XML 78 R4.htm IDEA: XBRL DOCUMENT 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.