Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash flows from operating activities:          
Net income (loss) attributable to MariMed Inc. $ (7,398,683) $ (3,502,874) $ (2,744,808) $ (5,859,985)  
Net income (loss) attributable to noncontrolling interests 99,021 91,362 246,367 223,882  
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Depreciation     697,946 253,713  
Amortization of intangibles     154,167  
Amortization of stock grants     193,710  
Amortization of option grants     1,219,958 1,023,300  
Amortization of warrant issuances     1,975,908 1,609,095  
Amortization of beneficial conversion feature on debentures payable     4,646,070  
Amortization of original issue discount     107,256  
Equity issued to settle obligations     3,640,621  
Loss on preferred stock conversions     34,044  
Loss on debt settlements 2,407,671 4,184,631  
Equity in losses of investments 2,933,252 1,020,310  
Changes in operating assets and liabilities:          
Accounts receivable, net     (4,788,303) (2,566,254)  
Accounts receivable from related party, net     (33,200,000)  
Deferred rents receivable     53,461 (1,096,908)  
Due from third parties     (174,516) (1,925,735)  
Inventory     (942,399)  
Other current assets     7,154 (100,684)  
Other assets     (262,981) 29,731  
Accounts payable     (178,223) (198,836)  
Accrued expenses     3,339,325 129,689  
Deferred rents payable     (105,901)  
Operating lease payments     424,129  
Finance lease interest payments     (1,824)  
Unearned revenue     4,170,750  
Other current liabilities     197,943  
Other liabilities     (238,000) 53,755  
Net cash used in operating activities     (24,182,501) (1,540,100)  
Cash flows from investing activities:          
Purchase of property and equipment     (6,741,632) (7,259,413)  
Purchase of cannabis licenses     (150,000)  
MediTaurus acquisition     (655,804)  
Investment in Sprout     (100,000)  
Investment in convertible debentures     (6,750,000)  
Investment in notes receivable     (2,030,000) (300,000)  
Interest on notes receivable     175,509  
Due from related parties     119,781 29,087  
Net cash used in investing activities     (9,282,146) (14,380,326)  
Cash flows from financing activities:          
Proceeds from subscribed common stock      
Issuance of common stock     2,600,000 16,896,000  
Issuance of promissory notes     17,000,000 3,000,000  
Payments on promissory notes     (700,000)  
Proceeds from issuance of debentures     9,600,000  
Proceeds from mortgages     1,998,360  
Payments on mortgages     (142,170) (84,952)  
Exercise of stock options     75,500 39,000  
Exercise of warrants     612,442 212,284  
Due to related parties     139,402 (196,000)  
Finance lease principal payments     (11,167)  
Distributions     (376,993) (507,453)  
Net cash provided by financing activities     29,497,014 20,657,239  
Net change to cash and cash equivalents     (3,967,633) 4,736,813  
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 $ 136,682 $ 6,027,044 136,682 6,027,044 $ 4,104,315
Supplemental disclosure of cash flow information:          
Cash paid for interest     699,582 931,195  
Cash paid for taxes     88,150 12,021  
Non-cash activities:          
Conversion of debentures receivable     30,000,000  
Operating lease right-of-use assets and liabilities     7,142,150  
Finance lease right-of-use assets and liabilities     134,193  
Conversions of debentures payable     7,859,283  
Beneficial conversion feature on debentures payable     4,235,469  
Discount on debentures payable     1,148,056  
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  
Exercise of 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  
Equity issued to settle debt     8,425,000  
iRollie acquisition     $ 600,000