OLB Group Inc OLB

The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider. Its eCommerce platform delivers cloud-based merchant services for a digital commerce solution to thousands of merchants in all 50 states. It seeks to provide merchants with a range of products and services through its various online platforms, including financial and transaction processing services. Its business functions through three subsidiaries: eVance, Inc. (eVance), OmniSoft.io, Inc. (OmniSoft), and CrowdPay.Us, Inc. (CrowdPay). OmniSoft operates a cloud-based business management platform that provides turnkey solutions for merchants to enable them to build and manage their retail businesses. eVance provides competitive payment processing solutions to merchants, which enable merchants to process credit and debit card-based Internet payments for sales of their products. CrowdPay operates a white label capital raising platform that targets small and midsized businesses seeking to raise capital.

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OLB Group Inc

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Post by Iseneschalon Nov 15, 2024 8:40am

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Post# 36314517

OLB.... ER this a.m

Not too bags ; )

OLB Group Announces Financial Results for Third Quarter, 2024

2024-11-15 05:32 ET - News Release

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.