The OLB (US:OLB)2025-08-19 21:00Revenue Performance - For the three months ended June 30, 2025, total revenue was $2,267,191, a decrease of $1,253,963 or 35.6% compared to $3,521,154 for the same period in 2024[154] - For the six months ended June 30, 2025, total revenue was $4,588,727, a decrease of $2,428,609 or 34.6% compared to $7,017,336 for the same period in 2024[164] Transaction and Processing Fees - Transaction and processing fees for Q2 2025 were $2,096,342, down from $2,484,193 in Q2 2024, reflecting a significant decline in revenue from Moola Cloud, LLC[154] - Processing and servicing costs for the six months ended June 30, 2025, were $3,773,128, down $1,953,144 or 34.1% from $5,726,272 in the prior year[165] Expenses - Processing and servicing costs decreased to $1,964,314 in Q2 2025, down $1,008,365 or 33.9% from $2,972,679 in Q2 2024, in line with the revenue decline[155] - Salary and wage expense increased to $1,052,614 in Q2 2025, an increase of $363,416 or 52.7% compared to $689,198 in Q2 2024, attributed to a non-cash bonus expense[158] - General and administrative expenses for the six months ended June 30, 2025, were $981,627, a decrease of $991,252 or 50.2% from $1,972,879 in the prior year[170] - Professional fees for the six months ended June 30, 2025, were $412,139, a decrease of $801,159 or 66% compared to $1,213,298 for the same period in 2024[169] - The company recorded no amortization expense in Q2 2025, down from $117,847 in Q2 2024, as most assets were fully amortized[156] Net Loss - The net loss for the six months ended June 30, 2025, was $3,213,312, a decrease of $1,835,318 compared to a net loss of $5,048,630 for the same period in 2024[172] Cash and Financing Activities - The company had cash of $2,662 and negative working capital of $5,037,442 as of June 30, 2025[176] - The company received net cash of $1,150,841 from financing activities for the six months ended June 30, 2025, compared to $751,590 in the same period of 2024[175] - The company entered into an Equity Distribution Agreement with Maxim Group LLC to offer up to $15,000,000 in common stock, with proceeds of $2,009,723 as of June 30, 2025[177] Business Developments - The company plans to complete the buildout of a Bitcoin mining data center in Selmer, Tennessee, with a capacity for up to 5,000 machines by 2025[145] - The company acquired 80.01% of Moola Cloud, LLC, focusing on marketing to underbanked communities, with a merchant network of approximately 31,600 locations in the U.S.[149] - The company is in the process of spinning off DMINT into a standalone entity, pending SEC approval of its Form S-1 Registration Statement[146] - The company recognized a loss on the extinguishment of debt of $52,000 and a loss on conversion of accrued salaries and loans payable of $175,763 during the six months ended June 30, 2025[171] - The company may require additional resources to execute its business plans, with substantial doubt about its ability to continue as a going concern without raising additional capital[180] Depreciation - Depreciation expense for the Bitcoin Mining Segment was $120,967 in Q2 2025, a decrease of $722,704 or 85.7% from $843,671 in Q2 2024, due to asset impairments[157] Integration and Technology - The company has integrated its OmniSoft applications with the eVance mobile payment gateway, enhancing merchant onboarding capabilities[141]