Transaction Volume for First Nine Months was $
668 Million From - 10.2 Million Transactions; Launches Bitcoin
Subsidiary Mining
The OLB Group, Inc. ("OLB," “we,” “us,” “our,” or
the "Company"), a diversified Fintech eCommerce merchant services
provider and Bitcoin crypto mining enterprise, has announced
financial results for first quarter ended September 30, 2021.
We are a FinTech company and a payment facilitator that, through
our subsidiaries, focuses on a suite of products in the merchant
services and payment facilitator verticals. These services include
electronic payment processing, cloud-based multi-channel commerce
platform solutions for small to medium sized businesses and crowd
funding services. The Company is focused on providing these
integrated business solutions to merchants throughout the United
States through three wholly-owned subsidiaries, eVance, Inc.,
Omnisoft.io, Inc., and CrowdPay.us, Inc. In the Third Quarter we
launched a new wholly owned subsidiary, DMint, that focuses on
Bitcoin mining utilizing sustainable power generated from natural
gas.
Financial Highlights
For the three months ended September 30, 2021, we had total
revenue of $2,823,921 compared to $2,308,037 of revenue for the
three months ended September 30, 2020, an increase of $515,884 or
22.3%. We earned $2,680,004 in transaction and processing fees,
$32,787 in merchant equipment rental and sales and $111,130 in
other revenue during the three months ended September 30, 2021,
compared to $2,128,771 in transaction and processing fees, $22,018
in merchant equipment sales and $157,248 in other revenue during
the three months ended September 30, 2020.
For the three months ended September 30, 2021, we had processing
and servicing costs of $2,223,720 compared to $1,486,257 of
processing and servicing costs for the three months ended September
30, 2020. Processing and servicing costs increased by $737,463 or
49.6%. General and administrative expenses (“G&A”) for the
three months ended September 30, 2021 was $904,314 compared to
$706,430 for the three months ended September 30, 2020, an increase
of $197,884 or 28%. In the current period we had increases of our
legal expense of approximately $270,003 relating to business
matters. This increase was offset by a decrease of $74,940 related
to audit fees and a decrease of $156,843 related to stock-based
compensation.
Our net loss for the three months ended September 30, 2021 was
($900,354) compared to ($657,358) for the three months ended
September 30, 2020. We had an increase in our net loss of $242,996
for the reasons discussed above.
Adjusted EBITDA for the three months ended September 30, 2021
was ($551,412). This does not take in account onetime expenses in
the amount of $467,974 that were incurred in the quarter.
Key Highlights for Third Quarter 2021
- Launched DMint, a wholly owned subsidiary of the Company, to
mine Bitcoin
- Purchased mineral rights to natural gas wells for Bitcoin
mining
- Purchased first 600 ASIC bitcoin miners and 6 data centers
- Raised $6.1M in capital and recently closed on $25M equity
raise
- Completing final stage on acquiring CBD merchant portfolio with
1500 merchants totaling $30M in monthly processing volume
To see a complete version of the Company’s Quarterly Report on
Form 10-Q please click on the following link:
https://www.sec.gov/Archives/edgar/data/1314196/000121390021058466/0001213900-21-058466-index.htm
For more information about The OLB Group, please visit
www.olb.com or www.olb.com/investors-data.
Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future
Press Releases and Industry Updates by e-mailing
investorrelations@OLB.com.
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release
that are not based on historical fact are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements include, but are not limited to, statements concerning
the impact of COVID-19 on our operations and financial condition,
our ability to implement our proprietary merchant boarding and CRM
system and to roll out our Omni Commerce and SecurePay
applications, including payment methods, to our current merchants
and the integration of our secure payment gateway with our
crowdfunding platform. While the Company’s management has based any
forward-looking statements contained herein on its current
expectations, the information on which such expectations were based
may change. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
risks, uncertainties, and other factors, many of which are outside
of our control, that could cause actual results to materially
differ from such statements. Such risks, uncertainties, and other
factors include statements regarding the expected revenue and
income for operations to be generated by The OLB Group, Inc. For
other factors that may cause our actual results to differ from
those that are expected, see the information under the caption
“Risk Factors” in the Company’s most recent Form 10-K and 10-Q
filings, and amendments thereto, as well as other public filings
with the SEC since such date. The Company operates in a rapidly
changing and competitive environment, and new risks may arise.
Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. The
Company disclaims any intention to, and undertakes no obligation
to, update or revise any forward-looking statement.
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant
services provider and Bitcoin crypto mining enterprise. The
Company's eCommerce platform delivers cloud-based merchant services
for a comprehensive digital commerce solution to over 9,500
merchants in all 50 states. DMint, a wholly owned subsidiary of OLB
Group, is engaged in the mining of Bitcoin utilizing sustainable
natural gas with an initial deployment of efficient 1,000
ASIC-based S19j Pro 96T mining computers projected by end of 2021.
For more information about solutions, services, or to find a
reseller, please visit www.olb.com. Investor information is
available at www.olb.com/investors-data.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211112005685/en/
Rick Lutz The OLB Group - Investor
Relations InvestorRelations@olb.com (212) 278-0900 EXT: 333
Old Line Bancshares (NASDAQ:OLBK)
Historical Stock Chart
From May 2024 to Jun 2024
Old Line Bancshares (NASDAQ:OLBK)
Historical Stock Chart
From Jun 2023 to Jun 2024