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Business Combinations | 6 Months Ended
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Jun. 30, 2017
Business Combinations [Abstract] |
Business Combinations | NOTE 3 - BUSINESS COMBINATIONS On September 30, 2015, GRNQ completed the purchase of a 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 purchase of a 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 |
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 finalization of the purchase price allocation and valuation of the acquired entities. **Total purchase consideration consisted of 2,080,200 and 486,171 shares of GRNQ common stock, which was priced at $0.80 per share, for F&A and Yabez, respectively. On April 25, 2017, GRNQ completed the purchase of a 60% equity interest and assets of Billion Sino Holdings Limited (“BSHL”). (See Note 1). On April 28, 2017, GSHL sold two (2) ordinary shares of Gushen Credit Limited (“GCL”) to GRNQ, representing 100% of ownership, for a total consideration of $0.26 in cash. (See Note 1). As of the acquisition date, the allocations of the purchase price are stated as follows:
|  | BSHL |  |  | GCL |  |  | Total |
Rental and utility deposit |  | $ | 3,481 |  |  | $ | - |  |  | $ | 3,481 |
Bank fixed deposit |  |  | 12,903 |  |  |  | - |  |  |  | 12,903 |
Cash and cash equivalents |  |  | 132,451 |  |  |  | - |  |  |  | 132,451 |
Amount due to a director |  |  | (16,597 | ) |  |  | - |  |  |  | (16,597 | )
Accrued expenses |  |  | (90,939 | ) |  |  | (93,565 | ) |  |  | (184,504 | )
Intangible assets |  |  | 94,057 |  |  |  | - |  |  |  | 94,057 |
Deferred tax liabilities |  |  | (15,519 | ) |  |  | - |  |  |  | (15,519 | )
Goodwill |  |  | 1,120,356 |  |  |  | 93,565 |  |  |  | 1,213,921 |
Fair value of BSHL |  |  | 1,240,193 |  |  |  | - |  |  |  | 1,240,193 |
Non-controlling interest |  |  | (47,935 | ) |  |  | - |  |  |  | (47,935 | )
Total purchase consideration* |  | $ | 1,192,258 |  |  | $ | - |  |  | $ | 1,192,258 |
*Total purchase consideration consisted of 340,645 shares of GRNQ common stock, which was priced at $3.50 per share, for BSHL. The following unaudited pro forma information presents the combined results of operations as if the acquisition of BSHL had been completed on January 1, 2016, the beginning of the comparable prior annual reporting period. The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred in integrating the two companies. Accordingly, these unaudited pro forma results are presented for informational purpose only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations:
|  | For the six months ended June 30 |
|  | 2017 |  |  | 2016 |
|  | (unaudited) |  |  | (unaudited) |
Revenue |  | $ | 2,117,169 |  |  | $ | 1,301,629 |
Gross profit |  |  | 1,540,521 |  |  |  | 676.905 |
Operating income (loss) |  |  | 117,784 |  |  |  | (244,072 | )
Net income (loss) |  | $ | 106,815 |  |  | $ | (304,939 | )
Net income (loss) per share |  |  | 0.00 |  |  |  | (0.00 | )

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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