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)
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:
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