Item 1.01 Entry into a Material Definitive Agreement.
On January 11, 2022, The OLB Group, Inc. (the "Company") announced that DMINT,
Inc. ("DMINT"), a wholly owned subsidiary, had entered into two leases (the
"Leases") in Bradford, Pennsylvania relating to a combined 10,000 square feet of
property located at the Bradford Regional Airport Authority multi-tenant
building in Lafayette Township. Located in an industrial park adjacent to the
Bradford Regional Airport in Bradford, Pennsylvania to eliminate potential noise
complaints, the facility is in the process of being converted into a
cryptocurrency mining data center powered on the local power grid in tandem with
natural gas power. The location will be used for DMINT's mining operation with
capacity for up to 2,000 Antminer S19j PRO machines.
The Leases are each for a term of five years, ending on the later of the date of
occupancy and November 10, 2026. The monthly base rent for "Cell 3", comprising
4,000 square feet, is $1,666.67 per month. The monthly base rent for "Cell 4",
comprising 6,000 square feet, is $2,500.00 per month. The total rent for the
entire lease term of the Leases is $250,00.00 and $8,767.85 is payable as a
security deposit. Copies of the Leases are filed as Exhibit 10.1 and 10.2
hereto.
The description of the transactions contemplated by the Lease set forth herein
does not purport to be complete and is qualified in its entirety by reference to
the full text of each of the exhibits filed herewith and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Exhibit Description
10.1 Lease Agreement dated November 10, 2021 between The Bradford
Regional Airport Authority and DMINT, Inc. related to "Cell 3" (4,000
square feet).
10.2 Lease Agreement dated November 10, 2021 between The Bradford
Regional Airport Authority and DMINT, Inc. related to "Cell 4" (6,000
square feet).
99.1 Press Release dated January 11, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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