The OLB Group, Inc. ("OLBG," “we,” “us,” “our,” or
the "Company"), a FinTech company, has announced financial results
for first quarter ended March 31, 2021.
We 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.
Financial Highlights
For the three months ended March 31, 2021, we had total revenue
of $2,226,404 compared to $2,613,993 of revenue for the three
months ended March 31, 2020, a decrease of $387,589 or 14.8%. We
earned $2,090,264 in transaction and processing fees, $18,507 in
merchant equipment rental and sales and $117,633 in other revenue
during the three months ended March 31, 2021, compared to
$2,336,479 in transaction and processing fees, $20,262 in merchant
equipment sales and $257,252 in other revenue during the three
months ended March 31, 2020.
For the three months ended March 31, 2021, we had processing and
servicing costs of $1,547,274 compared to $1,720,413 of processing
and servicing costs for the three months ended March 31, 2020.
Processing and servicing costs decreased by $173,139 or 10.1%
because of the decrease in the number of transactions processed
during the period and the reasons discussed above relating to the
COVID-19 pandemic.
General and administrative expenses (“G&A”) for the three
months ended March 31, 2021 was $626,269 compared to $515,367 for
the three months ended March 31, 2020, an increase of $110,902 or
21.5%. In the current period we had increases of our legal expense
of approximately $146,000 relating to ongoing litigation matters
and the prepayment of the Term Loan. This was offset by a decrease
in our audit fees of $116,626.
For the three months ended March 31, 2021, we incurred $116,736
of interest expense, compared to $317,441 for the three months
ended March 31, 2020, a decrease of $200,705 or 146%. The decrease
in interest expense is due the conversion of all related party debt
and the repayment of the Term Loan.
Our net loss for the three months ended March 31, 2021 was
$1,099,857 compared to $542,207 for the three months ended March
31, 2020. We had an increase in our net loss of $557,650 for the
reasons discussed above.
Adjusted EBITDA for the three months ended March 31, 2020 was
($179,206). The adjustments include $74,011 for stock based
compensation, $55,000 for final payment related to DoubleBeam
acquisition, $445,000 compensation for prior years and $14,000 in
legal fee for the loan payoff.
Key Highlights for First Quarter 2021
- OLB closes loan payoff related to
acquisition financing
- OLB Group Announces Plan to Offer
Cryptocurrency Payment Options via Blockchain Technology on its
OMNICOMMERCE Platform and SecurePay TM Gateway
- OLB Group Simplifies Social Media
App Payment Acceptance for Merchants
- OLB Group launches gateway to speed
crypto transactions for merchants
- OLB Group Simplifies Contactless
Payments with Dynamic QR-Code Support
- EZ Sports Technologies Selects OLB
to Provide Digital Merchant Services and Payment Acceptance
Solutions for Select Minor League Baseball Teams
- OLB Group to Provide AI-Based
Analytics to Small- and Medium-Sized Merchants
About Non-GAAP Financial
Measures
This press release contains non-GAAP financial measures, Net
Loss before Interest, Taxes, Depreciation and Amortization
(“EBITDA”) and adjusted EBITDA, as defined in Regulation G. The
Company reports its financial results in compliance with GAAP, but
also provides additional non-GAAP measures of its operating
results. The Company defines EBITDA as net loss, before interest,
taxes, depreciation and amortization. The Company defines adjusted
EBITDA as EBITDA, as defined above, adding back non-cash stock
option costs and certain non-recurring items, such as costs
incurred with completing acquisitions. These measures may not be
comparable to similarly titled measures reported by other
companies. Management believes the use of EBITDA and adjusted
EBITDA is appropriate to enhance the understanding by the Company’s
investors of its historical performance through use of a metric
that seeks to normalize earnings.
To see a complete version of our 10-Q please click on the
link
https://www.sec.gov/Archives/edgar/data/1314196/000121390019008917/f10q0319_theolbgroup.htm
Safe Harbour 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. 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, that 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.
About The OLB Group, Inc.
The OLB Group, Inc. is a payment facilitator and commerce
service provider that delivers cloud-based merchant services for
web-based and brick-and-mortar organizations. OLB provides a
seamless, end-to-end digital commerce solution that includes site
creation, hosting, transaction processing and payment gateway,
order fulfillment, customer service, outbound marketing, sales
reporting, and fundraising. With services from private label
shopping sites designed to maintain the unique look or feel of the
merchant website, to order fulfillment and customer service, OLB
remains invisible to the user and promotes the merchant’s brand
with market-leading technology and solutions. For more information
about solutions, services, or to find a reseller, please visit
www.olb.com . Investor information is available at
www.olb.com/investors-data .
Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future
Press Releases and Industry Updates by e-mailing
investorrelations@OLB.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210514005083/en/
Investors & Analysts Contact: The OLB Group - Investor
Relations Rick Lutz InvestorRelations@olb.com (212) 278-0900 EXT:
333
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