Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income attributable to MariMed Inc. $ 7,224,521 $ 2,143,989
Net income attributable to noncontrolling interests 399,030 285,278
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 2,097,702 1,791,610
Asset writeoff 84,708
Amortization of intangibles 690,327 390,481
Amortization of stock grants 235,353 21,459
Amortization of option grants 12,494,209 969,136
Amortization of stand-alone warrant issuances 832,105 2,179
Amortization of warrants attached to debt 539,272 1,090,754
Amortization of warrants issued with stock 654,681
Amortization of beneficial conversion feature 176,522 3,243,446
Amortization of original issue discount 51,753 339,791
Bad debt expense 1,862,417 982,488
Fees paid with stock 1,107,693
Loss on obligations settled with equity 2,546 44,678
Equity in earnings of investments (98,813)
Gain on investment (309,212)
Change in fair value of investments 1,106,593 349,638
Changes in operating assets and liabilities:    
Accounts receivable (4,697,063) (5,988,861)
Deferred rents receivable 262,466 (143,356)
Due from third parties 9,937
Inventory (2,937,285) (5,611,142)
Other current assets (868,179) (390,221)
Other assets (17,458) 95,412
Accounts payable 104,615 1,071,660
Accrued expenses (1,433,723) 472,237
Income taxes payable 15,571,539 895,725
Sales and excise taxes payable 744,062 1,051,193
Operating lease payments (19,433) 53,706
Finance lease interest payments 1,504 4,034
Other current liabilities (21,720) 219,157
Net cash provided by operating activities 35,854,837 3,380,303
Cash flows from investing activities:    
Purchase of property and equipment (17,873,636) (4,687,795)
Purchase of cannabis licenses (692,070) (255,000)
Return on investment 1,475,000
Acquisition of 30% interest in subsidiary (10,000)
Proceeds from notes receivable 476,868 479,630
Net cash used in investing activities (16,623,838) (4,463,165)
Cash flows from financing activities:    
Issuance of preferred stock 23,000,000
Equity issuance costs (386,983)
Issuance of promissory notes 35,096 6,549,763
Payments on promissory notes (15,806,617) (12,371,149)
Proceeds from issuance of debentures 935,000
Proceeds from mortgages 2,700,000 13,897,282
Payments on mortgages (617,353) (5,102,862)
Exercise of stock options 38,600 76,000
Exercise of warrants 92,775
Due to related parties (1,157,815) (296,898)
Finance lease principal payments (34,828) (34,957)
Distributions (409,913) (308,952)
Net cash provided by financing activities 7,452,962 3,343,227
Net change to cash and cash equivalents 26,683,961 2,260,365
Cash and cash equivalents at beginning of period 2,999,053 738,688
Cash and cash equivalents at end of period 29,683,014 2,999,053
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,975,193 3,267,199
Cash paid for income taxes 620,788 1,171,324
Non-cash activities:    
Trade receivables converted to notes receivable 7,843,910
Conversion of promissory notes 3,821,445 460,050
Conversion of debentures payable 1,356,452 10,075,288
Acquisition of 30% interest in subsidiary 975,360
Purchase of property with stock 705,000
Operating lease right-of-use assets and liabilities 466,105
Common stock issued to settle obligations 51,000 698,922
Return of stock 9,937
Issuance of common stock associated with subscriptions 5,365 1,168,074
Cashless exercise of warrants 180
Cashless exercise of stock options 106
Exchange of common stock to preferred stock 14,725,000
Conversion of accrued interest to promissory notes 3,908,654
Common stock issued to settle debt 913,942
Discount on promissory notes 708,043
Beneficial conversion feature on debentures payable 379,183
Discount on debentures $ 28,021