OLB Group Files Q2 2024 10-Q Report
Ticker: OLB · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 1314196
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
OLB Group filed its Q2 10-Q. Check financials.
AI Summary
OLB Group, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, incorporated in Delaware, is headquartered in New York City. The filing details its financial performance and operational status for the specified quarter.
Why It Matters
This filing provides investors with an update on OLB Group's financial health and operational progress during the second quarter of 2024.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that requires careful analysis to assess the company's current standing and future prospects.
Key Players & Entities
- OLB GROUP, INC. (company) — Registrant
- June 30, 2024 (date) — Quarterly period end 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
- 000-52994 (company_id) — Commission File Number
FAQ
What is the reporting period for this 10-Q filing?
The quarterly period ended June 30, 2024.
What is the full legal name of the registrant?
The full legal name of the registrant is THE OLB GROUP, INC.
In which state was OLB Group, Inc. incorporated?
OLB Group, Inc. was incorporated in Delaware.
What is the address of OLB Group's principal executive offices?
The address of the principal executive offices is 1120 Avenue of the Americas, Fourth Floor, New York, NY 10036.
What is the Commission File Number for OLB Group, Inc.?
The Commission File Number for OLB Group, Inc. is 000-52994.
Filing Stats: 4,518 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-08-14 17:22:52
Key Financial Figures
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- $0 — n (loss) on our bitcoin transactions of $0 and $ 48,683 , respectively. For the si
- $48,683 — ) on our bitcoin transactions of $0 and $48,683, respectively. Property and Equipment
Filing Documents
- ea0211052-10q_olbgroup.htm (10-Q) — 739KB
- ea021105201ex10-1_olbgroup.htm (EX-10.1) — 19KB
- ea021105201ex10-2_olbgroup.htm (EX-10.2) — 35KB
- ea021105201ex31-1_olbgroup.htm (EX-31.1) — 12KB
- ea021105201ex31-2_olbgroup.htm (EX-31.2) — 12KB
- ea021105201ex32_olbgroup.htm (EX-32) — 8KB
- image_001.jpg (GRAPHIC) — 3KB
- 0001213900-24-069167.txt ( ) — 6151KB
- olb-20240630.xsd (EX-101.SCH) — 60KB
- olb-20240630_cal.xml (EX-101.CAL) — 59KB
- olb-20240630_def.xml (EX-101.DEF) — 326KB
- olb-20240630_lab.xml (EX-101.LAB) — 539KB
- olb-20240630_pre.xml (EX-101.PRE) — 325KB
- ea0211052-10q_olbgroup_htm.xml (XML) — 669KB
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 23 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 28
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements INDEX TO FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Notes to the Condensed Consolidated Financial Statements (unaudited) 6 1 The OLB Group, Inc. and Subsidiaries Consolidated Balance Sheets June 30, 2024 December 31, 2023 ASSETS (Unaudited) Current Assets: Cash $ 53,265 $ 179,006 Accounts receivable, net 118,002 466,890 Prepaid expenses 13,678 184,913 Other receivables 403,999 403,999 Investment in equity securities — 273,662 Other current assets 592 312,103 Total Current Assets 589,536 1,820,573 Other Assets: Property and equipment, net 4,276,985 5,871,751 Intangible assets, net 3,191,439 3,500,246 Goodwill 8,139,889 8,139,889 Other long-term assets 395,952 395,952 Total Other Assets 16,004,265 17,907,838 TOTAL ASSETS $ 16,593,801 $ 19,728,411 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Cash overdraft $ 30,599 $ — Accounts payable 4,228,779 3,526,689 Accrued expenses 454,298 1,017,708 Preferred dividend payable (related parties) 480,887 418,606 Merchant portfolio purchase installment obligation 2,000,000 2,000,000 Related party payable 847,460 12,678 Note payable – current portion 277,452 258,819 Total Current Liabilities 8,319,475 7,234,500 Long Term Liabilities Notes payable, net of current portion — 149,039 Total Liabilities 8,319,475 7,383,539 Commitments and contingencies (Note 10) Stockholders' Equity: Preferred stock, $ 0.01 par value, 1,000,000