consolidated financial statements
Onfolio Holdings, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2023 and 2022
2023 2022
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Cash Flows from Operating Activities
Net loss $(8,144,821) $(4,234,357)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Stock-based compensation expense 591,558 944,995
Equity method income (13,190) (34,432)
Dividends received from equity method
investment 20,474 33,488
Impairment of Cost method investment - 51,894
Loss on sale of asset - 34,306
Amortization of intangible assets 739,780 124,832
Impairment of intangible assets 3,952,433 -
Net change in:
Accounts receivable 47,528 (122,974)
Inventory 12,492 8,125
Prepaids and other current assets 101,083 (52,389)
Accounts payable and other current
liabilities (56,638) 325,706
Due to joint ventures (39,251) (9,730)
Deferred revenue 36,714 60,123
Due to related parties - (480)
Net cash used in operating
activities (2,751,838) (2,870,893)
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Cash Flows from Investing Activities
Proceeds from sale of intangible assets - 45,694
Cash paid to acquire businesses (850,000) (4,261,413)
Investments in joint ventures - (67,500)
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Net cash used in investing
activities (850,000) (4,283,219)
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Cash Flows from Financing Activities
Proceeds from sale of common stock - 12,104,667
Proceeds from sale of Series A preferred
stock 565,000 321,500
Payments of preferred dividends (213,691) (142,239)
Payment of contribution to joint venture
note payable - (215,000)
Payments on acquisition note payable (2,439,000) -
Proceeds from notes payable - 44,000
Payments on note payables (68,959) (3,555)
Net cash provided by financing
activities (2,156,650) 12,109,373
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Effect of foreign currency translation 39,627 35,543
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Net Change in Cash (5,718,861) 4,990,804
Cash, Beginning of Period 6,701,122 1,710,318
----------- -----------
Cash, End of Period 982,261 $ 6,701,122
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Cash Paid For:
Income Taxes $ - $ -
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Interest $ 68,938 $ 7,082
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Non-cash transactions:
Notes payable issued for asset
acquisitions $ - $ 2,439,000
========== ==========
The accompanying notes are an integral part of these
consolidated financial statements
(END) Dow Jones Newswires
April 02, 2024 08:45 ET (12:45 GMT)
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