v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) attributable to MariMed Inc. $ 4,219,903 $ (2,421,444)  
Net income (loss) attributable to noncontrolling interests 90,123 83,728  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation 462,423 484,091  
Amortization of intangibles 177,302 79,079  
Amortization of stock grants 5,365 5,365  
Amortization of option grants 294,598 317,355  
Amortization of stand-alone warrant issuances 55,786  
Amortization of warrants attached to debt 539,273 223,363  
Amortization of beneficial conversion feature 176,522 990,846  
Amortization of original issue discount 51,753 56,808  
Bad debt expense 1,025,415  
Loss on obligations settled with equity 1,286  
Change in fair value of investments 45,165 687,002  
Changes in operating assets and liabilities:      
Accounts receivable, net (1,691,027) (842,914)  
Deferred rents receivable 64,132 (204,253)  
Due from third parties (99,320)  
Inventory (623,757) (1,496,168)  
Other current assets (433,573) 19,314  
Other assets (17,458) (32,000)  
Accounts payable 1,035,208 21,180  
Accrued expenses 1,074,913 855,127  
Sales and excise taxes payable 232,656 619,489  
Operating lease payments, net (4,487) 79,523  
Finance lease interest payments 1,504 2,087  
Other current liabilities (23,640) 164,637  
Net cash provided by (used in) operating activities 6,759,385 (407,105)  
Cash flows from investing activities:      
Purchase of property and equipment (2,308,098) (1,363,169)  
Purchase of cannabis licenses (638,570) (25,000)  
Interest on notes receivable 69,338 34,397  
Net cash used in investing activities (2,877,330) (1,353,772)  
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 4,517,500  
Repayments of promissory notes (15,800,579) (2,400,000)  
Proceeds from issuance of debentures 935,000  
Proceeds from mortgages 235,900  
Payments on mortgages (132,352) (60,381)  
Proceeds from exercise of warrants 7,500  
Due to related parties (1,157,815) (240,547)  
Finance lease principal payments (9,604) (9,603)  
Distributions (82,558) (100,905)  
Net cash provided by financing activities 5,437,609 2,876,964  
Net change to cash and cash equivalents 9,319,664 1,116,087  
Cash and cash equivalents at beginning of period 2,999,053 738,688 $ 738,688
Cash and cash equivalents at end of period 12,318,717 1,854,775 $ 2,999,053
Supplemental disclosure of cash flow information:      
Cash paid for interest 1,091,927 380,084  
Cash paid for income taxes 14,075 13,000  
Non-cash activities:      
Conversions of debentures payable 1,356,452 1,804,657  
Conversion of promissory notes 1,009,792  
Operating lease right-of-use assets and liabilities 466,105  
Common stock issued to settle obligations 30,000  
Issuance of common stock associated with subscriptions 5,365 1,168,074  
Exchange of common stock to preferred stock 14,725,000  
Conversion of accrued interest to promissory notes 1,500,000  
Beneficial conversion feature on debentures payable 379,183  
Discount on debentures payable $ 28,021  

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