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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Marathon Digital Holdings Inc | NASDAQ:MARA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 0.93% | 16.21 | 16.20 | 16.23 | 17.21 | 15.6301 | 15.74 | 38,834,657 | 00:59:59 |
Recent Financial Highlights
Marathon’s Chief Financial Officer, Sim Salzman, commented, “We are pleased to announce sizeable year over year revenue growth of 160% and 89% respectively in the three and nine-month periods. During the quarter, the Company was able to enter into favorable purchase agreements with Bitmain that allowed for the material improvement in its current and future financial position. We look forward to continuing our aggressive growth trajectory, while taking advantage of recently executed long term agreements with fixed pricing regardless of increased bitcoin pricing.”
Recent Operational Highlights
Merrick Okamoto, Chief Executive Officer, stated, “Our third quarter represents the single most productive quarter in company history and since I took over the CEO role. While we reported record quarterly mining revenues, the majority of the fundamental improvements made to our business in the quarter are not represented in the current filing.
“With only 2,060 miners in operation in September when Bitcoin was trading at $10,000, the company generated $650,000 in Bitcoin revenue, our largest quarterly Bitcoin revenue in history. By the end of the 2nd quarter in 2021, we will have 23,560 miners deployed which equates to a greater than 1100% increase in mining capacity. At current Bitcoin prices, our deployment of new miners has the potential to produce more than an 11 fold increase in our monthly revenue as compared to our September 2020 revenue production.”
About Marathon Patent Group
Marathon is a digital asset technology company that mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2019. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Lastly, with the current worldwide situation caused by COVID-19, there can be no assurances as to when we may see any recovery in the bitcoin market, and if so, whether any recovery might be significant.
Forward-Looking Statements
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Marathon Patent Group Company Contact:
Jason AssadTelephone: 678-570-6791Email: Jason@marathonpg.com
Marathon Patent Group Investor Contact:
Gateway Investor RelationsMatt Glover and Charlie SchumacherTelephone: 949-574-3860Email: MARA@gatewayir.com
MARATHON PATENT GROUP, INC. AND SUBSIDIARIESCONSOLIDATED CONDENSED BALANCE SHEETS(Unaudited)
September 30, | December 31, | ||||||
2020 | 2019 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
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 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
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 | |||||
Commitments and Contingencies | |||||||
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 | |||
MARATHON PATENT GROUP, INC. AND SUBSIDIARIESCONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(Unaudited)
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | |||||||||||||||
Cryptocurrency mining revenue | $ | 835,184 | $ | 321,716 | $ | 1,713,832 | $ | 908,175 | |||||||
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 | ) | |||
MARATHON PATENT GROUP, INC. AND SUBSIDIARIESCONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||
Number | Amount | Number | Amount | |||||||||||||||||||||
Balance as of December 31, 2019 | - | $ | - | 8,458,781 | $ | 846 | $ | 109,705,051 | $ | (105,607,506 | ) | $ | (450,719 | ) | $ | 3,647,672 | ||||||||
Stock based compensation | - | - | 2,745,639 | 275 | 1,031,924 | - | - | 1,032,199 | ||||||||||||||||
Issuance of common stock, net of offering costs/At-the-market offering | - | - | 17,712,635 | 1,771 | 28,791,211 | - | - | 28,792,982 | ||||||||||||||||
Common stock issued for purchase of mining servers | - | - | 350,250 | 35 | 171,587 | - | - | 171,622 | ||||||||||||||||
Common stock issued for note conversion | - | - | 2,023,739 | 202 | 1,578,872 | - | - | 1,579,074 | ||||||||||||||||
Issue common stock and warrant for cash | - | - | 7,666,666 | 767 | 6,270,833 | - | - | 6,271,600 | ||||||||||||||||
Warrant exercised for cash | - | - | 4,722 | 1 | 5,312 | - | - | 5,313 | ||||||||||||||||
Net loss | - | - | - | - | - | (5,213,544 | ) | - | (5,213,544 | ) | ||||||||||||||
Balance as of September 30, 2020 | - | $ | - | 38,962,432 | $ | 3,897 | $ | 147,554,790 | $ | (110,821,050 | ) | $ | (450,719 | ) | $ | 36,286,918 | ||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||
Number | Amount | Number | Amount | |||||||||||||||||||||
Balance as of June 30, 2020 | - | $ | - | 24,526,302 | $ | 2,453 | $ | 118,933,134 | $ | (108,826,633 | ) | $ | (450,719 | ) | $ | 9,658,235 | ||||||||
Stock based compensation | - | - | - | - | 360,211 | - | - | 360,211 | ||||||||||||||||
Issuance of common stock, net of offering costs/At-the-market offering | - | - | 6,764,742 | 676 | 21,985,300 | - | - | 21,985,976 | ||||||||||||||||
Issue common stock and warrant for cash | - | - | 7,666,666 | 767 | 6,270,833 | - | - | 6,271,600 | ||||||||||||||||
Warrant exercised for cash | - | - | 4,722 | 1 | 5,312 | - | - | 5,313 | ||||||||||||||||
Net loss | - | - | - | - | - | (1,994,417 | ) | - | (1,994,417 | ) | ||||||||||||||
Balance as of September 30, 2020 | - | $ | - | 38,962,432 | $ | 3,897 | $ | 147,554,790 | $ | (110,821,050 | ) | $ | (450,719 | ) | $ | 36,286,918 | ||||||||
MARATHON PATENT GROUP, INC. AND SUBSIDIARIESCONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS(Unaudited)
For the Nine Months Ended | |||||||
September 30, | |||||||
2020 | 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 | $ | - | |||
1 Year Marathon Digital Chart |
1 Month Marathon Digital Chart |
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