Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income (loss) attributable to MariMed Inc. $ 2,143,989 $ (81,184,719)
Net income (loss) attributable to noncontrolling interests 285,278 (696,206)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 1,791,610 999,106
Asset writeoff 84,708
Amortization of intangibles 390,481 197,500
Amortization of stock grants 21,459 223,148
Amortization of option grants 969,136 1,457,684
Amortization of stand-alone warrant issuances 2,179 391,932
Amortization of warrants attached to debt 1,090,754 2,455,964
Amortization of beneficial conversion feature 3,243,446 5,242,483
Amortization of original issue discount 339,791 183,867
Goodwill write-downs 2,662,669
Bad debt expense 982,488 44,539,820
Loss on equity issued to settle obligations 44,678 5,180
Loss (earnings) on equity investments (98,813) 30,334,503
Change in fair value of investments 349,638 640,856
Changes in operating assets and liabilities:    
Accounts receivable (5,988,861) (37,701,009)
Deferred rents receivable (143,356) 299,559
Due from third parties 9,937 1,355,746
Inventory (5,611,142) (495,394)
Other current assets (390,221) (63,815)
Other assets 95,412 (92,981)
Accounts payable 1,071,660 632,471
Accrued expenses 2,419,155 3,436,024
Deferred rents payable (105,901)
Operating lease payments 53,706 529,434
Finance lease interest payments 4,034 (6,414)
Other current liabilities 219,157 858,176
Other liabilities (238,000)
Net cash provided by (used in) operating activities 3,380,303 (24,138,317)
Cash flows from investing activities:    
Purchase of property and equipment (4,687,795) (9,668,521)
Purchase of cannabis licenses (255,000) (308,815)
Acquisitions (211,823)
Investment in notes receivable (2,680,000)
Receipts on notes receivable 479,630 211,989
Due from related parties 119,781
Net cash used in investing activities (4,463,165) (12,537,389)
Cash flows from financing activities:    
Issuance of common stock 2,750,000
Issuance of promissory notes 6,549,763 19,760,000
Payments on promissory notes (12,371,149)
Proceeds from issuance of debentures 935,000 9,600,000
Proceeds from mortgages 13,897,282
Payments on mortgages (5,102,862) (200,081)
Exercise of stock options 76,000 97,500
Exercise of warrants 612,441
Due to related parties (296,898) 1,178,402
Finance lease principal payments (34,957) (13,954)
Distributions (308,952) (474,229)
Net cash provided by financing activities 3,343,227 33,310,079
Net change to cash and cash equivalents 2,260,365 (3,365,627)
Cash and cash equivalents at beginning of period 738,688 4,104,315
Cash and cash equivalents at end of period 2,999,053 738,688
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,267,199 1,294,810
Cash paid for income taxes 1,171,324 52,126
Non-cash activities:    
Conversion of debentures receivable 10,075,288 30,000,000
Exchange of common stock to preferred stock 14,725,000
Conversion of accrued interest to promissory notes 3,908,654
Issuance of common stock associated with subscriptions 1,168,074 169,123
Common stock issued to settle debt 913,942 1,047,100
Common stock issued to settle obligations 698,922 120,864
Conversions of promissory note 460,050
Discount on promissory notes 708,043 605,780
Beneficial conversion feature on debentures payable 379,183 4,235,469
Discount on debentures payable 28,021 1,148,056
Operating lease right-of-use assets and liabilities 7,251,837
Finance lease right-of-use assets and liabilities 172,605
Conversions of debentures payable 8,975,920
Common stock issued for acquisitions 2,470,840
Common stock issued for investments 1,590,000
Harvest payment 1,000
Conversion of notes receivable to investment 257,687
Conversion of advances to notes receivable 855,913
Exercise of options via the reduction of 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