Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Cash flows from operating activities:          
Net income (loss) attributable to MariMed Inc. $ 4,677,085 $ (461,967) $ 4,653,875 $ (2,357,110)  
Net income (loss) attributable to noncontrolling interests 46,147 69,287 147,346 132,520  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation     171,125 253,713  
Amortization of intangibles     107,917  
Amortization of stock option and warrant issuances     1,943,976 977,808  
Amortization of beneficial conversion feature     2,281,687  
Amortization of original issue discount     28,920  
Equity issued to settle obligations     3,444,760  
Loss on preferred stock conversions     34,044  
Loss on debt settlements (563,119) (1,776,960)  
Equity in earnings of investments 45,465 (1,912,942)  
Changes in operating assets and liabilities:          
Accounts receivable, net     (3,279,717) (1,666,587)  
Accounts receivable from related party, net     (25,177,845)  
Due from third parties     141,783 (1,177,734)  
Deferred rents receivable     48,470 (496,908)  
Inventory     (4,173,386)  
Other current assets     (41,637) (44,870)  
Other assets     (262,981) 22,139  
Accounts payable     (1,746,067) 2,029  
Accrued expenses     1,652,508 246,810  
Deferred rents payable     (105,901)  
Operating lease payments     267,253  
Finance lease interest payments     (1,824)  
Unearned revenue from related party     3,162,967  
Other liabilities     (238,000)  
Net cash provided by (used in) operating activities     (22,332,472) 188,818  
Cash flows from investing activities:          
Purchase of property and equipment     (3,668,398) (5,663,585)  
MediTaurus acquisition     (171,003)  
Investment in notes receivable     (1,550,000) (100,000)  
Interest on notes receivable     117,006 22,125  
Due from related parties     119,781  
Net cash used in investing activities     (5,152,614) (5,741,460)  
Cash flows from financing activities:          
Issuance of common stock     2,600,000 8,461,003  
Issuance of promissory notes     17,000,000  
Payments on promissory notes     (700,000)  
Proceeds from issuance of debentures     7,275,000  
Proceeds from mortgages     1,998,360  
Payments on mortgages     (79,012) (56,452)  
Exercise of stock options     13,000 39,000  
Exercise of warrants     602,442 119,451  
Due to related parties     (199,154) (196,000)  
Finance lease principal payments     (3,923)    
Distributions     (297,369) (325,825)  
Net cash provided by financing activities     26,910,984 9,339,537  
Net change to cash and cash equivalents     (574,102) 3,786,895  
Cash and cash equivalents at beginning of period     4,104,315 1,290,231 $ 1,290,231
Cash and cash equivalents at end of period $ 3,530,213 $ 5,077,126 3,530,213 5,077,126 $ 4,104,315
Supplemental disclosure of cash flow information:          
Cash paid for interest     787,028 553,206  
Cash paid for taxes     10,011 12,596  
Non-cash activities:          
Conversion of debentures receivable     30,000,000  
Operating lease right-of-use assets and liabilities     6,981,772  
Finance lease right-of-use assets and liabilities     77,773  
Conversions of debentures payable     2,626,759  
Beneficial conversion feature on debentures payable     3,384,980  
Discount on debentures payable     928,724  
Discount on promissory notes     600,621  
MediTaurus acquisition     2,500,000  
Terrace investment     1,590,000  
Harvest payment     1,000  
Conversion of notes receivable to investment     257,687  
Issuance of common stock associated with subscriptions     169,123  
Conversion of advances to notes receivable     855,913  
Equity issued to settle debt     $ 1,275,000