Press Release: Onfolio Holdings Inc. Announces Second Quarter 2024 Financial Results and Provides Corporate Update

Dow Jones08-15
 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 
                                    #     Average #    Issued                           #     Average # 
Issued Date  # Shares    Shares    Days      Shs        Date     # Shares    Shares    Days      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 
                                              Total                              Total 
                              Onfolio       Proforma                           Proforma 
                             YTD Q2 24       before                              After      Previous 
                    DDS     Consolidated   adjustments                        Adjustments      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 
 
 

(END) Dow Jones Newswires

August 15, 2024 09:00 ET (13:00 GMT)

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