XML 84 R11.htm IDEA: XBRL DOCUMENT

Business Combination

12 Months Ended

Dec. 31, 2019

NOTE 3 - BUSINESS COMBINATION

On January 2, 2019, the Company acquired Sparkle Insurance Brokers Limited (“Sparkle”) (renamed to Greenpro Sparkle Brokers Limited) for total consideration of $170,322, made up of $129,032 in cash and the issuance of 8,602 shares of the Company’s common stock valued at $41,290. The shares were valued based on the acquisition date closing price of the Company’s common stock of $4.80 per share. The Company acquired Sparkle to expand its long term and general insurance services.

The Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”. The Company performed an allocation of the purchase price paid for the assets acquired and the liabilities assumed with the assistance of an independent valuation firm.

Fair value of assets acquired:

Cash and cash equivalents	$	68,845
Accounts receivable, net		5,185
Prepaids and other current assets		3,703
Insurance agency license		129,032
Total		206,765
Fair value of current liabilities		(36,443	)
Purchase price	$	170,322

The following unaudited pro forma information presents the combined results of operations as if the acquisition of Sparkle had been completed on January 1, 2018. 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 year ended December 31, 2019			For the year ended December 31, 2018
	(unaudited)			(unaudited)
Revenue	$	4,484,822		$	4,364,937
Loss from operations	$	(1,591,085	)	$	(4,281,705	)
Net loss	$	(1,349,478	)	$	(8,387,869	)
Net loss per share-basic and diluted	$	(0.02	)	$	(0.16	)