Business
OLB Group Announces Year End Results and Provides Company Update
Revenue for the year ended December 31, 2020 of $ 9.766 Million Reported NEW YORK--(BUSINESS WIRE)-- The OLB Group, Inc. ("OLB," “we,” “us,” “our,” or the
About this update from The Olb Group, Inc.
[{"type":"text","content":"\nRevenue for the year ended December 31, 2020 of $ 9.766 Million Reported\n\n NEW YORK--(BUSINESS WIRE)--\nThe OLB Group, Inc. (\"OLB,\" “we,” “us,” “our,” or the \"Company\"), (NASDAQ: OLB), a provider of cloud-based, omni-commerce and payment acceptance solutions for small and mid-size merchants,, through its subsidiaries, which develops and markets a suite of products in the merchant services and payment facilitator verticals, has announced financial results for the year ended December 31, 2020.\n\nOLB Group’s services are offered through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc. The Company’s wide-ranging product offerings 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. An overview of the December 31, 2020 year-end results are below.\n\nKey Highlights for 2020 and Subsequent Event\n\n\nAcquisition of DoubleBeam portfolio of merchants\n\n\nUp-listed to NASDAQ Capital Markets and raised gross proceeds of approximately $6.4 Million in Capital\n\n\nInitiated implementation accepting merchants to accept crypto currency payments through our Payment gateway--Secure Pay-- and expanding contactless Point of Sale Options\n\n\nDebt free due to early loan payoff of $7.4 million in March 2021 to eliminate interest expense and ongoing debt service\n\n\nAccepting ACH, Apple Pay ® and Android Pay ®\n\n\nImplementation of our Proprietary Merchant Boarding and CRM System\n\n\nRolling out our Omni Commerce applications to current merchants and onboarding merchants\n\n\nHighlights of our financial results for the year ended December 31, 2020 are as follows:\n\n\n\n \n\n\n \n\nFor the Year Ended\nDecember 31, 2020\n\n\n\n\n\nTotal revenue\n\n\n \n\n$\n\n\n\n9,766,621\n\n\n\n\n\nTotal operating expenses\n\n\n \n\n$\n\n\n\n10,501,326\n\n\n\n\n\nLoss from operations\n\n\n \n\n$\n\n\n\n(734,705)\n\n\n\n\n\nTotal other expense\n\n\n \n\n$\n\n\n\n(1,042,022)\n\n\n\n\n\nNet Loss\n\n\n \n\n$\n\n\n\n(1,776,727)\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$\n\n\n\n861,269\n\n\n\n\n\nInterest expense\n\n\n \n\n$\n\n\n\n1,043,933\n\n\n\n\n\nE...