NOTE\n1 \u2013 ORGANIZATION AND DESCRIPTION OF BUSINESS
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\n\nMariMed\nInc. (the \u201cCompany\u201d) is a multi-state operator in the United States cannabis industry. The Company develops,\noperates, manages, and optimizes over 300,000\nsquare feet of state-of-the-art, regulatory-compliant\nfacilities for the cultivation, production and dispensing of medicinal and recreational cannabis. The Company also licenses its\nproprietary brands of cannabis and hemp-infused products, along with other top brands, in several domestic markets and overseas.
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\n\nUpon\nits entry into the cannabis industry in 2014, the Company was an advisory firm that procured state-issued cannabis licenses on\nbehalf of its clients, developed cannabis facilities which it leased to these newly-licensed companies, and provided\nindustry-leading expertise and oversight in all aspects of their cannabis operations. The Company also provided its clients with\nas ongoing regulatory, accounting, real estate, human resources, and administrative services.
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\n\nIn\n2018, the Company made the strategic decision to transition from a consulting business to a direct owner of cannabis licenses\nand operator of seed-to-sale operations (hereinafter referred to as the \u201cConsolidation Plan\u201d). The Consolidation\nPlan calls for the acquisition of its cannabis-licensed clients located in Delaware, Illinois, Maryland, Massachusetts, and\nNevada. In addition, the Consolidation Plan includes the potential acquisition of a Rhode Island asset. All of these acquisition\nare subject to state approval, and once consolidated, the entities will operate under the MariMed banner.
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\n\nTo date, acquisitions of the licensed businesses\nin Massachusetts and Illinois have been completed and establish the Company as a fully integrated seed-to-sale multi-state operator,\nThe acquisitions of the remaining entities located in Maryland, Nevada, and Delaware are at various stages of completion and subject\nto each state\u2019s laws governing the ownership transfer of cannabis licenses, which in the case of Delaware requires a modification\nof current cannabis ownership laws to permit for-profit ownership. Meanwhile, the Company continues to expand these businesses\nand maximize the Company\u2019s revenue from rental income, management fees, and licensing royalties.
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\n\nA goal in completing this transition from\na consulting business to a direct owner of cannabis licenses and operator of seed-to-sale operations is to present a simpler,\nmore transparent financial picture of the full breadth of the Company\u2019s efforts, with a clearer representation of the revenues,\nearnings, and other financial metrics the Company has generated for its clients. The Company has played a key role in the successes\nof these entities, from the securing of their cannabis licenses, to the development of facilities that are models of excellence,\nto providing operational and corporate guidance. Accordingly, the Company believes it is well suited to own these facilities and\nmanage the continuing growth of their operations.
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\n\nThe Company has also created its own brands\nof cannabis flower, concentrates, and precision-dosed products utilizing proprietary strains and formulations. These products\nare developed by the Company in cooperation with state-licensed operators who meet the Company\u2019s strict standards, including\nall natural\u2014not artificial or synthetic\u2014ingredients. The Company licenses its brands and product formulations\nonly to certified manufacturing professionals who follow state cannabis laws and adhere to the Company\u2019s precise scientific\nformulations and trademarked product recipes.
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\n\nThe Company\u2019s proprietary cannabis\ngenetics produce flowers and concentrates under the brand name Nature\u2019s Heritage\u2122, and cannabis-infused products under\nthe brand names Kalm Fusion\u00ae, in the form of chewable tablets and drink powder mixes, and the award-winning1 Betty\u2019s\nEddies\u00ae brand of all natural fruit chews. Both cannabis-infused brands are top selling products in Maryland and Massachusetts2\nand the Company intends to introduce additional products under these brands in 2021. The Company\u2019s brand of hemp-infused\ncannabidiol (\u201cCBD\u201d) products, Florance\u2122, is distributed in the US and abroad.
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\n\nThe Company also has exclusive sublicensing\nrights in certain states to distribute the Binske\u00ae line of cannabis products crafted from premium artisan ingredients, the\nHealer\u2122 line of medical full-spectrum cannabis tinctures, and the clinically tested medicinal cannabis strains developed\nin Israel by global medical cannabis research pioneer Tikun Olam\u2122. The Company intends to continue licensing and distributing\nits brands as well as other top brands in the Company\u2019s current markets and in additional legal markets worldwide.
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\n\nIn March 2020, the\nWorld Health Organization declared the outbreak of COVID-19 a global pandemic. The spread of the virus in the United States and\nthe measures implemented to contain it\u2014including business shutdowns, indoor capacity restrictions, social distancing, and\ndiminished travel\u2014have negatively impacted the economy and have created significant volatility and disruption in financial\nmarkets. Consequently, the Company\u2019s implementation of its aforementioned Consolidation Plan has been delayed. Additionally,\nwhile the cannabis industry has been deemed an essential business, and is not expected to suffer severe declines in revenue, the\nCompany\u2019s business, operations, financial condition, and liquidity have been impacted, as further discussed in this report.
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\n\nThe Company\u2019s stock is quoted on the\nOTCQX market under the ticker symbol MRMD.
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\n\nThe Company was incorporated in Delaware in\nJanuary 2011 under the name Worlds Online Inc. Initially, the Company developed and managed online virtual worlds. By early 2014,\nthis line of business effectively ceased operating, and the Company pivoted into the legal cannabis industry.
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\n\n\n\n
1 Awards won by the\nCompany\u2019s Betty\u2019s Eddies\u00ae brand include LeafLink 2020 Industry Innovator, Explore Maryland Cannabis 2020 Edible\nof the Year, and LeafLink 2019 Best Selling Medical Product.
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\n\n2 Source: LeafLink Insights\n2020.
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\n\n"}]},{"name":"rpt:f-668","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft"},"factValues":[{"value":"300000"}]},{"name":"rpt:f-669","factDimensions":{"xbrl:concept":"us-gaap:SignificantAccountingPoliciesTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"NOTE\n2 \u2014 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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\n\nBasis\nof Presentation
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\n\nThe\naccompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United\nStates of America (\u201cGAAP\u201d).
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\n\nCertain\nreclassifications have been made to prior periods\u2019 data to conform to the current period presentation. These reclassifications\nhad no effect on reported income (losses) or cash flows.
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\n\nPrinciples\nof Consolidation
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\n\nThe\naccompanying condensed consolidated financial statements include the accounts of MariMed Inc. and the following majority-owned\nsubsidiaries:
\n\n\u00a0SCHEDULE OF MAJORITY OWNED SUBSIDIARIES
\n\n| Subsidiary: | \u00a0 | \nPercentage Owned | \u00a0 | |
| MariMed Advisors Inc. | \u00a0 | \n\u00a0 | 100.0% | |
| Mia Development LLC | \u00a0 | \n\u00a0 | \u00a0\u00a089.5% | |
| Mari Holdings IL LLC | \u00a0 | \n\u00a0 | 100.0% | |
| Mari Holdings MD LLC | \u00a0 | \n\u00a0 | \u00a0\u00a097.4% | |
| Mari Holdings NV LLC | \u00a0 | \n\u00a0 | 100.0% | |
| Hartwell Realty Holdings LLC | \u00a0 | \n\u00a0 | 100.0% | |
| iRollie LLC | \u00a0 | \n\u00a0 | 100.0% | |
| ARL Healthcare Inc. | \u00a0 | \n\u00a0 | 100.0% | |
| KPG of Anna LLC | \u00a0 | \n\u00a0 | 100.0% | |
| KPG of Harrisburg LLC | \u00a0 | \n\u00a0 | 100.0% | |
| MariMed Hemp Inc. | \u00a0 | \n\u00a0 | 100.0% | |
| MediTaurus LLC | \u00a0 | \n\u00a0 | \u00a0\u00a070.0% |
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\n\nIntercompany\naccounts and transactions have been eliminated.
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\n\nUse\nof Estimates
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\n\nThe\npreparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect\nthe reported amounts within the financial statements and disclosures thereof. Actual results could differ from these estimates\nor assumptions.
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\n\nCash\nEquivalents
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\n\nThe\nCompany considers all highly liquid investments with a maturity date of three months or less to be cash equivalents. The fair\nvalues of these investments approximate their carrying values.
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\n\nThe\nCompany\u2019s cash and cash equivalents are maintained with recognized financial institutions located in the United States.\nIn the normal course of business, the Company may carry balances with certain financial institutions that exceed federally insured\nlimits. The Company has not experienced losses on balances in excess of such limits and management believes the Company is not\nexposed to significant risks in that regard.
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\n\nAccounts\nReceivable
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\n\nAccounts\nreceivable consist of trade receivables and are carried at their estimated collectible amounts.
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\n\nThe\nCompany provides credit to its clients in the form of payment terms. The Company limits its credit risk by performing credit evaluations\nof its clients and maintaining a reserve, if deemed necessary, for potential credit losses. Such evaluations include the review\nof a client\u2019s outstanding balances with consideration towards such client\u2019s historical collection experience, as well\nas prevailing economic and market conditions and other factors. Based on such evaluations, the Company maintained a reserve of\napproximately $40.0 million and $39.7 million at December 31, 2020 and 2019, respectively. Please refer to Note 16 \u2013 Bad\nDebts for further discussion on receivable reserves.
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\n\nInventory
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\n\nInventory\nis carried at the lower of cost or net realizable value, with the cost being determined on a first-in, first-out (FIFO) basis.\nThe Company allocates a certain percentage of overhead cost to its manufactured inventory; such allocation is based on square\nfootage and other industry-standard criteria. The Company reviews physical inventory for obsolescence and/or excess and will record\na reserve if necessary. As of the date of this report, no reserve was deemed necessary.
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\n\nInvestments
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\n\nInvestments\nare comprised of equity holding of private companies. These investments are recorded at fair value on the Company\u2019s consolidated\nbalance sheet, with changes to fair value included in income. Investments are evaluated for permanent impairment and are written\ndown if such impairments are deemed to have occurred.
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\n\nRevenue\nRecognition
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\n\nThe\nCompany recognizes revenue in accordance with the Financial Accounting Standards Board\u2019s Accounting Standards Codification\n(\u201cASC\u201d) 606, Revenue from Contract with Customers, as amended by subsequently issued Accounting Standards Updates.\nThis revenue standard requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount\nthat reflects the consideration that it expects to be entitled to in exchange for those goods or services. The recognition of\nrevenue is determined by performing the following consecutive steps:
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\n\n| \u00a0 | \n\u25cf | \nIdentify\n the contract(s) with a customer; |
| \u00a0 | \n\u25cf | \nIdentify\n the performance obligations in the contract(s); |
| \u00a0 | \n\u25cf | \nDetermine\n the transaction price; |
| \u00a0 | \n\u25cf | \nAllocate\n the transaction price to the performance obligations in the contract(s); and |
| \u00a0 | \n\u25cf | \nRecognize\n revenue as the performance obligation is satisfied. |
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\n\nAdditionally,\nwhen another party is involved in providing goods or services to the Company\u2019s clients, a determination is made as to who\u2014the\nCompany or the other party\u2014is acting in the capacity as the principal in the sale transaction, and who is merely the agent\narranging for goods or services to be provided by the other party.
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\n\nThe\nCompany is typically considered the principal if it controls the specified good or service before such good or service is transferred\nto its client. The Company may also be deemed to be the principal even if it engages another party (an agent) to satisfy some\nof the performance obligations on its behalf, provided the Company (i) takes on certain responsibilities, obligations and risks,\n(ii) possesses certain abilities and discretion, or (iii) other relevant indicators of the sale. If deemed an agent, the Company\nwould not recognize revenue for the performance obligations it does not satisfy.
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\n\nThe\nCompany\u2019s main sources of revenue are comprised of the following:
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\n\n| \u00a0 | \n\u25cf | \nProduct\n Sales \u2013 direct sales of cannabis and cannabis-infused products by the Company\u2019s dispensary and wholesale operations\n in Massachusetts and Illinois, and sales of hemp and hemp-infused products by the Company\u2019s hemp division. In 2019,\n this division participated in one-time sales of acquired hemp seed inventory, as further explained in Note 17 \u2013 Related\n Party Transactions. Future product sales are expected to include the Company\u2019s planned cannabis-licensee acquisitions\n in Maryland, Nevada, and Delaware (upon this state\u2019s amendment to permit for-profit ownership of cannabis entities).\n This revenue is recognized when products are delivered or at retail points-of-sale. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nReal\n Estate \u2013 rental income and additional rental fees generated from leasing of the Company\u2019s state-of-the-art, regulatory-compliant\n cannabis facilities to its cannabis-licensed clients. Rental income is generally a fixed amount per month that escalates over\n the respective lease terms, while additional rental fees are based on a percentage of tenant revenues that exceed specified\n amounts. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nManagement\n \u2013 fees for providing the Company\u2019s cannabis clients with comprehensive oversight of their cannabis cultivation,\n production, and dispensary operations. These fees are based on a percentage of such clients\u2019 revenue, and are recognized\n after services have been performed. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nSupply\n Procurement \u2013 the Company maintains volume discounts with top national vendors of cultivation and production resources,\n supplies, and equipment, which the Company acquires and resells to its clients or third parties within the cannabis industry.\n The Company recognizes this revenue after the delivery and acceptance of goods by the purchaser. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nLicensing\n \u2013 revenue from the sale of precision-dosed, cannabis-infused products\u2014such as Kalm Fusion\u00ae, Nature\u2019s\n Heritage\u2122, and Betty\u2019s Eddies\u00ae\u2014to regulated dispensaries throughout the United States and Puerto Rico.\n The recognition of this revenue occurs when the products are delivered. |
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\n\nResearch\nand Development Costs
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\n\nResearch\nand development costs are charged to operations as incurred.
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\n\nProperty\nand Equipment
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\n\nProperty\nand equipment are stated at cost less accumulated depreciation, with depreciation recognized on a straight-line basis over the\nshorter of the estimated useful life of the asset or the lease term, if applicable. When assets are retired or disposed, the cost\nand accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income. Repairs\nand maintenance are charged to expense in the period incurred.
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\n\nThe\nestimated useful lives of property and equipment are generally as follows: buildings and building improvements, forty\nyears; tenant improvements, the remaining duration of the related lease; furniture and fixtures, seven to ten years; machinery\nand equipment, ten years. Land is not depreciated.
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\n\nThe\nCompany\u2019s property and equipment are individually reviewed for impairment whenever events or changes in circumstances indicate\nthat the carrying amount of an asset may not be recoverable from the undiscounted future cash flows of such asset over the anticipated\nholding period. An impairment loss is measured by the excess of the asset\u2019s carrying amount over its estimated fair value.
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\n\nImpairment\nanalyses are based on management\u2019s current plans, asset holding periods, and currently available market information. If\nthese criteria change, the Company\u2019s evaluation of impairment losses may be different and could have a material impact to\nthe consolidated financial statements.
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\n\nFor\nthe years ended December 31, 2020 and 2019, based on the results of management\u2019s impairment analyses, there were no impairment\nlosses.
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\n\nLeases
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\n\nThe\nconsolidated financial statements reflect the Company\u2019s adoption of ASC 842, Leases, as amended by subsequent accounting\nstandards updates, utilizing the modified retrospective transition approach which was applied to all of the Company\u2019s leases\non the effective date of January 1, 2019.
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\n\nASC\n842 is intended to improve financial reporting of leasing transactions. The most prominent change from previous accounting guidance\nis the requirement to recognize right-of-use assets and lease liabilities on the consolidated balance sheet representing the rights\nand obligations created by operating leases that extend more than twelve months in which the Company is the lessee. The Company\nelected the package of practical expedients permitted under ASC 842. Accordingly, the Company accounted for its existing operating\nleases that commenced before the effective date as operating leases under the new guidance without reassessing (i) whether the\ncontracts contain a lease, (ii) the classification of the leases (iii) the accounting for indirect costs as defined in ASC 842.
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\n\nThe\nCompany determines if an arrangement is a lease at inception. Right-of-use assets represent the Company\u2019s right to use an\nunderlying asset for the lease term and lease liabilities represent the Company\u2019s obligation to make lease payments arising\nfrom the lease. Non-lease components within lease agreements are accounted for separately. Right-of-use assets and obligations\nare recognized at the commencement date based on the present value of lease payments over the lease term, utilizing the Company\u2019s\nincremental borrowing rate. The Company\u2019s lease terms may include options to extend or terminate the lease when it is reasonably\ncertain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over\nthe lease term.
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\n\nImpairment\nof Long-Lived Assets
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\n\nThe\nCompany evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal\nof Long-Lived Assets. Impairment of long-lived assets is recognized when the net book value of such assets exceeds their expected\ncash flows, in which case the assets are written down to fair value, which is determined based on discounted future cash flows\nor appraised values.
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\n\nFair\nValue of Financial Instruments
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\n\nThe\nCompany follows the provisions of ASC 820, Fair Value Measurement, to measure the fair value of its financial instruments,\nand ASC 825, Financial Instruments, for disclosures on the fair value of its financial instruments. To increase consistency\nand comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes\nthe inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest\npriority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable\ninputs. The three levels of fair value hierarchy defined by ASC 820 are:
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\n\n| Level\n 1 | \nQuoted\n market prices available in active markets for identical assets or liabilities as of the reporting date. |
| \u00a0 | \n\u00a0 |
| Level\n 2 | \nPricing\n inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable\n as of the reporting date. |
| \u00a0 | \n\u00a0 |
| Level\n 3 | \nPricing\n inputs that are generally observable inputs and not corroborated by market data. |
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\n\nThe\ncarrying amounts of the Company\u2019s financial assets and liabilities, such as cash and accounts payable approximate their\nfair values due to the short maturity of these instruments.
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\n\nThe\nfair value of option and warrant issuances are determined using the Black-Scholes pricing model and employing several inputs such\nas the expected life of instrument, the exercise price, the expected risk-free interest rate, the expected dividend yield, the\nvalue of the Company\u2019s common stock on issuance date, and the expected volatility of such common stock. The following table\nsummarizes the range of inputs used by the Company during the prior two fiscal years:
\n\n\u00a0SCHEDULE OF ASSUMPTIONS USED
\n\n\n\n
| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Life of instrument | \u00a0 | \n\u00a0 | 0.8\n to 4.3 years | \u00a0 | \u00a0 | \n\u00a0 | 1.5\n to 4.0 years | \u00a0 |
| Volatility factors | \u00a0 | \n\u00a0 | 1.059\n to 1.180 | \u00a0 | \u00a0 | \n\u00a0 | 1.039\n to 1.106 | \u00a0 |
| Risk-free interest rates | \u00a0 | \n\u00a0 | 0.26%\n to 1.3% | \u00a0 | \n\u00a0 | 1.42%\n to 2.28% | ||
| Dividend yield | \u00a0 | \n\u00a0 | 0% | \u00a0 | \u00a0 | \n\u00a0 | 0% | \u00a0 |
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\n\nThe\nexpected life of an instrument is calculated using the simplified method pursuant to Staff Accounting Bulletin Topic 14, Share-Based\nPayment, which allows for using the mid-point between the vesting date and expiration date. The volatility factors are based\non the historical two-year movement of the Company\u2019s common stock prior to an instrument\u2019s issuance date. The risk-free\ninterest rate is based on U.S. Treasury rates with maturity periods similar to the expected instruments life on the issuance date.
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\n\nThe\nCompany amortizes the fair value of option and warrant issuances on a straight-line basis over the requisite service period of\neach instrument.
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\n\nExtinguishment\nof Liabilities
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\n\nThe\nCompany accounts for extinguishment of liabilities in accordance with ASC 405-20, Extinguishments of Liabilities. When\nthe conditions for extinguishment are met, the liabilities are written down to zero and a gain or loss is recognized.
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\n\nThe\nCompany accounts for stock-based compensation using the fair value method as set forth in ASC 718, Compensation\u2014Stock\nCompensation, which requires a public entity to measure the cost of employee services received in exchange for an equity award\nbased on the fair value of the award on the grant date, with limited exceptions. Such value will be incurred as compensation expense\nover the period an employee is required to provide service in exchange for the award, usually the vesting period. No compensation\ncost is recognized for equity awards for which employees do not render the requisite service.
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\n\nIncome\nTaxes
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\n\nThe\nCompany uses the asset and liability method to account for income taxes in accordance with ASC 740, Income Taxes.\nUnder this method, deferred income tax assets and liabilities are recorded for the future tax consequences of differences\nbetween the tax basis and financial reporting basis of assets and liabilities, measured using enacted tax rates and laws\nthat will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance\nto the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax\nassets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that\nincludes the enactment date.
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\n\nASC\n740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements\nuncertain tax positions taken or expected to be taken on a tax return. The Company did not take any uncertain tax positions and\nhad no adjustments to unrecognized income tax liabilities or benefits for the years ended December 31, 2020 and 2019.
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\n\nRelated\nParty Transactions
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\n\nThe\nCompany follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related\nparty transactions.
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\n\nIn\naccordance with ASC 850, the Company\u2019s financial statements include disclosures of material related party transactions,\nother than compensation arrangements, expense allowances, and other similar items in the ordinary course of business, as well\nas transactions that are eliminated in the preparation of financial statements.
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\n\nComprehensive\nIncome
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\n\nThe\nCompany reports comprehensive income and its components following guidance set forth by ASC 220, Comprehensive Income,\nwhich establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial\nstatements. There were no items of comprehensive income applicable to the Company during the period covered in the financial statements.
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\n\nEarnings\nper common share is computed pursuant to ASC 260, Earnings Per Share. Basic earnings per share is computed by dividing\nnet income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share\nis computed by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus the weighted\naverage number of potentially dilutive securities during the period.
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\n\nAs\nof December 31, 2020 and 2019, there were and , respectively, of potentially dilutive securities in the form\nof outstanding options and warrants. Also as of such dates, there were (i) $1.3 million and $10.0 million, respectively, of outstanding\nconvertible debentures payable, and (ii) $350,000 of outstanding convertible promissory notes in both years. All of these potentially\ndilutive securities are convertible into common stock is based on either (i) a predetermined price, subject to adjustment, or\n(ii) the market value of common stock on or about the future conversion date.
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\n\nFor\nthe year ended December 31, 2020, all such potentially dilutive securities were convertible into approximately million\nnet shares of common stock, which were included in the number of weighted average common shares outstanding on a diluted basis,\nand in the calculation of diluted net income per share for this period as shown in the statement of operations. For the year ended\nDecember 31, 2019, the potentially dilutive securities had an anti-dilutive effect on earnings per share, and in accordance with\nASC 260, were excluded from the diluted net income per share calculations, resulting in identical basic and fully diluted net\nincome per share for this period.
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\n\nCommitments\nand Contingencies
\n\n\u00a0
\n\nThe\nCompany follows ASC 450, Contingencies, which requires the Company to assess the likelihood that a loss will be incurred\nfrom the occurrence or non-occurrence of one or more future events. Such assessment inherently involves an exercise of judgment.\nIn assessing possible loss contingencies from legal proceedings or unasserted claims, the Company evaluates the perceived merits\nof such proceedings or claims, and of the relief sought or expected to be sought.
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\n\nIf\nthe assessment of a contingency indicates that it is probable that a material loss will be incurred and the amount of the liability\ncan be estimated, then the estimated liability would be accrued in the Company\u2019s financial statements. If the assessment\nindicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be\nestimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material,\nwould be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which\ncase the guarantees would be disclosed.
\n\n\u00a0
\n\nWhile\nnot assured, management does not believe, based upon information available at this time, that a loss contingency will have material\nadverse effect on the Company\u2019s financial position, results of operations or cash flows.
\n\n\u00a0
\n\n\n\n\n\n\n\u00a0
\n\nBeneficial\nConversion Features on Convertible Debt
\n\n\u00a0
\n\nConvertible\ninstruments that are not bifurcated as a derivative pursuant to ASC 815, Derivatives and Hedging, and not accounted for\nas a separate equity component under the cash conversion guidance are evaluated to determine whether their conversion prices create\nan embedded beneficial conversion feature at inception, or may become beneficial in the future due to potential adjustments.
\n\n\u00a0
\n\nA\nbeneficial conversion feature is a nondetachable conversion feature that is \u201cin-the-money\u201d at the commitment date.\nThe in-the-money portion, also known as the intrinsic value of the option, is recorded in equity, with an offsetting discount\nto the carrying amount of convertible debt to which it is attached. The discount is amortized to interest expense over the life\nof the debt with adjustments to amortization upon full or partial conversions of the debt.
\n\n\u00a0
\n\nRisk\nand Uncertainties
\n\n\u00a0
\n\nThe\nCompany is subject to risks common to companies operating within the legal and medical marijuana industries, including, but not\nlimited to, federal laws, government regulations and jurisdictional laws.
\n\n\u00a0
\n\nNoncontrolling\nInterests
\n\n\u00a0
\n\nNoncontrolling\ninterests represent third-party minority ownership of the Company\u2019s consolidated subsidiaries. Net income attributable to\nnoncontrolling interests is shown in the consolidated statements of operations; and the value of net assets owned by noncontrolling\ninterests are presented as a component of equity within the balance sheets.
\n\n\u00a0
\n\nOff\nBalance Sheet Arrangements
\n\n\u00a0
\n\nThe\nCompany does not have any off-balance sheet arrangements.
\n\n\u00a0
\n\nGoing\nConcern
\n\n\u00a0
\n\nIn\nconnection with the preparation of its financial statements for the years ended December 31, 2020 and 2019, the Company\u2019s\nmanagement evaluated the Company\u2019s ability to continue as a going concern in accordance with the ASU 2014-15, Presentation\nof Financial Statements\u2013Going Concern (Subtopic 205-40), which requires an assessment of relevant conditions or events,\nconsidered in the aggregate, that are known or reasonably knowable by management on the issuance dates of the financial statements\nwhich indicated the probable likelihood that the Company will be unable to meet its obligations as they become due within one\nyear after the issuance date of the financial statements.
\n\n\u00a0
\n\nAs\npart of its evaluation, management assessed known events, trends, commitments, and uncertainties, which included the profitability\nof the Company and the cash flow generated by its operations, the amount of capital recently and/or in the process of being raised,\nthe current level of investment within the cannabis industry, the stock price movement of public cannabis companies, the actions\nand/or financial results of certain bellwether cannabis companies, the measure of cannabis investor confidence, and the changes\nto state laws with respect to adult-use recreational and medical cannabis use.
\n\n\u00a0
\n\nFor\nthe year ended December 31, 2020, operating income increased to approximately $14.5 million\ncompared to an operating loss of approximately $41.5 million\nin 2019. In addition, working capital at December 31, 2020 improved by approximately $27.2 million\nfrom the previous year.
\n\n\u00a0
\n\nSubsequent\nto December 31, 2020, the Company consummated a financing transaction for up to $ million of proceeds in exchange for newly-designated\nSeries C convertible preferred stock of the Company and warrants to purchase the Company\u2019s common stock. Initial proceeds\nof $23.0 million received in March 2021 were used to pay down debt, and will be used to upgrade certain of the Company\u2019s\nowned and managed facilities. The balance of the available proceeds will fund the completion of the Company\u2019s Consolidation\nPlan. This transaction is further discussed in Note 22 \u2013 Subsequent Events.
\n\n\u00a0
\n\nBased\non its evaluation, coupled with the aforementioned operating results and financing transaction, management believes that it has\ncompletely mitigated the circumstance that led to a doubt with respect to the Company\u2019s ability to continue as a going concern\nwhich existed at the time of the filing of the Company\u2019s prior year\u2019s report.
\n\n\u00a0
\n\nRecent\nAccounting Pronouncements
\n\n\u00a0
\n\nThe\nCompany has reviewed all recently issued, but not yet effective, accounting pronouncements, and does not believe the future adoption\nof any such pronouncements will have a material impact on its financial condition or the results of its operations.
\n\n\u00a0
\n\n\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-670","factDimensions":{"xbrl:concept":"us-gaap:BasisOfAccountingPolicyPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Basis\nof Presentation
\n\n\u00a0
\n\nThe\naccompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United\nStates of America (\u201cGAAP\u201d).
\n\n\u00a0
\n\nCertain\nreclassifications have been made to prior periods\u2019 data to conform to the current period presentation. These reclassifications\nhad no effect on reported income (losses) or cash flows.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-671","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Principles\nof Consolidation
\n\n\u00a0
\n\nThe\naccompanying condensed consolidated financial statements include the accounts of MariMed Inc. and the following majority-owned\nsubsidiaries:
\n\n\u00a0SCHEDULE OF MAJORITY OWNED SUBSIDIARIES
\n\n| Subsidiary: | \u00a0 | \nPercentage Owned | \u00a0 | |
| MariMed Advisors Inc. | \u00a0 | \n\u00a0 | 100.0% | |
| Mia Development LLC | \u00a0 | \n\u00a0 | \u00a0\u00a089.5% | |
| Mari Holdings IL LLC | \u00a0 | \n\u00a0 | 100.0% | |
| Mari Holdings MD LLC | \u00a0 | \n\u00a0 | \u00a0\u00a097.4% | |
| Mari Holdings NV LLC | \u00a0 | \n\u00a0 | 100.0% | |
| Hartwell Realty Holdings LLC | \u00a0 | \n\u00a0 | 100.0% | |
| iRollie LLC | \u00a0 | \n\u00a0 | 100.0% | |
| ARL Healthcare Inc. | \u00a0 | \n\u00a0 | 100.0% | |
| KPG of Anna LLC | \u00a0 | \n\u00a0 | 100.0% | |
| KPG of Harrisburg LLC | \u00a0 | \n\u00a0 | 100.0% | |
| MariMed Hemp Inc. | \u00a0 | \n\u00a0 | 100.0% | |
| MediTaurus LLC | \u00a0 | \n\u00a0 | \u00a0\u00a070.0% |
\u00a0
\n\nIntercompany\naccounts and transactions have been eliminated.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-672","factDimensions":{"xbrl:concept":"MRMD:ScheduleOfMajorityOwnedSubsidiariesTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"The\naccompanying condensed consolidated financial statements include the accounts of MariMed Inc. and the following majority-owned\nsubsidiaries:
\n\n\u00a0SCHEDULE OF MAJORITY OWNED SUBSIDIARIES
\n\n| Subsidiary: | \u00a0 | \nPercentage Owned | \u00a0 | |
| MariMed Advisors Inc. | \u00a0 | \n\u00a0 | 100.0% | |
| Mia Development LLC | \u00a0 | \n\u00a0 | \u00a0\u00a089.5% | |
| Mari Holdings IL LLC | \u00a0 | \n\u00a0 | 100.0% | |
| Mari Holdings MD LLC | \u00a0 | \n\u00a0 | \u00a0\u00a097.4% | |
| Mari Holdings NV LLC | \u00a0 | \n\u00a0 | 100.0% | |
| Hartwell Realty Holdings LLC | \u00a0 | \n\u00a0 | 100.0% | |
| iRollie LLC | \u00a0 | \n\u00a0 | 100.0% | |
| ARL Healthcare Inc. | \u00a0 | \n\u00a0 | 100.0% | |
| KPG of Anna LLC | \u00a0 | \n\u00a0 | 100.0% | |
| KPG of Harrisburg LLC | \u00a0 | \n\u00a0 | 100.0% | |
| MariMed Hemp Inc. | \u00a0 | \n\u00a0 | 100.0% | |
| MediTaurus LLC | \u00a0 | \n\u00a0 | \u00a0\u00a070.0% |
Use\nof Estimates
\n\n\u00a0
\n\nThe\npreparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect\nthe reported amounts within the financial statements and disclosures thereof. Actual results could differ from these estimates\nor assumptions.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-686","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Cash\nEquivalents
\n\n\u00a0
\n\nThe\nCompany considers all highly liquid investments with a maturity date of three months or less to be cash equivalents. The fair\nvalues of these investments approximate their carrying values.
\n\n\u00a0
\n\nThe\nCompany\u2019s cash and cash equivalents are maintained with recognized financial institutions located in the United States.\nIn the normal course of business, the Company may carry balances with certain financial institutions that exceed federally insured\nlimits. The Company has not experienced losses on balances in excess of such limits and management believes the Company is not\nexposed to significant risks in that regard.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-687","factDimensions":{"xbrl:concept":"us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Accounts\nReceivable
\n\n\u00a0
\n\nAccounts\nreceivable consist of trade receivables and are carried at their estimated collectible amounts.
\n\n\u00a0
\n\nThe\nCompany provides credit to its clients in the form of payment terms. The Company limits its credit risk by performing credit evaluations\nof its clients and maintaining a reserve, if deemed necessary, for potential credit losses. Such evaluations include the review\nof a client\u2019s outstanding balances with consideration towards such client\u2019s historical collection experience, as well\nas prevailing economic and market conditions and other factors. Based on such evaluations, the Company maintained a reserve of\napproximately $40.0 million and $39.7 million at December 31, 2020 and 2019, respectively. Please refer to Note 16 \u2013 Bad\nDebts for further discussion on receivable reserves.
\n\n\u00a0
\n\n\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-688","factDimensions":{"xbrl:concept":"MRMD:DebtCollectibleReserve","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember"},"factValues":[{"value":"40000000.0","decimals":-5}]},{"name":"rpt:f-689","factDimensions":{"xbrl:concept":"MRMD:DebtCollectibleReserve","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:ConcentrationRiskByBenchmarkAxis":"us-gaap:AccountsReceivableMember"},"factValues":[{"value":"39700000","decimals":-5}]},{"name":"rpt:f-690","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Inventory
\n\n\u00a0
\n\nInventory\nis carried at the lower of cost or net realizable value, with the cost being determined on a first-in, first-out (FIFO) basis.\nThe Company allocates a certain percentage of overhead cost to its manufactured inventory; such allocation is based on square\nfootage and other industry-standard criteria. The Company reviews physical inventory for obsolescence and/or excess and will record\na reserve if necessary. As of the date of this report, no reserve was deemed necessary.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-691","factDimensions":{"xbrl:concept":"us-gaap:InvestmentPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Investments
\n\n\u00a0
\n\nInvestments\nare comprised of equity holding of private companies. These investments are recorded at fair value on the Company\u2019s consolidated\nbalance sheet, with changes to fair value included in income. Investments are evaluated for permanent impairment and are written\ndown if such impairments are deemed to have occurred.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-692","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Revenue\nRecognition
\n\n\u00a0
\n\nThe\nCompany recognizes revenue in accordance with the Financial Accounting Standards Board\u2019s Accounting Standards Codification\n(\u201cASC\u201d) 606, Revenue from Contract with Customers, as amended by subsequently issued Accounting Standards Updates.\nThis revenue standard requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount\nthat reflects the consideration that it expects to be entitled to in exchange for those goods or services. The recognition of\nrevenue is determined by performing the following consecutive steps:
\n\n\u00a0
\n\n| \u00a0 | \n\u25cf | \nIdentify\n the contract(s) with a customer; |
| \u00a0 | \n\u25cf | \nIdentify\n the performance obligations in the contract(s); |
| \u00a0 | \n\u25cf | \nDetermine\n the transaction price; |
| \u00a0 | \n\u25cf | \nAllocate\n the transaction price to the performance obligations in the contract(s); and |
| \u00a0 | \n\u25cf | \nRecognize\n revenue as the performance obligation is satisfied. |
\u00a0
\n\nAdditionally,\nwhen another party is involved in providing goods or services to the Company\u2019s clients, a determination is made as to who\u2014the\nCompany or the other party\u2014is acting in the capacity as the principal in the sale transaction, and who is merely the agent\narranging for goods or services to be provided by the other party.
\n\n\u00a0
\n\nThe\nCompany is typically considered the principal if it controls the specified good or service before such good or service is transferred\nto its client. The Company may also be deemed to be the principal even if it engages another party (an agent) to satisfy some\nof the performance obligations on its behalf, provided the Company (i) takes on certain responsibilities, obligations and risks,\n(ii) possesses certain abilities and discretion, or (iii) other relevant indicators of the sale. If deemed an agent, the Company\nwould not recognize revenue for the performance obligations it does not satisfy.
\n\n\u00a0
\n\nThe\nCompany\u2019s main sources of revenue are comprised of the following:
\n\n\u00a0
\n\n| \u00a0 | \n\u25cf | \nProduct\n Sales \u2013 direct sales of cannabis and cannabis-infused products by the Company\u2019s dispensary and wholesale operations\n in Massachusetts and Illinois, and sales of hemp and hemp-infused products by the Company\u2019s hemp division. In 2019,\n this division participated in one-time sales of acquired hemp seed inventory, as further explained in Note 17 \u2013 Related\n Party Transactions. Future product sales are expected to include the Company\u2019s planned cannabis-licensee acquisitions\n in Maryland, Nevada, and Delaware (upon this state\u2019s amendment to permit for-profit ownership of cannabis entities).\n This revenue is recognized when products are delivered or at retail points-of-sale. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nReal\n Estate \u2013 rental income and additional rental fees generated from leasing of the Company\u2019s state-of-the-art, regulatory-compliant\n cannabis facilities to its cannabis-licensed clients. Rental income is generally a fixed amount per month that escalates over\n the respective lease terms, while additional rental fees are based on a percentage of tenant revenues that exceed specified\n amounts. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nManagement\n \u2013 fees for providing the Company\u2019s cannabis clients with comprehensive oversight of their cannabis cultivation,\n production, and dispensary operations. These fees are based on a percentage of such clients\u2019 revenue, and are recognized\n after services have been performed. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nSupply\n Procurement \u2013 the Company maintains volume discounts with top national vendors of cultivation and production resources,\n supplies, and equipment, which the Company acquires and resells to its clients or third parties within the cannabis industry.\n The Company recognizes this revenue after the delivery and acceptance of goods by the purchaser. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nLicensing\n \u2013 revenue from the sale of precision-dosed, cannabis-infused products\u2014such as Kalm Fusion\u00ae, Nature\u2019s\n Heritage\u2122, and Betty\u2019s Eddies\u00ae\u2014to regulated dispensaries throughout the United States and Puerto Rico.\n The recognition of this revenue occurs when the products are delivered. |
\u00a0
\n\n\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-693","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpensePolicy","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Research\nand Development Costs
\n\n\u00a0
\n\nResearch\nand development costs are charged to operations as incurred.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-694","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Property\nand Equipment
\n\n\u00a0
\n\nProperty\nand equipment are stated at cost less accumulated depreciation, with depreciation recognized on a straight-line basis over the\nshorter of the estimated useful life of the asset or the lease term, if applicable. When assets are retired or disposed, the cost\nand accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income. Repairs\nand maintenance are charged to expense in the period incurred.
\n\n\u00a0
\n\nThe\nestimated useful lives of property and equipment are generally as follows: buildings and building improvements, forty\nyears; tenant improvements, the remaining duration of the related lease; furniture and fixtures, seven to ten years; machinery\nand equipment, ten years. Land is not depreciated.
\n\n\u00a0
\n\nThe\nCompany\u2019s property and equipment are individually reviewed for impairment whenever events or changes in circumstances indicate\nthat the carrying amount of an asset may not be recoverable from the undiscounted future cash flows of such asset over the anticipated\nholding period. An impairment loss is measured by the excess of the asset\u2019s carrying amount over its estimated fair value.
\n\n\u00a0
\n\nImpairment\nanalyses are based on management\u2019s current plans, asset holding periods, and currently available market information. If\nthese criteria change, the Company\u2019s evaluation of impairment losses may be different and could have a material impact to\nthe consolidated financial statements.
\n\n\u00a0
\n\nFor\nthe years ended December 31, 2020 and 2019, based on the results of management\u2019s impairment analyses, there were no impairment\nlosses.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-695","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:BuildingAndBuildingImprovementsMember"},"factValues":[{"value":"forty"}]},{"name":"rpt:f-696","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"MRMD:TenantImprovementsMember"},"factValues":[{"value":"the remaining duration of the related lease"}]},{"name":"rpt:f-697","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:FurnitureAndFixturesMember","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"seven"}]},{"name":"rpt:f-698","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:FurnitureAndFixturesMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"ten"}]},{"name":"rpt:f-699","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:MachineryAndEquipmentMember"},"factValues":[{"value":"ten"}]},{"name":"rpt:f-700","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-701","factDimensions":{"xbrl:concept":"us-gaap:AssetImpairmentCharges","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-702","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Leases
\n\n\u00a0
\n\nThe\nconsolidated financial statements reflect the Company\u2019s adoption of ASC 842, Leases, as amended by subsequent accounting\nstandards updates, utilizing the modified retrospective transition approach which was applied to all of the Company\u2019s leases\non the effective date of January 1, 2019.
\n\n\u00a0
\n\nASC\n842 is intended to improve financial reporting of leasing transactions. The most prominent change from previous accounting guidance\nis the requirement to recognize right-of-use assets and lease liabilities on the consolidated balance sheet representing the rights\nand obligations created by operating leases that extend more than twelve months in which the Company is the lessee. The Company\nelected the package of practical expedients permitted under ASC 842. Accordingly, the Company accounted for its existing operating\nleases that commenced before the effective date as operating leases under the new guidance without reassessing (i) whether the\ncontracts contain a lease, (ii) the classification of the leases (iii) the accounting for indirect costs as defined in ASC 842.
\n\n\u00a0
\n\nThe\nCompany determines if an arrangement is a lease at inception. Right-of-use assets represent the Company\u2019s right to use an\nunderlying asset for the lease term and lease liabilities represent the Company\u2019s obligation to make lease payments arising\nfrom the lease. Non-lease components within lease agreements are accounted for separately. Right-of-use assets and obligations\nare recognized at the commencement date based on the present value of lease payments over the lease term, utilizing the Company\u2019s\nincremental borrowing rate. The Company\u2019s lease terms may include options to extend or terminate the lease when it is reasonably\ncertain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over\nthe lease term.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-703","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Impairment\nof Long-Lived Assets
\n\n\u00a0
\n\nThe\nCompany evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal\nof Long-Lived Assets. Impairment of long-lived assets is recognized when the net book value of such assets exceeds their expected\ncash flows, in which case the assets are written down to fair value, which is determined based on discounted future cash flows\nor appraised values.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-704","factDimensions":{"xbrl:concept":"us-gaap:FairValueOfFinancialInstrumentsPolicy","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Fair\nValue of Financial Instruments
\n\n\u00a0
\n\nThe\nCompany follows the provisions of ASC 820, Fair Value Measurement, to measure the fair value of its financial instruments,\nand ASC 825, Financial Instruments, for disclosures on the fair value of its financial instruments. To increase consistency\nand comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes\nthe inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest\npriority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable\ninputs. The three levels of fair value hierarchy defined by ASC 820 are:
\n\n\u00a0
\n\n| Level\n 1 | \nQuoted\n market prices available in active markets for identical assets or liabilities as of the reporting date. |
| \u00a0 | \n\u00a0 |
| Level\n 2 | \nPricing\n inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable\n as of the reporting date. |
| \u00a0 | \n\u00a0 |
| Level\n 3 | \nPricing\n inputs that are generally observable inputs and not corroborated by market data. |
\u00a0
\n\n\n\n\n\n\n\u00a0
\n\nThe\ncarrying amounts of the Company\u2019s financial assets and liabilities, such as cash and accounts payable approximate their\nfair values due to the short maturity of these instruments.
\n\n\u00a0
\n\nThe\nfair value of option and warrant issuances are determined using the Black-Scholes pricing model and employing several inputs such\nas the expected life of instrument, the exercise price, the expected risk-free interest rate, the expected dividend yield, the\nvalue of the Company\u2019s common stock on issuance date, and the expected volatility of such common stock. The following table\nsummarizes the range of inputs used by the Company during the prior two fiscal years:
\n\n\u00a0SCHEDULE OF ASSUMPTIONS USED
\n\n\n\n
| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Life of instrument | \u00a0 | \n\u00a0 | 0.8\n to 4.3 years | \u00a0 | \u00a0 | \n\u00a0 | 1.5\n to 4.0 years | \u00a0 |
| Volatility factors | \u00a0 | \n\u00a0 | 1.059\n to 1.180 | \u00a0 | \u00a0 | \n\u00a0 | 1.039\n to 1.106 | \u00a0 |
| Risk-free interest rates | \u00a0 | \n\u00a0 | 0.26%\n to 1.3% | \u00a0 | \n\u00a0 | 1.42%\n to 2.28% | ||
| Dividend yield | \u00a0 | \n\u00a0 | 0% | \u00a0 | \u00a0 | \n\u00a0 | 0% | \u00a0 |
\u00a0
\n\nThe\nexpected life of an instrument is calculated using the simplified method pursuant to Staff Accounting Bulletin Topic 14, Share-Based\nPayment, which allows for using the mid-point between the vesting date and expiration date. The volatility factors are based\non the historical two-year movement of the Company\u2019s common stock prior to an instrument\u2019s issuance date. The risk-free\ninterest rate is based on U.S. Treasury rates with maturity periods similar to the expected instruments life on the issuance date.
\n\n\u00a0
\n\nThe\nCompany amortizes the fair value of option and warrant issuances on a straight-line basis over the requisite service period of\neach instrument.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-705","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAssumptionsUsedTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"\u00a0SCHEDULE OF ASSUMPTIONS USED
\n\n\n\n
| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Life of instrument | \u00a0 | \n\u00a0 | 0.8\n to 4.3 years | \u00a0 | \u00a0 | \n\u00a0 | 1.5\n to 4.0 years | \u00a0 |
| Volatility factors | \u00a0 | \n\u00a0 | 1.059\n to 1.180 | \u00a0 | \u00a0 | \n\u00a0 | 1.039\n to 1.106 | \u00a0 |
| Risk-free interest rates | \u00a0 | \n\u00a0 | 0.26%\n to 1.3% | \u00a0 | \n\u00a0 | 1.42%\n to 2.28% | ||
| Dividend yield | \u00a0 | \n\u00a0 | 0% | \u00a0 | \u00a0 | \n\u00a0 | 0% | \u00a0 |
Extinguishment\nof Liabilities
\n\n\u00a0
\n\nThe\nCompany accounts for extinguishment of liabilities in accordance with ASC 405-20, Extinguishments of Liabilities. When\nthe conditions for extinguishment are met, the liabilities are written down to zero and a gain or loss is recognized.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-721","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"\n\n\u00a0
\n\nThe\nCompany accounts for stock-based compensation using the fair value method as set forth in ASC 718, Compensation\u2014Stock\nCompensation, which requires a public entity to measure the cost of employee services received in exchange for an equity award\nbased on the fair value of the award on the grant date, with limited exceptions. Such value will be incurred as compensation expense\nover the period an employee is required to provide service in exchange for the award, usually the vesting period. No compensation\ncost is recognized for equity awards for which employees do not render the requisite service.
\n\n\u00a0
\n\n\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-722","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Income\nTaxes
\n\n\u00a0
\n\nThe\nCompany uses the asset and liability method to account for income taxes in accordance with ASC 740, Income Taxes.\nUnder this method, deferred income tax assets and liabilities are recorded for the future tax consequences of differences\nbetween the tax basis and financial reporting basis of assets and liabilities, measured using enacted tax rates and laws\nthat will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance\nto the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax\nassets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that\nincludes the enactment date.
\n\n\u00a0
\n\nASC\n740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements\nuncertain tax positions taken or expected to be taken on a tax return. The Company did not take any uncertain tax positions and\nhad no adjustments to unrecognized income tax liabilities or benefits for the years ended December 31, 2020 and 2019.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-723","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefits","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-724","factDimensions":{"xbrl:concept":"us-gaap:UnrecognizedTaxBenefits","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-725","factDimensions":{"xbrl:concept":"MRMD:RelatedPartyTransactionsPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Related\nParty Transactions
\n\n\u00a0
\n\nThe\nCompany follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related\nparty transactions.
\n\n\u00a0
\n\nIn\naccordance with ASC 850, the Company\u2019s financial statements include disclosures of material related party transactions,\nother than compensation arrangements, expense allowances, and other similar items in the ordinary course of business, as well\nas transactions that are eliminated in the preparation of financial statements.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-726","factDimensions":{"xbrl:concept":"us-gaap:ComprehensiveIncomePolicyPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Comprehensive\nIncome
\n\n\u00a0
\n\nThe\nCompany reports comprehensive income and its components following guidance set forth by ASC 220, Comprehensive Income,\nwhich establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial\nstatements. There were no items of comprehensive income applicable to the Company during the period covered in the financial statements.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-727","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"\n\n\u00a0
\n\nEarnings\nper common share is computed pursuant to ASC 260, Earnings Per Share. Basic earnings per share is computed by dividing\nnet income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share\nis computed by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus the weighted\naverage number of potentially dilutive securities during the period.
\n\n\u00a0
\n\nAs\nof December 31, 2020 and 2019, there were and , respectively, of potentially dilutive securities in the form\nof outstanding options and warrants. Also as of such dates, there were (i) $1.3 million and $10.0 million, respectively, of outstanding\nconvertible debentures payable, and (ii) $350,000 of outstanding convertible promissory notes in both years. All of these potentially\ndilutive securities are convertible into common stock is based on either (i) a predetermined price, subject to adjustment, or\n(ii) the market value of common stock on or about the future conversion date.
\n\n\u00a0
\n\nFor\nthe year ended December 31, 2020, all such potentially dilutive securities were convertible into approximately million\nnet shares of common stock, which were included in the number of weighted average common shares outstanding on a diluted basis,\nand in the calculation of diluted net income per share for this period as shown in the statement of operations. For the year ended\nDecember 31, 2019, the potentially dilutive securities had an anti-dilutive effect on earnings per share, and in accordance with\nASC 260, were excluded from the diluted net income per share calculations, resulting in identical basic and fully diluted net\nincome per share for this period.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-728","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis":"MRMD:OptionsAndWarrantsMember"},"factValues":[{"value":"26722918"}]},{"name":"rpt:f-729","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis":"MRMD:OptionsAndWarrantsMember"},"factValues":[{"value":"18051357"}]},{"name":"rpt:f-730","factDimensions":{"xbrl:concept":"MRMD:PotentiallyDilutiveSecuritiesAmount","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"MRMD:ConvertibleDebenturesPayableMember"},"factValues":[{"value":"1300000","decimals":-5}]},{"name":"rpt:f-731","factDimensions":{"xbrl:concept":"MRMD:PotentiallyDilutiveSecuritiesAmount","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"MRMD:ConvertibleDebenturesPayableMember"},"factValues":[{"value":"10000000.0","decimals":-5}]},{"name":"rpt:f-732","factDimensions":{"xbrl:concept":"MRMD:PotentiallyDilutiveSecuritiesAmount","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"MRMD:ConvertiblePromissoryNotesMember"},"factValues":[{"value":"350000","decimals":0}]},{"name":"rpt:f-733","factDimensions":{"xbrl:concept":"MRMD:PotentiallyDilutiveSecuritiesAmount","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"MRMD:ConvertiblePromissoryNotesMember"},"factValues":[{"value":"350000","decimals":0}]},{"name":"rpt:f-734","factDimensions":{"xbrl:concept":"us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"57200000"}]},{"name":"rpt:f-735","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Commitments\nand Contingencies
\n\n\u00a0
\n\nThe\nCompany follows ASC 450, Contingencies, which requires the Company to assess the likelihood that a loss will be incurred\nfrom the occurrence or non-occurrence of one or more future events. Such assessment inherently involves an exercise of judgment.\nIn assessing possible loss contingencies from legal proceedings or unasserted claims, the Company evaluates the perceived merits\nof such proceedings or claims, and of the relief sought or expected to be sought.
\n\n\u00a0
\n\nIf\nthe assessment of a contingency indicates that it is probable that a material loss will be incurred and the amount of the liability\ncan be estimated, then the estimated liability would be accrued in the Company\u2019s financial statements. If the assessment\nindicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be\nestimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material,\nwould be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which\ncase the guarantees would be disclosed.
\n\n\u00a0
\n\nWhile\nnot assured, management does not believe, based upon information available at this time, that a loss contingency will have material\nadverse effect on the Company\u2019s financial position, results of operations or cash flows.
\n\n\u00a0
\n\n\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-736","factDimensions":{"xbrl:concept":"us-gaap:DebtPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Beneficial\nConversion Features on Convertible Debt
\n\n\u00a0
\n\nConvertible\ninstruments that are not bifurcated as a derivative pursuant to ASC 815, Derivatives and Hedging, and not accounted for\nas a separate equity component under the cash conversion guidance are evaluated to determine whether their conversion prices create\nan embedded beneficial conversion feature at inception, or may become beneficial in the future due to potential adjustments.
\n\n\u00a0
\n\nA\nbeneficial conversion feature is a nondetachable conversion feature that is \u201cin-the-money\u201d at the commitment date.\nThe in-the-money portion, also known as the intrinsic value of the option, is recorded in equity, with an offsetting discount\nto the carrying amount of convertible debt to which it is attached. The discount is amortized to interest expense over the life\nof the debt with adjustments to amortization upon full or partial conversions of the debt.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-737","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Risk\nand Uncertainties
\n\n\u00a0
\n\nThe\nCompany is subject to risks common to companies operating within the legal and medical marijuana industries, including, but not\nlimited to, federal laws, government regulations and jurisdictional laws.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-738","factDimensions":{"xbrl:concept":"MRMD:NoncontrollingInterestsPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Noncontrolling\nInterests
\n\n\u00a0
\n\nNoncontrolling\ninterests represent third-party minority ownership of the Company\u2019s consolidated subsidiaries. Net income attributable to\nnoncontrolling interests is shown in the consolidated statements of operations; and the value of net assets owned by noncontrolling\ninterests are presented as a component of equity within the balance sheets.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-739","factDimensions":{"xbrl:concept":"us-gaap:OffBalanceSheetCreditExposurePolicyPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Off\nBalance Sheet Arrangements
\n\n\u00a0
\n\nThe\nCompany does not have any off-balance sheet arrangements.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-740","factDimensions":{"xbrl:concept":"MRMD:GoingConcernPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Going\nConcern
\n\n\u00a0
\n\nIn\nconnection with the preparation of its financial statements for the years ended December 31, 2020 and 2019, the Company\u2019s\nmanagement evaluated the Company\u2019s ability to continue as a going concern in accordance with the ASU 2014-15, Presentation\nof Financial Statements\u2013Going Concern (Subtopic 205-40), which requires an assessment of relevant conditions or events,\nconsidered in the aggregate, that are known or reasonably knowable by management on the issuance dates of the financial statements\nwhich indicated the probable likelihood that the Company will be unable to meet its obligations as they become due within one\nyear after the issuance date of the financial statements.
\n\n\u00a0
\n\nAs\npart of its evaluation, management assessed known events, trends, commitments, and uncertainties, which included the profitability\nof the Company and the cash flow generated by its operations, the amount of capital recently and/or in the process of being raised,\nthe current level of investment within the cannabis industry, the stock price movement of public cannabis companies, the actions\nand/or financial results of certain bellwether cannabis companies, the measure of cannabis investor confidence, and the changes\nto state laws with respect to adult-use recreational and medical cannabis use.
\n\n\u00a0
\n\nFor\nthe year ended December 31, 2020, operating income increased to approximately $14.5 million\ncompared to an operating loss of approximately $41.5 million\nin 2019. In addition, working capital at December 31, 2020 improved by approximately $27.2 million\nfrom the previous year.
\n\n\u00a0
\n\nSubsequent\nto December 31, 2020, the Company consummated a financing transaction for up to $ million of proceeds in exchange for newly-designated\nSeries C convertible preferred stock of the Company and warrants to purchase the Company\u2019s common stock. Initial proceeds\nof $23.0 million received in March 2021 were used to pay down debt, and will be used to upgrade certain of the Company\u2019s\nowned and managed facilities. The balance of the available proceeds will fund the completion of the Company\u2019s Consolidation\nPlan. This transaction is further discussed in Note 22 \u2013 Subsequent Events.
\n\n\u00a0
\n\nBased\non its evaluation, coupled with the aforementioned operating results and financing transaction, management believes that it has\ncompletely mitigated the circumstance that led to a doubt with respect to the Company\u2019s ability to continue as a going concern\nwhich existed at the time of the filing of the Company\u2019s prior year\u2019s report.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-741","factDimensions":{"xbrl:concept":"MRMD:OperatingIncome","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"14500000","decimals":-5}]},{"name":"rpt:f-742","factDimensions":{"xbrl:concept":"MRMD:OperatingLoss","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"41500000","decimals":-5}]},{"name":"rpt:f-743","factDimensions":{"xbrl:concept":"MRMD:WorkingCapitalDeficit","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"27200000","decimals":-5}]},{"name":"rpt:f-744","factDimensions":{"xbrl:concept":"MRMD:NumberOfSharesExchangedValue","xbrl:period":"2021-03-01T00:00:00/2021-04-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:SubsequentEventTypeAxis":"us-gaap:SubsequentEventMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"46000000.0","decimals":-5}]},{"name":"rpt:f-745","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodValueNewIssues","xbrl:period":"2021-03-01T00:00:00/2021-04-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:SubsequentEventTypeAxis":"us-gaap:SubsequentEventMember"},"factValues":[{"value":"23000000.0","decimals":-5}]},{"name":"rpt:f-746","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Recent\nAccounting Pronouncements
\n\n\u00a0
\n\nThe\nCompany has reviewed all recently issued, but not yet effective, accounting pronouncements, and does not believe the future adoption\nof any such pronouncements will have a material impact on its financial condition or the results of its operations.
\n\n\u00a0
\n\n\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-747","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationDisclosureTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"NOTE\n3 \u2013 ACQUISITIONS
\n\n\u00a0
\n\nKPG\nof Anna LLC and KPG of Harrisburg LLC
\n\n\u00a0
\n\nEffective\nOctober 1, 2019, the Illinois Department of Financial and Professional Regulation approved the Company\u2019s acquisition of\n(i)100% of the ownership interests of KPG of Anna LLC and KPG of Harrisburg LLC, the Company\u2019s two cannabis-licensed clients\nthat operate medical marijuana dispensaries in the state of Illinois (both entities collectively, the \u201cKPGs\u201d), and\n(ii) the 40% ownership interests not already owned by the Company of Mari Holdings IL LLC, the Company\u2019s subsidiary that\nowns the real estate in which the KPGs\u2019 dispensaries are located (\u201cMari-IL\u201d). On such date, shares\nof the Company\u2019s common stock, representing the entire purchase price, were issued to the sellers of the KPGs and Mari-IL,\nand these entities became wholly-owned subsidiaries of the Company.
\n\n\u00a0
\n\nThe\nacquisition was accounted for in accordance with ASC 805. The following table summarizes the allocation of the purchase price\nto the fair value of the assets acquired and liabilities assumed on the acquisition date:
\n\nSCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED ON ACQUISITION
\n\n\n\n
| Cash and cash equivalents | \u00a0 | \n$ | 443,980 | \u00a0 |
| Inventory | \u00a0 | \n\u00a0 | 113,825 | \u00a0 |
| Intangibles | \u00a0 | \n\u00a0 | 2,067,727 | \u00a0 |
| Minority interests | \u00a0 | \n\u00a0 | 138,356 | \u00a0 |
| Accounts payable | \u00a0 | \n\u00a0 | (642,033 | ) |
| Accrued expenses | \u00a0 | \n\u00a0 | (186,005 | ) |
| Due to third parties | \u00a0 | \n\u00a0 | (1,020,850 | ) |
| Total fair value of consideration | \u00a0 | \n$ | 915,000 | \u00a0 |
\u00a0
\n\nSince\nthe date of acquisition, the KPGs have contributed approximately $30.7 million of revenue and $6.8 million of pretax income.
\n\n\u00a0
\n\nConsolidated\nunaudited pro forma results of operations for the Company are presented below for the year ended December 31, 2019 assuming this\nOctober 2019 acquisition had occurred at January 1, 2019, the beginning of the reporting period of these financial statements.\nConsolidated results are unchanged for the year ended December 31, 2020.
\n\nSCHEDULE OF UNAUDITED PRO FORMA RESULTS OF OPERATIONS\u00a0
\n\n| Total revenues | \u00a0 | \n$ | 48,444,052 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Net income (loss) | \u00a0 | \n$ | (81,705,403 | ) |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Net income (loss) per share | \u00a0 | \n$ | (0.39 | ) |
\u00a0
\n\nPro\nforma financial information is not necessarily indicative of the Company\u2019s actual results if the transaction had been completed\nduring the periods reflected above, nor is it necessarily an indication of future operating results. Amounts do not include any\noperating efficiencies or costs savings that the Company would have been able to achieve.
\n\n\u00a0
\n\nThe\nHarvest Foundation LLC
\n\n\u00a0
\n\nIn\nAugust 2019, the Company entered into a purchase agreement to acquire 100% of the ownership interests of The Harvest Foundation\nLLC (\u201cHarvest\u201d), the Company\u2019s cannabis-licensed client in the state of Nevada. The acquisition is conditioned\nupon legislative approval of the transaction. At this time, the state has paused the processing of cannabis license transfers,\nwithout indicating when it will resume. Upon the resumption of these activities and the ensuing approval by the state, the Company\nexpects to consummate this transaction whereby the operations of Harvest will be consolidated into the Company\u2019s financial\nstatements.
\n\n\u00a0
\n\nThe\npurchase price is comprised of the issuance of (i) shares of the Company\u2019s common stock,\nin the aggregate, to two owners of Harvest, which as a good faith deposit, were issued upon execution of the purchase agreement,\n(ii) $1.2\nmillion of the Company\u2019s common\nstock at closing, based on the closing price of the common stock on the day prior to legislative approval of the transaction,\nand (iii) warrants to purchase 400,000\nshares of the Company\u2019s common stock\nat an exercise price equal to the closing price of the Company\u2019s common stock on the day prior to legislative approval of\nthe transaction. The issued shares were recorded at par value. Such shares are restricted and will be returned to the Company\nin the event the transaction does not close by a date certain.
\n\n\u00a0
\n\nKind\nTherapeutics USA Inc.
\n\n\u00a0
\n\nIn the fall of 2016, the members of\nKind Therapeutics USA Inc., the Company\u2019s cannabis-licensed client in Maryland that holds licenses for the cultivation,\nproduction, and dispensing of medical cannabis (\u201cKind\u201d), and the Company agreed to a partnership/joint venture whereby\nKind would be owned 70% by the Company and 30% by the members of Kind, subject to approval by the Maryland Medical Cannabis Commission\n(\u201cMMCC\u201d). Prior to finalizing the documents confirming the partnership/joint venture, in December 2018, the Company\nand the members of Kind negotiated and entered into a memorandum of understanding (\u201cMOU\u201d) for the Company\nto acquire 100%\nof the membership interests of Kind. The MOU provides for a total purchase price of $6.3\nmillion in cash, shares of the Company\u2019s common stock,\nand other consideration. The acquisition is subject to approval by the MMCC, which will be applied for following the resolution\nof the litigation with Kind discussed below.
\n\n\u00a0
\n\nAlso\nin December 2018, (i) MariMed Advisors Inc., the Company\u2019s wholly owned subsidiary, and Kind entered into a management services\nagreement to provide Kind with comprehensive management services in connection with the business and operations of Kind\n(\u201cthe MSA\u201d), and (ii) Mari Holdings MD LLC, the Company\u2019s majority-owned subsidiary, entered into a lease with Kind for Kind\u2019s\nutilization of the Company\u2019s 180,000\nsquare foot cultivation and production\nfacility in Hagerstown, MD (\u201cthe Lease\u201d), which the Company purchased, designed, and developed for occupancy\nand use by Kind commencing in late 2017. Additionally, in October 2019, Mari Holdings MD LLC purchased a 9,000\nsquare foot building in Anne Arundel County,\nMD, which is currently under constructions, for the development of a dispensary which would be leased to Kind.
\n\n\u00a0
\n\nIn 2019, the members of Kind sought to\nrenegotiate the terms of the MOU and has subsequently sought to renege on both the original partnership/joint venture and the\nMOU. The Company engaged with Kind in good faith in an attempt to reach updated terms acceptable to both parties, however\nKind failed to reciprocate in good faith, resulting in an impasse. Incrementally, both parties through counsel further sought\nto resolve the impasse, however such initiative resulted in both parties commencing legal proceedings. As a result, the\nconsummation of this acquisition has been delayed and may not ultimately be completed. The litigation is further discussed in\nNote 21 \u2013 Commitments and Contingencies.
\n\n\n
\u00a0
\n\n\n\n\n\n\n\u00a0
\n\nMediTaurus\nLLC
\n\n\u00a0
\n\nIn\nMay 2019, the Company entered into a purchase agreement to acquire MediTaurus LLC (\u201cMediTaurus\u201d), a company formed\nand owned by Jokubas Ziburkas PhD, a neuroscientist and leading authority on CBD and its interactions with the brain and endocannabinoid\nsystem. MediTaurus currently operates in the United States and Europe and has developed proprietary CBD formulations sold under\nits Florance\u2122 brand.
\n\n\u00a0
\n\nPursuant\nto the purchase agreement, the Company acquired 70% of MediTaurus on June 1, 2019. The purchase price was $2.8 million, comprised\nof cash payments totaling $720,000 and shares of the Company\u2019s common stock valued at $2,080,000. The Company expects\nto complete the acquisition of the remining 30% of MediTaurus in April 2021.
\n\n\u00a0
\n\nThe\nacquisition was accounted for in accordance with ASC 10. The following table summarizes the allocation, adjusted in September\n2019, of the purchase price to the fair value of the assets acquired and liabilities assumed on the acquisition date:
\n\nSCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED ON ACQUISITION
\n\n| Cash and cash equivalents | \u00a0 | \n$ | 64,196 | \u00a0 |
| Accounts receivable | \u00a0 | \n\u00a0 | 5,362 | \u00a0 |
| Inventory | \u00a0 | \n\u00a0 | 519,750 | \u00a0 |
| Goodwill | \u00a0 | \n\u00a0 | 2,662,669 | \u00a0 |
| Accounts payable | \u00a0 | \n\u00a0 | (777 | ) |
| Total value of MediTaurus | \u00a0 | \n\u00a0 | 3,251,200 | \u00a0 |
| Noncontrolling interests in MediTaurus | \u00a0 | \n\u00a0 | (975,360 | ) |
| Total fair value of consideration | \u00a0 | \n$ | 2,275,840 | \u00a0 |
\u00a0
\n\nBased\non a valuation of MediTaurus in late 2019, the goodwill recorded in connection with the transaction was written off.
\n\n\u00a0
\n\nAgriMed\nIndustries of PA LLC
\n\n\u00a0
\n\nIn\nJuly 2018, the Company entered into a purchase agreement to acquire 100% of the ownership interests of AgriMed Industries of PA\nLLC (\u201cAgriMed\u201d), an entity that holds a license from the state of Pennsylvania for the cultivation of cannabis. The\npurchase price was comprised of $8 million, payable in stock and cash, and the assumption of certain liabilities of AgriMed. In\nFebruary 2019, the Company commenced legal proceedings against AgriMed seeking specific performance of the purchase agreement.
\n\n\u00a0
\n\nIn\nMay 2019, the dispute between the parties was resolved through the cash payment to the Company of $3.1 million and other good\nand valuable consideration, in exchange for the Company relinquishing its rights under the purchase agreement and releasing its\nclaims against AgriMed. The net amount of approximately $2,949,000, representing the cash payment less legal fees and write-offs\nof assets and supplies, was recorded in Other Non-Operating Income in the Company\u2019s consolidated statement of operations\nfor the year ended December 31, 2019.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-748","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired","xbrl:period":"2019-10-03T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:BusinessAcquisitionAxis":"MRMD:KPGofAnnaLLCandKPGofHarrisburgLLCMember"},"factValues":[{"value":"1"}]},{"name":"rpt:f-749","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired","xbrl:period":"2019-10-03T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:BusinessAcquisitionAxis":"MRMD:MariHoldingsILLLCMember"},"factValues":[{"value":"0.40"}]},{"name":"rpt:f-750","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesAcquisitions","xbrl:period":"2019-09-28T00:00:00/2019-10-03T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:BusinessAcquisitionAxis":"MRMD:KPGofAnnaLLCandKPGofHarrisburgLLCMember"},"factValues":[{"value":"1000000"}]},{"name":"rpt:f-751","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:BusinessAcquisitionAxis":"MRMD:KPGofAnnaLLCandKPGofHarrisburgLLCMember"},"factValues":[{"value":"The\nacquisition was accounted for in accordance with ASC 805. The following table summarizes the allocation of the purchase price\nto the fair value of the assets acquired and liabilities assumed on the acquisition date:
\n\nSCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED ON ACQUISITION
\n\n\n\n
| Cash and cash equivalents | \u00a0 | \n$ | 443,980 | \u00a0 |
| Inventory | \u00a0 | \n\u00a0 | 113,825 | \u00a0 |
| Intangibles | \u00a0 | \n\u00a0 | 2,067,727 | \u00a0 |
| Minority interests | \u00a0 | \n\u00a0 | 138,356 | \u00a0 |
| Accounts payable | \u00a0 | \n\u00a0 | (642,033 | ) |
| Accrued expenses | \u00a0 | \n\u00a0 | (186,005 | ) |
| Due to third parties | \u00a0 | \n\u00a0 | (1,020,850 | ) |
| Total fair value of consideration | \u00a0 | \n$ | 915,000 | \u00a0 |
Consolidated\nunaudited pro forma results of operations for the Company are presented below for the year ended December 31, 2019 assuming this\nOctober 2019 acquisition had occurred at January 1, 2019, the beginning of the reporting period of these financial statements.\nConsolidated results are unchanged for the year ended December 31, 2020.
\n\nSCHEDULE OF UNAUDITED PRO FORMA RESULTS OF OPERATIONS\u00a0
\n\n| Total revenues | \u00a0 | \n$ | 48,444,052 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Net income (loss) | \u00a0 | \n$ | (81,705,403 | ) |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Net income (loss) per share | \u00a0 | \n$ | (0.39 | ) |
The\nacquisition was accounted for in accordance with ASC 10. The following table summarizes the allocation, adjusted in September\n2019, of the purchase price to the fair value of the assets acquired and liabilities assumed on the acquisition date:
\n\nSCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED ON ACQUISITION
\n\n| Cash and cash equivalents | \u00a0 | \n$ | 64,196 | \u00a0 |
| Accounts receivable | \u00a0 | \n\u00a0 | 5,362 | \u00a0 |
| Inventory | \u00a0 | \n\u00a0 | 519,750 | \u00a0 |
| Goodwill | \u00a0 | \n\u00a0 | 2,662,669 | \u00a0 |
| Accounts payable | \u00a0 | \n\u00a0 | (777 | ) |
| Total value of MediTaurus | \u00a0 | \n\u00a0 | 3,251,200 | \u00a0 |
| Noncontrolling interests in MediTaurus | \u00a0 | \n\u00a0 | (975,360 | ) |
| Total fair value of consideration | \u00a0 | \n$ | 2,275,840 | \u00a0 |
NOTE\n4 \u2013 INVESTMENTS
\n\n\u00a0
\n\nAt\nDecember 31, 2020 and 2019, the Company\u2019s investments were comprised of the following:
\n\n\u00a0SCHEDULE OF INVESTMENTS
\n\n\n\n
| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Current investments: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Flowr Corp. (formerly Terrace Inc.) | \u00a0 | \n$ | 1,357,193 | \u00a0 | \u00a0 | \n$ | 1,449,144 | \u00a0 |
| Total current investments | \u00a0 | \n$ | 1,357,193 | \u00a0 | \u00a0 | \n$ | 1,449,144 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Non-current investments: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| MembersRSVP LLC | \u00a0 | \n\u00a0 | 1,165,788 | \u00a0 | \u00a0 | \n\u00a0 | 1,066,975 | \u00a0 |
| Chooze Corp. | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 257,686 | \u00a0 | |
| Total non-current investments | \u00a0 | \n\u00a0 | 1,165,788 | \u00a0 | \u00a0 | \n\u00a0 | 1,324,661 | \u00a0 |
| Total investments | \u00a0 | \n$ | 2,522,981 | \u00a0 | \u00a0 | \n$ | 2,773,805 | \u00a0 |
\u00a0
\n\nFlowr\nCorp. (formerly Terrace Inc.)
\n\n\u00a0
\n\nIn\nMay 2019, the Company issued shares of its common stock, valued at $1.59 million on the date of issuance, to purchase\nan 8.95% interest in Terrace Inc. (\u201cTerrace\u201d), a Canadian entity that develops and acquires international cannabis\nassets. The Company has no board representation, nor does it have the ability to exert operational or financial control over the\nentity.
\n\n\u00a0
\n\nIn\nNovember 2019, the common stock of Terrace commenced public trading on the Toronto Stock Venture Exchange. In accordance with\nASC 321, Investments \u2013 Equity Securities, this investment is carried at fair value, with changes to fair value recognized\nin net income. Prior to Terrace becoming publicly traded, the Company had elected the measurement alternative to value this equity\ninvestment without a readily determinable fair value.
\n\n\u00a0
\n\nIn\nDecember 2020, Flowr Corp. (TSX.V: FLWR; OTC: FLWPF), a Toronto-headquartered cannabis company with operations in Canada, Europe,\nand Australia (\u201cFlowr\u201d), acquired Terrace. Under the terms of the deal, each shareholder of Terrace received \nof a share in Flowr for each Terrace share held.
\n\n\u00a0
\n\nDuring\nthe years ended December 31, 2020 and 2019, the decrease in fair value of this investment of approximately $92,000 and $141,000,\nrespectively, was included in Change In Fair Value Of Investments on the statement of operations.
\n\n\u00a0
\n\nMembersRSVP\nLLC
\n\n\u00a0
\n\nIn\nAugust 2018, the Company invested $300,000 and issued shares of its common stock, valued at approximately $915,000, in\nexchange for a 23% ownership in MembersRSVP LLC (\u201cMRSVP\u201d), an entity that has developed cannabis-specific customer\nrelationship management software, branded under the name Sprout.
\n\n\u00a0
\n\n\n\n\n\n\n\u00a0
\n\nDuring\nthe years ended December 31, 2020 and 2019, the investment was accounted for under the equity method. Accordingly, the Company\nrecorded earnings of approximately $99,000 in 2020, and a charge of approximately $105,000 in 2019, based on the Company\u2019s\nequity in MRSVP\u2019s net income and losses during such periods. Since the Company\u2019s initial investment in 2018 of approximately\n$1,215,000, the Company had recorded cumulative equity in net losses of approximately $49,000, reducing the carrying value of\nthe investment to approximately $1,166,000 at December 31, 2020.
\n\n\u00a0
\n\nIn\nJanuary 2021, the Company and MRSVP entered into an agreement whereby the Company assigned and transferred membership interests\ncomprising an 11% ownership in MRSVP in exchange for a release from all further obligation by the Company to make future investments\nor payments and certain other non-monetary consideration. Following the interest transfer, the Company\u2019s ownership interest\nin MRSVP was reduced to 12% on a fully diluted basis.
\n\n\u00a0
\n\nAs\npart of the agreement, the Company relinquished its right to appoint a member to the board of MRSVP. In light of the Company no\nlonger having the ability to exercise significant influence over MRSVP, the investment shall no longer be accounted for under\nthe equity method\u2014the Company\u2019s share of MRSVP\u2019s future earnings or losses shall not be recorded, and the earnings\nand losses previously recorded will remain part of the carrying amount of the investment.
\n\n\u00a0
\n\nChooze\nCorp.
\n\n\u00a0
\n\nIn\nJanuary 2019, the entire principal and accrued interest balance of a note receivable of approximately $258,000 from Chooze Corp.,\na private company operating in the cannabis industry (\u201cChooze\u201d), was converted into a 2.7% equity interest in Chooze.\nIn accordance with ASC 321, the Company elected the measurement alternative to value this equity investment without a readily\ndeterminable fair value. Accordingly, the investment was carried at its cost until June 2020 when the investment was fully reserved\ndue to the Company\u2019s determination that the investment was impaired. This reserve in 2020 of approximately $258,000 was\nincluded in Change In Fair Value Of Investments on the statement of operations.
\n\n\u00a0
\n\nGenCanna\nGlobal Inc.
\n\n\u00a0
\n\nIn\nFebruary 2019, the Company converted $30.0 million of convertible debentures purchased from GenCanna Global Inc., a Kentucky-based\ncultivator, producer, and distributor of hemp and CBD (\u201cGenCanna\u201d), plus unpaid accrued interest through the conversion\ndate of approximately $229,000, into common stock of GenCanna equal to a 33.5% ownership interest in GenCanna on a fully diluted\nbasis.
\n\n\u00a0
\n\nIn\nlate January 2020, an involuntary bankruptcy proceeding under Chapter 11 was filed against GenCanna USA, GenCanna\u2019s wholly-owned\noperating subsidiary, with the U.S. Bankruptcy Court in the Eastern District of Kentucky (the \u201cBankruptcy Court\u201d).\nIn February 2020, GenCanna USA, under pressure from certain of its creditors including MGG Investment Group LP, GenCanna\u2019s\nsenior lender (\u201cMGG\u201d), agreed to convert the involuntary bankruptcy proceeding into a voluntary Chapter 11 proceeding.\nIn addition, GenCanna and GenCanna USA\u2019s subsidiary, Hemp Kentucky LLC (collectively with GenCanna and GenCanna USA, the\n\u201cGenCanna Debtors\u201d), filed voluntary petitions under Chapter 11 in the Bankruptcy Court.
\n\n\u00a0
\n\nAs\nthe aforementioned proceedings had occurred prior to the Company\u2019s filing of its financial statements for the year ended\nDecember 31, 2019, the Company recorded a charge to net income of approximately $30.2 million in December 2019, reflected in Earnings\n(Losses) on Equity Investments on the statement of operations, which reduced the carrying value of this investment to zero.\nPlease refer to Note 21 \u2013 Commitments and Contingencies for additional discussion of GenCanna\u2019s bankruptcy\nproceedings.
\n\n\u00a0
\n\nIconic\nVentures Inc.
\n\n\u00a0
\n\nIn\nDecember 2018, the Company purchased a 10% ownership interest in Iconic Ventures Inc., a private company that had created unique\nsolution for cannabinoid vaporization (\u201cIconic\u201d), for an aggregate cash payment of $. The Company was not given\nany board representation, nor did it have the ability to exert operational or financial control over the entity.
\n\n\u00a0
\n\nIn\n2019, the Company wrote off the investment after an impairment review. The charge of $500,000 was included in Change In Fair\nValue Of Investments on the statement of operations.
\n\n\u00a0
\n\nBinske\u00ae\n
\n\n\u00a0
\n\nIn\nJuly 2019, the Company entered into a licensing agreement for the exclusive manufacturing and distribution in seven eastern U.S.\nstates of the Binske\u00ae portfolio of products, a brand known for utilizing best-in-class proprietary strains and\ncraft ingredients in its edibles, concentrates, vaporizers, and topicals. In consideration for the license and other rights, the\nCompany agreed to pay a royalty of 10.0% to 12.5% of gross revenue, as defined, derived from the sale of Binske\u00ae products,\nsubject to an annual minimum royalty. No gross revenue was generated as of December 31, 2020 and 2019.
\n\n\u00a0
\n\n\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-797","factDimensions":{"xbrl:concept":"us-gaap:InvestmentTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"At\nDecember 31, 2020 and 2019, the Company\u2019s investments were comprised of the following:
\n\n\u00a0SCHEDULE OF INVESTMENTS
\n\n\n\n
| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Current investments: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Flowr Corp. (formerly Terrace Inc.) | \u00a0 | \n$ | 1,357,193 | \u00a0 | \u00a0 | \n$ | 1,449,144 | \u00a0 |
| Total current investments | \u00a0 | \n$ | 1,357,193 | \u00a0 | \u00a0 | \n$ | 1,449,144 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Non-current investments: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| MembersRSVP LLC | \u00a0 | \n\u00a0 | 1,165,788 | \u00a0 | \u00a0 | \n\u00a0 | 1,066,975 | \u00a0 |
| Chooze Corp. | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 257,686 | \u00a0 | |
| Total non-current investments | \u00a0 | \n\u00a0 | 1,165,788 | \u00a0 | \u00a0 | \n\u00a0 | 1,324,661 | \u00a0 |
| Total investments | \u00a0 | \n$ | 2,522,981 | \u00a0 | \u00a0 | \n$ | 2,773,805 | \u00a0 |
NOTE\n5 \u2013 DEFERRED RENTS RECEIVABLE
\n\n\u00a0
\n\nThe\nCompany is the lessor under several operating leases which contain rent holidays, escalating rents over time, options to renew,\nrequirements to pay property taxes, insurance and/or maintenance costs, and contingent rental payments based on a percentage of\nmonthly tenant revenues. The Company is not the lessor under any finance leases.
\n\n\u00a0
\n\nThe\nCompany recognizes fixed rental receipts from such lease agreements on a straight-line basis over the expected lease term. Differences\nbetween amounts received and amounts recognized are recorded under Deferred Rents Receivable on the balance sheet. Contingent\nrentals are recognized only after tenants\u2019 revenues are finalized and if such revenues exceed certain minimum levels.
\n\n\u00a0
\n\nThe\nCompany leases the following owned properties:
\n\n\u00a0
\n\n| \u00a0 | \n\u25cf | \nDelaware\n \u2013 a 45,000 square foot facility purchased in September 2016 and developed into a cannabis cultivation, processing, and\n dispensary facility which is leased to a cannabis-licensed client under a triple net lease that commenced in 2017 and expires\n in 2035. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nMaryland\n \u2013 a 180,000 square foot former manufacturing facility purchased in January 2017 and developed by the Company into a\n cultivation and processing facility which is leased to a licensed cannabis client under a triple net lease that commenced\n 2018 and expires in 2037. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nMassachusetts\n \u2013 a 138,000 square foot industrial property of which approximately half of the available square footage is leased to\n a non-cannabis manufacturing company under a lease that commenced in 2017 and expires in 2022. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nIllinois\n \u2013 two 3,400 square foot free-standing retail dispensaries in the cities of Anna and Harrisburg and leased to the KPGs,\n each under a 20-year lease that commenced in 2018. With the acquisition of the KPGs as disclosed in Note 3 \u2013 Acquisitions,\n this lease was eliminated upon the consolidation of the KPGs in October 2019. Accordingly, the rental receipts on such leases\n have been removed from the table of future minimum rental receipts below. |
\u00a0
\n\nThe\nCompany subleases the following property:
\n\n\u00a0
\n\n| \u00a0 | \n\u25cf | \nDelaware\n \u2013 4,000 square feet of retail space in a multi-use building space which the Company developed into a cannabis dispensary\n and is subleased to its cannabis-licensed client under a under a triple net lease expiring in 2021 with a five-year option\n to extend. |
\u00a0
\n\nAs\nof December 31, 2020 and 2019, cumulative fixed rental receipts under such leases approximated $13.9\nmillion and $9.5\nmillion, respectively, compared to revenue\nrecognized on a straight-line basis of approximately $15.8\nmillion and $11.3\nmillion. Accordingly, the deferred rents\nreceivable balances at December 31, 2020 and 2019 approximated $1.9\nmillion and $1.8\nmillion, respectively.
\n\n\u00a0
\n\nFuture\nminimum rental receipts for non-cancelable leases and subleases as of December 31, 2020 were:
\n\nSCHEDULE OF FUTURE MINIMUM RENTAL RECEIPTS FOR NON-CANCELABLE LEASES AND SUBLEASES
\n\n\n\n
| 2021 | \u00a0 | \n$ | 4,667,497 | \u00a0 |
| 2022 | \u00a0 | \n\u00a0 | 4,590,656 | \u00a0 |
| 2023 | \u00a0 | \n\u00a0 | 4,292,769 | \u00a0 |
| 2024 | \u00a0 | \n\u00a0 | 4,348,027 | \u00a0 |
| 2025 | \u00a0 | \n\u00a0 | 4,412,299 | \u00a0 |
| Thereafter | \u00a0 | \n\u00a0 | 39,578,055 | \u00a0 |
| Total | \u00a0 | \n$ | 61,889,303 | \u00a0 |
\u00a0
\n\nIn\nFebruary 2021, the Company entered into a -year\nlease agreement for a 12,000\nsquare foot premises located in Wilmington,\nDE which the Company intends to develop into a cannabis production facility with offices, and sublease to its cannabis-licensed\nclient in this state. The lease contains an option to negotiate an extension at the end of the lease term.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-841","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2016-10-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:DE"},"factValues":[{"value":"45000"}]},{"name":"rpt:f-842","factDimensions":{"xbrl:concept":"MRMD:LeaseCommencementDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"country:DE"},"factValues":[{"value":"commenced in 2017"}]},{"name":"rpt:f-843","factDimensions":{"xbrl:concept":"MRMD:LeaseExpirationDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:DE"},"factValues":[{"value":"expires\n in 2035"}]},{"name":"rpt:f-844","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2017-02-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:MD"},"factValues":[{"value":"180000"}]},{"name":"rpt:f-845","factDimensions":{"xbrl:concept":"MRMD:LeaseCommencementDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:MD"},"factValues":[{"value":"commenced\n 2018"}]},{"name":"rpt:f-846","factDimensions":{"xbrl:concept":"MRMD:LeaseExpirationDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:MD"},"factValues":[{"value":"expires in 2037"}]},{"name":"rpt:f-847","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:MA","srt:ProductOrServiceAxis":"MRMD:NonCannabisMember"},"factValues":[{"value":"138000"}]},{"name":"rpt:f-848","factDimensions":{"xbrl:concept":"MRMD:LeaseCommencementDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:MA","srt:ProductOrServiceAxis":"MRMD:NonCannabisMember"},"factValues":[{"value":"commenced in 2017"}]},{"name":"rpt:f-849","factDimensions":{"xbrl:concept":"MRMD:LeaseExpirationDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:MA","srt:ProductOrServiceAxis":"MRMD:NonCannabisMember"},"factValues":[{"value":"expires in 2022"}]},{"name":"rpt:f-850","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:IL"},"factValues":[{"value":"3400"}]},{"name":"rpt:f-851","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeaseTermOfContract","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:IL"},"factValues":[{"value":"P20Y"}]},{"name":"rpt:f-852","factDimensions":{"xbrl:concept":"MRMD:LeaseCommencementDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:IL"},"factValues":[{"value":"commenced in 2018"}]},{"name":"rpt:f-853","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:DE","us-gaap:LeaseContractualTermAxis":"MRMD:RetailSpaceMember"},"factValues":[{"value":"4000"}]},{"name":"rpt:f-854","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeaseOptionToExtend","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:DE","us-gaap:LeaseContractualTermAxis":"MRMD:RetailSpaceMember"},"factValues":[{"value":"lease expiring in 2021 with a five-year option\n to extend"}]},{"name":"rpt:f-855","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLeaseIncome","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"13900000","decimals":-5}]},{"name":"rpt:f-856","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseLeaseIncome","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"9500000","decimals":-5}]},{"name":"rpt:f-857","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityRevenueRecognized","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15800000","decimals":-5}]},{"name":"rpt:f-858","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityRevenueRecognized","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"11300000","decimals":-5}]},{"name":"rpt:f-859","factDimensions":{"xbrl:concept":"us-gaap:LoansAndLeasesReceivableDeferredIncome","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1900000","decimals":-5}]},{"name":"rpt:f-860","factDimensions":{"xbrl:concept":"us-gaap:LoansAndLeasesReceivableDeferredIncome","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1800000","decimals":-5}]},{"name":"rpt:f-861","factDimensions":{"xbrl:concept":"us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"Future\nminimum rental receipts for non-cancelable leases and subleases as of December 31, 2020 were:
\n\nSCHEDULE OF FUTURE MINIMUM RENTAL RECEIPTS FOR NON-CANCELABLE LEASES AND SUBLEASES
\n\n\n\n
| 2021 | \u00a0 | \n$ | 4,667,497 | \u00a0 |
| 2022 | \u00a0 | \n\u00a0 | 4,590,656 | \u00a0 |
| 2023 | \u00a0 | \n\u00a0 | 4,292,769 | \u00a0 |
| 2024 | \u00a0 | \n\u00a0 | 4,348,027 | \u00a0 |
| 2025 | \u00a0 | \n\u00a0 | 4,412,299 | \u00a0 |
| Thereafter | \u00a0 | \n\u00a0 | 39,578,055 | \u00a0 |
| Total | \u00a0 | \n$ | 61,889,303 | \u00a0 |
NOTE\n7 \u2013 NOTES RECEIVABLE
\n\n\u00a0
\n\nAt\nDecember 31, 2020 and 2019, notes receivable were comprised of the following:
\n\nSCHEDULE OF NOTES RECEIVABLE
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| First State Compassion Center | \u00a0 | \n$ | 468,985 | \u00a0 | \u00a0 | \n$ | 527,261 | \u00a0 |
| Healer LLC | \u00a0 | \n\u00a0 | 899,226 | \u00a0 | \u00a0 | \n\u00a0 | 846,985 | \u00a0 |
| High Fidelity Inc. | \u00a0 | \n\u00a0 | 254,919 | \u00a0 | \u00a0 | \n\u00a0 | 252,873 | \u00a0 |
| Maryland Health & Wellness Center Inc. | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 323,526 | \u00a0 | |
| Total notes receivable | \u00a0 | \n\u00a0 | 1,623,130 | \u00a0 | \u00a0 | \n\u00a0 | 1,950,645 | \u00a0 |
| Notes receivable, current portion | \u00a0 | \n\u00a0 | 658,122 | \u00a0 | \u00a0 | \n\u00a0 | 311,149 | \u00a0 |
| Notes receivable, less current portion | \u00a0 | \n$ | 965,008 | \u00a0 | \u00a0 | \n$ | 1,639,496 | \u00a0 |
\u00a0
\n\nThe\nCompany\u2019s cannabis-licensed client in Delaware, First State Compassion Center, issued a 10-year promissory note to the Company\nin May 2016 in the amount of $700,000 bearing interest at a rate of 12.5% per annum, as amended. The monthly payments of approximately\n$10,000 will continue through April 2026, at which time the note will be fully paid down. At December 31, 2020 and 2019, the current\nportion of this note was approximately $66,000 and $58,000, respectively, and was included in Notes Receivable, Current Portion\non the respective balance sheets.
\n\n\u00a0
\n\nFrom\nAugust 2018 to June 2019, the Company loaned an aggregate of $800,000\nto Healer LLC (\u201cHealer\u201d),\nan entity that provides cannabis education, dosage programs, and products developed by Dr. Dustin Sulak, an integrative medicine\nphysician and nationally renowned cannabis practitioner. Healer issued promissory notes to the Company for the aggregate amount\nloaned that bear interest at 6%\nper annum, with principal\nand interest payable on maturity dates three years from the respective loan dates. At\nDecember 30, 2020, the current portion of this loan approximated $337,000.\nNo\nportion was current at December 31, 2019.\nIn March 2021, the Company was issued a revised promissory note from Healer replacing the previous promissory notes on these\nloans as discussed in Note 22 \u2013 Subsequent Events.
\n\n\u00a0
\n\nIn\nAugust 2019, the Company loaned $250,000 to High Fidelity Inc., a company that owns and operates two seed-to sale medical marijuana\nfacilities in the state of Vermont and produces its own line of CBD products. The note bears interest at a rate of 10.0% per annum,\nwith interest-only month payments through its extended maturity in June 2021.
\n\n\u00a0
\n\nIn\nJanuary 2019, the Company provided Maryland Health & Wellness Center Inc. (\u201cMHWC\u201d), an entity that has been pre-approved\nby the state of Maryland for a cannabis dispensing license, with a $300,000 construction loan bearing interest at a rate of 8%\nper annum. In June 2020, MHWC repaid the principal and accrued interest thereon, at which time the parties agreed to terminate\ntheir business relationship and release each other from all other previously executed agreements.
\n\n\u00a0
\n\n\n\n\n\n
\n\n
\u00a0
\n\n"}]},{"name":"rpt:f-871","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"At\nDecember 31, 2020 and 2019, notes receivable were comprised of the following:
\n\nSCHEDULE OF NOTES RECEIVABLE
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| First State Compassion Center | \u00a0 | \n$ | 468,985 | \u00a0 | \u00a0 | \n$ | 527,261 | \u00a0 |
| Healer LLC | \u00a0 | \n\u00a0 | 899,226 | \u00a0 | \u00a0 | \n\u00a0 | 846,985 | \u00a0 |
| High Fidelity Inc. | \u00a0 | \n\u00a0 | 254,919 | \u00a0 | \u00a0 | \n\u00a0 | 252,873 | \u00a0 |
| Maryland Health & Wellness Center Inc. | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 323,526 | \u00a0 | |
| Total notes receivable | \u00a0 | \n\u00a0 | 1,623,130 | \u00a0 | \u00a0 | \n\u00a0 | 1,950,645 | \u00a0 |
| Notes receivable, current portion | \u00a0 | \n\u00a0 | 658,122 | \u00a0 | \u00a0 | \n\u00a0 | 311,149 | \u00a0 |
| Notes receivable, less current portion | \u00a0 | \n$ | 965,008 | \u00a0 | \u00a0 | \n$ | 1,639,496 | \u00a0 |
NOTE\n8 \u2013 INVENTORY
\n\n\u00a0
\n\nAt\nDecember 31, 2020 and 2019, inventory was comprised of the following:
\n\nSCHEDULE OF INVENTORY
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Plants | \u00a0 | \n$ | 3,352,425 | \u00a0 | \u00a0 | \n$ | 395,167 | \u00a0 |
| Ingredients and other raw materials | \u00a0 | \n\u00a0 | 176,338 | \u00a0 | \u00a0 | \n\u00a0 | 225,620 | \u00a0 |
| Work-in-process | \u00a0 | \n\u00a0 | 468,377 | \u00a0 | \u00a0 | \n\u00a0 | 80,476 | \u00a0 |
| Finished goods | \u00a0 | \n\u00a0 | 2,833,431 | \u00a0 | \u00a0 | \n\u00a0 | 518,166 | \u00a0 |
| Total inventory | \u00a0 | \n$ | 6,830,571 | \u00a0 | \u00a0 | \n$ | 1,219,429 | \u00a0 |
\u00a0
\n\nThe anticipated year-over-year increase\nof inventory is based on the Company\u2019s implementation of its aforementioned Consolidation Plan whereby it is transitioning\nfrom a management and advisory firm in the cannabis space, to a cannabis licensee and direct owner of cannabis cultivation, manufacturing,\nand dispensary operations.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-900","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"At\nDecember 31, 2020 and 2019, inventory was comprised of the following:
\n\nSCHEDULE OF INVENTORY
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Plants | \u00a0 | \n$ | 3,352,425 | \u00a0 | \u00a0 | \n$ | 395,167 | \u00a0 |
| Ingredients and other raw materials | \u00a0 | \n\u00a0 | 176,338 | \u00a0 | \u00a0 | \n\u00a0 | 225,620 | \u00a0 |
| Work-in-process | \u00a0 | \n\u00a0 | 468,377 | \u00a0 | \u00a0 | \n\u00a0 | 80,476 | \u00a0 |
| Finished goods | \u00a0 | \n\u00a0 | 2,833,431 | \u00a0 | \u00a0 | \n\u00a0 | 518,166 | \u00a0 |
| Total inventory | \u00a0 | \n$ | 6,830,571 | \u00a0 | \u00a0 | \n$ | 1,219,429 | \u00a0 |
\u00a0
\n\nThe anticipated year-over-year increase\nof inventory is based on the Company\u2019s implementation of its aforementioned Consolidation Plan whereby it is transitioning\nfrom a management and advisory firm in the cannabis space, to a cannabis licensee and direct owner of cannabis cultivation, manufacturing,\nand dispensary operations.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-901","factDimensions":{"xbrl:concept":"us-gaap:OtherInventory","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3352425","decimals":0}]},{"name":"rpt:f-902","factDimensions":{"xbrl:concept":"us-gaap:OtherInventory","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"395167","decimals":0}]},{"name":"rpt:f-903","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterialsAndSupplies","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"176338","decimals":0}]},{"name":"rpt:f-904","factDimensions":{"xbrl:concept":"us-gaap:InventoryRawMaterialsAndSupplies","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"225620","decimals":0}]},{"name":"rpt:f-905","factDimensions":{"xbrl:concept":"us-gaap:InventoryWorkInProcess","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"468377","decimals":0}]},{"name":"rpt:f-906","factDimensions":{"xbrl:concept":"us-gaap:InventoryWorkInProcess","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"80476","decimals":0}]},{"name":"rpt:f-907","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoods","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2833431","decimals":0}]},{"name":"rpt:f-908","factDimensions":{"xbrl:concept":"us-gaap:InventoryFinishedGoods","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"518166","decimals":0}]},{"name":"rpt:f-909","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6830571","decimals":0}]},{"name":"rpt:f-910","factDimensions":{"xbrl:concept":"us-gaap:InventoryNet","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1219429","decimals":0}]},{"name":"rpt:f-911","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"NOTE\n9 \u2013 PROPERTY AND EQUIPMENT
\n\n\u00a0
\n\nAt\nDecember 31, 2020 and 2019, property and equipment consisted of the following:
\n\nSCHEDULE OF PROPERTY AND EQUIPMENT
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Land | \u00a0 | \n$ | 3,988,810 | \u00a0 | \u00a0 | \n$ | 3,887,710 | \u00a0 |
| Buildings and building improvements | \u00a0 | \n\u00a0 | 29,309,856 | \u00a0 | \u00a0 | \n\u00a0 | 27,063,235 | \u00a0 |
| Tenant improvements | \u00a0 | \n\u00a0 | 8,844,974 | \u00a0 | \u00a0 | \n\u00a0 | 7,762,991 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 619,880 | \u00a0 | \u00a0 | \n\u00a0 | 299,645 | \u00a0 |
| Machinery and equipment | \u00a0 | \n\u00a0 | 4,620,924 | \u00a0 | \u00a0 | \n\u00a0 | 4,086,691 | \u00a0 |
| Construction in progress | \u00a0 | \n\u00a0 | 3,140,807 | \u00a0 | \u00a0 | \n\u00a0 | 2,827,940 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | 50,525,251 | \u00a0 | \u00a0 | \n\u00a0 | 45,928,212 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (4,888,722 | ) | \u00a0 | \n\u00a0 | (3,135,843 | ) |
| Property and equipment, net | \u00a0 | \n$ | 45,636,529 | \u00a0 | \u00a0 | \n$ | 42,792,369 | \u00a0 |
\u00a0
\n\nDuring\nthe years ended December 31, 2020 and 2019, additions to property and equipment approximated $4.7\nmillion and $9.7\nmillion, respectively.
\n\n\u00a0
\n\nThe\n2020 additions were primarily comprised of (i) construction in Mt. Vernon, IL, and (ii)\nmachinery and equipment purchases for facilities in Massachusetts, Maryland, Illinois, and Delaware. The 2019 additions consisted\nprimarily of (i) the commencement of construction in Milford, DE and Annapolis, MD, (ii) the continued buildout of properties\nin Hagerstown, MD, New Bedford, MA, and Middleborough, MA, and (ii) improvements to the Wilmington, DE and Las Vegas, NV properties.
\n\n\u00a0
\n\nDuring\n2020, the Company disposed of an asset with a cost of approximately $91,000 and accumulated depreciation through the disposal\ndate of approximately $6,000. The loss on disposal of approximately $85,000 is reflected in Other Non-Operating Expenses\nin the statement of operations at September 30, 2020. There were no disposals in 2019.
\n\n\u00a0
\n\nThe\n2020 and 2019 construction in progress balances of approximately $3.1\nmillion and $2.8\nmillion, respectively,\nconsisted of the commencement of construction of properties in Milford, DE and Annapolis, MD.
\n\n\u00a0
\n\nDepreciation\nexpense for the year ended December 31, 2020 and 2019 approximated $1.8 million and $1.0 million, respectively.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-912","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"At\nDecember 31, 2020 and 2019, property and equipment consisted of the following:
\n\nSCHEDULE OF PROPERTY AND EQUIPMENT
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Land | \u00a0 | \n$ | 3,988,810 | \u00a0 | \u00a0 | \n$ | 3,887,710 | \u00a0 |
| Buildings and building improvements | \u00a0 | \n\u00a0 | 29,309,856 | \u00a0 | \u00a0 | \n\u00a0 | 27,063,235 | \u00a0 |
| Tenant improvements | \u00a0 | \n\u00a0 | 8,844,974 | \u00a0 | \u00a0 | \n\u00a0 | 7,762,991 | \u00a0 |
| Furniture and fixtures | \u00a0 | \n\u00a0 | 619,880 | \u00a0 | \u00a0 | \n\u00a0 | 299,645 | \u00a0 |
| Machinery and equipment | \u00a0 | \n\u00a0 | 4,620,924 | \u00a0 | \u00a0 | \n\u00a0 | 4,086,691 | \u00a0 |
| Construction in progress | \u00a0 | \n\u00a0 | 3,140,807 | \u00a0 | \u00a0 | \n\u00a0 | 2,827,940 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | 50,525,251 | \u00a0 | \u00a0 | \n\u00a0 | 45,928,212 | \u00a0 |
| Less: accumulated depreciation | \u00a0 | \n\u00a0 | (4,888,722 | ) | \u00a0 | \n\u00a0 | (3,135,843 | ) |
| Property and equipment, net | \u00a0 | \n$ | 45,636,529 | \u00a0 | \u00a0 | \n$ | 42,792,369 | \u00a0 |
NOTE\n10 \u2013 INTANGIBLES
\n\n\u00a0
\n\nAt\nDecember 31, 2020 and 2019, intangible assets were comprised of (i) the carrying value of cannabis license fees, and (i) goodwill\narising from the Company\u2019s acquisition of the KPGs and Mari-IL as discussed in Note 3 \u2013 Acquisitions.
\n\n\u00a0
\n\nThe\nCompany\u2019s cannabis licenses are issued from the states of Illinois and Massachusetts and require the payment of annual fees.\nThese fees, comprised of a fixed component and a variable component based on the level of operations, are capitalized and amortized\nover the respective twelve-month periods. At December 31, 2020 and 2019, the carrying value of these cannabis licenses approximated\n$161,000 and $296,000, respectively.
\n\n\u00a0
\n\nThe\ngoodwill associated with the acquisition of the KPGs and Mari-IL is reviewed on a quarterly basis for impairment. Since the date\nof acquisition, the KPGs have contributed approximately $30.7 million of revenue and $6.8 million of pretax income. Based on this\nand other factors, the goodwill of approximately $2.1 million at December 31, 2020 and 2019 was deemed to be unimpaired.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-941","factDimensions":{"xbrl:concept":"us-gaap:IndefiniteLivedIntangibleAssetsExcludingGoodwill","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:IndefiniteLivedIntangibleAssetsByMajorClassAxis":"MRMD:CannabisLicensesMember"},"factValues":[{"value":"161000","decimals":0}]},{"name":"rpt:f-942","factDimensions":{"xbrl:concept":"us-gaap:IndefiniteLivedIntangibleAssetsExcludingGoodwill","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:IndefiniteLivedIntangibleAssetsByMajorClassAxis":"MRMD:CannabisLicensesMember"},"factValues":[{"value":"296000","decimals":0}]},{"name":"rpt:f-943","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"MRMD:KPGofAnnaLLCandKPGofHarrisburgLLCMember"},"factValues":[{"value":"30700000","decimals":-5}]},{"name":"rpt:f-944","factDimensions":{"xbrl:concept":"MRMD:PreTaxIncome","xbrl:period":"2019-09-28T00:00:00/2019-10-03T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"MRMD:KPGofAnnaLLCandKPGofHarrisburgLLCMember"},"factValues":[{"value":"6800000","decimals":-5}]},{"name":"rpt:f-945","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"MRMD:KPGofAnnaLLCandKPGofHarrisburgLLCMember"},"factValues":[{"value":"2100000","decimals":-5}]},{"name":"rpt:f-946","factDimensions":{"xbrl:concept":"us-gaap:Goodwill","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"MRMD:KPGofAnnaLLCandKPGofHarrisburgLLCMember"},"factValues":[{"value":"2100000","decimals":-5}]},{"name":"rpt:f-947","factDimensions":{"xbrl:concept":"us-gaap:DebtDisclosureTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"NOTE\n11 \u2013 DEBT
\n\n\u00a0
\n\nMortgages\nPayable
\n\n\u00a0
\n\nAt\nDecember 31, 2020 and 2019, mortgage balances, including accrued but unpaid interest, were comprised of the following:
\n\nSCHEDULE OF MORTGAGES PAYABLE
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Bank of New England \u2013 Massachusetts properties | \u00a0 | \n$ | 12,834,090 | \u00a0 | \u00a0 | \n$ | 4,825,226 | \u00a0 |
| Bank of New England \u2013 Delaware property | \u00a0 | \n\u00a0 | 1,575,658 | \u00a0 | \u00a0 | \n\u00a0 | 1,682,275 | \u00a0 |
| DuQuoin State Bank \u2013 Illinois properties | \u00a0 | \n\u00a0 | 814,749 | \u00a0 | \u00a0 | \n\u00a0 | 829,229 | \u00a0 |
| South Porte Bank \u2013 Illinois property | \u00a0 | \n\u00a0 | 906,653 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Total mortgages payable | \u00a0 | \n\u00a0 | 16,131,150 | \u00a0 | \u00a0 | \n\u00a0 | 7,336,730 | \u00a0 |
| Mortgages payable, current portion | \u00a0 | \n\u00a0 | (1,387,014 | ) | \u00a0 | \n\u00a0 | (223,888 | ) |
| Mortgages payable, less current portion | \u00a0 | \n$ | 14,744,136 | \u00a0 | \u00a0 | \n$ | 7,112,842 | \u00a0 |
\u00a0
\n\nIn\nNovember 2017, the Company entered into a 10-year mortgage agreement with Bank of New England in the amount of $4,895,000 (the\n\u201cInitial Mortgage\u201d) for the purchase of a 138,000 square foot industrial property in New Bedford, Massachusetts, within\nwhich the Company has built a 70,000 square foot cannabis cultivation and processing facility. Pursuant to the Initial Mortgage,\nthe Company made monthly payments of (i) interest-only from the mortgage date through May 2019 at a rate equal to the prime rate\nplus 2%, with a floor of 6.25% per annum, and (ii) principal and interest payments from May 2019 to July 2020 at a rate equal\nto the prime rate on May 2, 2019 plus 2%, with a floor of 6.25% per annum. In July 2020, at which time the Initial Mortgage had\na remaining principal balance of approximately $4.8 million, the parties consummated an amended and restated mortgage agreement,\nsecured by the Company\u2019s properties in New Bedford and Middleboro in the amount of $13.0 million bearing interest at a rate\nof 6.5% per annum that matures in August 2025 (the \u201cRefinanced Mortgage\u201d). Proceeds from the Refinanced Mortgage were\nused to pay down the Initial Mortgage and approximately $7.2 million of promissory notes as further described below. The outstanding\nprincipal balance of the Refinanced Mortgage approximated $12.8 million on December 31, 2020, of which approximately $335,000\nwas current. The outstanding principal balance of the Initial Mortgage approximated $4.8 million at December 31, 2019, of which\napproximately $94,000 was current.
\n\n\u00a0
\n\nThe\nCompany maintains another mortgage with Bank of New England for the 2016 purchase of a 45,070 square foot building in Wilmington,\nDelaware which was developed into a cannabis seed-to-sale facility and is currently leased to the Company\u2019s cannabis-licensed\nclient in that state. The mortgage matures in 2031 with monthly principal and interest payments at a rate of 5.25% per annum through\nSeptember 2021, and thereafter the rate adjusting every five years to the then prime rate plus 1.5% with a floor of 5.25% per\nannum. At December 31, 2020 and 2019, the outstanding principal balance on this mortgage was approximately $1,576,000 and $1,682,000,\nrespectively, of which approximately $114,000 and $105,000, respectively, was current.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\nIn\nMay 2016, the Company entered into a mortgage agreement with DuQuoin State Bank (\u201cDSB\u201d) for the purchase of two properties\nwhich the Company developed into two 3,400 square foot free-standing retail dispensaries in Illinois. On May 5th of\neach year, this mortgage is due to be repaid unless it is renewed for another year at a rate determined by DSB\u2019s executive\ncommittee. The mortgage was renewed in May 2020 at a rate of 6.75% per annum. At December 31, 2020 and 2019, the outstanding principal\nbalance on this mortgage was approximately $815,000 and $829,000 respectively, of which approximately $31,000 and $24,000, respectively,\nwas current.
\n\n\u00a0
\n\nIn\nFebruary 2020, the Company entered into a mortgage agreement with South Porte Bank for the purchase and development of a property\nin Mt. Vernon, IL. Pursuant to two amendments to the mortgage agreement, the Company is making interest-only monthly payments\nat a rate of 5.5% per annum through amended maturity date of March 31, 2021.
\n\n\u00a0
\n\nNotes\nPayable
\n\n\u00a0
\n\nIn\nFebruary 2020, pursuant to an exchange agreement as further described in Note 13 \u2013 Mezzanine Equity, the Company\nissued two promissory notes in the aggregate principal amount of approximately $4.4 million, bearing interest at 16.5% per annum\nand maturing in August 2021 (the \u201c$4.4M Notes\u201d), in exchange for a loan in the same amount. The Company has the right\nto extend the maturity date through February 2022 upon payment of an extension fee equal to 2.5% of the principal amount of the\nloan. As of December 31, 2020, no principal payments were made on the $4.4M Notes and unpaid accrued interest through such date\napproximated $186,000.
\n\n\u00a0
\n\nIn\nJune 2019, the Company and MariMed Hemp, its wholly-owned subsidiary, issued a secured promissory note in the principal amount\nof $10.0 million (the \u201c$10M Note\u201d) to an unaffiliated party (the \u201cNoteholder\u201d). The proceeds from the\n$10M Note were used to finance a portion of the purchases of hemp seed inventory that was sold to GenCanna (the \u201cSeed Transactions\u201d)\nas further discussed in Note 20 \u2013 Related Party Transactions. The $10M Note provided for the repayment of principal\nplus a payment of $1.5 million (the \u201c$1.5M Payment\u201d) on the maturity date of January 31, 2020. Such payment was charged\nto interest expense over the life of the $10M Note.
\n\n\u00a0
\n\nAs\npart of the $10M Note transaction, the Company issued three-year warrants to purchase 375,000 shares of common stock at an exercise\nprice of $4.50 per share to the Noteholder. The fair value of these warrants on the issuance date of approximately $601,000 was\nrecorded as a discount to the $10M Note. Approximately $523,000 of the warrant discount was amortized to interest expense in 2019,\nwith the remainder in January 2020. Accordingly, the carrying value of the $10M Note approximated $9.9 million at December 31,\n2019.
\n\n\u00a0
\n\nThe\nCompany entered into an amendment agreement with the Noteholder in February 2020, whereby the Company and MariMed Hemp issued\nan amended and restated promissory note maturing in June 2020 in the principal amount of $11,500,000 (the \u201c$11.5M Note\u201d),\ncomprised of the principal amount of the $10M Note and the $1.5M Payment. The $11.5M Note bore interest at a rate of 15% per annum,\nrequiring periodic interest payments and minimum amortization payments of $3,000,000 in the aggregate, which the Company made\nin the first half of 2020.
\n\n\u00a0
\n\nThe\nCompany entered into a second amendment agreement with the Noteholder in June 2020, whereby (i) $352,000\nof outstanding principal of the $11.5M\nNote was converted into shares of the Company\u2019s common stock\n(which did not result in a material extinguishment gain or loss as the conversion price was near the price\nof the Company\u2019s common stock on the agreement date), and (ii) the Company and MariMed Hemp issued a second amended\nand restated promissory note in the principal amount of approximately $8.8\nmillion (the \u201c$8.8M Note\u201d),\ncomprised of the outstanding principal and unpaid interest balances of the $11.5M Note, plus an extension fee of approximately\n$330,000.\nIn addition, the Company issued warrants to the Noteholder to purchase\n750,000\nshares of common stock at an exercise\nprice of $0.50\nper share. The fair value of these warrants\non the issuance date of approximately $66,000\nwas recorded as a discount to the $8.8M\nNote, to be amortized to interest expense over the life of the $8.8M Note.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\nThe\n$8.8M Note bears interest at a rate of 15% per annum, matures in June 2022, and required a minimum amortization payment of $4,000,000\nin July 2020, which the Company paid with a portion of proceeds of the Refinanced Mortgage discussed earlier in this footnote.\nThe Company can prepay all, or a portion, of the outstanding principal and unpaid interest of the $8.8M Note, however if any prepayment\nis made prior to December 25, 2021, the Company shall be required to pay a prepayment premium equal to 10% of the principal amount\nbeing prepaid. The Noteholder has the right to require the redemption of up to $250,000 of principal and unpaid interest thereon\nper calendar month (the \u201cDiscretionary Monthly Redemptions\u201d), which shall be paid in common stock if certain defined\nconditions of the $8.8M Note and of the Company\u2019s common stock are met, or else in cash. As of December 31, 2020, the Company\npaid Discretionary Monthly Redemptions of $600,000 in the aggregate, and accrued interest through such date of approximately $405,000,\nall in cash. Accordingly, the carrying value of the $8.8M Note was approximately $4.2 million at December 31, 2020.
\n\n\u00a0
\n\nThe\n$8.8M Note is secured by a first priority security interest in the assets of certain of the Company\u2019s subsidiaries and brands,\nand a pledge of the Company\u2019s ownership interest in certain of its subsidiaries. The Noteholder has the option to convert\nthe $8.8M Note, in whole or in part, into shares of the Company\u2019s common stock at a conversion price of $0.30,\nsubject to certain conversion limitations. This non-detachable conversion feature of the $8.8M Note had no intrinsic value\non the agreement date, and therefore no beneficial conversion feature arose. The $8.8M Note imposes certain covenants on the\nborrowers, all of which were complied with as of December 31, 2020.
\n\n\u00a0
\n\nIn\nApril 2019, MariMed Hemp issued a secured promissory note in the principal amount of $1,000,000 (the \u201c$1M Note\u201d) to\nan unaffiliated party. The proceeds of the $1M Note were used to finance a portion of the Seed Transactions as further discussed\nin Note 20 \u2013 Related Party Transactions. The $1M Note is secured by the collateral assignment of certain receivables\nfrom GenCanna and certain obligations of GenCanna to MariMed Hemp. The principal balance plus a payment of $180,000, initially\ndue in December 2019, was extended to March 2020 in accordance with the terms of the $1M Note, requiring an additional payment\nof $30,000 (the \u201c$30,000 Fee\u201d). Prior to the extended due date, the parties agreed that the $1M Note would continue\non a month-to-month basis bearing interest at a rate of 15% per annum. In September 2020, the Company paid down $500,000 of principal\non the $1M Note. At December 31, 2020, the outstanding balance consisted of $500,000 of principal and approximately $467,000 of\nunpaid accrued interest which included the $30,000 Fee.
\n\n\u00a0
\n\nIn\nMarch 2019, the Company raised $6.0 million through the issuance of a secured promissory note (the \u201c$6M Note\u201d) to\nan unaffiliated party (the \u201cHolding Party\u201d) bearing interest at a rate of 13% per annum and a service fee of $900,000\n(the \u201cService Fee\u201d). The proceeds of the note were used to finance a portion of the Seed Transactions as further discussed\nin Note 20 \u2013 Related Party Transactions. The $6M Note is secured by the collateral assignment of certain receivables\nfrom and obligations of GenCanna to MariMed Hemp. The $6M Note\u2019s initial maturity date of December 31, 2019 was extended\nto April 2020 in accordance with its terms, with the Company paying a $300,000 extension fee in December 2019 which was charged\nto interest expense.
\n\n\u00a0
\n\nThe\nCompany and the Holding Party entered into a note extension agreement in April 2020 (the \u201cInitial Extension Agreement\u201d)\npursuant to which (i) the $6M Note\u2019s due date was extended to September 2020, and the $6M Note was modified to include unpaid\naccrued interest of $845,000 through the modification date and interest at a rate of 10% per annum (the \u201c$6.8M Note\u201d),\nand (iii) a new convertible note in the amount of $900,000 (the \u201c$900k Note\u201d) was issued evidencing the Service Fee,\nbearing interest at a rate of 12% per annum. The Company satisfied the $900k Note and accrued interest of $20,100 in full as of\nthe June 2020 maturity date by the payment in July 2020 of $460,050 in cash, representing one-half of the principal and accrued\ninterest, and the issuance in June 2020 of shares of the Company\u2019s common stock, representing the other half of\nthe principal and accrued interest.
\n\n\u00a0
\n\nIn\nSeptember 2018, the Company raised $3.0 million from the issuance of a secured promissory note to the Holding Party, bearing interest\nat a rate of 10% per annum (the \u201c$3M Note\u201d, and together with the $6M Note, the \u201cInitial Notes\u201d). The\nmaturity date of the $3M Note, initially in March 2020, was extended for an additional six months in accordance with its terms,\nwith the interest rate increasing to 12% per annum during the extension period. Pursuant to the Initial Extension Agreement, the\nmaturity date of the $3M Note was extended to December 2020. The Company may elect to prepay the $3M Note in whole or part without\npremium or penalty provided the Holding Party is given proper notice and the Company is not in default of the note agreement.
\n\n\u00a0
\n\nIn\nconsideration of the Initial Extension Agreement, the Company (i) paid the Holding Party a fee of $50,000, (ii) extended the security\ninterest in the Company\u2019s properties in Maryland to secure each note held by the Holding Party, and (iii) granted the Holding\nParty certain security interests in equity interests held by the Company. Each of the notes held by the Holding Party provides\nfor cross-default and imposes certain covenants on the Company, all of which were complied with as of December 31, 2020.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\nAs\npart of the $3M Note transaction, the Company issued three-year warrants to the Holding Party\u2019s designees to purchase 750,000\nshares of the Company\u2019s common stock at an exercise price of $1.80 per share. The Company recorded a discount on the $3M\nNote of approximately $1,511,000 from the allocation of note proceeds to the warrants based on the fair value of such warrants\non the issuance date. Approximately $882,000 of the warrant discount was amortized to interest expense during 2018, and the remaining\n$629,000 was amortized during 2019. Accordingly, the carrying value of the Initial Notes was $9 million and unpaid accrued interest\nwas approximately $1.5 million at December 31, 2019.
\n\n\u00a0
\n\nIn\nOctober 2020, the Company and the Holding Party entered into a second note extension agreement (the \u201cSecond Extension Agreement\u201d)\nwhereby the Company (i) paid $1 million of principal and all outstanding accrued interest of approximately $333,000 on the $6.8M\nNote; (ii) issued an amended and restated senior secured promissory note in the principal amount of $5,845,000 (the \u201c$5.8M\nNote\u201d) to replace the $6.8M Note; and (iii) amended and restated the $3M Note (the \u201cNew $3M Note\u201d, and together\nwith the $5.8M Note, the \u201cAmended Notes\u201d).
\n\n\u00a0
\n\nThe\nAmended Notes bear interest at a rate of 12% per annum and mature in September 2022. If all principal and accrued interest on\neither or both of the Amended Notes are not paid on or prior to their respective maturity dates, the Holding Party shall have\nthe right, exercisable in its sole discretion at any time from September 2022 through March 2023, to convert all or a portion\nof the principal and interest owed into shares of the Company\u2019s common stock at a conversion price equal to the average\nclosing price for the 20 consecutive trading days prior to the date of conversion. The $5.8M Note requires mandatory principal\npayments of $400,000 in February 2021, and $500,000 per quarter during the period from May 2021 to August 2022 (such quarterly\npayments amounting to $3.0 million in the aggregate). The $5.8M Note can be prepaid in whole or in part at any time without penalty.\nThe New $3M Note can be prepaid in whole or in part without penalty only after the $5.8M Note has been fully repaid.
\n\n\u00a0
\n\nIn\nconsideration of the Second Extension Agreement, the Company (i) issued four-year warrants to the Holding Party\u2019s designees\nto purchase up to 5,000,000 shares of the Company\u2019s common stock at an exercise price of $0.25 per share; (ii) paid the\nHolding Party a fee of $100,000; and (iii) extended the security interest in certain Company properties and the pledge of certain\nequity interests to secure the Amended Notes. The Company recorded a discount on the Amended Notes of approximately $573,000 based\non the fair value of such warrants on the issuance date, of which approximately $75,000 was amortized as of the end of 2020, and\nthe remainder to be amortized over the life of the Amended Notes. Accordingly, the carrying value of the Amended Notes approximated\n$8.3 million at December 31, 2020, of which $1.9 million was current.
\n\n\u00a0
\n\nIn\naddition to the above transactions, the Company (i) was carrying $1,380,000\nof principal on\npromissory notes at the start of the reporting period (the \u201cExisting Notes\u201d), and (ii) raised $2,100,000\nand $2,760,000\nduring the year ended December 31,\n2020 and 2019, respectively, from the issuance of promissory notes to accredited investors bearing interest at rates ranging from\n6.5%\nto 18%\nper annum, and maturing\nin 2021 (the \u201cThird Party Notes\u201d).\nDuring 2019, $950,000\nof the Existing Notes was retired\nby the Company through the issuance of common stock at a conversion price equal to the market price of the Company\u2019s\ncommon stock on the conversion date of $0.43\nper share. No\nExisting Notes were retired in 2020. Of\nthe Third Party Notes, in 2020, $2,800,000\nwas repaid and $500,000\nwas retired through the issuance\nof common stock at a conversion price equal to the market price of the Company\u2019s common stock on the conversion date of\n$per share; no\nThird Party Notes were retired\nin 2019. Accordingly, at December 31, 2020 and 2019, $430,000\nof the Existing Notes were outstanding\nin both years, and $1,560,000\nand $of the Third Party\nNotes were outstanding.
\n\n\u00a0
\n\nIn\nMarch 2021 the Company paid down the $4.4M Notes, the $1M Note, the New $3M Note, the $5.8M Note, the Existing Notes, and a portion\nof the Third Party Notes from the proceeds of the financing transaction further discussed in Note 22 \u2013 Subsequent Events.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\nDebt\nMaturities
\n\n\u00a0
\n\nAs\nof December 31, 2020, the aggregate scheduled maturities of the Company\u2019s total debt outstanding, inclusive of the promissory\nnotes and mortgages described within this Note 11 \u2013 Debt, and the convertible debentures described in the following\nNote 12 \u2013 Debentures Payable, were:
\n\nSCHEDULE OF AGGREGATE MATURITIES OF DEBT OUTSTANDING
\n\n| 2021 | \u00a0 | \n$ | 11,546,190 | \u00a0 |
| 2022 | \u00a0 | \n\u00a0 | 11,673,153 | \u00a0 |
| 2023 | \u00a0 | \n\u00a0 | 549,894 | \u00a0 |
| 2024 | \u00a0 | \n\u00a0 | 582,913 | \u00a0 |
| 2025 | \u00a0 | \n\u00a0 | 623,190 | \u00a0 |
| Thereafter | \u00a0 | \n\u00a0 | 12,497,217 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 37,472,557 | \u00a0 |
| Less discounts | \u00a0 | \n\u00a0 | (767,550 | ) |
| \u00a0 | \u00a0 | \n$ | 36,705,007 | \u00a0 |
\u00a0
\n\n"}]},{"name":"rpt:f-948","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"At\nDecember 31, 2020 and 2019, mortgage balances, including accrued but unpaid interest, were comprised of the following:
\n\nSCHEDULE OF MORTGAGES PAYABLE
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Bank of New England \u2013 Massachusetts properties | \u00a0 | \n$ | 12,834,090 | \u00a0 | \u00a0 | \n$ | 4,825,226 | \u00a0 |
| Bank of New England \u2013 Delaware property | \u00a0 | \n\u00a0 | 1,575,658 | \u00a0 | \u00a0 | \n\u00a0 | 1,682,275 | \u00a0 |
| DuQuoin State Bank \u2013 Illinois properties | \u00a0 | \n\u00a0 | 814,749 | \u00a0 | \u00a0 | \n\u00a0 | 829,229 | \u00a0 |
| South Porte Bank \u2013 Illinois property | \u00a0 | \n\u00a0 | 906,653 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Total mortgages payable | \u00a0 | \n\u00a0 | 16,131,150 | \u00a0 | \u00a0 | \n\u00a0 | 7,336,730 | \u00a0 |
| Mortgages payable, current portion | \u00a0 | \n\u00a0 | (1,387,014 | ) | \u00a0 | \n\u00a0 | (223,888 | ) |
| Mortgages payable, less current portion | \u00a0 | \n$ | 14,744,136 | \u00a0 | \u00a0 | \n$ | 7,112,842 | \u00a0 |
SCHEDULE OF AGGREGATE MATURITIES OF DEBT OUTSTANDING
\n\n| 2021 | \u00a0 | \n$ | 11,546,190 | \u00a0 |
| 2022 | \u00a0 | \n\u00a0 | 11,673,153 | \u00a0 |
| 2023 | \u00a0 | \n\u00a0 | 549,894 | \u00a0 |
| 2024 | \u00a0 | \n\u00a0 | 582,913 | \u00a0 |
| 2025 | \u00a0 | \n\u00a0 | 623,190 | \u00a0 |
| Thereafter | \u00a0 | \n\u00a0 | 12,497,217 | \u00a0 |
| Total | \u00a0 | \n\u00a0 | 37,472,557 | \u00a0 |
| Less discounts | \u00a0 | \n\u00a0 | (767,550 | ) |
| \u00a0 | \u00a0 | \n$ | 36,705,007 | \u00a0 |
NOTE 12 \u2013 DEBENTURES PAYABLE
\n\n\u00a0
\n\nIn a series of transactions from the period October 2018 through February 2020, the Company sold an aggregate of $21.0 million of\nconvertible debentures (the \u201c$21M Debentures\u201d) to an accredited investor pursuant to an amended securities purchase\nagreement (the \u201cSPA\u201d). The following table as of December 31, 2020 summarizes the purchase dates and selected terms\nof each debenture transaction that comprises the $21M Debentures:
\n\n\u00a0
\n\n\u00a0SCHEDULE OF DEBENTURE TRANSACTION
\n\n| Issue Date | \u00a0 | \nMaturity Date | \u00a0 | \nInitial Principal | \u00a0 | \u00a0 | \nInterest Rate | \u00a0 | \u00a0 | \nIssue Discount | \u00a0 | \u00a0 | \nWarrant Discount | \u00a0 | \u00a0 | \nBeneficial\n Conv. Feature | \u00a0 | \u00a0 | \nConverted To Common\n Stk. | \u00a0 | \u00a0 | \nOutstanding \n Principal | \u00a0 | |||||||
| \u00a0 | \n\u00a0 | \n$ | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 6.0 | % | \u00a0 | \n\u00a0 | 1.0 | % | \u00a0 | \n$ | 457,966 | \u00a0 | \u00a0 | \n$ | 1,554,389 | \u00a0 | \u00a0 | \n$ | 5,000,000 | \u00a0 | \u00a0 | \n$ | \u00a0 | |||
| \u00a0 | \n\u00a0 | \n\u00a0 | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 6.0 | % | \u00a0 | \n\u00a0 | 1.0 | % | \u00a0 | \n\u00a0 | 599,867 | \u00a0 | \u00a0 | \n\u00a0 | 4,015,515 | \u00a0 | \u00a0 | \n\u00a0 | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |||
| \u00a0 | \n\u00a0 | \n\u00a0 | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 6.0 | % | \u00a0 | \n\u00a0 | 1.0 | % | \u00a0 | \n\u00a0 | 783,701 | \u00a0 | \u00a0 | \n\u00a0 | 2,537,235 | \u00a0 | \u00a0 | \n\u00a0 | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |||
| \u00a0 | \n\u00a0 | \n\u00a0 | 2,500,000 | \u00a0 | \u00a0 | \n\u00a0 | 0.0 | % | \u00a0 | \n\u00a0 | 7.0 | % | \u00a0 | \n\u00a0 | 145,022 | \u00a0 | \u00a0 | \n\u00a0 | 847,745 | \u00a0 | \u00a0 | \n\u00a0 | 2,200,000 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | ||
| \u00a0 | \n\u00a0 | \n\u00a0 | 2,500,000 | \u00a0 | \u00a0 | \n\u00a0 | 0.0 | % | \u00a0 | \n\u00a0 | 7.0 | % | \u00a0 | \n\u00a0 | 219,333 | \u00a0 | \u00a0 | \n\u00a0 | 850,489 | \u00a0 | \u00a0 | \n\u00a0 | 2,500,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |||
| \u00a0 | \n\u00a0 | \n\u00a0 | 1,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 6.5 | % | \u00a0 | \n\u00a0 | 6.5 | % | \u00a0 | \n\u00a0 | 28,021 | \u00a0 | \u00a0 | \n\u00a0 | 379,183 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 1,000,000 | \u00a0 |
\u00a0
\n\nThe\nholder of the $21M Debentures (the \u201cHolder\u201d) has the right at any time to convert all or a portion of the $21M Debentures,\nalong with accrued and unpaid interest, into the Company\u2019s common stock at conversion prices equal to 80% of a calculated\naverage, as determined in accordance with the terms of the $21M Debentures, of the daily volume-weighted price during the ten\nconsecutive trading days preceding the date of conversion, subject to a cap in certain conversions. Notwithstanding this conversion\nright, the Holder shall limit conversions in any given month to certain agreed-upon amounts based on the conversion price, and\nthe Holder shall also be limited from beneficially owning more than 4.99% of the Company\u2019s outstanding common stock (potentially\nfurther limiting the Holder\u2019s conversion right).
\n\n\u00a0
\n\nThe\nCompany has the right to redeem all or a portion of the $21M Debentures, along with accrued and unpaid interest, at a 10% premium,\nprovided that the Company first delivers advance written notice to the Holder of its intention to make a redemption, with the\nHolder allowed to effect certain conversions of the $21M Debentures during such notice period.
\n\n\u00a0
\n\nUpon\na change in control transaction, as defined, the Holder may require the Company to redeem all or a portion of the $21M Debentures\nat a price equal to 110% of the outstanding principal amount of the $21M Debentures, plus all accrued and unpaid interest thereon.\nSo long as the $21M Debentures are outstanding, in the event the Company enters into a Variable Rate Transaction (\u201cVRT\u201d),\nas defined in the SPA, the Holder may cause the Company to revise the terms of the $21M Debentures to match the terms of the convertible\nsecurity issued in such VRT.
\n\n\u00a0
\n\nIn\nconjunction with the issuance of the $21M Debentures, the Company issued the Holder three-year warrants to purchase an aggregate\nof 1,354,675 shares of the Company\u2019s common stock at exercise prices ranging from $0.75 to $5.50 per share, of which warrants\nto purchase 180,000 shares of common stock at an exercise price of $0.75 were issued in 2020. The fair value of the warrants of\napproximately $2.2 million was recorded as a discount to the carrying amount of the $21M Debentures and are amortized to interest\nexpense over the respective term of the individual debentures comprising the $21M Debentures.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\nBased\non the conversion prices of the $21M Debentures in relation to the market value of the Company\u2019s common stock, the $21M\nDebentures provided the Holder with a beneficial conversion feature, as the embedded conversion option was in-the-money on the\ncommitment date. The aggregate intrinsic value of the beneficial conversion feature of approximately $10.2 million was recorded\nas a discount to the carrying amount of the $21M Debentures, with an offset to additional paid-in-capital. The beneficial conversion\nfeature is amortized to interest expense over the respective term of the individual debentures comprising the $21M Debentures.
\n\n\u00a0
\n\nPursuant\nto the terms of a registration rights agreement with the Holder, entered into concurrently with the SPA, the Company agreed to\nprovide the Holder with certain registration rights with respect to any potential shares issued pursuant to the terms of the SPA\nand the $21M Debentures. An addendum to the SPA stipulates that the Holder has agreed not to undertake a conversion of all or\na portion of the $21M Debentures that would require the Company to issue more shares than the amount of available authorized shares\nat the time of conversion, which amount of authorized shares shall not be less than the , thereby eliminating the requirement to bifurcate and account for the conversion feature of the $21M Debentures\nas a derivative.
\n\n\u00a0
\n\nThe\nHolder converted, in several transactions from November 2018 through December 2020, an aggregate of $19.7 million of principal\nand approximately $777,000 of accrued interest into shares of common stock at conversion prices ranging from $0.11\nto $3.06 per share. Of these conversions, (i) during 2020 an aggregate of $9.7 million of principal and approximately $365,000\nof accrued interest was converted into shares of common stock at exercise prices ranging from $0.11 and $0.34 per share,\nand (ii) during 2019, an aggregate of $8.6 million of principal and approximately $376,000 of accrued interest was converted into\n shares of common stock and subscriptions on shares of common stock at exercise prices ranging from $0.37 and\n$3.06 per share during 2019.
\n\n\u00a0
\n\nAll\nof the aforementioned conversions were effected in accordance with the terms of the respective convertible debenture agreement,\nand therefore the Company was not required to record a gain or loss on such conversions.
\n\n\u00a0
\n\nDuring\nthe year ended December 31, 2020 and 2019, amortization of the beneficial conversion features, after adjustment for the aforementioned\nconversions, approximated $3.2 million and $5.2 million, respectively; amortization of the warrant discounts approximated $805,000\nand $1.3 million respectively; and the amortization of original issue discounts approximated $321,000 and $184,000, respectively.\nAdditionally, accrued interest expense for such periods approximated $224,000 and $513,000, respectively.
\n\n\u00a0
\n\nAt\nDecember 31, 2020, the aggregate outstanding principal balance of the $21M Debentures was $1.3 million. Also on such date, the\nunamortized balances of the beneficial conversion features, the warrant discounts, and original issue discounts were approximately\n$177,000, $39,000, and $52,000, respectively. Accordingly, at December 31, 2020, the carrying value of the $21M Debentures approximated\n$1.0 million, all of which was current.
\n\n\u00a0
\n\nAt\nDecember 31, 2019, the aggregate outstanding principal balance on the $21M Debentures was $10.0 million. Also on such date, the\nunamortized balances of the beneficial conversion features, the warrant discounts, and original issue discounts were approximately\n$3.0 million, $817,000, and $307,000, respectively. Accordingly, at December 31, 2019, the carrying value of the $21M Debentures\napproximated $5.8 million, all of which was long term.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-1112","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentFaceAmount","xbrl:period":"2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:DebtInstrumentAxis":"MRMD:ConvertibleDebenturesMember","srt:TitleOfIndividualAxis":"MRMD:TwentyOneMillionHolderMember"},"factValues":[{"value":"21000000.0","decimals":-5}]},{"name":"rpt:f-1113","factDimensions":{"xbrl:concept":"MRMD:ScheduleOfDebentureTransactionTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"\u00a0SCHEDULE OF DEBENTURE TRANSACTION
\n\n| Issue Date | \u00a0 | \nMaturity Date | \u00a0 | \nInitial Principal | \u00a0 | \u00a0 | \nInterest Rate | \u00a0 | \u00a0 | \nIssue Discount | \u00a0 | \u00a0 | \nWarrant Discount | \u00a0 | \u00a0 | \nBeneficial\n Conv. Feature | \u00a0 | \u00a0 | \nConverted To Common\n Stk. | \u00a0 | \u00a0 | \nOutstanding \n Principal | \u00a0 | |||||||
| \u00a0 | \n\u00a0 | \n$ | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 6.0 | % | \u00a0 | \n\u00a0 | 1.0 | % | \u00a0 | \n$ | 457,966 | \u00a0 | \u00a0 | \n$ | 1,554,389 | \u00a0 | \u00a0 | \n$ | 5,000,000 | \u00a0 | \u00a0 | \n$ | \u00a0 | |||
| \u00a0 | \n\u00a0 | \n\u00a0 | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 6.0 | % | \u00a0 | \n\u00a0 | 1.0 | % | \u00a0 | \n\u00a0 | 599,867 | \u00a0 | \u00a0 | \n\u00a0 | 4,015,515 | \u00a0 | \u00a0 | \n\u00a0 | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |||
| \u00a0 | \n\u00a0 | \n\u00a0 | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 6.0 | % | \u00a0 | \n\u00a0 | 1.0 | % | \u00a0 | \n\u00a0 | 783,701 | \u00a0 | \u00a0 | \n\u00a0 | 2,537,235 | \u00a0 | \u00a0 | \n\u00a0 | 5,000,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |||
| \u00a0 | \n\u00a0 | \n\u00a0 | 2,500,000 | \u00a0 | \u00a0 | \n\u00a0 | 0.0 | % | \u00a0 | \n\u00a0 | 7.0 | % | \u00a0 | \n\u00a0 | 145,022 | \u00a0 | \u00a0 | \n\u00a0 | 847,745 | \u00a0 | \u00a0 | \n\u00a0 | 2,200,000 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | ||
| \u00a0 | \n\u00a0 | \n\u00a0 | 2,500,000 | \u00a0 | \u00a0 | \n\u00a0 | 0.0 | % | \u00a0 | \n\u00a0 | 7.0 | % | \u00a0 | \n\u00a0 | 219,333 | \u00a0 | \u00a0 | \n\u00a0 | 850,489 | \u00a0 | \u00a0 | \n\u00a0 | 2,500,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |||
| \u00a0 | \n\u00a0 | \n\u00a0 | 1,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 6.5 | % | \u00a0 | \n\u00a0 | 6.5 | % | \u00a0 | \n\u00a0 | 28,021 | \u00a0 | \u00a0 | \n\u00a0 | 379,183 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 1,000,000 | \u00a0 |
NOTE\n13 \u2013 MEZZANINE EQUITY
\n\n\u00a0
\n\nIn\nFebruary 2020, the Company entered into an exchange agreement with two institutional shareholders (the \u201cTIS Exchange Agreement\u201d)\nwhereby the Company (i) exchanged shares of the Company\u2019s common stock previously acquired by the two institutional\nshareholders for an equal number of shares of newly designated Series B convertible preferred stock, and (ii) issued the $4.4M\nNotes previously discussed in Note 11 \u2013 Debt.
\n\n\u00a0
\n\n\nIn\nconnection with the TIS Exchange Agreement, the Company filed (i) a certificate of designation with respect to the rights and\npreferences of the Series B convertible preferred stock, and (ii) a certificate of elimination to return all shares of the Series\nA convertible preferred stock, of which no shares were issued or outstanding at the time of filing, to the status of authorized\nand unissued shares of undesignated preferred stock.
\n\n\u00a0
\n\nThe\nholders of Series B convertible preferred stock (the \u201cSeries B Holders\u201d) are entitled to cast the number of votes\nequal to the number of shares of common stock into which the shares of Series B convertible preferred stock are convertible, together\nwith the holders of common stock as a single class, on most matters. However, the affirmative vote or consent of the Series B\nHolders voting separately as a class is required for certain acts taken by the Company, including the amendment or repeal of certain\ncharter provisions, liquidation or winding up of the Company, creation of stock senior to the Series B convertible preferred stock,\nand/or other acts defined in the certificate of designation.
\n\n\u00a0
\n\nThe\nSeries B convertible preferred stock shall, with respect to dividend rights and rights on liquidation, winding up and dissolution,\nrank senior to the Company\u2019s common stock. The Company shall not declare, pay, or set aside any dividends on shares of any\nother class or series of capital stock of the Company unless the Series B Holders then outstanding shall first receive, or simultaneously\nreceive, a dividend on each outstanding share of Series B convertible preferred stock in an amount calculated pursuant to the\ncertificate of designation.
\n\n\u00a0
\n\nIn\nthe event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the Series B Holders then outstanding\nshall be entitled to be paid out of the assets of the Company available for distribution to its stockholders before any payment\nshall be made to the holders of common stock by reason of their ownership thereof, an amount per share equal to $, plus any\ndividends declared but unpaid thereon, with any remaining assets distributed pro-rata among the holders of the shares of Series\nB convertible preferred stock and common stock, based on the number of shares held by each such holder, treating for this purpose\nall such securities as if they had been converted to common stock.
\n\n\u00a0
\n\nAt\nany time on or prior to the six-year anniversary of the issuance date of the Series B convertible preferred stock, (i) the Series\nB Holders have the option to convert their shares of Series B convertible preferred stock into common stock at a conversion price\nof $3.00 per share, without the payment of additional consideration, and (ii) the Company has the option to convert all, but not\nless than all, shares of Series B convertible preferred stock into common stock at a conversion price of $3.00 if the daily volume\nweighted average price of common stock (the \u201cVWAP\u201d) exceeds $4.00 per share for at least twenty consecutive trading\ndays prior to the date on which the Company gives notice of such conversion to the Series B Holders.
\n\n\u00a0
\n\nOn\nthe day following the six-year anniversary of the issuance of the Series B convertible preferred stock, all outstanding shares\nof Series B convertible preferred stock shall automatically convert into common stock as follows:
\n\n\u00a0
\n\nIf\nthe sixty-day VWAP is less than or equal to $0.50 per share, the Company shall have the option to (i) convert all shares of Series\nB convertible preferred stock into common stock at a conversion price of $1.00 per share, and pay cash to the Series B Holders\nequal to the difference between the 60-day VWAP and $3.00 per share, or (ii) pay cash to the Series B Holders equal to $3.00 per\nshare.
\n\n\u00a0
\n\nIf\nthe sixty-day VWAP is greater than $0.50 per share, the Company shall have the option to (i) convert all shares of Series B convertible\npreferred stock into common stock at a conversion price per share equal to the quotient of $ per share divided by the sixty-day\nVWAP, or (ii) pay cash to the Series B Holders equal to $3.00 per share, or (iii) convert all shares of Series B convertible preferred\nstock into common stock at a conversion price per share equal to the sixty-day VWAP per share and pay cash to the Series B Holders\nat the difference between $3.00 per share and the sixty-day VWAP per share.
\n\n\u00a0
\n\nThe\nCompany shall at all times when the Series B convertible preferred stock is outstanding, reserve and keep available out of its\nauthorized but unissued capital stock, for the purpose of effecting the conversion of the Series B convertible preferred stock,\nsuch number of its duly authorized shares of common stock as shall from time to time be sufficient to effect the conversion of\nall outstanding Series B convertible preferred stock.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-1199","factDimensions":{"xbrl:concept":"MRMD:StockIssuedDuringPeriodSharesExchanged1","xbrl:period":"2020-02-01T00:00:00/2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"MRMD:ExchangeAgreementMember","dei:LegalEntityAxis":"MRMD:TwoInstitutionalShareholdersMember","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember"},"factValues":[{"value":"4908333"}]},{"name":"rpt:f-1200","factDimensions":{"xbrl:concept":"us-gaap:SharesIssuedPricePerShare","xbrl:period":"2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBHoldersMember"},"factValues":[{"value":"3.00"}]},{"name":"rpt:f-1201","factDimensions":{"xbrl:concept":"MRMD:PreferredStockConvertibleConversionPrice","xbrl:period":"2020-02-01T00:00:00/2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBHoldersMember"},"factValues":[{"value":"3.00"}]},{"name":"rpt:f-1202","factDimensions":{"xbrl:concept":"MRMD:PreferredStockConvertibleConversionPrice","xbrl:period":"2020-02-01T00:00:00/2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBHoldersMember"},"factValues":[{"value":"3.00"}]},{"name":"rpt:f-1203","factDimensions":{"xbrl:concept":"MRMD:PreferredStockConvertibleConversionPrice","xbrl:period":"2020-02-01T00:00:00/2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember","us-gaap:AwardTypeAxis":"MRMD:VolumeWeightedAveragepriceOfCommonStockMember"},"factValues":[{"value":"4.00"}]},{"name":"rpt:f-1204","factDimensions":{"xbrl:concept":"MRMD:DebtInstrumentConvertibleThresholdConsecutiveTradingDaysDescription","xbrl:period":"2020-02-01T00:00:00/2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember","us-gaap:AwardTypeAxis":"MRMD:VolumeWeightedAveragepriceOfCommonStockMember"},"factValues":[{"value":"least twenty consecutive trading\ndays"}]},{"name":"rpt:f-1205","factDimensions":{"xbrl:concept":"MRMD:SeriesBPreferredStockConversionPriceDescription","xbrl:period":"2020-02-01T00:00:00/2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember","us-gaap:AwardTypeAxis":"MRMD:VolumeWeightedAveragepriceOfCommonStockMember"},"factValues":[{"value":"If\nthe sixty-day VWAP is less than or equal to $0.50 per share, the Company shall have the option to (i) convert all shares of Series\nB convertible preferred stock into common stock at a conversion price of $1.00 per share, and pay cash to the Series B Holders\nequal to the difference between the 60-day VWAP and $3.00 per share, or (ii) pay cash to the Series B Holders equal to $3.00 per\nshare."}]},{"name":"rpt:f-1206","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockAcquiredAverageCostPerShare","xbrl:period":"2020-02-01T00:00:00/2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:TypeOfArrangementAxis":"MRMD:ExchangeAgreementMember","dei:LegalEntityAxis":"MRMD:TwoInstitutionalShareholdersMember","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember"},"factValues":[{"value":"3.00"}]},{"name":"rpt:f-1207","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityNoteDisclosureTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"NOTE\n14 \u2013 STOCKHOLDERS\u2019 EQUITY
\n\n\u00a0
\n\nPreferred\nStock
\n\n\u00a0
\n\nIn\nFebruary 2020, the Company filed a certificate of elimination to return all shares of the Series A convertible preferred stock\nto the status of authorized and unissued shares of undesignated preferred stock. Concurrent with this filing, the Company also\nfiled a certificate of designation to designate the rights and preferences of newly authorized Series B convertible preferred\nstock, shares of which were issued in February 2020 as discussed in Note 13 \u2013 Mezzanine Equity.
\n\n\u00a0
\n\nIn\nMarch 2021, upon the closing of the financing transaction discussed in Note 22 \u2013 Subsequent Events, the Company filed\na certificate of designation with respect to the rights and preferences of newly-issued Series C convertible preferred stock.\nSuch stock is zero coupon, non-voting, and has a liquidation preference equal to its investment amount plus declared but unpaid\ndividends. Holders of Series C convertible preferred stock are entitled to receive dividends on an as-converted basis.
\n\n\u00a0
\n\nCommon\nStock
\n\n\u00a0
\n\nIn\nFebruary 2020, pursuant to the TIS Exchange Agreement, the shares of common stock exchanged for shares of Series B convertible\npreferred stock were treated as an increase to treasury stock of $ ($ per share), and then immediately cancelled,\nthereby reducing treasury stock to zero, with corresponding reductions to common stock of approximately $ (the par value\nof the exchanged common shares) and additional paid-in capital of approximately $.
\n\n\u00a0
\n\nIn\n2019, the Company sold shares of common stock at prices of $ and $ per share, resulting in total proceeds of\n$2,750,000. No common stock was sold in 2020.
\n\n\u00a0
\n\nIn\n2020 and 2019, the Company issued and shares of common stock, respectively, to settle obligations of approximately\n$699,000 and $121,000, respectively. Based on the price of the Company\u2019s common stock on the dates of issuance, the Company\nincurred non-cash losses on these settlements of approximately $45,000 in 2020 and $5,000 in 2019 which were reflected under Loss\nOn Debt Settlements on the statement of operations.
\n\n\u00a0
\n\nIn\n2020, the Company granted shares of common stock to a current employee.\nThe fair value of the shares of approximately $was charged to employee compensation during\nthe period. Of these granted shares, were yet to be issued at December 31,\n2020 and were reflected in Common Stock Subscribed But Not Issued on the balance sheet. In 2019, the Company granted\nshares of common stock to employees. The\nfair value of these shares of approximately $was charged to employee compensation during\nthe period. Of these granted shares, were yet to be issued at December 31,\n2019 and were included in Common Stock Subscribed But Not Issued on the balance sheet.
\n\n\u00a0
\n\nIn\n2020 and 2019, the Company issued and shares of common stock, respectively, associated with previously issued\nsubscriptions on common stock with a value of approximately $1,168,000 and $169,000, respectively.
\n\n\u00a0
\n\nIn\n2020, (i) shares of common stock granted to employees,\nand (ii) shares of common stock issued from\nthe exercise of stock options by a related party, were forfeited by the holders of such common stock. The Company recorded these\nreturned shares at par value. common stock forfeitures occurred in 2019.
\n\n\u00a0
\n\nAs\npreviously disclosed in Note 3 \u2013 Acquisitions, the Company issued in 2019 (i) shares of common stock in\nconnection with the acquisition of the KPGs and Mari-IL, (ii) shares of common stock as a good faith deposit on the\nHarvest acquisition, and (iii) shares of common stock in connection with the acquisition of MediTaurus.
\n\n\u00a0
\n\nAs\npreviously disclosed in Note 4 \u2013 Investments, the Company issued shares of common stock in 2019 to purchase\na minority interest in Terrace.
\n\n\u00a0\u00a0
\n\nAs\npreviously disclosed in Note 11 \u2013 Debt, in 2020 and 2019, the Company issued and shares of common\nstock, respectively, to retire approximately $1.4 million and $1,0 million of promissory notes (principal and accrued interest).
\n\n\u00a0
\n\nAs\npreviously disclosed in Note 12 \u2013 Debentures Payable, the holder of the $21M Debentures converted (i) in 2020, approximately\n$10.1 million of principal and interest into and shares of common stock, and (ii) in 2019, approximately $9.0 million\nof principal and interest into shares of common stock and subscriptions on shares of common stock.
\n\n\u00a0
\n\nAs\nfurther disclosed in Note 15 \u2013 Stock Options, in 2020 and 2019, and shares of common stock, respectively,\nwere issued in connection with the exercise of stock options.
\n\n\u00a0
\n\nAs\nfurther disclosed in Note 16 \u2013 Warrants, warrants to purchase 686,104 shares of common stock were exercised in 2019.\nNo warrants were exercised in 2020.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\nCommon\nStock Issuance Obligations
\n\n\u00a0
\n\nAt\nDecember 31, 2020, the Company was obligated to issue shares of common stock, valued at approximately $, in connection\nwith a stock grant to a current employee. These shares were issued in February 2021.
\n\n\u00a0
\n\nAt\nDecember 31, 2019, the Company was obligated to issue (i) shares of common stock, valued at approximately $, in connection\nwith the stock grants disclosed earlier in this Note 14 \u2013 Stockholders\u2019 Equity, (ii) shares of common\nstock, valued at approximately $1,117,000, with respect to the December 2019 conversion of a portion of the $21M Debentures as\npreviously disclosed in Note 12 \u2013 Debentures Payable, and (iii) 200,000 shares of common stock associated with exercise\nof stock options by the Company\u2019s CEO as further disclosed in Note 20 \u2013 Related Party Transactions. These shares\nwere issued in the first quarter of 2020.
\n\n\u00a0
\n\nAmended\nand Restated 2018 Stock Award and Incentive Plan
\n\n\u00a0
\n\nIn\nAugust 2019, the Company\u2019s board of directors approved the Amended and Restated 2018 Stock Award and Incentive Plan (the\n\u201cIncentive Plan\u201d), based on the board\u2019s belief that awards authorized under the Incentive Plan provide incentives\nfor the achievement of important performance objectives and promote the long-term success of the Company. In September 2019, the\nIncentive Plan was approved by the stockholders at the Company\u2019s annual stock-holders meeting.
\n\n\u00a0
\n\nThe\nIncentive Plan is an omnibus plan, authorizing a variety of equity award types as well as cash and long-term incentive awards.\nThe Incentive Plan amends and restates the Company\u2019s 2018 Stock Award and Incentive Plan (the \u201cPrevious Plan\u201d),\nwhich was approved by the board of directors in July 2018 but never presented to stockholders for approval. Any grants made under\nthe Previous Plan prior to the approval date of the Incentive Plan shall continue to be governed by the terms of the Previous\nPlan.
\n\n\u00a0
\n\nThe\nIncentive Plan authorizes a broad range of awards, including stock options, stock appreciation rights, restricted stock, deferred\nstock, dividend equivalents, performance shares, cash-based performance awards, and other stock-based awards. Such awards can\nbe granted to employees, non-employee directors and other persons who provide substantial services to the Company and its affiliates.\nNothing in the Incentive Plan precludes the payment of other compensation to officers and employees, including bonuses based upon\nperformance, outside of the Incentive Plan.
\n\n\u00a0
\n\nAn\naggregate of shares are reserved for delivery to participants, and may be used for any type of award under the Incentive\nPlan. Shares actually delivered in connection with an award will be counted against such number of reserved shares. Shares will\nremain available for new awards if an award under the Incentive Plan expires, is forfeited, canceled, or otherwise terminated\nwithout delivery of shares or is settled in cash. Each award under the Incentive Plan is subject to the Company\u2019s claw back\npolicy in effect at the time of grant of the award.
\n\n\u00a0
\n\nThe\nboard of directors may amend, suspend, discontinue, or terminate the Incentive Plan or the authority to grant awards thereunder\nwithout stockholder approval, except as required by law or regulation or under rules of the stock exchange, if any, on which the\nCompany\u2019s stock may then be listed. Unless earlier terminated, grants under the Incentive Plan will terminate ten years\nafter stockholder approval of the Incentive Plan, and the Incentive Plan will terminate when no shares remain available and the\nCompany has no further obligation with respect to any outstanding award.
\n\n\u00a0
\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-1208","factDimensions":{"xbrl:concept":"MRMD:StockIssuedDuringPeriodSharesExchanged","xbrl:period":"2020-02-01T00:00:00/2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"MRMD:ExchangeAgreementMember","dei:LegalEntityAxis":"MRMD:TwoInstitutionalShareholdersMember","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember"},"factValues":[{"value":"4908333"}]},{"name":"rpt:f-1209","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockPreferredValue","xbrl:period":"2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"MRMD:ExchangeAgreementMember","dei:LegalEntityAxis":"MRMD:TwoInstitutionalShareholdersMember","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember"},"factValues":[{"value":"14725000","decimals":0}]},{"name":"rpt:f-1210","factDimensions":{"xbrl:concept":"us-gaap:SharesIssuedPricePerShare","xbrl:period":"2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:TypeOfArrangementAxis":"MRMD:ExchangeAgreementMember","dei:LegalEntityAxis":"MRMD:TwoInstitutionalShareholdersMember","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember"},"factValues":[{"value":"3.00"}]},{"name":"rpt:f-1211","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockCommonValue","xbrl:period":"2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"MRMD:ExchangeAgreementMember","dei:LegalEntityAxis":"MRMD:TwoInstitutionalShareholdersMember","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember"},"factValues":[{"value":"5000","decimals":0}]},{"name":"rpt:f-1212","factDimensions":{"xbrl:concept":"us-gaap:AdditionalPaidInCapital","xbrl:period":"2020-03-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"MRMD:ExchangeAgreementMember","dei:LegalEntityAxis":"MRMD:TwoInstitutionalShareholdersMember","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember"},"factValues":[{"value":"14720000","decimals":0}]},{"name":"rpt:f-1213","factDimensions":{"xbrl:concept":"us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"MRMD:ExchangeAgreementMember","dei:LegalEntityAxis":"MRMD:TwoInstitutionalShareholdersMember","us-gaap:StatementClassOfStockAxis":"MRMD:SeriesBConvertiblePreferredStockMember"},"factValues":[{"value":"1014995"}]},{"name":"rpt:f-1214","factDimensions":{"xbrl:concept":"us-gaap:SharesIssuedPricePerShare","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.70"}]},{"name":"rpt:f-1215","factDimensions":{"xbrl:concept":"us-gaap:SharesIssuedPricePerShare","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"3.25"}]},{"name":"rpt:f-1216","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromIssuanceOfCommonStock","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"2750000","decimals":0}]},{"name":"rpt:f-1217","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromIssuanceOfCommonStock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-1218","factDimensions":{"xbrl:concept":"MRMD:CommonStockIssuedToSettleObligationsShares","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"4400000"}]},{"name":"rpt:f-1219","factDimensions":{"xbrl:concept":"MRMD:CommonStockIssuedToSettleObligationsShares","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"172663"}]},{"name":"rpt:f-1220","factDimensions":{"xbrl:concept":"MRMD:CommonStockIssuedToSettleObligationsValue","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:StatementEquityComponentsAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"699000","decimals":0}]},{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\u2013 STOCK OPTIONS
\n\n\u00a0
\n\nIn\n2020, the Company granted options to purchase up to shares of common stock at exercise prices\nranging from $and $per share. The fair values of these options\nof approximately $501,000\nin the aggregate are being amortized to\ncompensation expense over their vesting periods, of which approximately $was amortized in 2020. Additionally,\ncompensation expense in 2020 for options issued in previous years, and continuing to be amortized over their respective vesting\nperiods, approximated $.
\n\n\n
\u00a0
\n\nIn\n2019, the Company granted options to purchase up to shares of common stock, expiring four\nand five years from their grant dates, at exercise prices ranging from $to $per share. The fair values of these options\nof approximately $1,502,000\nin the aggregate are being amortized to\ncompensation expense over their vesting periods, of which approximately $was amortized in 2019. Additionally,\ncompensation expense in 2019 for options issued in previous years, and continuing to\nbe amortized over their respective\nvesting periods, approximated $.
\n\n\u00a0
\n\nIn\n2020, options to purchase shares of common stock were exercised at prices of $ to $ per share. In 2019, options\nto purchase shares of common stock were exercised at prices ranging from $ to $ per share. Of these exercised\noptions, were exercised on a cashless basis with the exercise prices paid via the surrender of shares of common\nstock.
\n\n\u00a0
\n\nIn\n2020 and 2019, options to purchase and shares of common stock, respectively,\nwere forfeited or expired, resulting in an aggregate reduction of amortized compensation expense of approximately $113,000\nand $527,000,\nrespectively.
\n\n\u00a0
\n\n\n\nSCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE\u00a0
\n\n| \u00a0 | \u00a0 | \u00a0 | \nShares Under Option | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |||||||
| Exercise Price \n per Share | \u00a0 | \u00a0 | \nOutstanding | \u00a0 | \u00a0 | \nExercisable | \u00a0 | \u00a0 | \nRemaining Life \n in Years | \u00a0 | ||||
| \u00a0 | $0.140 | \u00a0 | \u00a0 | \n\u00a0 | 160,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4.52 | \u00a0 | |
| \u00a0 | $0.149 | \u00a0 | \u00a0 | \n\u00a0 | 500,000 | \u00a0 | \u00a0 | \n\u00a0 | 500,000 | \u00a0 | \u00a0 | \n\u00a0 | 5.00 | \u00a0 |
| \u00a0 | $0.169 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 4.87 | \u00a0 |
| \u00a0 | $0.210 | \u00a0 | \u00a0 | \n\u00a0 | 70,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4.90 | \u00a0 | |
| \u00a0 | $0.225 | \u00a0 | \u00a0 | \n\u00a0 | 2,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 687,500 | \u00a0 | \u00a0 | \n\u00a0 | 4.86 | \u00a0 |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 20,000 | \u00a0 | \u00a0 | \n\u00a0 | 10,000 | \u00a0 | \u00a0 | \n\u00a0 | 4.41 | \u00a0 |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4.82 | \u00a0 | |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 800,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4.87 | \u00a0 | |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 80,000 | \u00a0 | \u00a0 | \n\u00a0 | 20,000 | \u00a0 | \u00a0 | \n\u00a0 | 4.90 | \u00a0 |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 4.17 | \u00a0 |
| \u00a0 | $0.300 | \u00a0 | \u00a0 | \n\u00a0 | 554,500 | \u00a0 | \u00a0 | \n\u00a0 | 277,250 | \u00a0 | \u00a0 | \n\u00a0 | 4.25 | \u00a0 |
| \u00a0 | $0.330 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 0.19 | \u00a0 |
| \u00a0 | $0.417 | \u00a0 | \u00a0 | \n\u00a0 | 900,000 | \u00a0 | \u00a0 | \n\u00a0 | 875,000 | \u00a0 | \u00a0 | \n\u00a0 | 3.98 | \u00a0 |
| \u00a0 | $0.450 | \u00a0 | \u00a0 | \n\u00a0 | 125,000 | \u00a0 | \u00a0 | \n\u00a0 | 125,000 | \u00a0 | \u00a0 | \n\u00a0 | 0.75 | \u00a0 |
| \u00a0 | $0.590 | \u00a0 | \u00a0 | \n\u00a0 | 15,000 | \u00a0 | \u00a0 | \n\u00a0 | 15,000 | \u00a0 | \u00a0 | \n\u00a0 | 3.93 | \u00a0 |
| \u00a0 | $0.630 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | \u00a0 | \n\u00a0 | 1.00 | \u00a0 |
| \u00a0 | $0.770 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.00 | \u00a0 |
| \u00a0 | $0.900 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.36 | \u00a0 |
| \u00a0 | $0.910 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 1.81 | \u00a0 |
| \u00a0 | $0.950 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.00 | \u00a0 |
| \u00a0 | $0.992 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | \u00a0 | \n\u00a0 | 3.74 | \u00a0 |
| \u00a0 | $1.000 | \u00a0 | \u00a0 | \n\u00a0 | 125,000 | \u00a0 | \u00a0 | \n\u00a0 | 125,000 | \u00a0 | \u00a0 | \n\u00a0 | 3.84 | \u00a0 |
| \u00a0 | $1.350 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.58 | \u00a0 |
| \u00a0 | $1.950 | \u00a0 | \u00a0 | \n\u00a0 | 375,000 | \u00a0 | \u00a0 | \n\u00a0 | 375,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.50 | \u00a0 |
| \u00a0 | $2.320 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.69 | \u00a0 |
| \u00a0 | $2.450 | \u00a0 | \u00a0 | \n\u00a0 | 2,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 2,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 1.98 | \u00a0 |
| \u00a0 | $2.500 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.65 | \u00a0 |
| \u00a0 | $2.650 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.73 | \u00a0 |
| \u00a0 | $2.850 | \u00a0 | \u00a0 | \n\u00a0 | 56,250 | \u00a0 | \u00a0 | \n\u00a0 | 56,250 | \u00a0 | \u00a0 | \n\u00a0 | 1.95 | \u00a0 |
| \u00a0 | $2.850 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.95 | \u00a0 |
| \u00a0 | $3.000 | \u00a0 | \u00a0 | \n\u00a0 | 25,000 | \u00a0 | \u00a0 | \n\u00a0 | 25,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.96 | \u00a0 |
| \u00a0 | $3.725 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.94 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 9,805,750 | \u00a0 | \u00a0 | \n\u00a0 | 6,991,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
\u00a0
\n\n\n\n\n\u00a0
\n\n"}]},{"name":"rpt:f-1263","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"4494500"}]},{"name":"rpt:f-1264","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.14"}]},{"name":"rpt:f-1265","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"0.30"}]},{"name":"rpt:f-1266","factDimensions":{"xbrl:concept":"MRMD:FairValueOfOptionsGranted","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"501000","decimals":0}]},{"name":"rpt:f-1267","factDimensions":{"xbrl:concept":"MRMD:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAmortizedFairValue","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"282000","decimals":0}]},{"name":"rpt:f-1268","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"801000","decimals":0}]},{"name":"rpt:f-1269","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"2565000"}]},{"name":"rpt:f-1270","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"0.42"}]},{"name":"rpt:f-1271","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"1.95"}]},{"name":"rpt:f-1272","factDimensions":{"xbrl:concept":"MRMD:FairValueOfOptionsGranted","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"1502000","decimals":0}]},{"name":"rpt:f-1273","factDimensions":{"xbrl:concept":"MRMD:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodAmortizedFairValue","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"544000","decimals":0}]},{"name":"rpt:f-1274","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"144000","decimals":0}]},{"name":"rpt:f-1275","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"550000"}]},{"name":"rpt:f-1276","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice","xb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OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE\u00a0
\n\n| \u00a0 | \u00a0 | \u00a0 | \nShares Under Option | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |||||||
| Exercise Price \n per Share | \u00a0 | \u00a0 | \nOutstanding | \u00a0 | \u00a0 | \nExercisable | \u00a0 | \u00a0 | \nRemaining Life \n in Years | \u00a0 | ||||
| \u00a0 | $0.140 | \u00a0 | \u00a0 | \n\u00a0 | 160,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4.52 | \u00a0 | |
| \u00a0 | $0.149 | \u00a0 | \u00a0 | \n\u00a0 | 500,000 | \u00a0 | \u00a0 | \n\u00a0 | 500,000 | \u00a0 | \u00a0 | \n\u00a0 | 5.00 | \u00a0 |
| \u00a0 | $0.169 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 4.87 | \u00a0 |
| \u00a0 | $0.210 | \u00a0 | \u00a0 | \n\u00a0 | 70,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4.90 | \u00a0 | |
| \u00a0 | $0.225 | \u00a0 | \u00a0 | \n\u00a0 | 2,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 687,500 | \u00a0 | \u00a0 | \n\u00a0 | 4.86 | \u00a0 |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 20,000 | \u00a0 | \u00a0 | \n\u00a0 | 10,000 | \u00a0 | \u00a0 | \n\u00a0 | 4.41 | \u00a0 |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4.82 | \u00a0 | |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 800,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 4.87 | \u00a0 | |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 80,000 | \u00a0 | \u00a0 | \n\u00a0 | 20,000 | \u00a0 | \u00a0 | \n\u00a0 | 4.90 | \u00a0 |
| \u00a0 | $0.250 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 4.17 | \u00a0 |
| \u00a0 | $0.300 | \u00a0 | \u00a0 | \n\u00a0 | 554,500 | \u00a0 | \u00a0 | \n\u00a0 | 277,250 | \u00a0 | \u00a0 | \n\u00a0 | 4.25 | \u00a0 |
| \u00a0 | $0.330 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 0.19 | \u00a0 |
| \u00a0 | $0.417 | \u00a0 | \u00a0 | \n\u00a0 | 900,000 | \u00a0 | \u00a0 | \n\u00a0 | 875,000 | \u00a0 | \u00a0 | \n\u00a0 | 3.98 | \u00a0 |
| \u00a0 | $0.450 | \u00a0 | \u00a0 | \n\u00a0 | 125,000 | \u00a0 | \u00a0 | \n\u00a0 | 125,000 | \u00a0 | \u00a0 | \n\u00a0 | 0.75 | \u00a0 |
| \u00a0 | $0.590 | \u00a0 | \u00a0 | \n\u00a0 | 15,000 | \u00a0 | \u00a0 | \n\u00a0 | 15,000 | \u00a0 | \u00a0 | \n\u00a0 | 3.93 | \u00a0 |
| \u00a0 | $0.630 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | \u00a0 | \n\u00a0 | 1.00 | \u00a0 |
| \u00a0 | $0.770 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.00 | \u00a0 |
| \u00a0 | $0.900 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.36 | \u00a0 |
| \u00a0 | $0.910 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 1.81 | \u00a0 |
| \u00a0 | $0.950 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.00 | \u00a0 |
| \u00a0 | $0.992 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | \u00a0 | \n\u00a0 | 300,000 | \u00a0 | \u00a0 | \n\u00a0 | 3.74 | \u00a0 |
| \u00a0 | $1.000 | \u00a0 | \u00a0 | \n\u00a0 | 125,000 | \u00a0 | \u00a0 | \n\u00a0 | 125,000 | \u00a0 | \u00a0 | \n\u00a0 | 3.84 | \u00a0 |
| \u00a0 | $1.350 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 50,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.58 | \u00a0 |
| \u00a0 | $1.950 | \u00a0 | \u00a0 | \n\u00a0 | 375,000 | \u00a0 | \u00a0 | \n\u00a0 | 375,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.50 | \u00a0 |
| \u00a0 | $2.320 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.69 | \u00a0 |
| \u00a0 | $2.450 | \u00a0 | \u00a0 | \n\u00a0 | 2,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 2,000,000 | \u00a0 | \u00a0 | \n\u00a0 | 1.98 | \u00a0 |
| \u00a0 | $2.500 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.65 | \u00a0 |
| \u00a0 | $2.650 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 200,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.73 | \u00a0 |
| \u00a0 | $2.850 | \u00a0 | \u00a0 | \n\u00a0 | 56,250 | \u00a0 | \u00a0 | \n\u00a0 | 56,250 | \u00a0 | \u00a0 | \n\u00a0 | 1.95 | \u00a0 |
| \u00a0 | $2.850 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.95 | \u00a0 |
| \u00a0 | $3.000 | \u00a0 | \u00a0 | \n\u00a0 | 25,000 | \u00a0 | \u00a0 | \n\u00a0 | 25,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.96 | \u00a0 |
| \u00a0 | $3.725 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 100,000 | \u00a0 | \u00a0 | \n\u00a0 | 2.94 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 9,805,750 | \u00a0 | \u00a0 | \n\u00a0 | 6,991,000 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
NOTE\n16 \u2013 WARRANTS
\n\n\u00a0
\n\nDuring\n2020, in conjunction with the $21M Debentures previously disclosed in Note 12 \u2013 Debentures Payable, the Company issued\n to purchase up to 180,000 shares of common stock at an exercise price of $0.75 per share. The fair value of\nthese warrants on the issuance date approximated $1,148,000, of which approximately $24,000 was amortized to interest expense\nin 2020 and the remainder to be amortized over the term of the respective debenture.
\n\n\u00a0
\n\nAlso\nduring 2020, as previously disclosed in Note 11 \u2013 Debt, (i) as part of the $8.8M Note transaction, the Company issued\nthree-year warrants to purchase up to 750,000 shares of common stock at an exercise price of $0.50 per share, and (ii) in consideration\nof the Second Extension Agreement, the Company issued four-year warrants to purchase up to 5,000,000 shares of the Company\u2019s\ncommon stock at an exercise price of $0.25 per share. The fair value of these warrants on their issuance dates approximated $639,000,\nwith approximately $90,000 of this amount amortized to interest expense in 2020 and the remainder to be amortized by the maturity\ndates of the respective promissory notes.
\n\n\u00a0
\n\nDuring\n2019, also in conjunction with the $21M Debentures, the Company issued three-year warrants to purchase up to 850,000 shares of\ncommon stock at exercise prices of $3.00 and $5.00 per share. The fair value of these warrants on the issuance dates approximated\n$1,148,000, of which approximately $576,000 and $331,000 was amortized to interest expense in 2020 and 2019, respectively, and\nthe remainder to be amortized over the term of the respective debentures.
\n\n\u00a0
\n\nAlso\nduring 2019, as part of the $10M Note transaction previously disclosed in Note 11 \u2013 Debt, the Company issued three-year\nwarrants to purchase up to 375,000 shares of common stock at an exercise price of $4.50 per share. The fair value of these warrants\nat issuance approximated $601,000, with approximately $523,000 of this amount amortized to interest expense during 2019, and the\nbalance amortized in 2020. Also during 2019, the Company issued four-year warrants to purchase up to 10,000 shares of common stock\nin conjunction with the issuance of $100,000 of the Third Party Notes discussed in Note 11 \u2013 Debt. These warrants\nare exercisable at a price of $0.75 per share. The fair value of these warrants at issuance of approximately $5,000 was amortized\nto interest expense during 2019.
\n\n\u00a0
\n\nThe\nCompany also issued, in 2020 and 2019, stand-alone warrants, expiring three years from issuance, to purchase up to 25,000 and\n625,000 shares of common stock, respectively. at an exercise price of $0.50 in 2020, and exercise prices ranging from $0.80 to\n$1.71 per share in 2019. The aggregate fair values of these warrants of approximately $2,000 in 2020 and $392,000 in 2019 were\ncharged to compensation expense in the year of issuance.
\n\n\u00a0
\n\nIn\nNovember 2020, in accordance with the terms of the warrant agreement, the Company adjusted the exercise price from $1.80 per share\nto $0.11 per share of warrants to purchase up to 750,000 share of common stock previously issued in September 2018 as part of\nthe $3M Note discussed in Note 11 \u2013 Debt. No other change was made to terms of these warrants. The Company recorded\na charge of approximately $69,000 in 2020 representing the fair value of these warrants on the adjustment date. No other warrant\nadjustments were made by the Company.
\n\n\n\n\u00a0
\n\nDuring\n2019, warrants to purchase 686,104 shares of common stock were exercised at exercise prices ranging from $0.12 to $1.75 per share,\nresulting in aggregate proceeds to the Company of approximately $612,000. warrants were exercised during 2020.
\n\n\u00a0
\n\nDuring\n2020, warrants to purchase 817,939 shares of common stock with exercise prices ranging from $0.40 to $2.25 per share were forfeited.\n warrants were forfeited in 2019.
\n\n\u00a0
\n\nAt\nDecember 31, 2020 and 2019, warrants to purchase up to 16,917,168 and 11,780,107 shares of common stock, respectively, were outstanding\nat exercise prices ranging from $0.15 to $5.50 per share in both years.
\n\n\u00a0
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\u2013 REVENUES
\n\n\u00a0
\n\nFor\nthe years ended December 31, 2020 and 2019, the Company\u2019s revenues were comprised of the following major categories:
\n\n\u00a0
\n\nSCHEDULE OF REVENUES COMPRISED OF MAJOR CATEGORIES\u00a0
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Product sales | \u00a0 | \n$ | 39,400,726 | \u00a0 | \u00a0 | \n$ | 1,542,037 | \u00a0 |
| Product sales from related party | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 29,029,249 | \u00a0 | |
| Real estate | \u00a0 | \n\u00a0 | 6,776,697 | \u00a0 | \u00a0 | \n\u00a0 | 6,836,316 | \u00a0 |
| Management | \u00a0 | \n\u00a0 | 1,481,897 | \u00a0 | \u00a0 | \n\u00a0 | 2,798,738 | \u00a0 |
| Supply procurement | \u00a0 | \n\u00a0 | 1,549,856 | \u00a0 | \u00a0 | \n\u00a0 | 3,555,555 | \u00a0 |
| Licensing | \u00a0 | \n\u00a0 | 1,684,792 | \u00a0 | \u00a0 | \n\u00a0 | 1,794,161 | \u00a0 |
| Other | \u00a0 | \n\u00a0 | 1,183 | \u00a0 | \u00a0 | \n\u00a0 | 48,588 | \u00a0 |
| Total revenues | \u00a0 | \n$ | 50,895,151 | \u00a0 | \u00a0 | \n$ | 45,604,644 | \u00a0 |
\u00a0
\n\nThe\namount under Product Sales From Related Party shown in the table above represents the one-time revenues from the seed transactions\nwith GenCanna, which is further disclosed in Note 20 \u2013 Related Party Transactions. Excluding these revenues, in 2020\nand 2019, revenue from two clients represented 20% and 78%, respectively, of total revenues.
\n\n\u00a0
\n\n\n\n\n\n
\u00a0
\n\n"}]},{"name":"rpt:f-1478","factDimensions":{"xbrl:concept":"us-gaap:DisaggregationOfRevenueTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"For\nthe years ended December 31, 2020 and 2019, the Company\u2019s revenues were comprised of the following major categories:
\n\n\u00a0
\n\nSCHEDULE OF REVENUES COMPRISED OF MAJOR CATEGORIES\u00a0
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Product sales | \u00a0 | \n$ | 39,400,726 | \u00a0 | \u00a0 | \n$ | 1,542,037 | \u00a0 |
| Product sales from related party | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | 29,029,249 | \u00a0 | |
| Real estate | \u00a0 | \n\u00a0 | 6,776,697 | \u00a0 | \u00a0 | \n\u00a0 | 6,836,316 | \u00a0 |
| Management | \u00a0 | \n\u00a0 | 1,481,897 | \u00a0 | \u00a0 | \n\u00a0 | 2,798,738 | \u00a0 |
| Supply procurement | \u00a0 | \n\u00a0 | 1,549,856 | \u00a0 | \u00a0 | \n\u00a0 | 3,555,555 | \u00a0 |
| Licensing | \u00a0 | \n\u00a0 | 1,684,792 | \u00a0 | \u00a0 | \n\u00a0 | 1,794,161 | \u00a0 |
| Other | \u00a0 | \n\u00a0 | 1,183 | \u00a0 | \u00a0 | \n\u00a0 | 48,588 | \u00a0 |
| Total revenues | \u00a0 | \n$ | 50,895,151 | \u00a0 | \u00a0 | \n$ | 45,604,644 | \u00a0 |
NOTE\n18 \u2013 BAD DEBTS
\n\n\u00a0
\n\nThe\nCompany maintains two types of reserves to deal with uncertain collections of amounts due\u2014an allowance against trade accounts\nreceivable, and a reserve against cash advanced by the Company to\nits cannabis-licensed clients for working capital purposes (such advances, net of any collections,\nare referred to as working capital balances).
\n\n\u00a0
\n\nDuring\n2019, the Company (i) increased the allowance against trade accounts receivable (the \u201cAR\nAllowance\u201d) by approximately $39.5 million, (ii) increased the reserve against\nworking capital balances (the \u201cWC Reserve\u201d) by approximately $3.4 million, and (iii) wrote off approximately\n$1.6 million of notes receivable. The aggregate of these three amounts of approximately $44.5 million was charged to Bad Debts\non the statement of operations for the year ended December 31, 2019.
\n\n\u00a0
\n\nThe\n2019 increase in the AR Allowance was comprised of a general allowance of $600,000 against receivable balances as they age, and\nspecific allowances against the receivable balances due from (i) GenCanna of approximately $29.0 million following GenCanna\u2019s\nChapter 11 filing as discussed in Note 20 \u2013 Related Party Transactions, (ii) Kind of approximately $9.7 million,\nin light of the current litigation between the Company and Kind as further discussed in Note 21 \u2013 Commitments and Contingencies,\nand (iii) Harvest of approximately $239,000 based on the expected impact of the COVID-19 pandemic on Harvest\u2019s local economy.
\n\n\n\n\u00a0
\n\nThe\n2019 increase in the WC Reserve was comprised of specific reserves against the working capital balances of Kind of approximately\n$1.5 million and Harvest of approximately $1.9 million.
\n\n\u00a0
\n\nDuring\n2020, the Company increased the AR Allowance by approximately $500,000,\nand the WC Reserve by approximately $482,000.\nThe aggregate of these two amounts of approximately $982,000\nwas charged to Bad Debts on the\nstatement of operations for the year ended December 31, 2020.
\n\n\u00a0
\n\nThe\n2020 increase in the AR Allowance was comprised of increases to the specific allowances against the Kind and Harvest receivable\nbalances of approximately $790,000 and $76,000, respectively, offset by a reduction to the general allowance of approximately\n$366,000. The 2020 increase in the WC Reserve was comprised of an increase to the reserves against the working capital balances\nof Harvest of approximately $482,000.
\n\n\u00a0
\n\n"}]},{"name":"rpt:f-1497","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"39500000","decimals":-5}]},{"name":"rpt:f-1498","factDimensions":{"xbrl:concept":"MRMD:IncreaseInReserveWorkingCapital","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3400000","decimals":-5}]},{"name":"rpt:f-1499","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1600000","decimals":-5}]},{"name":"rpt:f-1500","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"44500000","decimals":-5}]},{"name":"rpt:f-1501","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"MRMD:ARAllowanceMember"},"factValues":[{"value":"600000","decimals":0}]},{"name":"rpt:f-1502","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"MRMD:GenCannaGlobalIncMember"},"factValues":[{"value":"29000000.0","decimals":-5}]},{"name":"rpt:f-1503","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableRelatedPartiesCurrent","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"MRMD:GenCannaGlobalIncMember"},"factValues":[{"value":"9700000","decimals":-5}]},{"name":"rpt:f-1504","factDimensions":{"xbrl:concept":"us-gaap:DueFromRelatedParties","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"MRMD:HarvestFoundationLLCMember"},"factValues":[{"value":"239000","decimals":0}]},{"name":"rpt:f-1505","factDimensions":{"xbrl:concept":"MRMD:IncreaseInReserveWorkingCapital","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"MRMD:WCReserveMember"},"factValues":[{"value":"1500000","decimals":-5}]},{"name":"rpt:f-1506","factDimensions":{"xbrl:concept":"MRMD:IncreaseInReserveWorkingCapital","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"MRMD:WCReserveMember","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"MRMD:HarvestFoundationLLCMember"},"factValues":[{"value":"1900000","decimals":-5}]},{"name":"rpt:f-1507","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivable","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"MRMD:ARAllowanceMember"},"factValues":[{"value":"500000","decimals":0}]},{"name":"rpt:f-1508","factDimensions":{"xbrl:concept":"MRMD:IncreaseInReserveWorkingCapital","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"MRMD:ARAllowanceMember"},"factValues":[{"value":"482000","decimals":0}]},{"name":"rpt:f-1509","factDimensions":{"xbrl:concept":"MRMD:ProvisionForDoubtfulAccount","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"982000","decimals":0}]},{"name":"rpt:f-1510","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableRelatedPartiesCurrent","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"MRMD:ARAllowanceMember"},"factValues":[{"value":"790000","decimals":0}]},{"name":"rpt:f-1511","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableRelatedPartiesCurrent","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:RelatedPartyTransactionsByRelatedPartyAxis":"MRMD:HarvestFoundationLLCMember"},"factValues":[{"value":"76000","decimals":0}]},{"name":"rpt:f-1512","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"MRMD:ARAllowanceMember"},"factValues":[{"value":"366000","decimals":0}]},{"name":"rpt:f-1513","factDimensions":{"xbrl:concept":"MRMD:IncreaseInReserveWorkingCapital","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"MRMD:WCReserveMember"},"factValues":[{"value":"482000","decimals":0}]},{"name":"rpt:f-1514","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxDisclosureTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"NOTE\n19 \u2013 INCOME TAXES
\n\n\u00a0
\n\nAt December 31, 2020 and 2019,\nthe Company\u2019s cumulative net operating losses were approximately $10.6\nmillion and $26.3\nmillion, respectively. At December 31, 2020 and 2019, the Company recorded a provision for state taxes of approximately $2.1\nmillion and approximately $67,000, respectively. No\nfederal provision was required at December 31, 2020 and 2019.
\n\n\u00a0
\n\nThe\nreconciliations between the Company\u2019s effective tax rates and the statutory tax rate for the years ended December 31, 2020\nand 2019 were as follows:
\n\nSCHEDULE OF RECONCILIATION OF INCOME TAXES\u00a0
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \n\u00a0 | ||
| U.S federal taxes at the statutory rate | \u00a0 | \n\u00a0 | 21.0% | \u00a0 | \n\u00a0 | 21.0% | \n\u00a0 | |
| State taxes net of federal benefit | \u00a0 | \n\u00a0 | 7.5% | \u00a0 | \n\u00a0 | 6.3% | \n\u00a0 | |
| Valuation allowance | \u00a0 | \n\u00a0 | (28.5)% | \u00a0 | \n\u00a0 | (27.3)% | \n\u00a0\u202f\u202f\u202f | |
| Total | \u00a0 | \n\u00a0 | 0.0% | \u00a0 | \n\u00a0 | 0.0% | \n\u00a0 |
\u00a0
\n\nThe\napproximate income tax effect of the Company\u2019s loss carryforwards and temporary differences at December 31,\n2020 and 2019 were as follows:
\n\nSCHEDULE OF DEFERRED TAX ASSET\u00a0
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Deferred tax asset: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Net operating loss carryforwards | \u00a0 | \n$ | 7,613,003 | \u00a0 | \u00a0 | \n$ | 14,139,629 | \u00a0 |
| Allowance for doubtful accounts | \u00a0 | \n\u00a0 | 28,601,392 | \u00a0 | \u00a0 | \n\u00a0 | 28,854,999 | \u00a0 |
| Stock compensation | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
Loss on equity investments | \u00a0 | \n\u00a0 | 21,649,421 | \u00a0 | \u00a0 | \n\u00a0 | 22,375,404 | \u00a0 |
| Goodwill writeoffs | \u00a0 | \n\u00a0 | 2,856,035 | \u00a0 | \u00a0 | \n\u00a0 | 2,903,968 | \u00a0 |
| Change in fair value of investments | \u00a0 | \n\u00a0 | 708,203 | \u00a0 | \u00a0 | \n\u00a0 | 465,895 | \u00a0 |
| Lease payments | \u00a0 | \n\u00a0 | 381,174 | \u00a0 | \u00a0 | \n\u00a0 | 307,909 | \u00a0 |
| Deferred tax liabilities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | - | \u00a0 | |
| Depreciation | \u00a0 | \n\u00a0 | (8,375,569 | ) | \u00a0 | \n\u00a0 | (3,941,315 | ) |
Real\n estate revenue | \u00a0 | \n\u00a0 | (2,502,727 | ) | \u00a0 | \n\u00a0 | (2,550,586 | ) |
| Net deferred tax asset | \u00a0 | \n57,851,483 | \u00a0 | \u00a0 | \n68,886,458 | \u00a0 | ||
| Valuation allowance | \u00a0 | \n\u00a0 | (57,851,483 | ) | \u00a0 | \n\u00a0 | (68,886,458 | ) |
| Total | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 |
\u00a0
\n\n\n\n\n\n\u00a0
\n\nFederal net operating losses carryforward\nindefinitely, subject to an annual limitation of 80% of taxable income, while state net operating losses expire at various dates\nbeginning in 2031. These tax attributes are subject to an annual limitation from equity shifts, which constitute a change of\nownership as defined under IRC Section 382. The Company recorded a valuation allowance against its net deferred tax assets at\nDecember 31, 2020 and 2019 due to the uncertainty regarding the realization of such assets. The Company\u2019s assessment of the\nrealization of its deferred tax assets of future periods may differ in light of changing circumstances.
\n\n\u00a0
\n\nFor the years ended December 31, 2020 and\n2019, the Company\u2019s wholly-owned subsidiaries in Illinois and Massachusetts that cultivated and manufactured cannabis and\ncannabis-infused products were subject to the limitations of Section 280E of the Internal Revenue Code (\u201cSection 280E\u201d).\nSection 280E denies all deductions from gross income in computing taxable income of these subsidiaries, but allows for cost of\ngoods sold to be taken into account in the calculation of gross income. As the Company files consolidated income tax returns,\nthe taxable income generated from these subsidiaries subject to Section 280E was offset by loss carryforwards generated by the\nCompany\u2019s subsidiaries not subject to Section 280E.
\n\n\u00a0
\n\nThe\nCompany previously adopted the provision for uncertain tax positions under ASC 740. The adoption did not have an impact on the\nCompany\u2019s retained earnings balance. At December 31, 2020 and 2019, the Company had no\nrecorded liabilities for uncertain tax\npositions and had no\naccrued interest or penalties related\nto uncertain tax positions.
\n\n\u00a0
\n\nThe\nCompany files income tax returns in the U.S. federal tax jurisdiction and various state jurisdictions. The Company is currently\nopen to examination under the statute of limitations by the Internal Revenue Service and state jurisdictions for the tax years\nended 2017 through 2020.
\n\n\u00a0\u00a0
\n\n\n\n\n\n
\u00a0
\n\n"}]},{"name":"rpt:f-1515","factDimensions":{"xbrl:concept":"us-gaap:OperatingLossCarryforwards","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"10600000","decimals":-5}]},{"name":"rpt:f-1516","factDimensions":{"xbrl:concept":"us-gaap:OperatingLossCarryforwards","xbrl:period":"2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"26300000","decimals":-5}]},{"name":"rpt:f-1517","factDimensions":{"xbrl:concept":"us-gaap:StateAndLocalIncomeTaxExpenseBenefitContinuingOperations","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2100000","decimals":-5}]},{"name":"rpt:f-1518","factDimensions":{"xbrl:concept":"us-gaap:StateAndLocalIncomeTaxExpenseBenefitContinuingOperations","xbrl:period":"2019-01-01T00:00:00/2020-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"67000","decimals":0}]},{"name":"rpt:f-1519","factDimensions":{"xbrl:concept":"us-gaap:FederalIncomeTaxExpenseBenefitContinuingOperations","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-1520","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"The\nreconciliations between the Company\u2019s effective tax rates and the statutory tax rate for the years ended December 31, 2020\nand 2019 were as follows:
\n\nSCHEDULE OF RECONCILIATION OF INCOME TAXES\u00a0
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \n\u00a0 | ||
| U.S federal taxes at the statutory rate | \u00a0 | \n\u00a0 | 21.0% | \u00a0 | \n\u00a0 | 21.0% | \n\u00a0 | |
| State taxes net of federal benefit | \u00a0 | \n\u00a0 | 7.5% | \u00a0 | \n\u00a0 | 6.3% | \n\u00a0 | |
| Valuation allowance | \u00a0 | \n\u00a0 | (28.5)% | \u00a0 | \n\u00a0 | (27.3)% | \n\u00a0\u202f\u202f\u202f | |
| Total | \u00a0 | \n\u00a0 | 0.0% | \u00a0 | \n\u00a0 | 0.0% | \n\u00a0 |
The\napproximate income tax effect of the Company\u2019s loss carryforwards and temporary differences at December 31,\n2020 and 2019 were as follows:
\n\nSCHEDULE OF DEFERRED TAX ASSET\u00a0
\n\n| \u00a0 | \u00a0 | \n2020 | \u00a0 | \u00a0 | \n2019 | \u00a0 | ||
| Deferred tax asset: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Net operating loss carryforwards | \u00a0 | \n$ | 7,613,003 | \u00a0 | \u00a0 | \n$ | 14,139,629 | \u00a0 |
| Allowance for doubtful accounts | \u00a0 | \n\u00a0 | 28,601,392 | \u00a0 | \u00a0 | \n\u00a0 | 28,854,999 | \u00a0 |
| Stock compensation | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | ||
Loss on equity investments | \u00a0 | \n\u00a0 | 21,649,421 | \u00a0 | \u00a0 | \n\u00a0 | 22,375,404 | \u00a0 |
| Goodwill writeoffs | \u00a0 | \n\u00a0 | 2,856,035 | \u00a0 | \u00a0 | \n\u00a0 | 2,903,968 | \u00a0 |
| Change in fair value of investments | \u00a0 | \n\u00a0 | 708,203 | \u00a0 | \u00a0 | \n\u00a0 | 465,895 | \u00a0 |
| Lease payments | \u00a0 | \n\u00a0 | 381,174 | \u00a0 | \u00a0 | \n\u00a0 | 307,909 | \u00a0 |
| Deferred tax liabilities: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 | \n\u00a0 | - | \u00a0 | |
| Depreciation | \u00a0 | \n\u00a0 | (8,375,569 | ) | \u00a0 | \n\u00a0 | (3,941,315 | ) |
Real\n estate revenue | \u00a0 | \n\u00a0 | (2,502,727 | ) | \u00a0 | \n\u00a0 | (2,550,586 | ) |
| Net deferred tax asset | \u00a0 | \n57,851,483 | \u00a0 | \u00a0 | \n68,886,458 | \u00a0 | ||
| Valuation allowance | \u00a0 | \n\u00a0 | (57,851,483 | ) | \u00a0 | \n\u00a0 | (68,886,458 | ) |
| Total | \u00a0 | \n$ | \u00a0 | \u00a0 | \n$ | \u00a0 |
NOTE\n20 \u2013 RELATED PARTY TRANSACTIONS
\n\n\u00a0
\n\nConcurrent\nwith the conversion of the subordinated secured convertible debentures of GenCanna disclosed in Note 4 \u2013 Investments,\nthe Company\u2019s CEO was appointed to GenCanna\u2019s board of directors.
\n\n\u00a0
\n\nIn\n2019, the Company, through its MariMed Hemp subsidiary, entered into several hemp seed sale transactions with GenCanna whereby\nthe Company acquired $20.75 million of hemp seed inventory which it sold and delivered to GenCanna for $33.2 million. The Company\nprovided GenCanna with extended payment terms through December 2019, to coincide with the completion of the seeds\u2019 harvest,\nalthough the payment by GenCanna was not contingent upon the success of such harvest or its yield. To partially fund the seed\npurchases, the Company raised $17.0 million in debt financings which is included in Notes Payable on the balance sheet\nand previously discussed in Note 11 \u2013 Debt.
\n\n\u00a0
\n\nBy\nthe end of 2019, GenCanna had not paid the amount it owed the Company for its seed purchases and in February 2020, as previously\ndiscussed in Note 4 \u2013 Investments, under pressure from certain of its creditors, the GenCanna Debtors agreed to convert\na previously-filed involuntary bankruptcy proceeding into a voluntary Chapter 11 proceeding, and filed voluntary petitions under\nChapter 11 in the Bankruptcy Court.
\n\n\n\n\n\n
\u00a0
\n\nAs\nrequired by the relevant accounting guidance, the Company initially recorded the $33.2 million due from GenCanna as a related\nparty receivable, with approximately $29.0 million recognized as related party revenue, and approximately $4.2 million classified\nas unearned revenue (such amount representing the Company\u2019s 33.5% ownership portion of the profit on these transactions,\nwhich was to have been recognized as revenue upon payment by GenCanna). As a result of GenCanna\u2019s Chapter 11 proceedings,\nthe Company fully reserved the receivable balance of approximately $29.0 million and wrote off the entire unearned revenue balance\nof approximately $4.2 million. Please refer to Note 21 \u2013 Commitments and Contingencies for additional discussion\nof GenCanna\u2019s bankruptcy proceedings.
\n\n\u00a0
\n\nIn\n2019, the Company granted to purchase shares of common stock to each of the Company\u2019s three independent\nboard members at an exercise price of $. The aggregate fair value of these options approximated $191,000, of which approximately\n$189,000 was amortized in 2019 and the remainder in 2020. options were granted to related parties during 2020.
\n\n\u00a0
\n\nIn\n2020, options to purchase an aggregate of shares of common stock were exercised by the Company\u2019s CEO, CFO, and an\nindependent board member at exercise prices of $ and $ per share. In 2019, options to purchase an aggregate of \nshares of common stock were exercised by the Company\u2019s CEO and an independent board member at exercise prices of $ and\n$ per share. The independent board member\u2019s options were exercised on a cashless basis with the exercise prices\npaid via the surrender of shares of common stock. At December 31, 2019, the shares of common stock associated with the exercise\nby the Company\u2019s CEO were not issued and included in Common Stock Subscribed But Not Issued on the balance sheet.
\n\n\u00a0
\n\nIn\n2019, options to purchase shares of common stock were forfeited by board members. options were forfeited by related\nparties in 2020.
\n\n\u00a0
\n\nThe\nCompany\u2019s current corporate offices are leased from a company owned by the CFO under a 10-year lease that commenced August\n2018 and contains a five-year extension option. In 2020 and 2019, expenses incurred under this lease approximated $156,000 in\nboth years.
\n\n\u00a0
\n\nIn\n2020 and 2019, the Company procured nutrients, lab equipment, cultivation supplies, a vehicle, small tools, and furniture from\nan entity owned by the Company\u2019s COO and President. The aggregate purchases in 2020 and 2019 approximated $2.5 million and\n$3.2 million, respectively.
\n\n\u00a0
\n\nIn\n2020 and 2019, the Company paid royalties on the revenue generated from its Betty\u2019s Eddies\u00ae product line to an entity\nowned by the Company\u2019s COO and President. The aggregate royalties owed in 2020 and 2019 approximated $615,000 and $600,000,\nrespectively.
\n\n\u00a0
\n\nIn\n2020, the Company purchased fixed assets and consulting services of approximately $938,000 in the aggregate from two entities\nowned by two of the Company\u2019s general managers. The Company did not make any purchases from these two entities in 2019.
\n\n\u00a0
\n\nIn\n2020 and 2019, the Company paid management fees to an entity owned by the Company\u2019s CEO and CFO. The aggregate paid in 2020\nand 2019 approximated $41,000 and $145,000, respectively.
\n\n\u00a0
\n\nIn\n2020 and 2019, one of the Company\u2019s majority owned subsidiaries paid distributions to the Company\u2019s CEO and CFO,\nwho own minority equity interests in such subsidiary. The aggregate distributed in 2020 and 2019 approximated $30,000\nand $52,000,\nrespectively.
\n\n\u00a0
\n\nThe\nbalance of Due To Related Parties at December 31, 2020 and 2019 of approximately $1.2 million and $1.5 million, respectively,\nwere comprised of amounts owed of approximately (i) $460,000 and $420,000, respectively, to the Company\u2019s CEO and CFO, (ii)\n$653,000 and $990,000, respectively, to companies owned by these officers, and (iii) $45,000 in both periods to a stockholder\nof the Company. Such amounts owed are not subject to repayment schedules.
\n\n\u00a0
\n\nThe\nCompany\u2019s mortgages with Bank of New England and a portion of the Third Party Notes, as discussed in Note 11 \u2013\nDebt, are personally guaranteed by the Company\u2019s CEO and CFO.
\n\n\u00a0
\n\n\n\n\n\u00a0
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\u2013 COMMITMENTS AND CONTINGENCIES
\n\n\u00a0
\n\nLease\nCommitments
\n\n\u00a0
\n\nThe\nCompany is the lessee under five operating leases and four finance leases. These leases contain rent holidays and customary escalations\nof lease payments for the type of facilities being leased. The Company recognizes rent expense on a straight-line basis over the\nexpected lease term, including cancelable option periods which the Company fully expects to exercise. Certain leases require the\npayment of property taxes, insurance and/or maintenance costs in addition to the rent payments.
\n\n\u00a0
\n\nThe\ndetails of the Company\u2019s operating lease agreements are as follows:
\n\n\u00a0
\n\n| \u00a0 | \n\u25cf | \nDelaware\n \u2013 4,000 square feet of retail space in a multi-use building under a five-year lease that commenced in October 2016 and\n contains a five-year option to extend the term. The Company developed the space into a cannabis dispensary which is subleased\n to its cannabis-licensed client. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nDelaware\n \u2013 a 100,000 square foot warehouse leased in March 2019 that the Company is developing into a cultivation and processing\n facility to be subleased to the same Delaware client. The lease term is years, with an option to extend the term for three\n additional five-year periods. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nNevada\n \u2013 10,000 square feet of an industrial building that the Company has built-out into a cannabis cultivation facility and\n plans to rent to its cannabis-licensed client under a sub-lease which will be coterminous with this lease expiring in 2024. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nMassachusetts\n \u2013 10,000 square feet of office space which the Company utilizes as its corporate offices under a 10-year lease with\n a related party expiring in 2028, with an option to extend the term for an additional five-year period. |
| \u00a0 | \n\u00a0 | \n\u00a0 |
| \u00a0 | \n\u25cf | \nMaryland\n \u2013 a 2,700 square foot 2-unit apartment under a lease that expires in July 2020 with an option to renew for a \n term. |
\u00a0
\n\nThe\nCompany leases machinery and office equipment under finance leases that expire in February 2022 through June 2024 with such terms\nbeing a major part of the economic useful life of the leased property.
\n\n\u00a0
\n\nThe\ncomponents of lease expense for the year ended December 31, 2020 were as follows:
\n\n\u00a0SCHEDULE OF COMPONENTS OF LEASE EXPENSE
\n\n| Operating lease cost | \u00a0 | \n$ | 983,601 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Finance lease cost: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Amortization of right-of-use assets | \u00a0 | \n$ | 32,683 | \u00a0 |
| Interest on lease liabilities | \u00a0 | \n\u00a0 | 7,488 | \u00a0 |
| Total finance lease cost | \u00a0 | \n$ | 40,171 | \u00a0 |
\u00a0
\n\nThe\nweighted average remaining lease term for operating leases is 8.5 years, and for the finance lease is 2.8 years. The weighted\naverage discount rate used to determine the right-of-use assets and lease liabilities was 7.5% for all leases.
\n\n\u00a0
\n\nFuture\nminimum lease payments as of December 31, 2020 under all non-cancelable leases having an initial or remaining term of more than\none year were:
\n\n\u00a0SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER ALL NON-CANCELABLE OPERATING LEASES
\n\n| \u00a0 | \u00a0 | \nOperating \n Leases | \u00a0 | \u00a0 | \nFinance \n Leases | \u00a0 | ||
| 2020 | \u00a0 | \n$ | 1,008,227 | \u00a0 | \u00a0 | \n$ | 38,412 | \u00a0 |
| 2021 | \u00a0 | \n\u00a0 | 949,535 | \u00a0 | \u00a0 | \n\u00a0 | 27,123 | \u00a0 |
| 2022 | \u00a0 | \n\u00a0 | 910,166 | \u00a0 | \u00a0 | \n\u00a0 | 23,201 | \u00a0 |
| 2023 | \u00a0 | \n\u00a0 | 835,411 | \u00a0 | \u00a0 | \n\u00a0 | 3,229 | \u00a0 |
| 2024 | \u00a0 | \n\u00a0 | 805,329 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Thereafter | \u00a0 | \n\u00a0 | 3,457,048 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Total lease payments | \u00a0 | \n\u00a0 | 7,965,716 | \u00a0 | \u00a0 | \n$ | 91,965 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (2,135,425 | ) | \u00a0 | \n\u00a0 | (9,063 | ) |
| \u00a0 | \u00a0 | \n$ | 5,830,291 | \u00a0 | \u00a0 | \n$ | 82,902 | \u00a0 |
\u00a0
\n\n\n\n\n\u00a0
\n\nTerminated\nEmployment Agreement
\n\n\u00a0
\n\nAn\nemployment agreement which commenced in 2012 with Thomas Kidrin, the former CEO of the Company, which provided Mr. Kidrin\nwith salary, car allowances, stock options, life insurance, and other employee benefits, was terminated by the Company in 2017.\nAt December 31, 2019 and 2018, the Company maintained\nan accrual of approximately $1,043,000\nfor any amounts that may be owed under\nthis agreement, although the Company contends that such agreement is not valid and no amount is due.
\n\n\u00a0
\n\nIn\nJuly 2019, Mr. Kidrin, also a former director of the Company, filed a complaint in the Massachusetts Superior Court, which\nalleges the Company failed to pay all wages owed to him and breached the employment agreement, and requests multiple damages,\nattorney fees, costs, and interest. The Company has moved to dismiss certain counts of the complaint and has asserted counterclaims\nagainst Mr. Kidrin alleging breach of contract, breach of fiduciary duty, money had and received, and unjust enrichment. The Company\nbelieves that the allegations in the complaint are without merit and intends to vigorously defend this matter and prosecute its\ncounterclaims.
\n\n\u00a0
\n\nMaryland\nAcquisition
\n\n\u00a0
\n\nAs previously disclosed in Note 3 \u2013\nAcquisitions, Kind has sought to renege on the MOU and the parties\u2019 agreement to a partnership/joint venture\nmade in the fall of 2016. The Company engaged with the members of Kind in good faith in an attempt to reach updated terms\nacceptable to both parties, however the members of Kind failed to reciprocate in good faith, resulting in an impasse.\nIncrementally, both parties through counsel further sought to resolve the impasse, however such initiative resulted in both\nparties commencing legal proceedings.
\n\u00a0
\n\nIn November 2019, Kind commenced an\naction in the Circuit Court for Washington County, MD captioned Kind Therapeutics USA, Inc. vs. MariMed, Inc., et al. (Case\nNo. C-21-CV-19-000670) asserting claims against the Company, including breach of contract, breach of fiduciary duty, unjust\nenrichment, and seeking an accounting and declaratory judgment and damages in excess of $75,000.\nOn November 15, 2019, the Company filed counterclaims against Kind and a third-party complaint against the members of Kind\n(Jennifer DiPietro, Susan Zimmerman, and Sophia Leonard-Burns) and William Tham (the \u201cCounterclaims\u201d). The\nCounterclaims, as amended, allege breach of contract with respect to each of the partnership/joint venture agreement, the\nMOU, the MSA, the Lease, and the Licensing and Manufacturing Agreement (\u201cLMA\u201d), unjust enrichment, promissory\nestoppel/detrimental reliance, fraud in the inducement, breach of fiduciary duty, and seeks reformation of the MSA, a\ndeclaratory judgment regarding enforceability of the partnership/joint venture arrangement and/or the MOU, specific\nperformance of the parties\u2019 various contracts, and the establishment of a constructive trust for the Company\u2019s\nbenefit. The Counterclaims also seek damages. Both parties, MariMed (including MariMed Holdings MD, LLC and MariMed Advisors\nInc.) and Kind, brought motions for a temporary restraining order and a preliminary injunction. By Opinion and Order entered\non November 21, 2019, the Court denied both parties motions for a temporary restraining order. In its opinion, the Court\nspecifically noted that, contrary to Kind\u2019s allegations, the MSA and the Lease \u201cappear to be independent, valid\nand enforceable contracts.\u201d
\n\n\u00a0
\n\nA hearing on the parties\u2019 cross-motions\nfor preliminary injunction was held in September 2020 and November 2020. Also in November 2020, the Court granted the Company\u2019s\nmotion for summary judgment as to the Lease, determining that the Lease is valid and enforceable. Based on this ruling, the Company\nis seeking judgment at trial in the amount of approximately $5.4 million for past due rent and expenses owed by Kind under\nthe Lease.
\n\n\u00a0
\n\nIn December 2020, the Court entered a Preliminary\nInjunction Order, accompanied by a Memorandum Opinion, denying Kind\u2019s motion for a preliminary injunction (which Kind had\nwithdrawn at the conclusion of the hearing) and granting the Company\u2019s request for preliminary injunction. The Court determined\nthat the Company is likely to succeed with respect to the validity and enforceability of the MSA and the LMA, that the Company\nwould suffer substantial and irreparable harm without the preliminary injunction, and that the balance of convenience and public\ninterest both warranted the issuance of a preliminary injunction in the Company\u2019s favor. The Court ordered, inter alia,\nthat the MSA and LMA are in effect pending judgment after trial on the merits, and that Kind and its members, and their attorneys,\nagents, employees, and representatives, are prohibited from (a) interfering with the Company\u2019s duties and responsibilities\nunder the MSA and (b) withdrawing funds, making any distribution, paying any loans, returning any capital, or making any payment\ntowards a debt from any Kind bank or other financial account(s) without written consent of the Company or Order of the Court,\nthereby preserving the Company\u2019s control of Kind\u2019s operations and finances at least through the jury trial currently\nscheduled to begin on March 28, 2022. Further, the Court ordered Kind to pay management and licensing fees to the Company beginning\nJanuary 1, 2021. Kind has noted an appeal of the Order to the Maryland Court of Special Appeals, which is pending; however, the\npreliminary injunction order remains in effect.
\n\n\u00a0
\n\nIn addition to the favorable rulings\non the Lease, MSA, and LMA, the Company believes that its claims for declaratory relief, specific performance, and/or breach\nof contract with respect to the 70%/30% partnership/joint venture agreement claims are meritorious. Further, the Company\nbelieves that Kind\u2019s claims against the Company are without merit. On March 18, 2021, the Court issued an opinion and\norder on Kind\u2019s motion for summary judgment finding that the MOU was not enforceable by the Company against Kind as a\nfinal binding agreement. The Company is evaluating an appeal of this ruling which under Maryland rules can only be pursued\nupon final judgment. The Company intends to aggressively prosecute and defend the action. Trial has been scheduled from March\n28, 2022 to April 11, 2022.
\n\n\n
\u00a0
\n\n\n\n\n\n
Lawsuit
\n\n\u00a0
\n\nIn August 2020, Jennifer DiPietro, directly\nand derivatively on behalf of Mari Holdings MD LLC (\u201cMari-MD\u201d) and Mia Development LLC (\u201cMia\u201d), commenced\na suit against the Company\u2019s CEO, CFO, and wholly-owned subsidiary MariMed Advisors Inc. (\u201cMMA\u201d), in Suffolk\nSuperior Court, Massachusetts.
\n\n\u00a0
\n\nIn this action, DiPietro, a party to\nprior ongoing litigation in Maryland involving the Company and Kind as discussed above, brings claims for breach of fiduciary\nduty, breach of contract, fraud in the inducement, aiding and abetting the alleged breach of fiduciary duty, seeks access to\nbooks and records, and an accounting related to her investments in Mari-MD and Mia. DiPietro seeks unspecified money\ndamages and rescission of her interest in Mari-MD, but not of her investment in Mia, which has provided substantial returns\nto members.
\n\n\u00a0
\n\nThe Company has answered the complaint\nand MMA has moved for leave to file counterclaims against DiPietro on its own behalf and derivatively on behalf of Mari-MD for\nbreach of her fiduciary duties to each of those entities, for tortious interference with Mari-MD\u2019s lease and MMA\u2019s\nmanagement services agreement with Kind, and for breach of Mari-MD\u2019s operating agreement.
\n\n\u00a0
\n\n\n\nThe Company believes that the allegations\nof the complaint are without merit and intends to defend the case vigorously. The Company\u2019s counterclaim seeks monetary\ndamages from DiPietro, including the Company\u2019s legal fees in the Kind action.
\n\n\n\u00a0
\n\nGenCanna\nBankruptcy
\n\n\u00a0
\n\nAs\ndiscussed in Note 4 \u2013 Investments, in February 2020, GenCanna USA, under pressure from certain of its creditors including\nMGG, agreed to convert the involuntary bankruptcy proceeding into a voluntary Chapter 11 proceeding. In addition, GenCanna and\nGenCanna USA\u2019s subsidiary, Hemp Kentucky LLC (collectively with GenCanna and GenCanna USA, the \u201cGenCanna Debtors\u201d),\nfiled voluntary petitions under Chapter 11 in the Bankruptcy Court.
\n\n\u00a0
\n\nIn\nMay 2020, after an abbreviated solicitation/bid/sale process, the Bankruptcy Court, over numerous objections by creditors and\nshareholders of the GenCanna Debtors which included the Company, entered an order authorizing the sale of all or substantially\nall of the assets of the GenCanna Debtors to MGG. After the consummation of the sale of all or substantially all of their assets\nand business, the GenCanna Debtors n/k/a OGGUSA, Inc. and OGG, Inc. (the \u201cOGGUSA Debtors\u201d) filed their liquidating\nplan of reorganization (the \u201cLiquidating Plan\u201d) to collect various prepetition payments and commercial claims against\nthird parties, liquidate the remaining assets of the ODDUSA Debtors, and make payments to creditors. The Company and the unsecured\ncreditors committee filed objections to such Liquidating Plan, including opposition to the release of litigation against the OGGUSA\nDebtors\u2019 senior lender, MGG, for lender liability, equitable subordination, and return of preference. As a part of such\nplan confirmation process, the OGGUSA Debtors filed various objections to proofs of claims filed by various creditors, including\nthe proof of claim in the amount of approximately $33.6 million filed by the Company. Through intense and lengthy negotiations\nwith the OGGUSA Debtors and the unsecured creditors committee regarding the objections to the Liquidating Plan, the Company reached\nan agreement with the OGGUSA Debtors to withdraw the objections to the Company\u2019s claim and to have it approved by the Bankruptcy\nCourt as a general unsecured claim in the amount of $31.0 million.
\n\n\u00a0
\n\nSince\nthe approval of the Liquidating Plan, the OGGUSA Debtors have been in the process of liquidating the remaining assets, negotiating\nand prosecuting objections to other creditors\u2019 claims, and pursuing the collection of accounts receivable and Chapter 5\nbankruptcy avoidance claims. As of the date of this filing, there is insufficient information as to how much of the Company\u2019s\nallowed claim will be paid upon the completion of the liquidation of the remaining assets of the OGGUSA Debtors.
\n\n\u00a0
\n\n\n\n\n\n
\u00a0
\n\n"}]},{"name":"rpt:f-1605","factDimensions":{"xbrl:concept":"MRMD:NumberOfOperatingLeasesDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"five operating leases"}]},{"name":"rpt:f-1606","factDimensions":{"xbrl:concept":"MRMD:NumberOfFinanceLeasesDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"four finance leases"}]},{"name":"rpt:f-1607","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2016-11-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:DE","us-gaap:LeaseContractualTermAxis":"MRMD:OperatingLeaseCommitmentsMember"},"factValues":[{"value":"4000"}]},{"name":"rpt:f-1608","factDimensions":{"xbrl:concept":"MRMD:LeaseTermDescription","xbrl:period":"2016-10-01T00:00:00/2016-11-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:DE","us-gaap:LeaseContractualTermAxis":"MRMD:OperatingLeaseCommitmentsMember"},"factValues":[{"value":"five-year lease that commenced in October 2016 and\n contains a five-year option to extend the term."}]},{"name":"rpt:f-1609","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:DE"},"factValues":[{"value":"100000"}]},{"name":"rpt:f-1610","factDimensions":{"xbrl:concept":"MRMD:LeaseExpirationDescription","xbrl:period":"2020-12-29T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:DE"},"factValues":[{"value":"The lease term is 10 years, with an option to extend the term for three\n additional five-year periods."}]},{"name":"rpt:f-1611","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:NV"},"factValues":[{"value":"10000"}]},{"name":"rpt:f-1612","factDimensions":{"xbrl:concept":"MRMD:LeaseExpirationDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:NV"},"factValues":[{"value":"expiring in 2024"}]},{"name":"rpt:f-1613","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:MA"},"factValues":[{"value":"10000"}]},{"name":"rpt:f-1614","factDimensions":{"xbrl:concept":"MRMD:LeaseTermDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:MA"},"factValues":[{"value":"10-year"}]},{"name":"rpt:f-1615","factDimensions":{"xbrl:concept":"MRMD:LeaseExpirationDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:MA"},"factValues":[{"value":"expiring in 2028"}]},{"name":"rpt:f-1616","factDimensions":{"xbrl:concept":"us-gaap:LesseeOperatingLeaseOptionToExtend","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:MA"},"factValues":[{"value":"option to extend the term for an additional five-year period."}]},{"name":"rpt:f-1617","factDimensions":{"xbrl:concept":"us-gaap:AreaOfLand","xbrl:period":"2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","xbrl:unit":"utr:sqft","srt:StatementGeographicalAxis":"stpr:MD","us-gaap:LeaseContractualTermAxis":"MRMD:OperatingLeaseCommitmentsMember"},"factValues":[{"value":"2700"}]},{"name":"rpt:f-1618","factDimensions":{"xbrl:concept":"MRMD:LeaseExpirationDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","srt:StatementGeographicalAxis":"stpr:MD","us-gaap:LeaseContractualTermAxis":"MRMD:OperatingLeaseCommitmentsMember"},"factValues":[{"value":"expires in July 2020"}]},{"name":"rpt:f-1619","factDimensions":{"xbrl:concept":"MRMD:LeaseExpirationDescription","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767","us-gaap:LeaseContractualTermAxis":"MRMD:FinanceLeaseCommitmentsMember","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"MRMD:MachineryMember"},"factValues":[{"value":"expire in February 2022 through June 2024"}]},{"name":"rpt:f-1620","factDimensions":{"xbrl:concept":"us-gaap:LeaseCostTableTextBlock","xbrl:period":"2020-01-01T00:00:00/2021-01-01T00:00:00","xbrl:entity":"cik:0001522767"},"factValues":[{"value":"The\ncomponents of lease expense for the year ended December 31, 2020 were as follows:
\n\n\u00a0SCHEDULE OF COMPONENTS OF LEASE EXPENSE
\n\n| Operating lease cost | \u00a0 | \n$ | 983,601 | \u00a0 |
| \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Finance lease cost: | \u00a0 | \n\u00a0 | \u00a0 | \u00a0 |
| Amortization of right-of-use assets | \u00a0 | \n$ | 32,683 | \u00a0 |
| Interest on lease liabilities | \u00a0 | \n\u00a0 | 7,488 | \u00a0 |
| Total finance lease cost | \u00a0 | \n$ | 40,171 | \u00a0 |
Future\nminimum lease payments as of December 31, 2020 under all non-cancelable leases having an initial or remaining term of more than\none year were:
\n\n\u00a0SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER ALL NON-CANCELABLE OPERATING LEASES
\n\n| \u00a0 | \u00a0 | \nOperating \n Leases | \u00a0 | \u00a0 | \nFinance \n Leases | \u00a0 | ||
| 2020 | \u00a0 | \n$ | 1,008,227 | \u00a0 | \u00a0 | \n$ | 38,412 | \u00a0 |
| 2021 | \u00a0 | \n\u00a0 | 949,535 | \u00a0 | \u00a0 | \n\u00a0 | 27,123 | \u00a0 |
| 2022 | \u00a0 | \n\u00a0 | 910,166 | \u00a0 | \u00a0 | \n\u00a0 | 23,201 | \u00a0 |
| 2023 | \u00a0 | \n\u00a0 | 835,411 | \u00a0 | \u00a0 | \n\u00a0 | 3,229 | \u00a0 |
| 2024 | \u00a0 | \n\u00a0 | 805,329 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Thereafter | \u00a0 | \n\u00a0 | 3,457,048 | \u00a0 | \u00a0 | \n\u00a0 | \u00a0 | |
| Total lease payments | \u00a0 | \n\u00a0 | 7,965,716 | \u00a0 | \u00a0 | \n$ | 91,965 | \u00a0 |
| Less: imputed interest | \u00a0 | \n\u00a0 | (2,135,425 | ) | \u00a0 | \n\u00a0 | (9,063 | ) |
| \u00a0 | \u00a0 | \n$ | 5,830,291 | \u00a0 | \u00a0 | \n$ | 82,902 | \u00a0 |
NOTE\n22 \u2013 SUBSEQUENT EVENTS
\n\n\u00a0
\n\nFinancing\nTransaction
\n\n\u00a0
\n\nIn\nMarch 2021, the Company entered into a securities purchase agreement with Hadron Healthcare Master Fund (\u201cHadron\u201d)\nwith respect to a financing facility of up to $ million in exchange for newly-designated Series C convertible preferred stock\nof the Company and warrants to purchase the Company\u2019s common stock.
\n\n\u00a0
\n\nAt\nthe closing of the transaction in March 2021, Hadron purchased $23.0 million of Units at a price of $ per Unit. Each Unit\nis comprised of one share of Series C preferred stock and a -year warrant to purchase two and one-half shares of common stock.\nAccordingly, the Company issued to Hadron shares of Series C preferred stock and warrants to purchase up to an aggregate\nof 15,540,540 shares of common stock. Each share of Series C preferred stock is convertible, at Hadron\u2019s option, into five\nshares of common stock, and each warrant is exercisable at an exercise price of $1.087 per share. The warrants shall be subject\nto early termination if certain milestones are attained and the market value of the Company\u2019s common stock reaches certain\npredetermined levels.
\n\n\u00a0
\n\nIn\nconnection with the closing of the transaction, the Company filed a certificate of designation with respect to the rights and\npreferences of the Series C convertible preferred stock. Such stock is zero coupon, non-voting. and has a liquidation preference\nequal to its investment amount plus declared but unpaid dividends. Holders of Series C convertible preferred stock are entitled\nto receive dividends on an as-converted basis.
\n\n\u00a0
\n\nOf\nthe $23.0 million of proceeds received by the Company in March 2021, approximately (i) $7.8 will fund construction and upgrades\nof certain of the Company\u2019s owned and managed facilities, and (ii) $15.2 million was used to pay down debt and obligations,\ncomprised of the $4.4M Notes, the $1M Note, the New $3M Note, the $5.8M Note, the Existing Notes, a portion of the Third Party\nNotes (all referred to in Note 11 \u2013 Debt), and a portion of the Due To Related Parties balance discussed in\nNote 20 \u2013 Related Party Transactions.
\n\n\u00a0
\n\nThe\nbalance of the committed facility of up to an additional $23.0 million is intended to fund the Company\u2019s specific targeted\nacquisitions provided such acquisitions are contracted in 2021 and consummated, including obtaining the necessary regulatory approvals,\nno later than the end of 2022. Such funds shall be provided by Hadron on the same aforementioned terms as the initial proceeds.
\n\n\u00a0
\n\nProvided\nthat as at least 50% of the shares of Series C convertible preferred stock remain outstanding, the holders shall have the right\nto appoint one observer to the Company\u2019s board and to each of its board committees, and appoint a member to the Company\u2019s\nboard if and when a seat becomes available, at which time the observer roles shall terminate.
\n\n\u00a0
\n\nThe\ntransaction imposes certain covenants on the Company with respect to the incurrence of new indebtedness, the issuance of additional\nshares of any designation of preferred stock, and the payment of distributions.
\n\n\u00a0
\n\nLease\nAgreement
\n\n\u00a0
\n\nIn\nFebruary 2021, the Company entered into a five-year\nlease agreement for a 12,000\nsquare foot premises located in Wilmington,\nDE which the Company intends to develop into a cannabis production facility with offices, and sublease to its cannabis-licensed\nclient in this state. The lease contains an option to negotiate an extension at the end of the lease term.
\n\n\u00a0
\n\nInvestment\nAgreement
\n\n\u00a0
\n\nIn\nJanuary 2021, the Company and MRSVP entered into an agreement whereby the Company assigned and transferred membership interests\ncomprising an 11% ownership in MRSVP in exchange for a release from all further obligation by the Company to make future investments\nor payments and certain other non-monetary consideration. Following the interest transfer, the Company\u2019s ownership interest\nin MRSVP was reduced to 12% on a fully diluted basis.
\n\n\n\n
\u00a0
\n\nConversion\nof Debentures Payable
\n\n\u00a0
\n\nIn\nJanuary 2021, the holder of the $21M Debentures converted $1,300,000 of principal and approximately $56,000 of accrued interest\ninto shares of the Company\u2019s common stock at a conversion price of $0.29 per share. After this conversion, the\nentire $21M Debentures were retired and no amounts remain outstanding.
\n\n\u00a0
\n\nEquity\nTransactions
\n\n\u00a0
\n\nIn\nthe first quarter of 2021, the Company granted to purchase up to shares\nof common stock at exercise prices ranging from $to $per share. The aggregate fair value of\nthese options of approximately $372,000\nwill be amortized to compensation expense\nover the respective vesting periods. Also during this period, (i) a warrant to purchase 50,000\nshares\nof common stock at $0.15\nper share was exercised, (ii) a warrant\nto purchase up to 200,000\nshares of common stock at $1.75\nper share was forfeited, (iii) a three-year\nwarrant to purchase up to 100,000\nshares of common stock at $0.82\nwas issued, and (iv) shares of common stock were issued to\nsettle an outstanding obligation.
\n\n\u00a0
\n\nRevised Note Receivable
\n\n\u00a0
\n\nIn March 2021, the Company was issued a\nrevised promissory note from Healer in the principal amount of approximately $894,000 representing the previous loans of $800,000\nextended to Healer by the Company plus accrued interest through the revised promissory note issuance date. The revised promissory\nnote bears interest at a rate of 6% per annum and requires quarterly payments of interest from April 2021 through the maturity\ndate in April 2016. Additionally, the Company has the right to offset any licensing fees owed to Healer by the Company\nin the event Healer fails to make any timely payment. In March 2021, the Company offset approximately $28,000 of licensing fees\npayable to Healer against the principal balance of the revised promissory note, reducing the principal amount to approximately\n$866,000.
\n\n\n
\u00a0
\n\nCommon\nStock Issuance Obligations
\n\n\u00a0
\n\nIn\nFebruary 2021, the Company issued shares of common stock in connection with the stock grant to a current employee previously\ndisclosed in Note 14 \u2013 Stockholders\u2019 Equity.
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