MARIMED INC
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from operating activities: | ||
| Net (loss) income attributable to common stockholders | $(16,031) | $13,468 |
| Net income attributable to noncontrolling interests | 24 | 146 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization of property and equipment | 5,549 | 3,432 |
| Amortization of intangible assets | 3,025 | 1,282 |
| Stock-based compensation | 1,020 | 6,338 |
| Amortization of original debt issuance discount | 232 | — |
| Amortization of debt discount | 2,851 | — |
| Payment-in-kind interest | 366 | — |
| Present value adjustment of notes payable | — | — |
| Bad debt expense | 118 | 3,752 |
| Obligations settled with common stock | 465 | 696 |
| Write-off of disposed assets | 906 | — |
| Gain on finance lease adjustment | (31) | — |
| Write-down of prepaid purchase consideration | 200 | — |
| Loss on extinguishment of debt | 10,431 | — |
| Loss on changes in fair value of investments | 76 | 1,082 |
| Other investment income | — | (954) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (3,160) | (6,902) |
| Inventory | (5,829) | (5,383) |
| Deferred rents receivable | 74 | 132 |
| Other current assets | 4,500 | (5,219) |
| Other assets | (356) | (126) |
| Accounts payable | 2,375 | 1,027 |
| Accrued expenses and other | (1,840) | (482) |
| Income taxes payable | 2,945 | (4,978) |
| Net cash provided by operating activities | 7,910 | 7,311 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (20,130) | (12,140) |
| Business acquisitions, net of cash acquired | (2,987) | (12,847) |
| Advances toward future business acquisitions | (1,125) | (800) |
| Purchases of investments | (261) | — |
| Purchases of cannabis licenses | (626) | (601) |
| Issuance of notes receivable | (879) | — |
| Proceeds from notes receivable | 99 | 173 |
| Due from related parties | (76) | (29) |
| Net cash used in investing activities | (25,985) | (26,244) |
| Cash flows from financing activities: | ||
| Proceeds from term loan | 29,100 | — |
| Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan | 53,618 | — |
| Proceeds from mortgages | — | 3,000 |
| Payment of third-party debt issuance costs in connection with debt | (3,339) | — |
| Principal payments of term loan | (1,800) | — |
| Repayment and retirement of term loan, including paid-in-kind interest | (28,541) | — |
| Payment of penalties on early retirement of debt | (4,251) | — |
| Principal payments of mortgages | (585) | (945) |
| Repayment and retirement of mortgages | (12,595) | — |
| Principal payments of promissory notes | (2,370) | (592) |
| Repayment and retirement of promissory notes | (5,503) | — |
| Proceeds from exercise of stock options | 109 | 10 |
| Principal payments of finance leases | (702) | (227) |
| Redemption of minority interests | — | (2,000) |
| Distributions | (158) | (259) |
| Net cash provided by (used in) financing activities | 22,983 | (1,013) |
| Net increase (decrease) to cash and cash equivalents | 4,908 | (19,946) |
| Cash and cash equivalents at beginning of year | 9,737 | 29,683 |
| Cash and cash equivalents at end of year | $14,645 | $9,737 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $5,654 | $1,744 |
| Cash paid for income taxes | $6,419 | $14,567 |
| Non-cash activities: | ||
| Trade receivables converted to notes receivable | $— | $750 |
| Common stock issued to purchase property and equipment | $300 | $300 |
| Conversion of promissory notes to equity | $— | $400 |
| Present value of promissory notes issued as purchase consideration | $4,569 | $4,348 |
| Entry into new operating leases | $5,604 | $661 |
| Entry into new finance leases | $3,235 | $794 |
| Common stock issued as purchase consideration | $2,994 | $2,212 |
| Common stock issued to purchase minority interest in a subsidiary of the Company | $5 | $— |
| Warrants to issue common stock issued with debt | $5,454 | $— |
| Notes payable issued to purchase motor vehicles | $158 | $— |
| Common stock issued to settle obligations | $160 | $275 |
| Common stock issued under licensing agreement | $5 | $121 |
| Issuance of common stock associated with subscriptions | $41 | $— |
| Conversion of preferred stock to common stock | $18,725 | $— |
| Conversion of notes receivable to omnibus long-lived asset | $10,233 | $— |
| Liability recorded for building improvements | $1,997 | $— |
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