The status indicates how well you know one of your LingQed terms.
You will see a status bar for your LingQs in multiple places on the site and in the mobile app.
When a LingQ is first created it has a status of 1 - New.
This status changes to 2 - Recognized, then 3 - Familiar, and finally 4 - Learned as you learn the term. You will upgrade the status as you review the word in Vocabulary Review or when reading Lessons.
Just like with all things LingQ, the statuses you give your words are subjective. You may have a different definition of a word that's "Familiar," "Recognized," and "Learned" than the next person. The most important element is to follow the system that works best for you.
The status determines how frequently this term will be added to your SRS (Spaced Repetition System) list for review in your Daily LingQs.
Clicking the green checkmark indicates you know the word. Known Words are never due for SRS review.
The strikeout icon on the far right of the Status Bar is to ignore the word altogether.