Business Context and Reporting Period
This Form 8-K is filed by Marathon Patent Group, Inc. (trading symbol: MARA) on November 13, 2019. The report addresses the remediation of a Nasdaq Capital Market listing deficiency regarding stockholders' equity. The company is incorporated in Nevada and its principal executive offices are located in Las Vegas, NV.
Key Financial Metrics
The filing provides specific data regarding stockholders' equity derived from the Form 10-Q for the period ended September 30, 2019.
- Stockholders' Equity: $3,489,345 (as of September 30, 2019).
- Revenue, Profit, Cash Flow, Debt, and Liquidity: The filing text does not provide clear values for these metrics.
Material Changes and Listing Status
On May 17, 2019, Nasdaq notified the company of non-compliance with Listing Rules 5550(b)(1), (b)(2), or (b)(3) due to failing to meet minimum requirements for stockholders' equity ($2.5 million), market value of listed securities ($35 million), or net income from continuing operations ($500,000). The company remediated the stockholders' equity deficiency by filing its Q3 2019 Form 10-Q, which showed equity of $3,489,345. On November 13, 2019, Nasdaq confirmed the company now complies with the rules, and the matter is closed.
Guidance, Outlook, and Risks
The filing includes a standard forward-looking statements disclaimer. Management notes that statements regarding future events are subject to risks, uncertainties, and assumptions. The company does not intend to update forward-looking statements to conform to actual results except as required by law. No specific financial guidance or operational outlook is provided in this document.
Investor Verification Checklist
- Verify the current stock price and market capitalization to ensure continued compliance with Nasdaq market value rules.
- Review the full Form 10-Q for the period ended September 30, 2019, to analyze the composition of the reported $3,489,345 in stockholders' equity.
- Monitor future filings for any new notifications regarding compliance with net income or market value standards.