The OLB (US:OLB)2024-04-15 13:00Revenue and Transactions - For the year ended December 31, 2023, total revenue was $30,571,637, an increase of $202,658 or 0.1% compared to $30,368,979 in 2022[251] - eVance business processed over $100,000,000 in gross transactions monthly, averaging approximately 1,400,000 transactions per month[243] Expenses - Processing and servicing costs decreased by $1,970,898 or 8.5% to $21,181,499 for the year ended December 31, 2023[252] - Salary and wage expense increased by $743,910 or 24.2% to $3,817,508 due to increased staff from the Cuentas SDI acquisition[255] - General and Administrative expense rose by $2,588,216 or 57.6% to $7,078,947, driven by increased insurance and processing fees[257] Net Loss - The company recognized a net loss of $23,273,939 for the year ended December 31, 2023, an increase of $15,486,670 compared to the previous year[259] Cash and Liquidity - Cash used for investing activities was $2,080,113, including $850,000 for the purchase of an 80.01% interest in Cuentas SDI, LLC[263] - At December 31, 2023, the company had cash of $179,006 and negative working capital of $5,413,927[265] - The company believes it has sufficient liquidity to sustain operations for at least twelve months following the filing of the Annual Report due to improved transaction volume trends and capital raises[270] Business Expansion - The company formed OLBit, Inc. and DMINT, Inc. to expand into money transmission and Bitcoin mining, respectively[247][248]