Financials

v3.19.2
Consolidated Condensed Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,688,426 $ 2,551,171
Digital currencies 4,540
Prepaid expenses and other current assets 242,012 464,006
Total current assets 1,934,978 3,015,177
Other assets:    
Property and equipment, net of accumulated depreciation and impairment charges of $4,613,653 and $4,338,931 for June 30, 2019 and December 31, 2018, respectively 759,853 1,034,575
Right-of-use assets 338,740
Intangible assets, net of accumulated amortization of $100,833 and $65,245 for June 30, 2019 and December 31, 2018, respectively 1,109,167 1,144,755
Total other assets 2,207,760 2,179,330
TOTAL ASSETS 4,142,738 5,194,507
Current liabilities:    
Accounts payable and accrued expenses 1,065,452 1,235,444
Current portion of lease liability 83,179
Warrant liability 115,387 39,083
Convertible notes payable 999,106 999,106
Total current liabilities 2,263,124 2,273,633
Long-term liabilities    
Lease liability 157,007
Total long-term liabilities 157,007
Total liabilities 2,420,131 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 June 30 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 June 30 2019 and December 31, 2018, respectively 639 638
Additional paid-in capital 105,873,870 105,461,396
Accumulated other comprehensive loss (450,719) (450,719)
Accumulated deficit (103,701,183) (102,090,441)
Total stockholders' equity 1,722,607 2,920,874
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,142,738 $ 5,194,507

Source

v3.19.2
Consolidated Condensed Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Total revenues $ 355,765 $ 688,502 $ 586,459 $ 928,469
Operating costs and expenses        
Cost of revenue 498,588 931,630 1,007,228 1,199,339
Compensation and related taxes 328,604 252,853 815,291 665,971
Consulting fees 30,000 187,583 50,000 225,786
Professional fees 110,341 226,514 195,374 1,030,800
General and administrative 128,829 558,894 244,072 1,122,610
Break-up fee - issuance of shares to GBV 2,850,000 2,850,000
Total operating expenses 1,096,362 5,007,474 2,311,965 7,094,506
Operating loss (740,597) (4,318,972) (1,725,506) (6,166,037)
Other income (expenses)        
Other income (expenses) 190,332 (18,909) 180,895 (16,455)
Foreign exchange loss (7,760) (11,873) (23,093)
Realized income (loss) on sale of digital currencies 25,052 (71,226) 24,444 (82,293)
Change in fair value of warrant liability (38,570) 94,629 (76,304) 1,547,886
Amortization of debt discount (345,256) (2,290,028)
Interest income 10,358 22,374
Interest expense (12,455) (9,151) (24,772) (49,445)
Total other income (expenses) 174,717 (357,673) 114,764 (913,428)
Net loss $ (565,880) $ (4,676,645) $ (1,610,742) $ (7,079,465)
Net loss per share, basic and diluted: $ (0.09) $ (0.93) $ (0.25) $ (1.61)
Weighted average shares outstanding, basic and diluted: 6,350,080 5,009,297 6,344,281 4,410,816
Net loss $ (565,880) $ (4,676,645) $ (1,610,742) $ (7,079,465)
Other comprehensive income:        
Unrealized gain on foreign currency translation 15
Comprehensive loss attributable to Marathon Patent Group, Inc. (565,880) (4,676,645) (1,610,742) (7,079,450)
Cryptocurrency Mining Revenue [Member]        
Revenues        
Total revenues 355,765 661,917 586,459 861,499
Other Revenue [Member]        
Revenues        
Total revenues $ 26,585 $ 66,970

Source

v3.19.2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss $ (565,880) $ (4,676,645) $ (1,610,742) $ (7,079,465)
Adjustments to reconcile net loss to net cash (used in) operating activities:        
Depreciation 137,361 574,592 274,722 806,598
Amortization of patents and website     35,588 29,914
Realized (gain) loss on sale of digital currencies (25,052) 71,226 (24,444) 82,293
Change in fair value of warrant liability 38,570 (94,629) 76,304 (1,547,886)
Stock based compensation     412,475 457,382
Amortization of debt discount 345,256 2,290,028
Amortization of right-of-use assets     44,259
Bad debt allowance     6,826
Break-up fee - issuance of shares to GBV 2,850,000 2,850,000
Changes in operating assets and liabilities:        
Digital currencies     (586,459) (861,499)
Lease liability     (43,672)
Litigation liability     (2,150,000)
Prepaid expenses and other assets     122,853 (481,997)
Accounts payable and accrued expenses     (169,992) (7,345)
Net cash used in operating activities     (1,469,108) (5,605,151)
CASH FLOWS FROM INVESTING ACTIVITIES        
Sale of digital currencies     606,363 393,931
Acquisition of patents     (250,000)
Purchase of property and equipment     (5,254,713)
Net cash provided by (used in) investing activities     606,363 (5,110,782)
Effect of foreign exchange rate changes     15
Net decrease in cash and cash equivalents     (862,745) (10,715,918)
Cash and cash equivalents - beginning of period     2,551,171 14,948,529
Cash and cash equivalents - end of period $ 1,688,426 $ 4,232,611 1,688,426 4,232,611
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     89
Common stock issued for acquisition of patents     960,000
Common stock issued for note conversion     3,055,588
Restricted stock issuance     11
Warrants exercised into common shares     $ 55,791

Source