Exceeding expectations: OLB Group ($OLB) first quarter financial results.

OLB Group, Inc. ($OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, announced today its financial results for the First Quarter ending March 31, 2023.

Key Financial Highlights for Q1 2023 as Compared to Q1 2022

• Revenue was $6.6 million for the quarter, compared to $8.8 million in the prior year quarter.
• Net loss increased to $2.6 million compared to $1.6 million in prior year quarter
• Adjusted EBITDA decreased by $1.4 million to $752 thousand.
• Net loss per basic and diluted common share increased by $0.06 to ($0.17) for the quarter vs. ($0.11) in prior year quarter

Key Business Highlights for Q1 2023

• DMint has relocated the Company's 1,000 ASIC miners to the Selmer, TN location.
• Stand-alone audit of DMint in process with expected completion date of May 31,2023
• Deliveries of all hardware, such as transformers, have been delivered to the Selmer, TN location.
• Completed new, updated version of software for sports and entertainment venues.

Point of sale (POS) system was completed and will be deployed to bodega / convenience store channel starting in Q2 2023.

The decrease in revenue was a result of termination of merchants that have been boarded not within compliance to the credit card brand rules prior to OLB purchase of the portfolio. The removal of the merchants is subject of ongoing litigation with FFS Data Corp.

Ronny Yakov, CEO of OLB Group, said, "Once we have completed our stand-alone audit of DMint, we can proceed with the planned spinoff of that subsidiary to OLB shareholders. We also are looking forward to announcing more information on our initiatives in the bodega and convenience store sector which we expect to provide a healthy contribution to our recurring revenues once our POS system begins to be deployed."

About The OLB Group, Inc.

The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states. DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin in a facility in Tennessee utilizing sustainable hydroelectric and solar power.

For more information about The OLB Group, please visit https://www.olb.com

Safe Harbor Statement

All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on operations and financial condition, ability to implement proprietary merchant boarding and CRM system and to roll out Omni Commerce and SecurePay applications, including payment methods, to current merchants and the integration of secure payment gateway with crowdfunding platform, ability to successfully launch a cryptocurrency mining operation and ability to earn revenue from the new operations. While the Company's management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Company's most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.

https://www.accesswire.com/755273/OLB-Group-Announces-Financial-Results-for-First-Quarter-2023

UNFAZED NFT Art Drop Live on Nifty Gateway May 17 at 6:30pm EST

UNFAZED NFT Art Drop Live on Nifty Gateway May 17 at 6:30pm EST

UNFAZED NFT Art Drop

GNAMP x Free-HY Colab Featuring Art from NFT Art Gallery’s Collection

Somewhere off in a Distant Galaxy is a Crypto OG who Loves Supporting Digital Artists and Buying NFT Art. Each Day the OG Needs to Harvest Energy Pods to Keep his NFT Adventure in Motion. He Does All This Unfazed Amongst the Chaotic Market Forces Symbolized by Whales, Bears, Shrimp and Bulls 🐳🐻🦐🐂

This drop is the culmination of well over a year’s work. We are very proud and excited to present a piece of ourselves in this work. The last few years have been a very trying time, in which faith was tested. With everything going on around us and fiscal market forces, it is easy to get lost; many times we had to remind ourselves why we are here and that much of what crypto and NFTs are going through is because of unfavorable market forces: Inflation, High Interest Rates, and Fiscal Policy. So as the Unfazed OG Alien, we have been undeterred by the market forces — whales, shrimp, bulls and bears. We continue on into the future without blinking, supporting digital artists and purchasing NFTs. We have faith in the Future and Blockchain. NFT Art Gallery’s Collection is a great example of having faith, supporting the scene, and HODLING.

For this community/collector generated NFT Drop, I provided some of my favorite NFT art from my collection including Fvckrender, Mad Dog Jones, Ness Graphics, Fewocious, Hackatao, DotPigeon, Steve Aoki, Antoni Tudisco, Steven Baltay, Victor Mosquerar, TedsLittleDream, EM!, CryptoSpectr & Awkward Astronaut's Lambo.

----

About the Artist

GNAMP

Dominic McGough hails from Durham, England. Known online as “Gnamp”, he has been interested in computer programming and graphics since early childhood. In his formative years, during the height of the 8-bit era of computing, Gnamp made a variety of animations, tech-demos, and computer games. At the time, it was a peculiar pastime he shared with his mother who had taught him BASIC and assembly language.

Having been somewhat obsessed with Disney’s Tron and early Pixar shorts such as Red’s Dream, Knick-Knack and Luxo Jr, Gnamp began experimenting with various art packages for the ZX Spectrum and Amstrad CPC 6128 micros. After acquiring a Commodore Amiga in the early 1990s, he started to master 3D and ray-traced computer imagery and animation and began developing his unique graphical style. After cutting his teeth on Sculpt 3D, Imagine, Lightwave 3D and POV-ray, he moved from Wings3D and Anim8or to Maya and 3DSMax before eventually settling on Blender and Houdini.

He supported himself financially while at university by creating music videos for raves and concerts, which led to more general graphics work for local businesses and associations. After university, he began working as a security guard, which afforded him the time and opportunity to continue making video games and writing and recording music…then he became a probation officer, which did not!

In his mid-twenties, Gnamp pursued his post-graduate study at law school. After a few years in the wilderness of the legal world, he decided to pursue his lifelong hobby professionally by founding a tech company. He now works full-time as a computer-graphics designer, illustrator, and animator, specialising in 3D-printable models, product demos and NFTs.

Gnamp is an amazing digital artist. For years, he’s been working in the shadows, but now is his moment to shine. Many artists in our space have worked with him to help level him up. He’s currently doing the art for many NFT projects and has been gearing up for his Genesis Drop for quite some time. Gnamp has many works he is ready to release in the near future.

Free-HY

Free-Hy has been involved with crypto since 2013. From building a collection of over 4,000 NFTs from other artists to ICOs, DeFi, and mining Bitcoin, he’s tried it all and keeps coming back for more. He have immense faith in Web3 and truly believes that the faithful will be rewarded.

As with all of Free-Hy’s art, this collection is designed to be aesthetically pleasing. Each piece is created to provide the viewer/collector with an everlasting natural high.

All NFTs will have Future Utility. The Faithful and Loyal will be Rewarded. Parties and much more are in our Future🎉

 — -

Ohio native Richard Scheufler, otherwise known as NFT Art Gallery and Free-HY, has always focused on amping up positive energy, bringing happiness to those around him, and making the world a better place. He has been creating music and art for over 20 years as Free-HY.

“Many years ago, I was listening to a track I just created on the 808 while crawling along slowly in a traffic jam. I passed an old man leaning against a tree. When he heard my music, he was infused with energy and started dancing. He received a free natural high and the name Free-HY was born. I strive to capture the same magic in my art as I do in my music. I focus on the aesthetics of the art. If done well, just like in music, aesthetics have the power to provide a free high to the viewer.”

 — -

10% of proceeds from this drop and a portion of all future primary and secondary sales will be donated to the Marketing Foundation’s NFT Artist Boost Initiative, marketing and advising Digital/NFT artists to help them break through and level up.

The Marketing Foundation is a 501(c)3 nonprofit. 10% of the purchase price is tax-deductible.

Learn more about The Marketing Foundation NFT Artist Boost Initiative

 — -

Free-HY got his start in digital art creating logos for clients of the marketing agency he founded. Drawing on his experience as a collector and adviser in the Web3/NFT space, he has created HODLNOMICs to reward the most loyal holdlers. This includes unannounced wallet snapshots, airdrops, and next-level utility/events. The faithful will be rewarded.

Together, We Build The Future <> LFGGG💗🔥🚀

Link to GNAMP’s Twitter

Linktree

Link to Free-Hy’s Website

Free-HY TV News Story 1

Free-HY News Story 2

Link to NFT Art Gallery’s Website

NFT Art Gallery News

1 btc by massive gaming, whoa!

looks like they're giving away 1 btc, that's a lot coming from them

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saw it from the twitter https://massivegaming.club/Twitter_Reddit1

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https://preview.redd.it/awcln14rfa0b1.png?width=542&format=png&auto=webp&v=enabled&s=e174d1eeb43532dcc3addf3453f9d36446aba1a7

https://massivegaming.club/1BTC_reddit

At least the new Ledger product description is honest: “Comes equipped with Ledger Recover, a way for us to safely access your seed phrase in the event that you or the SEC may request it.”

https://i.redd.it/wz72cx4kva0b1.jpg

𝗗𝗮𝗶𝗿𝘆 𝗽𝗿𝗶𝗰𝗲𝘀 𝗱𝗼𝗻'𝘁 𝗵𝗲𝘀𝗶𝘁𝗮𝘁𝗲; 𝗨𝗦 𝗿𝗲𝘁𝗮𝗶𝗹 𝗴𝗿𝗼𝘄𝘁𝗵 𝘄𝗲𝗮𝗸; 𝗨𝗦 𝗳𝗮𝗰𝘁𝗼𝗿𝗶𝗲𝘀 𝗯𝘂𝘀𝗶𝗲𝗿, 𝗵𝗼𝗺𝗲 𝗯𝘂𝗶𝗹𝗱𝗲𝗿𝘀 𝗰𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝘁; 𝗖𝗵𝗶𝗻𝗮 𝗿𝗲𝘁𝗮𝗶𝗹 𝗯𝗼𝘂𝗻𝗰𝗲 𝗯𝗮𝗰𝗸; 𝘀𝗲𝗻𝘁𝗶𝗺𝗲𝗻𝘁 𝘀𝗹𝘂𝗺𝗽𝘀 𝗶𝗻 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮

There was another dairy auction this morning and it was a dull affair. Volumes sold were lowish, and the key WMP price was little-changed. Overall prices slipped -0.9% in USD terms and -1.3% in NZD terms. Butter rose +2.2%, but cheese fell -3.4% and SMP fell -1.6%.

Perhaps the only implication that can be drawn from this late-season event is that there seems resurgence Chinese demand based on their foodservice sector is still quite absent.

American retail sales disappointed for April. A good rebound from the weak March -0.7% slip was expected, and while they did advance, it was by only half the anticipated level. Still the annualised rate of increase from March to April was solid and better than it has been.

https://preview.redd.it/zo2i6yw3390b1.jpg?width=1080&format=pjpg&auto=webp&v=enabled&s=d64959b16dec87e5c359a5410f6fe42438eee47b

But for year on year, there has been virtually no increase, so this sector is failing to keep pace with inflation over the longer run at an increasingly worrying rate. And this weakness is confirmed by the weekly same-story monitoring.

Last week was only +1.6% ahead of the same week a year ago, again nowhere near enough to account for inflation.

If there is a bright spot, it is car sales, and these are expected to stay healthy for a while yet.

And that will help American industrial production which did turn in a better than expected April result. It rose +0.5% in April from March, but that is inflation adjusted. This clawed back some earlier weakness in 2023. But it was the production of business equipment that kept this elevated in April.

Even better is the turn up in confidence by American home builders. They haven't been this bullish in almost a year.

Of course the debt-default theater is still playing out in Washington with talking points hardening on both sides. The business community is imploring Congress to act soon.

***COMIC: U.S. Faces Default Risk As Officials Warn Of Catastrophic Impact On The Economy If Debt Ceiling Isn’t Raised By Deadline***

https://preview.redd.it/knrudb3b390b1.jpg?width=1080&format=pjpg&auto=webp&v=enabled&s=eaabf76e2a5a4c062f08cad270a900268e07783f

China said its retail sales rose in April by a strong amount, up +18% above year ago levels. But remember retail sales were down more than -11% in April 2022. That is only a +5.3% gain above April 2021.

In that same period, consumer price inflation rose +1.6%, so there are real gains here. This 2023 year-on-year gain underpins the good service sector expansion there.

China also reported that industrial production rose by +5.6% year-on-year in April, but this was below market forecasts of an +11% rise, so it comes with a tinge of disappointment. But it is faster than the 3.9% rise in March and it was the fastest growth in industrial production since last September.

Looking behind this production, we see that electricity production was up +6.1%. Their domestic coal production was up only +4.1% but imported coal was 140 mln tonnes in April, a year-on-year increase of +89%.

And while the rumours of new stimulus have come and gone quickly this week, local analysts expect the Chinese central bank to reduce interest rates again and loosen monetary policy following the April decline in lending to households. "Something has to be done."

Fitch Ratings has affirmed Australia's Long-Term Foreign-Currency Issuer Default Rating at 'AAA' with a Stable Outlook. Currently Moody's have Australia rated , and S&P have them rated AAA too. Australia is only one of nine countries to be rated AAA by all three major credit rating agencies.

Consumer sentiment slumped in May in Australia, according to the Westpac-MI survey. It dropped by almost -8% from the prior month when only a -1.7% fall was expected. But recall it did jump more than +9% in April.

Since April they have had another rate increase when none was expected, and they had a Budget that is being seen as more restrained than expected.

This sentiment result highlights continuing pessimism among households, and especially low income renter households, at levels that first arrived in November and hasn't really shown any sustained improvement from then. This overall pessimism is reflected in new home sales remaining at rock bottom levels.

And staying in Australia, investment banks are getting ready to pitch be the one to sell the 18% shareholding in Auckland Airport held by Auckland Council.

The price of gold will start today at US$1989/oz and down -US$29 in a day.

And oil prices are a bit softer from yesterday to be just und US$71/bbl in the US. The international Brent price is now under US$75/bbl.

The Kiwi dollar is little-changed against the USD from yesterday and now just over 62.3 USc. Against the Aussie we are up +½c at 93.6 AUc. Against the euro we are unchanged at 57.3 euro cents. That means the TWI-5 is now at 70.5 and up a mere +10 bps from this time yesterday.

The bitcoin price is marginally lower today, now at US$27,055 and down -1.5% from this time yesterday. Volatility over the past 24 hours has remained modest at just over +/- 1.2%.

***INFOGRAPHIC: The infographic shows how much oil has been and will be saved every day between 2015 and 2025 by various types of electric vehicles.***

https://preview.redd.it/nl9poyag390b1.jpg?width=1080&format=pjpg&auto=webp&v=enabled&s=1a0bf5e44aadfb68bd1e01c33d8a2cd419dd6fcc

On Tuesday, the New Zealand sharemarket made a small gain but it presently lacks conviction and direction as worries over inflation and rising interest rates persist.

Westpac economists now expect the official cash rate (OCR) to peak at 6 per cent by August, rather than the market consensus of 5.5 per cent, because of a surge in migration numbers.

Matt Goodson, managing director of Salt Funds Management, said inflation was still a concern.

“What we are seeing is that goods price inflation has peaked with transportation costs starting to decline, but the real problem is that costs have spilled over into services and the labour markets, particularly wage inflation.

“A key focus for financial markets is how the Government will relieve pressure on the cost of living in its Budget,” Goodson said. “It will likely be inflationary and make the Reserve Bank’s job harder, forcing interest rates even higher.

“It’s a difficult situation for the market. There are no free lunches here,” he said.

The Reserve Bank is expected to increase the OCR 25 basis points to 5.5 per cent when it delivers its latest monetary policy statement next Wednesday.

***MAP: A country’s trade balance represents the difference in its exports and imports of goods and services.***

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Auckland International Airport, up 2.5c to $8.83, continues to operate at 80-81 per cent of pre-Covid levels with 1.51 million (1.87 million in 2019) passengers moving through the terminals in March and 1.42 million (1.76 million) in April.

Manawa Energy, which sold its Trustpower retail business to Mercury last May for $467m, was down 8c to $4.90 after reporting net profit of $444.36m, up 271 per cent, on revenue of $490.891m, down 59 per cent, for the year ending March. Manawa is paying a final dividend of 8.5c a share on June 16.

Total operating earnings (ebitdaf) were $140m, at the top end of the company’s guidance, and electricity generation was 1917 gigawatt hours, up 9 per cent on the previous year.

Manawa’s pipeline of wind and solar developments has increased more than 900 megawatts over the past 11 months. The company told the market it was on track to double its generation by 2030.

KMD Brands, down 1c to $1.09, has arranged a three and a half year NZ$310m revolving facility consisting of A$240m and NZ$54m. The multi-currency facility is linked to KMD’s environmental, social and governance objectives.

TruScreen Group, unchanged at 3.2c, told the market its optical electrical technology has been included in China’s cervical cancer screening guideline by the Chinese Society of Colposcopy and Cervical Pathology.

Source: NZ Herald

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***CHART: E-commerce penetration or the percentage of total retail sales made online, varies significantly from country to country.***

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Why isn’t $XNO gaining traction?

I’m amazed that Nano has continued to slide down the rankings – and out of the mainstream crypto conversation – over the past 12 months or so. It literally makes no sense. It performs the exact role that Bitcoin was meant to – in terms of it being fast, digital money – but can now never accomplish due to its inability to scale. It is also many orders or magnitude less damaging in terms of its environmental sustainability and the carbon emissions associated with transactions. AND, it has no fees, in a sectoral landscape wherein fees are a huge problem and barrier to entry. The recent developments to improve Nano’s ability to withstand spam attacks and to reduce bloat have only improved the situation and I’m sure the network could handle a very decent amount of throughput even now, where its capabilities will only improve other time.

It just makes no sense to me that literally not one influencer or big voice in the crypto land has latched onto it. The only explanation is human greed. Perhaps no-one thinks there is anything in it for them because it lacks DeFi, staking, and such like. But surely there aren’t many tokens with a bona fide price increase potential from here, which Nano has if the right conditions are met. It feels like we are living in an alternate reality if a coin that is fast, feeless, and has very low environmental impact can’t cut through the noise in this irrational market. That said, out of all the projects out there, Nano still feels to me like one of the very few that retains a legitimate purpose, because 99% plus of the others are utter garbage; in fact, worse still, they are actual Ponzi scheme cons. However, I do think we need a major adoption event soon as eventually something bigger and better will come along. That’s the nature of the beast and if we don’t see big actors embracing and using Nano soon for business purposes I do fear it fading away into obscurity, which would be a shame given the potential.

I’m not technical so I still don’t fully understand the strategy going forwards. People have been talking about Nano being self-sustaining once it achieves ‘commercial grade’ but I don’t know what that means, or what version of the network and coding will see that happen. Is it version 26, 30, or are we still years away from that point? In the meantime, is Nano unusable for high numbers of transactions? I just don’t know to be honest. All I do know is that I’m disappointed in the crypto space that it’s 2023 and useless tech like Bitcoin still predominates, alongside puerile rubbish like meme coins, but I guess that’s symptomatic of the completely bizarre society we live in, where no-one cares about climate change or biodiversity loss enough to take any personal responsibility, even though it could condemn their children to a dystopian future, and people allow mountains of rubbish and filth to build up around them, with zero &@£$s given. Totally mental (and sad) time to be alive to be honest.

TOP-3 Assets To Look out for in Case of US Default

TOP-3 Assets To Look out for in Case of US Default

Bloomberg writes that the risk of default is higher than ever, adding that according to Janet Yellen, she has no plan for the fact that the national debt ceiling will not be raised. The Treasury secretary, who worked at the Fed in 2011 when the situation was similar, said she was focusing on working with Congress to raise the ceiling.

With the denouement looming, Bloomberg polled more than 600 finance professionals between May 8 and May 12 for the best safe haven asset in the event of a default.

→ Top 1. Gold. More than half of the respondents said they would buy gold if the US government failed to meet its obligations.

→ Top 2. US bonds. It's a little paradoxical to buy bonds of a defaulting government. The logic is that bond payments take precedence — bond holders are usually paid, albeit late.

In third place, one could expect the Japanese yen or the Swiss franc. However…

→ Top 3. Bitcoin. Its price has increased by about 65% since the beginning of the year.

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#bitcoin #bitcoinnews #FXOpen

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more:
https://fxopen.com/blog/en/oa-top-3-assets-to-look-out-for-in-case-of-us-default/