Onfolio Holdings Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on acquiring and managing high-growth internet businesses, achieved total revenue of $2,011,772 for the three months ended September 30, 2024, marking a 53% increase from $1,313,311 in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $5,325,273, up 34% from $3,975,088 in the prior year. The revenue growth was primarily driven by the acquisitions of RevenueZen and DDS Rank, contributing approximately $621,000 and $71,000, respectively.
Despite the revenue increase, Onfolio reported a net loss of $497,759 for Q3 2024, a notable improvement from a net loss of $4,733,159 in Q3 2023. For the nine-month period, the net loss was $1,909,993, significantly reduced from $7,311,359 in the same timeframe last year. The company’s cost of revenue increased by 73% in Q3 2024, primarily due to the recent acquisitions and a decline in digital product sales from its Mighty Deals subsidiary.
General and administrative expenses decreased by 4% in Q3 2024, attributed to reduced advertising and marketing costs, stock-based compensation, and contractor expenses. The company incurred acquisition costs of $18,979 in Q3 2024, down from $77,525 in the same period of 2023.
Onfolio's strategic acquisitions included RevenueZen, completed on January 4, 2024, for an aggregate purchase price of $1,332,000, and DDS Rank, acquired for $600,000 on June 24, 2024. The company also announced the acquisition of Eastern Standard LLC, which closed on October 18, 2024, for $2,160,000, enhancing its digital marketing capabilities.
As of September 30, 2024, Onfolio reported cash and cash equivalents of $363,244, reflecting improved operational efficiency with net cash used in operations decreasing to $696,715 from $2,160,796 in the same period of 2023. However, the company continues to face substantial doubt regarding its ability to continue as a going concern, primarily due to recurring losses and negative cash flows. Management has indicated that additional funding through equity or debt financing may be necessary to support ongoing operations and growth initiatives.
Overall, Onfolio's financial performance shows a trajectory of growth in revenue, albeit accompanied by continued net losses and operational challenges.
About Onfolio Holdings, Inc
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