WILMINGTON, Del., Nov. 15, 2024 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTCQB: ONFOP) ("Onfolio" or the "Company"), a holding company that acquires and manages a diversified portfolio of online businesses across a broad range of verticals, announces financial results for the third quarter ended September 30, 2024.
Financial Highlights
- Third quarter revenue grew 53% to $2.01M vs. $1.31M in the prior year period and vs. $1.73M in 2Q24
- Third quarter gross profit grew 42% to $1.2M vs. $0.85M in the prior year period and vs. $0.975M in 2Q24
- Third quarter total operating expenses decreased 70% to $1.69M vs. $5.6M in the prior year period and vs. $1.73M in 2Q24
- Third quarter net loss to common shareholders decreased 728% to $0.57M vs. $4.78M in the prior year period and vs. $0.86M in 2Q24
- Cash at 9/30/24 was $0.36M vs. $0.98M at 12/31/23
“In Q3, we saw further gains towards profitability, through increased organic revenue growth, expense reduction, and an acquisition (Eastern Standard). Eastern Standard had revenues of $3.3M and net income of $600K, on an unaudited basis, the first 9 months of the year and will be part of our consolidated financials from Q4 onwards,” commented Onfolio CEO Dominic Wells.
“Quarterly revenue rose 53% year-over-year, and 16.5% quarter-over-quarter, while total loss from operations decreased to $485,478, down from $4,740,623 in Q3 2023 and $759,119 in Q2 2024.”
“Operational improvements made earlier in Q2 within several portfolio companies yielded substantial cost savings, with impacts most noticeable in August and September 2024. Every month of the quarter improved upon the previous, which should bode well for Q4.”
“September marked a milestone with monthly revenues exceeding $700,000 for the first time, and while the net loss for the month was $352,714, non-cash expenses such as amortization made up $346,801 of this loss, meaning we lost less than $6,000 in cash for the month of the quarter which typically has the highest expenses.”
“Moving into Q4, the acquisition of Eastern Standard will contribute to our consolidated results and is expected to add more profit to the bottom-line.”
"What’s more, we continue to explore organic growth opportunities, operational efficiencies, and further accretive acquisitions assisted by our Onfolio Agency SPV model and joint-venture investors.”
“We mentioned in the previous quarter’s earnings release that we might achieve profitability without closing on additional acquisitions. We made good progress towards that end and finished Q3 not far off from that goal. We also secured another profitable acquisition on the final day of the quarter, further closing the gap. As we head into Q4, we believe we still have more organic growth to unlock, we have additional acquisitions in our pipeline, and our cash burn has slowed significantly,” concluded Wells.
About Onfolio Holdings
Onfolio Holdings acquires controlling interests in and actively manage small online businesses that we believe (i) operate in sectors with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) face minimal threats of technological or competitive obsolescence and (iv) can be managed by our existing team or have strong management teams largely in place. Through the acquisition and growth of a diversified group of online businesses with these characteristics, we believe we offer investors in our shares an opportunity to diversify their own portfolio risk. Our company excels at finding acquisition opportunities where the seller has not fully optimized their business, and our experience and skillset allows us to add increased value to these existing businesses. Visit www.onfolio.com for more information.
Forward-Looking Statements
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may" "will," "should," "plans," "explores," "expects," "anticipates," "continues," "estimates," "projects," "intends," and similar expressions. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and strategy for growth and financial results.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1.A "Risk Factors" in our most recent Form 10-K and Form 10-Q; other risks to which our company is subject; other factors beyond the company's control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
|
| Onfolio Holdings, Inc. |
| Consolidated Balance Sheets |
| (Unaudited) |
|
|
September |
|
December 31 |
|
|
2024 |
|
|
|
2023 |
|
| Assets |
|
|
|
|
|
|
|
| Current Assets: |
|
|
|
| Cash |
$ |
363,244 |
|
|
$ |
982,261 |
|
| Accounts receivable, net |
|
226,664 |
|
|
|
90,070 |
|
| Inventory |
|
55,330 |
|
|
|
92,637 |
|
| Prepaids and other current assets |
|
155,305 |
|
|
|
111,097 |
|
| Total Current Assets |
|
800,543 |
|
|
|
1,276,065 |
|
|
|
|
|
| Intangible assets |
|
4,069,795 |
|
|
|
3,110,204 |
|
| Goodwill |
|
3,112,987 |
|
|
|
1,167,194 |
|
| Due from related party |
|
126,013 |
|
|
|
150,971 |
|
| Investment in unconsolidated joint ventures, cost method |
|
188,007 |
|
|
|
154,007 |
|
| Investment in unconsolidated joint ventures, equity method |
|
267,483 |
|
|
|
273,042 |
|
| Other assets |
|
10,323 |
|
|
|
- |
|
|
|
|
|
| Total Assets |
$ |
8,575,151 |
|
|
$ |
6,131,483 |
|
| Liabilities and Stockholders Equity |
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
| Accounts payable and other current liabilities |
$ |
786,717 |
|
|
$ |
493,816 |
|
| Dividends payable |
|
87,248 |
|
|
|
68,011 |
|
| Notes payable, current |
|
311,577 |
|
|
|
17,323 |
|
| Contingent consideration |
|
1,929,000 |
|
|
|
60,000 |
|
| Deferred revenue |
|
187,246 |
|
|
|
149,965 |
|
| Total Current Liabilities |
|
3,301,788 |
|
|
|
789,115 |
|
|
|
|
|
| Notes payable |
|
840,000 |
|
|
|
- |
|
| Notes payable - related parties |
|
199,000 |
|
|
|
- |
|
| Due to joint ventures - long term |
|
- |
|
|
|
- |
|
| Total Liabilities |
|
4,340,788 |
|
|
|
789,115 |
|
|
|
|
|
| Commitments and Contingencies |
|
|
|
|
|
|
|
| Stockholders' Equity: |
|
|
|
| Preferred stock, $0.001 per value, 5,000,000 shares authorized |
|
|
|
| Series A Preferred stock, $0.001 par value, 1,000,000 shares authorized, 118,060 and 92,260 issued and outstanding at September 30, 2024 and December 31, 2023 |
|
118 |
|
|
|
93 |
|
| Common stock, $0.001 par value, 50,000,000 shares authorized, 5,127,395 and 5,107,395 issued and outstanding at September 30, 2024 and December 31, 2023 |
|
5,128 |
|
|
|
5,108 |
|
| Additional paid-in capital |
|
21,877,261 |
|
|
|
21,107,311 |
|
| Accumulated other comprehensive income |
|
153,691 |
|
|
|
182,465 |
|
| Accumulated deficit |
|
(18,106,474 |
) |
|
|
(15,952,609 |
) |
| Total Onfolio Inc. stockholders equity |
|
3,929,724 |
|
|
|
5,342,368 |
|
| Non-Controlling Interests |
|
304,639 |
|
|
|
- |
|
| Total Stockholders' Equity |
|
4,234,363 |
|
|
|
5,342,368 |
|
|
|
|
|
| Total Liabilities and Stockholders' Equity |
$ |
8,575,151 |
|
|
$ |
6,131,483 |
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements
|
| Onfolio Holdings, Inc. |
| Consolidated Statements of Operations |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended Sept 30, |
|
For the Nine Months Ended Sept 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
| Revenue, services |
|
$ |
919,044 |
|
|
$ |
433,490 |
|
|
$ |
2,635,761 |
|
|
$ |
1,121,641 |
|
| Revenue, product sales |
|
|
1,092,728 |
|
|
|
879,821 |
|
|
|
2,689,512 |
|
|
|
2,853,447 |
|
| Total Revenue |
|
|
2,011,772 |
|
|
|
1,313,311 |
|
|
|
5,325,273 |
|
|
|
3,975,088 |
|
|
|
|
|
|
|
|
|
|
| Cost of revenue, services |
|
|
625,676 |
|
|
|
218,063 |
|
|
|
1,549,900 |
|
|
|
651,849 |
|
| Cost of revenue, product sales |
|
|
180,421 |
|
|
|
247,533 |
|
|
|
589,931 |
|
|
|
916,740 |
|
| Total cost of revenue |
|
|
806,097 |
|
|
|
465,596 |
|
|
|
2,139,831 |
|
|
|
1,568,589 |
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
1,205,675 |
|
|
|
847,715 |
|
|
|
3,185,442 |
|
|
|
2,406,499 |
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
|
|
|
| Selling, general and administrative |
|
|
1,473,885 |
|
|
|
1,532,152 |
|
|
|
4,316,089 |
|
|
|
4,724,357 |
|
| Professional fees |
|
|
193,611 |
|
|
|
216,082 |
|
|
|
595,056 |
|
|
|
843,910 |
|
| Acquisition costs |
|
|
18,979 |
|
|
|
77,525 |
|
|
|
122,266 |
|
|
|
285,532 |
|
| Impairement of goodwill and intangible assets |
|
|
4,678 |
|
|
|
3,762,579 |
|
|
|
4,678 |
|
|
|
3,952,516 |
|
| Total operating expenses |
|
|
1,691,153 |
|
|
|
5,588,338 |
|
|
|
5,038,089 |
|
|
|
9,806,315 |
|
|
|
|
|
|
|
|
|
|
| Loss from operations |
|
|
(485,478 |
) |
|
|
(4,740,623 |
) |
|
|
(1,852,647 |
) |
|
|
(7,399,816 |
) |
|
|
|
|
|
|
|
|
|
| Other income (expense) |
|
|
|
|
|
|
|
|
| Equity method income |
|
|
657 |
|
|
|
2,826 |
|
|
|
(5,560 |
) |
|
|
14,921 |
|
| Dividend income |
|
|
5,844 |
|
|
|
94 |
|
|
|
5,844 |
|
|
|
1,610 |
|
| Interest income (expense), net |
|
|
(20,126 |
) |
|
|
10,231 |
|
|
|
(60,564 |
) |
|
|
68,989 |
|
| Other income |
|
|
1,344 |
|
|
|
(5,687 |
) |
|
|
2,934 |
|
|
|
2,937 |
|
| Impairment of investments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Loss on sale of asset |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total other income |
|
|
(12,281 |
) |
|
|
7,464 |
|
|
|
(57,346 |
) |
|
|
88,457 |
|
|
|
|
|
|
|
|
|
|
| Loss before income taxes |
|
|
(497,759 |
) |
|
|
(4,733,159 |
) |
|
|
(1,909,993 |
) |
|
|
(7,311,359 |
) |
|
|
|
|
|
|
|
|
|
| Income tax (provision) benefit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
(497,759 |
) |
|
|
(4,733,159 |
) |
|
|
(1,909,993 |
) |
|
|
(7,311,359 |
) |
|
|
|
|
|
|
|
|
|
| Net loss attributable to noncontrolling interest |
|
|
8,043 |
|
|
|
- |
|
|
|
9,961 |
|
|
|
- |
|
| Net loss attributable to Onfolio Holdings Inc. |
|
|
(489,716 |
) |
|
|
(4,733,159 |
) |
|
|
(1,900,032 |
) |
|
|
(7,311,359 |
) |
|
|
|
|
|
|
|
|
|
| Preferred Dividends |
|
|
(87,720 |
) |
|
|
(54,231 |
) |
|
|
(253,833 |
) |
|
|
(155,500 |
) |
| Net loss to common shareholders |
|
$ |
(577,436 |
) |
|
$ |
(4,787,390 |
) |
|
$ |
(2,153,865 |
) |
|
$ |
(7,466,859 |
) |
|
|
|
|
|
|
|
|
|
| Net loss per common shareholder |
|
|
|
|
|
|
|
|
| Basic and diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.94 |
) |
|
$ |
(0.42 |
) |
|
$ |
(1.46 |
) |
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding |
|
|
|
|
|
|
|
|
| Basic and diluted |
|
|
5,127,395 |
|
|
|
5,110,195 |
|
|
|
5,114,767 |
|
|
|
5,110,195 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements
|
| Onfolio Holdings, Inc. |
| Consolidated Statements of Stockholders' Equity |
| For the Three and Six Months Ended June 30, 2024 and 2023 |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, $0.001 Par value |
|
Common Stock, $0.001 Par Value |
|
Additional |
|
Accumulated |
|
Accumulated Other |
|
Non |
|
Stockholders' |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Paid-In Capital |
|
Deficit |
|
Comprehensive Income |
|
Controlling Interest |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, December 31, 2023 |
92,260 |
|
$ |
93 |
|
5,107,395 |
|
$ |
5,108 |
|
$ |
21,107,311 |
|
|
$ |
(15,952,609 |
) |
|
$ |
182,465 |
|
|
$ |
- |
|
|
$ |
5,342,368 |
|
|
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Acquisition of Business |
17,000 |
|
|
17 |
|
- |
|
|
- |
|
|
484,983 |
|
|
|
- |
|
|
|
- |
|
|
|
126,000 |
|
|
|
611,000 |
|
| Sale of preferred stock for cash |
400 |
|
|
- |
|
- |
|
|
- |
|
|
10,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,000 |
|
| Stock-based compensation |
- |
|
|
- |
|
- |
|
|
- |
|
|
17,887 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
17,887 |
|
| Warrants issued for acquisition |
- |
|
|
- |
|
- |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Preferred dividends |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(81,645 |
) |
|
|
- |
|
|
|
- |
|
|
|
(81,645 |
) |
| Foreign currency translation |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(39,134 |
) |
|
|
- |
|
|
|
(39,134 |
) |
| Net loss |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(629,833 |
) |
|
|
- |
|
|
|
(664 |
) |
|
|
(630,497 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, March 31, 2024 |
109,660 |
|
|
110 |
|
5,107,395 |
|
|
5,108 |
|
|
21,620,181 |
|
|
|
(16,664,087 |
) |
|
|
143,331 |
|
|
|
125,336 |
|
|
|
5,229,979 |
|
|
|
|
|
|
- |
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Acquisition of Business |
8,000 |
|
|
8 |
|
- |
|
|
- |
|
|
199,992 |
|
|
|
- |
|
|
|
- |
|
|
|
200,000 |
|
|
|
400,000 |
|
| Stock-based compensation |
- |
|
|
- |
|
- |
|
|
- |
|
|
27,510 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
27,510 |
|
| Common stock issued for exercise of options |
- |
|
|
- |
|
20,000 |
|
|
20 |
|
|
(20 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Preferred dividends |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(84,468 |
) |
|
|
- |
|
|
|
- |
|
|
|
(84,468 |
) |
| Foreign currency translation |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
15,788 |
|
|
|
|
|
15,788 |
|
| Distribution to non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,600 |
) |
|
|
(3,600 |
) |
| Net loss |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(780,483 |
) |
|
|
- |
|
|
|
(1,254 |
) |
|
|
(781,737 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, June 30, 2024 |
117,660 |
|
$ |
118 |
|
5,127,395 |
|
$ |
5,128 |
|
$ |
21,847,663 |
|
|
$ |
(17,529,038 |
) |
|
$ |
159,119 |
|
|
$ |
320,482 |
|
|
$ |
4,803,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sale of Preferred Stock |
400 |
|
|
- |
|
- |
|
|
- |
|
|
10,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10,000 |
|
| Cash received from exercise of options |
- |
|
|
- |
|
- |
|
|
- |
|
|
12,960 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,960 |
|
| Stock-based compensation |
- |
|
|
- |
|
- |
|
|
- |
|
|
6,638 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,638 |
|
| Preferred dividends |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(87,720 |
) |
|
|
- |
|
|
|
- |
|
|
|
(87,720 |
) |
| Foreign currency translation |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(5,428 |
) |
|
|
|
|
(5,428 |
) |
| Distribution to non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,800 |
) |
|
|
(7,800 |
) |
| Net loss |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(489,716 |
) |
|
|
- |
|
|
|
(8,043 |
) |
|
|
(497,759 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, September 30, 2024 |
118,060 |
|
$ |
118 |
|
5,127,395 |
|
$ |
5,128 |
|
$ |
21,877,261 |
|
|
$ |
(18,106,474 |
) |
|
$ |
153,691 |
|
|
$ |
304,639 |
|
|
$ |
4,234,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, December 31, 2022 |
69,660 |
|
|
70 |
|
5,107,395 |
|
|
5,108 |
|
|
19,950,776 |
|
|
|
(7,580,490 |
) |
|
|
96,971 |
|
|
|
- |
|
|
|
12,472,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock-based compensation |
- |
|
|
- |
|
- |
|
|
- |
|
|
233,355 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
233,355 |
|
| Preferred dividends |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(51,025 |
) |
|
|
- |
|
|
|
- |
|
|
|
(51,025 |
) |
| Foreign currency translation |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(7,481 |
) |
|
|
- |
|
|
|
(7,481 |
) |
| Net loss |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(1,284,075 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1,284,075 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, March 31, 2023 |
69,660 |
|
|
70 |
|
5,107,395 |
|
|
5,108 |
|
|
20,184,131 |
|
|
|
(8,915,590 |
) |
|
|
89,490 |
|
|
|
- |
|
|
|
11,363,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock-based compensation |
- |
|
|
- |
|
- |
|
|
- |
|
|
250,242 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
250,242 |
|
| Preferred dividends |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(50,244 |
) |
|
|
- |
|
|
|
- |
|
|
|
(50,244 |
) |
| Foreign currency translation |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
20,067 |
|
|
|
- |
|
|
|
20,067 |
|
| Net loss |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(1,294,125 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1,294,125 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, June 30, 2023 |
69,660 |
|
$ |
70 |
|
5,107,395 |
|
$ |
5,108 |
|
$ |
20,434,373 |
|
|
$ |
(10,259,959 |
) |
|
$ |
109,557 |
|
|
$ |
- |
|
|
$ |
10,289,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stock-based compensation |
- |
|
|
- |
|
- |
|
|
- |
|
|
86,436 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
86,436 |
|
| Preferred dividends |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(54,231 |
) |
|
|
- |
|
|
|
- |
|
|
|
(54,231 |
) |
| Foreign currency translation |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(35,647 |
) |
|
|
- |
|
|
|
(35,647 |
) |
| Net loss |
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
|
(4,733,159 |
) |
|
|
- |
|
|
|
- |
|
|
|
(4,733,159 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, September 30, 2023 |
69,660 |
|
$ |
70 |
|
5,107,395 |
|
$ |
5,108 |
|
$ |
20,520,809 |
|
|
$ |
(15,047,349 |
) |
|
$ |
73,910 |
|
|
$ |
- |
|
|
$ |
5,552,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these unaudited consolidated financial statements
|
| Onfolio Holdings, Inc. |
| Consolidated Statements of Cash Flows |
| For the Nine Months Ended September 30, 2024 and 2023 |
| (Unaudited) |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
| Cash Flows from Operating Activities |
|
|
|
| Net loss |
$ |
(1,909,993 |
) |
|
$ |
(7,311,359 |
) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
| Stock-based compensation expense |
|
52,035 |
|
|
|
570,033 |
|
| Equity method income |
|
5,560 |
|
|
|
(14,921 |
) |
| Dividends received from equity method investment |
|
- |
|
|
|
20,473 |
|
| Amortization of intangible assets |
|
891,288 |
|
|
|
549,914 |
|
| Impairment of intangible assets |
|
4,677 |
|
|
|
3,952,516 |
|
| Net change in: |
|
|
|
| Accounts receivable |
|
(136,594 |
) |
|
|
40,076 |
|
| Inventory |
|
37,307 |
|
|
|
(9,363 |
) |
| Prepaids and other current assets |
|
(44,208 |
) |
|
|
90,623 |
|
| Accounts payable and other current liabilities |
|
292,900 |
|
|
|
(119,265 |
) |
| Due to joint ventures |
|
24,958 |
|
|
|
(45,232 |
) |
| Deferred revenue |
|
37,281 |
|
|
|
115,709 |
|
| Due to related parties |
|
- |
|
|
|
- |
|
|
|
|
|
| Net cash used in operating activities |
|
(744,789 |
) |
|
|
(2,160,796 |
) |
|
|
|
|
| Cash Flows from Investing Activities |
|
|
|
| Cash paid to acquire businesses |
|
(255,000 |
) |
|
|
(850,000 |
) |
| Investments in joint ventures |
|
(34,000 |
) |
|
|
- |
|
| Investment in cryptocurrency |
|
(15,000 |
) |
|
|
- |
|
| Net cash used in investing activities |
|
(304,000 |
) |
|
|
(850,000 |
) |
|
|
|
|
| Cash Flows from Financing Activities |
|
|
|
| Proceeds from sale of Series A preferred stock |
|
20,000 |
|
|
|
- |
|
| Proceeds from exercise of stock options |
|
12,960 |
|
|
|
| Payments of preferred dividends |
|
(234,596 |
) |
|
|
(160,563 |
) |
| Distributions to non-controlling interest holders |
|
(11,400 |
) |
|
|
| Proceeds from notes payable |
|
732,300 |
|
|
|
(40,000 |
) |
| Payments on note payables |
|
(238,046 |
) |
|
|
(68,959 |
) |
| Proceeds from notes payable - related parties |
|
200,000 |
|
|
|
| Payments on note payables - related parties |
|
(1,000 |
) |
|
|
|
|
|
|
| Net cash provided by financing activities |
|
480,218 |
|
|
|
(269,522 |
) |
|
|
|
|
| Effect of foreign currency translation |
|
(50,446 |
) |
|
|
(47,626 |
) |
|
|
|
|
| Net Change in Cash |
|
(619,017 |
) |
|
|
(3,327,944 |
) |
| Cash, Beginning of Period |
|
982,261 |
|
|
|
6,701,122 |
|
|
|
|
|
| Cash, End of Period |
|
363,244 |
|
|
$ |
3,373,178 |
|
|
|
|
|
| Cash Paid For: |
|
|
|
| Income Taxes |
$ |
- |
|
|
$ |
- |
|
| Interest |
$ |
60,564 |
|
|
$ |
61,141 |
|
|
|
|
|
| Non-cash transactions: |
|
|
|
| Notes payable issued for asset acquisitions |
$ |
640,000 |
|
|
$ |
- |
|
| Preferred stock issued for acquisitions |
$ |
625,000 |
|
|
$ |
- |
|
| Contingent consideration issued for acquisitions |
$ |
1,869,000 |
|
|
$ |
- |
|
| Common stock options issued for acquisitions |
$ |
60,000 |
|
|
$ |
- |
|
| Non-controlling interest issued for acquisitions |
$ |
126,000 |
|
|
$ |
- |
|
| Shares issued for conversion of options |
$ |
- |
|
|
$ |
- |
|
|
|
|
|
| The accompanying notes are an integral part of these consolidated financial statements |
