2012 Q2 Form 10-Q Financial Statement

#000114420412026390 Filed on May 07, 2012

View on sec.gov

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2012Q1	us-gaap	Assets Assets	210087
CY2012Q1	us-gaap	Common Stock Value CommonStockValue	715
CY2012Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	7155548	shares
CY2011Q1	us-gaap	Cash Cash	859
CY2012Q1	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	4965
CY2012Q1	us-gaap	Liabilities Current LiabilitiesCurrent	318799
CY2012Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-13078383
CY2011	us-gaap	Adjustments To Additional Paid In Capital Other AdjustmentsToAdditionalPaidInCapitalOther	66087
CY2011Q4	us-gaap	Cash Cash	845
CY2011	us-gaap	Net Income Loss NetIncomeLoss	-679491
CY2011	olbg	Adjustments To Additional Paid In Capital Original Issue Discount AdjustmentsToAdditionalPaidInCapitalOriginalIssueDiscount	16667
CY2011Q1	us-gaap	Gross Profit GrossProfit	30015
CY2011Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities
CY2011Q1	us-gaap	Income Taxes Paid IncomeTaxesPaid
CY2011Q1	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	-137864
CY2011Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-10049
CY2011Q1	us-gaap	Cost Of Goods And Services Sold CostOfGoodsAndServicesSold	17448
CY2011Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	60560
CY2011Q1	us-gaap	Interest Expense InterestExpense	65
CY2011Q4	us-gaap	Preferred Stock Value PreferredStockValue
CY2011Q4	us-gaap	Stockholders Equity StockholdersEquity	-10399
CY2012Q1	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	7155548	shares
CY2012Q1	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	50000000	shares
CY2012Q1	us-gaap	Assets Current AssetsCurrent	169
CY2012Q1	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding		shares
CY2012Q1	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2012Q1	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	12968956
CY2012Q1	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	55865
CY2012Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	210087
CY2012Q1	us-gaap	Preferred Stock Value PreferredStockValue
CY2012Q1	us-gaap	Stockholders Equity StockholdersEquity	-108712
CY2012Q1	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	7155548	shares
CY2012Q1	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2012Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet
CY2012Q1	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	200000000	shares
CY2012Q1	us-gaap	Liabilities Liabilities	318799
CY2012Q1	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	204953
CY2012Q1	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	262934
CY2012Q1	us-gaap	Cash Cash	169
CY2010Q4	us-gaap	Stockholders Equity StockholdersEquity	525980
CY2010Q4	us-gaap	Cash Cash	3908
CY2011Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	4965
CY2011Q4	us-gaap	Liabilities Current LiabilitiesCurrent	289230
CY2011Q4	us-gaap	Common Stock Share Subscribed But Unissued Subscriptions Receivable CommonStockShareSubscribedButUnissuedSubscriptionsReceivable	50000
CY2011Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-12930070
CY2011Q4	us-gaap	Assets Assets	278831
CY2011Q4	us-gaap	Common Stock Value CommonStockValue	715
CY2011Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	7155548	shares
CY2011Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	50000000	shares
CY2011Q4	us-gaap	Assets Current AssetsCurrent	845
CY2011Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding		shares
CY2011Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2011Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	12968956
CY2011Q4	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	84055
CY2011Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	278831
CY2011Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	7155548	shares
CY2011Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.01
CY2011Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet
CY2011Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	200000000	shares
CY2011Q4	us-gaap	Liabilities Liabilities	289230
CY2011Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	273021
CY2011Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	205175
CY2011Q1	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	7000
CY2011Q1	us-gaap	Net Income Loss NetIncomeLoss	-137929
CY2011Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-65
CY2011Q1	us-gaap	Officers Compensation OfficersCompensation	68750
CY2011Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.02
CY2011Q1	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	67320
CY2011Q1	us-gaap	Sales Revenue Net SalesRevenueNet	47463
CY2011Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	6419830	shares
CY2011Q1	us-gaap	Cash Period Increase Decrease CashPeriodIncreaseDecrease	-3049
CY2011Q1	us-gaap	Interest Paid InterestPaid
CY2011Q1	us-gaap	Operating Expenses OperatingExpenses	167879
CY2011Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	31809
CY2011Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	7000
CY2012Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2012Q1	dei	Trading Symbol TradingSymbol	OLBG
CY2012Q1	dei	Entity Registrant Name EntityRegistrantName	OLB GROUP, INC.
CY2012Q1	dei	Amendment Flag AmendmentFlag	false
CY2012Q1	dei	Entity Filer Category EntityFilerCategory	Smaller Reporting Company
CY2012Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2012
CY2012Q1	dei	Document Type DocumentType	10-Q
CY2012Q1	dei	Document Period End Date DocumentPeriodEndDate	2012-03-31
CY2012Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001314196
CY2012Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2012Q1	us-gaap	Gross Profit GrossProfit	13996
CY2012Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	50000
CY2012Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	7155548	shares
CY2012Q1	us-gaap	Cash Period Increase Decrease CashPeriodIncreaseDecrease	-676
CY2012Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities
CY2012Q1	us-gaap	Income Taxes Paid IncomeTaxesPaid
CY2012Q1	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	-153922
CY2012Q1	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-50676
CY2012Q1	us-gaap	Cost Of Goods And Services Sold CostOfGoodsAndServicesSold	14585
CY2012Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>NOTE 1 - BACKGROUND</b></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 45pt; FONT: 10pt Times New Roman, Times, Serif"> The company incorporated in the State of Delaware on November 18, 2004 for the purpose of merging with OLB.com (On-line Business), Inc., a New York corporation incorporated in 1993 (OLB.com&#x201D;). The merger was done for the purpose of changing our state of incorporation from New York to Delaware.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 45pt; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 45pt; FONT: 10pt Times New Roman, Times, Serif"> As result of the merger, the Company acquired all of the assets of OLB.com, including its intellectual property assets. In connection with the merger, each of the former common and preferred stockholders of OLB.com received five shares of our common stock in exchange for each outstanding share of OLB.com</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 45pt; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 45pt; FONT: 10pt Times New Roman, Times, Serif"> The company is authorized to issue 200,000,000 shares of common stock, par value $0.0001 per share, and 50,000,000 shares of preferred stock, par value $0.01 per share. We currently have 7,155,548 shares of common stock issued and outstanding. No shares of preferred stock are currently outstanding. Our fiscal year end date is December 31.</p> </div>
CY2012Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	29569
CY2012Q1	us-gaap	Net Income Loss NetIncomeLoss	-148313
CY2012Q1	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	5609
CY2012Q1	us-gaap	Officers Compensation OfficersCompensation	68750
CY2012Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.02
CY2012Q1	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	5609
CY2012Q1	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	68068
CY2012Q1	us-gaap	Sales Revenue Net SalesRevenueNet	28581
CY2012Q1	us-gaap	Interest Paid InterestPaid
CY2012Q1	us-gaap	Operating Expenses OperatingExpenses	167918
CY2012Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	31100
CY2012Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	50000
CY2012Q1	olbg	Common Stock Value Subscriptions CommonStockValueSubscriptions	50000

Files In Submission

Name	View Source	Status
0001144204-12-026390-index-headers.html	Edgar Link	pending
0001144204-12-026390-index.html	Edgar Link	pending
0001144204-12-026390.txt	Edgar Link	pending
0001144204-12-026390-xbrl.zip	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xls	Edgar Link	pending
olbg-20120331.xml	Edgar Link	completed
olbg-20120331.xsd	Edgar Link	pending
olbg-20120331_cal.xml	Edgar Link	unprocessable
olbg-20120331_def.xml	Edgar Link	unprocessable
olbg-20120331_lab.xml	Edgar Link	unprocessable
olbg-20120331_pre.xml	Edgar Link	unprocessable
R1.htm	Edgar Link	pending
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report.css	Edgar Link	pending
Show.js	Edgar Link	pending
v311856_10q.htm	Edgar Link	pending
v311856_ex31-1.htm	Edgar Link	pending
v311856_ex31-2.htm	Edgar Link	pending
v311856_ex32.htm	Edgar Link	pending