The OLB (US:OLB)2023-11-14 22:00Revenue Performance - Total revenue for the three months ended September 30, 2023, was $9,694,440, an increase of $2,349,008 or 39.3% compared to $6,246,551 for the same period in 2022[141] - For the nine months ended September 30, 2023, total revenue was $24,661,041, an increase of $230,329 or 1% compared to $23,405,445 for the same period in 2022[148] - Cryptocurrency mining segment revenue for the three months ended September 30, 2023, was $95,667, compared to $161,249 for the same period in 2022[141] Expenses - Salary and wage expenses for the three months ended September 30, 2023, increased by $38,444 or 5.9% to $687,456 due to higher salaries and bonuses[143] - General and administrative expenses for the three months ended September 30, 2023, rose by $1,147,906 or 152.3% to $1,901,850, driven by increased insurance and contracted services costs[145] - Professional fees for the three months ended September 30, 2023, increased by $533,424 or 305.7% to $707,900, primarily due to litigation-related expenses[144] - Amortization and depreciation expense for the nine months ended September 30, 2023, was $2,699,496, a decrease of $694,798 or 3.9% compared to $2,794,731 for the same period in 2022[149] Net Loss - The company recorded a net loss of $1,801,738 for the three months ended September 30, 2023, compared to a net loss of $1,712,562 for the same period in 2022[147] - For the nine months ended September 30, 2023, the company reported a net loss of $5,008,411, an increase of $402,299 compared to a net loss of $4,606,112 for the same period in 2022[154] Cash Flow and Liquidity - The company received $1,964,977 in cash from operating activities, which included a net loss of $5,089,798 and adjustments for various expenses[155] - The company used $2,079,630 in investing activities, primarily for the acquisition of property and equipment and an 80.01% interest in Cuentas SDI, LLC for $850,000[156] - As of September 30, 2023, the company had cash of $87,783 and a working capital deficit of $2,329,626, with approximately $5,899,000 in outstanding liabilities[157] - The company believes it has sufficient liquidity to sustain operations for at least the next twelve months due to improving transaction volume trends and increased revenues from the acquisition of Cuentas SDI, LLC[158] Business Acquisition - The company acquired 80.01% of Cuentas SDI, LLC, which has approximately 31,600 locations in the U.S. to target underbanked communities[139] Transaction Volume - The eVance business processes over $100,000,000 in gross transactions monthly, averaging approximately 1,400,000 transactions per month[130]