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Business Combinations

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Business Combinations

NOTE 3 - BUSINESS COMBINATIONS

On September 30, 2015, GRNQ completed the business purchase of 100% equity interest and assets of Falcon Secretaries Limited, Ace Corporate Services Limited, and Shenzhen Falcon Financial Consulting Limited (Collectively known as “F&A”). On the same day, GRNQ completed the business purchase of 60% equity interest and assets of Yabez (Hong Kong) Company Limited (“Yabez”).

As of the acquisition date, the allocations of the purchase price are stated as follows:

		F&A				Yabez				Total
Plant and equipment		$	1,270			$	3,026			$	4,296
Accounts receivable			103,578				39,435				143,013
Prepayments, deposits and other receivables			5,467				6,479				11,946
Cash and cash equivalents			21,520				29,050				50,570
Accounts payable and accrued liabilities			(129,039	)			(39,627	)			(168,666	)
Intangible assets			449,500				175,000				624,500
Goodwill*			1,211,864				260,865				1,472,729
Provisional fair value of F&A and Yabez, respectively			1,664,160				474,228				2,138,388
Non-controlling interest			-				(85,291	)			(85,291	)
Total purchase consideration*		$	1,664,160			$	388,937			$	2,053,097

*The goodwill was adjusted from $1,402,316 in 2015 to $1,472,729 in 2016 due to finalize the purchase price allocation and valuation of the acquired entities.

**Total purchase considerations were consisted of 2,080,200 and 486,171 shares of GRNQ common stock, which is priced at $0.80 per share, for F&A and Yabez respectively.