v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income attributable to MariMed Inc. $ 4,188 $ 4,220
Net income attributable to noncontrolling interests 53 90
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 702 462
Amortization of intangibles 140 177
Amortization of stock grants 2 5
Amortization of option grants 2,469 295
Amortization of stand-alone warrant issuances 56
Amortization of warrants attached to debt 539
Amortization of beneficial conversion feature 177
Amortization of original issue discount 52
Bad debt expense 14 1,025
Fees paid with stock 274
Loss on obligations settled with equity 1
Gain (loss) on change in fair value of investment (48) 45
Other investment income (954)
Changes in operating assets and liabilities:    
Accounts receivable, net (1,810) (1,691)
Deferred rents receivable 92 64
Inventory (2,470) (624)
Other current assets (739) (434)
Other assets (17)
Accounts payable 3,212 1,035
Accrued expenses 217 (129)
Income taxes payable 3,592 1,204
Sales and excise taxes payable (443) 233
Operating lease payments, net (6) (4)
Finance lease interest payments 7 2
Other current liabilities (2) (24)
Net cash provided by operating activities 8,490 6,759
Cash flows from investing activities:    
Purchase of property and equipment (4,015) (2,308)
Purchase of cannabis licenses (305) (638)
Investment in Green Growth Group, Inc. (100)
Interest on notes receivable 43 69
Net cash used in investing activities (4,377) (2,877)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock 23,000
Equity issuance costs (387)
Repayments of promissory notes (2) (15,801)
Payments on mortgages (174) (1,157)
Proceeds from exercise of options 3
Proceeds from exercise of warrants 8
Due to related parties (132)
Finance lease principal payments (55) (10)
Distributions (101) (83)
Net cash (used in) provided by financing activities (329) 5,438
Net change to cash and cash equivalents 3,784 9,320
Cash and cash equivalents at beginning of period 29,683 2,999
Cash and cash equivalents at end of period 33,467 12,319
Supplemental disclosure of cash flow information:    
Cash paid for interest 302 1,092
Cash paid for income taxes 68 14
Non-cash activities:    
Finance lease right-of-use assets and liabilities 514
Conversion of promissory notes 400 1,010
Conversions of debentures payable 1,356
Operating lease right-of-use assets and liabilities 466
Common stock issued to settle obligations 30
Issuance of common stock associated with subscriptions $ 5

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