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v3.20.1

Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2020 | Mar. 31, 2019 | Apr. 08, 2018 | Dec. 31, 2019 | Dec. 31, 2018
Revenue: |  |  |  |  |  |
Transaction and processing fees | $ 2,336,479 | $ 2,576,284 |  | $ 10,177,931 | $ 8,863,008 | [1]
Merchant equipment sales and other | 20,262 | 8,410 |  | 88,797 | 35,756 | [1]
Other revenue from monthly recurring subscriptions | 257,252 | 6,200 |  | 24,796 | 121,112 | [1]
Total revenue | 2,613,993 | 2,590,894 |  | 10,291,524 | 9,019,876 | [1]
Operating expenses: |  |  |  |  |  |
Processing and servicing costs, excluding merchant portfolio amortization | 1,720,413 | 1,718,098 |  | 6,723,666 | 5,992,619 | [1]
Amortization expense | 203,214 | 227,647 | $ 90,739 | 812,857 | 541,904 | [1]
Salaries and wages | 400,188 | 434,793 |  | 1,490,762 | 1,401,192 | [1]
Outside commissions | 41,435 | 40,869 |  | 115,584 | 181,510 | [1]
General and administrative expenses | 473,932 | 273,022 |  | 1,417,518 | 1,435,717 | [1]
Total operating expenses | 2,839,182 | 2,694,429 |  | 10,560,387 | 9,552,942 | [1]
(Loss) income from operations | (225,189) | (103,535) |  | (268,863) | (533,066) | [1]
Other Income (Expense): |  |  |  |  |  |
Interest expense | (216,125) | (213,750) |  | (866,875) | (800,467) | [1]
Interest expense, related party | (101,316) | (90,204) |  | (382,279) | (82,849) |
Gain from settlement |  |  |  | 172,390 |  | [1]
Gain on settlement of payables |  |  |  |  | 16,039 | [1]
Other income | 423 | 544 |  | 2,215 | 6,799 | [1]
Total other expense | (317,018) | (303,410) |  | (1,074,549) | (860,478) | [1]
Net Loss | $ (542,207) | $ (406,945) |  | $ (1,343,412) | $ (1,393,544) | [1]
Net loss per share, basic and diluted | $ (0.10) | $ (0.08) |  | $ (0.25) | $ (0.26) | [1]
Weighted average shares outstanding, basic and diluted | 5,471,606 | 5,414,127 |  | 5,452,626 | 5,411,446 | [1]
Predecessor |  |  |  |  |  |
Revenue: |  |  |  |  |  |
Transaction and processing fees |  |  | 3,164,949 |  |  |
Merchant equipment sales and other |  |  | 9,590 |  |  |
Other revenue from monthly recurring subscriptions |  |  |  |  |  |
Total revenue |  |  | 3,174,539 |  |  |
Operating expenses: |  |  |  |  |  |
Processing and servicing costs, excluding merchant portfolio amortization |  |  | 1,748,141 |  |  |
Amortization expense |  |  | 90,739 |  |  |
Salaries and wages |  |  | 374,345 |  |  |
Outside commissions |  |  | 508,296 |  |  |
General and administrative expenses |  |  | 367,524 |  |  |
Total operating expenses |  |  | 3,089,045 |  |  |
(Loss) income from operations |  |  | 85,494 |  |  |
Other Income (Expense): |  |  |  |  |  |
Interest expense |  |  | (832,564) |  |  |
Interest expense, related party |  |  |  |  |  |
Gain from settlement |  |  |  |  |  |
Gain on settlement of payables |  |  |  |  |  |
Other income |  |  | 908 |  |  |
Total other expense |  |  | (831,656) |  |  |
Net Loss |  |  | $ (746,162) |  |  |
[1] | Includes the consolidated results from operations of OLB, CrowdPay and Omnisoft from January 1, 2018 through December 31, 2018 and the net assets acquired from GACP from April 9, 2018 through December 31, 2018.

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