Business
OLB Group Inc. Reports Third Quarter, 2021 Revenues of $2.82 Million
Transaction Volume for First Nine Months was $ 668 Million From - 10.2 Million Transactions; Launches Bitcoin Subsidiary Mining NEW YORK--(BUSINESS WIRE)--
About this update from The Olb Group, Inc.
[{"type":"text","content":"\nTransaction Volume for First Nine Months was $ 668 Million From - 10.2 Million Transactions; Launches Bitcoin Subsidiary Mining\n\n NEW YORK--(BUSINESS WIRE)--\nThe OLB Group, Inc. (\"OLB,\" “we,” “us,” “our,” or the \"Company\"), a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise, has announced financial results for first quarter ended September 30, 2021.\n\nWe are a FinTech company and a payment facilitator that, through our 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. In the Third Quarter we launched a new wholly owned subsidiary, DMint, that focuses on Bitcoin mining utilizing sustainable power generated from natural gas.\n\nFinancial Highlights\n\nFor the three months ended September 30, 2021, we had total revenue of $2,823,921 compared to $2,308,037 of revenue for the three months ended September 30, 2020, an increase of $515,884 or 22.3%. We earned $2,680,004 in transaction and processing fees, $32,787 in merchant equipment rental and sales and $111,130 in other revenue during the three months ended September 30, 2021, compared to $2,128,771 in transaction and processing fees, $22,018 in merchant equipment sales and $157,248 in other revenue during the three months ended September 30, 2020.\n\nFor the three months ended September 30, 2021, we had processing and servicing costs of $2,223,720 compared to $1,486,257 of processing and servicing costs for the three months ended September 30, 2020. Processing and servicing costs increased by $737,463 or 49.6%.\nGeneral and administrative expenses (“G&A”) for the three months ended September 30, 2021 was $904,314 compared to $706,430 for the three months ended September 30, 2020, an increase of $197,884 or 28%. In the current period we had increases of our legal expense of approximately $270,003 relating to business matters. This increase was offset by a decrease of $74,940 related to audit fees an...