less: Accumulated impairment
Accumulated impairment, beginning of year			(345,808	)			(263,247	)
Impairment for the year			(6,035	)			(82,561	)
Accumulated impairment, end of year			(351,843	)			(345,808	)
Goodwill, after impairment		$	-			$	6,035

 

The Company’s goodwill consisted of $319,726 from its acquisition of Falcon Secretaries Limited (renamed to Falcon Accounting & Secretaries Limited on February 25, 2020) (“FASL”) in 2015, $26,082 from its acquisition of Greenpro Capital Village Sdn. Bhd. (“GCVSB”) in 2021 and $6,035 from its acquisition of Global Business Hub Limited (“GBHL”) in 2024. Collectively, the Company’s goodwill totaled $351,843.

 

Goodwill is not amortized but tested for any indicators of impairment annually.

 

During the fourth quarter of 2022, the Company conducted annual impairment tests for FASL and GCVSB, and concluded that there were indicators of impairment for goodwill derived from the acquisition of FASL. As the net asset value (“NAV”) of FASL was less than the value of goodwill as of December 31, 2022, an impairment of $263,247 was recognized for the year ended December 31, 2022. The value of the Company’s goodwill was impaired to $82,561, represented the value of goodwill related to FASL was impaired to $56,479 and the value of goodwill related to GCVSB remained at $26,082 as of December 31, 2022.

 

During the fourth quarter of 2023, the Company conducted annual impairment tests and concluded that there were no indicators of impairment for goodwill derived from the acquisitions of FASL and GCVSB, as both the NAV of FASL and GCVSB were greater than their respective value of goodwill as of December 31, 2023.

 

During the fourth quarter of 2024, the Company conducted annual impairment tests for FASL, GCVSB and GBHL, and concluded that there were indicators of impairment for goodwill derived from the acquisitions of FASL and GCVSB. As the NAV of FASL was less than the value of goodwill of $56,479 and the NAV of GCVSB is less than the value of goodwill of $26,082 as of December 31, 2024, an impairment of $56,479 and $26,082 was recognized, respectively. For the year ended December 31, 2024, total impairment of $82,561 was recognized, the value of goodwill related to FASL and GCVSB were respectively impaired to nil, the value of goodwill related to the Company’s newly acquired subsidiary, GBHL remained at $6,035 as of December 31, 2024.

 

During the fourth quarter of 2025, the Company conducted an annual impairment test for GBHL and concluded that there were indicators of impairment for goodwill derived from the acquisition of GBHL. As the NAV of GBHL is less than the value of goodwill of $6,035 as of December 31, 2025, an impairment of $6,035 was recognized for the year ended December 31, 2025. The value of goodwill related to GBHL was impaired to nil as of December 31, 2025.

 

For the years ended December 31, 2025, and 2024, $6,035 and $82,561 of impairment of goodwill was recognized, respectively.

 

As of December 31, 2025, and 2024, the value of the Company’s goodwill was $0 and $6,035, respectively.