Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net income (loss) attributable to MariMed Inc. $ 1,658,867 $ (7,398,683) $ (1,976,614) $ (2,744,808)  
Net income (loss) attributable to noncontrolling interests 36,959 99,021 193,492 246,367  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation     1,340,649 697,946  
Asset write-off     84,708  
Amortization of intangibles     307,861 154,167  
Amortization of stock grants     16,094 193,710  
Amortization of option grants     707,003 1,219,958  
Amortization of stand-alone warrant issuances     2,179 139,016  
Amortization of warrants attached to debt     631,895 1,836,892  
Amortization of beneficial conversion feature     2,552,933 4,646,070  
Amortization of original issue discount     286,353 107,256  
Bad debt expense 892,029 1,342,029  
Loss on obligations settled with equity 44,678  
Equity in (earnings) losses of investments     (18,553) 1,020,310  
Change in fair value of investments     704,172  
Changes in operating assets and liabilities:          
Accounts receivable, net     (3,750,792) (4,788,303)  
Accounts receivable from related party, net       (33,200,000)  
Deferred rents receivable     (171,675) 53,461  
Due from third parties     (174,516)  
Inventory     (5,582,862) (942,399)  
Other current assets     (57,677) 7,154  
Other assets     95,412 (262,981)  
Accounts payable     2,272,810 (178,223)  
Accrued expenses     1,872,692 3,339,325  
Deferred rents payable     (105,901)  
Operating lease payments     58,559 424,129  
Finance lease interest payments     4,033 (1,824)  
Unearned revenue from related party     4,170,750  
Other current liabilities     646,832 197,943  
Other liabilities     (238,000)  
Net cash provided by (used in) operating activities     1,606,211 (24,182,501)  
Cash flows from investing activities:          
Purchase of property and equipment     (4,116,053) (6,741,632)  
Purchase of cannabis licenses     (255,000) (150,000)  
Investment in notes receivable     (2,030,000)  
Interest on notes receivable     443,150 175,509  
Acquisition     (655,804)  
Due from related parties     119,781  
Net cash used in investing activities     (3,927,903) (9,282,146)  
Cash flows from financing activities:          
Issuance of common stock     2,600,000  
Issuance of promissory notes     5,249,763 17,000,000  
Repayments of promissory notes     (10,770,011)  
Proceeds from issuance of debentures     935,000 9,600,000  
Proceeds from mortgages     13,897,282  
Payments on mortgages     (4,989,661) (142,170)  
Exercise of stock options     75,500  
Exercise of warrants     612,442  
Due to related parties     (221,705) 139,402  
Finance lease principal payments     (27,008) (11,167)  
Distributions     (229,329) (376,993)  
Net cash provided by financing activities     3,844,331 29,497,014  
Net change to cash and cash equivalents     1,522,639 (3,967,633)  
Cash and cash equivalents at beginning of period     738,688 4,104,315 $ 4,104,315
Cash and cash equivalents at end of period $ 2,261,327 $ 136,682 2,261,327 136,682 $ 738,688
Supplemental disclosure of cash flow information:          
Cash paid for interest     1,236,464 699,582  
Cash paid for income taxes     488,772 88,150  
Non-cash activities:          
Conversions of debentures payable     7,166,041 7,859,283  
Beneficial conversion feature on debentures payable     379,183 4,235,469  
Discount on debentures payable     28,021 1,148,056  
Issuance of common stock associated with subscriptions     1,168,074 169,123  
Discount on promissory notes     638,927 600,621  
Conversion of promissory notes     460,050  
Extinguishment of promissory note     352,000  
Common stock issued to settle obligations     698,922  
Exchange of common stock to preferred stock     14,725,000  
Conversion of accrued interest to promissory note     3,908,654  
Conversion of debentures receivable to investment     30,000,000  
Operating lease right-of-use assets and liabilities     7,142,150  
Finance lease right-of-use assets and liabilities     134,193  
Conversion of notes receivable to investment     257,687  
Conversion of advances to notes receivable     855,913  
MediTaurus acquisition     2,500,000  
Terrace investment     1,590,000  
Harvest payment     1,000  
Exercise of stock options via the reduction of an obligation     350,000  
Cashless exercise of stock options     1,762  
Reclass of accrued interest from notes payable     127,450  
Reclass of accrued interest from debentures payable     $ 62,748