The OLB (US:OLB)2025-05-15 20:05Financial Performance - For the three months ended March 31, 2025, total revenue was $2,321,536, a decrease of $1,174,646 or 33.6% compared to $3,496,182 for the same period in 2024[136] - Transaction and processing fees for the three months ended March 31, 2025 were $2,058,277, down from $2,288,209 in the prior year[136] - The Company recorded revenue from the Cryptocurrency Mining segment of $85,482 for the three months ended March 31, 2025[136] - The net loss for Q1 2025 was $1,088,998, a reduction of $1,311,620 compared to a net loss of $2,400,618 in Q1 2024[145] Expenses - Processing and servicing costs decreased to $1,808,814 for the three months ended March 31, 2025, a reduction of $944,779 or 34.3% from $2,753,593 in 2024[137] - Amortization expense for the three months ended March 31, 2025 was $3,972, a significant decrease of 97.9% from $190,961 in the same period of 2024[138] - Depreciation expense for the Bitcoin Mining Segment was $258,349 for the three months ended March 31, 2025, down 65.5% from $749,520 in 2024[139] - Salary and wage expense for Q1 2025 was $531,356, a decrease of $484,982 or 47.7% compared to Q1 2024[141] - Professional fees for Q1 2025 were $77,573, down $570,870 or 88% from $648,443 in Q1 2024[142] - General and administrative expenses for Q1 2025 totaled $490,151, a decrease of $534,741 or 52.2% from $1,024,892 in Q1 2024[143] Cash Flow and Capital Resources - Cash used in operating activities for Q1 2025 was $155,842, compared to $424,700 in Q1 2024[146] - As of March 31, 2025, the company had cash of $29,340 and negative working capital of $9,277,512[148] - The company has approximately $29,000 in cash and recognizes the need for additional resources to continue operations beyond March 31, 2026[152] - Management believes current resources will fund planned expenditures over the next 12 months, but additional capital may be required[152] Investments and Acquisitions - The Company acquired 80.01% of Moola Cloud, LLC, which focuses on marketing to underbanked communities, and later acquired the remaining 19.99% for $215,500[132] - The Company plans to complete the buildout of a Bitcoin mining data center in Tennessee to support up to 5,000 mining machines by 2025[127] - The Company is in the process of spinning off DMINT into a standalone entity, pending SEC approval[128] Other Financial Agreements - The company entered into an Equity Distribution Agreement with Maxim Group LLC for an aggregate offering amount of up to $15,000,000, with proceeds of $1,278,836 as of March 31, 2025[149] - The Yakov LLC Loan allows borrowing up to $5,000,000 at a 12% interest rate, maturing on June 18, 2025[150] Transaction Volume - eVance merchants are processing over $100,000,000 in gross transactions monthly, averaging approximately 1,400,000 transactions per month[122]