OLB Group, Inc. Files Q1 2024 10-Q Report
Ticker: OLB · Form: 10-Q · Filed: May 20, 2024 · CIK: 1314196
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
OLB Group filed its Q1 2024 10-Q. Check financials.
AI Summary
OLB Group, Inc. filed its 10-Q for the quarterly period ended March 31, 2024. The company, incorporated in Delaware, reported its financial status. The filing details its business operations and financial performance for the specified quarter.
Why It Matters
This filing provides investors and stakeholders with the latest financial performance and operational details of OLB Group, Inc. for the first quarter of 2024.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal risks or opportunities, requiring careful analysis.
Key Players & Entities
- OLB GROUP, INC. (company) — Registrant
- March 31, 2024 (date) — Quarterly period end date
- 20240520 (date) — Filing date
- 1120 Avenue of the Americas, Fourth Floor, New York, NY 10036 (address) — Principal executive offices
- 212-278-0900 (phone_number) — Registrant's telephone number
FAQ
What is the primary business of OLB Group, Inc.?
The filing indicates OLB Group, Inc. is in the 'SERVICES-BUSINESS SERVICES, NEC' sector, with SIC code 7389.
When was the 10-Q report filed?
The 10-Q report was filed on May 20, 2024.
For which fiscal period is this 10-Q report?
This 10-Q report is for the quarterly period ended March 31, 2024.
Where is OLB Group, Inc. incorporated?
OLB Group, Inc. is incorporated in Delaware.
What is the address of OLB Group, Inc.'s principal executive offices?
The principal executive offices are located at 1120 Avenue of the Americas, Fourth Floor, New York, NY 10036.
Filing Stats: 4,500 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-05-20 17:26:40
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value OLB The Nasdaq Capital Market
Filing Documents
- ea0206478-10q_olbgroup.htm (10-Q) — 620KB
- ea020647801ex10-1_olbgroup.htm (EX-10.1) — 40KB
- ea020647801ex31-1_olbgroup.htm (EX-31.1) — 12KB
- ea020647801ex31-2_olbgroup.htm (EX-31.2) — 12KB
- ea020647801ex32_olbgroup.htm (EX-32) — 8KB
- image_001.jpg (GRAPHIC) — 3KB
- 0001213900-24-045276.txt ( ) — 5772KB
- olb-20240331.xsd (EX-101.SCH) — 67KB
- olb-20240331_cal.xml (EX-101.CAL) — 61KB
- olb-20240331_def.xml (EX-101.DEF) — 313KB
- olb-20240331_lab.xml (EX-101.LAB) — 539KB
- olb-20240331_pre.xml (EX-101.PRE) — 313KB
- ea0206478-10q_olbgroup_htm.xml (XML) — 588KB
Financial Statements (unaudited)
Financial Statements (unaudited) 1 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 27 Item 4.
Controls and Procedures
Controls and Procedures 27 PART II Other Information 28 Item 1.
Legal Proceedings
Legal Proceedings 28 Item 1A.
Risk Factors
Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements INDEX TO FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Notes to the Condensed Consolidated Financial Statements (unaudited) 6 1 The OLB Group, Inc. and Subsidiaries Consolidated Balance Sheets March 31, 2024 December 31, 2023 ASSETS (Unaudited) Current Assets: Cash $ 3,319 $ 179,006 Accounts receivable, net 207,274 466,890 Prepaid expenses 94,524 184,913 Other receivables 403,999 403,999 Investment in equity securities 548,393 273,662 Other current assets 55,676 312,103 Total Current Assets 1,313,185 1,820,573 Other Assets: Property and equipment, net 5,122,231 5,871,751 Intangible assets, net 3,309,285 3,500,246 Goodwill 8,139,889 8,139,889 Other long-term assets 395,951 395,952 Total Other Assets 16,967,356 17,907,838 TOTAL ASSETS $ 18,280,541 $ 19,728,411 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Cash overdraft $ 91,020 $ — Accounts payable 3,705,263 3,526,689 Accrued expenses 333,885 1,017,708 Preferred dividend payable (related parties) 449,917 418,606 Merchant portfolio purchase installment obligation 2,000,000 2,000,000 Related party payable 194,828 12,678 Note payable – current portion 371,196 258,819 Total Current Liabilities 7,146,109 7,234,500 Long Term Liabilities Notes payable, net of current portion — 149,039 Total Liabilities 7,146,109 7,383,539 Commitments and contingencies (Note 10) Stockholders' Equity: Preferred stock, $ 0.01 par value, 1,000,0