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ONFOP Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $2,011,772 from $1,313,311 in the same quarter the previous year. This increase is primarily attributed to revenue from recent acquisitions, including RevenueZen and DDS Rank.
Cost of revenue for the quarter was $806,097, representing 40% of sales, compared to 35% in the same quarter of the previous year. This increase is due to costs associated with the recent acquisitions.
The company reported a gross profit of $1,205,675 for the quarter, compared to $847,715 in the previous year.
Selling, general, and administrative expenses decreased to $1,473,885 from $1,532,152, primarily due to reduced advertising and marketing costs.
Net loss for the quarter was $497,759, down from $4,733,159 in the previous year. The previous year's net loss included a significant impairment charge.
Cash used in operating activities was $696,715, a decrease from $2,160,796 in the same period of the previous year.
ONFOP had a working capital of $800,543 as of September 30, 2024. The company acknowledges its dependence on generating future profitable operations and securing additional financing to meet future obligations.
The filing also details recent business acquisitions, including RevenueZen and DDS Rank, which contributed to the increase in revenue.
The company identified a material weakness in its internal controls over financial reporting due to a lack of formal processes and procedures.
ONFOP continues to focus on acquiring and managing online businesses with long-term growth opportunities and stable cash flows.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ONFOP quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.