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$40 million in assets with no debt and a $12 million market cap
Spin off Dmint's $30 million valuation.
Total assets plus Dmint's $70 million are trading at $12 million right now.
Fair value: $5
undervalued
Hazel: Take a look at the 1, 3 and 5 year charts for OLB and you will see where this has traded, which seems to be a strong indication that the shares are seriously undervalued right now.
Fair market value $2.80 in assets to no debt. MC is currently worth $10 million and is trading at 0.72. If people traded and bought this for the assets on the books along with their future value, OLB could see a more than 2x increase.
Yes, but still, it has a good quarter compared to HUT HIVE and WULF.
The market seems to like the report and numbers, despite my concern over the 55% increase in revenue not being fully reflected in the bottom line.
Agree on the revenue, but so disappointing that the 55% increase in revenue did not meaningfully decrease the losses and improve the bottom line.
OLB reported an excellent quarterly performance, with revenue of $9.69 million, up from $6.25 million the previous year. This represents a 55.2% increase over the previous year.
The net loss fell from $1,854,641 in the previous year's quarter to $1,833,049 this year. Aside from that, the business has begun the process of completing a spinoff of Dmint, its cryptocurrency mining operation, and when finished, the stock price will hit $1 before Christmas and $5 before mid-2024.
This stock has resistance at every cent. Upward movement is an uphill task. However, if the market remains bullish for the next couple of days, OLB will touch $2.
OLB is primed to explode! It's not a matter of if, but when. Early next year before halving, IMHO. Maybe even by the end of this year, post-earnings call. Returns could be exponential compared to other miners.
Let’s see how OLB trades in the morning. It needs to squeeze above $O.70 to get very exciting.
OLB has until April to come back into compliance by trading at $1.00 or above for 10 straight trading days as it did last time this happened. It should not be trading down here based on its historical trading ranges. And, with the major event approaching with the spinoff of DeMint into a pure
bitcoin play, and with Bitcoin currently soaring to new 12-month highs, once the record date for the spinoff is announced, and investors realize they can get the dividend and own 2 separate companies in the end, the share price should move up smartly. After all the FinTech portion of the business, which represents the vast majority of the company, is very strong and it has only been the purely non-cash depreciation and amortization charges against earnings in the Bitcoin area of the business that have resulted in the requisite reported losses.
So doing R/S on this stock is the only way to avoid being delisted, or is there another way?
Agree it should easily cross the $5 mark. either before the DeMint spinoff or after the spinoff in combined value.
Yes, from this, the share price will increase, and by mid-2024, it will surely cross the $5 mark.
Excellent point. OLB appears to be extremely undervalued down here, both on a fundamental basis and based a comparative analysis based on its historical trading range. OLB's share price plummeted when it went into Bitcoin mining at the exact wrong time, but Bitcoin has now doubled this year in 2023, and OLB is spinning off DeMint, its bitcoin mining operation into a separate ticker.
$40 million in assets on the balance sheet, no debt. Most other stocks trade 2-3x the assets in this industry. 1x is $2.40, which I’d be happy with.
OLB In 2023 M-Vest Virtual Tech Conference Meet
NEW YORK, NY / ACCESSWIRE / October 9, 2023 / OLB Group, Inc. (NASDAQ:OLB), a diversified payments company with a Bitcoin mining subsidiary (DMint) to be spun off to shareholders, announced today that https://www.nasdaq.com/press-release/olb-group-inc.-to-participate-in-2023-m-vest-virtual-tech-conference-series-on, presented by Maxim Group LLC and hosted by M-Vest, on October 10th - 11th from 9:00 a.m. - 5:00 p.m. EDT.
During this virtual conference, investors will hear from executives from a wide range of sectors. The continuous evolution of technology is paving the way for innovators across all industries, including financial services, esports, iGaming entertainment, and more.
This well-attended event will explore how emerging growth companies are leveraging new technologies to position themselves for the future. Maxim Group Senior Analysts will moderate discussions with CEOs and key management of companies in multiple market sectors with a focus on technology and how it will impact and grow their business.
The conference will be conducted live on M-Vest. To attend, just sign up to become an M-Vest member. https://m-vest.com/events/virtual-tech-10102023
About Maxim Group LLC
Maxim Group LLC is a full-service investment banking firm headquartered in New York with approximately 240 employees. Maxim Group provides a full spectrum of financial services, including investment banking, global institutional sales, equity research, fixed income and derivative sales & trading, merchant capital, private wealth management, and prime brokerage services to a diverse range of corporate clients, institutional investors and high-net-worth individuals, as well as equity research.
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.
Within the past 2-3 years, OLB traded well up over $10 per share. In late December 2021 when OLB shares dropped hard due to tax loss selling it hit what was then its all-time low in the $3.30's. It plummeted in 2022, and has never recovered, now hovering down around its all-time lows, losing 50% of its value since January of this year. It traded well up over $1 again within the last 3 months but again dropped 50% from there. The market is seeing something definitely wrong here.
Since making a low of $0.56 before the announcement was made, the stock has risen and was at $0.73, registering an over 30% gain over the last weekend.
If the demerger announcement can lift the price that much, just think that once it finally happens, the share price will be over $2 as DMint shares get listed and its shares will be distributed to existing OLB shareholders.
It is? Unfortunately, the share price here is at an all-time low, and less than 50% of the 52-week high. The 1-year, 3-year and 5-year charts for OLB are about as ugly as it gets. At some point one has to believe OLB's share price will recover to more normalized trading ranges.
The volume on this feed and sentiment are at an all-time high. The hype is really building here.
The OLB Group share which has been sliding for a long time made a bottom at $0.56 on 28th September, 2023 and then sharply turned around to touch $0.73, in two days.
A deeper dive into looking for what’s going on here showed that plans for hiving off DMint, a subsidiary of OLB Group that is into Bitcoin mining, is being hived off into a separate stand-alone company.
Is there some unlocking of value going on here that has caught the early investors attention ?
OLB Group To Spin-off Cryptocurrency Subsidiary DMint Into A Stand Alone Company
When you look at the shares traded, there are numerous 100-share trades at a time. That is market movers trying to get this down so they can buy cheaper or cover their shorts. They will run out eventually, and this will go up. Too many good things are coming.
$OLB, As of September 20, 2023, OLB stock's current price is $0.7095, with a 9.15% increase in the past month and 5.97% increase in the past 24 hours, and a predicted future price of $0.3059-56.89% after a year.
Nasdaq Last Sale (NLS) Plus Volume----26,793
Previous Close ---------------------------------$0.6695
Today's High / Low*----------------------------$0.73/$0.6701
52 Week High / Low-----------------------------$1.4/$0.56
$OLB Group's return on sales is increasing but is expected to decrease to -0.28. The cost of revenue is projected to increase, with a projected gross profit of $7.8 million. The enterprise value is projected to decrease, with a projected enterprise value of $10.98 million. The company's real value is $0.66 per share, and it is overvalued.
$OLB (The OLB Group, Inc.) appears to be in a consolidation phase between $ 0.60 and $ 0.66 band after having bottomed out at $ 0.60 in the past year.
Having hit the price of $1.26 on 30th June, 2023, the penny stock has the potential to offer significant gains, should it breakout from here on.
On Friday, $OLB settled at $0.66, marginally higher than $0.658 from the previous day close. What was of interest is that the stock rose for the fourth consecutive day.
Disclaimer: Penny stocks are risky trades, but they also offer high risk reward gains when the tide turns.
Volume was very low yesterday; I guess everyone's holding their shares tight. Very good sign for OLB!
Investment Rollercoaster: OLB Group, Inc. Shares Make a Move
The price of $OLB Group, Inc.'s shares increased 7.48% on the final trading day (Wednesday, September 13, 2023), going from $0.602 to $0.647. The stock saw a 9.67% swing in price over the previous trading day, moving from a day low of $0.600 to a day high of $0.658. The number of shares exchanged increased from the previous day by 8,000 in total. Approximately $18,000 worth of 28 000 shares were purchased and sold in total. The short-term moving average is indicating a purchase for the $OLB Group, Inc. shares, while the long-term average is indicating a general sell.
Bitcoin is making a comeback, climbing back up after slipping below $25,000 earlier this week. Investors are eagerly awaiting the FTX estate's massive crypto asset sale, expecting billions to flood back into the market. With Bitcoin showing signs of recovery, there's optimism that news about spinoffs, miners, and more could give OLB stock a significant boost – it's like a shot of hope! 📈🌟
OLB stock gapped up in Tuesday morning trading by nearly 0.5 percent as bitcoin (BTC-USD) rebounded from a correction to the lowest level since mid-June. Easy 3X once this recession fear is over, and it will roar back to $1in the coming days.
The 25th Annual H.C. Wainwright Global Investment Conference is a platform for OLB Group to present its long-term strategy for boosting investor trust. The event provides an opportunity for the company to showcase its vision, increase capital investment, and foster partnerships. It also offers an opportunity for OLB Group to share its operational and expansion plans, attracting investors and boosting their confidence. The event also provides an opportunity for OLB Group to improve stock liquidity, making it easier for shareholders to exchange shares for profit. Furthermore, the exposure and networking opportunities could lead to long-term growth and wider market acceptance, potentially attracting institutional investors and analysts. However, it is crucial for shareholders to be aware of the risks in the stock market and to conduct their own research to understand their financial aims and risk tolerance. The conference offers a platform for OLB Group to showcase its long-term strategy, attract long-term investors, and enhance its standing and trust in the eyes of investors.
https://www.accesswire.com/782594/olb-group-to-present-at-25th-annual-hc-wainwright-global-investment-conference
OLB Group to Present at 25th Annual H.C. Wainwright Global Investment Conference
NEW YORK, NY / ACCESSWIRE / September 11, 2023 / OLB Group, Inc. (NASDAQ:OLB), a diversified payments company with a Bitcoin mining subsidiary, announced today that Ronny Yakov, CEO of OLB Group, will be presenting at the H. C. Wainwright 25th Annual Global Investment Conference being held September 11-13, 2023 at the Lotte New York Palace Hotel in New York City. OLB Group management will be available for 1x1 meetings with investors throughout the conference. For more information on the H.C. Wainwright 25th Annual Global Investment Conference, or to schedule a one-on-one meeting, please visit the conference website at https://hcwevents.com/annualconference, contact your conference representative, or email your request to IR@OLB.com
Tuesday, September 12, 2023 https://journey.ct.events/view/df067013-89c5-491f-bfdf-94364b2f3e64
2:30 PM - 3:00 PM The OLB Group, Inc.
Company Presentation
Technology, Media & Telecommunications, Growth Roswell - 4th Floor Add to my calendar
Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future Press releases and Industry Updates by email: IR@olb.com
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,200 merchants in all 50 states. The Black 011 platform, with a network of 31,600 Continent stores and Bodegas, and DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin in a facility in Tennessee utilizing sustainable hydroelectric and solar power. For more information about The OLB Group, please visit https://www.olb.com and financial information https://investors.olb.com
Yes D mint is happening and after that it will be news and everyone will come to know about OLB. Just be patient.
OLB is very undervalued down here IMO.
Given OLB's excellent sales and the attractive chart pattern, trading their stock appears to be a solid way to profit. Do you agree?
$OLB is worth just $10.63 million in the stock market, but it made nearly $31 million in sales last year. Typically, similar Fintech/Payments companies like $OLB see their stock prices trading at least 1% of their sales, which would mean around $2.50 per share for $OLB.
To understand this better, take a look at their stock chart. It shows a pattern called a "Double Bottom" after filling a gap. This pattern often suggests a good opportunity for profitable trading.
In short, considering $OLB's strong sales and the promising chart pattern, it seems like a good chance for profit in trading their stock. Do you agree?
OLB is trading at 0.65 as of the 2nd of September 2023, a -5.8 percent decrease since the beginning of the trading day. The stock's open price was 0.69. OLB has about a 31 percent probability of financial distress in the next few years of operation and did not have a very good performance during the last 90 trading days.
This stock holds significant promise for dominating the fintech sector. Although it has taken a while, the anticipation for this stock to reach $1 has been enduring. Once it crosses the $1 mark, it will step into fresh bullish territory, potentially soaring to the range of $2 to $4. It's advisable to keep your investment.
On Wednesday, August 30, 2023, OLB Group, Inc.'s stock experienced a minor decrease of -5.35%, transitioning from $0.729 to $0.690. Despite a 13.58% fluctuation throughout the trading session, the stock has managed a positive trajectory with an overall gain of 3.76% over the last two weeks. Trading volume increased by 29 thousand shares on the most recent day, potentially signaling an early cautionary indication and slightly increasing risk. A total of 169 thousand shares were exchanged, equating to approximately $116.28 thousand.
OLB
OLB Group Inc
0.69
0.0149 (2.21%)
Volume: 16,295
Day Range: 0.66 - 0.70
Last Trade Time: 6:47:07 PM EDT
Say what? OLB is trading just slightly above its all-time low. When did insiders sell shares below the current market price?
Selling OLB Group shares at a lower price than the current market value may have been a costly mistake for insiders.
Yes, once Bitcoin trades up, it will start its ride, and it will be the latest trending stock like TUP and TTOO to have the market's attention. So just wait.
Agree. It will be interesting to learn the values placed on the DeMint assets for the spin-off, as well as the remaining FinTech payment processing assets remaining with OLB. Whatever they are OLB is extremely undervalued down here at these levels.
With the Bitcoin mining sector very hot right now, this spinoff dividend to OLB shareholders could be valued much higher than the current OLB price of $0.90.
Cuentas Announces OLB Group's Purchase of Controlling Interest In Cuentas SDI, and the Black011.com Commerce Platform, Enabling the Companies to Offer an Increasing Array of Next-Generation Location-Based Physical and Digital Services to Accelerate the Growth of Cuentas SDI's Network of Over 31,000 Local Convenience "Bodega" Stores
8:01 am ET July 17, 2023 (PR Newswire)
This Announcement is Designed to Add More Power and Reach to Cuentas' Growing Portfolio of Financial and Lifestyle Solutions for the Unbanked and Underserved, Enabling the Companies to Offer Next-Generation Location-Based Digital Services to Cuentas SDI's Growing Network of over 31,000 Local Convenience "Bodega" Stores In the Greater New York / New Jersey Area Alone With the Opportunity to Expand Across the Nation.
Cuentas, Inc. (Nasdaq: CUEN) (Nasdaq: CUENW) ("Cuentas"), the Company that is creating an alternative financial ecosystem for a hard working population who do not have access to traditional financial alternatives, announced today that OLB Group (NASDAQ: OLB), a leading provider of fintech, digital assets and payment, has acquired the remaining controlling interest of Cuentas SDI LLC (Cuentas SDI). Cuentas is a minority shareholder of Cuentas SDI which has over 31,000 convenience stores in its network, with locations across the New York, New Jersey and Connecticut tri state area. Cuentas had been seeking a new partner to acquire the outstanding 80% and invest in the expansion of and innovation around SDI. Management is very excited to seeOLB take the stake. Subject to the acquisition, Cuentas will retain its 19.99% share in Cuentas SDI and will be providing additional services to the network, including the Company's new Cuentas Mobile Wireless Service. Management's goal is to use its growing partnership with OLB to increase its offerings to the underserved markets, providing an exciting new array of digital and traditional commerce services, from telco, OmniCommerce, discounts, debit, and credit opportunities, that can be fulfilled digitally or directly in store via OLB's innovative POS solutions.
Cuentas further plans to work with its partner InComm, the global financial services giant, with whom the Company announced a partnership in 2022, to add innovative digital product offers and other services to its growing network ( Link CUENTAS and Incomm). Through these partnerships, Cuentas is working to connect the physical world to the digital world, bringing together digital point of sale solutions, physical incentives and cards, digital commerce and financial solutions, with Cuentas' telecom and communications solutions, to provide deeper and more meaningful access to the underbanked and underserved who frequent the Company's growing convenience store network. In a world where suburban big-box retailers threaten the smaller, urban outlets, Cuentas wants to empower convenience stores to offer similar levels of connectivity and digital resources including many of the biggest brands in today's market.
"These small stores are often the heart and soul of the communities they serve," said Cuentas Founder and CEO, Arik Maimon. "With this announcement we are well on the way to enabling Bodegas and other convenience stores to compete head-to-head with the big-box retailers", added Maimon.
According to the National Association of Convenience Stores (NACS), there are over 150,000 convenience stores in the US. (SOURCE NACS: LINK), and according to CNBC, over 60% of convenience stores are privately owned. Convenience stores are so common across the United States that 93% of Americans live within just a few minutes of one, yet many of these stores are struggling to stay relevant in a changing economic landscape (SOURCE CNBC LINK). Many of the Bodegas that are part of Cuentas SDI's network are the first stop for local residents who need instant access, not only to goods but also to digital services from mobile phone bills to discount and prepaid cards. Cuentas SDI was established as a platform to enable individual convenience stores and larger groups to come together and take advantage of the network effect, combining offers, digital connectivity, modern Point of Sale (POS) solutions, and other innovations to enable stores to become increasingly important to their local communities. Management believes this announcement accelerates that journey.
"The Bodega is the place where locals go for a range of critical services beyond shopping, from paying bills to wiring funds, to obtaining discount and debit cards for a range of services," saidCuentas President and Co-founder, Michael De Prado. "We are revolutionizing that relationship from both a physical and digital perspective," added DePrado.
OLB has already worked with Cuentas on other initiatives and acquired the remaining equity in Cuentas SDI in this latest transaction. The Companies plan to re-brand the platform and integrate additional services to provide new revenue streams for the store owners, potentially including instant loans and advanced services to their network of customers. BothCuentas and OLB share the mission of working together to provide new and increasingly innovative solutions to underbanked and underserved communities across North America, which has been estimated to be a trillion-dollar market opportunity.
Ronny Yakov, CEO of OLB Group, said, "We are excited to move forward with this exciting next step in our relationship with Cuentas. Our plan is to immediately focus on adding as many as 1,000 new stores to the network in the New York, New Jersey, Connecticut area and then ramp up from that initial base."
The OLB Group will offer additional products and programs from its list of services to store owners, including wallets with instant credit loaded based on approvals, potentially issuing loans, and providing other novel services as well as building out a common point of sale network that enables store owners to participate in larger promotions and initiatives.
"There is a growing urgency and need to reinvent old financial systems to accommodate the needs of capable, deserving Americans who been increasingly left out of the system," concludedCuentas' Maimon. "This announcement puts us in the heart of the communities we serve and one step closer to providing the most meaningful alternatives for this growing segment of the population who need it the most!"
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states.
About Cuentas SDI
Cuentas SDI, LLC. is the company that owns the platform of Black011.com and the network serving over 31,000 convenience stores ("Bodegas") in and around New York and New Jersey. The Company is managed and controlled by The OLB Group, Inc. Cuentas Inc., and is a shareholder in Cuentas SDI, LLC. Black011.com is the network that will deliver a range of services to the network's customers, including digital incentives, promotions, gift cards, discounts, top up services, telecommunication services, money transfer solutions and other digital and physical products and solutions true the network of financial partners.
About Cuentas
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is creating an alternative financial ecosystem for the growing global population who do not have access to traditional financial alternatives. The Company's proprietary technologies help to integrate FinTech (Financial Technology), e-finance and e-commerce services into solutions that deliver next generation digital financial services to the unbanked, under-banked and underserved populations nationally in the USA. The Cuentas Platform integratesCuentas Mobile, the Company's Telecommunications solution, with its core financial services offeringsto help entire communities enter the modern financial marketplace. Cuentas has launched its General Purpose Reloadable (GPR) Card, which includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. In Q1 of 2023, Cuentas launched Cuentas Casa, an alternative housing development initiativethat secured a 10-year supply agreement for a patented, sustainable building system that will provide the bridge between its technology solutions and the affordable housing market. Cuentas has made investments to date in affordable housing projects for over 450 apartments. LINK: https://cuentas.com
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "believe," "plan," or "expect" or similar statements are forward-looking statements.
Investor Relations Cuentas, Inc. 800-611-3622 info@cuentas.com
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The OLB Group, Inc. (NASDAQ:OLB) is a diversified Fintech e-Commerce provider of merchant services and bitcoin crypto mining company. The Company's e-commerce platform delivers cloud-based merchant services for web-based and brick-and-mortar companies for a seamless total digital commerce solution that includes site creation, web hosting, transaction processing and order fulfillment, customer service, outbound marketing, sales reporting, capital raising and a payment facilitator with crypto payment options.
DMint, a wholly owned subsidiary of OLB Group, is launching its Bitcoin mining operations in sustainable data centers (powered by natural gas) with an initial deployment of 1,000 ASIC-based S19j Pro 96T mining computers expected by end of 2021 with plans to increase mining capacity to 24,000 mining machines over the next 24 months.
OLB Group Presentation at HC Wainwright Conference (September 2021)
Journey (ct.events)
Investor information is available at www.olb.com/investors-data
ASIC-based mining computers S19j Pro 96T to come online at DMint net-zero carbon data centers in September; Operation anticipated to generate $1M per month in new 2021 revenue
NEW YORK, September 14, 2021–(BUSINESS WIRE)–The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants, announced that DMint, Inc., a wholly-owned subsidiary of OLB (“DMint”), is deploying its first lot of some one-hundred cryptocurrency mining computers for operation at its newly acquired data centers. The Antminer S19j Pro is specifically configured to mine Bitcoin and is planned to be up and running by the end of September.
“Putting these new mining computers to work is the first step in building out our cryptocurrency mining operations that are expected to grow to serve some one thousand miners by the end of the year,” said Ronny Yakov, OLB Chief Executive Officer. “We recognize the high energy requirements and potential environmental impact of cryptocurrency mining, and DMint’s business plan includes our commitment to utilize green energy sources.”
DMint has secured the natural gas mineral rights necessary to power its current and foreseeable energy needs for mining operations. The company plans to build out capacity to achieve 500 petahash per second while operating 24,000 miners over the next 24 months.
OLB provides omnicommerce business and commerce services to merchants including leading-edge crypto commerce capabilities, eCommerce, back office and kitchen operations, and payment acceptance online, in store, and on mobile devices. Merchants utilizing OLB’s OmniSoft Business Management platform can transact with customers through digital wallets, cryptocurrency wallets, and traditional card-based payment. OLB expects to leverage the DMint mining operations to power expanded crypto commerce services as well as financing, lending, and fundraising designed for smaller businesses.
Merchants interested in implementing crypto commerce or omnicommerce services can set up an OmniSoft account at https://cardaccept.com/#contact
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.
Transaction Volume for First Nine Months was $ 668 Million From 10.2 Million Transactions;
Launches Bitcoin Mining Subsidiary
NEW YORK--(BUSINESS WIRE)--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, which 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
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.
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.
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.
The OLB Group - Investor Relations
InvestorRelations@olb.com
(212) 278-0900 EXT: 333
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