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v3.19.3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2019 | Jun. 30, 2018 | [1] | Apr. 08, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | [2] | Dec. 31, 2018 | Dec. 31, 2017
Revenue: |  |  |  |  |  |  |
Transaction and processing fees | $ 2,546,340 | $ 3,169,647 |  | $ 5,122,624 | $ 3,169,647 | $ 8,863,008 |
Merchant equipment sales and other | 29,414 | 17,835 |  | 37,824 | 17,835 | 35,756 |
Other revenue | 6,186 | 39,483 |  | 12,386 | 116,508 | 121,112 | 183,998
Total revenue | 2,581,940 | 3,226,965 |  | 5,172,834 | 3,303,990 | 9,019,876 | 183,998
Operating expenses: |  |  |  |  |  |  |
Processing and servicing costs, excluding merchant portfolio amortization | 1,678,548 | 2,092,527 |  | 3,396,646 | 2,096,624 | 5,992,619 | 19,398
Amortization expense | 178,782 | 227,677 |  | 406,429 | 227,677 | 541,904 |
Salaries and wages | 366,602 | 422,481 |  | 801,395 | 578,731 | 1,401,192 | 525,000
Outside commissions | 34,442 | 104,827 |  | 75,311 | 104,827 | 181,510 |
General and administrative expenses | 488,209 | 511,883 |  | 761,231 | 554,895 | 1,435,717 | 274,996
Impairment of goodwill |  |  |  |  |  |  |
Total operating expenses | 2,746,583 | 3,359,395 |  | 5,441,012 | 3,562,754 | 9,552,942 | 819,394
Income (loss) from operations | (164,643) | (132,430) |  | (268,178) | (258,764) | (533,066) | (635,396)
Other Income (Expense): |  |  |  |  |  |  |
Interest expense | (215,765) | (187,907) |  | (429,515) | (188,203) | (800,467) |
Interest expense, related party | (93,035) |  |  | (183,239) |  | (82,849) | (26,901)
Gain on settlement of payables |  |  |  |  |  | 16,039 |
Other income | 605 |  |  | 1,149 |  | 6,799 |
Total other expense | (308,195) | (187,907) |  | (611,605) | (188,203) | (860,478) | $ (26,901)
Net Loss | $ (472,838) | $ (320,337) |  | $ (879,783) | $ (446,967) | $ (1,393,544) |
Net loss per share, basic and diluted | $ 0 | $ 0 |  | $ (0.01) | $ 0.00 | $ (0.01) | $ 0.00
Weighted average shares outstanding, basic and diluted | 163,833,226 | 109,126,268 |  | 163,128,672 | 162,336,414 | 162,343,378 | 155,996,684
Predecessor |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |
Transaction and processing fees |  |  | $ 3,164,949 |  |  |  | $ 14,656,301
Merchant equipment sales and other |  |  | 9,590 |  |  |  | 251,408
Other revenue |  |  |  |  |  |  |
Total revenue |  |  | 3,174,539 |  |  |  | 14,907,709
Operating expenses: |  |  |  |  |  |  |
Processing and servicing costs, excluding merchant portfolio amortization |  |  | 1,748,141 |  |  |  | 9,395,994
Amortization expense |  |  | 90,739 |  |  |  | 362,956
Salaries and wages |  |  | 374,345 |  |  |  | 2,782,079
Outside commissions |  |  | 508,296 |  |  |  | 336,290
General and administrative expenses |  |  | 367,524 |  |  |  | 3,969,301
Impairment of goodwill |  |  |  |  |  |  | 7,914,269
Total operating expenses |  |  | 3,089,045 |  |  |  | 24,760,889
Income (loss) from operations |  |  | 85,494 |  |  |  | (9,853,180)
Other Income (Expense): |  |  |  |  |  |  |
Interest expense |  |  | (832,564) |  |  |  | (3,836,495)
Interest expense, related party |  |  |  |  |  |  |
Gain on settlement of payables |  |  |  |  |  |  |
Other income |  |  | 908 |  |  |  | (131,846)
Total other expense |  |  | (831,656) |  |  |  | (3,968,341)
Net Loss |  |  | $ (746,162) |  |  |  | $ (13,821,521)
Net loss per share, basic and diluted |  |  |  |  |  |  | $ (0.14)
Weighted average shares outstanding, basic and diluted |  |  |  |  |  |  | 100,482,497
[1] | Includes the consolidated results from operations of (a) OLB, CrowdPay and Omnisoft from April 1, 2018 through June 30, 2018 and (b) of the net assets acquired from Excel Corporation (the "Predecessor") from April 9, 2018 through June 30, 2018 as disclosed in Note 1.
[2] | Includes the consolidated results from operations of (a) OLB, CrowdPay and Omnisoft from January 1, 2018 through June 30, 2018 and (b) of the net assets acquired from the Predecessor from April 9, 2018 through June 30, 2018 as disclosed in Note 1.

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