GBLX GB Sciences Inc (PK)

 

 

GB SCIENCES, INC.

 

FORM 10-Q

 

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024

 

 

INDEX

	Page
PART I. FINANCIAL INFORMATION	3
ITEM 1. Financial Statements (Unaudited)	3
ITEM 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk	25
ITEM 4.  Controls and Procedures	26
PART II – OTHER INFORMATION	27
ITEM 1.  Legal Proceedings	27
ITEM 1A.  Risk Factors	27
ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds	27
ITEM 3.  Defaults Upon Senior Securities	27
ITEM 4.  Mine Safety Disclosures	27
ITEM 5.  Other Information	27
ITEM 6.  Exhibits	27

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements (Unaudited)

 

GB SCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

 

 

GB SCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

 

 

GB SCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

 

 

GB SCIENCES, INC. AND SUBSIDIARIES

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

(unaudited)

 

 

The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

 

 

GB SCIENCES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT)

For the Three Months Ended June 30, 2024 and 2023

(Unaudited)

 

 

 

The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

 

 

GB SCIENCES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2024

(Unaudited)

 

 

Note 1 – Background and Significant Accounting Policies 

 

Business

 

GB Sciences, Inc. (“the Company”, “GB Sciences”, “we”, “us”, or “our”) is a plant-inspired, biopharmaceutical research and development company creating patented, disease-targeted formulations of cannabis- and other plant-inspired therapeutic mixtures for the prescription drug market through its wholly owned Canadian subsidiary, GbS Global Biopharma, Inc. (“GBSGB”).

 

Through GBSGB, the Company is engaged in the research and development of plant-inspired medicines, with virtual operations in North America and Europe. GBSGB’s assets include a portfolio of intellectual property containing both proprietary plant-inspired formulations and our AI-enabled drug discovery platform, as well as critical research contracts and key supplier arrangements. The Company’s intellectual property portfolio, which is held by GBSGB, contains eight U.S. and twelve foreign patents issued, two foreign patents allowed, as well as fifteen U.S. and forty-one foreign patent-pending applications.

 

The Company was incorporated in the State of Delaware on April 4, 2001, under the name “Flagstick Venture, Inc.” On March 28, 2008, stockholders owning a majority of our outstanding common stock approved changing the then name “Signature Exploration and Production Corp.” when the business model had changed.

 

On April 4, 2014, the Company changed its name from Signature Exploration and Production Corporation to Growblox Sciences, Inc. Effective December 12, 2016, the Company amended its Certificate of Corporation pursuant to shareholder approval, and the Company’s name was changed from Growblox Sciences, Inc. to GB Sciences, Inc.

 

Effective April 8, 2018, Shareholders of the Company approved the change in corporate domicile from the State of Delaware to the State of Nevada and increase in the number of authorized capital shares from 250,000,000 to 400,000,000. Effective August 15, 2019, Shareholders of the Company approved an increase in authorized capital shares from 400,000,000 to 600,000,000. Effective March 09, 2023, Shareholders of the Company approved an increase in authorized capital shares from 600,000,000 to 950,000,000.

 

Recent Developments

 

Intellectual Property Portfolio

 

In the past year, GBLX/GBSGB’s foreign patents for plant-based treatments of serious disorders were allowed in different countries, expanding our patent protections as follows. On February 3, 2023, GB Sciences’ first foreign patent protecting its proprietary cannabinoid-based formulations for Parkinson’s disease was issued in China. China is an increasingly important pharmaceutical market with cultural acceptance of plant-based formulations, which is a good fit for GB Sciences’ drug candidates. The global market for treatments of Parkinson’s disease is projected to grow to $8.8 billion by the year 2026, and new therapies to address Parkinson’s disease symptoms are greatly needed. The Chinese Patent was issued for GBSGB’s Cannabinoid-Containing Complex Mixtures for the treatment of Parkinson’s disease. On December 1, 2022, the Israeli (IL) Patent was allowed, protecting our Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). MCAS is a severe immunological condition in which mast cells inappropriately and excessively release inflammatory mediators, resulting in a range of severe chronic hyperinflammatory symptoms and life-threatening anaphylaxis attacks. On December 15, 2022, the Australian (AU) Patent was allowed, protecting the Company’s Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). On February 20, 2023, the Japanese (JP) Patent was allowed, protecting the Company’s Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). Additionally, on March 9, 2023, the Notice of Allowance was received for the Company’s U.S. Patent Application No. 16/878,295. This Notice of Allowance protects the use of the Company’s Myrcene-Containing Complex Mixtures in the treatment of cardiac hypertrophy, overactive bladder, and refractory chronic cough. On April 25, 2023, the Japanese patent was also issued for the use of GBSGB’s Cannabinoid-Containing Complex Mixtures in the treatment of Parkinson’s disease.

 

In 2021, our growing intellectual property portfolio was augmented with additional patent-protections for our PhAROS™ drug discovery platform that were filed in July of 2021 and in October of 2021. The Company, through GBSGB, also filed for protection of new PhAROS™ discovered, non-cannabis formulations in July of 2021. In September of 2021, the Company filed a patent application for the Company’s improved DCR-MEM formulations for our PD therapeutic program. These new patent applications expanded upon the solid foundation of intellectual property developed over the past six years.

 

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In 2020, the three patents which protect formulations for the Company’s lead therapeutic programs were issued by the USPTO. The issuance of U.S. Patent No. 10,653,640 entitled "Cannabinoid-Containing Complex Mixtures for the Treatment of Neurodegenerative Diseases" on May 19, 2020 protects methods of using GBSGB’s proprietary cannabinoid-containing complex mixtures (CCCM™) for treating Parkinson’s Disease. This was an important milestone in the development of these vitally important therapies and validates GBSGB’s drug discovery platform. In the US alone, the combined direct and indirect costs associated with Parkinson’s disease are estimated at $52 billion, and new therapies to address Parkinson’s disease symptoms are greatly needed. This was also the first time that a US patent has been awarded for a cannabis-based complex mixture defined using this type of drug discovery method. The first US patent for PD therapies validated our drug discovery platform and strengthened our intellectual property portfolio of unique CCCM’s™, each targeting one of up to 60 specific clinical applications.

 

The issuance of the Company’s second and third US patents for active pharmaceutical ingredients that are complex mixtures identified by our biotech platform further confirmed that the Company’s pharmaceutical compositions can be patent protected for use as biopharmaceutical and nutraceutical products. The US Patent entitled “Myrcene-Containing Complex Mixtures Targeting TRPV1” protects methods of using our proprietary MEMs for the treatment of pain disorders related to arthritis, shingles, irritable bowel syndrome, sickle cell disease, and endometriosis. In the US alone, chronic pain represents an estimated health burden of between $560 and $650 billion dollars, and an estimated 20.4% of U.S. adults suffer from chronic pain that significantly decreases their quality of life. Despite the widespread rates of addiction and death, opioids remain the standard of care treatment for most people with chronic pain. The Company believes that it is important to create safer, less addictive alternatives to opioids for the treatment of chronic pain disorders, like GBSGB’s myrcene-containing MEMs.

 

The Company's third issued US Patent entitled "Cannabinoid-Containing Complex Mixtures for the Treatment of Mast-Cell-Associated or Basophil-Mediated Inflammatory Disorders" protects methods of using the Company’s proprietary MEMs for treating Mast Cell Activation Syndrome (MCAS). MCAS is a severe immunological condition in which mast cells inappropriately and excessively release inflammatory mediators, resulting in a range of severe chronic hyperinflammatory symptoms and life-threatening anaphylaxis attacks. Receiving this patent for the treatment of MCAS using our MEMs is an important milestone in the development of this urgently needed medicine. There is no single recommended treatment for MCAS patients. Instead, they attempt to manage MCAS symptoms primarily by avoiding ‘triggers’ and using rescue medicines for their severe hyperinflammatory attacks. Therefore, MCAS patients need new therapeutic options to control their mast cell related symptoms, and our MEMs were designed to simultaneously control multiple inflammatory pathways within mast cells as a comprehensive treatment option. The Company is strategically targeting MCAS for two additional reasons. By focusing on a rare disease with no known cure, our company can apply for the U.S. Food and Drug Administration’s expedited approval process, which allows clinically successful treatments to get to market both quicker and more cost effectively. Gaining approval from the US FDA for the entire anti-inflammatory market would be extremely time consuming and cost prohibitive. Demonstrating that our MEMs are safe for the treatment of MCAS would favorably position our Company for clinical testing of these MEMs as potential treatments for other related inflammatory disorders, such as inflammatory bowel disease, thereby widening the target market and drastically shortening the development cycle and costs.

 

The Company’s fourth US Patent was issued on March 1, 2022 for a cannabinoid-containing mixture designed to treat cardiac hypertrophy, often present in advanced heart disease. GB Sciences’ newly issued patent also covers the use of these receptor-targeted formulations for the treatment of TRPV1-receptor associated hearing loss and urinary cystitis. Despite multiple categories of prescription heart medications on the market, heart disease remains the leading cause of death in the United States for people of most racial and ethnic groups. Alternative therapeutic approaches are still needed, especially for the treatment of advanced heart disease.

 

Licensing Agreement

 

On September 26, 2024, the Company entered into a mutually beneficial licensing agreement with EndoPure Life Sciences, LLC (“EndoPure”). EndoPure will pay to license certain intellectual property (“IP”) rights from within the intellectual property portfolio of GB Sciences. Under this IP licensing agreement, EndoPure will develop, manufacture, and market pharmaceutical products that are protected within GB Sciences’ IP portfolio.

 

GB Sciences will contribute the following to the intellectual property license:

 

1.

Intellectual property protecting proprietary formulations for the treatment of neurological disorders, including, but not limited to, Parkinson’s disease, Alzheimer’s disease, Huntington’s disease, dementia, multiple sclerosis, epilepsy, and autism.

2.

An exclusive license to develop, manufacture, and sell these treatments for neurological disorders in Brazil.

3.

An exclusive license for EndoPure to develop, manufacture, and sell specifically-approved treatments in South America to be granted after EndoPure has successfully obtained regulatory approvals to market the products in Brazil.

 

In consideration of this intellectual property license, EndoPure will pay the following:

 

1.

A royalty equal to 5% of gross sales of any product developed and manufactured pursuant to the IP license agreement in the agreed upon territories.

2.

An annual pre-paid minimum royalty of $50,000 per product for three years. This amount will offset royalty payments otherwise due on this product starting after EndoPure has achieved market approval for at least one of these licensed formulas in Brazil.

3.

An upfront payment of approximately $125,000 USD disbursed directly to Catalent Pharmaceuticals, Inc. (“Catalent”), which is related to the development and contract manufacturing of these licensed products within Catalent’s proprietary Zydis® orally dissolving tablet (“ODT”) dosage format.

4.

A consulting fee of $5,000 per month as compensation for the assistance of Dr. Andrea Small-Howard in the planning and execution of clinical development for these products.

 

Basis of Presentation

 

The accompanying unaudited interim consolidated financial statements of GB Sciences, Inc. have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending March 31, 2025. The balance sheet at  June 30, 2024 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended March 31, 2024.

 

Principles of Consolidation

 

We prepare our consolidated financial statements in accordance with generally accepted accounting principles (GAAP) for the United States of America. Our consolidated financial statements include all operating divisions and majority-owned subsidiaries, reported as a single operating segment, for which we maintain controlling interests. Intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries were wholly owned by the Company for the periods presented.

 

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Use of Estimates

 

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowances for doubtful accounts, collectability of notes receivable, inventory valuation and standard cost allocations, valuation of initial right-of-use assets and corresponding lease liabilities, stock-based compensation expense, purchased intangible asset valuations, deferred income tax asset valuation allowances, uncertain tax positions, litigation and other loss contingencies. These estimates and assumptions are based on current facts, historical experience and various other factors that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of costs and expenses that are not readily apparent from other sources. The actual results the Company experiences may differ materially and adversely from these estimates.

 

Fair Value of Financial Instruments

 

The Company adopted ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

 

-	Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
-	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
-	Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement.

 

The carrying value of cash, accounts receivable, accounts payable and accrued expenses are estimated by management to approximate fair value, primarily due to the short-term nature of the instruments.

 

Cash and Cash Equivalents

 

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no short-term investments classified as cash equivalents at June 30, 2024 and 2023.

 

Indefinite and Definite-Lived Intangible Assets

 

Capitalized costs related to our indefinite-lived intangible assets consisted primarily of the value of our patents pending and includes the costs paid to draft and file patent applications. Upon issuance of the patents, the indefinite-lived intangible assets will have finite lives. Intangible assets also historically included the acquisition cost of a cannabis production license with an indefinite life.

 

We historically amortized our finite-lived intangible assets, which consisted of granted patents, over their estimated useful lives using the straight-line method, and we periodically evaluate the remaining useful lives of our finite-lived intangible assets to determine whether events or circumstances warrant a revision to the remaining period of amortization.

 

We review all of our intangible assets for impairment indicators throughout the year. Impairment testing for indefinite-lived intangible assets is performed at least annually and we perform testing for definite-lived intangible assets whenever impairment indicators are present. If we determine that the fair value is less than the carrying value of these assets during testing, we record impairment losses equal to the difference between the carrying value of the asset and the fair market value of the asset.

 

As of March 31, 2024, we recorded a loss on impairment related to the capitalized patent costs of $42,194. The Company has recorded an impairment of its capitalized patent costs based on the relevant facts and circumstances that existed as of March 31, 2023 in accordance with ASC 350-30-35. Due to liquidity constraints the Company deemed that the likelihood of realizing value from previously capitalized patent costs was questionable, as a result the associated patents were impaired.

 

At June 30, 2024, the Company’s intellectual property portfolio, which is held by GBSGB, contains eight U.S. and twelve foreign patents issued, two foreign patents allowed, as well as fifteen U.S. and forty-one foreign patent-pending applications. The patents owned by the Company expire between January 2038 and May 2039. Amortization expense for the quarters ended June 30, 2024 and 2023, was $0 and $624, respectively. The carrying amount of definite-lived intangible assets was $0 at June 30, 2024 and 2023.

 

There were 10 United States patent applications that are pending as of June 30, 2023, and the corresponding patent assets are treated as indefinite-lived intangible assets. There were 35 international patents pending at June 30, 2023. The carrying amount of the indefinite-lived patent assets was $0 at June 30, 2024 and 2023.

 

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Revenue Recognition

 

The FASB issued Accounting Standards Codification (“ASC”) 606 as guidance on the recognition of revenue from contracts with customers. Revenue recognition depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The Company adopted the guidance on April 1, 2018 and applied the cumulative catch-up transition method.

 

The Company’s only material revenue source is part of discontinued operations and derives from sales of cannabis and cannabis products, distinct physical goods. Under ASC 606, the Company is required to separately identify each performance obligation resulting from its contracts from customers, which may be a good or a service. A contract may contain one or more performance obligations. All of the Company’s contracts with customers, past and present, contain only a single performance obligation, the delivery of distinct physical goods. Because fulfillment of the company’s performance obligation to the customer under ASC 606 results in the same timing of revenue recognition as under the previous guidance (i.e. revenue is recognized upon delivery of physical goods), the Company did not record any material adjustment to report the cumulative effect of initial application of the guidance.

 

Equity-Based Compensation

 

The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718). The computation of the expense associated with stock-based compensation requires the use of a valuation model. The FASB-issued accounting guidance requires significant judgment and the use of estimates, particularly surrounding Black-Scholes assumptions such as stock price volatility, expected option lives, and expected option forfeiture rates, to value equity-based compensation. We currently use a Black-Scholes option pricing model to calculate the fair value of our stock options. We primarily use historical data to determine the assumptions to be used in the Black-Scholes model and have no reason to believe that future data is likely to differ materially from historical data. However, changes in the assumptions to reflect future stock price volatility and future stock award exercise experience could result in a change in the assumptions used to value awards in the future and may result in a material change to the fair value calculation of stock-based awards. This accounting guidance requires the recognition of the fair value of stock compensation in net income. Although every effort is made to ensure the accuracy of our estimates and assumptions, significant unanticipated changes in those estimates, interpretations and assumptions may result in recording stock option expense that may materially impact our financial statements for each respective reporting period.

 

Income Taxes

 

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at 100% of the related deferred tax assets.

 

Because the Company operated in the State-licensed cannabis industry until the December 31, 2021 disposition of the Nevada Subsidiaries, revenue from those activities were subject to the limitations of Internal Revenue Code Section 280E (“280E”) for U.S. income tax purposes. Under 280E, the Company is allowed to deduct expenses that are directly related to the production of its products, i.e. cost of goods sold, but is allowed no further deductions for ordinary and necessary business expenses from its gross profit. The Company believes that the deductions disallowed include the deduction of net operating loss carryforwards ("NOLs"). The unused NOLs will continue to carry forward and those that do not expire or become subject to other limitations may be used by the Company to offset future taxable income that is not subject to the limitations of 280E.

 

Loss per Share

 

The Company’s basic loss per share has been calculated using the weighted average number of common shares outstanding during the year. The Company had 167,396,125 and 162,611,301 potentially dilutive common shares including convertible debt, stock options and warrants at June 30, 2024 and 2023, respectively. Such common stock equivalents were not included in the computation of diluted net loss per share, as their inclusion would have been anti-dilutive.

 

Recent Accounting Pronouncements

 

Standards Not Yet Adopted

 

All other newly issued accounting pronouncements have been deemed either immaterial or not applicable.

 

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Note 2 – Going Concern

 

The Company’s unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has sustained net losses since inception, which have caused an accumulated deficit of $110,352,010 at June 30, 2024. The Company had a working capital deficit of $5,267,133 at June 30, 2024, compared to a deficit of $4,655,504 at June 30, 2023. In addition, the Company has consumed cash in its operating activities of $21,991 for the three months ended June 30, 2024, compared to $105,301 used in operating activities for the three months ended June 30, 2023.

 

Management has been able, thus far, to finance the losses through debt financing, a public offering, private placements and obtaining operating funds from stockholders. The Company is continuing to seek sources of financing.  There are no assurances that the Company will be successful in achieving its goals.

 

In view of these conditions, the Company’s ability to continue as a going concern is dependent upon its ability to obtain additional financing or capital sources, to meet its financing requirements, and ultimately to achieve profitable operations. Accordingly, there is substantial doubt about the Company to continue as a going concern for a period of twelve months from the date of these financial statements were made available. Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying unaudited interim consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that may be necessary in the event the Company is unable to continue as a going concern.

 

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Note 3 – Notes and Convertible Notes Payable and Line of Credit

 

Summary of Notes Payable and Convertible Notes Payable

 

As of June 30, 2024 and 2023 the following notes payable were recorded in the Company’s consolidated balance sheets:

 

		As of June 30, 2024
		Face Value				Discount				Carrying Value
0% Note Payable dated October 23, 2017 (as amended)		$	55,307			$	-			$	55,307
6% Convertible promissory notes payable			560,000				-				560,000
6% Convertible notes payable due January 18, 2022			325,000				-				325,000
6% Convertible note payable due July 1, 2022 (Note 6)			50,000				-				50,000
6% Convertible promissory notes payable due September 30, 2023			197,000				-				197,000
6% Convertible note payable due December 31, 2023			250,000				-				250,000
Total short-term notes and convertible notes payable		$	1,437,307							$	1,437,307
6% Convertible note payable due June 29, 2026			25,000				-				25,000
6% Convertible note payable due July 10, 2026			50,000				-				50,000
6% Convertible notes payable due January-February 2027			247,000				-				247,000
Total notes and convertible notes payable		$	1,759,307			$	-			$	1,759,307

 

		As of March 31, 2024
		Face Value				Discount				Carrying Value
0% Note Payable dated October 23, 2017 (as amended)		$	55,307			$	-			$	55,307
6% Convertible promissory notes payable			560,000				-				560,000
6% Convertible notes payable due January 18, 2022			325,000				-				325,000
6% Convertible note payable due July 1, 2022 (Note 6)			50,000				-				50,000
6% Convertible promissory notes payable due September 30, 2023			197,000				-				197,000
6% Convertible note payable due December 31, 2023			250,000				-				250,000
Total short-term notes and convertible notes payable		$	1,437,307							$	1,437,307
6% Convertible note payable due June 29, 2026			25,000				-				25,000
6% Convertible note payable due July 10, 2026			50,000				-				50,000
6% Convertible notes payable due January-February 2027			247,000				-				247,000
Total notes and convertible notes payable		$	1,759,307			$	-			$	1,759,307

 

 

 

0% Note Payable dated October 23, 2017                  

 

On October 23, 2017, the Company amended the existing Nevada Medical Marijuana Production License Agreement (“Amended Production License Agreement”). Per the terms of the Amended Production License Agreement, GB Sciences purchased the remaining percentage of the production license resulting in 100% ownership of the license. GB Sciences also received 100% ownership of the cultivation license included in the original Nevada Medical Marijuana Production License Agreement. In exchange, GB Sciences made one-time payment of $500,000 and issued a 0% Promissory Note in the amount of $700,000 payable in equal monthly payments over a three-year period commencing on January 1, 2018. The present value of the note was $521,067 on the date of its issuance based on an imputed interest rate of 20.3% and the Company recorded a discount on notes payable of $178,933 related to the difference between the face value and present value of the note.

 

On August 10, 2020, the Company entered into the Membership Interest Purchase Agreement ("Nopah MIPA") for the sale of its interest in GB Sciences Nopah, LLC. The Nopah sale was closed December 31, 2021 after successful transfer of the Nevada Medical Marijuana Cultivation Facility Registration Certificate on December 14, 2021. At close, the principal balance of the note was reduced from $369,445 to $190,272 and accounts payable totaling $74,647 to an affiliate of the purchaser were extinguished.

 

On March 4, 2022, the Company entered into the Second Promissory Note Modification Agreement, which reduced the total outstanding balance of principal and interest from $201,532 (at the time of the agreement) to $179,127 and modified the terms of the note to provide that the Company would make an immediate payment of $75,000, with $5,000 monthly payments thereafter until the note is repaid in full. The modification also provided that the note would bear interest at 8.0% per annum. The Company made a $75,000 payment pursuant to the terms of the modification on March 4, 2022. This note is currently in default. 

 

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At June 30, 2024, the outstanding balance of the note was $55,307, and accrued interest was $5,867. The Company made no payments during the quarter ended June 30, 2024.

 

March 2017 and July 2017 Convertible Note Offerings

 

In March 2017, the Company entered into a Placement Agent’s Agreement with a third-party brokerage firm to offer units consisting of a $1,000 6% promissory note convertible into 4,000 shares of the Company’s common stock at $0.25 per share and 4,000 warrants to purchase shares of the Company’s’ common stock at an exercise price of $0.60 per share for the period of three years. Between March 2017 and May 2017, the Company issued short-term Promissory Notes (“Notes”) to various holders with combined face value of $2,000,000. The Notes are payable within three years of issuance and are convertible into 8,000,000 shares of the Company’s common stock. The Company also issued 8,000,000 common stock warrants to the Noteholders. The warrants are exercisable at any time and from time to time before maturity at the option of the holder. Each warrant gives the Noteholder the right to purchase one share of common stock of the Company at an exercise price of $0.60 per share for a period of three years. The Company recorded an aggregate discount on convertible notes of $1,933,693, which included $904,690 related to the relative fair value of beneficial conversion features and $1,029,003 for the relative fair value of the warrants issued with each note. The fair value of warrants was derived using the Black-Scholes valuation model.

 

In July 2017, the Company entered into a Placement Agent’s Agreement with a third-party brokerage firm to offer units consisting of a $1,000 6% promissory note convertible into 4,000 shares of the Company’s common stock at $0.25 per share and 4,000 warrants to purchase shares of the Company’s’ common stock at an exercise price of $0.65 per share for the period of three years. Between July 2017 and December 2017, the Company issued short-term Promissory Notes (“Notes”) to various holders with combined face value of $7,201,000. The Notes are payable within three years of issuance and are convertible into 28,804,000 shares of the Company’s common stock. The Company also issued 28,804,000 common stock warrants to the Note holders. The warrants are exercisable at any time and from time to time before maturity at the option of the holder. Each warrant gives the Noteholder the right to purchase one share of common stock of the Company at an exercise price of $0.60 per share for a period of three years. The Company recorded an aggregate discount on convertible notes of $7,092,796, which included $3,142,605 related to the relative fair value of beneficial conversion features and $3,950,191 for the relative fair value of the warrants issued with each note. The fair value of warrants was derived using the Black-Scholes valuation model.

 

All notes from the March and July 2017 offerings have passed their maturity dates. During the year ended March 31, 2022, the Company agreed to extensions with the holders of a total of $197,000 of the $1,257,000 that remained outstanding at the time. For the $197,000 of extended notes, the Company agreed to reduce the conversion price to $0.10 per share and issued a total of 788,000 additional warrants to the holders of the notes with a term of three years and an exercise price of $0.10 per share. In exchange, the maturity date of the notes was extended to September 30, 2023. As of the date of this filing, these notes are still outstanding and are currently in default. Using the Black-Scholes model, the Company valued the warrants at $13,396 and the change in the fair value of the conversion feature at $33,490. Because the change in the fair value of the conversion feature exceeded 10% of the carrying amount of the notes, the Company accounted for the modification of the notes as an extinguishment and recorded a discount on the new convertible notes of $46,886 related to the fair value of the new warrants issued and the change in the fair value of the conversion feature. The Company recorded interest expense of $2,947 and $2,947 on the extended notes during the quarters ended June 30, 2024 and 2023, respectively. Accrued interest on the $197,000 extended notes is $82,772 and the remaining unamortized discount was $0 at June 30, 2024.

 

Three convertible notes totaling $1,060,000 were held by the same investor and in default. On January 20, 2022, the Company repaid $500,000 of the principal balances owed to the investor, and one convertible note in the amount of $560,000 remains outstanding plus accrued interest totaling $251,862. The Company intends to negotiate the terms of an extension of the remaining note and accrued interest with the noteholder. The notes do not provide for a default penalty or penalty interest rate. Interest expense for the outstanding note was $11,169 and $11,169, respectively, for the quarters ended June 30, 2024 and 2023, and no unamortized discount at June 30, 2024.

 

December 2020 $700,000 6% Convertible Notes

 

On December 18, 2020, the Company began an offering of 6.0% convertible notes for the purpose of funding a pre-clinical study of the Company's patent-pending Cannabinoid-Containing Complex Mixtures for the treatment of Cytokine Release Syndromes, including Acute Respiratory Distress Syndrome, in COVID-19 patients. The Company pledged the related intellectual property as security for the notes. The notes are convertible at a rate of $0.05 per share at the lender's request. The Company previously issued $625,000 in convertible notes under the offering to three investors. $375,000 of the notes mature between January 31, 2021 and July 1, 2022, and $250,000 mature in December 2023. These notes are currently in default. Payment of accrued interest and principal is due at maturity. The Company received cash of $543,750, net of brokerage fees, and recorded discounts on the convertible notes totaling $81,250 related to the issuance costs. Notes totaling $425,000 were issued with in-the-money conversion features, and the Company recorded beneficial conversion feature discounts totaling $347,000 on the related notes. During the year ended March 31, 2022, the Company received an additional $50,000 related to the note offering and recorded a discount on convertible notes payable of $6,500 related to issuance costs. The notes were initially convertible into the Common stock of the Company at $.03 cents per share. On November 13, 2023 the Company reduced the conversion rate from $.03 cents per share to $.01 cent per share through December 31, 2023. The Company reviewed the reduction of the conversion price and deemed that it did not meet the criterion for debt extinguishment. As the conversion price of $.03 per share and $.01 per share were both out of the money, the Company deemed that there was no impact of the reduction of the conversion price.

 

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During the year ended March 31, 2024, the Company received an additional $25,000 and $50,000 related to the note offering with maturity dates of June 30, 2026 and July 10, 2026, respectively, and recorded no discount or beneficial conversion features. During the quarters ended June 30, 2024 and 2023, the Company recorded interest expense of $11,967 and $10,849, respectively, on the December 2020 $700,000 6% Convertible Notes. Accrued interest on these notes is $141,263 and the remaining unamortized discount was $0 at June 30, 2024.

 

January 2024 $247,000 6% Convertible Notes

 

From January 22, 2024 to February 7, 2024, the Company offered additional 6% convertible notes to 13 investors for total proceeds of $247,000 out of a total planned subscription of $500,000. The notes mature three years from the date the subscription price was paid. The notes are convertible at the discretion of the holder in part or in full at the conversion rate of $0.01 per share. In addition, for any investors in these notes that hold warrants from previous transactions, those warrants shall have an exercise price of $0.01 per share for a period of 90 days beginning on the date of the note. There was no discount recorded related to these notes. During the quarters ended June 30, 2024 and 2023, the Company recorded interest expense of $3,695 and $0, respectively. Accrued interest on these notes is $6,145 at June 30, 2024.

 

Note 4 – Capital Transactions

 

Quarter ended June 30, 2024

 

Warrants

 

During the quarter ended June 30, 2024, the Company repriced 1,000,000 unexpired investor warrants from $0.10 to $0.01. On May 16, 2024 the warrants were exercised and the Company recognized $3,462 as a deemed dividend and in accordance with ASC 470, this amount was recorded through additional paid in capital and retained earnings as a deemed dividend.

 

During the quarter ended June 30, 2024, there were 4,198,002 expired warrants at an original exercise price of $0.25 and 2,095,333 expired warrants at an original exercise price of $0.10. 

 

During the quarter ended June 30, 2024, the Company accepted the exercise of 1,000,000 warrants at $0.01 per share of common stock, for gross cash proceeds of $10,000.

 

Year ended  March 31, 2024

 

Warrants

 

During the year ended  March 31, 2024, the Company extended the expiration date and temporarily repriced 92,657,209 unexpired investor warrants effective as of  September 1, 2023. In addition, the Company reinstated 23,006,492 previously expired warrants exercisable at $0.01 per share and recognized $278,315 as a deemed dividend related to the reissuance of these warrants and in accordance with ASC 470, this amount was recorded through additional paid in capital and accumulated deficit as a deemed dividend.

 

During the year ended  March 31, 2024, there were 3,490,834 expired warrants at an original exercise price of $0.10, 4,295,500 expired warrants at an original exercise price of $0.60, 300,000 expired warrants at an original exercise price of $0.04, and 2,456,750 expired warrants at an original exercise price of $0.10. 

 

During the year ended  March 31, 2024, the Company accepted the exercise of 25,348,467 warrants at $0.01 per share of common stock, for gross cash proceeds of $253,529, and recorded brokerage fees of $17,752.

 

During the year ended  March 31, 2024, the Company repurchased 1,150,000 common shares for $0.

 

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Warrants Outstanding

 

Presented below is a summary of the Company’s warrant activity, exclusive of warrants held by employees, for the periods ended June 30, 2024 and March 31, 2024:

 

		Warrants Outstanding
		Number of Shares				Exercise Price
Warrants issued (including reinstated)			23,006,492				$0.01
Warrants exercised			(25,348,467	)			$0.01
Warrants expired/cancelled			(38,337,538	)			$0.01	-	$0.60
Outstanding at March 31, 2024			82,079,164
Warrants issued			-				$0.00
Warrants exercised			(1,000,000	)			$0.01
Warrants expired/cancelled			(6,293,335	)			$0.10	-	$0.25
Outstanding at June 30, 2024			74,785,829

 

Employee Option Grants

 

A summary of employee option activity, including warrants issued to employees, as of June 30, 2024 and 2023, and changes during the years then ended, is presented below:

 

										Weighted
						Weighted				Average
						Average				Remaining				Aggregate
						Exercise				Contractual				Intrinsic
Employee options		Options				Price $				Life (years)				Value ($)
Exercisable at March 31, 2023			17,733,334			$	0.11
Granted			15,000,000			$	0.01
Exercised			-			$	-
Expired			(2,700,000	)		$	0.11
Forfeited			(1,150,000	)		$	0.05
Outstanding at March 31, 2024			28,883,334			$	0.06			$	7.06			$	-
Fully vested and expected to vest at March 31, 2024			28,883,334			$	0.06
Exercisable at March 31, 2024			28,883,334			$	0.06
Granted			-			$	-
Exercised			-			$	-
Expired			-			$	-
Forfeited			-			$	-
Outstanding at June 30, 2024			28,883,334			$	0.06			$	7.06			$	-
Fully vested and expected to vest at June 30, 2024			28,883,334			$	0.06
Exercisable at June 30, 2024			28,883,334			$	0.06

 

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The table below sets forth nonemployee option activity for the quarters ended June 30, 2024 and 2023 and changes during the years then ended, is presented below:

 

										Weighted
						Weighted				Average
						Average				Remaining			Aggregate
						Exercise				Contractual			Intrinsic
Nonemployee options		Options				Price $				Life (years)			Value ($)
Exercisable at March 31, 2023			6,483,000			$	0.13
Granted			8,000,000			$	0.01
Exercised			-
Forfeited			-
Outstanding at March 31, 2024			14,483,000			$	0.06				7.58
-Fully vested and expected to vest at March 31, 2024			14,483,000			$	0.06
Exercisable at March 31, 2024			14,483,000			$	0.06
Granted			-
Exercised			-
Forfeited			-
Outstanding at June 30, 2024			14,483,000			$	0.06				7.58
-Fully vested and expected to vest at June 30, 2024			14,483,000			$	0.06
Exercisable at June 30, 2024			14,483,000			$	0.06

 

 

Restricted stock awards

 

No restricted stock awards were granted during the quarters ended June 30, 2024 and 2023.

 

Note 5 – Commitments and Contingencies

 

On April 11, 2022, the Company was served notice of a lawsuit filed in the Eighth Judicial District Court in Clark County, Nevada by an individual who alleges he was shot by a security guard at the Teco Facility in May of 2020. The alleged incident occurred after the claimant broke into the Teco Facility during closing hours. GB Sciences, Inc. and its former subsidiaries GB Sciences Nevada, LLC and GB Sciences Las Vegas, LLC, along with the security provider, Protective Force International, Inc., were named as defendants in the lawsuit. The Company holds a certificate of insurance with the insurer for Protective force International and believes it may have coverage under that policy in the event the Company is found liable for damages, however, the Company denies any liability and intends to vigorously defend the lawsuit. We are unable to make any determination at this time as to the likelihood or amount of damages.

 

From time to time, the Company may become involved in certain legal proceedings and claims which arise in the ordinary course of business. In management’s opinion, based on consultations with outside counsel, the results of any of these ordinary course matters, individually and in the aggregate, are not expected to have a material effect on our results of operations, financial condition, or cash flows. As more information becomes available, if management should determine that an unfavorable outcome is probable on such a claim and that the amount of such probable loss that it will incur on that claim is reasonably estimable, the Company would record a reserve for the claim in question. If and when the Company records such a reserve, it could be material and could adversely impact its results of operations, financial condition, and cash flows.

 

The Company is currently involved in projects for which the Company has contracts with vendors and for which the Company has been invoiced approximately $235,000. Work on these projects will not commence until 2025, the Company has not accrued for these amounts.

 

Note 6 – Related Party Transactions

 

As of June 30, 2024, $108,816 has been recorded in accounts payable related party, due to an entity controlled by a family member of Mr. John Poss, Chief Executive Officer of the Company. Amounts owing are for marketing services provided and have been recorded as a component of general and administrative expense. In addition, there was $7,634 owed to Mr. Poss at June 30, 2024 for expenses incurred in connection with the business operations of the Company.

 

As of June 30, 2024, $18,498 has been recorded in accounts payable related party, due to Dr. Andrea Small Howard, President and Director, related to amounts owed for expenses incurred in connection with the business operations of the Company.

 

As of June 30, 2024 and March 31, 2024, the Company owed $134,949 and $127,436, respectively, for Related Party Accounts Payable.

 

Note 7 – Note Receivable from Sale of Membership Interests in Nevada Subsidiaries

 

On March 24, 2020, the Company entered into the Membership Interest Purchase Agreement ("Teco MIPA") with AJE Management, LLC. Pursuant to the Teco MIPA, the Company agreed to sell 100% of its membership interests in GB Sciences Nevada, LLC, and GB Sciences Las Vegas, LLC (the "Teco Subsidiaries") for approximately $8 million, which amount includes a cash payment at closing, the extinguishment and/or repayments of certain liabilities owed to the purchaser and affiliates of the purchaser, and an 8% promissory note.

 

On August 10, 2020, the Company entered into the Membership Interest Purchase Agreement ("Nopah MIPA") and Promissory Note Modification Agreement with 483 Management, LLC. Pursuant to the Nopah MIPA, the Company agreed to sell its 100% membership interest in GB Sciences Nopah, LLC ("Nopah"), which holds a Nevada medical marijuana cultivation certificate. As consideration, the Company would receive $312,315 in consideration in the form of a $237,668 reduction to the outstanding principal and accrued interest balances of the 0% Note payable dated October 23, 2017 (Note 5), and extinguishment of accounts payable of $74,647, which were owed to an affiliate of the purchaser.

 

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The closing of the Teco and Nopah sales was contingent upon the successful transfer of the Nevada cultivation and production licenses. On December 14, 2021, the Company received approval from the Nevada Cannabis Compliance Board for the transfer of cannabis cultivation and extraction licenses held by its subsidiaries GB Sciences Nevada, LLC, GB Sciences Las Vegas, LLC, and GB Sciences Nopah, LLC (the "Nevada Subsidiaries"). Consequently, all conditions to closing the sales of the 100% membership interests in the Nevada Subsidiaries were satisfied, and the transactions formally closed on December 31, 2021. After the closing date, the Company retains no ownership interest in the Nevada Subsidiaries.

 

As consideration for the membership interests, the Company received cash payments of $1,648,772 (including $400,000 in advance payments received during the nine months ended December 31, 2021), the extinguishment $3,462,854 of debt and current liabilities owed to affiliates of the purchaser and a $3,025,000 8% note receivable.

 

The $3,025,000 note receivable from the sale of the Teco Subsidiaries was initially payable as quarterly, interest only payments of $60,500 for the first year, followed by seven quarterly payments of interest and principal of $201,774 beginning March 31, 2023, with a final payment of principal and interest totaling $2,014,225 on December 31, 2024.

 

The note contains a provision that allows payments of principal and interest due prior to the maturity date to be postponed to the next quarterly payment date if cash flow from the operations of the facility is insufficient to cover the amount of the payment. Several days prior to the first interest payment due date of April 1, 2022, AJE Management, LLC notified the Company that it would be postponing the payment of interest of $60,500 due on April 1, 2022 due to insufficient cash flow to make the payment. AJE Management, LLC has also notified us that it was unable to make the interest payment due July 1, 2022 due to insufficient cash flow. As a result, the Company reevaluated the factors relating to the collectability of the note and determined that an impairment charge in the amount of $3,025,000, equal to the full balance of the note, was warranted as there is substantial uncertainty around the collectability of the note, and we are unable to make an appropriate estimate of the amount of payments, if any, the Company will ultimately receive. The impairment charge was included on the Company's Statement of Operations for the year ended December 31, 2022 as loss on impairment of note receivable.

 

On March 27, 2023, the Company and AJE Management entered into agreement whereby a payment in the amount $100,000 paid on or about the date of the agreement (“initial principal payment”) shall have been deemed to reduce the principal amount of the note by an additional $504,167. The amount of $100,000 was recorded in Other Income on the Statement of Operations.

 

Further in connection with the execution of the March 27, 2023 agreement all parties to the note agreed that after the initial principal payment, additional payments made on or prior to September 30, 2023, shall reduce the amounts outstanding under the note such that for each $1.00 paid to Payee, (i) the principal amount of the Note shall be reduced by $5.0416, and (ii) Maker shall be deemed to have repaid all interest that has accrued on such principal amount from the date of the Note to the date of such payment. For purpose of clarity, it is hereby acknowledged and agreed, that the payment of the Initial Principal Payment together with additional payments in the aggregate amount of $500,000, made by Maker to Payee on or prior to September 30, 2023, shall satisfy all of Maker’s obligations under the Note. To the extent any amounts remain outstanding under the Note after September 30, 2023, all payments made by Maker to Payee under the Note following September 30, 2023 shall be applied to repay the Note in accordance with its terms without regard to this Agreement.

 

Note 8 – Subsequent Events

 

Subsequent to June 30, 2024, the Company raised $25,000 through the issuance of a convertible notes payable. The note bears interest at 6% per annum and is convertible into shares of the Company’s common stock at $0.01 per share, The note matures  November 2027.

 

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GB SCIENCES, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis of Financial Condition and Results of Operations

June 30, 2024

(unaudited)

 

ITEM 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, believes”, “estimates”, “predicts” or “continue”, which list is not meant to be all-inclusive, and other such negative terms and comparable technology. These forward-looking statements, include, without limitation, statements about market opportunity, strategies, competition, expected activities and expenditures as we pursue business our plan, and the adequacy of available cash reserves. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include among other things:

 

(i) product demand, market and customer acceptance of any or all of the Company’s products, equipment and other goods,

(ii) ability to obtain financing to expand its operations,

(iii) ability to attract and retain qualified personnel,

(iv) the results, cost and timing of our preclinical studies and clinical trials, including any delays to such clinical trials relating to enrollment or site initiation, as well as the number of required trials for regulatory approval and the criteria for success in such trials,

(v) our dependence on third parties in the conduct of our preclinical studies and clinical trials,

(vi) legal and regulatory developments in the United States and foreign countries, including any actions or advice that may affect the design, initiation, timing, continuation, progress or outcome of clinical trials or result in the need for additional clinical trials,

(vii) the results of our preclinical studies and earlier clinical trials of our product candidates may not be predictive of future results and we may not have favorable results in our ongoing or planned clinical trials,

(viii) the difficulties and expenses associated with obtaining and maintaining regulatory approval of our product candidates, and the indication and labeling under any such approval,

(ix) our plans and ability to develop and commercialize our product candidates,

(x) successful development of our commercialization capabilities, including sales and marketing capabilities, whether alone or with potential future collaborators,

(xi) the size and growth of the potential markets for our product candidates, the rate and degree of market acceptance of our product candidates and our ability to serve those markets,

(xii) the success of competing therapies and products that are or become available,

(xiii) our ability to limit our exposure under product liability lawsuits, shareholder class action lawsuits or other litigation,

(xiv) our ability to obtain and maintain intellectual property protection for our product candidates,

(xv) our ability to obtain and maintain third-party manufacturing for our product candidates on commercially reasonable terms,

(xvi) delays, interruptions or failures in the manufacture and supply of our product candidates,

(xvii) the performance of third parties upon which we depend, including third-party contract research organizations, or CROs, contract manufacturing organizations, or CMOs, contractor laboratories and independent contractors,

(xviii) the timing and outcome of current and future legal proceedings,

(xix) our ability to maintain proper functionality and security of our internal computer and information systems and prevent or avoid cyberattacks, malicious intrusion, breakdown, destruction, loss of data privacy or other significant disruption,

(xx) the adequacy of capital reserves and liquidity including, but not limited to, access to additional borrowing capacity,

(xxi) the extent to which health epidemics and other outbreaks of communicable diseases, including the ongoing COVID-19 pandemic, could disrupt our operations or materially and adversely affect our business and financial conditions, and

(xxii) general industry and market conditions and growth rates, unexpected natural disasters, and other factors, which we have little or no control: and any other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

 

The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this report.

 

The following discussion highlights the Company’s results of operations and the principal factors that have affected our financial condition, as well as our liquidity and capital resources for the periods described and provides information that management believes is relevant for an assessment and understanding of the statements of financial condition and results of operations presented herein. The following discussion and analysis is based on the Company’s unaudited financial statements contained in this Quarterly Report, which we have prepared in accordance with United States generally accepted accounting principles. You should read this discussion and analysis together with such financial statements and the related notes thereto.

 

 

Executive Overview

 

GB Sciences, Inc. (“the Company”, “GB Sciences”, “we”, “us”, or “our”) is a plant-inspired, biopharmaceutical research and development company creating patented, disease-targeted formulations of cannabis- and other plant-inspired therapeutic mixtures for the prescription drug market through its wholly owned Canadian subsidiary, GbS Global Biopharma, Inc. (“GBSGB”).

 

Through GBSGB, the Company is engaged in the research and development of plant-inspired medicines, with virtual operations in North America and Europe. GBSGB’s assets include a portfolio of intellectual property containing both proprietary plant-inspired formulations and our AI-enabled drug discovery platform, as well as critical research contracts and key supplier arrangements. The Company’s intellectual property portfolio, which is held by GBSGB, contains eight U.S. and twelve foreign patents issued, two foreign patents allowed, as well as fifteen U.S. and forty-one foreign patent-pending applications.

 

The Company’s intellectual property covers a range of over 65 medical conditions, from which five drug development programs are in the preclinical stage of drug development including our formulations for Parkinson’s disease ("PD"), chronic pain, cytokine release syndrome, stress/anxiety/depression, and cardiovascular therapeutic programs. The primary focus for the development of the Company’s lead program this year has been in evaluating suitable development partners that will assist us in preparing its cannabinoid-based formulas for the treatment of the motor symptoms of Parkinson's disease for a first-in-human clinical trial. Talks with multiple potential licensing partners are ongoing and remain promising to help support the development of our Parkinson’s disease therapy. Depending on the results of ongoing preclinical studies for our other therapy programs, the Company intends to move our drug development forward towards clinical trials for its proprietary treatments for chronic pain, stress/anxiety, and cytokine release syndrome therapies after PD.

 

In the period from March 30, 2023 to now, the Company received positive results from five different preclinical trials. These important studies support the viability of its novel therapeutic programs. In July of 2023, the Company announced that they have successfully completed a dose response study in rodents at the University of Lethbridge that supports the Company’s cannabinoid-based therapy for Parkinson’s disease. The study has established dose ranges and the corresponding times to onset and duration of action in a rodent model, which helps to establish the correct dosing of the Company’s cannabinoid-containing Parkinson’s formulations for a first-in-human trial. In addition to the dosage range findings, this study demonstrated that the Company’s Parkinson’s disease formulations were well tolerated, and there were no adverse effects. As the second most common neurodegenerative disease, the market for Parkinson’s disease (PD) treatments is expected to grow to $12.8 billion by 2028.

 

During the period from March 30, 2023 to now, the Company’s formulations for chronic pain, anxiety and depression have been evaluated in preclinical animal studies with researchers at the National Research Council (NRC) Canada. Drug candidates originally identified by PhAROS™ have now been validated in these preclinical animal studies at the NRC. Two preclinical studies at the University of Seville were completed this year. One evaluated the effectiveness of our extended-release formulas for chronic pain and showed positive results in preclinical cell models. The other validated the stability (shelf-life) of these nanoparticle-based and extended-release formulas for chronic pain. This shelf-life study demonstrated significant stability under defined storage conditions.

 

Previously, the Company received positive preclinical proof-of-concept data supporting its complex mixtures for the treatment of Cytokine Release Syndrome, and its lead candidates will be optimized based on late-stage preclinical studies at Michigan State University. Proof-of-concept studies in animals that support our heart disease formulations have been successfully completed at the University of Hawaii. The Company runs a lean drug development program through GBSGB and takes effort to minimize expenses, including personnel, overhead, and fixed capital expenses through strategic partnerships with Universities and Contract Research Organizations (“CROs”). Our productive research and development network includes distinguished universities, hospitals, and Contract Research Organizations. 

 

 

Recent Developments

 

Divestiture of Nevada Cannabis Operations

 

On March 24, 2020, the Company entered into the Membership Interest Purchase Agreement ("Teco MIPA") with AJE Management, LLC. Pursuant to the Teco MIPA, the Company agreed to sell 100% of its membership interests in GB Sciences Nevada, LLC, and GB Sciences Las Vegas, LLC (the "Teco Subsidiaries") for approximately $8 million, which amount includes a cash payment at closing, the extinguishment and/or repayments of certain liabilities owed to the purchaser and affiliates of the purchaser, and an 8% promissory note.

 

On August 10, 2020, the Company entered into the Membership Interest Purchase Agreement ("Nopah MIPA") and Promissory Note Modification Agreement with 483 Management, LLC. Pursuant to the Nopah MIPA, the Company agreed to sell its 100% membership interest in GB Sciences Nopah, LLC ("Nopah"), which holds a Nevada medical marijuana cultivation certificate. As consideration, the Company would receive $312,315 in consideration in the form of a $237,668 reduction to the outstanding principal and accrued interest balances of the 0% Note payable dated October 23, 2017, and extinguishment of accounts payable of $74,647, which were owed to an affiliate of the purchaser.

 

The closing of the Teco and Nopah sales was contingent upon the successful transfer of the Nevada cultivation and production licenses. On December 14, 2021, the Company received approval from the Nevada Cannabis Compliance Board for the transfer of cannabis cultivation and extraction licenses held by its subsidiaries GB Sciences Nevada, LLC, GB Sciences Las Vegas, LLC, and GB Sciences Nopah, LLC (the "Nevada Subsidiaries"). Consequently, all conditions to closing the sales of the 100% membership interests in the Nevada Subsidiaries were satisfied, and the transactions formally closed on December 31, 2021. After the closing date, the Company retains no ownership interest in the Nevada Subsidiaries.

 

As consideration for the membership interests, the Company received cash payments of $1,648,772 (including $400,000 in advance payments received during the nine months ended December 31, 2021), the extinguishment of debt and current liabilities owed to affiliates of the purchaser of $3,462,854, and a $3,025,000 8% note receivable.

 

 

Intellectual Property Portfolio

 

In the past year, GBLX/GBSGB’s foreign patents for plant-based treatments of serious disorders were allowed in different countries, expanding our patent protections as follows. On February 3, 2023, GB Sciences’ first foreign patent protecting its proprietary cannabinoid-based formulations for Parkinson’s disease was issued in China. China is an increasingly important pharmaceutical market with cultural acceptance of plant-based formulations, which is a good fit for GB Sciences’ drug candidates. The global market for treatments of Parkinson’s disease is projected to grow to $8.8 billion by the year 2026, and new therapies to address Parkinson’s disease symptoms are greatly needed. The Chinese Patent was issued for GBSGB’s Cannabinoid-Containing Complex Mixtures for the treatment of Parkinson’s disease. On December 1, 2022, the Israeli (IL) Patent was allowed, protecting our Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). MCAS is a severe immunological condition in which mast cells inappropriately and excessively release inflammatory mediators, resulting in a range of severe chronic hyperinflammatory symptoms and life-threatening anaphylaxis attacks. On December 15, 2022, the Australian (AU) Patent was allowed, protecting the Company’s Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). On February 20, 2023, the Japanese (JP) Patent was allowed, protecting the Company’s Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). Additionally, on March 9, 2023, the Notice of Allowance was received for the Company’s U.S. Patent Application No. 16/878,295. This Notice of Allowance protects the use of the Company’s Myrcene-Containing Complex Mixtures in the treatment of cardiac hypertrophy, overactive bladder, and refractory chronic cough. On April 25, 2023, the Japanese patent was also issued for the use of GBSGB’s Cannabinoid-Containing Complex Mixtures in the treatment of Parkinson’s disease.

 

In 2021, our growing intellectual property portfolio was augmented with additional patent-protections for our PhAROS™ drug discovery platform that were filed in July of 2021 and in October of 2021. The Company, through GBSGB, also filed for protection of new PhAROS™ discovered, non-cannabis formulations in July of 2021. In September of 2021, the Company filed a patent application for the Company’s improved DCR-MEM formulations for our PD therapeutic program. These new patent applications expanded upon the solid foundation of intellectual property developed over the past six years.

 

In 2020, the three patents which protect formulations for the Company’s lead therapeutic programs were issued by the USPTO. The issuance of U.S. Patent No. 10,653,640 entitled "Cannabinoid-Containing Complex Mixtures for the Treatment of Neurodegenerative Diseases" on May 19, 2020 protects methods of using GBSGB’s proprietary cannabinoid-containing complex mixtures (CCCM™) for treating Parkinson’s Disease. This was an important milestone in the development of these vitally important therapies and validates GBSGB’s drug discovery platform. In the US alone, the combined direct and indirect costs associated with Parkinson’s disease are estimated at $52 billion, and new therapies to address Parkinson’s disease symptoms are greatly needed. This was also the first time that a US patent has been awarded for a cannabis-based complex mixture defined using this type of drug discovery method. The first US patent for PD therapies validated our drug discovery platform and strengthened our intellectual property portfolio of unique CCCM’s™, each targeting one of up to 60 specific clinical applications.

 

The issuance of the Company’s second and third US patents for active pharmaceutical ingredients that are complex mixtures identified by our biotech platform further confirmed that the Company’s pharmaceutical compositions can be patent protected for use as biopharmaceutical and nutraceutical products. The US Patent entitled “Myrcene-Containing Complex Mixtures Targeting TRPV1” protects methods of using our proprietary MEMs for the treatment of pain disorders related to arthritis, shingles, irritable bowel syndrome, sickle cell disease, and endometriosis. In the US alone, chronic pain represents an estimated health burden of between $560 and $650 billion dollars, and an estimated 20.4% of U.S. adults suffer from chronic pain that significantly decreases their quality of life. Despite the widespread rates of addiction and death, opioids remain the standard of care treatment for most people with chronic pain. The Company believes that it is important to create safer, less addictive alternatives to opioids for the treatment of chronic pain disorders, like GBSGB’s myrcene-containing MEMs.

 

The Company's third issued US Patent entitled "Cannabinoid-Containing Complex Mixtures for the Treatment of Mast-Cell-Associated or Basophil-Mediated Inflammatory Disorders" protects methods of using the Company’s proprietary MEMs for treating Mast Cell Activation Syndrome (MCAS). MCAS is a severe immunological condition in which mast cells inappropriately and excessively release inflammatory mediators, resulting in a range of severe chronic hyperinflammatory symptoms and life-threatening anaphylaxis attacks. Receiving this patent for the treatment of MCAS using our MEMs is an important milestone in the development of this urgently needed medicine. There is no single recommended treatment for MCAS patients. Instead, they attempt to manage MCAS symptoms primarily by avoiding ‘triggers’ and using rescue medicines for their severe hyperinflammatory attacks. Therefore, MCAS patients need new therapeutic options to control their mast cell related symptoms, and our MEMs were designed to simultaneously control multiple inflammatory pathways within mast cells as a comprehensive treatment option. The Company is strategically targeting MCAS for two additional reasons. By focusing on a rare disease with no known cure, our company can apply for the U.S. Food and Drug Administration’s expedited approval process, which allows clinically successful treatments to get to market both quicker and more cost effectively. Gaining approval from the US FDA for the entire anti-inflammatory market would be extremely time consuming and cost prohibitive. Demonstrating that our MEMs are safe for the treatment of MCAS would favorably position our Company for clinical testing of these MEMs as potential treatments for other related inflammatory disorders, such as inflammatory bowel disease, thereby widening the target market and drastically shortening the development cycle and costs.

 

 

The Company’s fourth US Patent was issued on March 1, 2022 for a cannabinoid-containing mixture designed to treat cardiac hypertrophy, often present in advanced heart disease. GB Sciences’ newly issued patent also covers the use of these receptor-targeted formulations for the treatment of TRPV1-receptor associated hearing loss and urinary cystitis. Despite multiple categories of prescription heart medications on the market, heart disease remains the leading cause of death in the United States for people of most racial and ethnic groups. Alternative therapeutic approaches are still needed, especially for the treatment of advanced heart disease. The market for prescription heart disease medications is predicted to rise to $64 billion dollars in the US by 2026, with future market growth fueled by innovative new therapeutic approaches. 

 

 

RESULTS OF OPERATIONS

 

The following table sets forth certain of our Consolidated Statements of Operations data from continuing operations:

 

		For the Three Months Ended
		June 30,
		2024				2023
General and administrative expenses		$	254,137			$	265,122
LOSS FROM OPERATIONS			(254,137	)			(265,122	)
OTHER INCOME/(EXPENSE)
Interest expense			(30,881	)			(40,804	)
Loss on impairment of capitalized patent and trademark costs			-				(42,194	)
Other income			-				75,000
Total other income (expense)			(30,881	)			(7,999	)
LOSS BEFORE INCOME TAXES			(285,018	)			(273,121	)
Income tax expense			-				-
NET LOSS		$	(285,018	)		$	(273,121	)

 

Comparison of the Three Months Ended June 30, 2024 and 2023

 

General and Administrative Expenses

 

General and administrative expenses decreased by $10,985 to $254,137 for the three months ended June 30, 2024, compared to $265,122 for the three months ended June 30, 2023. The decrease of $10,985 is attributable to Company’s continuing efforts to maintain administrative costs at a minimum and to make the best use of its limited resources in advancing research & development of the Company's intellectual property portfolio.

 

Interest Expense

 

Interest expense decreased by $9,923 to $30,881 for the three months ended June 30, 2024, compared to $40,804 in the prior year quarter. The decrease is attributable to debt discounts becoming fully amortized during the period, partially offset by an increase in net note balances due to new notes in the current period.

 

Other income

 

During the three months ended June 30, 2024, the Company recorded other income of $0. The income in the 2023 period relates to the receipt of $75,000 from the makers of a note receivable in the amount of $2,520,833 due and payable to the Company. The note receivable was fully allowed for as of March 31, 2023 and therefore the receipt of cash from the payor has been classified as other income.

 

Loss on impairment of capitalized patent and trademark costs

 

During the three months ended June 30, 2024, no impairment was recorded. During the three months ended June 30, 2023, the Company recorded an impairment of all remaining capitalized patents and trademark costs totaling $42,195.

 

 

LIQUIDITY AND CAPITAL RESOURCES

 

Current Liquidity

 

The Company will need additional capital to implement its strategies. There is no assurance that it will be able to raise the amount of capital needed for future growth plans. Even if financing is available, it may not be on terms that are acceptable. If unable to raise the necessary capital at the times required, the Company may have to materially change the business plan, including delaying implementation of aspects of the business plan or curtailing or abandoning the business plan. In order to be able to achieve the strategic goals, the Company needs to further expand its business and financing activities. Based on the Company's cash position, it is necessary to raise additional capital by the end of the next quarter in order to continue to fund current operations. These factors raise substantial doubt about the ability to continue as a going concern.  The Company is pursuing several alternatives to address this situation, including the raising of additional funding through equity or debt financing. In order to finance existing operations and pay current liabilities over the next twelve months, the Company will need to raise additional capital. No assurance can be given that the Company will be able to operate profitably on a consistent basis, or at all, in the future.

 

The principal sources of liquidity to date have been cash generated from sales of debt and equity securities and loans along with the sale of our subsidiaries.

 

At June 30, 2024, cash was $0, other current assets excluding cash were $91,451, and our working capital deficit was $5,267,133. Current liabilities were $5,358,584 and consisted principally of $2,304,978 in accounts payable and accounts payable - related party, accrued interest of $487,974, $1,512,307 in notes and convertible notes payable (short term and long term), and a federal income tax liability related to the Company's past ownership of the Nevada Subsidiaries of $1,060,825.

 

At March 31, 2024, the Company had a cash balance of $11,991, other current assets excluding cash were $91,451, and our working capital deficit was $4,992,115. Current liabilities were $5,095,557, which consisted principally of $1,437,307 in notes and convertible notes payable, $2,012,896 in accounts payable, and $1,060,825 income taxes payable.

 

 

Sources and Uses of Cash

 

Operating Activities

 

Net cash used in operating activities increased $83,310 to $21,991 for the three months ended June 30, 2024, compared to cash used of $105,301 for the three months ended June 30, 2023. The decrease in cash used in operating activities is due to the net loss of $285,018 for the three months ended June 30, 2024 offset by accounts payable, accrued liabilities and accrued interest totaling $263,028, compared to the net loss of $273,121 for the three months ended June 30, 2023. We anticipate that cash flows from operations will be insufficient to fund business operations for the next twelve-month period. Accordingly, we will have to generate additional liquidity or cash flow to fund our current and anticipated operations. This will likely require the sale of additional common stock or other securities. There is no assurance that we will be able to realize any significant proceeds from such sales, if at all.

 

Financing Activities

 

During the three months ended June 30, 2024, the Company recorded cash flows provided by financing activities of $10,000, in gross proceeds from the exercise of warrants. Cash provided by financing activities for the three months ended June 30, 2023 included $25,000 gross proceeds from convertible notes payable.

 

Going Concern 

 

The Company’s consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has sustained net losses since inception, which have caused an accumulated deficit of $110,352,010 at June 30, 2024. The Company had a working capital deficit of $5,267,133 at June 30, 2024, compared to a deficit of $4,450,202 at June 30, 2023. In addition, the Company has consumed cash in its operating activities of $21,991 for the three months ended June 30, 2024, compared to $105,301 used in operating activities for the three months ended June 30, 2023. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.

 

Management has been able, thus far, to finance the losses through a public offering, private placements and obtaining operating funds from stockholders. The Company is continuing to seek sources of financing.  There are no assurances that the Company will be successful in achieving its goals.

 

In view of these conditions, the Company’s ability to continue as a going concern is dependent upon its ability to obtain additional financing or capital sources, to meet its financing requirements, and ultimately to achieve profitable operations. Accordingly, there is substantial doubt about the Company to continue as a going concern for a period of twelve months from the date of these financial statements were made available. Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that may be necessary in the event the Company is unable to continue as a going concern.

 

VARIABLES AND TRENDS

 

In the event the Company is able to obtain the necessary financing to progress with its business plan, the Company expects expenses to increase significantly to grow the business. Accordingly, the comparison of the financial data for the periods presented may not be a meaningful indicator of future performance and must be considered in light of these circumstances.

 

CRITICAL ACCOUNTING POLICIES

 

A description of the Company's significant accounting policies is included in Note 3 of its Annual Report on Form 10–K for the fiscal year ended March 31, 2024.

 

ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

 

ITEM 4.  Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

The Company  maintains disclosure controls and procedures that are designed to ensure that material information required to be disclosed in the periodic reports filed under the Securities Exchange Act of 1934, as amended, or 1934 Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to ensure that such information is accumulated and communicated to management, including the chief executive officer and chief financial officer as appropriate, to allow timely decisions regarding required disclosure. At the end of the quarter ended June 30, 2024, the Company carried out an evaluation, under the supervision and with the participation of management, including the principal executive officer and the principal financial officer, of the effectiveness of the design and operation of disclosure controls and procedures, as defined in Rule 13(a)-15(e) and Rule 15d-15(e) under the 1934 Act. Based on this evaluation, management concluded that as of June 30, 2024, the disclosure controls and procedures were not effective due to material weaknesses: (1) as no member of our board of directors qualifies as an “audit committee financial expert” as defined in Item 407(d)(5) of Regulation S-K promulgated under the Securities Act; and (2) due to the fact the duties of the principal executive officer and the principal financial officer are consolidated in one person and therefore the Company lacks duel control within the duties of these two positions.

 

Limitations on Effectiveness of Controls and Procedures

 

Management, including the Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), does not expect that disclosure controls and procedures will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

Changes in Internal Controls

 

During the fiscal quarter ended June 30, 2024, there have been no changes in the internal controls over financial reporting that have materially affected or are reasonably likely to materially affect the internal controls over financial reporting. 

 

 

PART II – OTHER INFORMATION

ITEM 1.  Legal Proceedings

 

No new items to disclose.

 

ITEM 1A.  Risk Factors

 

There are no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, as filed with the SEC.

 

ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds

 

During the three months ended June 30, 2024, the Company accepted the exercise of 1,000,000 warrants at $0.01 per share of common stock, for gross cash proceeds of $10,000. The common shares were not registered under the Act and were issued in reliance upon the exemption from registration contained in Section 4(2) of the Act since the transactions were not a part of any public offering.

 

ITEM 3. Defaults Upon Senior Securities

 

No new items to disclose.

 

ITEM 4.  Mine Safety Disclosures

 

Not Applicable.

 

ITEM 5.  Other Information

 

None.

 

ITEM 6.  Exhibits

 

In reviewing the agreements included as exhibits to this Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the parties to the applicable agreement and:

 

●should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; 

 

●have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; 

 

●may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and 

 

●were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. 

 

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this Form 10-Q and the Company’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

 

 

The following exhibits are included as part of this report:

 

Exhibit Number		Description of Exhibit
3.1		Articles of Incorporation (Incorporated by reference to an exhibit to Form SB-2 No. 333-82580 filed with the Commission on February 12, 2002)
3.2		Amendment to Articles of Incorporation (Incorporated by reference to Exhibit 3.2 to Form S-1/A No. 333-82580 filed with the Commission on October 6, 2014 and Exhibit 3.2 to the Annual Report on Form 10-K filed with the Commission on June 27, 2014)
3.3		Articles of Incorporation (Incorporated by reference to Exhibit 3.3 to the Annual Report on Form 10-K filed with the Commission on August 28, 2020)
3.4		Amendment to Articles of Incorporation (Incorporated by reference to Exhibit 3.3 to the Annual Report on Form 10-K filed with the Commission on August 28, 2020)
3.5		Amendment to Articles of Incorporation (Incorporated by reference to Exhibit 3.5 to the Annual Report on Form 10-K filed with the Commission on July 14, 2023)
3.6		Bylaws (Incorporated by reference to an exhibit to Form SB-2 No. 333-82580 filed with the Commission on February 12, 2002)
31.1		Certification of Principal Executive and Financial Officer and Pursuant to Rule 13a-14
32.1*		Chief Executive Officer and Chief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

* This certification is being furnished and shall not be deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

 

 

SIGNATURES

 

 

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	GB SCIENCES, INC.
Date: November 27, 2024	By:	/s/ Dr. Andrea Small-Howard
	Dr. Andrea Small-Howard, Chief Executive Officer, Interim Chief Financial Officer and Chairman of the Board
	(Principal Executive Officer and Principal Financial Officer)

 

 

Exhibit 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER 

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Dr. Andrea Small-Howard, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of GB Sciences, Inc.; 

 

2.Based on my knowledge, the quarterly report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

 

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for the periods presented in this report; 

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures; and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): 

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and 

 

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls. 

 

Date: November 27, 2024	/s/ Dr. Andrea Small-Howard
	Dr. Andrea Small-Howard, Chief Executive Officer and Interim Chief Financial Officer
	(Principal Executive Officer and Principal Financial Officer)

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

 

AS ADOPTED PURSUANT TO

 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of GB Sciences, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dr. Andrea Small Howard, Chief Executive Officer and Interim Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. 

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

Date: November 27, 2024	/s/ Dr. Andrea Small-Howard
	Dr. Andrea Small-Howard, Chief Executive Officer and Interim Chief Financial Officer
	(Principal Executive Officer and Principal Financial Officer)

 

v3.24.3

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2024	Nov. 27, 2024
Document Information [Line Items]
Entity Central Index Key	0001165320
Entity Registrant Name	GB SCIENCES INC
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-55462
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	59-3733133
Entity Address, Address Line One	9205 W. Russell Road, Suite 240
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89148
City Area Code	866
Local Phone Number	721-0297
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		407,071,028

v3.24.3

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2024	Mar. 31, 2024
Cash and cash equivalents	$ 0	$ 11,991
Prepaid expenses and other current assets	91,451	91,451
TOTAL CURRENT ASSETS	91,451	103,442
CURRENT LIABILITIES:
Accrued interest	487,974	457,093
Accrued liabilities	67,500	0
Notes and convertible notes payable	1,437,307	1,437,307
Income tax payable	1,060,825	1,060,825
TOTAL CURRENT LIABILITIES	5,358,584	5,095,557
Convertible notes payable, non-current	322,000	322,000
TOTAL LIABILITIES	5,680,584	5,417,557
Commitments and contingencies (Note 5)
STOCKHOLDERS' DEFICIT:
Common Stock, $0.0001 par value, 950,000,000 shares authorized, 407,071,028 and 406,071,028 outstanding at June 30, 2024 and March 31, 2024, respectively	40,821	40,721
Additional paid-in capital	104,722,056	104,712,156
Accumulated deficit	(110,352,010)	(110,066,992)
TOTAL STOCKHOLDERS' DEFICIT	(5,589,133)	(5,314,115)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	91,451	103,442
Nonrelated Party [Member]
CURRENT LIABILITIES:
Accounts payable	2,170,029	2,012,896
Related Party [Member]
CURRENT LIABILITIES:
Accounts payable	$ 134,949	$ 127,436

v3.24.3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Mar. 31, 2024
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	950,000,000	950,000,000
Common stock, shares issued (in shares)	407,071,028	406,071,028
Common stock, shares outstanding (in shares)	407,071,028	406,071,028

v3.24.3

Consolidated Statements of Operations (Unaudited) - USD ($) $ / shares in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Sales revenue	$ 0	$ 0
Cost of goods sold	0	0
Gross profit	0	0
General and administrative expenses	254,137	265,122
LOSS FROM OPERATIONS	(254,137)	(265,122)
OTHER (EXPENSE) INCOME
Interest expense	(30,881)	(40,804)
Other income (Note 7)	0	75,000
Loss on impairment of capitalized patent and trademark costs	0	(42,195)
Total other expense	(30,881)	(7,999)
LOSS BEFORE INCOME TAXES	(285,018)	(273,121)
Income tax expense	0	0
NET LOSS	(285,018)	(273,121)
Deemed dividend	(3,462)	0
Net loss attributable to common shareholders	$ (288,480)	$ (273,121)
Net loss per common share – basic and diluted (in dollars per share)	$ (0)	$ (0)
Weighted average common shares outstanding - basic and diluted (in shares)	406,565,533	381,872,561

v3.24.3

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
OPERATING ACTIVITIES:
Net loss	$ (285,018)	$ (273,121)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	0	624
Amortization of debt discount and beneficial conversion feature	0	15,075
Loss on impairment of capitalized patent and trademark costs	0	42,195
Changes in operating assets and liabilities:
Accounts payable	164,646	84,197
Accrued liabilities	67,500	0
Accrued interest	30,881	25,729
Net cash used in operating activities	(21,991)	(105,301)
FINANCING ACTIVITIES:
Gross proceeds from warrant exercises	10,000	0
Proceeds from issuing convertible note	0	25,000
Net cash provided by financing activities	10,000	25,000
Net change in cash and cash equivalents	(11,991)	(80,301)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	11,991	109,912	$ 109,912
CASH AND CASH EQUIVALENTS AT END OF PERIOD	0	29,611	$ 11,991
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	0	0
Cash paid for income tax	0	0
Non-cash investing and financing transactions:
Deemed dividend	$ 3,462	$ 0

v3.24.3

Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Mar. 31, 2023	381,872,561
Balance at Mar. 31, 2023	$ 38,187	$ 104,259,745	$ (108,705,315)	$ (4,407,383)
Stock issued for cash, net of offering costs (in shares)	0
Stock issued for cash, net of offering costs	$ 0	0	0	0
Share based compensation expense	0	0	0	0
Net income (loss)	$ 0	0	(273,121)	(273,121)
Deemed dividend				(0)
Balance (in shares) at Jun. 30, 2023	381,872,561
Balance at Jun. 30, 2023	$ 38,187	104,259,745	(108,978,436)	(4,680,504)
Balance (in shares) at Mar. 31, 2024	406,071,028
Balance at Mar. 31, 2024	$ 40,721	104,712,156	(110,066,992)	(5,314,115)
Net income (loss)	$ 0	0	(285,018)	(285,018)
Exercise of warrants (in shares)	1,000,000
Exercise of warrants	$ 100	9,900	0	10,000
Warrant repricing	0	(3,462)	0	(3,462)
Deemed dividend	$ 0	3,462	0	3,462
Balance (in shares) at Jun. 30, 2024	407,071,028
Balance at Jun. 30, 2024	$ 40,821	$ 104,722,056	$ (110,352,010)	$ (5,589,133)

v3.24.3

Note 1 - Background and Significant Accounting Policies	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1 – Background and Significant Accounting Policies    Business   GB Sciences, Inc. (“the Company”, “GB Sciences”, “we”, “us”, or “our”) is a plant-inspired, biopharmaceutical research and development company creating patented, disease-targeted formulations of cannabis- and other plant-inspired therapeutic mixtures for the prescription drug market through its wholly owned Canadian subsidiary, GbS Global Biopharma, Inc. (“GBSGB”).   Through GBSGB, the Company is engaged in the research and development of plant-inspired medicines, with virtual operations in North America and Europe. GBSGB’s assets include a portfolio of intellectual property containing both proprietary plant-inspired formulations and our AI-enabled drug discovery platform, as well as critical research contracts and key supplier arrangements. The Company’s intellectual property portfolio, which is held by GBSGB, contains eight U.S. and twelve foreign patents issued, two foreign patents allowed, as well as fifteen U.S. and forty-one foreign patent-pending applications.   The Company was incorporated in the State of Delaware on April 4, 2001, under the name “Flagstick Venture, Inc.” On March 28, 2008, stockholders owning a majority of our outstanding common stock approved changing the then name “Signature Exploration and Production Corp.” when the business model had changed.   On April 4, 2014, the Company changed its name from Signature Exploration and Production Corporation to Growblox Sciences, Inc. Effective December 12, 2016, the Company amended its Certificate of Corporation pursuant to shareholder approval, and the Company’s name was changed from Growblox Sciences, Inc. to GB Sciences, Inc.   Effective April 8, 2018, Shareholders of the Company approved the change in corporate domicile from the State of Delaware to the State of Nevada and increase in the number of authorized capital shares from 250,000,000 to 400,000,000. Effective August 15, 2019, Shareholders of the Company approved an increase in authorized capital shares from 400,000,000 to 600,000,000. Effective March 09, 2023, Shareholders of the Company approved an increase in authorized capital shares from 600,000,000 to 950,000,000.   Recent Developments   Intellectual Property Portfolio   In the past year, GBLX/GBSGB’s foreign patents for plant-based treatments of serious disorders were allowed in different countries, expanding our patent protections as follows. On February 3, 2023, GB Sciences’ first foreign patent protecting its proprietary cannabinoid-based formulations for Parkinson’s disease was issued in China. China is an increasingly important pharmaceutical market with cultural acceptance of plant-based formulations, which is a good fit for GB Sciences’ drug candidates. The global market for treatments of Parkinson’s disease is projected to grow to $8.8 billion by the year 2026, and new therapies to address Parkinson’s disease symptoms are greatly needed. The Chinese Patent was issued for GBSGB’s Cannabinoid-Containing Complex Mixtures for the treatment of Parkinson’s disease. On December 1, 2022, the Israeli (IL) Patent was allowed, protecting our Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). MCAS is a severe immunological condition in which mast cells inappropriately and excessively release inflammatory mediators, resulting in a range of severe chronic hyperinflammatory symptoms and life-threatening anaphylaxis attacks. On December 15, 2022, the Australian (AU) Patent was allowed, protecting the Company’s Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). On February 20, 2023, the Japanese (JP) Patent was allowed, protecting the Company’s Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). Additionally, on March 9, 2023, the Notice of Allowance was received for the Company’s U.S. Patent Application No. 16/878,295. This Notice of Allowance protects the use of the Company’s Myrcene-Containing Complex Mixtures in the treatment of cardiac hypertrophy, overactive bladder, and refractory chronic cough. On April 25, 2023, the Japanese patent was also issued for the use of GBSGB’s Cannabinoid-Containing Complex Mixtures in the treatment of Parkinson’s disease.   In 2021, our growing intellectual property portfolio was augmented with additional patent-protections for our PhAROS™ drug discovery platform that were filed in July of 2021 and in October of 2021. The Company, through GBSGB, also filed for protection of new PhAROS™ discovered, non-cannabis formulations in July of 2021. In September of 2021, the Company filed a patent application for the Company’s improved DCR-MEM formulations for our PD therapeutic program. These new patent applications expanded upon the solid foundation of intellectual property developed over the past six years.   In 2020, the three patents which protect formulations for the Company’s lead therapeutic programs were issued by the USPTO. The issuance of U.S. Patent No. 10,653,640 entitled "Cannabinoid-Containing Complex Mixtures for the Treatment of Neurodegenerative Diseases" on May 19, 2020 protects methods of using GBSGB’s proprietary cannabinoid-containing complex mixtures (CCCM™) for treating Parkinson’s Disease. This was an important milestone in the development of these vitally important therapies and validates GBSGB’s drug discovery platform. In the US alone, the combined direct and indirect costs associated with Parkinson’s disease are estimated at $52 billion, and new therapies to address Parkinson’s disease symptoms are greatly needed. This was also the first time that a US patent has been awarded for a cannabis-based complex mixture defined using this type of drug discovery method. The first US patent for PD therapies validated our drug discovery platform and strengthened our intellectual property portfolio of unique CCCM’s™, each targeting one of up to 60 specific clinical applications.   The issuance of the Company’s second and third US patents for active pharmaceutical ingredients that are complex mixtures identified by our biotech platform further confirmed that the Company’s pharmaceutical compositions can be patent protected for use as biopharmaceutical and nutraceutical products. The US Patent entitled “Myrcene-Containing Complex Mixtures Targeting TRPV1” protects methods of using our proprietary MEMs for the treatment of pain disorders related to arthritis, shingles, irritable bowel syndrome, sickle cell disease, and endometriosis. In the US alone, chronic pain represents an estimated health burden of between $560 and $650 billion dollars, and an estimated 20.4% of U.S. adults suffer from chronic pain that significantly decreases their quality of life. Despite the widespread rates of addiction and death, opioids remain the standard of care treatment for most people with chronic pain. The Company believes that it is important to create safer, less addictive alternatives to opioids for the treatment of chronic pain disorders, like GBSGB’s myrcene-containing MEMs.   The Company's third issued US Patent entitled "Cannabinoid-Containing Complex Mixtures for the Treatment of Mast-Cell-Associated or Basophil-Mediated Inflammatory Disorders" protects methods of using the Company’s proprietary MEMs for treating Mast Cell Activation Syndrome (MCAS). MCAS is a severe immunological condition in which mast cells inappropriately and excessively release inflammatory mediators, resulting in a range of severe chronic hyperinflammatory symptoms and life-threatening anaphylaxis attacks. Receiving this patent for the treatment of MCAS using our MEMs is an important milestone in the development of this urgently needed medicine. There is no single recommended treatment for MCAS patients. Instead, they attempt to manage MCAS symptoms primarily by avoiding ‘triggers’ and using rescue medicines for their severe hyperinflammatory attacks. Therefore, MCAS patients need new therapeutic options to control their mast cell related symptoms, and our MEMs were designed to simultaneously control multiple inflammatory pathways within mast cells as a comprehensive treatment option. The Company is strategically targeting MCAS for two additional reasons. By focusing on a rare disease with no known cure, our company can apply for the U.S. Food and Drug Administration’s expedited approval process, which allows clinically successful treatments to get to market both quicker and more cost effectively. Gaining approval from the US FDA for the entire anti-inflammatory market would be extremely time consuming and cost prohibitive. Demonstrating that our MEMs are safe for the treatment of MCAS would favorably position our Company for clinical testing of these MEMs as potential treatments for other related inflammatory disorders, such as inflammatory bowel disease, thereby widening the target market and drastically shortening the development cycle and costs.   The Company’s fourth US Patent was issued on March 1, 2022 for a cannabinoid-containing mixture designed to treat cardiac hypertrophy, often present in advanced heart disease. GB Sciences’ newly issued patent also covers the use of these receptor-targeted formulations for the treatment of TRPV1-receptor associated hearing loss and urinary cystitis. Despite multiple categories of prescription heart medications on the market, heart disease remains the leading cause of death in the United States for people of most racial and ethnic groups. Alternative therapeutic approaches are still needed, especially for the treatment of advanced heart disease.   Licensing Agreement   On September 26, 2024, the Company entered into a mutually beneficial licensing agreement with EndoPure Life Sciences, LLC (“EndoPure”). EndoPure will pay to license certain intellectual property (“IP”) rights from within the intellectual property portfolio of GB Sciences. Under this IP licensing agreement, EndoPure will develop, manufacture, and market pharmaceutical products that are protected within GB Sciences’ IP portfolio.   GB Sciences will contribute the following to the intellectual property license:     1. Intellectual property protecting proprietary formulations for the treatment of neurological disorders, including, but not limited to, Parkinson’s disease, Alzheimer’s disease, Huntington’s disease, dementia, multiple sclerosis, epilepsy, and autism.   2. An exclusive license to develop, manufacture, and sell these treatments for neurological disorders in Brazil.   3. An exclusive license for EndoPure to develop, manufacture, and sell specifically-approved treatments in South America to be granted after EndoPure has successfully obtained regulatory approvals to market the products in Brazil.   In consideration of this intellectual property license, EndoPure will pay the following:     1. A royalty equal to 5% of gross sales of any product developed and manufactured pursuant to the IP license agreement in the agreed upon territories.   2. An annual pre-paid minimum royalty of $50,000 per product for three years. This amount will offset royalty payments otherwise due on this product starting after EndoPure has achieved market approval for at least one of these licensed formulas in Brazil.   3. An upfront payment of approximately $125,000 USD disbursed directly to Catalent Pharmaceuticals, Inc. (“Catalent”), which is related to the development and contract manufacturing of these licensed products within Catalent’s proprietary Zydis® orally dissolving tablet (“ODT”) dosage format.   4. A consulting fee of $5,000 per month as compensation for the assistance of Dr. Andrea Small-Howard in the planning and execution of clinical development for these products.   Basis of Presentation   The accompanying unaudited interim consolidated financial statements of GB Sciences, Inc. have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending March 31, 2025. The balance sheet at  June 30, 2024 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended March 31, 2024.   Principles of Consolidation   We prepare our consolidated financial statements in accordance with generally accepted accounting principles (GAAP) for the United States of America. Our consolidated financial statements include all operating divisions and majority-owned subsidiaries, reported as a single operating segment, for which we maintain controlling interests. Intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries were wholly owned by the Company for the periods presented.   Use of Estimates   The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowances for doubtful accounts, collectability of notes receivable, inventory valuation and standard cost allocations, valuation of initial right-of-use assets and corresponding lease liabilities, stock-based compensation expense, purchased intangible asset valuations, deferred income tax asset valuation allowances, uncertain tax positions, litigation and other loss contingencies. These estimates and assumptions are based on current facts, historical experience and various other factors that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of costs and expenses that are not readily apparent from other sources. The actual results the Company experiences may differ materially and adversely from these estimates.   Fair Value of Financial Instruments   The Company adopted ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:   - Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement.   The carrying value of cash, accounts receivable, accounts payable and accrued expenses are estimated by management to approximate fair value, primarily due to the short-term nature of the instruments.   Cash and Cash Equivalents   The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no short-term investments classified as cash equivalents at June 30, 2024 and 2023.   Indefinite and Definite-Lived Intangible Assets   Capitalized costs related to our indefinite-lived intangible assets consisted primarily of the value of our patents pending and includes the costs paid to draft and file patent applications. Upon issuance of the patents, the indefinite-lived intangible assets will have finite lives. Intangible assets also historically included the acquisition cost of a cannabis production license with an indefinite life.   We historically amortized our finite-lived intangible assets, which consisted of granted patents, over their estimated useful lives using the straight-line method, and we periodically evaluate the remaining useful lives of our finite-lived intangible assets to determine whether events or circumstances warrant a revision to the remaining period of amortization.   We review all of our intangible assets for impairment indicators throughout the year. Impairment testing for indefinite-lived intangible assets is performed at least annually and we perform testing for definite-lived intangible assets whenever impairment indicators are present. If we determine that the fair value is less than the carrying value of these assets during testing, we record impairment losses equal to the difference between the carrying value of the asset and the fair market value of the asset.   As of March 31, 2024, we recorded a loss on impairment related to the capitalized patent costs of $42,194. The Company has recorded an impairment of its capitalized patent costs based on the relevant facts and circumstances that existed as of March 31, 2023 in accordance with ASC 350-30-35. Due to liquidity constraints the Company deemed that the likelihood of realizing value from previously capitalized patent costs was questionable, as a result the associated patents were impaired.   At June 30, 2024, the Company’s intellectual property portfolio, which is held by GBSGB, contains eight U.S. and twelve foreign patents issued, two foreign patents allowed, as well as fifteen U.S. and forty-one foreign patent-pending applications. The patents owned by the Company expire between January 2038 and May 2039. Amortization expense for the quarters ended June 30, 2024 and 2023, was $0 and $624, respectively. The carrying amount of definite-lived intangible assets was $0 at June 30, 2024 and 2023.   There were 10 United States patent applications that are pending as of June 30, 2023, and the corresponding patent assets are treated as indefinite-lived intangible assets. There were 35 international patents pending at June 30, 2023. The carrying amount of the indefinite-lived patent assets was $0 at June 30, 2024 and 2023.   Revenue Recognition   The FASB issued Accounting Standards Codification (“ASC”) 606 as guidance on the recognition of revenue from contracts with customers. Revenue recognition depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The Company adopted the guidance on April 1, 2018 and applied the cumulative catch-up transition method.   The Company’s only material revenue source is part of discontinued operations and derives from sales of cannabis and cannabis products, distinct physical goods. Under ASC 606, the Company is required to separately identify each performance obligation resulting from its contracts from customers, which may be a good or a service. A contract may contain one or more performance obligations. All of the Company’s contracts with customers, past and present, contain only a single performance obligation, the delivery of distinct physical goods. Because fulfillment of the company’s performance obligation to the customer under ASC 606 results in the same timing of revenue recognition as under the previous guidance (i.e. revenue is recognized upon delivery of physical goods), the Company did not record any material adjustment to report the cumulative effect of initial application of the guidance.   Equity-Based Compensation   The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718). The computation of the expense associated with stock-based compensation requires the use of a valuation model. The FASB-issued accounting guidance requires significant judgment and the use of estimates, particularly surrounding Black-Scholes assumptions such as stock price volatility, expected option lives, and expected option forfeiture rates, to value equity-based compensation. We currently use a Black-Scholes option pricing model to calculate the fair value of our stock options. We primarily use historical data to determine the assumptions to be used in the Black-Scholes model and have no reason to believe that future data is likely to differ materially from historical data. However, changes in the assumptions to reflect future stock price volatility and future stock award exercise experience could result in a change in the assumptions used to value awards in the future and may result in a material change to the fair value calculation of stock-based awards. This accounting guidance requires the recognition of the fair value of stock compensation in net income. Although every effort is made to ensure the accuracy of our estimates and assumptions, significant unanticipated changes in those estimates, interpretations and assumptions may result in recording stock option expense that may materially impact our financial statements for each respective reporting period.   Income Taxes   The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at 100% of the related deferred tax assets.   Because the Company operated in the State-licensed cannabis industry until the December 31, 2021 disposition of the Nevada Subsidiaries, revenue from those activities were subject to the limitations of Internal Revenue Code Section 280E (“280E”) for U.S. income tax purposes. Under 280E, the Company is allowed to deduct expenses that are directly related to the production of its products, i.e. cost of goods sold, but is allowed no further deductions for ordinary and necessary business expenses from its gross profit. The Company believes that the deductions disallowed include the deduction of net operating loss carryforwards ("NOLs"). The unused NOLs will continue to carry forward and those that do not expire or become subject to other limitations may be used by the Company to offset future taxable income that is not subject to the limitations of 280E.   Loss per Share   The Company’s basic loss per share has been calculated using the weighted average number of common shares outstanding during the year. The Company had 167,396,125 and 162,611,301 potentially dilutive common shares including convertible debt, stock options and warrants at June 30, 2024 and 2023, respectively. Such common stock equivalents were not included in the computation of diluted net loss per share, as their inclusion would have been anti-dilutive.   Recent Accounting Pronouncements   Standards Not Yet Adopted   All other newly issued accounting pronouncements have been deemed either immaterial or not applicable.

v3.24.3

Note 2 - Going Concern	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	Note 2 – Going Concern   The Company’s unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has sustained net losses since inception, which have caused an accumulated deficit of $110,352,010 at June 30, 2024. The Company had a working capital deficit of $5,267,133 at June 30, 2024, compared to a deficit of $4,655,504 at June 30, 2023. In addition, the Company has consumed cash in its operating activities of $21,991 for the three months ended June 30, 2024, compared to $105,301 used in operating activities for the three months ended June 30, 2023.   Management has been able, thus far, to finance the losses through debt financing, a public offering, private placements and obtaining operating funds from stockholders. The Company is continuing to seek sources of financing.  There are no assurances that the Company will be successful in achieving its goals.   In view of these conditions, the Company’s ability to continue as a going concern is dependent upon its ability to obtain additional financing or capital sources, to meet its financing requirements, and ultimately to achieve profitable operations. Accordingly, there is substantial doubt about the Company to continue as a going concern for a period of twelve months from the date of these financial statements were made available. Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying unaudited interim consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that may be necessary in the event the Company is unable to continue as a going concern.

v3.24.3

Note 3 - Notes and Convertible Notes Payable and Line of Credit	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 3 – Notes and Convertible Notes Payable and Line of Credit   Summary of Notes Payable and Convertible Notes Payable   As of June 30, 2024 and 2023 the following notes payable were recorded in the Company’s consolidated balance sheets:       As of June 30, 2024       Face Value     Discount     Carrying Value   0% Note Payable dated October 23, 2017 (as amended)   $ 55,307     $ -     $ 55,307   6% Convertible promissory notes payable     560,000       -       560,000   6% Convertible notes payable due January 18, 2022     325,000       -       325,000   6% Convertible note payable due July 1, 2022 (Note 6)     50,000       -       50,000   6% Convertible promissory notes payable due September 30, 2023     197,000       -       197,000   6% Convertible note payable due December 31, 2023     250,000       -       250,000   Total short-term notes and convertible notes payable   $ 1,437,307             $ 1,437,307   6% Convertible note payable due June 29, 2026     25,000       -       25,000   6% Convertible note payable due July 10, 2026     50,000       -       50,000   6% Convertible notes payable due January-February 2027     247,000       -       247,000   Total notes and convertible notes payable   $ 1,759,307     $ -     $ 1,759,307         As of March 31, 2024       Face Value     Discount     Carrying Value   0% Note Payable dated October 23, 2017 (as amended)   $ 55,307     $ -     $ 55,307   6% Convertible promissory notes payable     560,000       -       560,000   6% Convertible notes payable due January 18, 2022     325,000       -       325,000   6% Convertible note payable due July 1, 2022 (Note 6)     50,000       -       50,000   6% Convertible promissory notes payable due September 30, 2023     197,000       -       197,000   6% Convertible note payable due December 31, 2023     250,000       -       250,000   Total short-term notes and convertible notes payable   $ 1,437,307             $ 1,437,307   6% Convertible note payable due June 29, 2026     25,000       -       25,000   6% Convertible note payable due July 10, 2026     50,000       -       50,000   6% Convertible notes payable due January-February 2027     247,000       -       247,000   Total notes and convertible notes payable   $ 1,759,307     $ -     $ 1,759,307         0% Note Payable dated October 23, 2017                     On October 23, 2017, the Company amended the existing Nevada Medical Marijuana Production License Agreement (“Amended Production License Agreement”). Per the terms of the Amended Production License Agreement, GB Sciences purchased the remaining percentage of the production license resulting in 100% ownership of the license. GB Sciences also received 100% ownership of the cultivation license included in the original Nevada Medical Marijuana Production License Agreement. In exchange, GB Sciences made one-time payment of $500,000 and issued a 0% Promissory Note in the amount of $700,000 payable in equal monthly payments over a three-year period commencing on January 1, 2018. The present value of the note was $521,067 on the date of its issuance based on an imputed interest rate of 20.3% and the Company recorded a discount on notes payable of $178,933 related to the difference between the face value and present value of the note.   On August 10, 2020, the Company entered into the Membership Interest Purchase Agreement ("Nopah MIPA") for the sale of its interest in GB Sciences Nopah, LLC. The Nopah sale was closed December 31, 2021 after successful transfer of the Nevada Medical Marijuana Cultivation Facility Registration Certificate on December 14, 2021. At close, the principal balance of the note was reduced from $369,445 to $190,272 and accounts payable totaling $74,647 to an affiliate of the purchaser were extinguished.   On March 4, 2022, the Company entered into the Second Promissory Note Modification Agreement, which reduced the total outstanding balance of principal and interest from $201,532 (at the time of the agreement) to $179,127 and modified the terms of the note to provide that the Company would make an immediate payment of $75,000, with $5,000 monthly payments thereafter until the note is repaid in full. The modification also provided that the note would bear interest at 8.0% per annum. The Company made a $75,000 payment pursuant to the terms of the modification on March 4, 2022. This note is currently in default.    At June 30, 2024, the outstanding balance of the note was $55,307, and accrued interest was $5,867. The Company made no payments during the quarter ended June 30, 2024.   March 2017 and July 2017 Convertible Note Offerings   In March 2017, the Company entered into a Placement Agent’s Agreement with a third-party brokerage firm to offer units consisting of a $1,000 6% promissory note convertible into 4,000 shares of the Company’s common stock at $0.25 per share and 4,000 warrants to purchase shares of the Company’s’ common stock at an exercise price of $0.60 per share for the period of three years. Between March 2017 and May 2017, the Company issued short-term Promissory Notes (“Notes”) to various holders with combined face value of $2,000,000. The Notes are payable within three years of issuance and are convertible into 8,000,000 shares of the Company’s common stock. The Company also issued 8,000,000 common stock warrants to the Noteholders. The warrants are exercisable at any time and from time to time before maturity at the option of the holder. Each warrant gives the Noteholder the right to purchase one share of common stock of the Company at an exercise price of $0.60 per share for a period of three years. The Company recorded an aggregate discount on convertible notes of $1,933,693, which included $904,690 related to the relative fair value of beneficial conversion features and $1,029,003 for the relative fair value of the warrants issued with each note. The fair value of warrants was derived using the Black-Scholes valuation model.   In July 2017, the Company entered into a Placement Agent’s Agreement with a third-party brokerage firm to offer units consisting of a $1,000 6% promissory note convertible into 4,000 shares of the Company’s common stock at $0.25 per share and 4,000 warrants to purchase shares of the Company’s’ common stock at an exercise price of $0.65 per share for the period of three years. Between July 2017 and December 2017, the Company issued short-term Promissory Notes (“Notes”) to various holders with combined face value of $7,201,000. The Notes are payable within three years of issuance and are convertible into 28,804,000 shares of the Company’s common stock. The Company also issued 28,804,000 common stock warrants to the Note holders. The warrants are exercisable at any time and from time to time before maturity at the option of the holder. Each warrant gives the Noteholder the right to purchase one share of common stock of the Company at an exercise price of $0.60 per share for a period of three years. The Company recorded an aggregate discount on convertible notes of $7,092,796, which included $3,142,605 related to the relative fair value of beneficial conversion features and $3,950,191 for the relative fair value of the warrants issued with each note. The fair value of warrants was derived using the Black-Scholes valuation model.   All notes from the March and July 2017 offerings have passed their maturity dates. During the year ended March 31, 2022, the Company agreed to extensions with the holders of a total of $197,000 of the $1,257,000 that remained outstanding at the time. For the $197,000 of extended notes, the Company agreed to reduce the conversion price to $0.10 per share and issued a total of 788,000 additional warrants to the holders of the notes with a term of three years and an exercise price of $0.10 per share. In exchange, the maturity date of the notes was extended to September 30, 2023. As of the date of this filing, these notes are still outstanding and are currently in default. Using the Black-Scholes model, the Company valued the warrants at $13,396 and the change in the fair value of the conversion feature at $33,490. Because the change in the fair value of the conversion feature exceeded 10% of the carrying amount of the notes, the Company accounted for the modification of the notes as an extinguishment and recorded a discount on the new convertible notes of $46,886 related to the fair value of the new warrants issued and the change in the fair value of the conversion feature. The Company recorded interest expense of $2,947 and $2,947 on the extended notes during the quarters ended June 30, 2024 and 2023, respectively. Accrued interest on the $197,000 extended notes is $82,772 and the remaining unamortized discount was $0 at June 30, 2024.   Three convertible notes totaling $1,060,000 were held by the same investor and in default. On January 20, 2022, the Company repaid $500,000 of the principal balances owed to the investor, and one convertible note in the amount of $560,000 remains outstanding plus accrued interest totaling $251,862. The Company intends to negotiate the terms of an extension of the remaining note and accrued interest with the noteholder. The notes do not provide for a default penalty or penalty interest rate. Interest expense for the outstanding note was $11,169 and $11,169, respectively, for the quarters ended June 30, 2024 and 2023, and no unamortized discount at June 30, 2024.   December 2020 $700,000 6% Convertible Notes   On December 18, 2020, the Company began an offering of 6.0% convertible notes for the purpose of funding a pre-clinical study of the Company's patent-pending Cannabinoid-Containing Complex Mixtures for the treatment of Cytokine Release Syndromes, including Acute Respiratory Distress Syndrome, in COVID-19 patients. The Company pledged the related intellectual property as security for the notes. The notes are convertible at a rate of $0.05 per share at the lender's request. The Company previously issued $625,000 in convertible notes under the offering to three investors. $375,000 of the notes mature between January 31, 2021 and July 1, 2022, and $250,000 mature in December 2023. These notes are currently in default. Payment of accrued interest and principal is due at maturity. The Company received cash of $543,750, net of brokerage fees, and recorded discounts on the convertible notes totaling $81,250 related to the issuance costs. Notes totaling $425,000 were issued with in-the-money conversion features, and the Company recorded beneficial conversion feature discounts totaling $347,000 on the related notes. During the year ended March 31, 2022, the Company received an additional $50,000 related to the note offering and recorded a discount on convertible notes payable of $6,500 related to issuance costs. The notes were initially convertible into the Common stock of the Company at $.03 cents per share. On November 13, 2023 the Company reduced the conversion rate from $.03 cents per share to $.01 cent per share through December 31, 2023. The Company reviewed the reduction of the conversion price and deemed that it did not meet the criterion for debt extinguishment. As the conversion price of $.03 per share and $.01 per share were both out of the money, the Company deemed that there was no impact of the reduction of the conversion price.   During the year ended March 31, 2024, the Company received an additional $25,000 and $50,000 related to the note offering with maturity dates of June 30, 2026 and July 10, 2026, respectively, and recorded no discount or beneficial conversion features. During the quarters ended June 30, 2024 and 2023, the Company recorded interest expense of $11,967 and $10,849, respectively, on the December 2020 $700,000 6% Convertible Notes. Accrued interest on these notes is $141,263 and the remaining unamortized discount was $0 at June 30, 2024.   January 2024 $247,000 6% Convertible Notes   From January 22, 2024 to February 7, 2024, the Company offered additional 6% convertible notes to 13 investors for total proceeds of $247,000 out of a total planned subscription of $500,000. The notes mature three years from the date the subscription price was paid. The notes are convertible at the discretion of the holder in part or in full at the conversion rate of $0.01 per share. In addition, for any investors in these notes that hold warrants from previous transactions, those warrants shall have an exercise price of $0.01 per share for a period of 90 days beginning on the date of the note. There was no discount recorded related to these notes. During the quarters ended June 30, 2024 and 2023, the Company recorded interest expense of $3,695 and $0, respectively. Accrued interest on these notes is $6,145 at June 30, 2024.

v3.24.3

Note 4 - Capital Transactions	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Equity [Text Block]	Note 4 – Capital Transactions   Quarter ended June 30, 2024   Warrants   During the quarter ended June 30, 2024, the Company repriced 1,000,000 unexpired investor warrants from $0.10 to $0.01. On May 16, 2024 the warrants were exercised and the Company recognized $3,462 as a deemed dividend and in accordance with ASC 470, this amount was recorded through additional paid in capital and retained earnings as a deemed dividend.   During the quarter ended June 30, 2024, there were 4,198,002 expired warrants at an original exercise price of $0.25 and 2,095,333 expired warrants at an original exercise price of $0.10.    During the quarter ended June 30, 2024, the Company accepted the exercise of 1,000,000 warrants at $0.01 per share of common stock, for gross cash proceeds of $10,000.   Year ended  March 31, 2024   Warrants   During the year ended  March 31, 2024, the Company extended the expiration date and temporarily repriced 92,657,209 unexpired investor warrants effective as of  September 1, 2023. In addition, the Company reinstated 23,006,492 previously expired warrants exercisable at $0.01 per share and recognized $278,315 as a deemed dividend related to the reissuance of these warrants and in accordance with ASC 470, this amount was recorded through additional paid in capital and accumulated deficit as a deemed dividend.   During the year ended  March 31, 2024, there were 3,490,834 expired warrants at an original exercise price of $0.10, 4,295,500 expired warrants at an original exercise price of $0.60, 300,000 expired warrants at an original exercise price of $0.04, and 2,456,750 expired warrants at an original exercise price of $0.10.    During the year ended  March 31, 2024, the Company accepted the exercise of 25,348,467 warrants at $0.01 per share of common stock, for gross cash proceeds of $253,529, and recorded brokerage fees of $17,752.   During the year ended  March 31, 2024, the Company repurchased 1,150,000 common shares for $0.   Warrants Outstanding   Presented below is a summary of the Company’s warrant activity, exclusive of warrants held by employees, for the periods ended June 30, 2024 and March 31, 2024:       Warrants Outstanding       Number of Shares     Exercise Price                     Warrants issued (including reinstated)     23,006,492       $0.01   Warrants exercised     (25,348,467 )     $0.01   Warrants expired/cancelled     (38,337,538 )     $0.01 - $0.60   Outstanding at March 31, 2024     82,079,164           Warrants issued     -       $0.00   Warrants exercised     (1,000,000 )     $0.01   Warrants expired/cancelled     (6,293,335 )     $0.10 - $0.25   Outstanding at June 30, 2024     74,785,829             Employee Option Grants   A summary of employee option activity, including warrants issued to employees, as of June 30, 2024 and 2023, and changes during the years then ended, is presented below:                       Weighted                       Weighted     Average                       Average     Remaining     Aggregate               Exercise     Contractual     Intrinsic   Employee options   Options     Price $     Life (years)     Value ($)                                     Exercisable at March 31, 2023     17,733,334     $ 0.11                   Granted     15,000,000     $ 0.01                   Exercised     -     $ -                   Expired     (2,700,000 )   $ 0.11                   Forfeited     (1,150,000 )   $ 0.05                   Outstanding at March 31, 2024     28,883,334     $ 0.06     $ 7.06     $ -   Fully vested and expected to vest at March 31, 2024     28,883,334     $ 0.06                   Exercisable at March 31, 2024     28,883,334     $ 0.06                   Granted     -     $ -                   Exercised     -     $ -                   Expired     -     $ -                   Forfeited     -     $ -                   Outstanding at June 30, 2024     28,883,334     $ 0.06     $ 7.06     $ -   Fully vested and expected to vest at June 30, 2024     28,883,334     $ 0.06                   Exercisable at June 30, 2024     28,883,334     $ 0.06                     The table below sets forth nonemployee option activity for the quarters ended June 30, 2024 and 2023 and changes during the years then ended, is presented below:                       Weighted                 Weighted     Average                 Average     Remaining   Aggregate             Exercise     Contractual   Intrinsic Nonemployee options   Options     Price $     Life (years)   Value ($)                             Exercisable at March 31, 2023     6,483,000     $ 0.13             Granted     8,000,000     $ 0.01             Exercised     -                     Forfeited     -                     Outstanding at March 31, 2024     14,483,000     $ 0.06       7.58   -Fully vested and expected to vest at March 31, 2024     14,483,000     $ 0.06             Exercisable at March 31, 2024     14,483,000     $ 0.06             Granted     -                   Exercised     -                     Forfeited     -                     Outstanding at June 30, 2024     14,483,000     $ 0.06       7.58   -Fully vested and expected to vest at June 30, 2024     14,483,000     $ 0.06             Exercisable at June 30, 2024     14,483,000     $ 0.06                 Restricted stock awards   No restricted stock awards were granted during the quarters ended June 30, 2024 and 2023.

v3.24.3

Note 5 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 5 – Commitments and Contingencies   On April 11, 2022, the Company was served notice of a lawsuit filed in the Eighth Judicial District Court in Clark County, Nevada by an individual who alleges he was shot by a security guard at the Teco Facility in May of 2020. The alleged incident occurred after the claimant broke into the Teco Facility during closing hours. GB Sciences, Inc. and its former subsidiaries GB Sciences Nevada, LLC and GB Sciences Las Vegas, LLC, along with the security provider, Protective Force International, Inc., were named as defendants in the lawsuit. The Company holds a certificate of insurance with the insurer for Protective force International and believes it may have coverage under that policy in the event the Company is found liable for damages, however, the Company denies any liability and intends to vigorously defend the lawsuit. We are unable to make any determination at this time as to the likelihood or amount of damages.   From time to time, the Company may become involved in certain legal proceedings and claims which arise in the ordinary course of business. In management’s opinion, based on consultations with outside counsel, the results of any of these ordinary course matters, individually and in the aggregate, are not expected to have a material effect on our results of operations, financial condition, or cash flows. As more information becomes available, if management should determine that an unfavorable outcome is probable on such a claim and that the amount of such probable loss that it will incur on that claim is reasonably estimable, the Company would record a reserve for the claim in question. If and when the Company records such a reserve, it could be material and could adversely impact its results of operations, financial condition, and cash flows.   The Company is currently involved in projects for which the Company has contracts with vendors and for which the Company has been invoiced approximately $235,000. Work on these projects will not commence until 2025, the Company has not accrued for these amounts.

v3.24.3

Note 6 - Related Party Transactions	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 6 – Related Party Transactions   As of June 30, 2024, $108,816 has been recorded in accounts payable related party, due to an entity controlled by a family member of Mr. John Poss, Chief Executive Officer of the Company. Amounts owing are for marketing services provided and have been recorded as a component of general and administrative expense. In addition, there was $7,634 owed to Mr. Poss at June 30, 2024 for expenses incurred in connection with the business operations of the Company.   As of June 30, 2024, $18,498 has been recorded in accounts payable related party, due to Dr. Andrea Small Howard, President and Director, related to amounts owed for expenses incurred in connection with the business operations of the Company.   As of June 30, 2024 and March 31, 2024, the Company owed $134,949 and $127,436, respectively, for Related Party Accounts Payable.

v3.24.3

Note 7 - Note Receivable from Sale of Membership Interests in Nevada Subsidiaries	3 Months Ended
	Jun. 30, 2024
Nevada Subsidiaries [Member]
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	Note 7 – Note Receivable from Sale of Membership Interests in Nevada Subsidiaries   On March 24, 2020, the Company entered into the Membership Interest Purchase Agreement ("Teco MIPA") with AJE Management, LLC. Pursuant to the Teco MIPA, the Company agreed to sell 100% of its membership interests in GB Sciences Nevada, LLC, and GB Sciences Las Vegas, LLC (the "Teco Subsidiaries") for approximately $8 million, which amount includes a cash payment at closing, the extinguishment and/or repayments of certain liabilities owed to the purchaser and affiliates of the purchaser, and an 8% promissory note.   On August 10, 2020, the Company entered into the Membership Interest Purchase Agreement ("Nopah MIPA") and Promissory Note Modification Agreement with 483 Management, LLC. Pursuant to the Nopah MIPA, the Company agreed to sell its 100% membership interest in GB Sciences Nopah, LLC ("Nopah"), which holds a Nevada medical marijuana cultivation certificate. As consideration, the Company would receive $312,315 in consideration in the form of a $237,668 reduction to the outstanding principal and accrued interest balances of the 0% Note payable dated October 23, 2017 (Note 5), and extinguishment of accounts payable of $74,647, which were owed to an affiliate of the purchaser.   The closing of the Teco and Nopah sales was contingent upon the successful transfer of the Nevada cultivation and production licenses. On December 14, 2021, the Company received approval from the Nevada Cannabis Compliance Board for the transfer of cannabis cultivation and extraction licenses held by its subsidiaries GB Sciences Nevada, LLC, GB Sciences Las Vegas, LLC, and GB Sciences Nopah, LLC (the "Nevada Subsidiaries"). Consequently, all conditions to closing the sales of the 100% membership interests in the Nevada Subsidiaries were satisfied, and the transactions formally closed on December 31, 2021. After the closing date, the Company retains no ownership interest in the Nevada Subsidiaries.   As consideration for the membership interests, the Company received cash payments of $1,648,772 (including $400,000 in advance payments received during the nine months ended December 31, 2021), the extinguishment $3,462,854 of debt and current liabilities owed to affiliates of the purchaser and a $3,025,000 8% note receivable.   The $3,025,000 note receivable from the sale of the Teco Subsidiaries was initially payable as quarterly, interest only payments of $60,500 for the first year, followed by seven quarterly payments of interest and principal of $201,774 beginning March 31, 2023, with a final payment of principal and interest totaling $2,014,225 on December 31, 2024.   The note contains a provision that allows payments of principal and interest due prior to the maturity date to be postponed to the next quarterly payment date if cash flow from the operations of the facility is insufficient to cover the amount of the payment. Several days prior to the first interest payment due date of April 1, 2022, AJE Management, LLC notified the Company that it would be postponing the payment of interest of $60,500 due on April 1, 2022 due to insufficient cash flow to make the payment. AJE Management, LLC has also notified us that it was unable to make the interest payment due July 1, 2022 due to insufficient cash flow. As a result, the Company reevaluated the factors relating to the collectability of the note and determined that an impairment charge in the amount of $3,025,000, equal to the full balance of the note, was warranted as there is substantial uncertainty around the collectability of the note, and we are unable to make an appropriate estimate of the amount of payments, if any, the Company will ultimately receive. The impairment charge was included on the Company's Statement of Operations for the year ended December 31, 2022 as loss on impairment of note receivable.   On March 27, 2023, the Company and AJE Management entered into agreement whereby a payment in the amount $100,000 paid on or about the date of the agreement (“initial principal payment”) shall have been deemed to reduce the principal amount of the note by an additional $504,167. The amount of $100,000 was recorded in Other Income on the Statement of Operations.   Further in connection with the execution of the March 27, 2023 agreement all parties to the note agreed that after the initial principal payment, additional payments made on or prior to September 30, 2023, shall reduce the amounts outstanding under the note such that for each $1.00 paid to Payee, (i) the principal amount of the Note shall be reduced by $5.0416, and (ii) Maker shall be deemed to have repaid all interest that has accrued on such principal amount from the date of the Note to the date of such payment. For purpose of clarity, it is hereby acknowledged and agreed, that the payment of the Initial Principal Payment together with additional payments in the aggregate amount of $500,000, made by Maker to Payee on or prior to September 30, 2023, shall satisfy all of Maker’s obligations under the Note. To the extent any amounts remain outstanding under the Note after September 30, 2023, all payments made by Maker to Payee under the Note following September 30, 2023 shall be applied to repay the Note in accordance with its terms without regard to this Agreement.

v3.24.3

Note 8 - Subsequent Events	3 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	Note 8 – Subsequent Events   Subsequent to June 30, 2024, the Company raised $25,000 through the issuance of a convertible notes payable. The note bears interest at 6% per annum and is convertible into shares of the Company’s common stock at $0.01 per share, The note matures  November 2027.

v3.24.3

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5.  Other Information   None.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

v3.24.3

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation   The accompanying unaudited interim consolidated financial statements of GB Sciences, Inc. have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending March 31, 2025. The balance sheet at  June 30, 2024 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended March 31, 2024.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation   We prepare our consolidated financial statements in accordance with generally accepted accounting principles (GAAP) for the United States of America. Our consolidated financial statements include all operating divisions and majority-owned subsidiaries, reported as a single operating segment, for which we maintain controlling interests. Intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries were wholly owned by the Company for the periods presented.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates   The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowances for doubtful accounts, collectability of notes receivable, inventory valuation and standard cost allocations, valuation of initial right-of-use assets and corresponding lease liabilities, stock-based compensation expense, purchased intangible asset valuations, deferred income tax asset valuation allowances, uncertain tax positions, litigation and other loss contingencies. These estimates and assumptions are based on current facts, historical experience and various other factors that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of costs and expenses that are not readily apparent from other sources. The actual results the Company experiences may differ materially and adversely from these estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments   The Company adopted ASC 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:   - Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. - Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. - Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement.   The carrying value of cash, accounts receivable, accounts payable and accrued expenses are estimated by management to approximate fair value, primarily due to the short-term nature of the instruments.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents   The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no short-term investments classified as cash equivalents at June 30, 2024 and 2023.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]	Indefinite and Definite-Lived Intangible Assets   Capitalized costs related to our indefinite-lived intangible assets consisted primarily of the value of our patents pending and includes the costs paid to draft and file patent applications. Upon issuance of the patents, the indefinite-lived intangible assets will have finite lives. Intangible assets also historically included the acquisition cost of a cannabis production license with an indefinite life.   We historically amortized our finite-lived intangible assets, which consisted of granted patents, over their estimated useful lives using the straight-line method, and we periodically evaluate the remaining useful lives of our finite-lived intangible assets to determine whether events or circumstances warrant a revision to the remaining period of amortization.   We review all of our intangible assets for impairment indicators throughout the year. Impairment testing for indefinite-lived intangible assets is performed at least annually and we perform testing for definite-lived intangible assets whenever impairment indicators are present. If we determine that the fair value is less than the carrying value of these assets during testing, we record impairment losses equal to the difference between the carrying value of the asset and the fair market value of the asset.   As of March 31, 2024, we recorded a loss on impairment related to the capitalized patent costs of $42,194. The Company has recorded an impairment of its capitalized patent costs based on the relevant facts and circumstances that existed as of March 31, 2023 in accordance with ASC 350-30-35. Due to liquidity constraints the Company deemed that the likelihood of realizing value from previously capitalized patent costs was questionable, as a result the associated patents were impaired.   At June 30, 2024, the Company’s intellectual property portfolio, which is held by GBSGB, contains eight U.S. and twelve foreign patents issued, two foreign patents allowed, as well as fifteen U.S. and forty-one foreign patent-pending applications. The patents owned by the Company expire between January 2038 and May 2039. Amortization expense for the quarters ended June 30, 2024 and 2023, was $0 and $624, respectively. The carrying amount of definite-lived intangible assets was $0 at June 30, 2024 and 2023.   There were 10 United States patent applications that are pending as of June 30, 2023, and the corresponding patent assets are treated as indefinite-lived intangible assets. There were 35 international patents pending at June 30, 2023. The carrying amount of the indefinite-lived patent assets was $0 at June 30, 2024 and 2023.
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition   The FASB issued Accounting Standards Codification (“ASC”) 606 as guidance on the recognition of revenue from contracts with customers. Revenue recognition depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The Company adopted the guidance on April 1, 2018 and applied the cumulative catch-up transition method.   The Company’s only material revenue source is part of discontinued operations and derives from sales of cannabis and cannabis products, distinct physical goods. Under ASC 606, the Company is required to separately identify each performance obligation resulting from its contracts from customers, which may be a good or a service. A contract may contain one or more performance obligations. All of the Company’s contracts with customers, past and present, contain only a single performance obligation, the delivery of distinct physical goods. Because fulfillment of the company’s performance obligation to the customer under ASC 606 results in the same timing of revenue recognition as under the previous guidance (i.e. revenue is recognized upon delivery of physical goods), the Company did not record any material adjustment to report the cumulative effect of initial application of the guidance.
Share-Based Payment Arrangement [Policy Text Block]	Equity-Based Compensation   The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718). The computation of the expense associated with stock-based compensation requires the use of a valuation model. The FASB-issued accounting guidance requires significant judgment and the use of estimates, particularly surrounding Black-Scholes assumptions such as stock price volatility, expected option lives, and expected option forfeiture rates, to value equity-based compensation. We currently use a Black-Scholes option pricing model to calculate the fair value of our stock options. We primarily use historical data to determine the assumptions to be used in the Black-Scholes model and have no reason to believe that future data is likely to differ materially from historical data. However, changes in the assumptions to reflect future stock price volatility and future stock award exercise experience could result in a change in the assumptions used to value awards in the future and may result in a material change to the fair value calculation of stock-based awards. This accounting guidance requires the recognition of the fair value of stock compensation in net income. Although every effort is made to ensure the accuracy of our estimates and assumptions, significant unanticipated changes in those estimates, interpretations and assumptions may result in recording stock option expense that may materially impact our financial statements for each respective reporting period.
Income Tax, Policy [Policy Text Block]	Income Taxes   The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at 100% of the related deferred tax assets.   Because the Company operated in the State-licensed cannabis industry until the December 31, 2021 disposition of the Nevada Subsidiaries, revenue from those activities were subject to the limitations of Internal Revenue Code Section 280E (“280E”) for U.S. income tax purposes. Under 280E, the Company is allowed to deduct expenses that are directly related to the production of its products, i.e. cost of goods sold, but is allowed no further deductions for ordinary and necessary business expenses from its gross profit. The Company believes that the deductions disallowed include the deduction of net operating loss carryforwards ("NOLs"). The unused NOLs will continue to carry forward and those that do not expire or become subject to other limitations may be used by the Company to offset future taxable income that is not subject to the limitations of 280E.
Earnings Per Share, Policy [Policy Text Block]	Loss per Share   The Company’s basic loss per share has been calculated using the weighted average number of common shares outstanding during the year. The Company had 167,396,125 and 162,611,301 potentially dilutive common shares including convertible debt, stock options and warrants at June 30, 2024 and 2023, respectively. Such common stock equivalents were not included in the computation of diluted net loss per share, as their inclusion would have been anti-dilutive.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements   Standards Not Yet Adopted   All other newly issued accounting pronouncements have been deemed either immaterial or not applicable.

v3.24.3

Note 3 - Notes and Convertible Notes Payable and Line of Credit (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Debt [Table Text Block]	As of June 30, 2024       Face Value     Discount     Carrying Value   0% Note Payable dated October 23, 2017 (as amended)   $ 55,307     $ -     $ 55,307   6% Convertible promissory notes payable     560,000       -       560,000   6% Convertible notes payable due January 18, 2022     325,000       -       325,000   6% Convertible note payable due July 1, 2022 (Note 6)     50,000       -       50,000   6% Convertible promissory notes payable due September 30, 2023     197,000       -       197,000   6% Convertible note payable due December 31, 2023     250,000       -       250,000   Total short-term notes and convertible notes payable   $ 1,437,307             $ 1,437,307   6% Convertible note payable due June 29, 2026     25,000       -       25,000   6% Convertible note payable due July 10, 2026     50,000       -       50,000   6% Convertible notes payable due January-February 2027     247,000       -       247,000   Total notes and convertible notes payable   $ 1,759,307     $ -     $ 1,759,307       As of March 31, 2024       Face Value     Discount     Carrying Value   0% Note Payable dated October 23, 2017 (as amended)   $ 55,307     $ -     $ 55,307   6% Convertible promissory notes payable     560,000       -       560,000   6% Convertible notes payable due January 18, 2022     325,000       -       325,000   6% Convertible note payable due July 1, 2022 (Note 6)     50,000       -       50,000   6% Convertible promissory notes payable due September 30, 2023     197,000       -       197,000   6% Convertible note payable due December 31, 2023     250,000       -       250,000   Total short-term notes and convertible notes payable   $ 1,437,307             $ 1,437,307   6% Convertible note payable due June 29, 2026     25,000       -       25,000   6% Convertible note payable due July 10, 2026     50,000       -       50,000   6% Convertible notes payable due January-February 2027     247,000       -       247,000   Total notes and convertible notes payable   $ 1,759,307     $ -     $ 1,759,307

v3.24.3

Note 4 - Capital Transactions (Tables)	3 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Warrants Outstanding       Number of Shares     Exercise Price                     Warrants issued (including reinstated)     23,006,492       $0.01   Warrants exercised     (25,348,467 )     $0.01   Warrants expired/cancelled     (38,337,538 )     $0.01 - $0.60   Outstanding at March 31, 2024     82,079,164           Warrants issued     -       $0.00   Warrants exercised     (1,000,000 )     $0.01   Warrants expired/cancelled     (6,293,335 )     $0.10 - $0.25   Outstanding at June 30, 2024     74,785,829
Schedule of Stock Options Roll Forward [Table Text Block]	Weighted                       Weighted     Average                       Average     Remaining     Aggregate               Exercise     Contractual     Intrinsic   Employee options   Options     Price $     Life (years)     Value ($)                                     Exercisable at March 31, 2023     17,733,334     $ 0.11                   Granted     15,000,000     $ 0.01                   Exercised     -     $ -                   Expired     (2,700,000 )   $ 0.11                   Forfeited     (1,150,000 )   $ 0.05                   Outstanding at March 31, 2024     28,883,334     $ 0.06     $ 7.06     $ -   Fully vested and expected to vest at March 31, 2024     28,883,334     $ 0.06                   Exercisable at March 31, 2024     28,883,334     $ 0.06                   Granted     -     $ -                   Exercised     -     $ -                   Expired     -     $ -                   Forfeited     -     $ -                   Outstanding at June 30, 2024     28,883,334     $ 0.06     $ 7.06     $ -   Fully vested and expected to vest at June 30, 2024     28,883,334     $ 0.06                   Exercisable at June 30, 2024     28,883,334     $ 0.06                                       Weighted                 Weighted     Average                 Average     Remaining   Aggregate             Exercise     Contractual   Intrinsic Nonemployee options   Options     Price $     Life (years)   Value ($)                             Exercisable at March 31, 2023     6,483,000     $ 0.13             Granted     8,000,000     $ 0.01             Exercised     -                     Forfeited     -                     Outstanding at March 31, 2024     14,483,000     $ 0.06       7.58   -Fully vested and expected to vest at March 31, 2024     14,483,000     $ 0.06             Exercisable at March 31, 2024     14,483,000     $ 0.06             Granted     -                   Exercised     -                     Forfeited     -                     Outstanding at June 30, 2024     14,483,000     $ 0.06       7.58   -Fully vested and expected to vest at June 30, 2024     14,483,000     $ 0.06             Exercisable at June 30, 2024     14,483,000     $ 0.06

v3.24.3

Note 1 - Background and Significant Accounting Policies (Details Textual)		3 Months Ended
	Sep. 26, 2024 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2024 USD ($) shares	Mar. 09, 2023 shares	Mar. 08, 2023 shares	Aug. 15, 2019 shares	Aug. 14, 2019 shares	Apr. 08, 2018 shares	Mar. 31, 2018 shares
Common Stock, Shares Authorized (in shares) | shares		950,000,000		950,000,000	950,000,000	600,000,000	600,000,000	400,000,000	400,000,000	250,000,000
Deferred Tax Liabilities, Deferred Expense, Capitalized Patent Costs				$ 42,194
Amortization of Intangible Assets		$ 0	$ 624
Indefinite-Lived Intangible Assets (Excluding Goodwill)		$ 0	$ 0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares		167,396,125	162,611,301
EndoPure [Member] | Forecast [Member]
Royalty Rates	5.00%
Prepaid Annual Royalty	$ 50,000
Royalty Agreement, Initial Payment	125,000
Monthly Consulting Fee	$ 5,000
Patents [Member] | UNITED STATES
Finite-Lived Intangible Assets, Number		8
Patents [Member] | UNITED STATES | Subsidiaries [Member]
Finite-Lived Intangible Assets, Number		8
Patents [Member] | Non-US [Member]
Finite-Lived Intangible Assets, Number		12
Patents [Member] | Non-US [Member] | Subsidiaries [Member]
Finite-Lived Intangible Assets, Number		12
Patents Allowed [Member] | Non-US [Member]
Finite-Lived Intangible Assets, Number		2
Patents Allowed [Member] | Non-US [Member] | Subsidiaries [Member]
Finite-Lived Intangible Assets, Number		2
Patents Pending [Member]
Indefinite-Lived Intangible Assets (Excluding Goodwill)			$ 0
Patents Pending [Member] | UNITED STATES
Indefinite-Lived Intangible Assets, Pending, Number		15	10
Patents Pending [Member] | UNITED STATES | Subsidiaries [Member]
Finite-Lived Intangible Assets, Number		15
Patents Pending [Member] | Non-US [Member]
Indefinite-Lived Intangible Assets, Pending, Number		41	35
Patents Pending [Member] | Non-US [Member] | Subsidiaries [Member]
Finite-Lived Intangible Assets, Number		41

v3.24.3

Note 2 - Going Concern (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Retained Earnings (Accumulated Deficit)	$ (110,352,010)		$ (110,066,992)
Working Capital (Deficit)	(5,267,133)	$ (4,655,504)
Net Cash Provided by (Used in) Operating Activities	$ (21,991)	$ (105,301)

v3.24.3

Note 3 - Notes and Convertible Notes Payable and Line of Credit (Details Textual)						1 Months Ended			3 Months Ended			6 Months Ended	9 Months Ended		12 Months Ended
	Mar. 04, 2022 USD ($)	Jan. 20, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 14, 2021 USD ($)	Oct. 23, 2017 USD ($)	Feb. 07, 2024 USD ($) $ / shares	Jul. 31, 2017 USD ($) $ / shares	Mar. 31, 2017 USD ($) $ / shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	May 31, 2017 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 18, 2020 USD ($) $ / shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2022 USD ($) $ / shares shares	Nov. 13, 2023 $ / shares	Nov. 12, 2023 $ / shares	Aug. 10, 2020 USD ($)
Debt Instrument, Face Amount									$ 1,759,307						$ 1,759,307
Class of Warrant or Right, Issued During Period (in shares) | shares									0						23,006,492
Proceeds from Convertible Debt									$ 0	$ 25,000
Warrants Issued in March 2017 Convertible Note Offering [Member]
Debt Instrument, Convertible, Number of Warrants								4,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares								$ 0.6			$ 0.6
Warrants and Rights Outstanding, Term (Year)								3 years			3 years
Class of Warrant or Right, Issued (in shares) | shares											8,000,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares											1
Warrants Issued In March 2017 and July 2017 Convertible Note Offerings [Member]
Debt Instrument, Convertible, Number of Warrants							4,000
Class of Warrant or Right, Issued During Period (in shares) | shares																788,000
Warrants Related to July 2017 Convertible Note Offering [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares							$ 0.65					$ 0.6
Warrants and Rights Outstanding, Term (Year)												3 years
Class of Warrant or Right, Issued (in shares) | shares												28,804,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares												1
Warrants Issued in September 30, 2023, Convertible Note Offering [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares																$ 0.1
Warrants and Rights Outstanding, Term (Year)																3 years
Warrants and Rights Outstanding																$ 13,396
Warrants Issued with Convertible Note Offering [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares						$ 0.01
GB Sciences Nopah, LLC [Member]
Receivable with Imputed Interest, Effective Yield (Interest Rate)													8.00%
Extinguishment of Debt, Amount													$ 3,462,854
GB Sciences Nopah, LLC [Member] | Accounts Payable Due to Affiliate of the Purchaser [Member]
Extinguishment of Debt, Amount			$ 74,647	$ 74,647
The 0% Note Payable Dated October 23, 2017 [Member] | Convertible Notes Payable [Member]
Debt Instrument, Face Amount									55,307						$ 55,307
March 2017 Convertible Note Offering [Member] | Convertible Notes Payable [Member]
Debt Instrument, Interest Rate, Stated Percentage								6.00%
Debt Instrument, Face Amount											$ 2,000,000
Debt Instrument, Term (Year)											3 years
Debt Instrument, Unamortized Discount, Total											$ 1,933,693
Debt Instrument, Face Amount Per Note								$ 1,000
Debt Instrument, Convertible, Beneficial Conversion Feature											904,690
Debt Instrument, Convertible, Discount, Fair Value of Warrants											$ 1,029,003
March 2017 Convertible Note Offering [Member] | Convertible Notes Payable [Member] | Common Stock [Member]
Debt Instrument, Convertible, Number of Equity Instruments								4,000			8,000,000
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares								$ 0.25
July 2017 Convertible Note Offering [Member] | Convertible Notes Payable [Member]
Debt Instrument, Interest Rate, Stated Percentage							6.00%
Debt Instrument, Face Amount												$ 7,201,000
Debt Instrument, Term (Year)							3 years					3 years
Debt Instrument, Unamortized Discount, Total												$ 7,092,796
Debt Instrument, Face Amount Per Note							$ 1,000
Debt Instrument, Convertible, Beneficial Conversion Feature												3,142,605
Debt Instrument, Convertible, Discount, Fair Value of Warrants												$ 3,950,191
July 2017 Convertible Note Offering [Member] | Convertible Notes Payable [Member] | Common Stock [Member]
Debt Instrument, Convertible, Number of Equity Instruments							4,000					28,804,000
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares							$ 0.25
March And July 2017 Convertible Note Offering [Member] | Convertible Notes Payable [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares																$ 0.1
Debt Instrument, Extended Amount																$ 197,000
Convertible Notes Payable, Total																$ 1,257,000
The 6 % Convertible Note Offering Dated December 2020 [Member]
Debt Instrument, Interest Rate, Stated Percentage														6.00%
Debt Instrument, Face Amount														$ 700,000
Debt Instrument, Unamortized Discount, Total									0
Interest Payable									141,263
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares														$ 0.05		$ 0.03	$ 0.01
Interest Expense, Debt									11,967	10,849
The 6 % Convertible Note Offering Dated December 2020 [Member] | Convertible Debt Converted to Common Shares, Out of The Money [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares																	$ 0.01	$ 0.03
The 6 % Convertible Note Offering Dated December 2020 [Member] | Three Investors [Member]
Debt Instrument, Face Amount														$ 625,000
The 6 % Convertible Note Payable, Maturity, January 31, 2021 to July 1, 2022 [Member] | Three Investors [Member]
Debt Instrument, Face Amount														375,000
The 6 % Convertible Note Payable Mature in December 2023 [Member] | Three Investors [Member]
Debt Instrument, Face Amount														250,000
The 6 Percent Convertible Note Payable Issued With In Money Conversion Features [Member]
Debt Instrument, Face Amount														425,000
Debt Instrument, Unamortized Discount, Total														81,250		$ 6,500
Debt Instrument, Convertible, Beneficial Conversion Feature														347,000
Proceeds from Convertible Debt														$ 543,750		50,000
The 6 Percent Note Payable Due June 30, 2026 [Member]
Proceeds from Convertible Debt															25,000
The 6% Convertible Note Payable Due July 10, 2026 [Member]
Proceeds from Convertible Debt															50,000
The 6% Convertible Note Payable Due January to February 2027 [Member]
Debt Instrument, Interest Rate, Stated Percentage						6.00%
Debt Instrument, Face Amount						$ 500,000
Debt Instrument, Term (Year)						3 years
Interest Payable									6,145
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares						$ 0.01
Interest Expense, Debt									3,695	0
Proceeds from Convertible Debt						$ 247,000
Promissory Note [Member] | The 0% Note Payable Dated October 23, 2017 [Member]
Debt Instrument, Interest Rate, Stated Percentage					0.00%														0.00%
Debt Instrument, Face Amount					$ 700,000
Debt Instrument, Term (Year)					3 years
Debt Instrument, Present Value					$ 521,067
Receivable with Imputed Interest, Effective Yield (Interest Rate)					20.30%
Debt Instrument, Unamortized Discount, Total					$ 178,933
Notes Payable, Current, Total			$ 369,445										$ 369,445
Notes Payable, Principal and Interest	$ 201,532
Notes Payable, Principal and Interest, After Modified Terms	179,127
Repayment of Notes Payable	75,000								0
Debt Instrument, Monthly Payment, Amount	$ 5,000
Debt Instrument, Interest Rate, Stated Percentage, After Term Modification	8.00%
Notes Payable, Current and Noncurrent									55,307
Interest Payable									5,867
Promissory Note [Member] | The 0% Note Payable Dated October 23, 2017 [Member] | Membership Interest Purchase Agreement for Sale of Interest in GB Sciences Nopah, LLC [Member]
Debt Instrument, Principal Balance After Reduction Upon Close of Disposition																			$ 190,272
Convertible Debt [Member]
Interest Payable									251,862
Convertible Notes Payable, Total		$ 560,000
Interest Expense, Debt									11,169	11,169
Debt Instrument, Debt Default, Amount									1,060,000
Repayments of Convertible Debt		$ 500,000
Convertible Debt [Member] | March And July 2017 Convertible Note Offering [Member]
Debt Instrument, Unamortized Discount, Total									0							46,886
Interest Payable									82,772
Debt Instrument, Convertible, Beneficial Conversion Feature																$ 33,490
Debt Instrument, Extended Amount									197,000
Interest Expense, Debt									2,947	$ 2,947
Convertible Debt [Member] | The 6% Convertible Note Payable Due January to February 2027 [Member]
Debt Instrument, Face Amount									$ 247,000						$ 247,000
Nevada Medical Marijuana Production License Agreement [Member]
Payments to Acquire License					$ 500,000
Nevada Medical Marijuana Production License Agreement [Member] | Production License [Member]
Ownership of License					100.00%
Nevada Medical Marijuana Production License Agreement [Member] | Cultivation License [Member]
Ownership of License					100.00%

v3.24.3

Note 3 - Notes and Convertible Notes Payable and Line of Credit - Summary of Notes and Convertible Notes Payable (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Feb. 07, 2024
Face value, long-term notes payable	$ 1,759,307	$ 1,759,307
Discount, long-term notes payable	0	0
Total notes and convertible notes payable	1,759,307	1,759,307
The 6% Convertible Note Payable Due July 30, 2026 [Member] | Convertible Debt [Member]
Face value, long-term notes payable	25,000	25,000
Discount, long-term notes payable	0	0
Carrying value, long-term notes payable	25,000	25,000
The Second 6% Convertible Note Payable Due July 30, 2026 [Member] | Convertible Debt [Member]
Face value, long-term notes payable	50,000	50,000
Discount, long-term notes payable	0	0
Carrying value, long-term notes payable	50,000	50,000
The 6% Convertible Note Payable Due January to February 2027 [Member]
Face value, long-term notes payable			$ 500,000
The 6% Convertible Note Payable Due January to February 2027 [Member] | Convertible Debt [Member]
Face value, long-term notes payable	247,000	247,000
Discount, long-term notes payable	0	0
Carrying value, long-term notes payable	247,000	247,000
Convertible Notes Payable [Member] | The 0% Note Payable Dated October 23, 2017 [Member]
Face value, long-term notes payable	55,307	55,307
Discount, long-term notes payable	0	0
Carrying value, long-term notes payable	55,307	55,307
Convertible Notes Payable [Member] | The 6% Note Payable Due November 30, 2018 [Member]
Face value, long-term notes payable	560,000	560,000
Discount, short-term notes payable	0	0
Carrying value, short-term notes payable	560,000	560,000
Convertible Notes Payable [Member] | The 6% Notes Payable Due January 18, 2022 [Member]
Face value, long-term notes payable	325,000	325,000
Discount, long-term notes payable	0	0
Carrying value, short-term notes payable	325,000	325,000
Convertible Notes Payable [Member] | The6PercentNotesPayableDueJuly12022Member
Face value, long-term notes payable	50,000	50,000
Discount, long-term notes payable	0	0
Carrying value, short-term notes payable	50,000	50,000
Convertible Notes Payable [Member] | The 6 % Note Payable Dated September 30, 2023 [Member]
Face value, long-term notes payable	197,000	197,000
Discount, long-term notes payable	0	0
Carrying value, long-term notes payable	197,000	197,000
Convertible Notes Payable [Member] | The 6 % Convertible Note Payable Dated December 31, 2023 [Member]
Face value, long-term notes payable	250,000	250,000
Discount, long-term notes payable	0	0
Carrying value, long-term notes payable	250,000	250,000
Promissory Note [Member]
Face value, long-term notes payable	1,437,307	1,437,307
Carrying value, long-term notes payable	$ 1,437,307	$ 1,437,307

v3.24.3

Note 4 - Capital Transactions (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Adjustments to Additional Paid in Capital, Warrant Reinstatement and Repricing	$ (3,462)
Proceeds from Warrant Exercises	$ 10,000	$ 0
Class of Warrant or Right, Cancelled During Period (in shares)	6,293,335		38,337,538
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares)	0	0
Unexpired Warrants To Investors [Member]
Class of Warrant or Right, Repriced (in shares)	1,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.01		$ 0.1
Warrants Issued to Investor [Member]
Class of Warrant or Right, Repriced (in shares)			92,657,209
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 0.01
Adjustments to Additional Paid in Capital, Warrant Reinstatement and Repricing	$ 3,462
Class of Warrant or Right, Reinstated (in shares)			23,006,492
Deemed Dividend for Reissuance of Warrants			$ 278,315
Warrants at Exercise Price of 0.25 [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.25
Class of Warrant or Right, Expired During Period (in shares)	4,198,002
Warrants at Exercise Price of 0.10 [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.1
Class of Warrant or Right, Expired During Period (in shares)	2,095,333		3,490,834
Class of Warrant or Right, Expired During Period, Exercise Price (in dollars per share)			$ 0.1
Warrants [Member]
Class of Warrant or Right, Expired During Period (in shares)			2,456,750
Class of Warrant or Right, Exercises in Period (in shares)	1,000,000		25,348,467
Class of Warrant or Right, Exercises in Period, Exercise Price (in dollars per share)	$ 0.01		$ 0.01
Proceeds from Warrant Exercises	$ 10,000		$ 253,529
Class of Warrant or Right, Expired During Period, Exercise Price (in dollars per share)			$ 0.1
Brokerage Fees, Exercise of Warrants			$ 17,752
Class of Warrant or Right, Cancelled During Period (in shares)			1,150,000
Payments for Repurchase of Warrants			$ 0
Warrant at Exercise Price of 0.06 [Member]
Class of Warrant or Right, Expired During Period (in shares)			4,295,500
Class of Warrant or Right, Expired During Period, Exercise Price (in dollars per share)			$ 0.6
Warrant at Exercise Price of 0.04 [Member]
Class of Warrant or Right, Expired During Period (in shares)			300,000
Class of Warrant or Right, Expired During Period, Exercise Price (in dollars per share)			$ 0.04

v3.24.3

Note 4 - Capital Transactions - Warrant Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Warrants issued (including reinstated) (in shares)	0	23,006,492
Warrants issued, exercise price (in dollars per share)	$ 0	$ 0.01
Warrants exercised (in shares)	(1,000,000)	(25,348,467)
Warrants exercised, exercise price (in dollars per share)	$ 0.01	$ 0.01
Warrants expired/cancelled (in shares)	(6,293,335)	(38,337,538)
Outstanding (in shares)	74,785,829	82,079,164
Maximum [Member]
Warrants expired/cancelled, exercise price (in dollars per share)	$ 0.25	$ 0.6
Minimum [Member]
Warrants expired/cancelled, exercise price (in dollars per share)	$ 0.1

v3.24.3

Note 4 - Capital Transactions - Option Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Exercisable, options (in shares)	28,883,334
Exercisable, weighted average exercise price (in dollars per share)	$ 0.06
Expired, options (in shares)	0	(2,700,000)
Expired, weighted average exercise price (in dollars per share)	$ 0	$ 0.11
Fully vested and expected to vest, options (in shares)	28,883,334
Fully vested and expected to vest, weighted average exercise price (in dollars per share)	$ 0.06
Share-Based Payment Arrangement, Employee [Member]
Exercisable, options (in shares)		28,883,334	17,733,334
Exercisable, weighted average exercise price (in dollars per share)		$ 0.06	$ 0.11
Granted, options (in shares)	0	15,000,000
Granted, weighted average exercise price (in dollars per share)	$ 0	$ 0.01
Exercised, options (in shares)	0	0
Exercised, weighted average exercise price (in dollars per share)	$ 0	$ 0
Forfeited, options (in shares)	0	(1,150,000)
Forfeited, weighted average exercise price (in dollars per share)	$ 0	$ 0.05
Outstanding, weighted average remaining contractual life (Year)	7 years 21 days	7 years 21 days
Outstanding, aggregate intrinsic value	$ 0	$ 0
Fully vested and expected to vest, options (in shares)		28,883,334
Fully vested and expected to vest, weighted average exercise price (in dollars per share)		$ 0.06
Forfeited, options (in shares)	0	1,150,000
Outstanding, options (in shares)	28,883,334	28,883,334
Outstanding, weighted average exercise price (in dollars per share)	$ 0.06	$ 0.06
Outstanding, options (in shares)	28,883,334
Outstanding, weighted average exercise price (in dollars per share)	$ 0.06
Share-Based Payment Arrangement, Nonemployee [Member]
Exercisable, options (in shares)	14,483,000	14,483,000	6,483,000
Exercisable, weighted average exercise price (in dollars per share)	$ 0.06	$ 0.06	$ 0.13
Granted, options (in shares)	0	8,000,000
Granted, weighted average exercise price (in dollars per share)		$ 0.01
Exercised, options (in shares)	0	0
Forfeited, options (in shares)	0	0
Outstanding, weighted average remaining contractual life (Year)	7 years 6 months 29 days	7 years 6 months 29 days
Outstanding, aggregate intrinsic value
Fully vested and expected to vest, options (in shares)	14,483,000	14,483,000
Fully vested and expected to vest, weighted average exercise price (in dollars per share)	$ 0.06	$ 0.06
Forfeited, options (in shares)	(0)	(0)
Outstanding, options (in shares)	14,483,000
Outstanding, weighted average exercise price (in dollars per share)	$ 0.06
Outstanding, options (in shares)		14,483,000
Outstanding, weighted average exercise price (in dollars per share)		$ 0.06

v3.24.3

Note 5 - Commitments and Contingencies (Details Textual)	Jun. 30, 2024 USD ($)
Purchase Commitment [Member]
Contractual Obligation	$ 235,000

v3.24.3

Note 6 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Chief Executive Officer [Member]
Accounts Payable, Current	$ 108,816
Costs and Expenses, Related Party	7,634
President and Director [Member]
Accounts Payable, Current	18,498
Related Party [Member]
Accounts Payable, Current	$ 134,949	$ 127,436

v3.24.3

Note 7 - Note Receivable from Sale of Membership Interests in Nevada Subsidiaries (Details Textual)								9 Months Ended	12 Months Ended
	Mar. 27, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 14, 2021 USD ($)	Aug. 10, 2020 USD ($)	Mar. 24, 2020 USD ($)	Nov. 27, 2019	Oct. 23, 2017	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)
Promissory Note [Member] | The 0% Note Payable Dated October 23, 2017 [Member]
Debt Instrument, Interest Rate, Stated Percentage				0.00%			0.00%
Receivable with Imputed Interest, Effective Yield (Interest Rate)							20.30%
GB Sciences Nopah, LLC [Member]
Sale of Stock, Percentage of Ownership						100.00%
Noncash or Part Noncash Divestiture, Amount of Consideration Received				$ 312,315
Nevada Subsidiaries [Member]
Sale of Stock, Percentage of Ownership					100.00%
Teco Subsidiaries [Member]
Sale of Stock, Consideration Received on Transaction					$ 8,000,000
Notes Receivable, Interest Rate					8.00%
GB Sciences Nopah, LLC [Member]
Notes Reduction	$ 504,167			$ 237,668
Extinguishment of Debt, Amount								$ 3,462,854
Sale of Stock, Percentage of Ownership before Transaction		100.00%
Sale of Stock, Percentage of Ownership after Transaction		0.00%
Proceeds from Divestiture of Interest in Consolidated Subsidiaries								1,648,772
Proceeds From Divestiture of Business, Advances Received		$ 400,000						400,000
Financing Receivable, after Allowance for Credit Loss, Total		3,025,000						$ 3,025,000	$ 60,500	$ 60,500
Receivable with Imputed Interest, Effective Yield (Interest Rate)								8.00%
Quarterly Interest Only Payments on Note Receivable, Years									1	1
Number of Quarterly Principal and Interest Payments on Note Receivable									7	7
Note Receivable, Quarterly Principal and Interest Installment									$ 201,774
Final Payment, Principal and Interest Payments Due on Note Receivable									2,014,225	$ 2,014,225
Note Receivable, Interest Only, Monthly										$ 60,500
Asset Impairment Charges, Total									$ 3,025,000
Notes Receivable, Initial Payment	100,000
Note Receivable, Additional Payment Amount	1
Note Receivable, Reduction of Principal Amount	5.0416
Notes Receivable, Additional Aggregate Amount Payments	$ 500,000
GB Sciences Nopah, LLC [Member] | Accounts Payable Due to Affiliate of the Purchaser [Member]
Extinguishment of Debt, Amount		$ 74,647	$ 74,647

v3.24.3

Note 8 - Subsequent Events (Details Textual) - USD ($)		3 Months Ended
	Oct. 01, 2024	Jun. 30, 2024	Jun. 30, 2023
Proceeds from Convertible Debt		$ 0	$ 25,000
Forecast [Member] | Convertible Notes Payable [Member]
Proceeds from Convertible Debt	$ 25,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share)	$ 0.01

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