Here is how we define each cart status on your Carts page (which you can see here):
Abandoned - Means that someone began to check out but did not complete the checkout process.
Pending - Means the cart exists but we haven't begun the recovery process. That may be because the time delay for the first email has not yet completed, or that there is no email that we can use to recover the cart, or that the Stages are turned off so no emails will be sent.
Recovering - Means that we are actively attempting to recover this cart for you by sending emails that you have set up in Stages.
Converted - Means that a cart we tracked has completed an order in your store without recovery.
Recovered - Means that a cart which was abandoned has returned and completed checkout after receiving emails from your store via Monto's recovery process. This is our contribution to your bottom line!