Financials

v3.19.3
Consolidated Condensed Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,342,985 $ 2,551,171
Digital currencies 2,881
Prepaid expenses and other current assets 209,935 464,006
Total current assets 1,555,801 3,015,177
Other assets:    
Property and equipment, net of accumulated depreciation and impairment charges of $4,751,014 and $4,338,931 for September 30, 2019 and December 31, 2018, respectively 4,713,966 1,034,575
Right-of-use assets 318,881
Intangible assets, net of accumulated amortization of $118,627 and $65,245 for September 30, 2019 and December 31, 2018, respectively 1,091,373 1,144,755
Total other assets 6,124,220 2,179,330
TOTAL ASSETS 7,680,021 5,194,507
Current liabilities:    
Accounts payable and accrued expenses 1,071,621 1,235,444
Mining servers payable 1,852,477
Current portion of lease liability 85,689
Warrant liability 46,836 39,083
Convertible notes payable 999,106 999,106
Total current liabilities 4,055,729 2,273,633
Long-term liabilities    
Lease liability 134,947
Total long-term liabilities 134,947
Total liabilities 4,190,676 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 September 30, 2019 and December 31, 2018, respectively
Common stock, $0.0001 par value; 200,000,000 shares authorized; 7,703,461 and 6,379,992 issued and outstanding at September 30, 2019 and December 31, 2018, respectively 771 638
Additional paid-in capital 108,394,883 105,461,396
Accumulated other comprehensive loss (450,719) (450,719)
Accumulated deficit (104,455,590) (102,090,441)
Total stockholders' equity 3,489,345 2,920,874
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,680,021 $ 5,194,507

Source

v3.19.3
Consolidated Condensed Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Total revenues $ 321,716 $ 338,672 $ 908,175 $ 1,267,141
Operating costs and expenses        
Cost of revenue 478,811 1,132,570 1,486,039 2,331,909
Compensation and related taxes 409,609 137,338 1,224,900 803,309
Consulting fees 34,000 347,500 84,000 573,286
Professional fees 91,908 126,446 287,282 1,157,246
General and administrative 115,247 89,859 359,319 1,212,469
Break-up fee - issuance of shares to GBV 2,850,000
Total operating expenses 1,129,575 1,833,713 3,441,540 8,928,219
Operating loss (807,859) (1,495,041) (2,533,365) (7,661,078)
Other income (expenses)        
Other income 300 125,125 181,195 108,670
Foreign exchange loss (8,003) (11,873) (31,096)
Realized income (loss) on sale of digital currencies (11,236) 8,760 13,208 (73,533)
Change in fair value of warrant liability 68,551 45,595 (7,753) 1,593,481
Amortization of debt discount (2,290,028)
Interest income 8,428 2,553 30,802 2,553
Interest expense (12,591) (19,446) (37,363) (68,891)
Total other income (expenses) 53,452 154,584 168,216 (758,844)
Net loss $ (754,407) $ (1,340,457) $ (2,365,149) $ (8,419,922)
Net loss per share, basic and diluted: $ (0.12) $ (0.22) $ (0.37) $ (1.69)
Weighted average shares outstanding, basic and diluted: 6,372,061 6,080,447 6,353,643 4,973,475
Net loss $ (754,407) $ (1,340,457) $ (2,365,149) $ (8,419,922)
Other comprehensive income:        
Unrealized gain on foreign currency translation 15
Comprehensive loss attributable to Marathon Patent Group, Inc. (754,407) (1,340,457) (2,365,149) (8,419,907)
Cryptocurrency Mining Revenue [Member]        
Revenues        
Total revenues 321,716 338,672 908,175 1,200,171
Other Revenue [Member]        
Revenues        
Total revenues $ 66,970

Source

v3.19.3
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (2,365,149) $ (8,419,922)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Depreciation 412,083 1,405,147
Amortization of patents and website 53,382 48,222
Realized (gain) loss on sale of digital currencies (13,208) 73,533
Change in fair value of warrant liability 7,753 (1,593,481)
Stock based compensation 620,030 496,435
Amortization of debt discount 2,290,028
Amortization of right-of-use assets 67,602
Bad debt allowance 6,826
Break-up fee - issuance of shares to GBV 2,850,000
Changes in operating assets and liabilities:    
Accounts receivables (102,098)
Digital currencies (908,175) (1,098,073)
Lease liability (66,707)
Litigation liability (2,150,000)
Prepaid expenses and other assets 154,930 (457,329)
Accounts payable and accrued expenses (163,822) (631,873)
Net cash used in operating activities (2,201,281) (7,282,585)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of digital currencies 918,502 1,024,540
Acquisition of patents (250,000)
Purchase of property and equipment (5,224) (5,251,719)
Net cash provided by (used in) investing activities 913,278 (4,477,179)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock/At-the-market offering 83,453
Offering costs for the issuance of common stock/At-the-market offering (3,636)
Net cash provided by financing activities 79,817
Effect of foreign exchange rate changes 15
Net decrease in cash and cash equivalents (1,208,186) (11,759,749)
Cash and cash equivalents - beginning of period 2,551,171 14,948,529
Cash and cash equivalents - end of period 1,342,985 3,188,780
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 551
Common stock issued for acquisition of patents 960,000
Common stock issued for purchase of assets 2,233,773
Common stock issued for note conversion 3,055,588
Restricted stock issuance 44
Mining servers payable 1,852,477
Warrants exercised into common shares $ 55,791

Source