OLB Group Inc (OLB)

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OLB Group Announces Second Quarter Results and Provides Company Update

August 17 2020


The OLB Group, Inc. (NASDAQ: OLB) ("OLB” or the "Company"), a FinTech company, has announced financial results for second quarter ended June 30, 2020 and is providing an update on other company developments.
OLB is a FinTech company and a payment facilitator that, through its 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.

Financial Highlights

Revenues for the six months ended June 30, 2020 were $4.6 million.
Adjusted EBITDA for the six months ended June 30, 2020 was $144,767
Highlights of financial results for the three months ended June 30, 2020 (unaudited) are as follows:

For the Six
Months Ended June 30, 2020

Total revenue $ 4,614,028
Total operating expenses $ 5,035,087
Loss from operations $ (421,059)
Total other expense $ (631,557)
Net Loss $ (1,052,616)

Amortization and depreciation expense $ 416,005
Interest expense $ 632,186
EBITDA $ (4,425)
Stock Based Compensation expenses $ 149,192
Adjusted EBITDA $ 144,767

As a result of the response to the COVID-19 pandemic in the United States, OLB did experience disruptions to its business as a result of disruptions with its customers and merchants, which has resulted in a decline in transaction volume. Since June, the Company has had an overall increase in the number of transactions compared to the monthly transactions processed in March through May.

Key Highlights for Second Quarter of 2020 and Subsequent Events

OLB closed a successful capital raise with Aegis Capital receiving gross proceeds of $6,450,000

Completed uplisting of OLB common stock to NASDAQ Capital Markets trading under the symbol OLB

George Kastisiaunis, Ehud Ernst and Amir Sternhell joined Board of Directors

Acquired more than 300 merchants from DoubleBeam in May and aggregated acquired merchants with Omni Soft omni commerce applications and implemented newly developed “order ahead” commerce system and KDS (Kitchen Display System)

Reduced total debt by approximately $5.7 to approximately $8.4 by converting $4.6 million of debt into equity and paying down $1.1 million of the Company’s senior debt (we had $13.9 million of indebtedness the same time last year)

Increased ecommerce business merchants during second quarter compared to retail (brick and mortar) merchants

Integrated ACH System into the Company’s Payment Gateway with next day deposits

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/1314196/000121390020022316/f10q0620_theolbgroup.htm

About The OLB Group, Inc. (OLB)

The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers fully outsourced private label shopping solutions to highly trafficked websites and retail locations. The Company provides end-to-end e-commerce, mobile and retail solutions to customers. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium-sized businesses and crowdfunding 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.

OLB Group, Inc.’s common stock is traded on the NASDAQ Capital Market under the stock symbol: OLB. Additional information about the Company can be found at http://www.olb.com