Financials

v3.20.2
Consolidated Condensed Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 17,252,110 $ 692,963
Digital currencies 451,889 1,141
Deposit 13,269,670
Prepaid expenses and other current assets 627,552 800,024
Total current assets 31,601,221 1,494,128
Other assets:    
Property and equipment, net of accumulated depreciation and impairment charges of $7,507,970 and $6,157,786 for September 30, 2020 and December 31, 2019, respectively 4,682,293 3,754,969
Right-of-use assets 224,954 297,287
Intangible assets, net of accumulated amortization of $189,804 and $136,422 for September 30, 2020 and December 31, 2019, respectively 1,020,196 1,073,578
Total other assets 5,927,443 5,125,834
TOTAL ASSETS 37,528,664 6,619,962
Current liabilities:    
Accounts payable and accrued expenses 1,010,188 1,238,197
Mining servers payable 513,700
Current portion of lease liability 93,197 87,959
Warrant liability 31,500 12,849
Total current liabilities 1,134,885 1,852,705
Long-term liabilities    
Convertible notes payable 999,106
Note payable 62,500
Lease liability 44,361 120,479
Total long-term liabilities 106,861 1,119,585
Total liabilities 1,241,746 2,972,290
Stockholders' Equity:    
Preferred stock, $0.0001 par value, 50,000,000 shares authorized, no shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
Common stock, $0.0001 par value; 200,000,000 shares authorized; 38,962,432 and 8,458,781 issued and outstanding at September 30, 2020 and December 31, 2019, respectively 3,897 846
Additional paid-in capital 147,554,790 109,705,051
Accumulated other comprehensive loss (450,719) (450,719)
Accumulated deficit (110,821,050) (105,607,506)
Total stockholders' equity 36,286,918 3,647,672
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 37,528,664 $ 6,619,962

Source

v3.20.2
Consolidated Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Total revenues $ 835,184 $ 321,716 $ 1,713,832 $ 908,175
Operating costs and expenses        
Cost of revenue 1,636,046 478,811 3,529,770 1,486,039
Compensation and related taxes 614,604 409,609 1,908,741 1,224,900
Consulting fees 259,563 34,000 325,688 84,000
Professional fees 206,368 91,908 515,562 287,282
General and administrative 112,800 115,247 311,303 359,319
Total operating expenses 2,829,381 1,129,575 6,591,064 3,441,540
Operating loss (1,994,197) (807,859) (4,877,232) (2,533,365)
Other income (expenses)        
Other income 7,983 300 114,391 181,195
Foreign exchange loss (11,873)
Loss on conversion of note (364,832)
Realized gain (loss) on sale of digital currencies 11,206 (11,236) 15,466 13,208
Change in fair value of warrant liability (21,875) 68,551 (18,651) (7,753)
Change in fair value of mining payable (66,547)
Interest income 2,466 8,428 4,845 30,802
Interest expense (12,591) (20,984) (37,363)
Total other (expenses) income (220) 53,452 (336,312) 168,216
Loss before income taxes (1,994,417) (754,407) (5,213,544) (2,365,149)
Income tax expense
Net loss $ (1,994,417) $ (754,407) $ (5,213,544) $ (2,365,149)
Net loss per share, basic and diluted: $ (0.06) $ (0.12) $ (0.28) $ (0.37)
Weighted average shares outstanding, basic and diluted: 31,520,736 6,372,061 18,868,967 6,353,643
Net loss $ (1,994,417) $ (754,407) $ (5,213,544) $ (2,365,149)
Other comprehensive income:        
Unrealized gain on foreign currency translation
Comprehensive loss attributable to Marathon Patent Group, Inc. (1,994,417) (754,407) (5,213,544) (2,365,149)
Cryptocurrency Mining Revenue [Member]        
Revenues        
Total revenues $ 835,184 $ 321,716 $ 1,713,832 $ 908,175

Source

v3.20.2
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,213,544) $ (2,365,149)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,797,959 412,083
Amortization of patents and website 53,382 53,382
Realized gain (loss) on sale of digital currencies (15,466) (13,208)
Change in fair value of warrant liability 18,651 7,753
Change in fair value of mining payable 66,547
Stock based compensation 1,032,199 620,030
Amortization of right-of-use assets 72,332 67,602
Changes in operating assets and liabilities:    
Accounts receivables
Digital currencies (1,713,832) (908,175)
Lease liability (70,880) (66,707)
Prepaid expenses and other assets 172,472 154,930
Accounts payable and accrued expenses 351,960 (163,822)
Net cash used in operating activities (3,448,220) (2,201,281)
CASH FLOWS FROM INVESTING ACTIVITIES    
Sale of digital currencies 1,278,550 918,502
Purchase of property and equipment (3,133,908) (5,224)
Deposit for purchase of the miners (13,269,670)
Net cash (used in) provided by investing activities (15,125,028) 913,278
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds received on issuance of notes payable 62,500
Proceeds from issuance of common stock/At-the-market offering 29,756,736 83,453
Offering costs for the issuance of common stock/At-the-market offering (963,754) (3,636)
Proceeds from issuance of common stock and warrant, net 6,271,600
Proceeds received on exercise of warrants 5,313
Net cash provided by financing activities 35,132,395 79,817
Net increase (decrease) in cash and cash equivalents 16,559,147 (1,208,186)
Cash and cash equivalents - beginning of period 692,963 2,551,171
Cash and cash equivalents - end of period 17,252,110 1,342,985
Supplemental schedule of non-cash investing and financing activities:    
Par value adjustment due to reverse split 1
Common stock issued for purchase of mining servers 171,622 2,233,773
Mining servers payable 1,852,477
Reduction of share commitment for purchase of mining servers 408,625
Common stock issued for note conversion $ 1,579,074

Source