MARIMED INC
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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FY2024 · Filed Mar 6, 2025
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss attributable to common stockholders | $(12,164) | $(16,031) |
| Net income attributable to noncontrolling interests | 37 | 24 |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization of property and equipment | 7,910 | 5,549 |
| Amortization of intangible assets | 2,948 | 3,025 |
| Stock-based compensation | 1,050 | 1,020 |
| Amortization of warrants issued as payment for services received | 218 | — |
| Amortization of original debt issuance discount | — | 232 |
| Amortization of debt discount | 358 | 2,851 |
| Amortization of debt issuance costs | 73 | — |
| Payment-in-kind interest | 104 | 366 |
| Bad debt (income) expense | (336) | 118 |
| Obligations settled with common stock | 10 | 465 |
| Loss on disposal of assets | 13 | 906 |
| Gain on finance lease adjustment | — | (31) |
| Writedown of prepaid purchase consideration | — | 200 |
| Loss on extinguishment of debt | — | 10,431 |
| Loss on changes in fair value of investments | 145 | 76 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (1,207) | (3,160) |
| Inventory | (8,182) | (5,829) |
| Deferred rents receivable | 74 | 74 |
| Other current assets | 883 | 4,500 |
| Other assets | 1,421 | (356) |
| Accounts payable | 4,188 | 2,375 |
| Accrued expenses and other | 1,754 | (1,840) |
| Income taxes payable | 7,488 | 2,945 |
| Net cash provided by operating activities | 6,785 | 7,910 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (11,960) | (20,130) |
| Business acquisitions, net of cash acquired | (4,250) | (2,987) |
| Advances toward future business acquisitions | (100) | (1,125) |
| Purchases of investments | — | (261) |
| Purchases and renewals of cannabis licenses | (712) | (626) |
| Issuance of notes receivable | — | (879) |
| Proceeds from notes receivable | 50 | 99 |
| Return on investment | 44 | — |
| Proceeds from disposal of assets | 22 | — |
| Due from third party | (227) | (76) |
| Net cash used in investing activities | (17,133) | (25,985) |
| Cash flows from financing activities: | ||
| Proceeds from term loan | — | 29,100 |
| Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan | 5,077 | 53,618 |
| Proceeds from mortgages | 1,163 | — |
| 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 | (382) | (585) |
| Repayment and retirement of mortgages | — | (12,595) |
| Principal payments of promissory notes | (1,177) | (2,370) |
| Repayment and retirement of promissory notes | — | (5,503) |
| Proceeds from exercise of stock options | — | 109 |
| Principal payments of finance leases | (1,557) | (702) |
| Distributions | (139) | (158) |
| Net cash provided by financing activities | 2,985 | 22,983 |
| Net (decrease) increase to cash and cash equivalents | (7,363) | 4,908 |
| Cash and cash equivalents at beginning of year | 14,645 | 9,737 |
| Cash and cash equivalents at end of year | $7,282 | $14,645 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $6,689 | $5,654 |
| Cash paid for income taxes | $877 | $6,419 |
| Non-cash activities: | ||
| Common stock issued to purchase property and equipment | $— | $300 |
| Present value of promissory notes issued as purchase consideration | $3,000 | $4,569 |
| Entry into new operating leases | $— | $5,604 |
| Entry into new finance leases | $2,881 | $3,235 |
| Writeoff of finance leases | $1,112 | $— |
| Common stock issued as purchase consideration | $991 | $2,994 |
| Common stock issued to purchase minority interest in a subsidiary of the Company | $— | $5 |
| Warrants to issue common stock issued with debt | $— | $5,454 |
| Liability recorded for building improvements | $— | $1,997 |
| Notes payable issued to purchase property and equipment | $396 | $158 |
| Common stock issued to settle obligations | $— | $160 |
| Common stock issued under licensing agreement | $10 | $5 |
| 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 |
| Return of common stock to the Company in connection with withholding taxes | $41 | $— |
| Adjustment to purchase price allocation to reclassify certain acquired intangible assets to goodwill | $3,819 | $— |
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