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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the Quarterly Period ended June 30, 2021
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________________ to __________________
Commission
File number 0-54433
MARIMED
INC.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware |
|
27-4672745 |
(State
or Other Jurisdiction of |
|
(I.R.S.
Employer |
Incorporation
or Organization) |
|
Identification
No.) |
10
Oceana Way
Norwood,
MA 02062
(Address
of Principal Executive Offices)
617-795-5140
(Registrant’s
Telephone Number, Including Area Code)
Securities
registered pursuant to Section 12(b) of the Act: None.
Title
of each class |
|
Ticker
symbol(s) |
|
Name
of each exchange on which registered |
Not
Applicable. |
|
Not
Applicable. |
|
Not
Applicable. |
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”,
“smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
Accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
Emerging
growth company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of August 16, 2021, 329,143,662
shares of the registrant’s common stock were outstanding.
MariMed
Inc.
Table
of Contents
MariMed
Inc.
Condensed
Consolidated Balance Sheets
| |
2021 | | |
2020 | |
| |
June
30, | | |
December
31, | |
| |
2021 | | |
2020 | |
| |
(Unaudited) | | |
| |
Assets | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 17,356,525 | | |
$ | 2,999,053 | |
Accounts
receivable, net | |
| 8,085,867 | | |
| 6,675,512 | |
Deferred
rents receivable | |
| 1,815,330 | | |
| 1,940,181 | |
Notes
receivable, current portion | |
| 377,127 | | |
| 658,122 | |
Inventory | |
| 9,228,098 | | |
| 6,830,571 | |
Investments | |
| 941,910 | | |
| 1,357,193 | |
Other
current assets | |
| 1,955,445 | | |
| 582,589 | |
Total
current assets | |
| 39,760,302 | | |
| 21,043,221 | |
| |
| | | |
| | |
Property
and equipment, net | |
| 52,666,031 | | |
| 45,636,529 | |
Intangibles,
net | |
| 2,521,094 | | |
| 2,228,560 | |
Investments | |
| 1,165,788 | | |
| 1,165,788 | |
Notes
receivable, less current portion | |
| 1,194,448 | | |
| 965,008 | |
Right-of-use
assets under operating leases | |
| 5,406,601 | | |
| 5,247,152 | |
Right-of-use
assets under finance leases | |
| 62,078 | | |
| 78,420 | |
Other
assets | |
| 97,950 | | |
| 80,493 | |
Total
assets | |
$ | 102,874,292 | | |
$ | 76,445,171 | |
| |
| | | |
| | |
Liabilities,
mezzanine equity, and stockholders’ equity | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 6,693,390 | | |
$ | 5,044,918 | |
Accrued
expenses | |
| 8,145,061 | | |
| 3,621,269 | |
Sales
and excise taxes payable | |
| 1,535,226 | | |
| 1,053,693 | |
Debentures
payable | |
| - | | |
| 1,032,448 | |
Notes
payable, current portion | |
| 9,523 | | |
| 8,859,175 | |
Mortgages
payable, current portion | |
| 1,350,548 | | |
| 1,387,014 | |
Operating
lease liabilities, current portion | |
| 1,118,121 | | |
| 1,008,227 | |
Finance
lease liabilities, current portion | |
| 33,453 | | |
| 38,412 | |
Due
to related parties | |
| - | | |
| 1,157,815 | |
Other
current liabilities | |
| - | | |
| 23,640 | |
Total
current liabilities | |
| 18,885,322 | | |
| 23,226,611 | |
| |
| | | |
| | |
Notes
payable, less current portion | |
| 2,015,001 | | |
| 10,682,234 | |
Mortgages
payable, less current portion | |
| 14,484,255 | | |
| 14,744,136 | |
Operating
lease liabilities, less current portion | |
| 4,862,628 | | |
| 4,822,064 | |
Finance
lease liabilities, less current portion | |
| 33,098 | | |
| 44,490 | |
Other
liabilities | |
| 100,200 | | |
| 100,200 | |
Total
liabilities | |
| 40,380,504 | | |
| 53,619,735 | |
| |
| | | |
| | |
Mezzanine
equity: | |
| | | |
| | |
Series
B convertible preferred stock, $0.001 par value; 4,908,333 shares authorized, issued and outstanding at June 30, 2021 and December
31, 2020 | |
| 14,725,000 | | |
| 14,725,000 | |
Series
C convertible preferred stock, $0.001 par value; 6,216,216 and zero shares authorized, issued and outstanding at June 30, 2021 and
December 31, 2020, respectively | |
| 23,000,000 | | |
| - | |
Total
mezzanine equity | |
| 37,725,000 | | |
| 14,725,000 | |
| |
| | | |
| | |
Stockholders’
equity: | |
| | | |
| | |
Undesignated
preferred stock, $0.001 par value; 38,875,451 and 45,091,667 shares authorized at June 30, 2021 and December 31, 2020, respectively;
zero shares issued and outstanding at June 30, 2021 and December 31, 2020 | |
| - | | |
| - | |
Common
stock, $0.001 par value; 500,000,000 shares authorized at June 30, 2021 and December 31, 2020; 326,838,535 and 314,418,812 shares
issued and outstanding at June 30, 2021 and December 31, 2020, respectively | |
| 326,839 | | |
| 314,419 | |
Common
stock subscribed but not issued; zero and 11,413 shares at June 30, 2021 and December 31, 2020, respectively | |
| - | | |
| 5,365 | |
Additional
paid-in capital | |
| 117,919,783 | | |
| 112,974,329 | |
Accumulated
deficit | |
| (92,903,783 | ) | |
| (104,616,538 | ) |
Noncontrolling
interests | |
| (574,051 | ) | |
| (577,139 | ) |
Total
stockholders’ equity | |
| 24,768,788 | | |
| 8,100,436 | |
Total
liabilities, mezzanine equity, and stockholders’ equity | |
$ | 102,874,292 | | |
$ | 76,445,171 | |
See
accompanying notes to condensed consolidated financial statements.
MariMed
Inc.
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
2021 | | |
2020 | | |
2021 | | |
2020 | |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2021 | | |
2020 | | |
2021 | | |
2020 | |
| |
| | |
| | |
| | |
| |
Revenues | |
$ | 32,569,656 | | |
$ | 9,610,306 | | |
$ | 57,212,220 | | |
$ | 17,076,325 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 13,163,306 | | |
| 3,452,169 | | |
| 24,619,952 | | |
| 6,050,086 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 19,406,350 | | |
| 6,158,137 | | |
| 32,592,268 | | |
| 11,026,239 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Personnel | |
| 2,058,254 | | |
| 1,207,141 | | |
| 3,785,395 | | |
| 2,720,524 | |
Marketing and promotion | |
| 270,330 | | |
| 65,618 | | |
| 494,699 | | |
| 178,002 | |
General and administrative | |
| 4,282,004 | | |
| 2,336,102 | | |
| 7,452,728 | | |
| 4,584,037 | |
Bad debts | |
| 793,871 | | |
| 450,000 | | |
| 1,819,286 | | |
| 450,000 | |
Total operating expenses | |
| 7,404,459 | | |
| 4,058,861 | | |
| 13,552,108 | | |
| 7,932,563 | |
| |
| | | |
| | | |
| | | |
| | |
Operating income | |
| 12,001,891 | | |
| 2,099,276 | | |
| 19,040,160 | | |
| 3,093,676 | |
| |
| | | |
| | | |
| | | |
| | |
Non-operating income (expenses): | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (264,596 | ) | |
| (2,969,191 | ) | |
| (1,776,618 | ) | |
| (5,660,336 | ) |
Interest income | |
| 35,768 | | |
| 40,863 | | |
| 69,795 | | |
| 86,894 | |
Loss on obligations settled with equity | |
| (1,260 | ) | |
| (44,678 | ) | |
| (2,546 | ) | |
| (44,678 | ) |
Loss on equity investments | |
| - | | |
| (32,958 | ) | |
| - | | |
| (32,958 | ) |
Change in fair value of investments | |
| (370,119 | ) | |
| (234,544 | ) | |
| (415,284 | ) | |
| (921,546 | ) |
Total non-operating income (expenses), net | |
| (600,207 | ) | |
| (3,240,508 | ) | |
| (2,124,653 | ) | |
| (6,572,624 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| 3,813,108 | | |
| - | | |
| 5,016,905 | | |
| - | |
Net income (loss) | |
$ | 7,588,576 | | |
$ | (1,141,232 | ) | |
$ | 11,898,602 | | |
$ | (3,478,948 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) attributable to noncontrolling interests | |
$ | 95,724 | | |
$ | 72,805 | | |
$ | 185,847 | | |
$ | 156,533 | |
Net income (loss) attributable to MariMed Inc. | |
$ | 7,492,852 | | |
$ | (1,214,037 | ) | |
$ | 11,712,755 | | |
$ | (3,635,481 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.02 | | |
$ | (0.00 | ) | |
$ | 0.04 | | |
$ | (0.02 | ) |
Diluted | |
$ | 0.02 | | |
$ | (0.00 | ) | |
$ | 0.03 | | |
$ | (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 324,266,644 | | |
| 247,990,403 | | |
| 321,740,575 | | |
| 240,664,873 | |
Diluted | |
| 370,256,963 | | |
| 247,990,403 | | |
| 365,323,638 | | |
| 240,664,873 | |
See
accompanying notes to condensed consolidated financial statements.
MariMed
Inc.
Condensed
Consolidated Statements of Stockholders’ Equity
(Unaudited)
| |
Shares | | |
Par
Value | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interests | | |
(Deficit) | |
| |
Common
Stock | | |
Common Stock
Subscribed But
Not Issued | | |
Additional
Paid-In | | |
Accumulated | | |
Non-
Controlling | | |
Total
Stockholders’
Equity | |
| |
Shares | | |
Par
Value | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interests | | |
(Deficit) | |
Balances
at December 31, 2019 | |
| 228,408,024 | | |
$ | 228,408 | | |
| 3,236,857 | | |
$ | 1,168,074 | | |
$ | 112,245,730 | | |
$ | (106,760,527 | ) | |
$ | (553,465 | ) | |
| 6,328,220 | |
Balance | |
| 228,408,024 | | |
$ | 228,408 | | |
| 3,236,857 | | |
$ | 1,168,074 | | |
$ | 112,245,730 | | |
$ | (106,760,527 | ) | |
$ | (553,465 | ) | |
| 6,328,220 | |
Issuance
of subscribed shares | |
| 3,236,857 | | |
| 3,237 | | |
| (3,236,857 | ) | | | (1,168,074 | ) | |
| 1,164,837 | | |
| - | | |
| - | | |
| - | |
Stock
grants | |
| 30,307 | | |
| 30 | | |
| 34,171 | | |
| 5,365 | | |
| 5,335 | | |
| - | | |
| - | | |
| 10,730 | |
Amortization
of option grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 556,379 | | |
| - | | |
| - | | |
| 556,379 | |
Issuance
of warrants attached to debt | |
| - | | |
| - | | |
| - | | |
| - | | |
| 65,931 | | |
| - | | |
| - | | |
| 65,931 | |
Discount
on debentures payable | |
| - | | |
| - | | |
| - | | |
| - | | |
| 28,021 | | |
| - | | |
| - | | |
| 28,021 | |
Beneficial
conversion feature on debentures payable | |
| - | | |
| - | | |
| - | | |
| - | | |
| 379,183 | | |
| - | | |
| - | | |
| 379,183 | |
Conversion
of debentures payable | |
| 35,886,796 | | |
| 35,887 | | |
| - | | |
| - | | |
| 4,981,208 | | |
| - | | |
| - | | |
| 5,017,095 | |
Conversion
of common stock to preferred stock | |
| (4,908,333 | ) | |
| (4,908 | ) | |
| - | | |
| - | | |
| (14,720,092 | ) | |
| - | | |
| - | | |
| (14,725,000 | ) |
Conversion
of promissory note | |
| 2,525,596 | | |
| 2,525 | | |
| - | | |
| - | | |
| 457,525 | | |
| - | | |
| - | | |
| 460,050 | |
Extinguishment
of promissory note | |
| 1,900,000 | | |
| 1,900 | | |
| - | | |
| - | | |
| 350,100 | | |
| - | | |
| - | | |
| 352,000 | |
Common
stock issued to settle obligations | |
| 4,400,000 | | |
| 4,400 | | |
| - | | |
| - | | |
| 739,200 | | |
| - | | |
| - | | |
| 743,600 | |
Distributions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (166,952 | ) | |
| (166,952 | ) |
Exercise of options | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exercise of options, share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exercise of warrants | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exercise of warrants, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of stand-alone warrants | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of warrants with stock | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Equity issuance costs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,635,481 | ) | |
| 156,533 | | |
| (3,478,948 | ) |
Balances
at June 30, 2020 | |
| 271,479,247 | | |
$ | 271,479 | | |
| 34,171 | | |
$ | 5,365 | | |
$ | 106,253,357 | | |
$ | (110,396,008 | ) | |
$ | (563,884 | ) | |
$ | (4,429,691 | ) |
Balance | |
| 271,479,247 | | |
$ | 271,479 | | |
| 34,171 | | |
$ | 5,365 | | |
$ | 106,253,357 | | |
$ | (110,396,008 | ) | |
$ | (563,884 | ) | |
$ | (4,429,691 | ) |
| |
Common
Stock | | |
Common Stock
Subscribed But
Not Issued | | |
Additional
Paid-In | | |
Accumulated | | |
Non-
Controlling | | |
Total
Stockholders’ | |
| |
Shares | | |
Par
Value | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Interests | | |
Equity | |
Balances
at December 31, 2020 | |
| 314,418,812 | | |
$ | 314,419 | | |
| 11,413 | | |
$ | 5,365 | | |
$ | 112,974,329 | | |
$ | (104,616,538 | ) | |
$ | (577,139 | ) | |
| 8,100,436 | |
Balance | |
| 314,418,812 | | |
| 314,419 | | |
| 11,413 | | |
| 5,365 | | |
$ | 112,974,329 | | |
$ | (104,616,538 | ) | |
$ | (577,139 | ) | |
| 8,100,436 | |
Issuance
of subscribed shares | |
| 11,413 | | |
| 11 | | |
| (11,413 | ) | |
| (5,365 | ) | |
| 5,354 | | |
| - | | |
| - | | |
| - | |
Stock
grants | |
| 6,877 | | |
| 7 | | |
| - | | |
| - | | |
| 5,358 | | |
| - | | |
| - | | |
| 5,365 | |
Exercise
of options | |
| 82,885 | | |
| 83 | | |
| - | | |
| - | | |
| 8,917 | | |
| - | | |
| - | | |
| 9,000 | |
Exercise
of warrants | |
| 698,812 | | |
| 699 | | |
| - | | |
| - | | |
| 60,098 | | |
| - | | |
| - | | |
| 60,797 | |
Amortization
of option grants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 884,075 | | |
| - | | |
| - | | |
| 884,075 | |
Issuance
of stand-alone warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| 55,786 | | |
| - | | |
| - | | |
| 55,786 | |
Issuance
of warrants with stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| 654,681 | | |
| - | | |
| - | | |
| 654,681 | |
Conversion
of debentures payable | |
| 4,610,645 | | |
| 4,611 | | |
| - | | |
| - | | |
| 1,351,841 | | |
| - | | |
| - | | |
| 1,356,452 | |
Conversion
of promissory notes | |
| 6,937,400 | | |
| 6,937 | | |
| - | | |
| - | | |
| 2,252,854 | | |
| - | | |
| - | | |
| 2,259,791 | |
Common
stock issued to settle obligations | |
| 71,691 | | |
| 72 | | |
| - | | |
| - | | |
| 53,473 | | |
| - | | |
| - | | |
| 53,545 | |
Equity
issuance costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| (386,983 | ) | |
| - | | |
| - | | |
| (386,983 | ) |
Distributions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (182,759 | ) | |
| (182,759 | ) |
Net
income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 11,712,755 | | |
| 185,847 | | |
| 11,898,602 | |
Balances
at June 30, 2021 | |
| 326,838,535 | | |
$ | 326,839 | | |
| - | | |
$ | - | | |
$ | 117,919,783 | | |
$ | (92,903,783 | ) | |
$ | (574,051 | ) | |
$ | 24,768,788 | |
Balance | |
| 326,838,535 | | |
$ | 326,839 | | |
| - | | |
$ | - | | |
$ | 117,919,783 | | |
$ | (92,903,783 | | |
$ | (574,051 | | |
$ | 24,768,788 | |
The
above statements do not show columns for undesignated preferred stock
as
the balances were zero and there was no activity in the reported periods.
See
accompanying notes to condensed consolidated financial statements.
MariMed
Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
2021 | | |
2020 | |
| |
Six
Months Ended June 30, | |
| |
2021 | | |
2020 | |
Cash
flows from operating activities: | |
| | | |
| | |
Net
income (loss) attributable to MariMed Inc. | |
$ | 11,712,755 | | |
$ | (3,635,481 | ) |
Net
income (loss) attributable to noncontrolling interests | |
| 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 | |
| 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 | |
| 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 | |
Cash
and cash equivalents at end of period | |
$ | 17,356,525 | | |
$ | 2,339,610 | |
| |
| | | |
| | |
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 | |
See
accompanying notes to condensed consolidated financial statements.
MariMed
Inc.
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
MariMed
Inc. (the “Company”) is a multi-state operator in the United States cannabis industry. The Company develops, operates, manages,
and optimizes over 300,000 square feet of state-of-the-art, regulatory-compliant facilities for the cultivation, production and dispensing
of medicinal and recreational cannabis. The Company also licenses its proprietary brands of cannabis and hemp-infused products, along
with other top brands, in several domestic markets and overseas.
Upon
its entry into the cannabis industry in 2014, the Company was an advisory firm that procured state-issued cannabis licenses on behalf
of its clients, developed cannabis facilities which it leased to these newly-licensed companies, and provided industry-leading expertise
and oversight in all aspects of their cannabis operations. The Company also provided its clients with as ongoing regulatory, accounting,
real estate, human resources, and administrative services.
Thereafter,
the Company made the strategic decision to transition from a consulting business to a direct owner and operator of cannabis licenses
in high-growth states. Core to this transition is the acquisition and consolidation of the Company’s clients (the “Consolidation
Plan”). Among several benefits, the Consolidation Plan would present a simpler, more transparent financial picture of the full
breadth of the Company’s efforts, with a clearer representation of the revenues, earnings, and other financial metrics the Company
has generated for its clients. The Company has played a key role in the successes of these entities, from the securing of their cannabis
licenses, to the development of facilities that are models of excellence, to funding their operations, and to providing operational and
corporate guidance. Accordingly, the Company believes it is well suited to own these facilities and manage the continuing growth of their
operations.
To
date, acquisitions of its client businesses in Massachusetts and Illinois have been completed and establish the Company as a fully
integrated seed-to-sale multi-state operator (“MSO”). The acquisitions of the remaining entities located in Maryland,
Nevada, and Delaware are at various stages of completion and subject to each state’s laws governing the ownership transfer of cannabis
licenses, which in the case of Delaware requires a modification of current cannabis ownership laws to permit for-profit ownership. Meanwhile,
the Company continues to expand these businesses and maximize the Company’s revenue from rental income, management fees, and licensing
royalties.
The transition to
becoming a fully integrated MSO is part of a strategic growth plan (the “Strategic Growth Plan”) the Company is implementing
to drive its revenues and profitability. The Strategic Growth Plan has four components: (i) complete the Consolidation Plan, (ii) increase
revenues in existing states, by spending capital to increase the Company’s cultivation and production capacity, and develop additional
assets within those states, (iii) expand the Company’s
footprint in additional legal cannabis states through new applications and acquisitions of existing cannabis businesses; and (iv) expand
the Company’s brand portfolio and licensing revenue, by continuing to build its portfolio of leading brands and license its brands
in other legal states.
As
to its products, the Company has created its own brands of cannabis
flower, concentrates, and precision-dosed products utilizing proprietary strains and formulations. These products are developed by the
Company in cooperation with state-licensed operators who meet the Company’s strict standards, including all natural—not artificial
or synthetic—ingredients. The Company licenses its brands and product formulations only to certified manufacturing professionals
who follow state cannabis laws and adhere to the Company’s precise scientific formulations and trademarked product recipes.
The
Company’s proprietary cannabis genetics produce flowers and concentrates under the brand name Nature’s Heritage™, and
cannabis-infused products under the brand names Kalm Fusion®, in the form of chewable tablets and drink powder mixes, and the award-winning1
Betty’s Eddies® brand of all natural fruit chews. Both cannabis-infused brands are top selling products in Maryland and
Massachusetts2 and the Company intends to introduce additional products under these brands in 2021.
The
Company also has exclusive sublicensing rights in certain states to distribute the Binske® line of cannabis products crafted from
premium artisan ingredients, the Healer™ line of medical full-spectrum cannabis tinctures, and the clinically tested medicinal
cannabis strains developed in Israel by global medical cannabis research pioneer Tikun Olam™. The Company intends to continue licensing
and distributing its brands as well as other top brands in the Company’s current markets.
The
Company’s stock is quoted on the OTCQX market under the ticker symbol MRMD.
The
Company was incorporated in Delaware in January 2011 under the name Worlds Online Inc. Initially, the Company developed and managed online
virtual worlds. By early 2014, this line of business effectively ceased operating, and the Company pivoted into the legal cannabis industry.
1
Awards won by the Company’s Betty’s Eddies® brand include LeafLink 2020 Industry Innovator, Explore Maryland Cannabis
2020 Edible of the Year, and LeafLink 2019 Best Selling Medical Product.
2
Source: LeafLink Insights 2020.
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States
of America (“GAAP”).
In
accordance with GAAP, interim financial statements are not required to contain all of the disclosures normally required in annual financial
statements. In addition, the results of operations of interim periods may not necessarily be indicative of the results of operations
to be expected for the full year. Accordingly, these interim financial statements should be read in conjunction with the Company’s
most recent audited annual financial statements and accompanying notes for the year ended December 31, 2020.
Certain
reclassifications have been made to prior periods’ data to conform to the current period presentation. These reclassifications
had no effect on reported income (losses) or cash flows.
Principles
of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of MariMed Inc. and the following majority-owned subsidiaries
at June 30, 2021:
SCHEDULE OF MAJORITY OWNED SUBSIDIARIES
Subsidiary: | |
Percentage
Owned | |
MariMed
Advisors Inc. | |
| 100.0% | |
Mia
Development LLC | |
| 89.5% | |
Mari
Holdings IL LLC | |
| 100.0% | |
Mari
Holdings MD LLC | |
| 97.4% | |
Mari
Holdings NV LLC | |
| 100.0% | |
Mari
Holdings Metropolis LLC | |
| 100.0% | |
Mari
Holdings Mt. Vernon LLC | |
| 100.0% | |
Hartwell
Realty Holdings LLC | |
| 100.0% | |
iRollie
LLC | |
| 100.0% | |
ARL
Healthcare Inc. | |
| 100.0% | |
KPG
of Anna LLC | |
| 100.0% | |
KPG
of Harrisburg LLC | |
| 100.0% | |
MariMed
Hemp Inc. | |
| 100.0% | |
MediTaurus
LLC | |
| 70.0% | |
Intercompany
accounts and transactions have been eliminated.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts within the financial statements and disclosures thereof. Actual results could differ from these estimates or assumptions.
Cash
Equivalents
The
Company considers all highly liquid investments with a maturity date of three months or less to be cash equivalents. The fair values
of these investments approximate their carrying values.
The
Company’s cash and cash equivalents are maintained with recognized financial institutions located in the United States. In the
normal course of business, the Company may carry balances with certain financial institutions that exceed federally insured limits. The
Company has not experienced losses on balances in excess of such limits and management believes the Company is not exposed to significant
risks in that regard.
Accounts
Receivable
Accounts
receivable consist of trade receivables and are carried at their estimated collectible amounts.
The
Company provides credit to its clients in the form of payment terms. The Company limits its credit risk by performing credit evaluations
of its clients and maintaining a reserve, if deemed necessary, for potential credit losses. Such evaluations include the review of a
client’s outstanding balances with consideration towards such client’s historical collection experience, as well as prevailing
economic and market conditions and other factors. Based on such evaluations, the Company maintained a reserve of approximately $41.4
million and $40.0
million at June 30, 2021 and December 31, 2020,
respectively. Please refer to Note 17 – Bad Debts for further discussion on receivable reserves.
Inventory
Inventory
is carried at the lower of cost or net realizable value, with the cost being determined on a first-in, first-out (FIFO) basis. The Company
allocates a certain percentage of overhead cost to its manufactured inventory; such allocation is based on square footage and other industry-standard
criteria. The Company reviews physical inventory for obsolescence and/or excess and will record a write-down if necessary.
Investments
Investments
are comprised of equity holdings in private companies. These investments are recorded at fair value on the Company’s consolidated
balance sheet, with changes to fair value included in income. Investments are evaluated for permanent impairment and are written down
if such impairments are deemed to have occurred.
Revenue
Recognition
The
Company recognizes revenue in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”)
606, Revenue from Contract with Customers, as amended by subsequently issued Accounting Standards Updates. This revenue standard
requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration
that it expects to be entitled to in exchange for those goods or services. The recognition of revenue is determined by performing the
following consecutive steps:
|
● |
Identify
the contract(s) with a customer; |
|
● |
Identify
the performance obligations in the contract(s); |
|
● |
Determine
the transaction price; |
|
● |
Allocate
the transaction price to the performance obligations in the contract(s); and |
|
● |
Recognize
revenue as the performance obligation is satisfied. |
Additionally,
when another party is involved in providing goods or services to the Company’s clients, a determination is made as to who—the
Company or the other party—is acting in the capacity as the principal in the sale transaction, and who is merely the agent arranging
for goods or services to be provided by the other party.
The
Company is typically considered the principal if it controls the specified good or service before such good or service is transferred
to its client. The Company may also be deemed to be the principal even if it engages another party (an agent) to satisfy some of the
performance obligations on its behalf, provided the Company (i) takes on certain responsibilities, obligations and risks, (ii) possesses
certain abilities and discretion, or (iii) other relevant indicators of the sale. If deemed an agent, the Company would not recognize
revenue for the performance obligations it does not satisfy.
The
Company’s main sources of revenue are comprised of the following:
|
● |
Product
Sales – direct sales of cannabis and cannabis-infused products by the Company’s retail dispensaries and
wholesale operations in Massachusetts and Illinois, and sales of hemp and hemp-infused products. An increase in product sales is
expected from the Company’s planned cannabis-licensee acquisitions in Maryland, Nevada, and Delaware (upon this state’s
amendment to permit for-profit ownership of cannabis entities). This revenue is recognized when products are delivered or at retail
points-of-sale. |
|
|
|
|
● |
Real
Estate – rental income and additional rental fees generated from leasing of the Company’s state-of-the-art, regulatory-compliant
cannabis facilities to its cannabis-licensed clients. Rental income is generally a fixed amount per month that escalates over the
respective lease terms, while additional rental fees are based on a percentage of tenant revenues that exceed specified amounts. |
|
|
|
|
● |
Management
– fees for providing the Company’s cannabis clients with comprehensive oversight of their cannabis cultivation, production,
and dispensary operations. These fees are based on a percentage of such clients’ revenue and are recognized after services
have been performed. |
|
|
|
|
● |
Supply
Procurement – the Company maintains volume discounts with top national vendors of cultivation and production resources, supplies,
and equipment, which the Company acquires and resells to its clients or third parties within the cannabis industry. The Company recognizes
this revenue after the delivery and acceptance of goods by the purchaser. |
|
|
|
|
● |
Licensing
– royalties from the licensed distribution of the Company’s branded products including Kalm Fusion® and Betty’s
Eddies®, and from sublicensing of contracted brands including Healer and Tikun Olam, to regulated dispensaries throughout the
United States and Puerto Rico. The recognition of this revenue occurs when the products are delivered. |
Research
and Development Costs
Research
and development costs are charged to operations as incurred.
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation, with depreciation recognized on a straight-line basis over the shorter
of the estimated useful life of the asset or the lease term, if applicable. When assets are retired or disposed, the cost and accumulated
depreciation are removed from the accounts, and any resulting gains or losses are included in income. Repairs and maintenance are charged
to expense in the period incurred.
The
estimated useful lives of property and equipment are generally as follows: buildings and building improvements, forty years; tenant improvements,
the remaining duration of the related lease; furniture and fixtures, seven to ten years; machinery and equipment, ten years. Land is
not depreciated.
The
Company’s property and equipment are individually reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable from the undiscounted future cash flows of such asset over the anticipated
holding period. An impairment loss is measured by the excess of the asset’s carrying amount over its estimated fair value.
Impairment
analyses are based on management’s current plans, asset holding periods, and currently available market information. If these criteria
change, the Company’s evaluation of impairment losses may be different and could have a material impact to the consolidated financial
statements.
For
the six months ended June 30, 2021 and 2020, based on the results of management’s impairment analyses, there were no impairment
losses.
Leases
The
consolidated financial statements reflect the Company’s adoption of ASC 842, Leases, as amended by subsequent accounting
standards updates, utilizing the modified retrospective transition approach.
ASC
842 is intended to improve financial reporting of leasing transactions. The most prominent change from previous accounting guidance is
the requirement to recognize right-of-use assets and lease liabilities on the consolidated balance sheet representing the rights and
obligations created by operating leases that extend more than twelve months in which the Company is the lessee. The Company elected the
package of practical expedients permitted under ASC 842. Accordingly, the Company accounted for its existing operating leases that commenced
before the effective date as operating leases under the new guidance without reassessing (i) whether the contracts contain a lease, (ii)
the classification of the leases (iii) the accounting for indirect costs as defined in ASC 842.
The
Company determines if an arrangement is a lease at inception. Right-of-use assets represent the Company’s right to use an underlying
asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.
Non-lease components within lease agreements are accounted for separately. Right-of-use assets and obligations are recognized at the
commencement date based on the present value of lease payments over the lease term, utilizing the Company’s incremental borrowing
rate. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company
will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Impairment
of Long-Lived Assets
The
Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal
of Long-Lived Assets. Impairment of long-lived assets is recognized when the net book value of such assets exceeds their expected
cash flows, in which case the assets are written down to fair value, which is determined based on discounted future cash flows or appraised
values.
Fair
Value of Financial Instruments
The
Company follows the provisions of ASC 820, Fair Value Measurement, to measure the fair value of its financial instruments, and
ASC 825, Financial Instruments, for disclosures on the fair value of its financial instruments. To increase consistency and comparability
in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted)
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value
hierarchy defined by ASC 820 are:
Level
1 |
Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
|
Level
2 |
Pricing
inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date. |
|
|
Level
3 |
Pricing
inputs that are generally observable inputs and not corroborated by market data. |
The
carrying amounts of the Company’s financial assets and liabilities, such as cash and accounts payable, approximate their fair values
due to the short maturity of these instruments.
The
fair value of option and warrant issuances are determined using the Black-Scholes pricing model and employing several inputs such as
the expected life of instrument, the exercise price, the expected risk-free interest rate, the expected dividend yield, the value of
the Company’s common stock on issuance date, and the expected volatility of such common stock. The following table summarizes the
range of inputs used by the Company during the six months ended June 30, 2021 and 2020:
SCHEDULE OF ASSUMPTIONS USED
| |
Six
Months Ended June 30, | |
| |
2021 | | |
2020 | |
Life of instrument | |
| 3.0
to 5.0 years | | |
| 3.0
years | |
Volatility
factors | |
| 1.230
to 1.266 | | |
|