The OLB (US:OLB)2025-04-15 20:01Financial Performance - Total revenue for the year ended December 31, 2024, was $12,838,988, a decrease of 58% from $30,571,637 in 2023[242] - Transaction and processing fees generated $9,684,152 in 2024, down from $27,096,245 in 2023, reflecting a decrease of $17,412,093[242] - Processing and servicing costs decreased by 49.6% to $10,669,238 in 2024 from $21,181,499 in 2023[244] - Amortization expense dropped by 87.2% to $533,805 in 2024, compared to $4,172,117 in 2023, due to the write-off of the CBD portfolio[245] - General and Administrative expenses decreased by 59.6% to $2,861,300 in 2024 from $7,078,947 in 2023[248] - The net loss for the year ended December 31, 2024, was $11,224,911, a decrease of $12,049,028 from the net loss of $23,273,939 in 2023[251] Business Operations - The company processed over $100,000,000 in gross transactions monthly through its eVance business, averaging approximately 1,400,000 transactions per month[232] - The company acquired 100% of Moola Cloud, LLC, enabling focus on underbanked communities with a network of approximately 31,600 locations in the U.S.[240] - DMINT had mined 57.74 Bitcoin as of December 31, 2024, with 400 computers online and mining operations relocated to Tennessee[236] Capital Structure - A reverse stock split of 1-for-10 was executed, reducing outstanding shares from 18,103,462 to 1,810,346[241] - As of December 31, 2024, the Company had cash of $27,436 and negative working capital of $8,650,939[257] - The Company entered into an Equity Distribution Agreement allowing for an aggregate offering amount of up to $15,000,000, with net proceeds from the ATM Offering totaling $1,090,890 as of December 31, 2024[258] - The Company owes Mr. Yakov $1,203,960 as of December 31, 2024, after payments made on behalf of the Company totaling $1,191,282 during the year[259] - The Yakov LLC Loan allows the Company to borrow up to $5,000,000 at an interest rate of 12%, maturing on March 31, 2026[260] - The Yakov LLC Loan is secured by a first priority security interest over all of the Company's assets[260] Liquidity and Going Concern - The Company believes it has sufficient liquidity to sustain operations for at least twelve months, but recognizes the need for additional resources to execute business plans[261] - Without raising additional capital, there is substantial doubt about the Company's ability to continue as a going concern through March 31, 2026[261] - The Company has reviewed its cash flow activity and projected cash flow forecast for 2025 to assess liquidity[261] Regulatory Compliance - The Company is classified as a smaller reporting company and is not required to provide certain disclosures under the Securities Exchange Act of 1934[264]