OLB Group, Announces Third Quarter Results

The OLB Group, Inc. (NASDAQ: OLB) ("OLB” or the "Company"), a FinTech company, has announced financial results for third quarter ended September 30, 2020 and is providing an update on other company developments.

OLB is a FinTech company and a payment facilitator that, through its subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium sized businesses and crowd funding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.

Financial Highlights

• Revenues for the nine months ended September 30, 2020 were $6,922,065.
• Adjusted EBITDA for the nine months ended September 30, 2020 was $157,748.

Highlights of financial results for the nine months ended September 30, 2020 (unaudited) are as follows:

		For the Nine Months Ended September 30, 2020
Total revenue		$	6,922,065
Total operating expenses		$	7,768,546
Loss from operations		$	(846,481)
Total other expense		$	(863,493)
Net Loss		$	(1,709,974)
Amortization and depreciation expense		$	616,813
Interest expense		$	865,397
EBITDA		$	(227,764)
Stock Based Compensation expenses		$