v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net income (loss) attributable to MariMed Inc. $ 7,492,852 $ (1,214,037) $ 11,712,755 $ (3,635,481)  
Net income (loss) attributable to noncontrolling interests 95,724 72,805 185,847 156,533  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation     962,571 907,285  
Amortization of intangibles     346,036 166,908  
Amortization of stock grants     5,365 10,730  
Amortization of option grants     884,075 556,379  
Amortization of stand-alone warrant issuances     55,786  
Amortization of warrants attached to debt     539,272 498,694  
Amortization of warrants issued with stock     654,681  
Amortization of beneficial conversion feature     176,522 2,170,401  
Amortization of original issue discount     51,753 241,613  
Bad debt expense 793,871 450,000 1,819,286 450,000  
Loss on obligations settled with equity     2,546 44,678  
Equity in earnings of investments     32,958  
Change in fair value of investments 370,119 234,544 415,284 921,546  
Changes in operating assets and liabilities:          
Accounts receivable, net     (3,229,641) (1,654,366)  
Deferred rents receivable     124,851 (193,464)  
Inventory     (2,397,527) (2,686,534)  
Other current assets     (1,372,856) (215,413)  
Other assets     (17,458) (10,000)  
Accounts payable     1,699,471 566,749  
Accrued expenses     4,522,782 1,363,094  
Sales and excise taxes payable     481,533 396,236  
Operating lease payments, net     (8,991) 51,043  
Finance lease interest payments     1,504 4,033  
Other current liabilities     (23,640) 396,236  
Net cash provided by operating activities     17,591,807 539,858  
Cash flows from investing activities:          
Purchase of property and equipment     (7,975,731) (2,720,655)  
Purchase of cannabis licenses     (638,570) (255,000)  
Interest on notes receivable     118,811 406,670  
Net cash used in investing activities     (8,495,490) (2,568,985)  
Cash flows from financing activities:          
Proceeds from issuance of preferred stock     23,000,000  
Equity issuance costs     (386,983)  
Proceeds from issuance of promissory notes     35,096 5,249,763  
Repayments of promissory notes     (15,801,979) (3,100,000)  
Proceeds from issuance of debentures     935,000  
Proceeds from mortgages     907,200  
Payments on mortgages     (296,347) (112,352)  
Proceeds from exercise of options     9,000  
Proceeds from exercise of warrants     60,797  
Due to related parties     (1,157,815) (63,404)  
Finance lease principal payments     (17,855) (19,206)  
Distributions     (182,759) (166,952)  
Net cash provided by financing activities     5,261,155 3,630,049  
Net change to cash and cash equivalents     14,357,472 1,600,922  
Cash and cash equivalents at beginning of period     2,999,053 738,688 $ 738,688
Cash and cash equivalents at end of period $ 17,356,525 $ 2,339,610 17,356,525 2,339,610 $ 2,999,053
Supplemental disclosure of cash flow information:          
Cash paid for interest     1,405,489 703,571  
Cash paid for income taxes     419,003 13,000  
Non-cash activities:          
Conversion of promissory notes     2,259,791 460,050  
Conversions of debentures payable     1,356,452 5,017,095  
Operating lease right-of-use assets and liabilities     466,105  
Common stock issued to settle obligations     51,000 698,922  
Issuance of common stock associated with subscriptions     5,365 1,168,074  
Cashless exercise of warrants     180  
Cashless exercise of stock options     53  
Exchange of common stock to preferred stock     14,725,000  
Conversion of accrued interest to promissory notes     3,908,654  
Beneficial conversion feature on debentures payable     379,183  
Extinguishment of promissory note     352,000  
Discount on promissory notes     65,931  
Discount on debentures payable     $ 28,021  

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