Business
OLB Group, Announces Third Quarter Results
NEW YORK--(BUSINESS WIRE)-- The OLB Group, Inc. (NASDAQ: OLB) ("OLB” or the "Company"), a FinTech company, has announced financial results for third quarter
About this update from The Olb Group, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nThe OLB Group, Inc. (NASDAQ: OLB) (\"OLB” or the \"Company\"), a FinTech company, has announced financial results for third quarter ended September 30, 2020 and is providing an update on other company developments.\n\nOLB 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.\n\nFinancial Highlights\n\n\nRevenues for the nine months ended September 30, 2020 were $6,922,065.\n\n\nAdjusted EBITDA for the nine months ended September 30, 2020 was $157,748.\n\n\nHighlights of financial results for the nine months ended September 30, 2020 (unaudited) are as follows:\n\n\n\n \n\n\n\n\nFor the Nine\nMonths Ended\nSeptember 30, 2020\n\n\n\n\n\nTotal revenue\n\n\n\n\n$\n\n\n\n6,922,065\n\n\n\n\n\nTotal operating expenses\n\n\n\n\n$\n\n\n\n7,768,546\n\n\n\n\n\nLoss from operations\n\n\n\n\n$\n\n\n\n(846,481)\n\n\n\n\n\nTotal other expense\n\n\n\n\n$\n\n\n\n(863,493)\n\n\n\n\n\nNet Loss\n\n\n\n\n$\n\n\n\n(1,709,974)\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n\n\n\n\nAmortization and depreciation expense\n\n\n\n\n$\n\n\n\n616,813\n\n\n\n\n\nInterest expense\n\n\n\n\n$\n\n\n\n865,397\n\n\n\n\n\nEBITDA\n\n\n\n\n$\n\n\n\n(227,764)\n\n\n\n\n\nStock Based Compensation expenses\n\n\n\n\n$\n\n\n\n385,512\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n\n$\n\n\n\n157,748\n\n\n\n\n\n\n\n \n\n\nAs 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 resulted in a decline in transaction volume during April, May and June. Since June and through September 30, the Company had an overall increase in the number of transactions compared to the monthly transactions processed in March through May.\n\nKey Highlights During Third Quarter of 2020 and Subsequent Events\n\n\nOLB closed a successful capital raise with Aegis Capital receiv...