Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net income (loss) attributable to MariMed Inc. $ 2,020,035 $ 1,658,867 $ 13,732,790 $ (1,976,614)  
Net income (loss) attributable to noncontrolling interests 103,113 36,959 288,960 193,492  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation     1,499,318 1,340,649  
Asset writeoff     84,708  
Amortization of intangibles     518,182 307,861  
Amortization of stock grants     233,368 16,094  
Amortization of option grants     6,208,376 707,003  
Amortization of stand-alone warrant issuances     832,105 2,179  
Amortization of warrants attached to debt     539,272 631,895  
Amortization of warrants issued with stock     654,681  
Amortization of beneficial conversion feature     176,522 2,552,933  
Amortization of original issue discount     51,753 286,353  
Bad debt expense 35,583 892,029 1,854,869 1,342,029  
Fees paid with stock     375,019  
Loss on obligations settled with equity     2,546 44,678  
Equity in earnings of investments     (18,553)  
Change in fair value of investments 522,106 (217,374) 937,390 704,172  
Gain on sale of investment     (309,212)    
Changes in operating assets and liabilities:          
Accounts receivable, net     (3,885,824) (3,750,792)  
Deferred rents receivable     192,378 (171,675)  
Inventory     (4,163,392) (5,582,862)  
Other current assets     (1,640,696) (57,677)  
Other assets     (17,458) 95,412  
Accounts payable     2,098,155 2,272,810  
Accrued expenses     7,432,580 1,263,976  
Sales and excise taxes payable     671,925 608,716  
Operating lease payments, net     (13,775) 58,559  
Finance lease interest payments     1,504 4,033  
Other current liabilities     (23,640) 646,832  
Net cash provided by operating activities     28,247,696 1,606,211  
Cash flows from investing activities:          
Purchase of property and equipment     (14,649,446) (4,116,053)  
Purchase of cannabis licenses     (638,570) (255,000)  
Return on investment     1,475,000  
Interest on notes receivable     407,374 443,150  
Net cash used in investing activities     (13,405,642) (3,927,903)  
Cash flows from financing activities:          
Proceeds from issuance of preferred stock     23,000,000  
Equity issuance costs     (386,983)  
Proceeds from issuance of promissory notes     35,096 5,249,763  
Repayments of promissory notes     (15,804,273) (10,770,011)  
Proceeds from issuance of debentures     935,000  
Proceeds from mortgages     2,700,000 13,897,282  
Payments on mortgages     (443,856) (4,989,661)  
Proceeds from exercise of options     31,500  
Proceeds from exercise of warrants     92,775  
Due to related parties     (1,157,815) (221,705)  
Finance lease principal payments     (26,262) (27,008)  
Distributions     (300,781) (229,329)  
Net cash provided by financing activities     7,739,401 3,844,331  
Net change to cash and cash equivalents     22,581,455 1,522,639  
Cash and cash equivalents at beginning of period     2,999,053 738,688 $ 738,688
Cash and cash equivalents at end of period $ 25,580,508 $ 2,261,327 25,580,508 2,261,327 $ 2,999,053
Supplemental disclosure of cash flow information:          
Cash paid for interest     1,705,029 1,236,464  
Cash paid for income taxes     419,070 488,772  
Non-cash activities:          
Conversion of promissory notes     3,346,445 460,050  
Conversions of debentures payable     1,356,452 7,166,041  
Acquisition of 30% interest in subsidiary     975,360  
Purchase of property and equipment 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     53  
Exchange of common stock to preferred stock     14,725,000  
Conversion of accrued interest to promissory notes     3,908,654  
Discount on promissory notes     638,927  
Beneficial conversion feature on debentures payable     379,183  
Extinguishment of promissory note     352,000  
Discount on debentures payable     $ 28,021