OLB Group Files Q3 2024 10-Q Report
Ticker: OLB · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 1314196
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
OLB Group filed its Q3 2024 10-Q. Check financials.
AI Summary
OLB Group, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2024. The company, incorporated in Delaware, is headquartered in New York. This filing provides an update on its financial performance and business operations for the third quarter of 2024.
Why It Matters
This filing provides investors with the latest financial and operational details for OLB Group, Inc., crucial for understanding its current performance and future outlook.
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
- September 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
- DE (state) — State of incorporation
FAQ
What is the reporting period for this 10-Q filing?
The quarterly period ended September 30, 2024.
What is the full legal name of the company filing this report?
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 (DE).
What is the address of OLB GROUP, INC.'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 telephone number for OLB GROUP, INC.?
The registrant's telephone number, including area code, is (212) 278-0900.
Filing Stats: 4,567 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-11-14 17:15:24
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value OLB The Nasdaq Capital Market
- $0 — n (loss) on our bitcoin transactions of $0 and $0 , respectively. For the nine mon
Filing Documents
- ea0220703-10q_olbgroup.htm (10-Q) — 831KB
- ea022070301ex31-1_olbgroup.htm (EX-31.1) — 11KB
- ea022070301ex31-2_olbgroup.htm (EX-31.2) — 11KB
- ea022070301ex32_olbgroup.htm (EX-32) — 8KB
- image_001.jpg (GRAPHIC) — 3KB
- 0001213900-24-098565.txt ( ) — 6238KB
- olb-20240930.xsd (EX-101.SCH) — 53KB
- olb-20240930_cal.xml (EX-101.CAL) — 62KB
- olb-20240930_def.xml (EX-101.DEF) — 323KB
- olb-20240930_lab.xml (EX-101.LAB) — 521KB
- olb-20240930_pre.xml (EX-101.PRE) — 334KB
- ea0220703-10q_olbgroup_htm.xml (XML) — 686KB
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 29 Item 4.
Controls and Procedures
Controls and Procedures 29 PART II Other Information 30 Item 1.
Legal Proceedings
Legal Proceedings 30 Item 1A.
Risk Factors
Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 30
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements INDEX TO FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 September 30, 2024 December 31, 2023 ASSETS (Unaudited) Current Assets: Cash $ 41,288 $ 179,006 Accounts receivable, net 87,036 466,890 Prepaid expenses 13,678 184,913 Other receivables 491,891 403,999 Investment in equity securities — 273,662 Other current assets 9,459 312,103 Total Current Assets 643,352 1,820,573 Other Assets: Property and equipment, net 3,620,968 5,871,751 Intangible assets, net 3,078,692 3,500,246 Goodwill 8,139,889 8,139,889 Other long-term assets 395,952 395,952 Total Other Assets 15,235,501 17,907,838 TOTAL ASSETS $ 15,878,853 $ 19,728,411 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Cash overdraft $ 30,735 $ — Accounts payable 4,374,986 3,526,689 Accrued expenses 824,743 1,017,708 Preferred dividend payable (related parties) 512,198 418,606 Merchant portfolio purchase installment obligation 2,000,000 2,000,000 Related party payable 107,063 12,678 Note payable – current portion 252,614 258,819 Total Current Liabilities 8,102,339 7,234,500 Long Term Liabilities Notes payable, net of current portion — 149,039 Convertible note payable –related party 1,096,897 — Total Liabilities 9,199,236 7,383,539 Commitments and conting
Financial Statements
Financial Statements September 30, 2024 NOTE 1 – BACKGROUND Background The OLB Group, Inc. ("OLB" the "Company") was incorporated in the State of Delaware on November 18, 2004 and provides services through its wholly-owned subsidiaries and business segments. The Company generates its revenue through two business segments its Fintech Services and Bitcoin Mining Business segments. Fintech Services: The Company provides integrated financial and transaction processing services ("Fintech Services") to businesses throughout the United States. Through its eVance, Inc. subsidiary ("eVance"), the Company provides an integrated suite of third-party merchant payment processing services and related proprietary software enabling products that deliver credit and debit card-based internet payment processing solutions primarily to small and mid-sized merchants operating in physical "brick and mortar" business environments, on the internet and in retail settings requiring both wired and wireless mobile payment solutions. eVance operates as an independent sales organization ("ISO") generating individual merchant processing contracts in exchange for future residual payments. As a wholesale ISO, eVance has a direct contractual relationship with the merchants and takes greater responsibility in the approval and monitoring of merchants than do retail ISOs and as a result, receives additional consideration for this service and risk. The Company's Securus365, Inc. ("Securus365") subsidiary operates as a retail ISO and receives residual income as commission for merchants it places with third party processors. The Company's eVance Capital, Inc subsidiary provides lending services to merchants processing with eVance, Inc. CrowdPay.us, Inc. ("CrowdPay") is a Crowdfunding platform used to facilitate a capital raise anywhere from $ 1,000,000 -$ 50,000,000 of various types of securities under Regulation D, Regulation Crowdfunding, Regulation A and the Securities Act of 1933. To date, t