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 March 31, 2024

☐ 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 May 13, 2024, there were 7,515,813 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 - March 31, 2024 (Unaudited) and December 31, 2023	3

	Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - Three Months Ended March 31, 2024 and 2023	4

	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - Three Months Ended March 31, 2024 and 2023	5

	Condensed Consolidated Statements of Cash Flows (Unaudited) - Three Months Ended March 31, 2024 and 2023	6

	Notes to Condensed Consolidated Financial Statements (Unaudited) - Three Months Ended March 31, 2024 and 2023	7

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	23

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	29

ITEM 4.	CONTROLS AND PROCEDURES	29

PART II	OTHER INFORMATION	30

ITEM 1	LEGAL PROCEEDINGS	30

ITEM 2	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	30

ITEM 3	DEFAULTS UPON SENIOR SECURITIES	30

ITEM 4	MINE SAFETY DISCLOSURES	30

ITEM 5	OTHER INFORMATION	30

ITEM 6	EXHIBITS	30

SIGNATURES		31

PART I – FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements.

GREENPRO CAPITAL CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

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

	March 31, 2024			December 31, 2023
	(Unaudited)			(Audited)
ASSETS
Current assets:
Cash and cash equivalents (including $63,890 and $166,481 of time deposits as of March 31, 2024 and December 31, 2023, respectively)	$	1,654,243		$	2,223,197
Accounts receivable, net of allowance for credit losses of $734,729 and $610,599 as of March 31, 2024 and December 31, 2023, respectively (including $14,292 and $0 of net accounts receivable from related parties as of March 31, 2024 and December 31, 2023, respectively)		60,635			44,938
Prepaids and other current assets		452,993			627,315
Due from related parties		898,947			750,860
Deferred cost of revenue		14,486			16,291
Total current assets		3,081,304			3,662,601

Property and equipment, net		2,346,065			2,413,538
Real Estate investments:
Real estate held for sale		1,659,207			1,659,207
Real estate held for investment, net		577,555			598,748
Intangible assets, net		999			1,181
Goodwill		82,561			82,561
Other investments (including $99,586 and $100,106 of investments in related parties as of March 31, 2024 and December 31, 2023, respectively)		99,586			100,106
Operating lease right-of-use assets, net		91,023			114,551
Finance lease right-of-use asset, net		23,396			25,527
TOTAL ASSETS	$	7,961,696		$	8,658,020

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	451,771		$	724,796
Due to related parties		332,080			389,274
Income tax payable		1,398			292
Operating lease liabilities, current portion		91,023			94,726
Finance lease liabilities, current portion		3,386			3,426
Deferred revenue (including $75,800 and $157,500 from related parties as of March 31, 2024 and December 31, 2023, respectively)		1,058,060			1,075,404
Total current liabilities		1,937,718			2,287,918

Operating lease liabilities, non-current portion		-			19,825
Finance lease liabilities, non-current portion		12,382			13,638
Total liabilities		1,950,100			2,321,381

Commitments and contingencies		-			-

Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized; no shares issued and outstanding		-			-
Common Stock, $0.0001 par value; 500,000,000 shares authorized; 7,515,813 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		7,576			7,576
Additional paid in capital		42,897,029			42,897,029
Accumulated other comprehensive loss		(362,302	)		(310,169	)
Accumulated deficit		(36,814,612	)		(36,549,095	)
Total Greenpro Capital Corp. stockholders’ equity		5,727,691			6,045,341
Non-controlling interests in consolidated subsidiaries		283,905			291,298

Total stockholders’ equity		6,011,596			6,336,639

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	7,961,696		$	8,658,020

See accompanying notes to the condensed consolidated financial statements.

GREENPRO CAPITAL CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE (LOSS) INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

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

(Unaudited)

	2024			2023
	Three months ended March 31,
	2024			2023

REVENUES:
Service revenue (including $194,249 and $341,172 of service revenue from related parties for the three months ended March 31, 2024 and 2023, respectively)	$	633,792		$	615,604
Rental revenue		24,607			22,131
Total revenues		658,399			637,735

COST OF REVENUES:
Cost of service revenue (including $3,054 and $0 of cost of revenue to related party for the three months ended March 31, 2024 and 2023, respectively)		(74,698	)		(68,461	)
Cost of rental revenue		(6,176	)		(9,723	)
Total cost of revenues		(80,874	)		(78,184	)

GROSS PROFIT		577,525			559,551

OPERATING EXPENSES:
General and administrative (including $27,903 and $14,805 of general and administrative expenses to related parties for the three months ended March 31, 2024 and 2023, respectively)		(1,051,238	)		(891,564	)
Total operating expenses		(1,051,238	)		(891,564	)

LOSS FROM OPERATIONS		(473,713	)		(332,013	)

OTHER INCOME (EXPENSES):
Other income (including $11,426 and $3,365 of other income from related parties for the three months ended March 31, 2024, and 2023, respectively)		12,619			20,646
Interest income (including $985 and $0 of interest income from related parties for the three months ended March 31, 2024, and 2023, respectively)		9,889			10,815
Gain on disposal of investment (including $179,980 of related party investment for the three months ended March 31, 2024)		179,980			-
Interest expense		(279	)		-
Fair value gains of derivative liabilities associated with warrants		-			1
Reversal of impairment of other investment (including reversal of impairment of $123,000 of related party investment for the three months ended March 31, 2023)		-			123,000
Reversal of write-off notes receivable		-			200,000
Total other income		202,209			354,462

(LOSS) INCOME BEFORE INCOME TAX		(271,504	)		22,449
Income tax expense		(1,406	)		(513	)
NET (LOSS) INCOME		(272,910	)		21,936
Net loss attributable to non-controlling interests		7,393			9,153

NET (LOSS) INCOME ATTRIBUTED TO COMMON STOCKHOLDERS OF GREENPRO CAPITAL CORP.		(265,517	)		31,089
Other comprehensive (loss) income:
- Foreign currency translation (loss) income		(52,133	)		10,837
COMPREHENSIVE (LOSS) INCOME	$	(317,650	)	$	41,926

NET (LOSS) INCOME PER SHARE, BASIC AND DILUTED	$	(0.04	)	$	0.00

WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED		7,575,813			7,875,813

See accompanying notes to the condensed consolidated financial statements.

GREENPRO CAPITAL CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

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

(Unaudited)


Three months ended March 31, 2024
	Greenpro Capital Corp. Stockholders
	Common Stock				Additional		Accumulated Other						Non-			Total
	Number of shares		Amount		Paid-in Capital		Comprehensive Loss			Accumulated Deficit			Controlling Interests			Stockholders’ Equity
Balance as of December 31, 2023		7,575,813	$	7,576	$	42,897,029	$	(310,169	)	$	(36,549,095	)	$	291,298		$	6,336,639
Foreign currency translation		-		-		-		(52,133	)		-			-			(52,133	)
Net loss		-		-		-		-			(265,517	)		(7,393	)		(272,910	)
Balance as of March 31, 2024 (Unaudited)		7,575,813	$	7,576	$	42,897,029	$	(362,302	)	$	(36,814,612	)	$	283,905		$	6,011,596

Three months ended March 31, 2023
	Greenpro Capital Corp. Stockholders
	Common Stock				Additional		Accumulated Other						Non-			Total
	Number of shares		Amount		Paid-in Capital		Comprehensive Loss			Accumulated Deficit			Controlling Interests			Stockholders’ Equity
Balance as of December 31, 2022		7,875,813	$	7,876	$	50,102,729	$	(224,891	)	$	(37,622,680	)	$	315,184		$	12,578,218
Balance		7,875,813	$	7,876	$	50,102,729	$	(224,891	)	$	(37,622,680	)	$	315,184		$	12,578,218
Foreign currency translation		-		-		-		10,837			-			-			10,837
Net income (loss)		-		-		-		-			31,089			(9,153	)		21,936
Balance as of March 31, 2023 (Unaudited)		7,875,813	$	7,876	$	50,102,729	$	(214,054	)	$	(37,591,591	)	$	306,031		$	12,610,991
Balance		7,875,813	$	7,876	$	50,102,729	$	(214,054	)	$	(37,591,591	)	$	306,031		$	12,610,991

See accompanying notes to the condensed consolidated financial statements.

GREENPRO CAPITAL CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(In U.S. dollars)

(Unaudited)

	2024			2023
	Three months ended March 31,
	2024			2023

Cash flows from operating activities:
Net (loss) income	$	(272,910	)	$	21,936
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation		36,466			36,978
Amortization of intangible assets		180			179
Amortization of operating lease right-of-use assets		23,282			21,246
Amortization of finance lease right-of-use asset		1,401			-
Provision for credit losses		127,763			26,956
Gain on disposal of investment		(179,980	)		-
Fair value gains of warrants		-			(1	)
Reversal of impairment of other investment-related party		-			(123,000	)
Reversal of write-off notes receivable		-			(200,000	)
Changes in operating assets and liabilities:
Accounts receivable		(139,827	)		(124,939	)
Prepaids and other current assets		174,322			47,646
Deferred cost of revenue		1,805			(20,830	)
Accounts payable and accrued liabilities		(273,025	)		(307,286	)
Operating lease liabilities		(23,282	)		(22,461	)
Income tax payable		1,106			(346	)
Deferred revenue		(17,344	)		(107,600	)
Net cash used in operating activities		(540,043	)		(751,522	)

Cash flows from investing activities:
Purchase of property and equipment		(4,400	)		-
Proceeds from disposal of other investments		180,500			-
Purchase of other investment		-			(500	)
Net cash provided by (used in) investing activities		176,100			(500	)

Cash flows from financing activities:
Principal payment of finance lease liabilities		(809	)		-
Advances to related parties		(205,281	)		(328,720	)
Collection of notes receivable		-			200,000
Net cash used in financing activities		(206,090	)		(128,702	)

Effect of exchange rate changes in cash and cash equivalents		1,079			(683	)
NET CHANGE IN CASH AND CASH EQUIVALENTS		(568,954	)		(881,407	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		2,223,197			3,911,535

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	1,654,243		$	3,030,128

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income tax	$	288		$	863
Cash paid for interest	$	279		$	-

See accompanying notes to the condensed consolidated financial statements.

GREENPRO CAPITAL CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

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

(Unaudited)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Greenpro Capital Corp. (the “Company” or “GRNQ”) was incorporated on July 19, 2013 in the state of Nevada. The Company currently provides a wide range of business consulting and corporate advisory services, including cross-border listing advisory services, tax planning, advisory and transaction services, record management services, and accounting outsourcing services. Our focus is on companies located in Asia and Southeast Asia, including Hong Kong, Malaysia, China, Thailand, and Singapore. As part of our business consulting and corporate advisory business segment, Greenpro Venture Capital Limited provides a business incubator for start-up companies and focuses on investments in select start-up and high growth potential companies. In addition to our business consulting and corporate advisory business segment, we operate another business segment that focuses on the acquisition and rental of real estate properties held for investment and the acquisition and sale of real estate properties held for sale.

Basis of presentation and principles of consolidation

The accompanying unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2024 and 2023 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) that permit reduced disclosure for interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet information as of December 31, 2023 was derived from the Company’s audited Consolidated Financial Statements as of and for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024. These financial statements should be read in conjunction with that report.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and majority-owned subsidiaries which the Company controls and entities for which the Company is the primary beneficiary. For those consolidated subsidiaries where the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as non-controlling interests in equity. Acquired businesses are included in the consolidated financial statements from the date on which control is transferred to the Company. Subsidiaries are deconsolidated from the date that control ceases. All inter-company accounts and transactions have been eliminated in consolidation.

Going concern

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. During the three months ended March 31, 2024, the Company incurred a net loss of $272,910 and net cash used in operations of $540,043, and as of March 31, 2024, the Company incurred accumulated deficit of $36,814,612. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2023 financial statements, has expressed substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

The Company’s ability to continue as a going concern is dependent upon improving its profitability and the continuing financial support from its major shareholders. Management believes the existing shareholders or external financing will provide the additional cash to meet the Company’s obligations as they become due. Despite the amount of funds that we have raised in the past, no assurance can be given that any future financing, if needed, will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, if needed, it may contain undue restrictions on its operations, in the case of debt financing, or cause substantial dilution for its stockholders, in the case of equity financing.

Certain effects of reverse stock split

On July 19, 2022, the Company filed a Certificate of Change with the Secretary of State of the State of Nevada (the “Certificate of Change”) to effect a reverse split of the Company’s Common Stock at a ratio of 10-for-1 (the “Reverse Stock Split”), effective as of July 28, 2022. On that date, every 10 issued and outstanding shares of the Company’s Common Stock were automatically converted into one outstanding share of Common Stock. As a result of the Reverse Stock Split, the number of the outstanding shares of Common Stock decreased from 78,671,688 (pre-split) shares to 7,875,813 (post-split) shares. In addition, by reducing the number of outstanding shares, the Company’s loss per share in all prior periods increased by a factor of 10. The Reverse Stock Split affected all shares of Common Stock outstanding immediately prior to the effective time of the Reverse Stock Split.

In addition, the Reverse Stock Split effected a reduction in the number of shares of Common Stock issuable upon the exercise of the warrants outstanding immediately prior to the effectiveness of the Reverse Stock Split, resulting in a reduction from 53,556 (pre-split) shares to 5,356 (post-split) shares. On June 12, 2023 (the “Expiration”), no warrants were exercised. Since the Expiration, all warrants expired, no warrants are outstanding and exercisable (see Note 5).

No fractional shares are issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-reverse stock split shares of the Company’s Common Stock not evenly divisible by 10, in lieu of a fractional share, are entitled the number of shares rounded up to the nearest whole share. The Company will issue one whole share of the post-Reverse Stock Split Common Stock to any stockholder who otherwise would have received a fractional share as a result of the Reverse Stock Split.

The Reverse Stock Split affected all holders of Common Stock uniformly and did not affect any stockholder’s percentage of ownership interest. The par value of the Company’s Common Stock remained unchanged at $0.0001 per share and the number of authorized shares of Common Stock remained the same after the Reverse Stock Split.

As the par value per share of the Company’s Common Stock remained unchanged at $0.0001 per share, the change in the Common Stock recorded at par value has been reclassified to additional paid-in-capital on a retroactive basis. All references to shares of Common Stock and per share data for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted to reflect the Reverse Stock Split on a retroactive basis.

COVID-19 pandemic and other global risks

Although the COVID-19 pandemic appears to have abated, its long-term effects on the global economy, including elevated inflation, continued to affect our business. Furthermore, should there be a resurgence of the COVID-19 or new variants of COVID-19 pandemic, or should another pandemic arise, this could further affect our business. Moreover, a prolonged outbreak of any health epidemic or other adverse public health developments could create significant macroeconomic uncertainty, volatility and disruption, which may adversely affect our business operations.

On March 10, 2023, the Federal Deposit Insurance Corporation took control and was appointed receiver of Silicon Valley Bank. While we did not have deposits at Silicon Valley Bank, if other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened and could have a material adverse effect on our business and financial condition. It is possible that further deterioration in credit and financial markets and confidence in economic conditions will occur. If equity and credit markets deteriorate, it may affect our ability to raise equity capital, borrow on our existing facilities, access our existing cash, or make any additional necessary debt or equity financing more difficult to obtain, more costly and/or more dilutive.

Management regularly monitors the economic and other factors listed above. We develop strategic and tactical plans designed to improve performance and maximize our competitive position. Our ability to achieve our financial objectives is dependent upon our ability to effectively execute these plans and to appropriately respond to emerging economic and company-specific trends.

Use of estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates include certain assumptions related to, among others, the allowance for doubtful accounts receivable, impairment analysis of real estate assets and other long-term assets including goodwill, estimates inherent in recording purchase price allocation, valuation allowance on deferred income taxes, the assumptions used in the valuation of the derivative liability, and the accrual of potential liabilities. Actual results may differ from these estimates.

Credit losses

The Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables. Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors, and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable, management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical and current analysis of such financial instruments, including its trade receivables.

To determine the provision for credit losses for accounts receivable, the Company has disaggregated its accounts receivable by class of customer at the business component level, as management determined that risk profile of the Company’s customers is consistent based on the type and industry in which they operate. Each business component is analyzed for estimated credit losses individually. In doing so, the Company establishes a historical loss matrix, based on the previous collections of accounts receivable by the age of such receivables, and evaluates the current and forecasted financial position of its customers, as available. Further, the Company considers macroeconomic factors and the status of the relevant industry to estimate if there are current expected credit losses within its trade receivables based on the trends of the Company’s expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default.

Accounts receivable at March 31, 2024 and December 31, 2023 are net of allowances for credit losses of $734,729 and $610,599, respectively. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected at March 31, 2024 and December 31, 2023:

	As of March 31, 2024			As of December 31, 2023
	(Unaudited)			(Audited)
Balance at beginning of year	$	610,599		$	25,677
Charged to operating expenses		127,763			584,919
(Recoveries) Write-offs of accounts receivable		(3,633	)		3
Balance at end of year	$	734,729		$	610,599

Revenue recognition

The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients (see Note 2).

Cash and cash equivalents

Cash consists of funds on hand and held in bank accounts. Cash equivalents includes time deposits placed with banks or other financial institutions and all highly liquid investments with original maturities of three months or less, including money market funds.

At March 31, 2024 and December 31, 2023, cash included funds held by employees of $9,712 and $0, respectively, was to facilitate payment of expenses in local currencies or to facilitate third-party online payment platforms which the Company had not set up a corporate account, such as WeChat Pay or Alipay.

SCHEDULE OF CASH, CASH EQUIVALENTS


	As of March 31, 2024		As of December 31, 2023
	(Unaudited)		(Audited)
Cash and cash equivalents
Denominated in United States Dollar	$	425,440	$	573,431
Denominated in Hong Kong Dollar		789,687		1,175,384
Denominated in Chinese Renminbi		426,239		434,698
Denominated in Malaysian Ringgit		12,747		39,552
Denominated in Great British Pound		126		127
Denominated in Singapore Dollar		4		5
Cash and cash equivalents	$	1,654,243	$	2,223,197

Investments

Investments in equity securities

The Company accounts for its investments that represent less than 20% ownership, and for which the Company does not have the ability to exercise significant influence, using ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The Company measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at the cost method minus impairment, if any, plus or minus changes resulting from observable price changes on a non-recurring basis. Gains and losses on these securities are recognized in other income and expenses.

On March 31, 2024, the Company had total twenty-four (24) investments in equity securities without readily determinable fair values, all were related party investments with aggregate value of $99,586. In which, thirteen (13) investments in equity securities without readily determinable fair values were fully impaired and with $nil value (see Note 3).

On December 31, 2023, the Company had total twenty-five (25) investments in equity securities without readily determinable fair values, all were related party investments with aggregate value of $100,106. In which, thirteen (13) investments in equity securities without readily determinable fair values were fully impaired and with $nil value (see Note 3).

Leases

The Company determines if a contract is or contains a lease at inception of the contract or modification of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all the economic benefits from the use of the asset and (b) the right to direct the use of the asset.

Finance and operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term at commencement date. As the implicit rate is not determinable in most of the Company’s leases, management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease term.

The Company’s lease arrangements have lease and non-lease components. Leases with an expected term of 12 months or less are not accounted for on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term.

The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

See Note 4 for more information regarding leases.

Derivative financial instruments

Derivative financial instruments consist of financial instruments that contain a notional amount and one or more underlying variables such as interest rate, security price, variable conversion rate or other variables, require no initial net investment and permit net settlement. The derivative financial instruments may be free-standing or embedded in other financial instruments. The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. The Company follows the provision of ASC 815, Derivatives and Hedging for derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. At each reporting date, the Company reviews its convertible securities to determine that their classification is appropriate.

Net income (loss) per share

Basic net income (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding, adjusted for the dilutive effect of outstanding Common Stock equivalents.

On March 31, 2024, there were no dilutive shares outstanding, while on March 31, 2023, the only outstanding Common Stock equivalents were the outstanding warrants of 5,356 potentially dilutive shares. These warrants have been excluded from the calculation of weighted average shares as the effect would have been anti-dilutive and therefore basic and diluted net income (loss) per share were the same.

Foreign currency translation

The consolidated financial statements are presented in United States Dollar (“US$”), which is the functional and reporting currency of the Company. In addition, the Company’s operating subsidiaries maintain their books and records in their respective functional currency, which consists of the Malaysian Ringgit (“MYR”), Chinese Renminbi (“RMB”) and Hong Kong Dollar (“HK$”).

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$, are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive income or loss within stockholders’ equity.

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:

	2024		2023
	As of and for the three months ended March 31,
	2024		2023
Period-end MYR : US$1 exchange rate		4.72		4.42
Period-average MYR : US$1 exchange rate		4.73		4.39
Period-end RMB : US$1 exchange rate		7.22		6.87
Period-average RMB : US$1 exchange rate		7.18		6.85
Period-end HK$ : US$1 exchange rate		7.83		7.85
Period-average HK$ : US$1 exchange rate		7.82		7.85
Exchange rate		7.82		7.85

Fair value of financial instruments

The Company follows the guidance of ASC 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

●	Level 1 : Observable inputs such as quoted prices in active markets;

●	Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

●	Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions

The Company believes the carrying amount reported in the balance sheet for cash and cash equivalents, accounts receivable, prepaids and other current assets, accounts payable and accrued liabilities, income tax payable, deferred cost of revenue, deferred revenue, and due to related parties, approximate their fair values because of the short-term nature of these financial instruments.

Concentrations of risks

For the three months ended March 31, 2024, three customers accounted for 49% (22%, 15% and 12%, respectively) of revenues, as compared to the three months ended March 31, 2023, one customer accounted for 50% of revenues.

Two customers accounted for 47% (25% and 22%, respectively) and three customers accounted for 39% (14%, 13% and 12%, respectively) of net accounts receivable as of March 31, 2024 and December 31, 2023, respectively.

For the three months ended March 31, 2024, no vendor accounted for 10% or more of the Company’s cost of revenues, while for the three months ended March 31, 2023, one vendor accounted for 21% of the Company’s cost of revenues.

Two vendors accounted for 65% (42% and 23%, respectively) and three vendors accounted for 73% (52%, 11% and 10%, respectively) of accounts payable as of March 31, 2024 and December 31, 2023, respectively.

Exchange rate risk

The Company’s reporting currency is US$ but its major revenues and costs, and a significant portion of its assets and liabilities are also denominated in MYR, RMB or HK$. As a result, the Company is exposed to a foreign exchange risk as its revenues and the results of operations may be affected by fluctuations in the exchange rate between US$ and MYR, US$ and RMB or US$ and HK$. If MYR, RMB or HK$ depreciates against US$, the values of its revenues and assets in MYR, RMB or HK$ may decline accordingly when in translation to the Company’s reporting currency, as its financial statements are presented in US$. The Company does not hold any derivative or other financial instruments that may expose it to a substantial market risk.

Risks and uncertainties

Substantially all the Company’s services are conducted in Hong Kong, China, Malaysia, Thailand, Taiwan, and the South-East Asia region. The Company’s operations are subject to various political and economic risks, including the risks of restrictions on transfer of funds, export duties, quotas and embargoes, changing taxation policies, and political conditions and governmental regulations, and the adverse impact of the coronavirus outbreak.

Recent accounting pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, this ASU improves and amends the related earnings per share guidance. This standard became effective for the Company beginning on January 1, 2023. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company adopted this guidance effective January 1, 2023, and the adoption of this standard did not have a material impact on its consolidated financial statements.

In November 2019, the FASB issued ASU No. 2019-10, which to update the effective date of ASU No. 2016-13 for private companies, not-for-profit organizations and certain smaller reporting companies applying for credit losses, leases, and hedging standard. The new effective date for these preparers is for fiscal years beginning after December 15, 2022. ASU 2019-05 is effective for the Company for annual and interim reporting periods beginning January 1, 2023, as the Company is qualified as a smaller reporting company. The Company has accordingly adopted ASUs 2019-05 in the preparation of its consolidated financial statements from January 1, 2023. Based on the composition of the Company’s accounts receivable, investment portfolio, and other financial assets, including current market conditions and historical credit loss activity, the adoption of this accounting standard did not have a material impact on the Company’s consolidated financial statements or disclosures. Specifically, the Company’s estimate of expected credit losses as of January 1, 2023, using its expected credit loss evaluation process described above, resulted in no adjustments to the provision for credit losses and no cumulative-effect adjustment to accumulated deficit on the adoption date of this standard.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

NOTE 2 - REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company’s revenues consist of revenue from provision of business consulting and corporate advisory services (“service revenue”), and revenue from leasing or trading of real estate properties (“real estate revenue”).

Revenue from services

For certain service contracts, we assist or provide advisory to clients in capital market listings (“listing services”), our services provided to clients are considered as our performance obligations. Revenue and expenses are deferred until the performance obligation is complete and collectability of the consideration is probable. For service contracts where the performance obligation has not been completed, deferred cost of revenue is recorded as incurred and deferred revenue is recorded for any payments received on such yet to be completed performance obligations. On an ongoing basis, management monitors these contracts for profitability and when needed may record a liability if a determination is made that costs will exceed revenue.

For other services such as company secretarial, accounting, financial analysis, insurance brokerage services, and other related services (“non-listing services”), upon our completion of such services, representing our performance obligations are satisfied, and hence, the relevant revenue is recognized. For contracts in which we act as an agent, the Company reports revenue net of expenses paid.

The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract.

Revenue from leasing of real estate properties

Rental revenue represents lease rental income from the Company’s tenants. The tenants pay in accordance with the terms in the lease agreements and the Company recognizes the income ratably over the lease term as this is the most representative of the pattern in which the benefit is expected to be derived from the underlying asset.

Revenue from trading of real estate properties

The Company follows the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”), which applies to sales or transfers to noncustomers of nonfinancial assets. Generally, the Company’s sales of its real estate properties are considered a sale of a nonfinancial asset. Under ASC 610-20, the Company derecognizes its asset and recognizes a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer.

During the three months ended March 31, 2024, and 2023, no real estate property was sold.

Cost of revenues

Cost of service revenue primarily consists of employee compensation and related payroll benefits, company formation costs, and other professional fees directly attributable to the services rendered.

Cost of rental revenue primarily includes costs associated with repairs and maintenance, property management fees, insurance, depreciation, and other related administrative costs. Utility expenses are paid directly by tenants.

Cost of real estate properties sold primarily consists of the purchase price of property, legal fees, improvement costs to the building structure, and other acquisition costs. Selling and advertising costs are expensed as incurred.

The following table provides information about disaggregated revenue based on revenue by service lines and revenue by geographic area:

SCHEDULE OF DISAGGREGATED REVENUE

	2024		2023
	Three Months Ended March 31,
	2024		2023
	(Unaudited)		(Unaudited)
Revenue by service lines:
Corporate advisory - non-listing services	$	488,092	$	235,628
Corporate advisory - listing services		145,700		379,976
Rental of real estate properties		24,607		22,131
Total revenue	$	658,399	$	637,735

	2024		2023
	Three Months Ended March 31,
	2024		2023
	(Unaudited)		(Unaudited)
Revenue by geographic area:
Hong Kong	$	417,272	$	453,545
Malaysia		175,129		75,260
China		65,998		108,930
Total revenue	$	658,399	$	637,735

Deferred cost of revenue

For a service contract where the performance obligation has not been completed, deferred cost of revenue is recorded for any costs incurred in advance before completion of the performance obligation.

Deferred revenue

For a service contract where the performance obligation has not been completed, deferred revenue is recorded for any payments received in advance before completion of the performance obligation.

As of March 31, 2024, and December 31, 2023, deferred cost of revenue or deferred revenue is classified as current assets or current liabilities and totaled, respectively:

SCHEDULE OF DEFERRED REVENUE COST


	As of March 31, 2024		As of December 31, 2023
	(Unaudited)		(Audited)
Current assets
Deferred cost of revenue	$	14,486	$	16,291

Current liabilities
Deferred revenue	$	1,058,060	$	1,075,404

Changes in deferred revenue during the three months ended March 31, 2024 are as follows:

SCHEDULE OF CHANGES IN DEFERRED REVENUE

	Three Months Ended March 31, 2024
	(Unaudited)
Deferred revenue, January 1, 2024	$	1,075,404
New contract liabilities		128,356
Performance obligations satisfied		(145,700	)
Deferred revenue, March 31, 2024	$	1,058,060

NOTE 3 - OTHER INVESTMENTS

SCHEDULE OF OTHER INVESTMENTS

	As of March 31, 2024		As of December 31, 2023
	(Unaudited)		(Audited)
Investments in equity securities without readily determinable fair values of affiliates:
(1) Greenpro Trust Limited (a related party)	$	11,981	$	11,981
(2) Other related parties		87,605		88,125
Total	$	99,586	$	100,106

Investments in equity securities without readily determinable fair values of affiliates (related parties):

Equity securities without readily determinable fair values are investments in privately held companies without readily determinable market values. The Company adopted the guidance of ASC 321, Investments - Equity Securities, which allows an entity to measure investments in equity securities without a readily determinable fair value using a measurement alternative that measures these securities at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investment of same issuer (the “Measurement Alternative”). The fair value of equity securities without readily determinable fair values that has been remeasured due to impairments is classified within Level 3. Management assesses each of these investments on an individual basis. Additionally, on a quarterly basis, management is required to make a qualitative assessment of whether the investment is impaired.

For the three months ended March 31, 2024, the Company did not recognize any impairment or reversal of impairment whereas for the three months ended March 31, 2023, the Company recognized a reversal of impairment of $123,000 for one of the investments in equity securities without readily determinable fair values.

During the year ended December 31, 2023, the Company recognized impairment of $4,982,000 for three of its total investments in equity securities without readily determinable fair values and recorded a reversal of impairment of $6,882,000 for one of the total investments in equity securities without readily determinable fair values.

In addition, the Company recorded its equity securities without readily determinable fair values at cost. For these cost method investments, we recorded as other investments in our condensed consolidated balance sheets. We reviewed all our cost method investments quarterly to determine if impairment indicators were present; however, we were not required to determine fair value of these investments unless impairment indicators exist. When impairment indicators exist, we generally adopt the valuation methods allowed under ASC820 Fair Value Measurement to evaluate the fair values of our cost method investments approximated or exceeded their carrying values as of March 31, 2024. Our cost method investments had a carrying value of $99,586 as of March 31, 2024.

(a) Agape ATP Corporation:

On April 14, 2017, our wholly owned subsidiary, Greenpro Venture Capital Limited (“GVCL”) acquired 17,500,000 shares of common stock of Agape ATP Corporation, a Nevada corporation (“Agape”), par value of $0.0001 per share, for $1,750. Agape is principally engaged in provision of health and wellness products and advisory services to clients in Malaysia. Effective on November 9, 2017, Agape’s common stock was registered under OTC Markets Group, Inc. (“OTC”). As of December 31, 2021, GVCL holds approximately 5% of the total outstanding shares of Agape and recognized the investment at historical cost of $1,750 under other investments.

On January 21, 2022, GVCL entered into a forfeiture agreement with Agape. Pursuant to the agreement, GVCL agreed to transfer 16,500,000 shares out of its total invested 17,500,000 shares of Agape’s common stock to Agape for nil consideration. As a result, GVCL holds approximately 1% of the total outstanding shares of Agape and recognized a loss on forfeiture of other investment of $1,650.

Since October 10, 2023, Agape’s common stock has been uplisted from OTC to The Nasdaq Stock Market LLC (“NASDAQ”).

As of December 31, 2023, GVCL owns 1,000,000 shares of Agape’s common stock and recognized our investment in Agape under a historical cost of $100 or $0.0001 per share.

On February 16, 2024, GVCL sold 200,000 shares of Agape’s common stock through a broker at a price of $180,000. As a result, GVC recognized a gain on disposal of other investment of $179,980.

As of March 31, 2024, GVCL still owns 800,000 shares of Agape’s common stock and recognized the investment under a historical cost of $80 or $0.0001 per share.

(b) Celmonze Wellness Corporation:

On February 8, 2023, GVCL entered into a subscription agreement with Celmonze Wellness Corporation, a Nevada corporation, which provides beauty and wellness solutions to clients (“Celmonze”). Pursuant to the agreement, GVCL acquired 5,000,000 shares of common stock of Celmonze at a price of $500 or $0.0001 per share. The investment was recognized at a historical cost of $500 under other investments.

On January 17, 2024, GVCL entered a repurchase agreement with Celmonze. Pursuant to the agreement, GVCL agreed to sell back all our 5,000,000 owned Celmonze shares to Celmonze at $500. We received cash of $500 from Celmonze in exchange for our return of Celmonze shares.

The Company had cost method investments without readily determinable fair values with a carrying value of $99,586 and $100,106 as of March 31, 2024, and December 31, 2023, respectively.

On March 31, 2024 and December, 31 2023, the carrying values of equity securities without readily determinable fair values are as follows:

	As of March 31, 2024			As of December 31, 2023
	(Unaudited)			(Audited)
Original cost
Balance, beginning of period/year	$	8,331,964		$	15,537,964
Additions during the period/year		-			500
Disposals, forfeitures or terminations during the period/year		(520	)		(7,206,500	)
Balance, end of period/year		8,331,444			8,331,964

Accumulated impairment
Balance, beginning of period/year		(8,231,858	)		(10,131,858	)
Impairment during the period/year		-			(4,982,000	)
Reversal of impairment during the period/year		-			6,882,000
Balance, end of period/year		(8,231,858	)		(8,231,858	)

Net carrying values of equity securities without readily determinable fair values	$	99,586		$	100,106

Accumulated impairment of other investments

As of March 31, 2024 and December 31, 2023, the accumulated impairment loss of other investments was $8,231,858 and $8,231,858, respectively.

NOTE 4 - LEASES

As of March 31, 2024, the Company has an operating lease agreement for one office space in Hong Kong with a term of two years and has a finance lease for a motor vehicle in Malaysia with a term of five years, respectively. Other than these leases, the Company does not have any other leases over the term of one year. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term.

Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives.

The components of lease expense and supplemental cash flow information related to operating leases and finance leases for the periods are as follows:

	2024			2023
	Three Months Ended March 31,
	2024			2023
	(Unaudited)			(Unaudited)
Lease costs
Operating lease costs:
Rental expenses (1)	$	24,348		$	21,977
Other rental expenses (2)		4,764			7,432
Total Operating lease costs		29,112			29,409
Finance lease costs:
Interest expenses	$	279		$	-
Total Finance lease costs		279			-
Total lease costs	$	29,391		$	29,409

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Rental payment - operating leases	$	24,348		$	23,187
Interest repayment - finance leases		279			-
Principal repayment - finance leases		809			-
Total cash paid	$	25,436		$	23,187
Non-cash activity:
Balance payment of ROU asset by finance lease liabilities	$	15,768		$	-
Weighted average remaining lease term (in years):
Operating leases		0.95			1.96
Finance leases		4.17			-
Weighted average discount rate:
Operating leases		4.0	%		4.0	%
Finance leases		6.9	%		-

(1)	Rental expenses include amortization of $23,282 and $21,246 and interest expenses of $1,066 and $731 during the three months ended March 31, 2024 and 2023, respectively.

(2)	Other rental expenses represent those rental expenses for leases with a lease term within one year, and government rent and rates related to the leases.

The supplemental balance sheet information related to leases for the periods is as follows:


	As of March 31, 2024		As of December 31, 2023
	(Unaudited)		(Audited)
Assets
Long-term operating lease ROU assets, net (1)	$	91,023	$	114,551
Long-term finance lease ROU asset, net (2)		23,396		25,527
Total ROU assets	$	114,419	$	140,078

Liabilities
Current portion of operating lease liabilities	$	91,023	$	94,726
Current portion of finance lease liabilities		3,386		3,426
Total current lease liabilities		94,409		98,152

Long-term operating lease liabilities		-		19,825
Long-term finance lease liabilities		12,382		13,638
Total long-term lease liabilities		12,382		33,463
Total lease liabilities	$	106,791	$	131,615

(1)	Operating lease ROU assets are measured at cost of $351,829, net of accumulated amortization of $260,806 and $237,278 as of March 31, 2024, and December 31, 2023 respectively.

(2)	Finance lease ROU assets are measured at cost of $28,898, net of accumulated amortization of $5,502 and $3,371 as of March 31, 2024 and December 31, 2023, respectively.

Maturities of the Company’s lease liabilities as of March 31, 2024 are as follows:

	Operating leases			Finance leases
Year ending December 31,
2024 (remaining 9 months)		73,027			3,271
2025		19,892			4,362
2026		-			4,362
2027		-			4,362
2028		-			1,815
Total future minimum lease payments		92,919			18,172
Less: Imputed interest/present value discount		(1,896	)		(2,404	)
Present value of lease liabilities	$	91,023		$	15,768

Lease obligations
Current lease obligations	$	91,023		$	3,386
Long-term lease obligations