Greenpro Capital Corp. Segments Disclosure
NOTE 13 - SEGMENT INFORMATION
ASC 280, “Segment Reporting” requires disclosure of significant segment expenses and other segment items on an interim and annual basis and requires all annual disclosures about a reportable segment’s profit or loss and assets to be made on an interim basis.
The Company’s reportable segments are consistent with its internal organization structure and are regularly reviewed by the Company’s President and Chief Executive Officer (chief operating decision-maker or “CODM”) to allocate resources and assess performance for the entire Company. The CODM does not evaluate performance or allocate resources based on other income or expenses, and therefore such information is not allocated across its reportable segments. Other income or expenses which are not allocated to reportable segments are presented in the consolidated statements of operations and comprehensive income or loss.
Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing, and distribution processes.
The Company operates three reportable business segments:
| ● | Service business – provision of corporate advisory and business solution services |
| ● | Digital business – provision of digital platform and trading of digital assets |
| ● | Real estate business – trading or leasing of commercial real estate properties in Hong Kong and Malaysia |
The Company had no inter-segment sales for the years presented. Pursuant to ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures”, the summarized financial information concerning the Company’s reportable segments is shown as below:
(a) By Categories
Currently, the Company has three reportable segments that are based on the following business units: service business, digital business and real estate business, respectively.
Service business
The changes in the performance results between 2025 and 2024 by reportable segment / business unit are as follows:
| Year ended December 31, | Change | |||||||||||||||
| 2025 | 2024 | $ | % | |||||||||||||
| Revenues from external customers | $ | 1,785,107 | $ | 2,727,567 | (942,460 | ) | (35 | )% | ||||||||
| Revenues from related parties | 58,861 | 364,336 | (305,475 | ) | (84 | )% | ||||||||||
| Cost of revenues | (351,491 | ) | (355,120 | ) | 3,629 | (1 | )% | |||||||||
| General and administrative expenses | (3,466,877 | ) | (3,526,825 | ) | 59,948 | (2 | )% | |||||||||
| Loss from operations | $ | (1,974,400 | ) | $ | (790,042 | ) | (1,184,358 | ) | 150 | % | ||||||
The changes in equity-method investments, total assets, and capital expenditures for long-lives assets between 2025 and 2024 by reportable segment / business unit are as follows:
| As of and for the years ended December 31, | Change | |||||||||||||||
| 2025 | 2024 | $ | % | |||||||||||||
| Investments in equity-method investees | $ | $ | 12,073 | (12,073 | ) | (100 | )% | |||||||||
| Total assets | $ | 3,410,904 | $ | 4,691,645 | (1,280,741 | ) | (27 | )% | ||||||||
| Expenditures for additions to long-lived assets | $ | 2,788 | $ | 668 | 2,120 | 317 | % | |||||||||
Digital business
The changes in the performance results between 2025 and 2024 by reportable segment / business unit are as follows:
| Year ended December 31, | Change | |||||||||||||||
| 2025 | 2024 | $ | % | |||||||||||||
| Revenues from external customers | $ | 168,240 | $ | 306,802 | (138,562 | ) | (45 | )% | ||||||||
| Revenues from related parties | 21,000 | (21,000 | ) | (100 | )% | |||||||||||
| Cost of revenues | (41,509 | ) | (48,495 | ) | 6,986 | (14 | )% | |||||||||
| General and administrative expenses | (336,105 | ) | (463,546 | ) | 127,441 | (27 | )% | |||||||||
| Loss from operations | $ | (209,374 | ) | $ | (184,239 | ) | (25,135 | ) | 14 | % | ||||||
The changes in equity-method investments, total assets, and capital expenditures for long-lives assets between 2025 and 2024 by reportable segment / business unit are as follows:
| As of and for the years ended December 31, | Change | |||||||||||||||
| 2025 | 2024 | $ | % | |||||||||||||
| Investments in equity-method investees | $ | $ | % | |||||||||||||
| Total assets | $ | 777,085 | $ | 784,492 | (7,407 | ) | (1 | )% | ||||||||
| Expenditures for additions to long-lived assets | $ | $ | 4,400 | (4,400 | ) | (100 | )% | |||||||||
Real estate business
The changes in the performance results between 2025 and 2024 by reportable segment / business unit are as follows:
| Year ended December 31, | Change | |||||||||||||||
| 2025 | 2024 | $ | % | |||||||||||||
| Revenues from external customers | $ | 61,349 | $ | 76,700 | (15,351 | ) | (20 | )% | ||||||||
| Revenues from related parties | % | |||||||||||||||
| Cost of revenues | (14,393 | ) | (22,825 | ) | 8,432 | (37 | )% | |||||||||
| General and administrative expenses | (15,598 | ) | (48,872 | ) | 33,274 | (68 | )% | |||||||||
| Income from operations | $ | 31,358 | $ | 5,003 | 26,355 | 527 | % | |||||||||
The changes in equity-method investments, total assets, and capital expenditures for long-lives assets between 2025 and 2024 by reportable segment / business unit are as follows:
| As of and for the years ended December 31, | Change | |||||||||||||||
| 2025 | 2024 | $ | % | |||||||||||||
| Investments in equity-method investees | $ | $ | % | |||||||||||||
| Total assets | $ | 903,399 | $ | 997,786 | (94,387 | ) | (9 | )% | ||||||||
| Expenditures for additions to long-lived assets | $ | $ | % | |||||||||||||
(b) By Geography
The Company principally operates in three regions, including Hong Kong, Malaysia and China.
The distribution of revenues and significant expenses for the year ended December 31, 2025, by region is as follows:
| For the year ended December 31, 2025 | ||||||||||||||||
| Hong Kong | Malaysia | China | Total | |||||||||||||
| Revenues from external customers | $ | 759,563 | $ | 398,819 | $ | 856,314 | $ | 2,014,696 | ||||||||
| Revenues from related parties | 27,152 | 31,709 | 58,861 | |||||||||||||
| Cost of revenues | (160,090 | ) | (153,733 | ) | (93,570 | ) | (407,393 | ) | ||||||||
| Advertising and marketing expenses | (90,708 | ) | (1,188 | ) | (24,451 | ) | (116,347 | ) | ||||||||
| Audit, legal and other professional fees | (410,766 | ) | (20,406 | ) | (20,381 | ) | (451,553 | ) | ||||||||
| Consulting fees | (167,420 | ) | (126,814 | ) | (294,234 | ) | ||||||||||
| Depreciation and amortization | (101,894 | ) | (34,736 | ) | (103,517 | ) | (240,147 | ) | ||||||||
| Directors’ salaries and compensation | (717,424 | ) | (717,424 | ) | ||||||||||||
| Staff costs including salaries and allowances, pensions, and other benefits | (542,821 | ) | (229,152 | ) | (736,590 | ) | (1,508,563 | ) | ||||||||
| IT and computer expenses | (9,169 | ) | (107,162 | ) | (3,770 | ) | (120,101 | ) | ||||||||
| Other general and administrative expenses | (149,289 | ) | (134,777 | ) | (86,145 | ) | (370,211 | ) | ||||||||
| Loss from operations | $ | (1,562,866 | ) | $ | (377,440 | ) | $ | (212,110 | ) | $ | (2,152,416 | ) | ||||
The distribution of investments in equity-method investees and total assets as of December 31, 2025, and expenditures for long-lived assets for the year ended December 31, 2025, respectively by region is as follows:
| As of and for the year ended December 31, 2025 | ||||||||||||||||
| Hong Kong | Malaysia | China | Total | |||||||||||||
| Investments in equity-method investments | $ | $ | $ | $ | ||||||||||||
| Total assets | $ | 2,195,102 | $ | 1,372,382 | $ | 1,523,904 | $ | 5,091,388 | ||||||||
| Expenditures for additions to long-lived assets | $ | $ | $ | 2,788 | $ | 2,788 | ||||||||||
The distribution of revenues and significant expenses for the year ended December 31, 2024, by region is as follows:
| For the year ended December 31, 2024 | ||||||||||||||||
| Hong Kong | Malaysia | China | Total | |||||||||||||
| Revenues from external customers | $ | 1,545,997 | $ | 555,600 | $ | 1,009,472 | $ | 3,111,069 | ||||||||
| Revenues from related parties | 285,211 | 100,125 | 385,336 | |||||||||||||
| Cost of revenues | (98,624 | ) | (212,525 | ) | (115,291 | ) | (426,440 | ) | ||||||||
| Advertising and marketing expenses | (131,815 | ) | (104,842 | ) | (25,669 | ) | (262,326 | ) | ||||||||
| Audit, legal and other professional fees | (429,181 | ) | (12,774 | ) | (5,387 | ) | (447,342 | ) | ||||||||
| Consulting fees | (9,389 | ) | (132,123 | ) | (141,512 | ) | ||||||||||
| Depreciation and amortization | (101,999 | ) | (39,709 | ) | (104,213 | ) | (245,921 | ) | ||||||||
| Directors’ salaries and compensation | (720,658 | ) | (720,658 | ) | ||||||||||||
| Staff costs including salaries and allowances, pensions, and other benefits | (914,918 | ) | (298,635 | ) | (404,590 | ) | (1,618,143 | ) | ||||||||
| IT and computer expenses | (11,533 | ) | (118,420 | ) | (4,746 | ) | (134,699 | ) | ||||||||
| Other general and administrative expenses | (269,209 | ) | (148,000 | ) | (51,433 | ) | (468,642 | ) | ||||||||
| (Loss) income from operations | $ | (856,118 | ) | $ | (411,303 | ) | $ | 298,143 | $ | (969,278 | ) | |||||
The distribution of investments in equity-method investees and total assets as of December 31, 2024, and expenditures for long-lived assets for the year ended December 31, 2024, respectively by region is as follows:
| As of and for the year ended December 31, 2024 | ||||||||||||||||
| Hong Kong | Malaysia | China | Total | |||||||||||||
| Investments in equity-method investments | $ | 12,073 | $ | $ | $ | 12,073 | ||||||||||
| Total assets | $ | 2,692,562 | $ | 1,385,294 | $ | 2,396,067 | $ | 6,473,923 | ||||||||
| Expenditures for additions to long-lived assets | $ | $ | 4,400 | $ | 668 | $ | 5,068 | |||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 30, 2026 | Showing above |
| 2024 | Apr 9, 2025 | |
| 2023 | Mar 28, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 29, 2022 | |
| 2020 | Mar 29, 2021 | |
| 2019 | Mar 30, 2020 | |
| 2018 | Apr 2, 2019 | |
| 2017 | Apr 13, 2018 | |
| 2016 | Mar 27, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.