NEW YORK, NY / ACCESSWIRE / November 15, 2024 / OLB Group, Inc. (NASDAQ: OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, announced today its financial results for the three and nine months ending September 30, 2024. Investors can access the complete Third Quarter Report on Form 10-Q at https://app.ir365connect.com/htmlcontent/cik/1314196/id/79bce168-3391-4a6c-a5d5-cafa777ba986/file/ea0211052-10q_olbgroup.htm
Key Financial Highlights for Q3 2024
Year to date revenue of $10,101,258.
Revenue of $3,083,922 million for the quarter.
Net loss of $1,630,258.
Net loss per basic and diluted common share is $0.92.
The decrease in revenue during the period was a direct result of write-off of the CDB portfolio at the end of 2023. Merchants in the acquired portfolio were removed due to improper initial underwriting discovered after the acquisition. The matter is the subject of ongoing litigation with both FFS Data Corp., the seller, and Clear Fork Bank, the underwriting bank.
Key Business Highlights and updates for Q3 2024
Rebranding the business and adding new products and services to the network of platforms for convenient stores. Detailed announcement coming soon.
The Company publicly filed a Registration Statement on October 20th, S-1 for the spinoff of Dmint. Management anticipates receiving a response from SEC shortly whereby management may be able to update on the timing of the closing of the spin off.
Completion of all the necessary electrical and structural upgrades to the Selmer, TN facility is moving forward. Management is excited about the opportunity ahead of us.
Launch of additional products and services to convenient store retailers and expanding the network to provide additional services to the unbanked population.
Point of sale (POS) system product has been finalized and will be deployed to OLB's bodega / convenience store channels and now includes reselling digital products such as OMNY card for public transportation.
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to merchants in all fifty states. Black 011 platform with network of 31,600 Continent stores and Bodegas and DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin in a facility in Tennessee.
For more information about The OLB Group, please visithttps://www.olb.com
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform, our ability to successfully launch a cryptocurrency mining operation and our ability to earn revenue from the new operations. While the Company's management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Company's most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
Contacts
OLB Group Investor Relations
Rick Lutz
ir@OLB.com
(212) 278-0900 Ext. 333
SOURCE: The OLB Group, Inc.
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