OLB Group, Inc. (OLB) is a financial tech leading company dealing in ecommerce merchant services and bitcoin crypto-mining business. OLB’s digital platform delivers a comprehensive online commerce solution including web hosting, outbound marketing, transaction processing, and payment facilitation. The company also provides consultation services.
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The price of OLB during the regular early trading hours on January 13, 2022, was last checked to be $2.14 with a drop of 5.73%.
OLB: Events and Happenings
On January 13, 2022, OLB reported that one of its subsidiaries expected to take delivery of the initial four hundred supplementary Antminer S19j PRO Bitcoin mining machines. The company is likely to generate up to $1 million in increased monthly revenue.
OLB: CEO Comments
Speaking at the occasion, CEO of OLB Ronny Yakov said that upon the completion of the delivery of all machines, a total of cryptocurrency mining machines number will stand at 1,000. He further added that the company will be ordering periodically added machines on a routine basis.
On January 11, 2022, OLB reported about signing a long-term lease agreement for a 10,000 square foot mining operation having the capability of approximately 2,000 cryptocurrency mining machines. On December 1, 2021, OLB reported about its entry into an agreement of purchase of cannabidiol portfolio merchants which use the OLB’s SecurePay Payment method to regulate the payments.
OLB: Key Financials
On November 12, 2021, OLB reported its financial results for the third quarter ended September 30, 2021. Some of the key points are mentioned below
Revenue
Total revenue for Q3 2021 was $2.8 million as compared to $2.3 million for the same quarter of 2020. An increase of 22.3% was reported over the year.
Net Loss
Net loss for Q3 2021 was $0.9 million as compared to $0.6 for the same period the prior year.
On November 8, 2021, OLB reported the closure of its private placement consisting of 4,545,455 shares of its Common Stock and warrants to acquire approximately 4,545,455 shares of its Common Stock for the gross proceeds of up to $25 million.
Conclusion
OLB stock is 67% from the past six months due to the pandemic situation slowing down the economy. The current decline in the stock price is the result of an unfavorable market situation. Although the company is striving hard with regards to the pipeline partnership agreements, the stock of the company is falling. The analysts are suggesting the company make investor-based strong strategies.
