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WILMINGTON, Del., May 16, 2025 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTC: ONFOP) ("Onfolio" or the "Company"), a company that primarily acquires and manages a portfolio of digital marketing and online education businesses, announces financial results for the first quarter ended March 31st 2025.
Financial Highlights
First quarter revenue increased 77% to $2.81M vs. $1.58M in the prior year period and increased 12.8% from $2.49M in Q4 of 2024
First quarter gross profit increased 70% to $1.7M vs. $1M in the prior year period and increased 28% from $1.32M in Q4 of 2024
First quarter total operating expenses increased 71% to $2.49M vs. $1.45M in the prior year period and increased 23% from $2.01M in Q4 of 2024
First quarter net loss increased 72% to $0.80M vs. $0.47M in the prior year period and vs. a $0.14M gain in Q4 of 2024
Cash at 3/31/25 was $0.67M vs. $0.48M at 12/31/24
“We substantially increased our revenue and gross profit during the first quarter of 2025. Our cash used in operations decreased to $0.14M, reflecting improvements in both operational discipline and revenue contribution,” said Onfolio Holdings CEO Dominic Wells.
“While our net loss increased from $0.47M in Q1 2024, to $0.80M in Q1 2025, $0.27M of this was stock-based-compensation, most of which was a one-time expense, as well as $0.17M in higher amortization expense compared to the prior year. Taking these non-cash increases into account, our net loss improved year-on-year. During the first quarter of 2025, we continued our effort to improve operations within our portfolio companies, which has resulted in reduced cost, better efficiency, a renewed focus on organic growth and the development of new services.
“During the first quarter of 2025, we also raised non-dilutive capital through the sale of our Series A Preferred Shares, which have consistently paid a 12% annual dividend for over four years. The additional capital was primarily used to strengthen our balance sheet and prepare for our next acquisition.
“We remain highly focused on continued organic growth within our core digital marketing and online education business units and are pursuing strategic acquisitions to strengthen those businesses.
“If we continue to execute well on our organic and strategic growth initiatives, we could achieve profitability during the second half of 2025,” concluded Dominic 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. 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 1A "Risk Factors" in our most recent Form 10-K and 10Q; 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: |
Onfolio Holdings, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
March 31 | December 31 | |||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash | $ | 666,115 | $ | 476,874 | ||||
Accounts receivable, net | 688,763 | 755,804 | ||||||
Inventory | 47,027 | 65,876 | ||||||
Prepaids and other current assets | 200,763 | 138,007 | ||||||
Total Current Assets | 1,602,668 | 1,436,561 | ||||||
Intangible assets | 3,022,099 | 3,323,211 | ||||||
Goodwill | 4,203,145 | 4,210,557 | ||||||
Fixed Assets | 4,707 | 5,135 | ||||||
Due from related party | 128,385 | 126,530 | ||||||
Investment in unconsolidated joint ventures, cost method | 213,007 | 213,007 | ||||||
Investment in unconsolidated joint ventures, equity method | 269,140 | 268,231 | ||||||
Other assets | 3,495 | 9,465 | ||||||
Total Assets | $ | 9,446,646 | $ | 9,592,697 | ||||
Liabilities and Stockholders Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable and other current liabilities | $ | 1,018,752 | $ | 969,068 | ||||
Dividends payable | 105,468 | 100,797 | ||||||
Notes payable, current | 526,010 | 702,634 | ||||||
Notes Payable - Related Party, current | - | 400,000 | ||||||
Contingent consideration | 308,943 | 981,591 | ||||||
Deferred revenue | 654,971 | 589,913 | ||||||
Total Current Liabilities | 2,614,144 | 3,744,003 | ||||||
Notes payable | 790,000 | 450,000 | ||||||
Notes payable - related parties | 1,049,000 | 1,049,000 | ||||||
Due to joint ventures - long term | - | - | ||||||
Total Liabilities | 4,453,144 | 5,243,003 | ||||||
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, 165,260 and 134,460 issued and outstanding at March 31, 2025 and December 31, 2024 | 165 | 134 | ||||||
Common stock, $0.001 par value, 50,000,000 shares authorized, 5,127,395 issued and outstanding at March 31, 2025 December 31, 2024 | 5,128 | 5,128 | ||||||
Additional paid-in capital | 23,459,650 | 22,316,751 | ||||||
Accumulated other comprehensive income | 97,152 | 68,105 | ||||||
Accumulated deficit | (19,976,595 | ) | (19,078,287 | ) | ||||
Total Onfolio Inc. stockholders equity | 3,585,500 | 3,311,831 | ||||||
Non-Controlling Interests | 1,408,002 | 1,037,863 | ||||||
Total Stockholders' Equity | 4,993,502 | 4,349,694 | ||||||
Total Liabilities and Stockholders' Equity | $ | 9,446,646 | $ | 9,592,697 | ||||
The accompanying notes are an integral part of these consolidated financial statements | ||||||||
Onfolio Holdings, Inc. | ||||||||
Consolidated Statements of Operations | ||||||||
For the Three Months Ended March 31, | ||||||||
2025 | 2024 | |||||||
Revenue, services | $ | 1,796,595 | $ | 723,551 | ||||
Revenue, product sales | 1,015,348 | 863,351 | ||||||
Total Revenue | 2,811,943 | 1,586,902 | ||||||
Cost of revenue, services | 1,016,860 | 366,706 | ||||||
Cost of revenue, product sales | 87,963 | 215,860 | ||||||
Total cost of revenue | 1,104,823 | 582,566 | ||||||
Gross profit | 1,707,120 | 1,004,336 | ||||||
Operating expenses | ||||||||
Selling, general and administrative | 2,221,346 | 1,185,184 | ||||||
Professional fees | 237,905 | 180,190 | ||||||
Acquisition costs | 33,410 | 94,341 | ||||||
Impairment of goodwill and intangible assets | - | - | ||||||
Total operating expenses | 2,492,661 | 1,459,715 | ||||||
Loss from operations | (785,541 | ) | (455,379 | ) | ||||
Other income (expense) | ||||||||
Equity method income (loss) | 909 | (5,154 | ) | |||||
Dividend income | 2,250 | - | ||||||
Interest income (expense), net | (100,720 | ) | (17,720 | ) | ||||
Other income | 4,983 | 427 | ||||||
Gain on change in fair value of contingent consideration | 54,173 | - | ||||||
Impairment of investments | - | - | ||||||
Gain on sale of business | - | - | ||||||
Total other income | (38,405 | ) | (22,447 | ) | ||||
Loss before income taxes | (823,946 | ) | (477,826 | ) | ||||
Income tax (provision) benefit | 17,518 | - | ||||||
Net loss | (806,428 | ) | (477,826 | ) | ||||
Net loss attributable to noncontrolling interest | 12,041 | 664 | ||||||
Net loss attributable to Onfolio Holdings Inc. | (794,387 | ) | (477,162 | ) | ||||
Preferred Dividends | (103,921 | ) | (81,645 | ) | ||||
Net loss to common shareholders | $ | (898,308 | ) | $ | (558,807 | ) | ||
Net loss per common shareholder | ||||||||
Basic and diluted | $ | (0.18 | ) | $ | (0.11 | ) | ||
Weighted average shares outstanding | ||||||||
Basic and diluted | 5,127,395 | 5,107,395 | ||||||
The accompanying notes are an integral part of these consolidated financial statements | ||||||||
Onfolio Holdings, Inc. | ||||||||||||||||||||||||||||||||||||
Consolidated Statements of Stockholders' Equity | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2025 and 2024 | ||||||||||||||||||||||||||||||||||||
Preferred Stock, | Common Stock, | Additional | Accumulated | Accumulated | Non | Stockholders' | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid-In Capital | Deficit | Comprehensive | Controlling | Equity | ||||||||||||||||||||||||||||
Balance, December 31, 2024 | 134,460 | $ | 134 | 5,127,395 | $ | 5,128 | $ | 22,316,751 | $ | (19,078,287 | ) | $ | 68,105 | $ | 1,037,863 | $ | 4,349,694 | |||||||||||||||||||
- | - | - | - | - | - | |||||||||||||||||||||||||||||||
Sale of preferred stock for cash | 28,000 | 28 | - | - | 699,972 | - | - | - | 700,000 | |||||||||||||||||||||||||||
Preferred stock and common stock options issued for payment of contingent consideration | 2,800 | 3 | - | - | 169,997 | - | - | - | 170,000 | |||||||||||||||||||||||||||
Stock-based compensation | - | - | - | - | 272,930 | - | - | - | 272,930 | |||||||||||||||||||||||||||
Payment of note payble by NCI | 400,000 | 400,000 | ||||||||||||||||||||||||||||||||||
Preferred dividends | - | - | - | - | - | (103,921 | ) | - | - | (103,921 | ) | |||||||||||||||||||||||||
Foreign currency translation | - | - | - | - | - | - | 29,047 | - | 29,047 | |||||||||||||||||||||||||||
Distribution to non-controlling interest | (17,820 | ) | (17,820 | ) | ||||||||||||||||||||||||||||||||
Net loss | - | - | - | - | - | (794,387 | ) | - | (12,041 | ) | (806,428 | ) | ||||||||||||||||||||||||
Balance, March 31, 2025 | 165,260 | 165 | 5,127,395 | 5,128 | 23,459,650 | (19,976,595 | ) | 97,152 | 1,408,002 | 4,993,502 | ||||||||||||||||||||||||||
Balance, December 31, 2023 | 92,260 | 93 | 5,107,395 | 5,108 | 21,107,311 | (16,957,854 | ) | 182,465 | - | 4,337,123 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Preferred dividends | - | - | - | - | - | (81,645 | ) | - | - | (81,645 | ) | |||||||||||||||||||||||||
Foreign currency translation | - | - | - | - | - | - | (39,134 | ) | (39,134 | ) | ||||||||||||||||||||||||||
Distribution to non-controlling interest | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Net loss | - | - | - | - | - | (477,826 | ) | - | (664 | ) | (478,490 | ) | ||||||||||||||||||||||||
Balance, March 31, 2024 | 109,660 | $ | 110 | 5,107,395 | $ | 5,108 | $ | 21,620,181 | $ | (17,517,325 | ) | $ | 143,331 | $ | 125,336 | $ | 4,376,741 | |||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements | ||||||||||||||||||||||||||||||||||||
Onfolio Holdings, Inc. | ||||||||
Consolidated Statements of Cash Flows | ||||||||
For the Three Months Ended March 31, 2025 and 2024 | ||||||||
2025 | 2024 | |||||||
Cash Flows from Operating Activities | ||||||||
Net loss | $ | (806,428 | ) | $ | (477,826 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Stock-based compensation expense | 272,930 | 17,887 | ||||||
Equity method loss (income) | (909 | ) | 5,154 | |||||
Dividends received from equity method investment | - | - | ||||||
Amortization of intangible assets | 301,112 | 125,219 | ||||||
Depreciation expense | 428 | |||||||
Impairment of intangible assets | - | - | ||||||
Change in FV of contingent consideration | (54,173 | ) | - | |||||
Net change in: | ||||||||
Accounts receivable | 67,041 | (33,681 | ) | |||||
Inventory | 18,849 | 117 | ||||||
Prepaids and other current assets | (56,786 | ) | (81,328 | ) | ||||
Accounts payable and other current liabilities | 49,684 | (33,390 | ) | |||||
Due to joint ventures | (1,855 | ) | 3,557 | |||||
Deferred revenue | 65,058 | 34,284 | ||||||
Due to related parties | - | 9,000 | ||||||
Net cash used in operating activities | (145,049 | ) | (431,007 | ) | ||||
Cash Flows from Investing Activities | ||||||||
Cash paid to acquire businesses | - | (240,000 | ) | |||||
Investments in unconsolidated entities | - | (10,000 | ) | |||||
Investment in cryptocurrency | - | - | ||||||
Net cash used in investing activities | - | (250,000 | ) | |||||
Cash Flows from Financing Activities | ||||||||
Proceeds from sale of Series A preferred stock | 700,000 | 10,000 | ||||||
Proceeds from exercise of stock options | - | - | ||||||
Payments of preferred dividends | (99,250 | ) | (70,122 | ) | ||||
Distributions to non-controlling interest holders | (17,820 | ) | - | |||||
Proceeds from notes payable | - | 350,000 | ||||||
Payments on note payables | (176,624 | ) | (25,743 | ) | ||||
Payments on acquisition note payables | - | - | ||||||
Proceeds from notes payable - related parties | - | - | ||||||
Payments on note payables - related parties | - | - | ||||||
Payments on contingent consideration | (108,475 | ) | - | |||||
Net cash provided by financing activities | 297,831 | 264,135 | ||||||
Effect of foreign currency translation | 36,459 | (35,612 | ) | |||||
Net Change in Cash | 189,241 | (452,484 | ) | |||||
Cash, Beginning of Period | 476,874 | 982,261 | ||||||
Cash, End of Period | 666,115 | $ | 529,777 | |||||
Cash Paid For: | ||||||||
Income Taxes | $ | - | $ | - | ||||
Interest | $ | 100,720 | $ | 18,360 | ||||
Non-cash transactions: | ||||||||
Preferred dividends accrued | $ | 103,921 | $ | 81,645 | ||||
Notes payable issued for asset acquisitions | $ | - | $ | 440,000 | ||||
Preferred stock issued for acquisitions | $ | - | $ | 425,000 | ||||
Settlement of contingent consideration | $ | 510,000 | $ | - | ||||
Non-controlling interest issued for settlement of note payable | $ | 400,000 | $ | - | ||||
The accompanying notes are an integral part of these consolidated financial statements | ||||||||
