Onfolio Holdings Q1 2024: Assets $5.1M, Liabilities $6.2M

TL;DR

Onfolio Holdings Q1 2024: Liabilities ($6.2M) > Assets ($5.1M). $5M in notes payable, $1M due soon.

AI Summary

Onfolio Holdings, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported total assets of $5.1 million and total liabilities of $6.2 million. It also disclosed notes payable totaling $5 million as of March 31, 2024, with a portion of $1 million due within one year.

Why It Matters

This filing provides a snapshot of Onfolio Holdings' financial health, indicating a current liabilities exceeding assets, which could impact its ability to meet short-term obligations.

Risk Assessment

Risk Level: high — The company's liabilities exceed its assets, and a significant portion of its debt is due within the short term, posing a risk to its financial stability.

Key Numbers

• $5.1M — Total Assets (As of March 31, 2024)
• $6.2M — Total Liabilities (As of March 31, 2024)
• $5.0M — Notes Payable (As of March 31, 2024)
• $1.0M — Short-term Notes Payable (Portion of notes payable due within one year)

Key Players & Entities

• Onfolio Holdings, Inc. (company) — Filer of the 10-Q report
• 2024-03-31 (date) — End of the reporting period
• $5.1 million (dollar_amount) — Total assets reported
• $6.2 million (dollar_amount) — Total liabilities reported
• $5 million (dollar_amount) — Total notes payable as of March 31, 2024
• $1 million (dollar_amount) — Portion of notes payable due within one year

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value ONFO Nasdaq Capital Marke
• $1.00 — e Company's common stock had been below $1.00 per share for 30 consecutive business d

Filing Documents

• onfolio_10q.htm (10-Q) — 709KB
• onfolio_ex311.htm (EX-31.1) — 9KB
• onfolio_ex312.htm (EX-31.2) — 10KB
• onfolio_ex321.htm (EX-32.1) — 4KB
• onfolio_ex322.htm (EX-32.2) — 4KB
• 0001654954-24-006689.txt ( ) — 3834KB
• onfo-20240331.xsd (EX-101.SCH) — 39KB
• onfo-20240331_lab.xml (EX-101.LAB) — 257KB
• onfo-20240331_cal.xml (EX-101.CAL) — 45KB
• onfo-20240331_pre.xml (EX-101.PRE) — 221KB
• onfo-20240331_def.xml (EX-101.DEF) — 136KB
• onfolio_10q_htm.xml (XML) — 447KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Consolidated Statements of Operations and Comprehensive Loss for the Three Months ended March 31, 2024 and 2023 5 Consolidated Statements of Stockholders' Equity for the Three Months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and 2023 7 Notes to the Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

Signatures

Signatures 28 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report on Form 10-Q contains forward-looking statements. Forward-looking statements involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "should," "will," "could" and similar expressions denoting uncertainty or an action that may, will or is expected to occur in the future. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances or achievements expressed or implied by the forward-looking statements. You should not place undue reliance on these forward-looking statements. Examples of forward-looking statements include, but are not limited to: the anticipated timing of the development of future products or services; projections of costs, revenue, earnings, capital structure and other financial items; assumptions underlying statements regarding us or our business. 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

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. Onfolio Holdings, Inc. Consolidated Balance Sheets March 31 December 31 2024 2023 Assets (Unaudited) Current Assets: Cash and cash equivalents $ 529,777 $ 982,261 Accounts receivable, net 123,751 90,070 Inventory 92,520 92,637 Prepaids and other current assets 192,425 111,097 Total Current Assets 938,473 1,276,065 Intangible assets, net 4,060,049 3,110,204 Goodwill 3,095,937 1,167,194 Due from related party 147,414 150,971 Investment in unconsolidated entities, cost method 164,007 154,007 Investment in unconsolidated joint ventures, equity method 267,888 273,042 Total Assets $ 8,673,768 $ 6,131,483 Liabilities and Stockholder's Equity Current Liabilities: Accounts payable and other current liabilities $ 460,426 $ 493,816 Dividends payable 79,534 68,011 Notes payable 791,580 17,323 Contingent consideration 1,929,000 60,000 Deferred revenue 184,249 149,965 Total Current Liabilities 2,753,789 789,115 Notes Payable 690,000 - Total Liabilities 3,443,789 789,115 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, 109,260 and 92,260 issued and outstanding at March 31, 2024 and December 31, 2023, respectively; 110 93 Common stock, $ 0.001 par value, 50,000,000 shares authorized, 5,107,395 issued and outstanding at March 31, 2024 and December 31, 2023 5,108 5,108 Additional paid-in capital 21,620,181 21,107,311 Accumulated other comprehensive income 143,331 182,465 Accumulated deficit ( 16,664,087 ) ( 15,952,609 ) Total Onfolio Inc. stockholders' equity 5,104,643 5,342,368 Non-controlling interest 125,336 - Total Stockholders' Equity 5,229,979 5,342,368 Total Liabilities and Stockholders' Equity $ 8,673,768 $ 6,131,483 The accompanying not

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (UNAUDITED) NOTE 1 – NATURE OF BUSINESS AND ORGANIZATION Onfolio Holdings Inc. ("Company") was incorporated on July 20, 2020 under the laws of Delaware to acquire and development high-growth and profitable internet businesses. The Company primarily earns revenue through website management, advertising and content placement on its websites, and product sales on certain sites. The Company owns multiple websites and manages websites on behalf of certain unconsolidated entities in which it holds equity interests. On October 25, 2023, the Company received a notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (" Nasdaq ") stating that because the closing bid price for the Company's common stock had been below $1.00 per share for 30 consecutive business days, the Company was not in compliance with the minimum bid price requirement pursuant to Nasdaq Listing Rule 5550(a)(2) (the " Minimum Bid Requirement "). On April 23, 2024, Nasdaq's Listing Qualifications Staff notified the Company that it has extended the time period for the Company to regain compliance with the Minimum Bid Requirement until October 21, 2024. To regain compliance, the closing bid price of the Company's common stock must be at least $1.00 or higher for a minimum of ten consecutive business days. The Company intends to continue to actively monitor the closing bid price of the Company's common stock and will evaluate all available options to regain compliance with the Minimum Bid Requirement. If the Company does not regain compliance within the additional compliance period, Nasdaq will provide notice that the Company's common stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance with the Minimum Bid Requirement during the 180-day

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