Item 4.02. NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED
AUDIT REPORT OR COMPLETED INTERIM REVIEW.
On March 25, 2022, the Company's management, together with the Audit Committee
of the Board of Directors, made a determination that disclosure should be made
and action should be taken to prevent further reliance on the Company's
previously issued unaudited condensed consolidated financial statements for the
three months ended March 31, 2021, June 30, 2021 and September 30, 2021 included
in its Quarterly Reports on Form 10-Q (the "Form 10-Qs") filed with the
Securities and Exchange Commission (the "SEC") on May 17, 2021, August 10, 2021
and November 10, 2021, respectively.
In the Form 10-Qs, the Company erroneously recorded the sale of one unit of real
estate property in Hong Kong.
The results of the restatement will be as follows on the Form 10-Qs:
The Company has restated its condensed consolidated financial statements as of
and for the three months ended March 31, 2021, to reverse the transaction of the
sale of real estate property. The cumulative effect of the correction of the
error was to decrease sales revenue of real estate property by $383,445, cost of
real estate property sold by $253,276, interest income by $1,433, prepayments
and other current assets by $49,704, other non-current assets by $276,135 and
noncontrolling interest by $52,641, and to increase real estate held for sale by
$246,087, other comprehensive income by $6,007 and accrued liabilities by
$45,843.
The Company has restated its condensed consolidated financial statements as of
and for the three and six months ended June 30, 2021, to reverse the transaction
of the sale of real estate property. The cumulative effect of the correction of
the error was to decrease sales revenue of real estate property by $383,445,
cost of real estate property sold by $253,276, interest income by $2,846,
general and administrative expenses by $23, other comprehensive loss by $3,632,
prepayments and other current assets by $60,752, other non-current assets by
$260,337 and noncontrolling interest by $53,197, and to increase real estate
held for sale by $244,106 and accrued liabilities by $52,377.
The Company has restated its condensed consolidated financial statements as of
and for the three and nine months ended September 30, 2021, to reverse the
transaction of the sale of real estate property. The cumulative effect of the
correction of the error was to decrease sales revenue of real estate property by
$383,445, cost of real estate property sold by $253,276, interest income by
$2,843, general and administrative expenses by $127, other comprehensive loss by
$9,253, prepayments and other current assets by $76,842, other non-current
assets by $243,464 and noncontrolling interest by $53,154, and to increase real
estate held for sale by $248,924 and accrued liabilities by $52,250.
The previously filed unaudited condensed consolidated financial statements in
the Form 10-Qs should no longer be relied upon.
The Company, including the Audit Committee of the Board of Directors, has
discussed the foregoing matters with the Company's auditors, JP Centurion &
Partners PLT. The Audit Committee has authorized and directed the officers of
the Company to take the appropriate and necessary actions to restate the Form
10-Qs.
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GREENPRO CAPITAL CORP. 
