OLB Group, Announces 2019 Year-End Results and Provides Company Update
NEW YORK, April 29, 2020 (GLOBE NEWSWIRE) — The OLB Group, Inc. (“OLBG,” “we,” “us,” “our,” or the “Company”), a FinTech company, has announced financial results for the fiscal year ended December 31, 2019.
We are a FinTech company and a payment facilitator that, through our subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals.
These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium sized businesses and crowd funding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.
Highlights of our financial results for the year ended December 31, 2019 (audited) are as follows:
For the Year Ended December 31, 2019
|Total revenue *||$10,291,524|
|Total operating expenses||$10,560,387|
|Loss from operations||($268,863)|
|Total other expense||($1,074,549)|
|Amortization and Depreciation expense||$842,149|
|Stock Based Compensation expenses||$265,050|
* Effective January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 606 using the modified retrospective transition approach to determine revenue for all contracts. Therefore, the reported results for the year ended December 31, 2019 reflect the application of ASC 606. Prior to the adoption of ASC 606, in 2018 the Company recognized revenue when it was realized or realizable and earned. Under ASC 606, revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services .
Key Highlights for 2019
- Implementation of our Proprietary Merchant Boarding and CRM System is up and running
- Rolling out our Omni Commerce applications to our current merchants and boarding merchants
- Crowd Funding Platform integrates with our secure payment gateway for Credit Cards and ACH accepting offerings
- Signing up merchants over our PayFac platform
- Favorable settlement of litigation resulting in one-time payment of escrowed residuals and establishing recurring revenue stream from additional merchants
To see a complete version of our 10-K please click on the link:
About The OLB Group, Inc. (OLBG)
The OLB Group, Inc. is a commerce service provider that delivers fully outsourced private label shopping solutions to highly trafficked websites and retail locations. We provide end-to-end e-commerce, mobile and retail solutions to customers.
OLB Group, Inc.’s common stock is traded Over-The-Counter on the OTCQB under the stock symbol: OLBG. Additional information about the Company can be found at http://www.olb.com.
About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, Net Loss before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and adjusted EBITDA, as defined in Regulation G. The Company reports its financial results in compliance with GAAP, but also provides additional non-GAAP measures of its operating results. The Company defines EBITDA as net loss, before interest, taxes, depreciation and amortization. The Company defines adjusted EBITDA as EBITDA, as defined above, adding back non-cash stock option costs and certain non-recurring items, such as costs incurred with completing acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management believes the use of EBITDA and adjusted EBITDA is appropriate to enhance the understanding by the Company’s investors of its historical performance through use of a metric that seeks to normalize earnings.
Forward Looking Statements
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce applications to our current merchants and the integration of our secure payment gateway with our crowd funding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, uncertainty regarding our ability to integrate the companies that we have recently acquired and to repay outstanding indebtedness and fund our operations. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K, 10-Q and 8-K filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
Investors & Analysts Contact:
Chief Executive Officer