<SEC-DOCUMENT>0001213900-20-014393.txt : 20200903
<SEC-HEADER>0001213900-20-014393.hdr.sgml : 20200903
<ACCEPTANCE-DATETIME>20200608163617
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-20-014393
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OLB GROUP, INC.
		CENTRAL INDEX KEY:			0001314196
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				133712553
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 PARK AVENUE
		STREET 2:		SUITE 1700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		212-278-0900

	MAIL ADDRESS:	
		STREET 1:		200 PARK AVENUE
		STREET 2:		SUITE 1700
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>The OLB Group, Inc.<BR>
200 Park Avenue, Suite 1700<BR>
New York, NY 10166</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">June 8, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Office of Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Attention: Kathleen Collins, Accounting Branch Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Re:</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt; width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The OLB Group, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><B>Amendment No. 6 to Registration Statement on Form S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><B>Filed May 21, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><B>File No. 333-232368</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Ms. Collins,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The OLB Group, Inc. (the
&ldquo;<B>Company</B>&rdquo; or &ldquo;<B>we</B>&rdquo;) hereby transmits its response to the comment letter received from the
staff (the &ldquo;<B>Staff</B>&rdquo; ) of the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo; ),
dated June 4, 2020, regarding Amendment No. 6 to the Registration Statement on Form S-1 (the &ldquo;<B>Registration Statement</B>&rdquo;
) filed on May 21, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the Staff&rsquo;s convenience,
we have repeated below the Staff&rsquo;s comments in bold, and have followed each comment with the Company&rsquo;s response. Disclosure
changes made in response to the Staff&rsquo;s comments have been made in the Company&rsquo;s Amendment No. 7 to Registration Statement
on Form S-1 (the &ldquo;<B>Registration Statement</B>&rdquo;), which is being filed with the Commission contemporaneously with
the submission of this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Capitalization, page 53</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>We note that you are required to use 20% of the net proceeds from this offering to repay a portion of your indebtedness. Please confirm that you reflected the impact of this transaction in the capitalization table and revise the introductory paragraph to indicate that you are also giving effect to this transaction.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company confirms that
it has reflected the impact of repaying a portion of its indebtedness in the capitalization table and has revised the introductory
paragraph of the capitalization table in the Registration Statement to reflect the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Please revise the introductory paragraph to clarify that $3.0 million of long-term debt will be converted into Series A Preferred Stock along with $1,533,207 of interest, deferred salary and unreimbursed expenses. Also, disclose the significant terms of the Series A Preferred Stock.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has revised the Registration Statement
in accordance with the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">June 8, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Management's Discussion and Analysis of Financial Condition
and Results of Operations Liquidity and Capital Resources, page 59</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>You state that you believe you will be able to fund future liquidity and capital requirements through cash flows generated from your operating activities for a period of twelve months. However, you also state that you will be able to fund your liquidity needs after giving effect to the net proceeds of this offering. Please revise your disclosures throughout the filing to clarify this apparent inconsistency. Also, if the former statement is true, please explain the basis for such conclusion.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has revised the Registration Statement
to clarify that the Company will be able to fund future liquidity and capital requirements through cash flows generated from the
Company&rsquo;s operating activities for a period of twelve months, without giving effect to the offering. The Company has come
to this conclusion based on its current cash position and the implementation of certain cost cutting measures meant to reduce the
Company&rsquo;s operating expenses to offset the impact of COVID-19 on the Company&rsquo;s forecasted revenues. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Critical Accounting Policies, page 61</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>We note that you performed a quantitative assessment of your goodwill in the fourth quarter of fiscal 2019 and determined that goodwill was not impaired. Please tell us the percentage by which fair value exceeded the carrying value for each of your reporting units. To the extent any reporting unit is at risk of failing step one of the goodwill impairment test, disclose the percentage by which the fair value exceeded the carrying value as of the date of the most recent test and describe any potential events and/or changes in circumstances, such as the recent pandemic, that could reasonably be expected to negatively affect any key assumptions. If you have determined that the estimated fair value substantially exceeds the carrying value of your reporting units, please disclose such determination. Refer to Section V of SEC Release 33-8350.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company tests for indefinite lived intangibles
and goodwill impairment in the fourth quarter of each year and whenever events or circumstances indicate that the carrying amount
of the asset exceeds its fair value and may not be recoverable. In accordance with its policies, the Company utilized the services
of an independent appraisal firm to perform a quantitative assessment of indefinite lived intangibles and goodwill and determined
there was no impairment at December 31, 2019. For purposes of conducting the goodwill impairment evaluation, the Company was considered
as a single reporting unit. The fair value of goodwill at December 31, 2019 is indicated at $35.6 million compared to a carrying
amount of $6.9 million. Accordingly, goodwill exceeds its carrying amount by approximately 420%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">In connection with the response
to the COVID-19 pandemic in the United States, the Company has experienced certain disruptions to its business and has observed
disruptions for the Company&rsquo;s customers and merchants which has resulted in a decline in transaction volume and revenue which
will more than likely continue during the remainder of 2020. However, management does not believe that the decline will be significant
enough to materially impact the valuation of the goodwill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24pt">The Company has revised
the Registration Statement to include this disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Experts, page 96</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Please revise to include the reference to Liggett &amp; Webb, P.A. Refer to Item 10 of Form S-1.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has revised the Registration Statement
in accordance with the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Note 8. Notes Payable, page F-21</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Please revise to clarify that the third anniversary of the Term Loan is April 9, 2021.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has revised the Registration Statement
in accordance with the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">June 8, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Page 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Condensed Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Note 10. Subsequent Events, page F-44</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>We note from your Form 8-K filed on May 29, 2020 that certain assets constituting the Doublebeam business were purchased from POSaBIT Inc. on May 22, 2020. Please tell us the amount and form of consideration paid and to the extent material, revise to include a discussion of this transaction in your subsequent event disclosures. Refer to ASC 855-10-50-3.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">The Registration Statement has been amended to
add a discussion of the POSaBIT Inc. transaction that took place on May 22, 2020 (the &ldquo;<B>POSaBIT Transaction</B>&rdquo;).
The assets were purchased from POSaBIT Inc. for a total purchase price of $270,000 (the &ldquo;<B>Purchase Price</B>&rdquo;) with
$125,000 payable at closing of this transaction; (b) $25,000 payable within 90 days of the closing and (c) $120,000 payable within
180 days of the closing. The Purchase Price may be reduced by an amount that is equal to the percentage of the decrease in average
monthly revenue in the period from August 1, 2020 through October 31, 2020 compared with the period from March 1, 2020 through
April 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: justify; text-indent: 24pt">In addition, in the
event that a customer contract which is anticipated to result in the greatest revenue of all contracts acquired in the POSaBIT
Transaction is terminated by that customer, at its option, (1) within ninety (90) days from May 22, 2020, the second and third
instalment payments shall not become due and the Purchase Price will automatically be adjusted to $125,000 or (2) within 180 days
from May 22, 2020, the third instalment payment of the Purchase Price will not become due and owing and the Purchase Price will
automatically be adjusted to $150,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">**************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We thank the Staff for its review of the foregoing.
If you have further comments, we ask that you forward them by electronic mail to our counsel, Matthew Bernstein, Esq. at mbernstein@egsllp.com
or by telephone at (212) 370-1300.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 60%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Ronny Yakov</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ronny Yakov</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 60px; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cc:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Matthew Bernstein, Esq.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ellenoff Grossman &amp; Schole LLP</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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