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 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Cash flows from operating activities:          
Net income (loss) attributable to MariMed Inc. $ (1,214,037) $ 4,677,085 $ (3,635,481) $ 4,653,875  
Net income (loss) attributable to noncontrolling interests 72,805 46,147 156,533 147,346  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation     907,285 448,935  
Amortization of intangibles     166,908 107,917  
Amortization of stock grants     10,730  
Amortization of option grants     556,379 929,597  
Amortization of warrants attached to debt     498,694 1,014,379  
Amortization of beneficial conversion feature     2,170,401 2,281,687  
Amortization of original issue discount     241,613 28,920  
Bad debt expense 450,000 450,000  
Loss on obligations settled with equity     44,678  
Equity in earnings of investments     32,958 (1,912,941)  
Change in fair value of investments     921,546  
Changes in operating assets and liabilities:          
Accounts receivable, net     (1,654,366) (3,279,717)  
Accounts receivable from related party, net     (25,177,845)  
Deferred rents receivable     (193,464) 48,470  
Due from third parties     (198,680) 141,783  
Inventory     (2,686,534) (4,263,846)  
Other current assets     (16,733) 48,823  
Other assets     (10,000) (262,981)  
Accounts payable     566,749 (1,746,067)  
Accrued expenses     1,759,330 1,652,508  
Deferred rents payable     (105,901)  
Operating lease payments     51,043 267,253  
Finance lease interest payments     4,033 (1,824)  
Unearned revenue from related party     3,162,967  
Other current liabilities     396,236  
Other liabilities     (238,000)  
Net cash provided by (used in) operating activities     539,858 (22,054,662)  
Cash flows from investing activities:          
Purchase of property and equipment     (2,720,655) (3,946,208)  
Purchase of cannabis licenses     (255,000)  
Investment in notes receivable     (1,550,000)  
Interest on notes receivable     406,670 117,006  
MediTaurus acquisition     (171,003)  
Due from related parties     119,781  
Net cash used in investing activities     (2,568,985) (5,430,424)  
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     (3,100,000)  
Proceeds from issuance of debentures     935,000 7,275,000  
Proceeds from mortgages     907,200  
Payments on mortgages     (112,352) (79,012)  
Exercise of stock options     13,000  
Exercise of warrants     602,442  
Due to related parties     (63,404) (199,154)  
Finance lease principal payments     (19,206) (3,923)  
Distributions     (166,952) (297,369)  
Net cash provided by financing activities     3,630,049 26,910,984  
Net change to cash and cash equivalents     1,600,922 (574,102)  
Cash and cash equivalents at beginning of period     738,688 4,104,315 $ 4,104,315
Cash and cash equivalents at end of period $ 2,339,610 $ 3,530,213 2,339,610 3,530,213 $ 738,688
Supplemental disclosure of cash flow information:          
Cash paid for interest     703,571 787,028  
Cash paid for income taxes     13,000 10,011  
Non-cash activities:          
Conversions of debentures payable     5,017,095 2,626,759  
Beneficial conversion feature on debentures payable     379,183 3,384,980  
Discount on debentures payable     28,021 928,724  
Issuance of common stock associated with subscriptions     1,168,074 169,123  
Discount on promissory notes     65,931 600,621  
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     6,981,772  
Finance lease right-of-use assets and liabilities     77,773  
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