2023 Q2 Form 10-Q Financial Statement

#000165495423006588 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.310M $1.352M $385.9K
YoY Change 266.12% 250.26% -24.99%
Cost Of Revenue $494.5K $608.5K $224.8K
YoY Change 137.6% 170.73% -1.94%
Gross Profit $815.6K $743.2K $161.2K
YoY Change 444.77% 361.19% -43.51%
Gross Profit Margin 62.26% 54.98% 41.76%
Selling, General & Admin $1.573M $1.696M $918.1K
YoY Change 15.6% 84.77% 101.12%
% of Gross Profit 192.85% 228.25% 569.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $190.1K $171.0K
YoY Change
% of Gross Profit 23.31% 23.01%
Operating Expenses $2.124M $2.094M $918.1K
YoY Change 56.09% 128.13% 101.12%
Operating Profit -$1.308M -$1.351M -$756.9K
YoY Change 8.03% 78.51% 342.05%
Interest Expense $8.080K $64.29K $8.160K
YoY Change -7.97% 687.87% -46.94%
% of Operating Profit
Other Income/Expense, Net $13.90K $67.09K $8.164K
YoY Change -149.3% 721.79%
Pretax Income -$1.294M -$1.284M -$748.8K
YoY Change 2.34% 71.49% 380.44%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.294M -$1.284M -$748.8K
YoY Change 2.34% 71.49% 380.44%
Net Earnings / Revenue -98.78% -94.99% -194.02%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.26 -$0.26 -$53.19K
COMMON SHARES
Basic Shares Outstanding 5.110M shares 5.110M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.052M $4.664M $1.231M
YoY Change 854.13% 278.98%
Cash & Equivalents $4.052M $4.664M $1.231M
Short-Term Investments
Other Short-Term Assets $164.4K $241.5K $178.6K
YoY Change -22.25% 35.23%
Inventory $118.0K $90.30K $97.07K
Prepaid Expenses
Receivables $106.4K $115.0K $29.41K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.441M $5.110M $1.536M
YoY Change 467.92% 232.79%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $4.244M $4.220M
YoY Change
Intangibles $4.185M $4.556M
YoY Change
Long-Term Investments $277.2K $278.8K $443.0K
YoY Change -36.89% -37.06%
Other Assets $129.5K $127.8K $135.1K
YoY Change -6.67% -5.39%
Total Long-Term Assets $8.990M $9.336M $1.966M
YoY Change 376.6% 374.78%
TOTAL ASSETS
Total Short-Term Assets $4.441M $5.110M $1.536M
Total Long-Term Assets $8.990M $9.336M $1.966M
Total Assets $13.43M $14.45M $3.502M
YoY Change 403.37% 312.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $352.2K $342.7K $261.8K
YoY Change 19.32% 30.89%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $19.22K $48.63K $6.660K
YoY Change -53.53% 630.18%
Long-Term Debt Due $2.416M $2.416M $17.32K
YoY Change 13851.04% 13851.04%
Total Short-Term Liabilities $3.142M $3.083M $570.4K
YoY Change 406.56% 440.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.142M $3.083M $570.4K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.142M $3.083M $570.4K
YoY Change 406.56% 440.53%
SHAREHOLDERS EQUITY
Retained Earnings -$10.26M -$8.916M
YoY Change
Common Stock $418.2K $418.2K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.29M $11.36M $2.932M
YoY Change
Total Liabilities & Shareholders Equity $13.43M $14.45M $3.502M
YoY Change 403.37% 312.52%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.294M -$1.284M -$748.8K
YoY Change 2.34% 71.49% 380.44%
Depreciation, Depletion And Amortization $190.1K $171.0K
YoY Change
Cash From Operating Activities -$534.2K -$1.022M -$542.5K
YoY Change -48.17% 88.4% 3146.32%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions $850.0K $0.00
YoY Change
Other Investing Activities $0.00 -$850.0K -$22.50K
YoY Change -100.0% 3677.78% 59.46%
Cash From Investing Activities $0.00 -$850.0K -$22.50K
YoY Change -100.0% 3677.78% -96.85%
FINANCING ACTIVITIES
Cash Dividend Paid $74.99K $2.968K
YoY Change 2426.75%
Common Stock Issuance & Retirement, Net $130.0K
YoY Change -75.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -63.47K -$135.3K 85.18K
YoY Change -135.42% -258.87% -80.06%
NET CHANGE
Cash From Operating Activities -534.2K -$1.022M -542.5K
Cash From Investing Activities 0.000 -$850.0K -22.50K
Cash From Financing Activities -63.47K -$135.3K 85.18K
Net Change In Cash -597.7K -$2.038M -479.8K
YoY Change -25.83% 324.69% 58.0%
FREE CASH FLOW
Cash From Operating Activities -$534.2K -$1.022M -$542.5K
Capital Expenditures $0.00
Free Cash Flow -$542.5K
YoY Change -179.39%

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CY2022Q1 onfolio Payment Of Contribution To Joint Venture Note Payable
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Interest Paid Net
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CY2022Q3 onfolio Description Of Dominic Wells
DescriptionOfDominicWells
the Company issued 2,000,000 shares to Dominic Wells, the Company’s CEO in exchange for 100% of the membership interest of Onfolio LLC
CY2023Q1 us-gaap Advertising Expense
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CY2023Q1 us-gaap Investment Company Total Return Payment To Fund By Affiliate
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CY2023Q1 us-gaap Use Of Estimates
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the balance sheet. The Company uses significant judgements when making estimates related to the assessment of control over variable interest entities, valuation of deferred tax assets and impairment of long lived assets. Actual results could differ from those estimates.</p>
CY2023Q1 onfolio Deferred Revenues
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CY2023Q1 us-gaap Management Fee Expense
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CY2023Q1 us-gaap Deferred Sales Inducements Additions
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CY2023Q1 onfolio Cost Of Revenue Policytextblock
CostOfRevenuePolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Cost of product revenue consists primarily of costs associated with the acquisition and shipment of products being sold through the Company’s online marketplaces, and the costs of its service revenue, which include website content creation costs including contract labor, service fulfillment, domain and hosting costs and certain software costs related to website operations.</p>
CY2023Q1 onfolio Expected Dividendspolicytextblock
ExpectedDividendspolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Expected Dividends. -  </span>We have never declared or paid any cash dividends on our common stock and do not expect to do so in the foreseeable future. Accordingly, we use an expected dividend yield of zero to calculate the grant-date fair value of a stock option.</p>
CY2023Q1 onfolio Expected Volatilitypolicytextblock
ExpectedVolatilitypolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Expected Volatility. -   </span>The expected volatility is a measure of the amount by which our stock price is expected to fluctuate during the expected term of options granted. We determine the expected volatility solely based upon the historical volatility of a peer group of companies of similar size and with similar operations.</p>
CY2023Q1 onfolio Risk Free Interest Ratepolicytextblock
RiskFreeInterestRatepolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Risk-Free Interest Rate. </span> - The risk-free interest rate is the implied yield available on U.S. Treasury <em>zero</em>-coupon issues with a remaining term equal to the option’s expected term on the grant date.</p>
CY2023Q1 onfolio Expected Termpolicytextblock
ExpectedTermpolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Expected Term. </span>The expected life of stock options granted is based on the actual vesting date and the end of the contractual term.</p>
CY2023Q1 onfolio Stock Option Exercise Price And Grant Date Price Of Common Stockpolicytextblock
StockOptionExercisePriceAndGrantDatePriceOfCommonStockpolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="text-decoration:underline">Stock Option Exercise Price and Grant Date Price of Common Stock. -</span> Currently the Company utilizes the most recent cash sale closing price of its common stock as the most reasonable indication of fair value.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company accounts for compensation cost for stock option plans and for share based payments to non-employees in accordance with ASC 505, “Accounting for Equity Instruments Issued to Non-Employees for Acquiring, or in Conjunction with Selling, Goods or Services“. Share-based awards to non-employees are expensed over the period in which the related services are rendered at their fair value.</p>
CY2023Q1 onfolio Revenue In Joint Venture
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22210 usd
CY2023Q1 us-gaap Business Acquisitions Purchase Price Allocation Year Of Acquisition Net Effect On Income
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85000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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332966 usd
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
CY2022 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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12860 shares
CY2022 onfolio Proceeds From Customers1
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321500 usd
CY2021 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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CY2021 onfolio Proceeds From Customers1
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1415000 usd
CY2023Q1 us-gaap Dividends
Dividends
51025 usd
CY2023Q1 onfolio Unpaid Dividends
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30435 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Warrants
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2753750 usd
CY2023Q1 us-gaap Additional Paid In Capital Common Stock
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413063 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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826126 usd
CY2023Q1 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
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0.15 pure
CY2023Q1 onfolio Shares Awarded To The Company Board Of Directors
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2800 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
59850 shares
CY2022Q4 onfolio Weighted Average Grant Date Fair Valueending
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4.15
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.11
CY2023Q1 onfolio Weighted Average Grant Date Fair Value Exercised
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0
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
22661 shares
CY2023Q1 onfolio Weighted Average Grant Date Fair Value Forfeited And Cancelled
WeightedAverageGrantDateFairValueForfeitedAndCancelled
-3.69
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
13.68
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
23406 shares
CY2023Q1 onfolio Weighted Average Grant Date Fair Valueexercisable
WeightedAverageGrantDateFairValueexercisable
4.37
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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6.27
CY2023Q1 us-gaap Net Amount At Risk By Product And Guarantee Weighted Average Period Remaining1
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P4Y4M24D
CY2023Q1 onfolio Due From Related Parties Included In Non Current Assets
DueFromRelatedPartiesIncludedInNonCurrentAssets
91000 usd
CY2022Q4 onfolio Due From Related Parties Included In Non Current Assets
DueFromRelatedPartiesIncludedInNonCurrentAssets
74866 usd
CY2023Q1 onfolio Due To Related Parties Included In Current Liabilities
DueToRelatedPartiesIncludedInCurrentLiabilities
36854 usd
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
73000 usd
CY2022Q4 us-gaap Public Utilities Approved Rate Increase Decrease Percentage
PublicUtilitiesApprovedRateIncreaseDecreasePercentage
0.17 pure
CY2023Q1 onfolio Company Owed
CompanyOwed
48627 usd
CY2022Q4 onfolio Company Owed
CompanyOwed
68959 usd

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