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COMPUTE NORTH BANKRUPTCY | 6 Months Ended
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Jun. 30, 2023
Compute North Bankruptcy |
COMPUTE NORTH BANKRUPTCY | NOTE 10 – COMPUTE NORTH BANKRUPTCY On September 22, 2022, Compute North Holdings, Inc. (along with its affiliated debtors, collectively, “Compute North”, filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 of the U.S. Bankruptcy Code (11 U.S. Code section 101 et seq.). Marathon’s financial exposure to Compute North at the time of the bankruptcy filing included:
| – | Approximately $10,000 in Convertible Preferred Stock of Compute North Holdings, Inc.
| – | Approximately $21,000 related to an unsecured Senior Promissory note with Compute North LLC.
| – | Approximately $50,000 in operating deposits with Compute North primarily related to the King Mountain and Wolf Hollow hosting facilities.
The Company recorded an impairment charge of $55,674 during 2022. On February 16, 2023, the Bankruptcy Court approved the Debtors Plan of Reorganization, pursuant to which Marathon’s claim was fixed at $40,000 as an unsecured claim to be paid out according to the timing and percentages within the approved Debtor’s plan. The Company has yet to receive the settlement funds.

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