WILMINGTON, Del., April 16, 2025 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (NASDAQ: ONFO, ONFOW) (OTC: 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 fourth quarter and full year ended December 31, 2024. The Company's Annual Report on Form 10-K was filed with the Securities and Exchange Commission on April 15, 2025 and is available on the SEC's website at www.sec.gov.
Recent Corporate Highlights
-- Recorded $136,000 net income for Q4 2024
-- Completed the acquisition of Eastern Standard, a digital web agency
focused on branding, user experience, and optimization, in October 2024.
Fourth Quarter and Year End 2024 Financial Highlights
-- Fourth quarter revenue grew 96% to $2.49M vs. $1.27M in the prior year
period and vs. $2.01M in 3Q24
-- Fourth quarter gross profit grew 56% to $1.32M vs. $0.84M in the prior
year period and vs. $1.20M in 3Q24
-- Fourth quarter total operating expenses increased 20% to $2.01M vs.
$1.67M in the prior year period and vs. $1.69M in 3Q24
-- Fourth quarter net profit to common shareholders improved by over $1M to
a $0.14M profit vs. a $0.9M loss in the prior year period and vs. a
$0.57M loss in 3Q24
-- Four quarter EPS improved by 102% to $0.01 vs -$0.37 in the prior year.
-- Revenue grew 49% YOY to $7.82M in 2024 vs. $5.24M in 2023
-- Gross profit grew 39% to $4.5M vs $3.24M in 2023
-- Total operating expenses shrank 44% to $7.05M vs. $12.54M in 2023
-- Net loss to common shareholders improved 77% to $2.15M vs $9.43M in 2023
-- 2024 EPS grew 77% YOY to -$0.41 from -$1.84
-- Cash at 12/31/24 was $0.48M vs. $0.98M at 12/31/23
"The 4(th) Quarter 2024 saw us record a positive net income for the first time as a publicly traded company, even if it was small. Throughout 2024 we continued to make progress in all vital areas of our company. We grew our revenues, we acquired more companies, we reduced our expenses, and we strengthened our balance sheet with business divestments," commented Onfolio CEO Dominic Wells.
"We still have work to do, and believe 2025 will see us further build on the foundations we laid in 2024, particularly Q3 and Q4," Wells continued.
"Our goals for 2024 were to grow revenues, grow gross profits, reduce operating expenses, raise non-dilutive capital, regain Nasdaq compliance (ideally without a reverse stock-split), and reach profitability, or at least break-even."
"Those were no small goals, yet they were crucial to achieve, and the team worked hard throughout the year to significantly meet all of those goals."
"We are a growth-minded organization with long-term views, and at times feel frustrated with where we are at any given time. It is important we look back at how far we have come, compare ourselves to where we were a year ago, and take the wins that we have."
"As such, we consider 2024 to be a success, and we have not taken our foot off the pedal in 2025."
"We launched a new Reg D offering for our Series A Preferred Shares (OTC: ONFOP) in February 2025."
"As we continue to raise more capital, we will be in a better position to make accretive acquisitions and eventually sustain profitability," 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 1A "Risk Factors" in our most recent Form 10-K; 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
December 31 December 31
2024 2023
------------- ---------------
Assets
--------------------------------------
Current Assets:
Cash $ 476,874 $ 982,261
Accounts receivable, net 755,804 90,070
Inventory 65,876 92,637
Prepaids and other current assets 138,007 111,097
----------- -----------
Total Current Assets 1,436,561 1,276,065
Intangible assets 3,323,211 1,675,480
Goodwill 4,210,557 1,596,673
Fixed Assets 5,135 -
Due from related party 126,530 150,971
Investment in unconsolidated joint
ventures, cost method 213,007 154,007
Investment in unconsolidated joint
ventures, equity method 268,231 273,042
Other assets 9,465 -
----------- -----------
Total Assets $ 9,592,697 $ 5,126,238
=========== ===========
Liabilities and Stockholders Equity
--------------------------------------
Current Liabilities:
Accounts payable and other current
liabilities $ 969,068 $ 493,816
Dividends payable 100,797 68,011
Notes payable, current 702,634 17,323
Notes Payable - Related Party, current 850,000 -
Contingent consideration 981,591 60,000
Deferred revenue 589,913 149,965
----------- -----------
Total Current Liabilities 4,194,003 789,115
Notes payable 450,000 -
Notes payable - related parties 599,000 -
Due to joint ventures - long term - -
----------- -----------
Total Liabilities 5,243,003 789,115
----------- -----------
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,
134,460 and 92,260 issued and
outstanding at December 31, 2024 and
2023 134 93
Common stock, $0.001 par value,
50,000,000 shares authorized,
5,127,395 and 5,107,395 issued and
outstanding at December 31, 2024 and
2023 5,128 5,108
Additional paid-in capital 22,316,751 21,107,311
Accumulated other comprehensive income 68,105 182,465
Accumulated deficit (19,078,287) (16,957,854)
----------- -----------
Total Onfolio Inc. stockholders equity 3,311,831 4,337,123
Non-Controlling Interests 1,037,863 -
----------- -----------
Total Stockholders' Equity 4,349,694 4,337,123
----------- -----------
Total Liabilities and Stockholders'
Equity $ 9,592,697 $ 5,126,238
=========== ===========
The accompanying notes are an integral part of these
consolidated financial statements
Onfolio Holdings, Inc.
Consolidated Statements of Operations
For the Three Months For the Years Ended Dec
Ended Dec 31, 31,
2024 2023 2024 2023
----------- ------------ ------------ ------------
Revenue,
services $2,024,308 $ 374,397 $ 4,660,069 $ 1,496,038
Revenue, product
sales 512,496 890,501 3,202,008 3,743,948
--------- ---------- ---------- ----------
Total Revenue 2,536,804 1,264,898 7,862,077 5,239,986
Cost of revenue,
services 1,059,161 186,039 2,609,061 837,888
Cost of revenue,
product sales 118,208 242,527 708,139 1,159,267
--------- ---------- ---------- ----------
Total cost of
revenue 1,177,369 428,566 3,317,200 1,997,155
Gross profit 1,359,435 836,332 4,544,877 3,242,831
--------- ---------- ---------- ----------
Operating
expenses
Selling, general
and
administrative 1,402,154 1,257,244 5,718,243 5,981,601
Professional
fees 353,695 316,500 948,751 1,160,410
Acquisition
costs 142,465 41,367 264,731 326,899
Impairement of
goodwill and
intangible
assets 116,322 1,064,249 121,000 5,016,765
--------- ---------- ---------- ----------
Total operating
expenses 2,014,636 2,679,360 7,052,725 12,485,675
--------- ---------- ---------- ----------
Loss from
operations (655,201) (1,843,028) (2,507,848) (9,242,844)
--------- ---------- ---------- ----------
Other income
(expense)
Equity method
income (loss) 748 (1,731) (4,812) 13,190
Dividend income 6,313 - 12,157 1,610
Interest income
(expense), net (41,103) 6,052 (101,667) 75,041
Other income 3,249 - 6,183 2,937
Gain on change
in fair value
of contingent
consideration 368,464 - 368,464 -
Impairment of
investments - - - -
Gain on sale of
business 453,581 - 453,581 -
--------- ---------- ---------- ----------
Total other
income 791,252 4,321 733,906 92,778
--------- ---------- ---------- ----------
Loss before
income taxes 136,051 (1,838,707) (1,773,942) (9,150,066)
Income tax
(provision)
benefit - - - -
Net loss 136,051 (1,838,707) (1,773,942) (9,150,066)
Net loss
attributable to
noncontrolling
interest (2,224) - 7,737 -
--------- ---------- ---------- ----------
Net loss
attributable to
Onfolio
Holdings Inc. 133,827 (1,838,707) (1,766,205) (9,150,066)
Preferred
Dividends (100,395) (54,231) (354,228) (227,298)
Net loss to
common
shareholders $ 33,432 $(1,892,938) $(2,120,433) $(9,377,364)
========= ========== ========== ==========
Net loss per
common
shareholder
Basic and
diluted $ 0.01 $ (0.37) $ (0.41) $ (1.84)
========= ========== ========== ==========
Weighted
average shares
outstanding
Basic and
diluted 5,127,395 5,110,195 5,117,941 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 Years Ended December 31, 2024 and 2023
Preferred Stock, Common Stock, Accumulated
$0.001 Par value $0.001 Par Value Additional Accumulated Other Non Stockholders'
------------------- ------------------
Paid-In Comprehensive Controlling
Shares Amount Shares Amount Capital Deficit Income Interest Equity
------- ---------- --------- ------- ----------- ------------- --------------- ----------- -----------------
Balance,
December 31,
2022 69,660 $ 70 5,107,395 $ 5,108 $19,950,776 $ (7,580,490) $ 96,971 $ - $ 12,472,435
- - - - - -
Sale of
preferred stock
for cash 22,600 23 - - 564,977 - - - 565,000
Stock-based
compensation - - - - 591,558 - - - 591,558
Preferred
dividends - - - - - (227,298) - - (227,298)
Foreign currency
translation - - - - - - 85,494 - 85,494
Net loss
(restated) - - - - - (9,150,066) - (9,150,066)
------- --------- --------- ------ ---------- ----------- ----------- ----------- ----------
Balance,
December 31,
2023 (as
restated) 92,260 93 5,107,395 5,108 21,107,311 (16,957,854) 182,465 - 4,337,123
- - - - - -
Acquisition of
Business 41,400 41 - - 1,094,959 - - 1,066,000 2,161,000
Sale of
preferred stock
for cash 800 - - - 20,000 - - - 20,000
Stock-based
compensation - - - - 56,887 - - - 56,887
Partner
Contributions 24,654 24,654
Common stock
issued for
exercise of
options - - 20,000 20 12,940 - - - 12,960
Preferred
dividends - - - - - (354,228) - - (354,228)
Foreign currency
translation - - - - - - - -
Distribution to
non-controlling
interest (20,400) (20,400)
Net loss - - - - - (1,766,205) - (7,737) (1,773,942)
------- --------- --------- ------ ---------- ----------- ----------- --------- ----------
Balance,
December 31,
2024 134,460 $ 134 5,127,395 $ 5,128 $22,316,751 $(19,078,287) $ 182,465 $1,037,863 $ 4,464,054
======= ========= ========= ====== ========== =========== =========== ========= ==========
The accompanying notes are an integral part of these
consolidated financial statements
Onfolio Holdings, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2024 and 2023
2024 2023
------------ --------------
Cash Flows from Operating Activities
Net loss $(1,773,942) $(9,150,066)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Stock-based compensation expense 56,887 591,558
Equity method loss (income) 4,812 (13,190)
(MORE TO FOLLOW) Dow Jones Newswires
April 16, 2025 08:00 ET (12:00 GMT)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.