Onfolio Holdings Inc. Announces Fourth Quarter and Year-End 2024 Financial Results and Provides Corporate Update


Press Release Date 04-16-2025

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 4th 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 Ended Dec 31,   For the Years Ended Dec 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, $0.001 Par value   Common Stock, $0.001 Par Value   Additional   Accumulated   Accumulated Other   Non   Stockholders'
  Shares   Amount   Shares   Amount   Paid-In Capital   Deficit   Comprehensive Income   Controlling 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 )
Dividends received from equity method investment   -       20,474  
Amortization of intangible assets   906,737       680,693  
Impairment of intangible assets   121,000       5,016,765  
Gain on sale of subsidiary   (453,581 )     -  
Change in FV of contingent consideration   (368,464 )     -  
Net change in:      
Accounts receivable   (282,002 )     47,528  
Inventory   26,761       12,492  
Prepaids and other current assets   4,891       101,083  
Accounts payable and other current liabilities   477,247       (56,638 )
Due to joint ventures   24,441       (39,251 )
Deferred revenue   86,850       36,714  
Due to related parties   -       -  
       
Net cash used in operating activities   (1,168,363 )     (2,751,838 )
       
Cash Flows from Investing Activities      
Cash paid to acquire businesses   (255,000 )     (850,000 )
Cash received for sale of subisiary   780,000       -  
Investments in joint ventures   (59,000 )     -  
Investment in cryptocurrency   (15,000 )     -  
Net cash used in investing activities   451,000       (850,000 )
       
Cash Flows from Financing Activities      
Proceeds from sale of Series A preferred stock   20,000       565,000  
Proceeds from exercise of stock options   12,960       -  
Payments of preferred dividends   (321,442 )     (213,691 )
Distributions to non-controlling interest holders   (20,400 )     -  
Proceeds from notes payable   881,650       -  
Payments on note payables   (386,339 )     (68,959 )
Payments on acquisition note payables   -       (2,439,000 )
Proceeds from notes payable - related parties   200,000       -  
Payments on note payables - related parties   (1,000 )     -  
Payments on contigent consideration   (59,093 )     -  
       
Net cash provided by financing activities   326,336       (2,156,650 )
       
Effect of foreign currency translation   (114,360 )     39,627  
       
Net Change in Cash   (505,387 )     (5,718,861 )
Cash, Beginning of Period   982,261       6,701,122  
       
Cash, End of Period   476,874     $ 982,261  
       
Cash Paid For:      
Income Taxes $ -     $ -  
Interest $ 101,667     $ 68,938  
       
Non-cash transactions:      
Notes payable issued for asset acquisitions $ 1,490,000     $ -  
Preferred stock issued for acquisitions $ 1,035,000     $ -  
Contingent consideration issued for acquisitions $ 986,000     $ -  
Common stock options issued for acquisitions $ 60,000     $ -  
Non-controlling interest issued for acquisitions $ 1,066,000     $ -  
       
       
       
       
The accompanying notes are an integral part of these consolidated financial statements
       

 
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