The OLB (US:OLB)2025-11-14 21:01Revenue Performance - Total revenue for the three months ended September 30, 2025, was $2,313,194, a decrease of $770,728 or 25% compared to $3,083,922 for the same period in 2024[158] - For the nine months ended September 30, 2025, total revenue was $6,901,921, a decrease of $3,199,334 or 31.7% compared to $10,101,258 for the same period in 2024[166] Transaction and Processing Fees - Transaction and processing fees accounted for $2,106,362 of the total revenue in Q3 2025, down from $2,569,596 in Q3 2024[158] Costs and Expenses - Processing and servicing costs decreased by $513,477 or 19.7% to $2,090,937 in Q3 2025 from $2,604,414 in Q3 2024[159] - Processing and servicing costs for the nine months ended September 30, 2025, were $5,864,065, down $2,466,621 or 29.6% from $8,330,686 in 2024[167] - General and administrative expenses for the nine months ended September 30, 2025, were $1,573,485, a decrease of $682,188 or 30.2% from $2,255,673 in 2024[172] - Professional fees for the nine months ended September 30, 2025, were $554,129, a decrease of $1,112,841 or 66.8% compared to $1,666,970 in 2024[171] - Salary and wage expense decreased by $102,280 or 16.9% to $502,504 in Q3 2025 from $604,784 in Q3 2024 due to a reduction in headcount[162] - Amortization expense for Q3 2025 was $0, a decrease of $112,499 compared to $112,499 in Q3 2024[160] - Depreciation expense for the Bitcoin Mining Segment was $120,694 in Q3 2025, down 81.6% from $656,017 in Q3 2024[161] Net Loss - The net loss for the nine months ended September 30, 2025, was $4,388,332, a decrease of $2,290,556 compared to $6,678,888 for the same period in 2024[174] - The company recognized a $775,000 deemed dividend for preferred stock and a $30,630 for preferred dividends, resulting in a net loss applicable to common shareholders of $5,193,962[174] Cash and Financing Activities - The company had cash of $3,540 and negative working capital of $6,036,698 as of September 30, 2025[179] - The company received net cash of $1,267,224 from financing activities for the nine months ended September 30, 2025, compared to $1,116,275 in 2024[178] - The company has entered into an Equity Distribution Agreement with Maxim Group LLC to raise up to $15,000,000, with proceeds of $2,009,723 as of September 30, 2025[180] Business Developments - The company plans to complete the buildout of a Bitcoin mining data center in Selmer, Tennessee, to support up to 5,000 mining machines by 2025[148] - The company acquired 80.01% of Moola Cloud, LLC, to enhance marketing to underbanked communities, with plans to fully acquire the remaining 19.99% for $215,500[153] - The company is in the process of spinning off DMINT into a standalone entity, pending SEC approval[149] - The company launched a new merchant and ISO boarding system in July 2019 to automate merchant onboarding[144] Going Concern - 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[183]