secwatch.observer — SEC 8-K summary
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Issuer:     Onfolio Holdings, Inc (ONFO)
CIK:        0001825452
Form:       8-K
Filed at:   2024-10-22T23:59:59+00:00
Accession:  0001654954-24-013186
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Onfolio acquires 70% of Eastern Standard for $1.66M; $630K adj. EBITDA
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- Acquired 70% interest in Eastern Standard for $1.66M via $1.25M notes and $410K Series A preferred; no cash or common shares issued.
- Eastern Standard FY2023 revenue ~$4M, unaudited adjusted EBITDA $630K.
- Financing includes $400K note at 8% due in 120 days and $850K note at 8% due in 2 years; guaranteed by Onfolio.
- SPV entities paid $500K cash for 20% interest; seller retains 10% roll-over equity.
- CEO expects SPV model and non-convertible preferred shares to fund future acquisitions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1825452/000165495424013186/0001654954-24-013186-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1825452/000165495424013186/onfo_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-24-013186

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer