Business
OLB Group Reports Record Revenue in First Quarter 2022 on eCommerce Fintech Services and Bitcoin Cryptocurrency Mining
First Quarter Year Over Year Revenue Increased 3X from $2,226,404 to $8,786,460 as a result of Acquisitive and Organic Growth NEW YORK--(BUSINESS WIRE)-- The
About this update from The Olb Group, Inc.
[{"type":"text","content":"\nFirst Quarter Year Over Year Revenue Increased 3X from $2,226,404 to $8,786,460 as a result of Acquisitive and Organic Growth\n\n NEW YORK--(BUSINESS WIRE)--\nThe OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, announced record revenue in the First Quarter, of 2022. Highlights for the period include the following:\n\n\nAdjusted EBITDA $505,583 vs. Negative EBITDA (-$689,685) in First Quarter 2021\n\n\nTotal Corporate Assets $45,000,000 at March 31, 2022\n\n\nCash Balance at March 31, 2022 approximately $4,000,000\n\n\nZero Debt other than an equipment lease to finance the purchase of100 Miners for approximately $750,000\n\n\n\n\n \n\n\n\n \n\n\n\nFor the Three\n\n\nMonths Ended\n\n\n3/31/2022\n\n\n\n\n \n\n\n\nFor the Three\n\n\nMonths Ended\n\n\n3/31/2021\n\n\n\n\n\nTotal revenue\n\n\n\n \n\n\n\n$8,786,459\n\n\n\n\n \n\n\n\n$2,226,404\n\n\n\n\n\nTotal operating expense\n\n\n\n \n\n\n\n10,242,066\n\n\n\n\n \n\n\n\n3,209,538\n\n\n\n\n\nLoss from operations\n\n\n\n \n\n\n\n(1,455,607)\n\n\n\n\n \n\n\n\n(983,134)\n\n\n\n\n\nTotal other expenses & income\n\n\n\n \n\n\n\n11\n\n\n\n\n \n\n\n\n(116,723)\n\n\n\n\n\nNet Loss\n\n\n\n \n\n\n\n($1,455,596)\n\n\n\n\n \n\n\n\n($1,099,857)\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n \n\n\n\n \n\n\n\n\n\nAmortization expenses\n\n\n\n \n\n\n\n$995,069\n\n\n\n\n \n\n\n\n$215,904\n\n\n\n\n\nDepreciation expense\n\n\n\n \n\n\n\n$895,277\n\n\n\n\n \n\n\n\n$3,521\n\n\n\n\n\nInterest expense\n\n\n\n \n\n\n\n$0\n\n\n\n\n \n\n\n\n$116,736\n\n\n\n\n\nEBITDA\n\n\n\n \n\n\n\n$434,750\n\n\n\n\n \n\n\n\n($763,696)\n\n\n\n\n\nStock Based Compensation expenses\n\n\n\n \n\n\n\n$70,833\n\n\n\n\n \n\n\n\n$74,011\n\n\n\n\n\nAdjusted EBITDA\n\n\n\n \n\n\n\n$505,583\n\n\n\n\n \n\n\n\n($689,685)\n\n\n\n\nOUTLOOK FOR 2022\n\nWe anticipate the achievement of positive Net Income by the end of the year. This would be a result of the following trends:\n\n\nBitcoin mining revenue from current 1,000 ASICS mining computers is estimated additional run-rate of approximately $6,500,000 annually, based on the price of Bitcoin price as of March 12, 2022, once all purchased machines are fully operational by the end of the Second Quarter of 2022.\n\n\nCompany eCommerce revenue run rate is anticipated to increase from $10 million to more than $36 million o...