Business
OLB Group Announces Financial Results for Second Quarter, 2023
NEW YORK, NY / ACCESSWIRE / August 21, 2023 / OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining
About this update from The Olb Group, Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / August 21, 2023 / OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, announced today its financial results for the Second Quarter ending June 30, 2023. Investors can access the complete Second Quarter 10-Q at:https://app.quotemedia.com/data/downloadFiling?webmasterId=102575&ref=317701215&type=HTML&symbol=OLB&cdn=bad2a0c51d4eeb920bd8cb700d27293d&companyName=The+OLB+Group%2C+Inc.&formType=10-Q&formDescription=General+form+for+quarterly+reports+under+Section+13+or+15%28d%29&dateFiled=2023-08-21Key Financial Highlights for Q2 2023 as Compared to Q2 2022Revenue was $8.34 million for the quarter, compared to $8.37 million in the prior year quarter.Net loss decreased to $618,788 compared to $1,578,488 in prior year quarterAdjusted EBITDA increased to $1,2M compared to $98K in 2022.Net loss per basic and diluted common share decreased by $0.07 to ($0.04) for the quarter vs. ($0.11) in prior year quarterKey Business Highlights for Q2 2023DMint has relocated the Company's 1,000 ASIC miners to the Selmer, TN location.Stand-alone audit of DMint has been completed, In preparation for the spin-off.Deliveries of all hardware, such as transformers, have been delivered to the Selmer, TN location.Acquisition of the Black011 platform for bodegas has been completed.Completed new, updated version of software for sports and entertainment venues.· Point of sale (POS) system was completed and will be deployed to bodega / convenience store channel and now includes reselling digital products such as OMNY card for public transportationOLB managed to bring the revenues back to the same level as the prior year comparing Q-2 2023 to Q-2 2022. The decrease in revenue during in Q-1 2023 was a result of the termination of merchants acquired which were discovered to have not been onboarded within compliance with the credit card brand rules prior to OLB purchase of the portfolio. The removal of the merchants is subject of ongoing litigation.Ronny Yakov, CEO of OLB Group, said, \"We have completed our stand-alone audit of Dmint we are proceeding with the planned spinoff of that subsidiary. We also are looking forward to announcing more information on our initiatives in the bodega and convenience store sector which we expect to provide a healthy contribution to our recu...