Onfolio Holdings Inc. Announces Second Quarter 2024 Financial Results and Provides Corporate Update
Onfolio Holdings Inc. (NASDAQ: ONFO) reported Q2 2024 financial results, showing a 32% revenue growth to $1.73M and an 18% gross profit increase to $0.975M compared to the prior year. The company reduced its operating expenses by 18% to $1.73M and decreased its net loss by 36% to $0.86M. Onfolio's cash position stood at $0.31M as of June 30, 2024.
CEO Dominic Wells highlighted the company's lowest cash use for operating activities since IPO at $332k. Onfolio acquired DDS Rank in June, funded through their new SPV model. The company aims to reduce expenses, grow revenue, and close new acquisitions while exploring debt financing options to extend runway and reach profitability.
Onfolio Holdings Inc. (NASDAQ: ONFO) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando una crescita del fatturato del 32% a $1,73 milioni e un aumento del profitto lordo del 18% a $0,975 milioni rispetto all'anno precedente. L'azienda ha ridotto le spese operative del 18% a $1,73 milioni e ha diminuito la perdita netta del 36% a $0,86 milioni. La posizione di liquidità di Onfolio era di $0,31 milioni al 30 giugno 2024.
Il CEO Dominic Wells ha sottolineato il minimo utilizzo di liquidità per le attività operative dalla IPO, pari a $332k. Onfolio ha acquisito DDS Rank a giugno, finanziata attraverso il loro nuovo modello SPV. L'azienda mira a ridurre le spese, aumentare il fatturato e concludere nuove acquisizioni, esplorando nel contempo opzioni di finanziamento del debito per estendere il periodo di attività e raggiungere la redditività.
Onfolio Holdings Inc. (NASDAQ: ONFO) reportó los resultados financieros del segundo trimestre de 2024, mostrando un crecimiento de ingresos del 32% alcanzando $1.73 millones y un aumento del beneficio bruto del 18% a $0.975 millones en comparación con el año anterior. La compañía redujo sus gastos operativos en un 18% a $1.73 millones y disminuyó su pérdida neta en un 36% a $0.86 millones. La posición de efectivo de Onfolio se situaba en $0.31 millones al 30 de junio de 2024.
El CEO Dominic Wells destacó el menor uso de efectivo para actividades operativas desde la IPO, que fue de $332k. Onfolio adquirió DDS Rank en junio, financiado a través de su nuevo modelo SPV. La empresa tiene como objetivo reducir gastos, aumentar ingresos y cerrar nuevas adquisiciones mientras explora opciones de financiamiento de deuda para extender su capital y alcanzar la rentabilidad.
온폴리오 홀딩스 Inc. (NASDAQ: ONFO)는 2024년 2분기 재무 결과를 발표하며, 32% 수익 성장을 기록해 $1.73M을 달성했으며, 작년 대비 18% 총 이익 증가를 보여 $0.975M에 도달했습니다. 회사는 운영 비용을 18% 줄였습니다 $1.73M로, 순손실을 36% 감소시켰습니다 $0.86M로. 2024년 6월 30일 기준으로 온폴리오의 현금 잔고는 $0.31M이었습니다.
CEO 도미닉 웰스는 IPO 이후 최저 운영 활동 현금 사용량인 $332k를 강조했습니다. 온폴리오는 새로운 SPV 모델을 통해 자금을 조달하여 6월에 DDS Rank를 인수했습니다. 회사는 비용을 줄이고, 수익을 증대시키며, 새로운 인수를 완료하는 것을 목표로 하며, 자금을 연장하고 수익성을 달성하기 위해 부채 금융 옵션을 탐색하고 있습니다.
Onfolio Holdings Inc. (NASDAQ: ONFO) a annoncé ses résultats financiers du deuxième trimestre 2024, affichant une croissance des revenus de 32% à 1,73 million de dollars et une augmentation du bénéfice brut de 18% à 0,975 million de dollars par rapport à l'année précédente. L'entreprise a réduit ses dépenses d'exploitation de 18% à 1,73 million de dollars et diminué sa perte nette de 36% à 0,86 million de dollars. La position de liquidités d'Onfolio s'élevait à 0,31 million de dollars au 30 juin 2024.
Le PDG Dominic Wells a souligné l'utilisation de liquidités la plus basse pour les activités opérationnelles depuis l'introduction en bourse, à 332k $. Onfolio a acquis DDS Rank en juin, financé par leur nouveau modèle SPV. L'entreprise vise à réduire les dépenses, augmenter les revenus et conclure de nouvelles acquisitions tout en explorant des options de financement par la dette pour étendre sa durée de vie et atteindre la rentabilité.
Onfolio Holdings Inc. (NASDAQ: ONFO) berichtete über die finanziellen Ergebnisse des zweiten Quartals 2024 und wies ein Umsatzwachstum von 32% auf $1,73 Millionen und einen Bruttogewinnanstieg von 18% auf $0,975 Millionen im Vergleich zum Vorjahr auf. Das Unternehmen reduzierte seine Betriebsausgaben um 18% auf $1,73 Millionen und verringerte seinen Nettoverlust um 36% auf $0,86 Millionen. Die Liquiditätsposition von Onfolio betrug am 30. Juni 2024 $0,31 Millionen.
CEO Dominic Wells hob die geringste Bargeldverwendung für operative Tätigkeiten seit dem IPO von $332k hervor. Onfolio erwarb im Juni DDS Rank, finanziert durch ihr neues SPV-Modell. Das Unternehmen strebt an, Kosten zu senken, den Umsatz zu steigern und neue Akquisitionen abzuschließen, während es gleichzeitig Optionen zur Fremdfinanzierung prüft, um die Betriebsdauer zu verlängern und die Rentabilität zu erreichen.
- 32% year-over-year revenue growth to $1.73M in Q2 2024
- 18% year-over-year gross profit increase to $0.975M
- 18% reduction in total operating expenses to $1.73M
- 36% decrease in net loss to $0.86M compared to prior year
- Lowest cash use for operating activities since IPO at $332k
- Acquisition of DDS Rank in June 2024 using new SPV model
- Cash position decreased to $0.31M from $0.98M at end of 2023
- Net loss of $0.86M in Q2 2024, up from $0.63M in Q1 2024
Insights
Onfolio's Q2 2024 results show mixed signals. While revenue growth of
The company's focus on reducing expenses and exploring SPV-funded acquisitions is prudent, but may not be sufficient to achieve profitability. The mention of potential debt financing is a double-edged sword - it could provide needed capital but also increase financial risk. Investors should closely monitor Onfolio's cash position and path to profitability in coming quarters.
Onfolio's strategy of acquiring and managing diverse online businesses appears to be gaining traction, evidenced by the
The online business market is highly competitive and fast-evolving. Onfolio's success will depend on their ability to identify, acquire and optimize undervalued online assets. The company's reduced cash burn and focus on margin improvements are steps in the right direction, but achieving sustainable profitability in this sector remains challenging. Investors should weigh the potential for high growth against the ongoing financial risks.
WILMINGTON, Del., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) ("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 second quarter ended June 30, 2024.
Financial Highlights
- Second quarter revenue grew
32% to$1.73M vs.$1.31M in the prior year period and vs.$1.59M in 1Q24 - Second quarter gross profit grew
18% to$0.97 5M vs.$0.82M in the prior year period and vs.$1M in 1Q24 - Second quarter total operating expenses decreased
18% to$1.73M vs.$2.12M in the prior year period and vs.$1.67M in 1Q24 - Second quarter net loss to common shareholders decreased
36% to$0.86M vs.$1.34M in the prior year period and vs.$0.63M in 1Q24 - Cash at 6/30/24 was
$0.31M vs.$0.98M at 12/31/23
“The second quarter of 2024 saw our revenue and gross profit improve again, while we continued to make efforts to further reduce cash burn. Our cash used in operations for the quarter was
“We also closed on one new acquisition in Q2, which was the June acquisition of DDS Rank. This was the first acquisition funded by our SPV, allowing us to acquire a profitable business while only use a minimal amount of our own cash. As the acquisition was made in June, its impact won’t show up until Q3.
“We continue to maintain an active acquisition pipeline, which includes some of the businesses we’ve referenced previously, and we expect our recently adopted SPV model to be able to play a part in any of our future acquisitions”
“As well as our SPV enabling us to bring in new acquisitions, we also made further expense reductions in Q2 which will impact us from Q3 onwards. Our goal continues to be reducing expenses, growing revenue, and closing on new acquisitions. At the same time, we continue to have discussions with lenders about debt financing to increase our cash balance, extend our runway, and reach profitability. We believe the key for us is closing on the right financing at the right time.
“It is also worth noting that our internal modelling indicates that we may be able to reach profitability without further acquisitions, as we continue to make progress with margin improvements,” 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.
| For investor inquiries: |
| investors@onfolio.com |
| Onfolio Holdings, Inc. | |||||||
| Consolidated Balance Sheets | |||||||
| (Unaudited) | |||||||
| June 30 | December 31 | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current Assets: | |||||||
| Cash | 310,025 | 982,261 | |||||
| Accounts receivable, net | 264,877 | 90,070 | |||||
| Inventory | 84,586 | 92,637 | |||||
| Prepaids and other current assets | 164,629 | 111,097 | |||||
| Total Current Assets | 824,117 | 1,276,065 | |||||
| Intangible assets | 4,397,519 | 3,110,204 | |||||
| Goodwill | 3,095,969 | 1,167,194 | |||||
| Due from related party | 121,318 | 150,971 | |||||
| Investment in unconsolidated joint ventures, cost method | 203,007 | 154,007 | |||||
| Investment in unconsolidated joint ventures, equity method | 266,825 | 273,042 | |||||
| Total Assets | $ | 8,908,755 | $ | 6,131,483 | |||
| Liabilities and Stockholders Equity | |||||||
| Current Liabilities: | |||||||
| Accounts payable and other current liabilities | $ | 703,477 | $ | 493,816 | |||
| Dividends payable | 83,089 | 68,011 | |||||
| Notes payable, current | 128,707 | 17,323 | |||||
| Contingent consideration | 1,929,000 | 60,000 | |||||
| Deferred revenue | 172,010 | 149,965 | |||||
| Total Current Liabilities | 3,016,283 | 789,115 | |||||
| Notes payable | 890,000 | - | |||||
| Notes payable - related parties | 199,000 | - | |||||
| Due to joint ventures - long term | - | - | |||||
| Total Liabilities | 4,105,283 | 789,115 | |||||
| Commitments and Contingencies | |||||||
| Stockholders' Equity: | |||||||
| Preferred stock, | |||||||
| Series A Preferred stock, | 118 | 93 | |||||
| Common stock, | 5,128 | 5,108 | |||||
| Additional paid-in capital | 21,847,663 | 21,107,311 | |||||
| Accumulated other comprehensive income | 159,119 | 182,465 | |||||
| Accumulated deficit | (17,529,038 | ) | (15,952,609 | ) | |||
| Total Onfolio Inc. stockholders equity | 4,482,990 | 5,342,368 | |||||
| Non-Controlling Interests | 320,482 | - | |||||
| Total Stockholders' Equity | 4,803,472 | 5,342,368 | |||||
| Total Liabilities and Stockholders' Equity | $ | 8,908,755 | $ | 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 June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue, services | $ | 993,166 | $ | 295,750 | $ | 1,716,717 | $ | 688,151 | |||||||
| Revenue, product sales | 733,433 | 1,014,293 | 1,596,784 | 1,973,626 | |||||||||||
| Total Revenue | 1,726,599 | 1,310,043 | 3,313,501 | 2,661,777 | |||||||||||
| Cost of revenue, services | 557,518 | 129,622 | 924,224 | 433,786 | |||||||||||
| Cost of revenue, product sales | 193,650 | 364,850 | 409,510 | 669,207 | |||||||||||
| Total cost of revenue | 751,168 | 494,472 | 1,333,734 | 1,102,993 | |||||||||||
| Gross profit | 975,431 | 815,571 | 1,979,767 | 1,558,784 | |||||||||||
| Operating expenses | |||||||||||||||
| Selling, general and administrative | 1,504,349 | 1,572,825 | 2,842,204 | 3,192,205 | |||||||||||
| Professional fees | 221,255 | 303,443 | 401,445 | 627,828 | |||||||||||
| Impairement of goodwill and intangible assets | - | 189,937 | - | 189,937 | |||||||||||
| Acquisition costs | 8,946 | 57,393 | 103,287 | 208,007 | |||||||||||
| Total operating expenses | 1,734,550 | 2,123,598 | 3,346,936 | 4,217,977 | |||||||||||
| Loss from operations | (759,119 | ) | (1,308,027 | ) | (1,367,169 | ) | (2,659,193 | ) | |||||||
| Other income (expense) | |||||||||||||||
| Equity method income | (1,063 | ) | 5,207 | (6,217 | ) | 12,095 | |||||||||
| Dividend income | - | 247 | - | 1,516 | |||||||||||
| Interest income (expense), net | (22,718 | ) | 2,626 | (40,438 | ) | 58,758 | |||||||||
| Other income | 1,163 | 5,822 | 1,590 | 8,624 | |||||||||||
| Impairment of investments | - | - | - | - | |||||||||||
| Loss on sale of asset | - | - | - | - | |||||||||||
| Total other income | (22,618 | ) | 13,902 | (45,065 | ) | 80,993 | |||||||||
| Loss before income taxes | (781,737 | ) | (1,294,125 | ) | (1,412,234 | ) | (2,578,200 | ) | |||||||
| Income tax (provision) benefit | - | - | - | - | |||||||||||
| Net loss | (781,737 | ) | (1,294,125 | ) | (1,412,234 | ) | (2,578,200 | ) | |||||||
| Net loss attributable to noncontrolling interest | 1,254 | - | 1,918 | - | |||||||||||
| Net loss attributable to Onfolio Holdings Inc. | (780,483 | ) | (1,294,125 | ) | (1,410,316 | ) | (2,578,200 | ) | |||||||
| Preferred Dividends | (84,468 | ) | (50,244 | ) | (166,113 | ) | (101,269 | ) | |||||||
| Net loss to common shareholders | $ | (864,951 | ) | $ | (1,344,369 | ) | $ | (1,576,429 | ) | $ | (2,679,469 | ) | |||
| Net loss per common shareholder | |||||||||||||||
| Basic and diluted | $ | (0.17 | ) | $ | (0.26 | ) | $ | (0.31 | ) | $ | (0.52 | ) | |||
| Weighted average shares outstanding | |||||||||||||||
| Basic and diluted | 5,109,373 | 5,110,195 | 5,108,384 | 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, | Common Stock, | 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 | ||||||||||||||||
| 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 | ||||||||||||||||
| The accompanying notes are an integral part of these unaudited consolidated financial statements | |||||||||||||||||||||||||||||||||
| Onfolio Holdings, Inc. | |||||||
| Consolidated Statements of Cash Flows | |||||||
| For the Six Months Ended June 30, 2024 and 2023 | |||||||
| (Unaudited) | |||||||
| 2024 | 2023 | ||||||
| Cash Flows from Operating Activities | |||||||
| Net loss | $ | (1,412,234 | ) | $ | (2,578,200 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Stock-based compensation expense | 45,397 | 483,597 | |||||
| Equity method income | 6,217 | (12,095 | ) | ||||
| Dividends received from equity method investment | - | 15,266 | |||||
| Impairment of Cost method investment | - | - | |||||
| Loss on sale of asset | - | - | |||||
| Amortization of intangible assets | 555,802 | 361,108 | |||||
| Impairment of intangible assets | - | 189,937 | |||||
| Net change in: | |||||||
| Accounts receivable | (174,807 | ) | 31,241 | ||||
| Inventory | 8,051 | (12,854 | ) | ||||
| Prepaids and other current assets | (53,532 | ) | 47,791 | ||||
| Accounts payable and other current liabilities | 209,661 | (198,231 | ) | ||||
| Due to joint ventures | 29,653 | (17,806 | ) | ||||
| Deferred revenue | 22,045 | 134,071 | |||||
| Due to related parties | - | - | |||||
| Net cash used in operating activities | (763,747 | ) | (1,556,175 | ) | |||
| Cash Flows from Investing Activities | |||||||
| Proceeds from sale of intangible assets | - | - | |||||
| Cash paid to acquire businesses | (255,000 | ) | (850,000 | ) | |||
| Investments in joint ventures | (49,000 | ) | - | ||||
| Net cash used in investing activities | (304,000 | ) | (850,000 | ) | |||
| Cash Flows from Financing Activities | |||||||
| Proceeds from sale of Series A preferred stock | 10,000 | - | |||||
| Payments of preferred dividends | (151,035 | ) | (109,053 | ) | |||
| Payment of contribution to joint venture note payable | - | - | |||||
| Distributions to non-controlling interest holders | (3,600 | ) | |||||
| Proceeds from notes payable | 417,900 | (40,000 | ) | ||||
| Payments on note payables | (56,516 | ) | (49,744 | ) | |||
| Proceeds from notes payable - related parties | 200,000 | ||||||
| Payments on note payables - related parties | (1,000 | ) | |||||
| Net cash provided by financing activities | 415,749 | (198,797 | ) | ||||
| Effect of foreign currency translation | (20,238 | ) | (30,305 | ) | |||
| Net Change in Cash | (672,236 | ) | (2,635,277 | ) | |||
| Cash, Beginning of Period | 982,261 | 6,701,122 | |||||
| Cash, End of Period | 310,025 | $ | 4,065,845 | ||||
| Cash Paid For: | |||||||
| Income Taxes | $ | - | $ | - | |||
| Interest | $ | 41,700 | $ | 18,836 | |||
| 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 | $ | 20 | $ | - | |||
| The accompanying notes are an integral part of these consolidated financial statements | |||||||
| Onfolio | ||||||||||
| Weighted Average Common Stock Outstanding | ||||||||||
| 6/30/2024 | ||||||||||
| Year to Date FY 2024 | Quarter to Date FY 2023 | |||||||||
| Total | Total | |||||||||
| Issued Date | # Shares | Shares | # Days | Average # Shs | Issued Date | # Shares | Shares | # Days | Average # Shs | |
| 12/31/2023 | 5,107,395 | 5,107,395 | 173 | 883,579,335 | 3/31/2024 | 5,107,395 | 5,107,395 | 82 | 418,806,390 | |
| 6/21/2024 | 20,000 | 5,127,395 | 9 | 46,146,555 | 6/21/2024 | 20,000 | 5,127,395 | 9 | 46,146,555 | |
| 6/30/24 | 6/30/24 | |||||||||
| Total | 5,127,395 | 182 | 929,725,890 | Total | 5,127,395 | 91 | 464,952,945 | |||
| Pre acquisition | |||||||||||||||||
| Onfolio | Total Proforma | Total Proforma | |||||||||||||||
| DDS | YTD Q2 24 Consolidated | before adjustments | After Adjustments | Previous YTD | Three months | ||||||||||||
| DDS | Other | ||||||||||||||||
| Revenue | 141,398 | 3,313,501 | 3,454,899 | 3,454,899 | 1,586,902 | 1,867,997 | |||||||||||
| COGS | 1,333,734 | 1,333,734 | 1,333,734 | 582,566 | 751,168 | ||||||||||||
| Gross Profit | 141,398 | 1,979,767 | 2,121,165 | - | 2,121,165 | 860,917 | 1,260,248 | ||||||||||
| Operating Expenses | |||||||||||||||||
| SG&A | 75,473 | 2,842,204 | 2,917,677 | 112,248 | 3,029,925 | 1,393,979 | 1,635,946 | ||||||||||
| Impairment | - | - | - | - | |||||||||||||
| Professional Fees | 401,445 | 401,445 | 401,445 | 180,190 | 221,255 | ||||||||||||
| Acquisition costs | 103,287 | 103,287 | (103,287 | ) | - | - | - | ||||||||||
| Total Operating | 75,473 | 3,346,936 | 3,422,409 | 112,248 | (103,287 | ) | 3,431,370 | 2,121,446 | 1,309,924 | ||||||||
| Operating Income/loss | 65,925 | (1,367,169 | ) | (1,301,244 | ) | (112,248 | ) | 103,287 | (1,310,205 | ) | (1,260,530 | ) | (49,676 | ) | |||
| Total other income | (45,065 | ) | (45,065 | ) | (7,000 | ) | (52,065 | ) | (25,947 | ) | (26,118 | ) | |||||
| Loss before income taxes | 65,925 | (1,412,234 | ) | (1,346,309 | ) | (119,248 | ) | 103,287 | (1,362,270 | ) | (1,213,353 | ) | (148,917 | ) | |||
| Income tax (provision) benefit | - | - | - | - | - | ||||||||||||
| Net Income (loss) | 65,925 | (1,412,234 | ) | (1,346,309 | ) | (119,248 | ) | 103,287 | (1,362,270 | ) | (1,213,353 | ) | (148,917 | ) | |||
| Preferred dividends | (166,113 | ) | (166,113 | ) | (166,113 | ) | (51,025 | ) | (115,088 | ) | |||||||
| net loss available to common | (1,578,347 | ) | (1,512,422 | ) | (119,248 | ) | 103,287 | (1,528,383 | ) | (1,264,378 | ) | (264,005 | ) | ||||
| Net Loss per share | (0.30 | ) | (0.30 | ) | (0.05 | ) | |||||||||||
| WASO | 5,110,195 | 5,110,195 | 5,110,195 | ||||||||||||||
FAQ
What was Onfolio Holdings' (ONFO) revenue growth in Q2 2024?
How much did Onfolio Holdings (ONFO) reduce its operating expenses in Q2 2024?
What acquisition did Onfolio Holdings (ONFO) make in Q2 2024?
How much cash did Onfolio Holdings (ONFO) have as of June 30, 2024?
