{"url_path":"/sec/grnq/10-q/2026/item-1","section_key":"item-1","section_title":"Item 1 Legal Proceedings.**","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1597846/0001493152-26-021825-index.html","accession_number":"0001493152-26-021825","cik":"0001597846","ticker":"GRNQ","issuer_name":"Greenpro Capital Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1597846/0001493152-26-021825-index.html","primary_entity_key":"0001597846","primary_entity_name":"Greenpro Capital Corp."},"word_count":348,"has_tables":true,"body_markdown":"**Item\n1. Legal Proceedings.**\n\n \n\nOn\nAugust 24, 2021, Millennium Fine Art Inc. (“MFAI”) filed a complaint against the Company in the 8th District Court\nof Clark County, State of Nevada, captioned Millennium Fine Art Inc. v. Greenpro Capital Corp. (Case No. A-21-840033-B). MFAI alleges\nthat on or about April 21, 2021, MFAI and the Company entered into a contract (the “Contract”) pursuant to which MFAI agreed\nto create approximately 7,700 non-fungible tokens (“NFTs”) in exchange for $16 million in shares of the Company’s common\nstock. MFAI contends that the Company breached the Contract by refusing delivery of the NFTs and failing to issue the agreed-upon shares.\nThe complaint asserts cause of action for breach of contract, special damages, and promissory estoppel, and seeks approximately $66 million\nin damages, specific performance of the alleged Contract, and attorney’s fees and costs.\n\n \n\nOn\nOctober 18, 2021, the Company filed a motion, denying all the material allegations of the complaint, and seeking to stay the litigation\nand compel arbitration pursuant to the purported the Contract’s arbitration clause. The Company’s motion sought only to enforce\nthe arbitration provision and otherwise denied the existence of a valid and binding contract. Over MFAI’s opposition, the court\ngranted the Company’s motion and stayed the proceeding pending arbitration.\n\n \n\nOn\nor about April 1, 2022, MFAI filed a Request for Arbitration with Judicial Arbitration and Mediation Services, Inc. (JAMS). The Company\nsubsequently filed its Statement of Answer, denying the material allegations and asserting that the claims are without merit. The arbitration\nremains in the discovery phase, and the Company intends to vigorously defend this matter. A final arbitration hearing is currently scheduled\nto be held in Las Vegas, Nevada, from July 14 through July 17, 2026.\n\n \n\nThe\nCompany is currently unable to reasonably estimate the possible loss or range of losses, if any, that may result from this proceeding.\nManagement does not believe, based on information presently available, that the outcome of this matter will have a material adverse effect\non the Company’s financial condition or results of operations; however, an adverse determination could have such an effect."}