Greenpro Capital Corp. (GRNQ), a company providing financial consulting and corporate services to small and medium-sized businesses, has steadily declined 0.68% in aftermarket trading session and is trading at $1.46 at the time of the writing. On Monday, GRNQ closed the day at $1.47 after skyrocketing 72.94% in regular trading hours. The surge came after GRNQ announced that its incubated company was successfully admitted as an ITU-R member.
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Success for GRNQ incubated company
On 25th October, GRNQ announced that its incubated company, namely Angkasa-X, was admitted as an ITU-R member and was filing an application to launch its Low Earth Orbit (LEO) satellites. ITU is an agency UN which serves to manage space telecommunications. As a result of the initiation of the process to obtain low earth orbits for the launch of LEO satellites in near future, Angkasa-X has done a Financial Advisory Agreement with BOA Investment Services Ltd to appoint BOA as a long term financial partner. That was done to raise funds for the company to set up its own set of satellites constellations, namely ASEANLINK LEO Satellite Constellations. Greenpro has a stake of 28 million shares in Angkasa-X. It is planning to list the company in the US exchange in the coming months via an IPO.
Q2 2021 financial results
On 9th August, GRNQ reported the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. The company had cash and cash equivalents of $6.73 million on 30th June. The total assets in the possession of the company were $25.34 million, while the total liabilities were $7.11 million. The company generated total revenue of $0.79 million against $0.4 million for the same period of 2020. The total cost of revenue for the period was $0.1 million against $86,544 for the same period of 2020. The gross profit for the three months was $0.69 million against $0.31 million for the same period of 2020. The total operating expenses for the period were $1.17 million against $0.85 million for the same period of 2020. The company suffered a loss of $0.48 million from operations against $0.53 million for the same period of 2020. The net loss for the quarter was $0.76 million against $0.56 million for the same period of 2020. The net loss per basic and diluted share for the period was $0.01 against the net loss of $0.01 for the same period of 2020.
What’s next for GRNQ?
During the last three months, GRNQ has surged more than 130%. Estimates suggest that Greenpro tends to flourish its business further in years to come because, with the subsiding effects of the pandemic, the companies like Greenpro could reap numerous dividends.