Financials

v3.19.1
Consolidated Condensed Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,964,484 $ 2,551,171
Digital currencies 5,637
Prepaid expenses and other current assets 309,501 464,006
Total current assets 2,279,622 3,015,177
Other assets:    
Property and equipment, net of accumulated depreciation and impairment charges of $4,476,292 and $4,338,931 for March 31, 2019 and December 31, 2018, respectively 897,214 1,034,575
Right-of-use assets 358,332
Intangible assets, net of accumulated amortization of $83,039 and $65,245 for March 31, 2019 and December 31, 2018, respectively 1,126,961 1,144,755
Total other assets 2,382,507 2,179,330
TOTAL ASSETS 4,662,129 5,194,507
Current liabilities:    
Accounts payable and accrued expenses 1,168,469 1,235,444
Current portion of lease liability 80,971
Warrant liability 76,817 39,083
Convertible notes payable 999,106 999,106
Total current liabilities 2,325,363 2,273,633
Long-term liabilities    
Lease liability 178,574
Total long-term liabilities 178,574
Total liabilities 2,503,937 2,273,633
Commitments and Contingencies
Stockholders' Equity:    
Preferred stock, $0.0001 par value, 50,000,000 shares authorized, no shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively
Common stock, $0.0001 par value; 200,000,000 shares authorized; 6,385,405 and 6,379,992 issued and outstanding at March 31, 2019 and December 31, 2018, respectively 639 638
Additional paid-in capital 105,743,575 105,461,396
Accumulated other comprehensive loss (450,719) (450,719)
Accumulated deficit (103,135,303) (102,090,441)
Total stockholders' equity 2,158,192 2,920,874
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,662,129 $ 5,194,507

Source

v3.19.1
Consolidated Condensed Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues    
Total revenues $ 230,694 $ 239,967
Operating costs and expenses    
Cost of revenue 508,640 267,709
Compensation and related taxes 486,687 413,118
Consulting fees 20,000 38,203
Professional fees 85,033 804,286
General and administrative 115,243 563,716
Total operating expenses 1,215,603 2,087,032
Operating loss (984,909) (1,847,065)
Other income (expenses)    
Other income (expenses) (9,437) 2,454
Foreign exchange loss (11,873) (15,332)
Realized loss on sale of digital currencies (608) (11,067)
Change in fair value of warrant liability (37,734) 1,453,257
Amortization of debt discount (1,944,772)
Interest income 12,016
Interest expense (12,317) (40,295)
Total other expenses (59,953) (555,755)
Net loss $ (1,044,862) $ (2,402,820)
Net loss per share, basic and diluted: $ (0.16) $ (0.63)
Weighted average shares outstanding, basic and diluted: 6,338,418 3,805,684
Net loss $ (1,044,862) $ (2,402,820)
Other comprehensive income:    
Unrealized gain on foreign currency translation 15
Comprehensive loss attributable to Marathon Patent Group, Inc. (1,044,862) (2,402,805)
Cryptocurrency Mining Revenue [Member]    
Revenues    
Total revenues 230,694 199,582
Other Revenue [Member]    
Revenues    
Total revenues $ 40,385

Source

v3.19.1
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,044,862) $ (2,402,820)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Depreciation 137,361 232,006
Amortization of patents and website 17,794 12,120
Realized loss on sale of digital currencies 608 11,067
Change in fair value of warrant liability 37,734 (1,453,257)
Stock based compensation 282,180 329,525
Amortization of debt discount 1,944,772
Amortization of right-of-use assets 21,795
Bad debt allowance 6,826
Changes in operating assets and liabilities:    
Digital currencies (230,694) (199,582)
Lease liability (21,441)
Litigation liability (2,150,000)
Prepaid expenses and other assets 55,364 (91,183)
Accounts payable and accrued expenses (66,975) 110,104
Net cash used in operating activities (811,136) (3,650,422)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of digital currencies 224,449 120,470
Acquisition of patents (250,000)
Purchase of property and equipment (5,800,629)
Net cash provided by (used in) investing activities 224,449 (5,930,159)
Effect of foreign exchange rate changes   15
Net decrease in cash and cash equivalents (586,687) (9,580,566)
Cash and cash equivalents - beginning of period 2,551,171 14,948,529
Cash and cash equivalents - end of period 1,964,484 5,367,963
Supplemental schedule of non-cash investing and financing activities:    
Par value adjustment due to reverse split 1
Conversion of Series E Preferred Stock to common stock 357
Par value adjustment due to reverse split 960,000
Common stock issued for note conversion 2,095,588
Restricted stock issuance 39
Warrants exercised into common shares $ 55,791

Source