Item 5. Market for Registrant’s Common Equity
Item 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases Of Equity Securities.
Market Information
Our common stock and warrants were listed and began trading on the Nasdaq Capital Market on August 26, 2022, under the symbols “ONFO” and “ONFOW,” respectively. Prior to the listing, there was no public market for our common stock and warrants.
Holders of Common Stock
On April 15, 2025, we had approximately 60 holders of our common stock, not including persons who hold our common stock in nominee or "street name” accounts through brokers or banks.
Dividend Policy
We have never paid or declared any cash dividends on our common stock, and we do not anticipate paying any cash dividends on our common stock in the foreseeable future. We currently intend to use all available funds and any future earnings for use in financing the growth of our business and to meet our series A preferred stock dividend obligations. Any future determination to pay dividends on our common stock will be at the discretion of our Board and will depend upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions, restrictions imposed by applicable law and other factors our Board deems relevant.
Our Company has been paying quarterly dividends on our series A preferred shares every quarter since January 2020, and we currently expect that cash dividends will continue to be paid on our series A preferred shares in the future.
Purchases of Equity Securities
No repurchases of our common shares were made during the fourth quarter of 2024.
Securities Authorized for Issuance under Equity Compensation Plans
Equity Compensation Plans as of December 31, 2024.
Equity Compensation Plan Information
Number of securities to be
issued upon exercise of
outstanding options,
warrants and rights
Weighted-average exercise
price of outstanding options,
warrants and rights
Number of securities remaining
available for future issuance
under equity compensation plans
(excluding securities reflected in
column (a))
Plan category
(a)
(b)
(c)
Equity compensation plans approved by security holders (1)
412,250
$ 1.02
2,167,750
Equity compensation plans not approved by security holders (2)
82,613
$ 5.50
0
Total
494,863
$ 1.77
2,167,750
1.
Reflects shares of common stock to be issued pursuant to our 2020 Equity Incentive for the benefit of our directors, officers, employees and consultants. We have reserved 2,600,000 shares of common stock for such persons pursuant to our 2020 Equity Incentive Plan.
2.
Represents warrants to purchase 82,613 shares of common stock issued to the underwriter in our IPO. The warrants have an exercise price of $5.50, are exercisable beginning on February 22, 2023 and expire on August 25, 2027.
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Recent Sales of Unregistered Securities
During the quarter ended December 31, 2024, our Company has sold the following securities without registering the securities under the Securities Act:
Date
Security
October 2024
Series A preferred shares — 16,400 shares with a purchase price of $25 per share issued for acquisition of business.
June 2024
Series A preferred shares - 800 shares with a purchase price of $25 per share issued for cash proceeds of $20,000.
No underwriters were utilized, and no commissions or fees were paid with respect to any of the above transactions. These persons were the only offerees in connection with these transactions. We relied upon exemptions from registration under Section 4(a)(2) of the Securities Act and/or (i) Rule 506 of Regulation D promulgated thereunder; (ii) Regulation S promulgated thereunder, or (iii) Rule 701 promulgated thereunder since these transactions did not involve any public offering.
Purchases of Equity Securities by the Issuer or Affiliated Purchasers
None.
Item 6. RESERVED.