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The OLB Group, Inc. (OLB-2.68%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $3,083,922 from $9,694,440 in the same quarter the previous year. The decrease is attributed mainly to the loss of the CBD portfolio.
Processing and servicing costs decreased to $2,604,414 from $6,446,563, reflecting a reduction in business volume.
Amortization and depreciation expenses were $112,499, down from $933,053, due to the write-off of the CBD portfolio.
The company reported a net loss of $1,630,258 for the quarter, compared to $1,884,850 in the previous year.
Net cash used in operating activities was $1,588,547, while cash provided by investing activities was $332,893. Financing activities provided net cash of $1,117,936.
OLB had cash of $41,288 as of September 30, 2024, with negative working capital of $7,458,987.
The filing also details ongoing litigation with FFS Data Corporation regarding a merchant portfolio acquisition and a contract dispute involving DMINT.
OLB is in the process of spinning off its Bitcoin mining subsidiary, DMINT, into a standalone entity.
The company has entered into an agreement with Yakov Holdings LLC for a revolving loan of up to $5,000,000, maturing on August 12, 2025.
The OLB Group continues to focus on its Fintech Services and Bitcoin Mining business segments, while managing its liquidity and capital resources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The OLB Group, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.