OLB Group, Announces First Quarter Results and Provides Company Update
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 crowdfunding 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.
- Revenues increased from $77,025 to $2,590,894 for the three months ended March 31, 2018 and 2019, respectively.
About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, Net Loss before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and adjusted EBITDA, as defined in Regulation G. The Company reports its financial results in compliance with GAAP, but also provides additional non-GAAP measures of its operating results. The Company defines EBITDA as net loss, before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA, as defined above, adding back non-cash stock option costs and certain non-recurring items, such as costs incurred with completing acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management believes the use of EBITDA and adjusted EBITDA is appropriate to enhance the understanding by the Company’s investors of its historical performance through use of a metric that seeks to normalize earnings.
Highlights of our financial results for the three months ended March 31, 2019 (unaudited) are as follows:
|For the Three
|March 31, 2019|
|Total operating expenses||$||2,694,429|
|Loss from operations||$||(103,535)|
|Total other expense||$||(303,410)|
|Stock-Based Compensation expenses||$||66,262|
Key Highlights for 2019
- Implement Proprietary Merchant Boarding and CRM System
- Rolling out our Omni Commerce applications to our current merchants
- Crowd Funding Platform integrates with our secure payment gateway for Credit Cards and ACH
- Signing up merchants over our PayFac platform
To see a complete version of our 10-Q please click on the link