|6 Months Ended|
Jun. 30, 2020
NOTE 4 - STOCKHOLDERS’ EQUITY
At The Market Offering Agreement
On July 19, 2019, we entered into an At The Market Offering Agreement (the “Agreement”) with H.C. Wainwright & Co., LLC (“H.C. Wainwright”) which establishes an at-the-market equity program pursuant to which we may offer and sell shares of our common stock, par value $0.0001 per share (“Common Stock”), from time to time as set forth in the Agreement. The Agreement provided for the sale of shares of our Common Stock (“Shares”) having an aggregate offering price of up to $7.5 million (the Company’s ability to offer shares under the Agreement is limited to the amount of shares it may sell pursuant to General Instruction I.B.6. of Form S-3).
During the six months ended June 30, 2020, 10,947,893 shares of common stock were issued under the Agreement for the total proceeds of approximately $7.1 million, net of offering cost of $0.3 million, and the Company has sold all shares possible under the Agreement.
Series B Convertible Preferred Stock
As of June 30, 2020, there was no share of Series B Convertible Preferred Stock outstanding.
Series E Preferred Stock
There was no Series E Convertible Preferred Stock outstanding as of June 30, 2020.
Common Stock Warrants
A summary of the status of the Company’s outstanding stock warrants and changes during the six months ended June 30, 2020 is as follows:
Common Stock Options
On May 5, 2020, the Compensation Committee of the Board of Directors held a meeting and approved bonuses and stock option grants for Directors and Officers for their contributions to the growth of Marathon Patent Group, Inc., for the year ended December 31, 2019. Total awards to be granted amounted to 1,158,138 restricted stock units at a price of $0.43 per unit with a term of one year, vesting quarterly in equal amounts, and (ii) cash award of $105,000 to Merrick Okamoto and $54,000 to David Lieberman. In addition, the Compensation Committee agreed to cancel 1,587,500 existing stock options for Directors, Officers and outside legal counsel, and replace them with 1,587,500 restricted stock units at a price of $0.43 per unit with a term of one year, vesting quarterly in equal amounts.
A summary of the stock options as of June 30, 2020 and changes during the period are presented below:
A summary of the restricted stock award activity for the six months ended June 30, 2020 as follows:
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef