GBLX GB Sciences Inc (PK)

PART I

 

DISCLOSURE REGARDING FORWARD LOOKING STATEMENTS

 

This Annual Report on Form 10-K of GB Sciences, Inc., a Nevada corporation and its subsidiaries (the “Company”), 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”).

 

You should refer to Part I Item 1A. “Risk Factors” of this Annual Report on Form 10-K for a discussion of material factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Annual Report on Form 10-K will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

You should read this Annual Report on Form 10-K and the documents that we reference in this Annual Report on Form 10-K and have filed as exhibits to this Annual Report on Form 10-K completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

 

 

ITEM 1. DESCRIPTION OF BUSINESS

 

Unless the context indicates otherwise, all references to “GB” and “GB Sciences” refers solely to GB Sciences, Inc., a Nevada corporation, and all references to “the Company,” “we”, “us” or “our” in this Annual Report refers to GB Sciences and its consolidated subsidiaries.

 

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.

 

Within the past year, the number of issued patents owned by the Company has increased significantly. Prior to March 30, 2023, the company had six U.S. and eight foreign patents issued for the protection of its plant-inspired drug formulations in the U.S. and global markets. As of now, the Company has eight U.S. and twelve foreign patents issued, as well as two foreign patents allowed (issuing soon). Our continued success in having our patents granted validates our novel strategy of protecting simplified ratio-controlled mixtures of natural compounds that treat diseases for which there is a great need for more effective therapies.

 

The Company has received interest in and is reviewing options for monetizing its proprietary PhAROS™ drug discovery platform. PhAROS™, which stands for Phytomedical Analytics for Research Optimization at Scale, is an AI-enabled drug discovery tool that harnesses the therapeutic potential of plant-based medicines from within the 12 major traditional medical systems (TMS) in the world. PhAROS™, can discover and predict entirely new drug candidates from within these TMS in the form of proprietary minimum essential mixtures that are simplified but informed by the much more complex original plant-based materials. The Company’s innovative technology uses machine learning to describe how multi-component plant-based medicines have been effective as therapies for thousands of years and, more importantly, to predict new and better possible drug candidates using generative AI. PhAROS™ not only captures what has worked in the past, but also improves upon traditional medical formulations by identifying novel simple mixtures of active ingredients that work synergistically together to treat human diseases. These novel mixtures often include components from different plants growing on different continents in different TMS that may never before have been used together. PhAROS™ goes beyond looking at what has worked within plant-based medicines in the past, to predicting the efficacies of entirely new formulations that have not existed anywhere except within the digital world of generative AI. The Company has patent applications under review in the U.S. and globally to protect its PhAROS™ drug discovery platform. The Company’s PhAROS™ platform is both novel and patent-pending. Prior art searches performed by the World Intellectual Property Organization (WIPO) demonstrated the novelty of the Company’s approach to using a neural-network based machine learning process to describe, categorize, and predict novel multi-component drug candidates based on a unique data base containing searchable tabulations of plant-based therapies from over a dozen traditional medical systems. In addition, Gb Sciences is working collaboratively with other parties to utilize a similar digital strategy that leverages data science, AI and ML for informed drug discovery and innovative human health solutions.

 

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. 

 

We were 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 our then name “Signature Exploration and Production Corp.” as our business model had changed.

 

On April 4, 2014, we changed our 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.

 

Business Strategy

 

Drug Discovery and Development of Novel Cannabis- and Other Plant-Inspired Therapies 

 

Through its wholly owned Canadian subsidiary, GBS Global Biopharma, Inc. ("GBSGB"), the Company has conducted ground-breaking research embracing the rational design of plant-inspired medicines led by Dr. Andrea Small-Howard, the Company’s Chief Executive Officer, Interim Chief Financial Officer and Chairman of the Board. In the early days, Small-Howard and Dr. Helen Turner, Vice President of Innovation and Dean of the Natural Sciences and Mathematics Department at Chaminade University, posited that minimum essential mixtures of plant-based ingredients would provide more targeted and effective treatments for specific disease conditions than either single ingredient or whole plant formulations. They started with cannabis-based drug discovery and developed a rapid screening and assaying system that tested thousands of combinations of cannabinoids and terpenes in vitro against cell-based models of disease. This process identified precise mixtures of cannabinoids and terpenes, many of which contained no THC, to treat categories of disease conditions, including neurological disorders, inflammation, heart disease, metabolic syndrome, and chronic neuropathic pain. More recently, a similar approach has been applied to the discovery and validation of therapies informed by plants described in a variety of Traditional Medical Systems. These rich discovery efforts have yielded new preclinical programs; for example, our anxiety and depression formulations that contain minimum essential mixtures of compounds derived from plants in the Piper plant family, such as kava.  

 

In 2014, the Company developed its first rapid screening and assaying system which tested thousands of combinations of cannabinoids and terpenes against cell-based models of diseases. This process has been refined over the years and now has identified precise mixtures of cannabinoids and terpenes, many of which contained no THC, to treat categories of disease conditions, including neurological disorders, inflammation, heart disease, metabolic syndrome, chronic and neuropathic pain. Through GBSGB, the Company has filed for patent protection on these plant-inspired, minimum essential mixtures, and they are validating them in disease-specific animal models in preparation for human trials.

 

The Company’s current drug discovery process combines: 1) PhAROS™: Phytomedical Analytics for Research Optimization at Scale for the prediction of minimum essential mixtures from plant-based materials, and 2) HTS: high throughput screening to refine and validate plant-inspired, minimum essential mixtures in well-established cell and animal models of diseases. This combined approach to drug discovery increases research efficiency and accuracy reducing the time from ideation to patenting from 7 years to 1.5 years.

 

The Company now uses its PhAROS™ Drug Discovery Platform to ‘pre-validate’ therapeutic mixtures. PhAROS can both prioritize and eliminate some potential combinations, which reduces time and resources used in the discovery period. PhAROS™ can also be used to identify and predict the efficacy of novel plant-inspired, minimum essential mixtures for specific diseases in silico, which are then tested by screening in cell and animal models. Screening of plant-inspired mixtures for drug discovery involves the testing of specific combinations of plant chemicals from many naturally occurring plants and the use of live models for these diseases that have been well established by other researchers. The Company refines the potential therapeutic mixtures pre-validated by PhAROS™ to optimize their effectiveness using cell and animal models. Based on data from disease-specific assays, therapeutic formulations are refined during the HTS screening process by removing compounds that do not act synergistically with the others in the mixtures. The goal is to identify minimum essential mixtures (MEM) that retain the efficacy of the whole plant extracts, but with the manufacturing and quality control advantages of single ingredient pharmaceutical products.

 

 

Recently, the Company has received positive preclinical results supporting the efficacy of its proprietary formulas designed for the treatment of stress and anxiety, which were obtained as a part of its preclinical study of kava-inspired formulations for the treatment of anxiety or depression. The Company is addressing the growing need for anxiety and depression medications with non-psychedelic kava-based formulations. As mental health disorders increasingly impact global populations, Gb Sciences is developing psychotropic but non-psychedelic treatments for anxiety and depression that compete with the emerging billion-dollar psychedelic companies. Gb Sciences’ psychotropic kava-inspired formulas enhance mood, but they do not have potentially unwanted psychedelic side-effects. The National Research Council of Canada (“NRC”) tested the Company’s proprietary, psychotropic plant-based formulas for the treatment of depression and anxiety. For these novel psychotropic drug candidates, the Company used their AI-enabled PhAROS™ platform to identify new ingredients to improve upon an initial formulation for anxiety based on traditional medicine. The original plant mixture was derived from the kava plant, but some elements of kava are thought to cause liver toxicity. PhAROS™ identified ingredients from the Piper plant family as a substitute for the functionality of the ingredients in question without the potentially adverse safety profiles of those original ingredients. The Piper plant family includes pepper plants that are used worldwide in traditional medicines. The Company’s novel psychotropic formulations have been tested in preclinical trials at the Zebrafish Toxicology, Genomics and Neurobiology Lab at the NRC, led by Dr. Lee Ellis, Research Officer and Team Lead. This study has yielded multiple potential therapies for stress and anxiety. Some of those novel therapies are single ingredients, but more of them are either combination therapies containing two ingredients or three ingredients that work better when combined than alone. One of the striking things about this study is the very high hit rate of positive results from these drug candidates that were discovered using PhAROS™. These potential therapies have now been included in our growing intellectual property portfolio.

 

The U.S. Patent and Trademark Office allows complex mixtures to be claimed as Active Pharmaceutical Ingredients ("APIs"). Through GBSGB, the Company has eight issued patents, plus 15 patents-pending protecting plant-derived complex mixtures and minimum essential mixtures that act as therapeutic agents for specific disease categories, as described below. The Company also has twelve issued foreign patents, two foreign patents that are allowed; as well as forty-one foreign patent-pending applications. Our continued success in having our patents granted validates our novel strategy of protecting simplified ratio-controlled mixtures of natural compounds that treat diseases for which there is a great need for more effective therapies.

 

Within the past year, the number of issued patents owned by the Company has increased significantly. Prior to March 30, 2023, the company had six U.S. and eight foreign patents issued for the protection of its plant-inspired drug formulations in the U.S. and global markets. As of now, the Company has eight U.S. and twelve foreign patents issued, as well as two foreign patents allowed (issuing soon). Two of our domestic and six of the Company’s foreign patents for plant-based treatments of serious disorders were allowed or issued in different countries, expanding our patent protections as follows.

 

On June 28, 2023, the Israeli patent was issued on the Company’s Cannabinoid- Containing Complex Mixtures for the treatment of Parkinson’s disease. On April 24, 2024, the Company’s European patent was issued for its Cannabinoid-Containing Complex Mixtures for the treatment of Parkinson’s disease. On April 24, 2024, the Company received the Notice of Allowance for its Hong Kong (HK) Patent for its Cannabinoid-Containing Complex Mixtures for Parkinson’s disease. On May 4, 2024, an additional US Patent was issued by the USPTO for the Company’s Cannabinoid-Containing Complex Mixtures with refined formulations to be used in the treatment of Parkinson’s disease. On September 27, 2023, the European Patent was issued protecting the Company’s 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 April 24, 2024, the Company received the Notice of Allowance for its Hong Kong (HK) Patent for GbS’ Cannabinoid-Containing Complex Mixtures for the treatment of MCAS. On September 7th of 2023, the Australian patent was issued for the Company’s Myrcene-Containing Complex Mixtures (MCCM) for use in the treatment of pain related to arthritis, shingles, irritable bowel syndrome, sickle cell disease, and endometriosis. On April 2, 2024, the Company’s second patent issuance by the USPTO protects the use of its MCCM in the treatment of cardiac hypertrophy, overactive bladder, and refractory chronic cough.

 

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. On February 20, 2023, the Japanese patent was issued for the use of GbS’ Cannabinoid-Containing Complex Mixtures in the treatment of Parkinson’s disease. On February 10, 2023, the Japanese (JP) Patent was issued, protecting the Company’s Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). On March 2, 2023, the Israeli (IL) Patent was issued, protecting our Cannabinoid-Containing Complex Mixtures for the treatment of MCAS. On March 30, 2023, the Australian (AU) Patent was issued, protecting our Cannabinoid-Containing Complex Mixtures for the treatment of MCAS.

 

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 the Company’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.

 

Drug Development Progress

 

In the period from March 30, 2023 to now, the Company has received positive results from five different preclinical trials. These important studies support the viability of its novel therapeutic programs. In June of 2023, the Company received the final report from its colleagues at the University of Lethbridge, which contained the results and conclusions from its completed dose response study in rodents that supports the Company’s cannabinoid-based therapy for Parkinson’s disease. 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 extended-release formulas for chronic pain and this 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.

 

 

For its lead program in PD therapeutics, the Company’s primary focus for this year has been in evaluating suitable development partners that will assist us in preparing the lead program for a first-in-human clinical trial testing the Company’s treatment for the motor symptoms of Parkinson's disease. Talks with multiple potential licensing partners are ongoing and remain promising to help support the development of its Parkinson’s disease therapy. In July of 2023, the Company announced that they have successfully completed a preclinical, 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. These important preclinical results will be included in the Company’s Investigational New Drug ("IND") application with the US FDA to enter human clinical trials as soon as possible. New therapies to address Parkinson’s disease symptoms are needed to help those afflicted with this debilitating disease. The combined direct and indirect costs associated with Parkinson’s disease are estimated at $52 billion in the U.S. alone.

 

In August of 2023, we successfully completed a stability study validating the clinical prototypes for our top three performing cannabinoid-containing Parkinson’s formulations with Catalent Pharma, Inc. based on incorporating our proprietary cannabinoid formulations for Parkinson’s disease into Catalent Pharma’s proprietary Zydis® delivery system. Catalent Pharma’s Zydis® delivery system is an Orally Disintegrating Tablet format (“ODT”) that should be ideal for delivering our cannabinoid-ratio controlled formulations to Parkinson’s patients. More than 50% of Parkinson’s patients have trouble swallowing, but the Zydis® format delivers the active ingredients into the mouth by dispersion without needing water or the ability to swallow. To ready the Company’s Parkinson’s disease therapies for a first-in-human trial, the initial clinical prototypes of our Defined Cannabinoid Ratio-Minimum Essential Mixtures (DCR-MEM) have been formulated by Catalent Pharma using Catalent’s Zydis® Orally Disintegrating Tablet technology and they have passed a stability test within the desired range for shelf-life. As mentioned above, the ODT format was selected for the PD formulas because it dissolves on the tongues of patients without the need to swallow for ease of use in patients with PD, who often have difficulties with swallowing. Previously, the Company has completed two proof-of-concept studies for its MEM. Now, the Company has completed both the Stability Study and a Feasibility Study that has produced the clinical prototypes for its DCR-MEM. The Company selected Catalent for the delivery of their PD therapies due to Catalent’s prior experience in working on US FDA-approved, cannabinoid-containing drugs, their Schedule I drug manufacturing facilities, their familiarity with US FDA and international regulatory and manufacturing requirements, their expertise in tackling formulation challenges, and their ability to achieve the stability and dosing necessary for these novel therapeutic mixtures. In addition to its Zydis® technology, Catalent has early drug development services and additional oral drug delivery solutions available for the efficient delivery of the Company's proprietary APIs. The Company has identified a Contract Research Organization that will perform the required testing to support our IND filing. In the IND application for our novel Parkinson’s disease therapy, this testing data will be combined with the Chemistry Manufacturing and Controls (CMC) data prepared by Catalent Pharma and our proof-of-concept data (National Research Council Canada and the University of Lethbridge).

 

For its chronic pain program, the Company is testing its proprietary Minimum Essential Mixtures (MEM) for chronic pain both as encapsulated, time-released nanoparticles, as well as in non-encapsulated forms of these therapeutic mixtures in an animal model at the NRC in Halifax, Nova Scotia. In preparation for human clinical trials, our standard MEM and the nanoparticle-encapsulated, time-released MEM are currently being compared in an animal model that demonstrates their potential effectiveness at treating chronic pain. The early results from this preclinical research project look very promising. Data from these preclinical animal studies have demonstrated that the proprietary nanoparticle delivery method significantly increases the stability of the active terpenes within these formulas relative to the non-encapsulated active ingredients. Terpenes are small aromatic compounds, which are very volatile. The nanoparticles both act as a ‘molecular cage’ preventing the active terpene molecules from floating away and the time-release aspects of the proprietary nanoparticle delivery allow for prolonged activity, which is ideally suited for treating chronic pain.

 

For our chronic pain nanoparticles, two preclinical studies were completed this year at the University of Seville in Spain. One evaluated the effectiveness of our nanoparticle-encapsulated, extended-release formulas for chronic pain and showed positive results in preclinical cell models. The other study completed at the University of Seville validated the stability (shelf-life) of these nanoparticle-based extended-release formulas for chronic pain. This shelf-life study demonstrated significant stability under defined storage conditions. These results were especially important as having an effective and stable delivery system is incredibly important in the delivery of the active ingredients, and it makes these active ingredients much more suitable for the treatment of chronic pain by extending the stability of the molecule and ensuring continuous delivery overtime, which would be nearly impossible if trying to use the volatile terpenes in their non-encapsulated form. The reason that terpenes are so prevalent in the beauty and fragrance industry is because they naturally become airbourne; however, our nanoparticle-based delivery makes these reactive molecules more suitable for therapeutic usage.

 

 

Previously, the Company has received positive proof-of-concept data from a human immune cell model supporting the efficacy of their proprietary MEM designed for the suppression of cytokine release syndromes (CRS) while preserving key anti-viral immune responses. Based on this positive proof-of-concept data, the Company has patent-pending applications entitled “CANNABINOID-CONTAINING COMPLEX MIXTURES FOR THE TREATMENT OF CYTOKINE RELEASE SYNDROME WHILE PRESERVING KEY ANTI-VIRAL IMMUNE REACTIONS”. The best performing MEM from this patent application will be further developed in preparation for clinical studies to evaluate their anti-inflammatory potential in the treatment of long COVID-19 patients contending with Cytokine Release Syndrome (CRS) and associated hyperinflammatory conditions, such as macrophage activation syndrome (MAS) and acute respiratory distress syndrome (ARDS). The Company’s proof-of-concept study was performed at Michigan State University using a state-of-the-science human immune model. In the Company’s proof-of-concept study, immune cells from human donors were co-cultured together in one of four treatment groups: untreated (no inflammatory stimulus), inflammatory stimulus, control (inflammatory stimulus + vehicle from cannabinoid mixtures), or pre-treatment with the cannabinoid mixture + inflammatory stimulus. Then a panel of cytokines and inflammatory markers was measured from each of these treatment groups from different immune cell types within the co-cultured cells at four time points to determine whether the Company’s MEMs were able to alter the levels of pro-inflammatory cytokines or other inflammatory agents. The Company’s CRS formulations showed potential for the selective inhibition of pro-inflammatory processes in response to viral- and bacterial-triggered hyperinflammation in a human immune cell model. These positive proof-of-concept results support the potential for some of these mixtures to accomplish our therapeutic goals, but, ultimately, clinical trial results will determine whether they are efficacious. The next step is to further develop our plant-inspired drugs and eventually bring them to human trials so that the use of well-defined cannabinoid mixtures in clinical practice can become a reality.

 

As mentioned above, the Company has announced that our kava-inspired formulas for anxiety have achieved statistically significant efficacy in animal proof-of-concept studies. Gb Sciences is now preparing its non-psychedelic, kava-based anxiety formulations to treat the growing global need for stress and anxiety relief. The NRC of Canada has tested our proprietary, psychotropic plant-based formulas for the treatment of stress and anxiety in preclinical animal studies. The Company has leveraged its patent-pending PhAROS™ (Phytomedical Analytics for Research Optimization at Scale) platform to identify these combinations of plant compounds for novel drug candidates to treat depression and anxiety. These are the company’s first non-cannabis formulations to achieve proof-of-concept efficacy in preclinical animal studies. For these novel psychotropic drug candidates, the Company used the PhAROS™ platform to identify new ingredients to improve upon an initial formulation for anxiety based on traditional medicine. The original plant mixture was derived from the kava plant, but some elements of kava are thought to cause liver toxicity. PhAROS™ identified ingredients from the Piper plant family as a substitute for the functionality of the ingredients in question without the potentially adverse safety profiles of those original ingredients. The Piper plant family includes pepper plants that are used worldwide in traditional medicines. The Global Anxiety Disorder and Depression Treatment Market size is forecast to reach USD $19.81 Billion by 2028 according to Reports & Data.

 

Favorable Research Updates from our university collaborators reveal the promise in our discovery programs including: 1) the Company’s Cannabis Metabolomics Project with both Chaminade University of Honolulu, Hawaii and the University of Athens, Greece, and 2) the expansion of the capabilities of our PhAROS™ drug discovery platform in collaboration with Chaminade University of Honolulu. 

 

Intellectual Property

 

GBSGB retained Fenwick & West, a Silicon Valley based law firm focusing on life sciences and high technology companies with a nationally top-ranked intellectual property practice, to develop strategies for the protection of the Company's intellectual property. The status of the intellectual property portfolio is as follows. Unless otherwise indicated, all patents listed below are assigned to the Company's wholly-owned subsidiary, GBS Global Biopharma, Inc.

 

Eight USPTO & Twelve Foreign Patents Issued; Two Foreign Patents Allowed*

*Notice of Allowances received which confirms patent protection on claim set

 

Title: CANNABINOID-CONTAINING COMPLEX MIXTURES FOR THE TREATMENT OF NEURODEGENERATIVE DISEASES (002 Patent Family)

 

U.S. Patent Number: US10653640B2	Issued: May 19, 2020
Expiration date: October 10, 2037	Inventors: Andrea Small-Howard et al.
Chinese Patent Number: CN109963595B	Issued: Feb 3, 2023
Expiration date: October 10, 2037	Inventors: Andrea Small-Howard et al.
Japanese Patent Number: JP7225103B2	Issued: Feb 20, 2023
Expiration date: October 10, 2037	Inventors: Andrea Small-Howard et al.
Israeli Patent Application: IL265902	Issued: June 28, 2023
Expiration date: October 10, 2037	Inventors: Andrea Small-Howard et al.
European Patent: EP17800639.1	Issued: April 24, 2024
Expiration date: October 10, 2037	Inventors: Andrea Small-Howard et al.
Hong Kong Patent: HK620200023336	Allowed: April 24, 2024
Expiration date: October 10, 2037	Inventors: Andrea Small-Howard et al.
U.S. Patent Application No.: 16/844,713	Allowed: August 19, 2023
Expiration date: October 10, 2037	Inventors: Andrea Small-Howard et al.

 

 

On May 19, 2020, U.S. Patent protection was granted for GbS’ Cannabinoid-Containing Complex Mixtures for the treatment of Parkinson’s disease. On February 3, 2023, the Chinese Patent was issued for GbS’ Cannabinoid- Containing Complex Mixtures for the treatment of Parkinson’s disease. On February 20, 2023, the Japanese patent was issued for the use of GbS’ Cannabinoid-Containing Complex Mixtures in the treatment of Parkinson’s disease. On June 28, 2023, the Israeli patent was issued on GbS’ Cannabinoid- Containing Complex Mixtures for the treatment of Parkinson’s disease. On April 24, 2024, GbS’ European patent was issued for GbS’ Cannabinoid- Containing Complex Mixtures for the treatment of Parkinson’s disease. On April 24, 2024, GbS received the Notice of Allowance for its Hong Kong (HK) Patent for GbS’ CCCM for Parkinson’s disease. On May 4, 2024, an additional US Patent was issued by the USPTO for GbS’ Cannabinoid-Containing Complex Mixtures with refined formulations to be used in the treatment of Parkinson’s disease. These patents claim benefit of U.S. Patent Application number 62/406,764 that was originally filed October 11, 2016.

 

Title: MYRCENE-CONTAINING COMPLEX MIXTURES TARGETING TRPV1 (005 Patent Family)

 

U.S. Patent Number US10709670B2	Issued: July 14, 2020
Expiration date: May 22, 2038	Inventors: Andrea Small-Howard, et al.
Australian Patent: AU2018273194B2	Issued: September 7, 2023
Expiration date: May 22, 2038	Inventors: Andrea Small-Howard et al.
US Patent Application: US20200390721A1	Allowed: March 9, 2023
Expiration date: May 22, 2038	Inventors: Andrea Small-Howard et al.

 

As of July 14, 2020, GbS’ Myrcene-Containing Complex Mixtures (MCCM) are protected in the US for use in the treatment of pain related to arthritis, shingles, irritable bowel syndrome, sickle cell disease, and endometriosis. On September 7th of 2023, the Australian patent was issued for GbS’ Myrcene-Containing Complex Mixtures (MCCM) for use in the treatment of pain related to arthritis, shingles, irritable bowel syndrome, sickle cell disease, and endometriosis. On April 2, 2024, the second patent issuance by the USPTO protects the use of GbS’ MCCM in the treatment of cardiac hypertrophy, overactive bladder, and refractory chronic cough. These patents claim benefit of U.S. Patent Application number 62/509,546 that was originally filed May 22, 2017.

 

 

Title: CANNABINOID-CONTAINING COMPLEX MIXTURES FOR THE TREATMENT OF MAST CELL-ASSOCIATED OR BASOPHIL-MEDIATED INFLAMMATORY DISORDERS (003 Patent Family)

 

U.S. Patent Number US10,857,107B2	Issued: December 8, 2020
Expiration date: January 31, 2038	Inventors: Andrea Small-Howard et al.
JP Patent Number: JP7225104B2	Issued: February 10, 2023
Expiration date: January 31, 2038	Inventors: Andrea Small-Howard et al.
IL Patent Number: IL268211B	Issued: March 2, 2023
Expiration date: January 31, 2038	Inventors: Andrea Small-Howard et al.
AU Patent Number: AU2018215200B2	Issued: March 30, 2023
Expiration date: January 31, 2038	Inventors: Andrea Small-Howard et al.
European Patent Application: EP3576724A1	Issued: September 27, 2023
Expiration date: January 31, 2038	Inventors: Andrea Small-Howard et al.
HK Patent Application: HK62020008641.6	Allowed: September 27, 2023
Expiration date: January 31, 2038	Inventors: Andrea Small-Howard et al.

 

On December 8, 2020, U.S. Patent protection was granted for GbS’ Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). On February 10, 2023, the Japanese (JP) Patent was issued, protecting GbS’ Cannabinoid-Containing Complex Mixtures for the treatment of MCAS. On March 2, 2023, the Israeli (IL) Patent was issued, protecting GbS’ Cannabinoid- Containing Complex Mixtures for the treatment of MCAS. On March 30, 2023, the Australian (AU) Patent was issued, protecting GbS’ Cannabinoid-Containing Complex Mixtures for the treatment of MCAS. On September 27, 2023, the European Patent (EP) was issued protecting GbS’ Cannabinoid-Containing Complex Mixtures for the treatment of MCAS. On September 27, 2023, GbS received the Notice of Allowance for its Hong Kong (HK) Patent for GbS’ Cannabinoid-Containing Complex Mixtures for the treatment of MCAS. These patents claim benefit of U.S. Patent Application number 62/453,161 originally filed February 1, 2017.

 

Title: TRPV1 ACTIVATION-MODULATING COMPLEX MIXTURES OF CANNABINOIDS AND/OR TERPENES (006 Patent Family)

 

U.S. Patent Number US11260044B2	Issued: May 1, 2022
Expiration date: May 22, 2039	Inventors: Andrea Small-Howard, et al.

 

U.S. Patent coverage was granted for CBGA-containing mixtures used for the treatment of TRPV1-associated heart disease, renal cystitis, and hearing loss. This patent claims benefit of U.S. Patent Application Nos. 62/674,843 filed May 22, 2018; 62/769,743 filed November 20, 2018; and 62/849,719 filed May 17, 2019.

 

Title: METHODS AND COMPOSITIONS FOR PREVENTION AND TREATMENT OF CARDIAC HYPERTROPHY (050 Patent Family)

 

U.S. Patent Number: US9084786B2	Issued: July 21, 2015
U.S. Patent Number: US10137123B2	Issued: November 27, 2018
European Union Patent Number: EP2635281B1	Issued: March 14, 2018
Hong Kong Patent Number: HK14102182.8B1	Issued: March 14, 2018
Inventor: Alexander Stokes	Assignee: University of Hawai’i

 

GBSGB has sublicensed these two issued USPTO patents and two issued international patents for the prevention and treatment of heart failure due to cardiac hypertrophy through therapeutic regulation of TRPV1 from Makai Biotechnology, LLC.

 

Title: METHOD FOR PRODUCING A PHARMACEUTICAL COMPOSITION OF POLYMERIC NANOPARTICLES FOR TREATING NEUROPATHIC PAIN CAUSED BY PERIPHERAL NERVE COMPRESSION (008 Patent Family)

Spanish Patent: ES2582287                                              Issued: September 29, 2017

Expiration: February 9, 2035

Inventors: Martin Banderas, Lucia; Fernandez Arevalo, Mercedes; Berrocoso, Dominguez, Esther; and Mico Segura, Juan Antonio

Assignees: Universidad de Sevilla, Universidad de Cadiz, and Centro de Investigacion Biomedica En Red

Exclusive worldwide license held by GbS Global Biopharma, Inc. Claims benefit of Spanish Patent Application no. P201500129 (Pub. No. ES 2582287).

 

GBSGB holds the exclusive worldwide rights to commercialize the issued Spanish patent-protected, cannabinoid-containing, time-released, oral nanoparticles for the treatment of neuropathic pain.

 

 

Pending Patents

 

In addition to the issued patents listed above, GBSGB's intellectual property portfolio includes a total of fifteen USPTO and forty-one international patents pending:

 

Title		Jurisdiction		Application Number		Other International Applications Filed		Continuation of
CANNABINOID-CONTAINING COMPLEX MIXTURES FOR THE TREATMENT OF NEURODEGENERATIVE DISEASES		US		USPTO US18/663,034 PCT/US2017/055989		AU, CA, CN, EP, JP, HK (allowed)		US16/844,713, US15/729,565 CN202310039015.8A JP2023058599A
CANNABINOID-CONTAINING COMPLEX MIXTURES FOR THE TREATMENT OF MAST CELL-ASSOCIATED OR BASOPHIL-MEDIATED INFLAMMATORY DISORDERS		US		USPTO 17/065,400 PCT/US2018/016296		CA, CN, HK (allowed)		US15/885,620
MYRCENE-CONTAINING COMPLEX MIXTURES TARGETING TRPV1		US		USPTO 16/878,295 PCT/US2018/033956		CA, CN, JP		US15/986,316 US16/878,295
TRPV1 ACTIVATION-MODULATING COMPLEX MIXTURES OF CANNABINOIDS AND/OR TERPENES		US		USPTO 16/420,004 PCT/US2019/033618		AU, CA		US17/576,485
THERAPEUTIC NANOPARTICLES ENCAPSULATING TERPENOIDS AND/OR CANNABINOIDS		US		USPTO 16/686,069 PCT/ES2019/070765		AU, CA, CN, EP, HK, IL
TREATMENT OF PAIN USING ALLOSTERIC MODULATOR OF TRPV1		US		USPTO 16/914,205 PCT/US2020/039989		AU, CA, CN, EP, HK, IL, JP
CANNABINOID-CONTAINING COMPLEX MIXTURES FOR THE TREATMENT OF CYTOKINE RELEASE SYNDROME WHILE PRESERVING KEY ANTI-VIRAL IMMUNE REACTIONS		US		USPTO 17/406,035 PCT/US2021/046584		AU, CA, IL
IN SILICO META-PHARMACOPEIA ASSEMBLY FROM NON-WESTERN MEDICAL SYSTEMS USING ADVANCED DATA ANALYTIC TECHNIQUES TO IDENTIFY AND DESIGN PHYTOTHERAPEUTIC STRATEGIES		US		USPTO 17/501,498 PCT/US2021/055056		CA, EP, KR, TW
METHODS AND COMPOSITIONS FOR PREVENTION AND TREATMENT OF CARDIAC HYPERTROPHY		US/EU		EPO 3,348,267		IN, CN
METHOD FOR PRODUCING A PHARMACEUTICAL COMPOSITION OF POLYMERIC NANOPARTICLES FOR TREATING NEUROPATHIC PAIN CAUSED BY PERIPHERAL NERVE COMPRESSION		WIPO/PCT		WIPO 2016/128591 PCT/ES2016/000016		EU, CA
CANNABINOID-CONTAINING FORMULATIONS FOR PARKINSONIAN MOVEMENT DISORDERS		US		USPTO 17/955,425 PCT/US2022/077190		BR, CA, EP
PHYTOCHEMICAL FORMULATIONS FOR TREATING STRESS AND ANXIETY		US		USPTO18/602,012 PCT/US2023/032021		Continuation from USPTO 18/242,512
METHODS AND COMPOSITIONS FOR THE IDENTIFICATION OF NOVEL THERAPEUTIC APPROACHES TO MIGRAINE USING THE PHAROS IN SILICO DRUG DISCOVERY PLATFORM		US		Incorporated into USPTO 17/501,498 PCT/US2021/055056
METHOD AND COMPOSITIONS FOR THE PHYTOMEDICAL COMPONENT SUPPLY CHAIN DECISION SUPPORT USING THE PHAROS IN SILICO DRUG DISCOVERY PLATFORM		US		Incorporated into USPTO 17/501,498 PCT/US2021/055056
METHODS AND COMPOSITIONS FOR NOVEL PAIN THERAPIES TARGETED TO SPECIFIC PAIN SUBTYPES IDENTIFIED USING THE PHAROS IN SILICO DRUG DISCOVERY PLATFORM		US		Incorporated into USPTO 17/501,498 PCT/US2021/055056
METHODS AND COMPOSITIONS DEVELOPMENT OF NOVEL THERAPEUTICS BASED ON PIPER SPECIE-CONTAINING PHYTOMEDICINES FOR ANXIETY AND ASSOCIATED DISORDERS USING THE PHAROS IN SILICO DRUG DISCOVERY PLATFORM		US		Incorporated into USPTO 17/501,498 PCT/US2021/055056
METHODS AND COMPOSITIONS FOR DECONVOLUTION OF COMPLEX PHYTOMEDICAL FORMULAE FOR CANCER TO IDENTIFY TARGETED STRATEGIES FOR CANCER PAIN AND CYTOTOXIC THERAPEUTIC CANDIDATES USING THE PHAROS IN SILICO DRUG DISCOVERY PLATFORM		US		Incorporated into USPTO 17/501,498 PCT/US2021/055056

 

 

Partnering Strategy 

 

The Company runs a lean drug development program and minimizes expenses, including personnel, overhead, and fixed capital expenses (such as lab and diagnostic equipment), through strategic partnerships with universities, hospitals, suppliers, Contract Research Organizations (“CROs”), and Contract Manufacturing Organizations (“CMOs”). Through these research and development agreements, the Company has created a virtual pipeline for the further development of novel medicines based on ingredients originally derived from the cannabis plant and other plant-based traditional medicines. The partners bring both expertise and infrastructure at a reasonable cost to the life sciences program. In most instances, the Company has also negotiated with these partners to keep 100% of the ownership of the IP within GBSGB for original patent filings.

 

For its lead program in PD therapeutics, the Company’s primary focus for this year has been in evaluating suitable development partners that will assist us in preparing this lead program for a first-in-human clinical trial testing the Company’s treatment for the motor symptoms of Parkinson's disease. Talks with multiple potential licensing partners are ongoing and remain promising to help support the development of its Parkinson’s disease therapy.

 

The Company currently has on-going research agreements or collaborative arrangements with the following institutions covering the indicated areas of research:

 

Chaminade University: Broad-based research program to support the drug discovery platform that has yielded many of the Company’s original patents to date in the areas of neurodegenerative diseases, heart disease, inflammatory diseases, neuropathic and chronic pain. They have also performed the bioassay portion of the Cannabis Metabolomics study performed with the University of Athens, Greece and the Company. Our collaborations with Chaminade also led to the development of our PhAROS™ drug discovery platform.

 

University of Athens: Broad-based metabolomics analysis of over 100 cannabis genotypes including both hemp and THC-producing cannabis varieties, in combination with the Company’s bioassay data linking genotypes and potential disease-remediations. This project has the potential to define active ingredients from plant-derived mixtures beyond the standard cannabinoids and terpenoids. The discovery potential is huge, and novel agents have recently been discovered. Novel ligands have been identified and are being validated. This project will ultimately yield novel patent-protected therapies.

 

Michigan State University: Preclinical work using a cutting-edge, multi-cellular model of the human immune system and a multi-cell model of the brain to validate our MEMs for use in the treatment of cytokine release syndromes (CRS). MSU has performed experiments using their novel model of the human-immune system that have allowed GBSGB to prepare cannabis-based formulas for the potential treatment of virally-induced hyperinflammation/cytokine storm syndrome that has led to the majority of long-term COVID-19 symptoms. Positive proof-of-concept results have guided the development of these selectively anti-inflammatory MEM.

 

The University of Lethbridge: Our research partners bring expertise in studying neurodegenerative diseases using animal models and “Home Cage Small World” assessments using cameras and Artificial Intelligence-to assess efficacy of our proprietary Minimum Essential Mixtures for the treatment of Parkinson’s disease symptoms. Our colleagues at the University of Lethbridge have recently finished the dose-response study for our Company’s cannabinoid-containing Parkinson’s disease therapies.

 

The University of Seville: Bringing their novel expertise to the development and functional testing of time-released and disease-targeted nanoparticles of cannabis-based minimum essential mixtures for oral administration. These specialized nanoparticles are being used for the precise and time-released delivery of several of our therapies, including the Company’s chronic pain MEMs used in the preclinical animal testing performed at the NRC Canada. The University of Seville has completed functional testing on nanoparticles containing myrcene, nerolidol, and beta-caryophyllene for our chronic pain MEMs. In cell-based assays, the effectiveness and kinetics of the nanoparticle-forms of these terpenes were compared with the “naked” terpenes both individually and in mixtures. In all cases, the effectiveness of the nanoparticles was superior to the naked terpenes, however, the mixtures were dramatically more effective than the individuals. Recently, our partners at the University of Seville have completed the formulation of new cannabis-based ingredients for inclusion into the oral, time-released nanoparticle format for the completion of our maximally effective MEMs for chronic pain. The results from Seville are very promising, and these nanoparticles have entered the animal testing phase at the NRC of Canada in Halifax.

 

 

The National Research Center (NRC) of Canada, Halifax, Nova Scotia: Two animal-phase studies have been performed by Dr. Lee Ellis’ group at the NRC of Canada during the current period. 1) Chronic Pain: The Company has an on-going safety and efficacy study in animals for our Chronic Pain (CP) formulas. The midterm results for these preclinical pain studies are very promising. 2) Anxiety: We have announced the positive performance of our plant-inspired formulas in an animal model of stress and anxiety.

 

The University of Cadiz: Testing the safety and efficacy of the above-mentioned time-released nanoparticles in rodent models of chronic pain. Proof of concept complete for one formulation.

 

University of Hawaii: Validating the efficacy of a complex cannabis-based mixture for the treatment of cardiac hypertrophy and cardiac disease in a rodent model. Proof of concept work is complete in rodents, and we are seeking commercialization partners.

 

Path to Market: Drug Development Stages and Proposed Clinical Trials

 

The Company has plant-based therapeutic products in the following stages of drug development: Discovery, Pre-Clinical, and entering the Clinical Phase. It has also in-licensed therapeutic products and plans to out-license some products that the Company intends to develop through partners, labeled Partner Programs.

 

The completion of discovery, preclinical studies, clinical trials, and the required regulatory submissions required for obtaining US FDA pre-market approvals for pharmaceutical products (and equivalent approvals from other corresponding agencies worldwide) is traditionally a long and expensive process. However, the Company asserts that its proprietary, PhAROS™, AI-enabled, drug discovery engine; plant-inspired formulations; lean development program; novel regulatory strategy; experienced development partners; and aggressive licensing of these products at early clinical stages can mitigate some of the risks. The Company uses a combination of in silico discovery methods and automated screening of cellular and animal models of disease to decrease the time in Discovery prior to filing novel patent applications for disease-specific therapeutics. Through GBSGB, the Company’s original patent applications cover new chemical entities (“NCE”) based on discovery and validation of minimum essential mixtures derived from complex, plant-based therapeutics. The Company plans to advance the lead PD drug candidate using an adaptive trial design that is more efficient than the traditional phased-development pathway. Through GBSGB, the Company has entered into research contracts, partnerships, and/or joint ventures with several respected, independent contract research organizations, medical schools, universities, and with other scientific consultants to increase developmental efficiencies. If and when one or more of the Company’s drugs, therapies or treatments are approved by the US FDA, the Company will seek to market them under licensing arrangements with major biotechnology or pharmaceutical companies.

 

There can be no assurance that we will ever be able to enter into any joint ventures or other arrangements with third parties to finance our drug development program or that if we are able to do so, that any of our projected therapies will ever be approved by the US FDA. Even if we obtain US FDA approval to market one of our therapies, there can be no assurance that it could be successfully marketed or would not be superseded by another plant-based therapy produced by one or more of our competitors. It also may be anticipated that even if we enter into a joint venture development with a financially stable pharmaceutical or institutional partner, we will still be required to raise significant additional capital in the future to achieve the strategic goals of the Company. There can be no assurance that we will be able to obtain such additional capital on reasonable terms, if at all. If the Company fails to achieve its goal of producing one or more plant-inspired pharmaceuticals or therapies, it would have a material adverse effect on our future financial condition and business prospects.

 

Other 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 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 $300,000 as a reduction to the balance of the 0% Note payable dated October 23, 2017 and 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.

 

Competition

 

The biotech industry is subject to intense and increasing competition. We face potential competition from many different sources, including large pharmaceutical and biotechnology companies, specialty pharmaceutical and generic drug companies, and medical technology companies. Any product candidates that we successfully develop and commercialize will compete with existing therapies and new therapies that may become available in the future. Some of our competitors may have substantially greater capital resources, facilities and infrastructure then we have, which may enable them to compete more effectively in this market. These competitors include Cara Therapeutics Inc., Corbus Pharmaceuticals Holdings Inc., Zynerba Pharmaceuticals Inc., Tetra Bio-Pharma, Inc., Revive Therapeutics, Inc., Axim Biotechnologies, Inc., and Emerald BioScience, Inc., among others.

 

There are several organizations that may be developing or marketing therapies for the indications that we are pursuing. Many of our competitors, including many of the organizations named above, have substantially greater financial, technical and human resources than we do and significantly greater experience in the development of product candidates, obtaining FDA and other regulatory approvals of products and the commercialization of those products. Mergers and acquisitions in the pharmaceutical and biotechnology industries may result in even more resources being concentrated among a smaller number of competitors.

 

We believe the key competitive factors that will affect the development and commercial success of our product candidates, if approved for marketing, are likely to be their safety, efficacy and tolerability profile, reliability, convenience of dosing, price and reimbursement from government and third-party payers. Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer or less severe side effects, are more convenient or are less expensive than any products that we may develop. Our competitors also may obtain FDA or other regulatory approval for their products more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market. In addition, our ability to compete may be affected in many cases by insurers or other third-party payers seeking to encourage the use of generic products. Generic products that broadly address these indications are currently on the market for the indications that we are pursuing, and additional products are expected to become available on a generic basis over the coming years. If our product candidates achieve marketing approval, we expect that they will be priced at a significant premium over competitive generic products.

 

Government Regulation and Federal Policy

 

Government authorities in the U.S. (including federal, state and local authorities) and in other countries extensively regulate, among other things, the manufacturing, research and clinical development, marketing, labeling and packaging, storage, distribution, post-approval monitoring and reporting, advertising and promotion, export and import of pharmaceutical products, such as those we are developing. The process of obtaining regulatory approvals and the subsequent compliance with appropriate federal, state, local and foreign statutes and regulations require the expenditure of substantial time and financial resources. Moreover, failure to comply with applicable regulatory requirements may result in, among other things, warning letters, clinical holds, civil or criminal penalties, recall or seizure of products, injunction, disbarment, partial or total suspension of production or withdrawal of the product from the market. Any agency or judicial enforcement action could have a material adverse effect on us.

 

FDA Regulation

 

In the U.S., the FDA regulates drugs under the Federal Food, Drug, and Cosmetic Act (“FDCA”) and its implementing regulations. Drugs are also subject to other federal, state and local statutes and regulations. The process required by the FDA before product candidates may be marketed in the U.S. generally involves the following:

 

●completion of extensive preclinical laboratory tests and preclinical animal studies, all performed in accordance with the FDA’s Good Laboratory Practice (“GLP”) regulations. Preclinical testing generally includes evaluation of our product candidates in the laboratory or in animals to characterize the product and determine safety and efficacy; 

●submission to the FDA of an Investigational New Drug application ("IND"), which must become effective before human clinical trials may begin and must be updated annually; 

●performance of adequate and well-controlled human clinical trials to establish the safety and efficacy of the product candidate for each proposed indication; 

●submission to the FDA of a New Drug Application ("NDA") after completion of all pivotal clinical trials; 

●a determination by the FDA within 60 days of its receipt of an NDA to file the NDA for review; 

●satisfactory completion of an FDA pre-approval inspection of the manufacturing facilities at which the active pharmaceutical ingredient (“API”) and finished drug product are produced and tested to assess compliance with cGMP regulations; 

●satisfactory completion of an FDA pre-approval inspection of one or more of the clinical sites at which the clinical trials were conducted; 

●at the discretion of the FDA, a public Advisory Committee Meeting where the data is reviewed by experts who discuss the data and give their opinion (which the FDA is not obliged to follow) of the adequacy of the data to support an approval; and 

●FDA review and approval of an NDA prior to any commercial marketing or sale of the drug in the U.S. 

 

 

We rely and expect to continue to rely on third parties for the production, distribution, shipping and storage of clinical and commercial quantities of our product candidates. Future FDA and state inspections may identify compliance issues at the facilities of our contract manufacturers that may disrupt production or distribution or require substantial resources to correct. In addition, discovery of previously unknown problems with a product or the failure to comply with applicable requirements may result in restrictions on a product, manufacturer or holder of an approved NDA, including withdrawal or recall of the product from the market or other voluntary, FDA-initiated or judicial action that could delay or prohibit further marketing. Newly discovered or developed safety or effectiveness data may require changes to a product’s approved labeling, including the addition of new warnings and contraindications, and also may require the implementation of other risk management measures. Also, new government requirements, including those resulting from new legislation, may be established, or the FDA’s policies may change, which could delay or prevent regulatory approval of our product candidates under development.

 

In addition to regulations in the U.S., we will be subject to a variety of regulations in other jurisdictions governing, among other things, clinical trials and any commercial sales and distribution of our products. Whether or not we obtain FDA approval for a product, we must obtain the requisite approvals from regulatory authorities in foreign countries prior to the commencement of clinical trials or marketing of the product in those countries. Certain countries outside of the U.S. have a similar process that requires the submission of a clinical trial application much like the IND prior to the commencement of human clinical trials. In Europe, for example, a clinical trial application (“CTA”) must be submitted to each country’s national health authority and an independent ethics committee, much like the FDA and IRB, respectively. Once the CTA is approved in accordance with a country’s requirements, clinical trial development may proceed.

 

The requirements and process governing the conduct of clinical trials, product licensing, pricing and reimbursement vary from country to country. In all cases, the clinical trials are conducted in accordance with GCP and the applicable regulatory requirements and the ethical principles that have their origin in the Declaration of Helsinki.

 

To obtain regulatory approval of an investigational drug under European Union regulatory systems, we must submit a marketing authorization application. The application used to file the NDA in the U.S. is similar to that required in Europe, with the exception of, among other things, country-specific document requirements. For other countries outside of the European Union, such as countries in Eastern Europe, Latin America or Asia, the requirements governing the conduct of clinical trials, product licensing, pricing and reimbursement vary from country to country. In all cases, again, the clinical trials are conducted in accordance with GCP and the applicable regulatory requirements and the ethical principles that have their origin in the Declaration of Helsinki.

 

If we fail to comply with applicable foreign regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory approvals, product recalls, seizure of products, operating restrictions and criminal prosecution.

 

Employees

 

As of March 31, 2024, we had two fulltime employees.

 

 

ITEM 1A. RISK FACTORS

 

You should carefully consider the risks, uncertainties and other factors described below, in addition to the other information set forth in this Annual Report on Form 10-K, including our financial statements and the related notes thereto. Any of these risks, uncertainties and other factors could materially and adversely affect our business, financial condition, results of operation and cash flows. In that case, the trading price of our common stock could decline, and you may lose all or part of your investment. An investment in our securities is speculative and involves a high degree of risk. You should not invest in our securities if you cannot bear the economic risk of your investment for an indefinite period of time and cannot afford to lose your entire investment. There may be additional risks that we do not presently know of or that we currently believe are immaterial which could also impair our business and financial position. See also “Cautionary Note Regarding Forward-Looking Statements.”

 

RISKS RELATING TO OUR BUSINESS AND INDUSTRY

 

We have a limited operating history, which may make it difficult for investors to predict future performance based on current operations.

 

We have a limited operating history upon which investors may base an evaluation of our potential future performance. In particular, we have not proven that we can obtain and/or maintain relationships with strategic partners to extract value from our intellectual property, raise sufficient capital in the public and/or private markets, or respond effectively to competitive pressures. As a result, there can be no assurance that we will be able to develop or maintain consistent revenue sources, or that our operations will be profitable and/or generate positive cash flows.

 

Any forecasts we make about our operations may prove to be inaccurate. We must, among other things, respond to economic and market variables outside of our control, respond to competitive developments and continue to attract, retain and motivate qualified employees. There can be no assurance that we will be successful in meeting these challenges and addressing such risks and the failure to do so could have a materially adverse effect on our business, results of operations and financial condition. Our prospects must be considered in light of the risks, expenses, and difficulties frequently encountered by companies in the early stage of development. As a result of these risks, challenges and uncertainties, the value of your investment could be significantly reduced or completely lost.

 

Our independent auditors’ report for the fiscal years ended March 31, 2024 and 2023 have expressed doubts about our ability to continue as a going concern.

 

Due to the uncertainty of our ability to meet our current operating and capital expenses, in our audited annual financial statements as of and for the years ended March 31, 2024 and 2023 our independent auditors included a note to our financial statements regarding concerns about our ability to continue as a going concern. The Company has incurred recurring losses since inception. These factors and the need for additional financing in order for the Company to meet its business plan, raise substantial doubt about the ability to continue as a going concern. The presence of the going concern note to our financial statements may have an adverse impact on the relationships we are developing and plan to develop with third parties as we continue the commercialization of our intellectual properties and could make it challenging and difficult for us to raise additional financing, all of which could have a material adverse impact on our business and prospects and result in a significant or complete loss of your investment.

 

We have incurred significant losses in prior periods, and losses in the future could cause the quoted price of our Common Stock to decline or have a material adverse effect on our financial condition, our ability to pay our debts as they become due and on our cash flows.

 

We have incurred significant losses in prior periods. For the years ended March 31, 2024 and 2023, we had net losses of $1,361,677 and $4,125,194, respectively, and we had an accumulated deficit of $110,066,992 and $108,705,315, respectively. Any losses in the future could cause the quoted price of our common stock to decline or have a material adverse effect on our financial condition, our ability to pay our debts as they become due, and on our cash flows.

 

We will need additional capital to sustain our operations and will need to seek further financing, which we may not be able to obtain on acceptable terms or at all. If we fail to raise additional capital, as needed, our ability to implement our business plan could be compromised.

 

We have limited capital resources and operations. To date, our operations have been funded primarily from the proceeds of debt and equity financings. We expect to require substantial additional capital in the near future to implement our strategies, develop our intellectual property base, and establish our targeted levels of commercial production. There is no assurance that we 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. Even if we obtain financing for our near-term operations, we expect that we will require additional capital thereafter, especially if we are to develop our Science division and start to conduct, individually or with joint venture partners, pre-clinical and clinical trials for potential pharmaceutical, or nutraceutical products derived from cannabis. Our capital needs will depend on numerous factors including: (i) our profitability; (ii) the release of competitive products by our competition; (iii) the level of our investment requirements for research and development; and (iv) the amount of our capital expenditures, including acquisitions. We cannot assure you that we will be able to obtain capital in the future to meet our needs.

 

If we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership held by our existing stockholders will be reduced and our stockholders may experience significant dilution. In addition, new securities may contain rights, preferences or privileges that are senior to those of our common stock. If we raise additional capital by incurring debt, this will result in increased interest expense. If we raise additional funds through the issuance of securities, market fluctuations in the price of our shares of common stock could limit our ability to obtain equity financing.

 

We cannot give you any assurance that any additional financing will be available to us, or if available, will be on terms favorable to us. If we are unable to raise capital when needed, our business, financial condition, and results of operations would be materially adversely affected, and we could be forced to reduce or discontinue our operations.

 

Drug research and development programs typically involves huge expenditures, long periods to obtain FDA approvals and the potential that such prospective pharmaceutical products will not prove to be safe and effective.

 

The production of FDA-approved pharmaceutical products and related drug is typically a highly expensive and a long and drawn out process, typically involving hundreds of millions of dollars and a decade or more to achieve. Although we believe that some, if not all, of our planned cannabinoid based pharmaceutical protocols can qualify for “orphan drug” status and be accelerated through the FDA approval process, there can be no assurance that this will be the case.

 

In addition, we do not now have, and do not expect in the foreseeable future to have, the capital resources to fund our drug discovery programs, nor do we have the infrastructure to conduct such program alone. For that reason, we intend to engage in joint ventures with third parties, including hospitals, clinics, foundations and other qualified sources. Although we are in preliminary discussions with various potential partners, to date, we have not entered into any definitive drug development joint venture or partnership agreement. Our failure or inability to enter into one or more drug development agreements will materially and adversely affect our ability to develop our Science division. Even if we are able to obtain such joint drug development agreements there can be no assurance that it will be on terms and conditions that will be favorable to us.

 

There is the further risk that the anticipated costs of producing an FDA approved drug will not escalate to the point that will cause us and any of our prospective development partners to abandon such efforts.

 

Even if we do develop an FDA-approved pharmaceutical product, there is the risk that it will not be saleable to a major pharmaceutical company (either before or after completion of the FDA approval process), or that other competing drugs will not be produced providing the same medical benefits.

 

Accordingly, there is a significant risk that we will never be able to generate a return on our investment, and we could lose our entire investment in GBS Global Biopharma, Inc. Either of such events, would have a material adverse effect on our business prospects and equity value.

 

There has been limited study on the effects of cannabinoids and future clinical research studies may lead to conclusions that dispute or conflict with our understanding and belief regarding the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabinoid-based active ingredients.

 

Many of the Company's products involve the use of complex mixtures of cannabinoids. Research regarding the medical benefits, viability, safety, efficacy and dosing of cannabinoids remains in relatively early stages. There have been few clinical trials on the benefits of cannabinoids conducted, but the number of trials is growing.

 

Future research and clinical trials may draw opposing conclusions to statements contained in the articles, reports and studies we have relied on or could reach different or negative conclusions regarding the medical benefits, viability, safety, efficacy, dosing or other facts and perceptions related to cannabinoid-containing prescription medicines. However, our proprietary formulations will have been through the rigorous premarket approval process of the US FDA prior to marketing.

 

 

Federal law prohibits the use of cannabis for the purposes in which the Company has previously engaged.

 

Under the federal Controlled Substances Act (“CSA”), cannabis is deemed to be a Schedule One narcotic that has no medical benefit. Therefore, a range of activities including cultivation and the personal use of cannabis is prohibited and is a criminal offense. Unless and until Congress amends the CSA with respect to medical cannabis, as to the timing or scope of any such amendments there can be no assurance, there is a risk that federal authorities may enforce current federal law. The risk of strict enforcement of the CSA in light of Congressional activity, judicial holdings, and stated federal policy remains uncertain.

 

The current policy and regulations of the Federal government and its agencies, including the U.S. Drug Enforcement Agency and the FDA, are that cannabis has no medical benefit and a range of activities including cultivation and use of cannabis for personal use is prohibited on the basis of Federal law. Although the majority of states and the District of Columbia have passed legislation permitting the cultivation and dispensing of medical cannabis, these laws are, in many jurisdictions, subject to strict regulation and limitations and are still being developed. Active enforcement of the current federal regulatory position on cannabis on a regional or national basis may directly and adversely affect the Company even though it was allowed by state regulation in the various states in which the Company operated. Accordingly, although the Company was successful in obtaining state cultivation and production licenses in Nevada and other states and operated pursuant to such licenses, the operations were in violation of federal law. If existing federal laws are enforced by the United States Department of Justice or the FDA, it is possible that the Company could be prosecuted for its former operations in cannabis cultivation and production under state licensing.

 

Because the Company's sales were subject to IRC 280E, we owe federal income taxes even though we incurred losses.

 

Under the federal Controlled Substances Act (“CSA”), cannabis is deemed to be a Schedule One narcotic that has no medical benefit. The production and distribution of Schedule One narcotics is subject to Internal Revenue Code Section 280E, which prohibits the Company from deducting any ordinary and necessary business expenses from taxable gross profit related to the sale of cannabis products. Without the deduction of business expenses, the Company owes income taxes in the amount of $1,060,825, including accrued penalties and interest, despite having generated net losses and substantial net operating loss carryforwards. The Company does not currently have sufficient resources to pay those taxes, and if we are unable to pay those taxes we may be subject to penalties and IRS enforcement action.

 

Because the business activities of some of our former customers were illegal under Federal law, we may be deemed to have aided and abetted illegal activities through the products that we provided to those customers. As a result, we may be subject to actions by law enforcement authorities which would materially and adversely affect our business.

 

Until the December 31, 2021 sale of the Nevada Subsidiaries, we provided products to customers that were engaged in businesses involving the possession, use, cultivation, and transfer of cannabis. As a result, law enforcement authorities may seek to bring an action or actions against us, including, but not limited, to a claim of aiding and abetting another’s criminal activities. Such an action would have a material effect on our business and operations.

 

If we incur substantial liability from litigation, complaints, or enforcement actions, our financial condition could suffer.

 

Our previous participation in the cannabis industry may lead to litigation, formal or informal complaints, enforcement actions, and inquiries by various federal, state, or local governmental authorities against the Company. Litigation, complaints, and enforcement actions involving these subsidiaries could consume considerable amounts of financial and other corporate resources, which could have a negative impact on our ability to move forward with our business plan.

 

We could have difficulty accessing the service of banks, which may make it difficult for us to operate.

 

Since the use of cannabis is illegal under Federal law, there is an argument that banks should not accept for deposit funds from businesses involved with the cannabis industry. Consequently, such businesses often have difficulty finding a bank willing to accept their business.

 

On February 14, 2014, the U.S. government issued rules allowing banks to legally provide financial services to state licensed marijuana businesses. A memorandum issued by the Justice Department to federal prosecutors re-iterated guidance previously given, this time to the financial industry that banks can do business with legal marijuana businesses and “may not” be prosecuted. The Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued guidelines to banks that “it is possible to provide financial services" to state-licensed marijuana businesses and still be in compliance with federal anti-money laundering laws.

 

Notwithstanding the above federal guidelines and in addition to potential federal sanctions, regulators in the states in which we are able to conduct business may make it difficult for local banks to do business with companies considered to have engaged in cultivating and distributing cannabis. Furthermore, banks may be reluctant to do business with us because of past participation in the cannabis industry. Failure to maintain a permanent banking relationship could have a material and adverse effect on our future business operations.

 

 

We face intense competition and many of our competitors have greater resources that may enable them to compete more effectively.

 

The industry in which we operate is subject to intense and increasing competition. Some of our competitors have greater capital resources, facilities and diversity of product lines, which may enable them to compete more effectively in this market. Our competitors may devote their resources to developing and marketing products that will directly compete with our product lines. Due to this competition, there is no assurance that we will not encounter difficulties in obtaining revenues and market share in the future from products we are attempting to develop. There are no assurances that competition in our respective industries will not lead to reduced prices for our potential products. If we are unable to successfully compete with existing companies and new entrants to the market this will have a negative impact on our business and financial condition.

 

If we fail to protect or develop our intellectual property, our business could be adversely affected.

 

Our viability will depend, in part, on our ability to develop and maintain the proprietary aspects of our technology to distinguish our products from our competitors’ products. We will rely on patents, copyrights, trademarks, trade secrets, and confidentiality provisions to establish and protect our intellectual property.

 

Any infringement or misappropriation of our intellectual property could damage its value and limit our ability to compete. We may have to engage in litigation to protect the rights to our intellectual property, which could result in significant litigation costs and require a significant amount of our time. In addition, our ability to enforce and protect our intellectual property rights may be limited in certain countries outside the United States, which could make it easier for competitors to capture market position in such countries by utilizing technologies that are similar to those developed or licensed by us.

 

Competitors may also harm our sales by designing products that mirror the capabilities of our products or technology without infringing on our intellectual property rights. If we do not obtain sufficient protection for our intellectual property, or if we are unable to effectively enforce our intellectual property rights, our competitiveness could be impaired, which would limit our growth and future revenue.

 

We may also find it necessary to bring infringement or other actions against third parties to seek to protect our intellectual property rights. Litigation of this nature, even if successful, is often expensive and time-consuming to prosecute and there can be no assurance that we will have the financial or other resources to enforce our rights or be able to enforce our rights or prevent other parties from developing similar technology or designing around our intellectual property.

 

Although we believe that our intellectual property does not and will not infringe upon the patents or violate the proprietary rights of others, it is possible such infringement or violation has occurred or may occur, which could have a material adverse effect on our business.

 

We are not aware of any infringement by us of any person’s or entity’s intellectual property rights. In the event that products we sell are deemed to infringe upon the patents or proprietary rights of others, we could be required to modify our products or obtain a license for the manufacture and/or sale of such products or cease selling such products. In such event, there can be no assurance that we would be able to do so in a timely manner, upon acceptable terms and conditions, or at all, and the failure to do any of the foregoing could have a material adverse effect upon our business.

 

There can be no assurance that we will have the financial or other resources necessary to enforce or defend a patent infringement or proprietary rights violation action. If our products or proposed products are deemed to infringe or likely to infringe upon the patents or proprietary rights of others, we could be subject to injunctive relief and, under certain circumstances, become liable for damages, which could also have a material adverse effect on our business and our financial condition.

 

Our trade secrets may be difficult to protect.

 

Our success depends upon the skills, knowledge, and experience of our scientific and technical personnel, our consultants and advisors, as well as our licensors and contractors. Because we operate in a highly competitive industry, we rely in part on trade secrets to protect our proprietary technology and processes. However, trade secrets are difficult to protect. We enter into confidentiality or non-disclosure agreements with our corporate partners, employees, consultants, outside scientific collaborators, developers, and other advisors. These agreements generally require that the receiving party keep confidential and not disclose confidential information developed by the receiving party or made known to the receiving party by us during the course of the receiving party’s relationship with us. These agreements also generally provide that inventions conceived by the receiving party in the course of rendering services to us will be our exclusive property, and we enter into assignment agreements to perfect our rights.

 

These confidentiality, inventions and assignment agreements may be breached and may not effectively assign intellectual property rights to us. Our trade secrets also could be independently discovered by competitors, in which case we would not be able to prevent the use of such trade secrets by our competitors. The enforcement of a claim alleging that a party illegally obtained and was using our trade secrets could be difficult, expensive and time consuming and the outcome would be unpredictable. In addition, courts outside the United States may be less willing to protect trade secrets. The failure to obtain or maintain meaningful trade secret protection could adversely affect our competitive position.

 

 

Our future success depends on our key executive officers and our ability to attract, retain, and motivate qualified personnel.

 

Our future success largely depends upon the continued services of our executive officers and management team. If one or more of our executive officers are unable or unwilling to continue in their present positions, we may not be able to replace them readily, if at all. Additionally, we may incur additional expenses to recruit and retain new executive officers. If any of our executive officers joins a competitor or forms a competing company, we may lose some of our potential customers. Finally, we do not maintain “key person” life insurance on any of our executive officers. Because of these factors, the loss of the services of any of these key persons could adversely affect our business, financial condition, and results of operations, and thereby an investment in our stock.

 

Our continuing ability to attract and retain highly qualified personnel will also be critical to our success because we will need to hire and retain additional personnel as our business grows. There can be no assurance that we will be able to attract or retain highly qualified personnel. We face significant competition for skilled personnel in our industry. This competition may make it more difficult and expensive to attract, hire, and retain qualified managers and employees. Because of these factors, we may not be able to effectively manage or grow our business, which could adversely affect our financial condition or business. As a result, the value of your investment could be significantly reduced or completely lost.

 

We may not be able to effectively manage our growth or improve our operational, financial, and management information systems, which would impair our results of operations.

 

In the near term, we intend to expand the scope of our operations activities significantly. If we are successful in executing our business plan, we will experience growth in our business that could place a significant strain on our business operations, finances, management and other resources. The factors that may place strain on our resources include, but are not limited to, the following:

 

●

The need for continued development of our financial and information management systems;

●

The need to manage strategic relationships and agreements with manufacturers, customers and partners; and

●

Difficulties in hiring and retaining skilled management, technical, and other personnel necessary to support and manage our business.

 

Additionally, our strategy could produce a period of rapid growth that may impose a significant burden on our administrative and operational resources. Our ability to effectively manage growth will require us to substantially expand the capabilities of our administrative and operational resources and to attract, train, manage, and retain qualified management and other personnel. There can be no assurance that we will be successful in recruiting and retaining new employees or retaining existing employees.

 

We cannot provide assurances that our management will be able to manage this growth effectively. Our failure to successfully manage growth could result in our sales not increasing commensurately with capital investments or otherwise materially adversely affecting our business, financial condition, or results of operations.

 

If we are unable to continually innovate and increase efficiencies, our ability to attract new customers may be adversely affected.

 

In the area of innovation, we must be able to develop new technologies and products that appeal to our customers. This depends, in part, on the technological and creative skills of our personnel and on our ability to protect our intellectual property rights. We may not be successful in the development, introduction, marketing, and sourcing of new technologies or innovations, that satisfy customer needs, achieve market acceptance, or generate satisfactory financial returns.

 

Litigation may adversely affect our business, financial condition, and results of operations.

 

From time to time in the normal course of our business operations, we may become subject to litigation that may result in liability material to our financial statements as a whole or may negatively affect our operating results if changes to our business operations are required. The cost to defend such litigation may be significant and may require a diversion of our resources. There also may be adverse publicity associated with litigation that could negatively affect customer perception of our business, regardless of whether the allegations are valid or whether we are ultimately found liable. Insurance may not be available at all or in sufficient amounts to cover any liabilities with respect to these or other matters. A judgment or other liability in excess of our insurance coverage for any claims could adversely affect our business and the results of our operations.

 

If we fail to implement and maintain proper and effective internal controls and disclosure controls and procedures pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, our ability to produce accurate and timely financial statements and public reports could be impaired, which could adversely affect our operating results, our ability to operate our business, and investors’ views of us.

 

 

As of March 31, 2024, management assessed the effectiveness of our internal controls over financial reporting. Management concluded, as of the fiscal year ended March 31, 2024, that our internal controls and procedures were not effective to detect the inappropriate application of U.S. GAAP rules. Management concluded that our internal controls were adversely affected by deficiencies in the design or operation of our internal controls, which management considered to be material weakness; specifically:(1) 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, the Company lacks dual control within the duties of these two positions.

 

The failure to implement and maintain proper and effective internal controls and disclosure controls could result in material weaknesses in our financial reporting such as errors in our financial statements and in the accompanying footnote disclosures that could require restatements. Investors may lose confidence in our reported financial information and disclosure, which could negatively impact our stock price.

 

We do not expect that our internal controls over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be 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. Controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. Over time, controls may become inadequate because changes in conditions or deterioration in the degree of compliance with policies or procedures may occur. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

Our insurance coverage may be inadequate to cover all significant risk exposures; because we have operated in the cannabis industry, we have a difficult time obtaining the various insurances that are desired to operate our business, which may expose us to additional risk and financial liabilities.

 

We will be exposed to liabilities that are unique to the products we provide. While we intend to maintain insurance for certain risks, the amount of our insurance coverage may not be adequate to cover all claims or liabilities, and we may be forced to bear substantial costs resulting from risks and uncertainties of our business. It is also not possible to obtain insurance to protect against all operational risks and liabilities. The failure to obtain adequate insurance coverage on terms favorable to us, or at all, could have a material adverse effect on our business, financial condition and results of operations. We do not have any business interruption insurance. Any business disruption or natural disaster could result in substantial costs and diversion of resources. We do not have directors' and officers' liability insurance in place and could incur substantial costs to indemnify our directors and officers against any claims that may arise. We currently have insurance coverage in place for workers' compensation.

 

Insurance that is otherwise readily available is more difficult for us to find, and more expensive, because we have engaged in the cannabis industry. There are no guarantees that we will be able to find such insurances in the future, or that the cost will be affordable to us. If we are forced to go without such insurances, it may prevent us from entering into certain business sectors, may inhibit our growth, and may expose us to additional risk and financial liabilities.

 

RISKS RELATED TO AN INVESTMENT IN OUR SECURITIES

 

We expect to experience volatility in the price of our common stock, which could negatively affect stockholders’ investments.

 

The trading price of our common stock may be highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond our control. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies with securities traded in those markets. Broad market and industry factors may seriously affect the market price of companies’ stock, including ours, regardless of actual operating performance. All of these factors could adversely affect your ability to sell your shares of common stock or, if you are able to sell your shares, to sell your shares at a price that you determine to be fair or favorable.

 

Our common stock is categorized as “penny stock,” which may make it more difficult for investors to sell their shares of common stock due to suitability requirements.

 

Our common stock is categorized as “penny stock”. The Securities and Exchange Commission (the “SEC”) has adopted Rule 15g-9 which generally defines “penny stock” to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. The price of our common stock is significantly less than $5.00 per share and is therefore considered “penny stock.” This designation imposes additional sales practice requirements on broker-dealers who sell to persons other than established customers and accredited investors. The penny stock rules require a broker-dealer buying our securities to disclose certain information concerning the transaction, obtain a written agreement from the purchaser and determine that the purchaser is reasonably suitable to purchase the securities given the increased risks generally inherent in penny stocks. These rules may restrict the ability and/or willingness of brokers or dealers to buy or sell our common stock, either directly or on behalf of their clients, may discourage potential stockholders from purchasing our common stock, or may adversely affect the ability of stockholders to sell their shares.

 

 

Financial Industry Regulatory Authority (“FINRA”) sales practice requirements may also limit a stockholder’s ability to buy and sell our common stock, which could depress the price of our common stock.

 

In addition to the “penny stock” rules described above, FINRA has adopted rules that require a broker-dealer to have reasonable grounds for believing that the investment is suitable for that customer before recommending an investment to a customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative, low-priced securities will not be suitable for at least some customers. Thus, the FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our shares of common stock, have an adverse effect on the market for our shares of common stock, and thereby depress our price per share of common stock.

 

The elimination of monetary liability against our directors, officers, and employees under Nevada law and the existence of indemnification rights for or obligations to our directors, officers, and employees may result in substantial expenditures by us and may discourage lawsuits against our directors, officers, and employees.

 

Our Articles of Incorporation contain a provision permitting us to eliminate the personal liability of our directors to us and our stockholders for damages for the breach of a fiduciary duty as a director or officer to the extent provided by Nevada law. We may also have contractual indemnification obligations under any future employment agreements with our officers. The foregoing indemnification obligations could result in us incurring substantial expenditures to cover the cost of settlement or damage awards against directors and officers, which we may be unable to recoup. These provisions and the resulting costs may also discourage us from bringing a lawsuit against directors and officers for breaches of their fiduciary duties and may similarly discourage the filing of derivative litigation by our stockholders against our directors and officers even though such actions, if successful, might otherwise benefit us and our stockholders. We do not have directors' and officers' liability insurance in place and could incur substantial costs to indemnify our directors and officers against any claims that may arise.

 

We may issue additional shares of common stock in the future, which could cause significant dilution to all stockholders.

 

Our Articles of Incorporation authorize the issuance of up to 950,000,000 shares with a par value of $0.0001 per share. As of March 31, 2024, we had 406,071,028 shares of common stock outstanding. However, we require additional capital and will likely issue additional shares of Common Stock in the future in connection with one or more financings or an acquisition. Such issuances may not require the approval of our stockholders. In addition, certain of our outstanding rights to purchase additional shares of common stock or securities convertible into our common stock are subject to full-ratchet anti-dilution protection, which could result in the right to purchase significantly more shares of common stock being issued or a reduction in the purchase price for any such shares or both. Any issuance of additional shares of our common stock, or equity securities convertible into our common stock, including but not limited to, warrants, and options, will dilute the percentage ownership interest of all stockholders, may dilute the book value per share of our common stock, and may negatively impact the market price of our common stock. 

 

Because we do not intend to pay any cash dividends on our common stock, our stockholders will not be able to receive a return on their shares unless they sell them.

 

We intend to retain any future earnings to finance the development and expansion of our business. We do not anticipate paying any cash dividends on our common stock in the foreseeable future. Declaring and paying future dividends, if any, will be determined by our Board, based upon earnings, financial condition, capital resources, capital requirements, restrictions in our Articles of Incorporation, contractual restrictions, and such other factors as our Board deems relevant. Unless we pay dividends, our stockholders will not be able to receive a return on their shares unless they sell them. There is no assurance that stockholders will be able to sell shares when desired. 

 

We are a public company and must meet the expenses associated with the maintenance of a public company.

 

We are a public company and are required to file annual, quarterly, and periodic reports with the United States Securities and Exchange Commission as required by the Securities Exchange Act of 1934. Our annual and quarterly reports must contain financial statements that are audited and/or reviewed by an independent accounting firm licensed with the Public Company Accounting Oversight Board. The preparation of such reports also incur other bookkeeping, accounting and legal expense.

 

As noted, meeting the filing requirements of the Securities Exchange Act of 1934 requires paying applicable professionals significant amounts of money. In the event the Company is not able to meet its filing requirements with the Securities and Exchange Commission, it will put a chill on the trading of our common stock in the over-the-counter markets and investors in our stock will have a more difficult time liquidating their investments.  

 

ITEM 1B. UNRESOLVED STAFF COMMENTS

 

None

 

 

ITEM 2. PROPERTY

 

The company does not own or lease any physical premises. Our executive officers and employees work remotely in a "virtual office" setting, and our mailing address is 9205 W. Russell Road, Suite 240 Las Vegas, Nevada 89148.

 

ITEM 3. LEGAL PROCEEDINGS

 

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. A stipulated settlement was reached and entered into by the parties without liability to the Company and filed with the court on April 10, 2023.  The filing had the effect of closing the case. 

 

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.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not Applicable

 

PART II

 

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 

GB Sciences, Inc.’s common stock is quoted on the OTCQB under the symbol "GBLX".

 

For the periods indicated, the following table sets forth the high and low per share intra-day sales prices per share of common stock. These prices represent inter-dealer quotations without retail markup, markdown, or commission and may not necessarily represent actual transactions.

 

Fiscal Year 2024		High ($)				Low ($)
Fourth Quarter		$	0.01			$	0.01
Third Quarter			0.01				0.01
Second Quarter			0.01				0.01
First Quarter			0.02				0.01
Fiscal Year 2023
Fourth Quarter		$	0.02			$	0.02
Third Quarter			0.03				0.02
Second Quarter			0.03				0.02
First Quarter			0.04				0.02

 

As of August 30, 2024, there were 198 holders of record of our common stock. Because many of our shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of beneficial holders.

 

Dividend Policy

 

Cash dividends have never been declared or paid on common stock and dividends are not anticipated on common stock in the foreseeable future. Future earnings, if any, will be retained to finance the expansion business and for general corporate purposes. There is no assurance we will pay dividends in the future. Future dividend policy is within the discretion of the board of directors and will depend upon various factors, including results of operations, financial condition, capital requirements and investment opportunities.

 

 

Recent Sales of Unregistered Securities

 

During the year ended March 31, 2024, the Company accepted the exercise of 3,333,333 warrants at an exercise price of $0.01 per share of common stock, for gross cash proceeds of $33,334. In addition, 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. 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 6. [RESERVED]

 

 

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

The following discussion of the plan of operation, financial condition and results of operations should be read in conjunction with the Company’s financial statements, and notes thereto, included elsewhere herein. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors including, but not limited to, those discussed in this Annual Report.

 

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

 

This year, the primary focus for the development of the Company’s lead program in Parkinson’s disease 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 bring our first-in-class Parkinson’s disease therapy into clinical trials. The Company’s partnering strategy for the clinical development of its proprietary therapies mirrors the partnering strategy that it has successfully used in completing the research and development phase of its business.

 

Product Development

 

In the period from March 30, 2023 to now, the Company has received positive results from five different preclinical trials that strongly support the development of their plant-inspired therapies. 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 lead program, a 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™ , the Company’s proprietary AI-enabled drug discovery engine, have now been validated in these preclinical animal studies at the NRC. Two preclinical studies at the University of Seville were also 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 study 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, which are necessary for marketing this therapy.

 

Intellectual Property Portfolio

 

Within the past year, the number of issued patents owned by the Company has increased significantly. Prior to March 30, 2023, the company had six U.S. and eight foreign patents issued for the protection of its plant-inspired drug formulations in the U.S. and global markets. As of now, the Company has eight U.S. and twelve foreign patents issued, as well as two foreign patents allowed that will be issuing soon. Our continued success in having our patents granted validates our novel strategy of protecting simplified ratio-controlled mixtures of natural compounds that treat diseases for which there is a great need for more effective therapies.

 

 

The Company has received interest in and is reviewing options for monetizing its proprietary PhAROS™ drug discovery platform. PhAROS™, which stands for Phytomedical Analytics for Research Optimization at Scale, is an AI-enabled drug discovery tool that harnesses the therapeutic potential of plant-based medicines from within the 12 major traditional medical systems (TMS) in the world. PhAROS™, can discover and predict entirely new drug candidates from within these TMS in the form of proprietary minimum essential mixtures that are simplified but informed by the much more complex original plant-based materials. The Company’s innovative technology uses machine learning to describe how multi-component plant-based medicines have been effective as therapies for thousands of years and, more importantly, to predict new and better possible drug candidates using generative AI. PhAROS™ not only captures what has worked in the past, but also improves upon traditional medical formulations by identifying novel simple mixtures of active ingredients that work synergistically together to treat human diseases. These novel mixtures often include components from different plants growing on different continents in different TMS that may never before have been used together. PhAROS™ goes beyond looking at what has worked within plant-based medicines in the past, to predicting the efficacies of entirely new formulations that have not existed anywhere except within the digital world of generative AI. The Company has patent applications under review in the U.S. and globally to protect its PhAROS™ drug discovery platform. The Company’s PhAROS™ platform is both novel and patent-pending. Prior art searches performed by the World Intellectual Property Organization (WIPO) demonstrated the novelty of the Company’s approach to using a neural-network based machine learning process to describe, categorize, and predict novel multi-component drug candidates based on a unique data base containing searchable tabulations of plant-based therapies from over a dozen traditional medical systems. In addition, Gb Sciences is working collaboratively with other parties to utilize a similar digital strategy that leverages data science, AI and ML for informed drug discovery and innovative human health solutions.

 

Results of Operations

 

The following table sets forth certain of our Statement of Operations data:  

 

		For the Years Ended
		March 31,
		2024				2023
SALES REVENUE		$	-			$	-
COST OF GOODS SOLD			-				-
GROSS PROFIT (LOSS)			-				-
OPERATING EXPENSES			1,420,509				1,672,281
LOSS FROM OPERATIONS			(1,420,509	)			(1,672,281	)
OTHER INCOME (EXPENSE)
Interest expense			(218,973	)			(178,652	)
Loss on impairment of capitalized patent costs			(42,195	)			(2,374,261	)
Other income – Collections in notes receivable			320,000				100,000
Total other income/(expense)			58,832				(2,452,913	)
LOSS BEFORE INCOME TAXES			(1,361,677	)			(4,125,194	)
Income tax expense			-				-
NET LOSS		$	(1,361,677	)		$	(4,125,194	)

 

Operating Expenses. Operating expense decreased $251,772 to $1,420,509 for the year ended March 31, 2024 as compared to $1,672,281 for the same period last year. The decrease is attributable primarily to reduced compensation paid to executives and board members, decrease in research and development activities and lower amortization due to write off of intangibles in the prior year. The Company is continuing its efforts to maintain operating 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 for the year ended March 31, 2024 was $218,973, compared to $178,652 for the year ended March 31, 2023, an increase of $40,321. The net increase is attributable to approximately $322,000 in new loans for the fiscal year, as well as interest of approximately $62,000 attributable to income taxes.

 

Loss on impairment of capitalized patent costs. During the year ended March 31, 2024, the Company recorded an impairment charge of $42,195 as compared to $2,374,261 in the 2023 period. Impairment recorded in the 2023 period relates to impairment recorded against capitalized costs resulting from management’s analysis of patent costs in connection with ASC 350-30-35. Additional costs incurred in 2024 were written off.

 

Other income (loss). During the year ended March 31, 2024, the Company recorded other income of $320,000 compared to $100,000 in the 2023 period. The income in both periods relates to cash received from the makers of a note receivable due and payable to the Company. The note receivable was fully reserved for as of March 31, 2022 and therefore the subsequent receipt of cash from the payor has been classified as other income.

 

 

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. The Company represents a speculative investment and investors may lose all of their investment. In order to be able to achieve the strategic goals, the Company needs to further expand its business and financing activities. Based upon the 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 financings. 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.

 

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. At March 31, 2023, the Company had a cash balance of $109,912, other current assets excluding cash were $199,592, and our working capital deficit was $4,450,202. Current liabilities were $4,759,706, which consisted principally of $1.4 million in notes and convertible notes payable, $1,861,829 in accounts payable, $75,628 in accrued liabilities, and $958,455 income taxes payable.

 

Sources and Uses of Cash

 

Operating Activities

 

Cash used in operations was $975,698 for the year ended March 31, 2024, compared to cash used of $1,526,861 for the year ended March 31, 2023, the decrease is due to lower operating expenses in 2024. 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.

 

Investing Activities

 

Cash flows of $320,000 were provided by investing activities for the year ended March 31, 2024 as a result of collections on the note receivable. Cash used in investing activities for the year ended March 31, 2023 consists of $31,650 paid to our attorneys to file patent applications.

 

Financing Activities

 

Cash provided by financing activities for the year ended March 31, 2024 consist of $235,777 proceeds from warrant exercises, net of brokerage fees and $322,000 proceeds from convertible notes payable. Cash provided by financing activities for the year ended March 31, 2023 of $1,434,530 was due to proceeds received from the sale of common stock of $1,705,000, offset by financing fees for the issuance of convertible notes of $221,651, and principal payments on notes payable of $48,820.

 

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 March 31, 2024, the outstanding balance of the note was $55,307, and accrued interest was $4,764. The company made no payments during the year ended March 31, 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.

 

The Company recorded interest expense of $21,393 and $28,599 on the extended notes during the years ended December 31, 2024 and 2023, respectively, of which $16,779 in 2023 represented amortization of the note discounts. Accrued interest on the $197,000 extended notes is $79,890 and the remaining unamortized discount was $0 at March 31, 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 $240,693. 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 $44,923 and $39,185, respectively, for the years ended March 31, 2024 and 2023, and no unamortized discount at March 31, 2024.

 

December 2020 $625,000 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. 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 years ended March 31, 2024 and 2023, the Company recorded interest expense of $69,882 and $92,533, respectively, on the December 2020 $700,000 6% Convertible Notes, of which $22,959 and $52,041 represented amortization of the note discounts. Accrued interest on these notes is $129,296 and the remaining unamortized discount was $0 at March 31, 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.

 

Variables and Trends

 

We have limited operating history with respect to the current business plan. In the event we are able to obtain the necessary financing to move forward with the business plan, we expect business expenses to increase significantly as we go operational. 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 these circumstances.

 

Off Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

 

Critical Accounting Policies

 

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, valuation of beneficial conversion features in convertible debt, valuation of the assets and liabilities of discontinued operations, stock-based compensation expense, purchased intangible asset valuations, deferred income tax asset valuation allowances, uncertain tax positions, litigation, other loss contingencies, and impairment of long lived assets.  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.

 

Indefinite and Definite-Lived Intangible Assets

 

Our indefinite-lived intangible assets primarily represent 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 included the acquisition cost of a cannabis production license with an indefinite life (in prior periods).

 

We amortize our finite-lived intangible assets, which consist 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.

 

Convertible Notes Payable

 

ASU 2020-06 simplifies the accounting for convertible instruments. Under ASU 2020-06, the Company accounts for the convertible debt as a single liability measured at amortized cost. The embedded conversion option is not separately accounted for as an equity component,. The Company calculates the fair value of warrants issued with the convertible notes using the Black-Scholes valuation model and uses the same assumptions for valuing any employee options in accordance with ASC Topic 718 Compensation – Stock Compensation. The only difference is that the contractual life of the warrants is used.

 

The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants on a relative fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense.

 

Equity-Based Compensation

 

The Company accounts for equity instruments issued to employees in accordance with the provisions of ASC 718 Stock Compensation (ASC 718) and Equity-Based Payments to Non-employees pursuant to ASC 505-50 (ASC 505-50). 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.

 

 

Recent Accounting Pronouncements

 

Standards Recently Adopted

 

On June 16, 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The standard requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. The amendments in this ASU are effective for the Company's fiscal year beginning April 1, 2023. The Company adopted the standard effective April 1, 2023 and it did not have a material impact on its financial statements.

 

In June 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The guidance simplifies the current guidance for convertible instruments and the derivatives scope exception for contracts in an entity’s own equity. Additionally, the amendments affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. This ASU will be effective for the Company's fiscal year beginning April 1, 2023. Early adoption is permitted. The amendments in this update must be applied on either full retrospective basis or modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. The Company adopted the standard effective April 1, 2023 and it did not have a material impact on its financial statements.

 

Standards Not Yet Adopted

 

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

 

ITEM 7A 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 8. FINANCIAL STATEMENTS

 

 

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB #5036)	35
FINANCIAL STATEMENTS:
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 AND 2023	36
CONSOLIDATED STATEMENTS OF OPERATIONS - YEARS ENDED MARCH 31, 2024 AND 2023	37
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT - YEARS ENDED MARCH 31, 2024 AND 2023	38
CONSOLIDATED STATEMENTS OF CASH FLOWS - YEARS ENDED MARCH 31, 2024 AND 2023	39
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	41

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

To the Audit Committee of
GB Sciences, Inc.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated balance sheets of GB Sciences, Inc. (the Company) as of March 31, 2024 and 2023, and the related consolidated statements of operations, stockholders’ deficit and cash flows for each of the years in the two-year period ended March 31, 2024 and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

 

Explanatory Paragraph- Going Concern

 

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company incurred a net loss of $1,361,677 and cash used in operations of $975,698 for the year ended March 31, 2024. In addition, the Company had an accumulated deficit of $110,066,992 and working capital deficit of $4,992,115 at March 31, 2024. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Basis for Opinion

 

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Critical Audit Matters

 

The critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

 

We did not identify any critical audit matters that need to be communicated.

 

Coral Springs, Florida

August 30, 2024

 

We have served as the Company’s auditor since 2020.

 

ASSURANCE DIMENSIONS, LLC

also d/b/a McNAMARA and ASSOCIATES, LLC

TAMPA BAY: 4920 W Cypress Street, Suite 102 | Tampa, FL 33607 | Office: 813.443.5048 | Fax: 813.443.5053

JACKSONVILLE: 7800 Belfort Parkway, Suite 290 | Jacksonville, FL 32256 | Office: 888.410.2323 | Fax: 813.443.5053

ORLANDO:  1800 Pembrook Drive, Suite 300 | Orlando, FL 32810 | Office: 888.410.2323 | Fax: 813.443.5053

SOUTH FLORIDA:  3111 N. University Drive, Suite 621 | Coral Springs,  FL 33065 | Office: 754.800.3400 | Fax: 813.443.5053

www.assurancedimensions.com

“Assurance Dimensions” is the brand name under which Assurance Dimensions, LLC including its subsidiary McNamara and Associates, LLC (referred together as “AD LLC”) and AD Advisors, LLC (“AD Advisors”), provide professional services. AD LLC and AD Advisors practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable laws, regulations, and professional standards. AD LLC is a licensed independent CPA firm that provides attest services to its clients, and AD Advisors provide tax and business consulting services to their clients. AD Advisors, and its subsidiary entities are not licensed CPA firms.

 

GB SCIENCES, INC. AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 

 

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

 

 

GB SCIENCES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

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

 

GB SCIENCES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

 

For the Years Ended March 31, 2024 and 2023

 

 

 

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

 

GB SCIENCES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

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

 

GB SCIENCES, INC. AND SUBSIDIARIES

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

 

 

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

 

 

GB SCIENCES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024 and 2023

Note 1 - Background and Nature of Operations

 

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

 

This year, the primary focus for the development of the Company’s lead program in Parkinson’s disease 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 bring our first-in-class Parkinson’s disease therapy into clinical trials. The Company’s partnering strategy for the clinical development of its proprietary therapies mirrors the partnering strategy that it has successfully used in completing the research and development phase of its business.

 

Product Development

 

In the period from March 30, 2023 to now, the Company has received positive results from five different preclinical trials that strongly support the development of their plant-inspired therapies. 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 lead program, a 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™ , the Company’s proprietary AI-enabled drug discovery engine, have now been validated in these preclinical animal studies at the NRC. Two preclinical studies at the University of Seville were also 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 study 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, which are necessary for marketing this therapy.

 

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Intellectual Property Portfolio

 

Within the past year, the number of issued patents owned by the Company has increased significantly. Prior to March 30, 2023, the company had six U.S. and eight foreign patents issued for the protection of its plant-inspired drug formulations in the U.S. and global markets. As of now, the Company has eight U.S. and twelve foreign patents issued, as well as two foreign patents allowed that will be issuing soon. Our continued success in having our patents granted validates our novel strategy of protecting simplified ratio-controlled mixtures of natural compounds that treat diseases for which there is a great need for more effective therapies.

 

The Company has received interest in and is reviewing options for monetizing its proprietary PhAROS™ drug discovery platform. PhAROS™, which stands for Phytomedical Analytics for Research Optimization at Scale, is an AI-enabled drug discovery tool that harnesses the therapeutic potential of plant-based medicines from within the 12 major traditional medical systems (TMS) in the world. PhAROS™, can discover and predict entirely new drug candidates from within these TMS in the form of proprietary minimum essential mixtures that are simplified but informed by the much more complex original plant-based materials. The Company’s innovative technology uses machine learning to describe how multi-component plant-based medicines have been effective as therapies for thousands of years and, more importantly, to predict new and better possible drug candidates using generative AI. PhAROS™ not only captures what has worked in the past, but also improves upon traditional medical formulations by identifying novel simple mixtures of active ingredients that work synergistically together to treat human diseases. These novel mixtures often include components from different plants growing on different continents in different TMS that may never before have been used together. PhAROS™ goes beyond looking at what has worked within plant-based medicines in the past, to predicting the efficacies of entirely new formulations that have not existed anywhere except within the digital world of generative AI. The Company has patent applications under review in the U.S. and globally to protect its PhAROS™ drug discovery platform. The Company’s PhAROS™ platform is both novel and patent-pending. Prior art searches performed by the World Intellectual Property Organization (WIPO) demonstrated the novelty of the Company’s approach to using a neural-network based machine learning process to describe, categorize, and predict novel multi-component drug candidates based on a unique data base containing searchable tabulations of plant-based therapies from over a dozen traditional medical systems. In addition, Gb Sciences is working collaboratively with other parties to utilize a similar digital strategy that leverages data science, AI and ML for informed drug discovery and innovative human health solutions.

Note 2 - 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 $110,066,992 at March 31, 2024. The Company had a working capital deficit of $4,992,115 as of March 31, 2024. In addition, the Company has consumed cash in its operating activities of $975,698 for the year ended March 31, 2024. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the consolidated financial statements.

 

Management has been able, thus far, to finance the losses through a public offering, private placements of debt and equity, 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. Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying 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.

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies

 

Principles of Consolidation

 

We prepare our consolidated financial statements in accordance with generally accepted accounting principles (GAAP) for the United States of America.

 

The subsidiaries of the Company are: 

GBS Global Biopharma, Inc.

ECRX, Inc.

The PhAROS Institute, LLC

 

Intercompany accounts and transactions have been eliminated in consolidation.

 

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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, 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, other loss contingencies, and impairment of long lived assets.  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 March 31, 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.

 

For the years ended March 31, 2024 and 2023, the Company recorded a loss on impairment related to the capitalized patent costs of $42,195 and $2,374,261, respectively. The Company has recorded an impairment of its capitalized patent costs based on the relevant facts and circumstances that existed as of March 31, 2024 and 2023, respectively, 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.

 

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Convertible Notes Payable

 

ASU 2020-06 simplifies the accounting for convertible instruments. Under ASU 2020-06, the Company accounts for the convertible debt as a single liability measured at amortized cost. The embedded conversion option is not separately accounted for as an equity component,. The Company calculates the fair value of warrants issued with the convertible notes using the Black-Scholes valuation model and uses the same assumptions for valuing any employee options in accordance with ASC Topic 718 Compensation – Stock Compensation. The only difference is that the contractual life of the warrants is used.

 

The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants on a relative fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense.

 

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.

 

Research and Development Costs

 

Research and development costs are expensed as incurred. During the years ended March 31, 2024 and 2023, the Company recorded $261,550 and $490,291, respectively, in research and development expense, which is included in operating expenses in the Company's consolidated financial statements.

 

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.

 

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Because the Company operated in the State-licensed cannabis industry until the December 31, 2021 disposition of the Nevada Subsidiaries (Note 5), 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 173,992,145 and 167,252,135 potentially dilutive common shares at March 31, 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 Recently Adopted

 

On June 16, 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The standard requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. The amendments in this ASU are effective for the Company's fiscal year beginning April 1, 2023. The Company adopted the standard effective April 1, 2023 and it did not have a material impact on its financial statements.

 

In June 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The guidance simplifies the current guidance for convertible instruments and the derivatives scope exception for contracts in an entity’s own equity. Additionally, the amendments affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. This ASU will be effective for the Company's fiscal year beginning April 1, 2023. Early adoption is permitted. The amendments in this update must be applied on either full retrospective basis or modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. The Company adopted the standard effective April 1, 2023 and it did not have a material impact on its financial statements.

 

Standards Not Yet Adopted

 

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

Note 4 – Notes and Convertible Notes Payable

 

Summary of Notes Payable and Convertible Notes Payable

 

As of March 31, 2024 and 2023 the following notes and convertible notes payable were recorded in the Company’s consolidated balance sheets:

 

		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			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 July 30, 2026			25,000				-				25,000
6% Convertible note payable due July 30, 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

 

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		As of March 31, 2023
		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			50,000				-				50,000
6% Convertible promissory notes payable due September 30, 2023			197,000				(9,475	)			187,525
6% Convertible note payable due December 31, 2023			250,000				(31,755	)			218,245
Total short-term notes and convertible notes payable		$	1,437,307			$	(41,230	)		$	1,396,077

 

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 March 31, 2024 and 2023, the outstanding balance of the note was $55,307, and accrued interest was $4,764 and $691, respectively. The Company made no payments during the year ended March 31, 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.

 

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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 $21,393 and $28,599 on the extended notes during the years ended March 31, 2024 and 2023, respectively, of which $0 and $16,779 in 2024 and 2023, respectively, represented amortization of the note discounts. Accrued interest on the $197,000 extended notes for March 31, 2024 and 2023 was $79,890 and $67,972, respectively, and the remaining unamortized discount was $0 at March 31, 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 $240,693 and $195,770 at March 31, 2024 and 2023, respectively. 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 $44,923 and $39,185, respectively, for the years ended March 31, 2024 and 2023, and no unamortized discount at March 31, 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. 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. During the years ended March 31, 2024 and 2023, the Company recorded interest expense of $69,882 and $92,533, respectively, on the December 2020 $700,000 6% Convertible Notes, of which $22,959 and $52,041 represented amortization of the note discounts. Accrued interest on these notes is $129,296 and $82,373 at March 31, 2024 and 2023, respectively and the remaining unamortized discount was $0 at March 31, 2024. This note is currently in default. 

 

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. As a result, the Company recorded $9,097 of expense for repriced warrants. There was no discount recorded related to these notes.

 

Note 5 – Income Taxes

 

The Company files income tax returns in the U.S. federal jurisdiction. The Company operates in the state of Nevada, which does not levy income tax. The Company has analyzed filing positions for all open tax years in the federal jurisdiction where it is required to file income tax returns. The Company identified its federal tax return as its “major” tax jurisdiction, as defined under generally accepted accounting principles.

 

The Company’s effective tax rate was 0% and 0% for the years ended March 31, 2024 and 2023, respectively.

 

A net income tax expense of $0 was recorded for the year ended March 31, 2024. The Company recorded $40,401 in penalties and $61,969 in accrued interest related to a $506,145 tax liability from the March 31, 2018 tax year, and a $178,727 tax liability from the March 31, 2021 tax year. Income tax payable at March 31, 2024 was $1,060,825 which includes cumulative accrued penalties and interest of $375,964. 

 

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Since the Company operated in the State-licensed cannabis industry, it is 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 NOLs. The unused NOLs will continue to carry forward and may be used by the Company to offset future taxable income that is not subject to the limitations of 280E.

 

At March 31, 2024 and 2023 respectively, the Company had net operating loss carryforwards (“NOLs”) for income tax purposes of $52,148,929 and $52,661,859. $34,481,122 of the Company's NOL carryforwards are expected to expire at various times from 2025 through 2039. $18,180,737 of the NOL carryforwards generated in tax years ending March 31, 2019 to present have no expiration date. These NOLs have the potential to be used to offset future ordinary taxable income and reduce future cash tax liabilities. Pursuant to Internal Revenue Code Regulation, the Company’s net operating losses may be subject to substantial annual limitation if the Company experiences a 50% change in ownership. Net operating losses in excess of the aggregate annual limitation cannot be utilized.

 

The provision for income taxes included in discontinued operations is different than would result from applying the U.S. statutory rate to profit before taxes for the reasons set forth in the following reconciliation:

 

		2024				2023
Tax expense/(benefit) computed at U.S. statutory rates		$	(194,971	)		$	(182,405	)
Increases (decreases) in taxes resulting from:
Other permanent items			8,508				9,246
Change in valuation allowance			430,270				(756,430	)
Adjustments to valuation of deferred tax assets			(243,807	)			929,589
Total provision for income taxes			-				-
Penalties and interest on prior year tax liabilities			102,370				61,960
Total income tax expense		$	102,370			$	61,960

 

The tax effects of the primary temporary differences giving rise to the Company’s deferred tax assets and liabilities are as follows for the year ended March 31, 2024 and 2023:

 

		2024				2023
Deferred tax assets:
Stock based compensation		$	3,191,824			$	3,147,724
Net operating loss carryforward			11,058,990				10,934,127
Impairment of long-lived assets			-				635,250
Depreciation and Amortization expense			-				(1,369	)
Other temporary items			(175,067	)			(209,714	)
Total deferred tax assets			14,075,747				14,506,018
Less valuation allowance			(14,075,747	)			(14,506,018	)
Net deferred tax asset		$	-			$	-

 

Deferred tax assets are evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. The Company continues to evaluate its deferred tax asset valuation allowance on a quarterly basis. The Company concluded that, as of March 31, 2024, it is more likely than not that the Company will not have sufficient taxable income within the applicable net operating loss carry-forward period to realize any portion of its deferred tax assets.

 

The Company believes that the tax positions taken in its tax returns would be sustained upon examination by taxing authorities. The Company files income tax returns in the U.S. federal jurisdiction and other required state jurisdictions. The Company's periodic tax returns filed in 2020 and thereafter are subject to examination by taxing authorities under the normal statutes of limitations in the applicable jurisdictions.

Note 6 – Capital Transactions

 

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.

 

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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.

 

Year Ended March 31, 2023

 

Sale of Common Stock and Warrants

 

On  May 9, 2022 the Company entered into a Placement Agent's Agreement with its brokers for the private placement of up to $565,000 in units at a price of $0.03 per unit. For each unit purchased, the investor will receive one share of the Company's common stock and one warrant to purchase one share of the Company's common stock at a price of $0.10 for a period of five years. On  September 9, 2022, the Company entered into the Amendment to the Placement Agent's Agreement which extended the placement to  November 30, 2022 and increased the amount to $2,000,000, all other terms remaining the same.  During the year ended  March 31, 2023, the Company received $1,483,350 under the private placement, net of brokerage fees of $221,650, and issued 56,835,004 shares of its common stock and 56,835,004 warrants to purchase one share of the Company's common stock at $0.10 for five years.

 

As the result of the units sold to date under the private placement, the Company will issue its brokers 5,416,834 compensation warrants to purchase one share of the Company's common stock at $0.03 per share for a period of five years. The Company valued the compensation warrants at $0.0273 or $147,879 using the Black-Scholes model.

 

Warrants Outstanding

 

Presented below is a summary of the Company’s warrant activity, exclusive of warrants held by employees (Note 7), for the years ended March 31, 2024 and 2023:

 

		Warrants Outstanding
		Number of Shares				Exercise Price
Outstanding at March 31, 2022			75,124,673
Warrants issued			56,835,004				0.10
Warrants exercised			-
Warrants expired/cancelled)			(9,201,000	)		$0.08	-	$0.10
Outstanding at March 31, 2023			122,758,677
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

  

Note 7 – Employee Benefit Plan

 

Share-Based Compensation

 

On February 6, 2008, the board of directors adopted the GB Sciences, Inc. 2007 Amended Stock Option Plan (“2007 Plan”). Under the 2007 Plan, 4,500,000 shares of the Company’s restricted common stock may be issuable upon the exercise of options issued to employees, advisors and consultants. The Company revised the plan, and the board of directors adopted the new 2014 Equity Compensation Plan. On June 30, 2015, GB Sciences filed a Form S-8 Registration Statement with the SEC to register 8,500,000 shares of common stock issuable under stock options to grant to employees and consultants. At the Company’s special meeting of the shareholders held on April 6, 2018, the adoption by the board of directors of the 2014 Equity Compensation Plan was ratified by a majority of shareholders present at the meeting, either in person or by proxy and the Company adopted the GB Sciences, Inc 2018 Stock Plan. On October 25, 2018, GB Sciences filed a Form S-8 Registration Statement with the SEC to register 10,000,000 shares of common stock issuable under the 2018 Plan.

 

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On September 17, 2021, the Board of Directors adopted the 2021 Equity Incentive Plan ("2021 Plan"), and the Company filed a Registration Statement with the SEC on Form S-8 to register 20,000,000 shares of common stock issuable under the 2021 Plan. All 20,000,000 shares registered under the 2021 Plan were available for issuance at March 31, 2024.

 

On  August 25, 2022, the Board of Directors approved a commitment to grant options to a total of seven persons which include the officers and directors of the Company, who will be instrumental in obtaining an up-listing of the common shares of the Company onto the NASDAQ Stock Market.  The Options will be granted to the employees on the effective date of the up-listing (the “Effective Date”), and will equal options sufficient to purchase 13% of the issued and outstanding common shares of the Company on a fully diluted basis, as of the Effective Date.  The exercise price of one Option will equal 80% of the value of one share of common stock on the Effective Date. The options will be accounted for once the performance condition (the up-listing) is probable.

 

During the year ended March 31, 2024, the Company granted 23,000,000 options to purchase Company’s common stock at an exercise price of $0.01 per share. Of the 23,000,000 new option grants, 15,000,000 were issued to employees as share-based compensation expense of $142,936, and 8,000,000 were issued to non-employees as share-based compensation expense of $76,232. The total grants valued at $219,168 were recorded through Additional Paid-In-Capital. During the year ended March 31, 2024, option grants totaling 1,150,000 with an exercise price of $0.05, were forfeited by an executive that left the Company.

 

Compensation Expense

 

For the years ended March 31, 2024 and 2023, the Company recorded share-based compensation expense of $219,168 and $17,333, respectively, which includes $142,936 and $17,333, respectively, related to employee stock options. There was no expense for restricted stock. Unrecognized compensation cost for non-vested awards was $0 as of March 31, 2024.

 

Fair Value

 

The closing price of the Company's stock on the date of grant is used as the fair value for issuances of restricted stock. The fair value of stock options granted is estimated as of the grant date using the Black-Scholes option pricing model.  

 

The following range of assumptions in the Black-Scholes option pricing model was used to determine fair value:

 

		Year Ended
		March 31, 2024				March 31, 2023
Weighted-average volatility			174	%			-
Expected term (in years)			5				-
Risk-free interest rate			4.18	%			-

 

Expected volatilities used for award valuation are based on historical volatility of the Company's common stock. The risk-free interest rate for periods equal to the expected term of an award is based on Federal Reserve yields for U.S. Treasury securities.

 

A summary of employee option activity, including warrants issued to employees, as of March 31, 2024 and 2023, and changes during the years then ended, is presented below:

 

										Weighted
						Weighted				Average
						Average				Remaining				Aggregate
						Exercise				Contractual				Intrinsic
Employee options and warrants		Options				Price $				Life (years)				Value ($)
Outstanding at March 31, 2022			17,733,334			$	0.11				5.80			$	-
Fully vested and expected to vest at March 31, 2022			17,733,334			$	0.11
Exercisable at March 31, 2022			15,566,668			$	0.12
Granted			-
Exercised			-
Forfeited			-
Outstanding at March 31, 2023			17,733,334			$	0.11				4.80			$	-
Fully vested and expected to vest at March 31, 2023			17,733,334			$	0.11
Exercisable at March 31, 2023			17,733,334			$	0.11
Granted			15,000,000			$	0.01				10.00			$	-
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

 

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The table below sets forth nonemployee option activity for the years ended March 31, 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 ($)
Outstanding at March 31, 2022			6,483,000			$	0.13				7.31			$	-
Fully vested and expected to vest at March 31, 2022			6,483,000			$	0.13
Exercisable at March 31, 2022			6,483,000			$	0.13
Granted			-
Exercised			-
Forfeited			-
Outstanding at March 31, 2023			6,483,000			$	0.13				6.31			$	-
Fully vested and expected to vest at March 31, 2023			6,483,000			$	0.13
Exercisable at March 31, 2023			6,483,000			$	0.13
Granted			8,000,000			$	0.01				10.00			$	-
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

 

Restricted stock awards

 

No restricted stock awards were granted during the years ended March 31, 2024 and 2023.

 

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Note 8 – 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. A stipulated settlement was reached and entered into by the parties without liability to the Company and filed with the court on April 10, 2023. The filing had the effect of closing the case.

 

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 9 - Related Party Transactions

 

As of March 31, 2024, $108,816 has been recorded in accounts payable related party, due to an entity controlled by a family member of Mr. John Poss, former 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 $3,122 owed to Mr. Poss at March 31, 2024 for expenses incurred in connection with the business operations of the Company.

 

As of March 31, 2024, $15,498 has been recorded in accounts payable related party, due to Dr. Andrea Small Howard, the Company’s Chief Executive Officer, Interim Chief Financial Officer and Chairman of the Board, related to amounts owed for expenses incurred in connection with the business operations of the Company.

 

As of March 31, 2024 and 2023, the Company owed $127,436 and $120,911, respectively, for Related Party Accounts Payable.

Note 10 – 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 4), 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.

 

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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.

 

During the year ended March 31, 2024, the Company received $320,000 on this Note Receivable and recorded the amount in Other Income on the Statement of Operations.

Note 11 – Subsequent Events

 

Subsequent to  June 30, 2024, the Company raised $100,000 through the issuance of two convertible notes payable. The notes bear interest at 6% per annum and are convertible into shares of the Company’s common stock at $0.01 per share, The notes mature July 2027.

 

Subsequent to June 30, 2024, the Company received $10,000 related to the exercise of warrants. The exercise of the warrants will result on the issuance of 1,000,0000 common shares.

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 

 

None.

 

ITEM 9A. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We conducted an evaluation under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of disclosure controls and procedures. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e)€ and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (“Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures also include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer concluded as of March 31, 2024 that disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses in internal controls over financial reporting discussed below.

 

 

Management’s Report on Internal Control Over Financial Reporting

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting as define in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Internal control over financial reporting is designed 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.  The evaluation of internal control over financial reporting includes using the COSO framework, an integrated framework for the evaluation of internal controls issued by the Committee of Sponsoring Organizations of the Treadway Commission, to identify the risks and control objectives related to the evaluation of the control environment.  The internal controls for the Company are provided by executive management’s review and approval of all transactions. Internal control over financial reporting also includes those policies and procedures that:

 

(1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets;

 

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that receipts and expenditures are being made only in accordance with the authorization of management; and

 

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

 

Management assessed the effectiveness of internal control over financial reporting as of March 31, 2024. This annual report does not include an attestation report of registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by registered public accounting firm pursuant to the rules of the Securities and Exchange Commission that permits us to provide only management's report in this annual report.

 

Identified Material Weaknesses

 

A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected. The matters involving internal controls over financial reporting that management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were ineffective controls over period end financial disclosure and reporting processes (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.

 

Management’s Remediation Initiatives

 

As a result of findings, we plan to remediate the deficiencies.  In an effort to remediate the identified material weaknesses and enhance internal controls, we plan to evaluate possible candidates meeting definition of an “audit committee financial expert” as defined in Item 407(d)(5) of Regulation S-K promulgated under the Securities Act. We also plan on hiring a principal financial officer who will serve separately from our principal executive officer thereby giving dual control over financial reporting. However, due to a lack of resources we do not know at this time when we will be able to achieve our remediation initiatives.  

 

Conclusion

 

As a result of management's assessment of the effectiveness of internal control over financial reporting as of March 31, 2024, and the identification of the material weakness set forth above, management has concluded that the internal control over financial reporting is not effective.  It is reasonably possible that, if not remediated, the material weaknesses noted above, could result in a material misstatement in the reported financial statements that might result in a material misstatement in a future annual or interim period.  In light of the identified material weakness and the conclusion that the internal controls over financial reporting are not effective, management will take the remediation initiatives set forth above.  In addition, management performed (1) additional review of the area described above, and (2) performed additional analyses, including but not limited to a detailed balance sheet and statement of operations analytical review. These procedures were completed so management could gain assurance that the financial statements and schedules included in this Form 10-K fairly present, in all material respects, the financial position, results of operations and cash flows for the periods presented.

 

 

Changes in Internal Control over Financial Reporting

 

There were no changes made during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect, internal control over financial reporting, as required by Rules 13a-15(d) and 15d-15(d) under the exchange Act. 

 

ITEM 9B. OTHER INFORMATION

 

None.

 

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDEICTIONS THAT PREVENT INSPECTIONS.

 

Note applicable to the Company.

 

PART III

 

ITEM 10 DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

 

The names of the executive officers and directors of GB Sciences, their ages as of August 30, 2024, and the positions currently held by each are as follows:

 

Name		Age		Position
Dr. Andrea Small-Howard		55		Chief Executive Officer, Interim Chief Financial Officer, and Chairman of the Board of Directors, President, and Chief Science Officer

 

Biographies

 

Set forth below are brief accounts of the business experience of our sole director and sole executive officer of the Company.

 

Dr. Andrea Small-Howard, PhD, MBA, Chief Executive Officer, Interim Chief Financial Officer, Chairman of the Board of Directors, President, and Chief Science Officer

 

Effective June 16, 2021, the board of directors appointed Dr. Andrea Small-Howard to the office of president.  Dr. Small-Howard was appointed as the Chief Science Officer and as a member of our board of directors on June 10, 2014, and she has served continuously in both positions since that time. On July 10, 2024, due to the death of John Poss, Dr. Small-Howard became the CEO, CFO and Chairman of the Board. As the Chief Science Officer, Dr. Small-Howard’s goal has been to create and maintain a novel plant-inspired therapy pipeline based on the Company's proprietary in silico technology suite, direct research & development efforts, facilitate research and development partnerships, guide product commercialization strategies, develop corporate messaging around our novel drug discovery process, and make public presentations promoting the Company’s drug development programs and unique corporate strategy.

 

Dr. Andrea Small-Howard has more than 25 years of research experience; as well as executive experience in the biopharmaceutical industry supervising research and development, manufacturing, and quality control divisions in both the US and China. In her biotechnology career, Dr. Small-Howard has taken novel biological products from ideation through commercialization. Dr. Small-Howard has been named an inventor on more than sixty patent applications and taken the lead in obtaining regulatory approvals from the U.S. Food and Drug Administration ("US FDA") and numerous international regulatory agencies. Dr. Small-Howard also created commercialization strategies, advised on distribution relationships, led branding committees, and supervised marketing materials. In one instance, Dr. Small-Howard designed a commercialization strategy for an in-licensed cervical cancer test. To that end, she developed technical product files in Korea with the original manufacturer, sourced US raw materials, hired contract manufacturers, created the US prototypes, and prepared regulatory filings. As VP of Scientific Oversight at Radient Pharmaceuticals Corp., she provided strategic product development and regulatory oversight across multiple international business divisions.

 

Dr. Small-Howard has directed research efforts on cannabinoids for over 20 years, leading a project group dedicated to the study of cannabinoids in the immune system as an NIH-funded post-doctoral fellow. In this work, she published one of the earliest studies of cannabinoid impacts on pro-inflammatory immunocytes. More recently she has contributed to published studies on consumer protection issues surrounding ‘medicinal’ Cannabis chemovars in Nevada, co-authored scholarly reviews on cannabinoids in heart disease and Parkinson’s disease, co-authored mechanistic studies on cannabinoid and terpene regulation of ion channels, and co-authored an innovative study demonstrating the utility of nanoparticles as delivery vehicles for Cannabis-derived therapeutic compounds.

 

 

For a four-year term (2012-2016), Dr. Small-Howard served on the Board of Directors of the Center for Healthcare Innovation, a nonprofit, non-partisan, and independent organization based in Chicago that is committed to serving as a catalyst for stimulating ideas, people, companies, and institutions to collaborate and achieve excellence in healthcare innovation. Her board level responsibilities at CHI included shaping and supporting the evolving mission of this dynamic group. She also served on the planning committee for their annual "Emerging Markets in the Life Sciences" seminar series, which ran for 5 years.

 

From July 2011 to June 2014, Dr. Small-Howard was the Founder and President of International Biotechnology Solutions, a management consulting firm that created customized, cost-effective commercialization solutions for viable yet abandoned biopharmaceutical products. International Biotechnology Solutions provided management consulting with a focus on assisting US biotech companies with products that could be commercialized within the Asia-Pacific region. Dr. Small-Howard successfully completed projects within the areas of business development, corporate alliance building, product commercialization, due diligence reporting on medical marijuana companies, corporate restructuring, and management of successful fund-raising campaigns.

 

From June 2011 to March 2013, she served as a Director on the Board of Directors (President for part of that time), for the Ceremax Investment Corporation. The Ceremax Investment Group was established by members of the USC EMBA Class XXV to pool its financial and intellectual resources to identify investment opportunities. During her tenure at Ceremax, Dr. Small Howard reviewed and approved capital and resource investments in promising start-up or scale-up phase private companies.

 

From November 2008 to July, 2011, Dr. Small-Howard served as the Vice President of Scientific Oversight for the Radient Pharmaceutical Corporation, a vertically-integrated biopharmaceutical research, development, and manufacturing corporation with operations in both the US and China. Dr. Small-Howard provided oversight for global product development in multiple international business divisions. She authored and/or attained 12 patents & 3 trademarks on proprietary cancer tests, cancer (gene) therapies, cosmeceuticals, and novel animal models. She achieved numerous regulatory approvals for cancer tests, cancer therapies, pharmaceuticals, and cosmeceutical products with the United States FDA, Health Canada, and other foreign ministries of health. She initiated and/or nurtured five international, collaborative, cancer research trial programs with universities that yielded 7 publications supporting cancer products and supervised the Quality Management Systems for an ISO 13485/cGMP compliant medical device manufacturing facility in the US; as well as the regulated manufacturing facilities in China. She also led and participated in internal and US FDA, CDPH, CE Mark/ISO 13485, and CMDR audits of Radient’s Quality Management System.

 

 

During the past five years none of our directors, executive officers, promoters or control persons was:

 

	1)	the subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
	2)	convicted in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
	3)	subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or
	4)	found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law.

 

 

Family Relationships

 

None.

 

Audit Committee

 

On July 6, 2016, the Board established the Audit Committee and approved and adopted a charter (the "Audit Committee Charter") to govern the Audit Committee. Due to the fact the Board consists of only one member at the present time, the Audit Committee does not presently exist or function.

 

Audit Committee Financial Expert

 

As of the date of filling of this Form 10-K, 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.

 

Compensation Committee

 

On July 6, 2016, the Board established the Compensation Committee and approved and adopted a charter (the "Compensation Committee Charter"). Due to the fact the Board consists of only one member at the present time, the Compensation Committee does not presently exist or function.

 

Section 16(a) Beneficial Ownership Reporting Compliance.

 

Section 16(a) of the Exchange Act requires our executive officers and directors and persons who directly or indirectly beneficially own more than 10% of our equity securities to file reports of ownership on Forms 3, 4 and 5 with the SEC. Executive officers, directors and 10% stockholders are required by the SEC to furnish us with copies of all Forms 3, 4 and 5 they file. Based solely on our review of the copies of such forms we have received, we believe our sole officer and director is under a current obligation to file a Form 3.

 

Code of Ethics

 

We adopted the GB Sciences, Inc. Code of Ethics for the CEO and Senior Financial Officers (the “finance code of ethics”), a code of ethics that applies to Chief Executive Officer, Chief Financial Officer, Chief Science Officer and other finance organization employees. A copy of the finance code of ethics may be obtained from the Company, free of charge, upon written request delivered to GB Sciences, Inc. 9205 W. Russell Road, Suite 240, Las Vegas Nevada 89148. If we make any substantive amendments to the finance code of ethics or grant any waiver, including any implicit waiver, from a provision of the code to the Chief Executive Officer or Chief Financial Officer, we will disclose the nature of such amendment or waiver in a report on Form 8-K.

 

ITEM 11. EXECUTIVE COMPENSATION

 

The following summary compensation table reflects all compensation awarded to, earned by, or paid to the Chief Executive Officer, Chief Science Officer, and Chief Financial Officer for all services rendered to us in all capacities during each of the years ended March 31, 2024 and 2023.

 

Summary Compensation Table

 

											Stock				Option
											Awards				Awards
Name and Position	Year		Salary				Bonus				(1)				(2)				Total
John Poss, CEO and Chairman of the Board	2024		$	77,500			$	-			$	-			$	57,174			$	134,674
	2023			60,000				-				-				-				60,000
Dr. Andrea Small-Howard, President, CSO and Director	2024			144,000				-				-				66,703				210,703
	2023			138,000				-				-				-				138,000
Zach Swarts, former CFO	2024			5,000				-				-				-				5,000
	2023			120,000				-				-				-				120,000

 

(1) Represents the grant date fair value of restricted stock awards granted, as calculated in accordance with stock-based compensation accounting standards.  The fair value of each of these awards is based on the closing share price of our stock on the grant date.  Although the table above indicates the full grant date value of the awards in the year which the compensation is considered, the restricted stock granted vests over a three-year period.   

(2) Represents the grant date fair value of option awards granted, as calculated in accordance with stock-based compensation accounting standards.  The fair value of these awards is determined under the Black-Scholes option pricing model. Although the table above indicates the full grant date value of the awards in the year which the compensation is considered, the options granted vest over a three-year period.  

 

 

Employment Agreements  

 

Dr. Andrea Small-Howard, PhD, MBA, CEO, CFO, President, Chief Science Officer and Chairman

 

On June 19, 2014, Dr. Andrea Small-Howard, Chief Science Officer, entered into a three-year employment agreement with the Company. Dr. Small-Howard received a salary at the annual rate of $78,000 and 450,000 shares of restricted common stock that vests over the three-year term of employment. The stock is restricted as defined by the Rules and Regulations promulgated under the Securities Act of 1933, as amended. The Company may terminate the Employment Agreement at any time with or without cause. If the Company terminates the Employment Agreement without cause, Dr. Small-Howard is entitled any unpaid base salary accrued through the effective date of termination notice and pay in a lump sum of an amount equal to the product of the sum of the executive’s-based salary plus the amount of the highest annual bonus or other incentive compensation payment therefore made by the Company to the executive, multiplied by one. In the event of a Change of Control, as such term is defined in the 2014 Equity Incentive Plan, all of the restricted stock granted to Dr. Small-Howard vested immediately. Dr. Small-Howard also received 500,000 of stock options not in connection with her employment agreement, of which 100,000 vested immediately and the remainder vested over three years.

 

Effective on June 1, 2016, the Company amended its employment agreement with Dr. Small-Howard.  Pursuant to the amendment, Ms. Small-Howard surrendered a stock award for 450,000 shares of common stock in exchange for warrants to purchase 1.2 million common shares at the strike price of $0.30 per share.

 

Effective July 1, 2020, all employees agreed to temporary voluntary pay reductions and Dr. Small-Howard's salary was decreased to $5,000 per month. On November 12, 2020, the Company and Dr. Small-Howard entered into an Indemnification Agreement. Beginning February 1, 2021, the Board of directors approved an increase of Dr. Small-Howard's monthly salary to $12,000. The board of directors granted Dr. Small-Howard a discretionary award of 500,000 warrants to purchase one share of the Company's common stock at $0.04 per share for a period of ten years, with immediate vesting, on December 7, 2020. On December 15, 2020, Dr. Small-Howard was granted a discretionary award of 1,000,000 options to purchase one share of the Company's common stock at $0.05 per share for a period of ten years, vesting over a two-year period, and 1,000,000 existing options and 1,200,000 existing warrants held by Dr. Small-Howard were re-priced to $0.05 per share.

 

Outstanding Equity Awards

 

The following table summarizes the number of shares underlying outstanding equity incentive plan awards for each named executive officer as of March 31, 2024:

 

Name		Number of shares underlying exercisable options/warrants (2)				Number of shares underlying unexercisable options/warrants				Option exercise price ($)			Option expiration date		Market value of shares not vested (1)
Andrea Small-Howard			500,000				-			$	0.05		3/27/2025			-
			1,200,000				-			$	0.05		6/1/2026			-
			500,000				-			$	0.05		11/26/2027			-
			1,000,000				-			$	0.05		12/15/2030			-
			500,000				-			$	0.04		12/7/2030			-
			7,000,000				-			$	0.01		9/1/2033			--

 

(1) Represents the Black-Scholes fair value of unvested awards as of the grant date.

(2) These options and warrants were vested at March 31, 2024.

 

Directors’ Compensation

 

All directors hold office until the next annual meeting of stockholders and until their successors have been duly elected and qualified. There are no agreements with respect to the election of directors. Officers are appointed annually by the board of directors and each executive officer serves at the discretion of the board of directors. Directors are entitled to be reimbursed for reasonable and necessary expenses incurred on behalf of the Company. Outside directors are paid $2,000 monthly with an additional $1,000 for each meeting attended in person.  The compensation is payable in cash or stock at the election of the Company.  At the present time there are no outside directors.

 

 

ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

The following table presents information known to us, as of August 30, 2024, relating to the beneficial ownership of common stock by:

 

	●	each person who is known by us to be the beneficial holder of more than 5% of outstanding common stock;
	●	each of named executive officers and directors; and
	●	directors and executive officers as a group.

 

We believe that all persons named in the table have sole voting and investment power with respect to all shares beneficially owned by them, except as noted.

 

Percentage ownership in the following table is based on 406,071,028 shares of common stock outstanding as of the date of this report. A person is deemed to be the beneficial owner of securities that can be acquired by that person within 60 days from the date of this Annual Report upon the exercise of options, warrants or convertible securities. Each beneficial owner’s percentage ownership is determined by dividing the number of shares beneficially owned by that person by the base number of outstanding shares, increased to reflect the shares underlying options, warrants or other convertible securities included in that person’s holdings, but not those underlying shares held by any other person.

 

		No. of Shares				Percentage of Total Shares
Name of Beneficial Owner (1)		Owned				Owned
Officers and Directors
Dr. Andrea Small-Howard			10,816,000	(2)			2.59	%
Directors and officers as a group (one) person			10,816,000				2.59	%
5% Holders:
David Ruggieri			24,455,950	(3)			5.92	%

 

(1) Unless otherwise noted, the address of each person listed is GB Sciences, Inc. 9205 W. Russell Road, Suite 240 Las Vegas Nevada 89148.

 

(2) Includes (a) 116,000 shares of common stock currently owned of record by Dr. Small-Howard, (b) options to purchase 9,000,000 shares of common stock and warrants to purchase 1,200,000 shares of common stock at $0.05 per share exercisable as of the Record Date or within 60 days thereafter, and (c) warrants to purchase 500,000 shares of common stock at $0.04 per share exercisable as of the Record Date or within 60 days thereafter.

 

(3) Address is Robert Moody Jr, 2302 Post Office Street, Suite 601, Galveston, TX  77550. The total consists of 7,762,500 common shares, 8,002,500 shares that were exercised warrants, and 9,779,985 shares that may be acquired upon the exercise of convertible notes.

 

ITEM 13. CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

 

At March 31, 2024, the Company had no independent directors serving on the board of directors. The definition the Company uses to determine whether a director is independent are the rules governing the OTC market.

 

 

 

PART IV

 

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 

1.

GB Sciences, Inc. Consolidated Financial Statements (including related notes to Consolidated Financial Statements) filed in Part II of this report are listed below:

 

Report of Independent Registered Public Accounting Firm – Assurance Dimensions, Inc.

 

Financial Statements:

Consolidated Balances Sheets as of March 31, 2024 and 2023

Consolidated Statements of Operations – Years ended March 31, 2024 and 2023

Consolidated Statements of Changes in Stockholders’ Equity (Deficit) – Years ended March 31, 2024 and 2023

Consolidated Statements of Cash Flows – Years ended March 31, 2024 and 2023

Notes to the Consolidated Financial Statements

 

2.

All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under related instructions or are inapplicable and therefore have been omitted.

 

3.

Exhibits

 

 

No.		Description
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 filed with the Commission on October 6, 2014 and Exhibit 3.2 to 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 filed with the Commission on February 12, 2002)
4.6		Description of Registrant's Securities (Incorporated by reference to Exhibit 4.6 to the Annual Report on Form 10-K filed with the Commission on June 30, 2022)
10.1		2005 Restricted Stock Plan (Incorporated by reference to Annex A to Schedule 14A filed with the Commission on June 14, 2005)
10.2		2007 Restricted Stock Plan (Incorporated by reference to Exhibit 4.2 to Form S-8/POS filed with the Commission on February 8, 2008)
10.3		2014 Equity Incentive Plan (Incorporated by reference to Exhibit 10.6 to Form S-1/A No. 333-198967 filed with the Commission on December 23, 2014)
10.4		2021 Equity Incentive Plan (Incorporated by reference to Exhibit 4.4 to Form S-8 filed with the Commission on September 17, 2021)
10.5		Amended Employment Agreement between Registrant and John Poss dated June 1, 2016 (Incorporated by reference to Exhibit 10.23 to Form 10-K filed with the Commission on July 14, 2016)
10.6		Amended Employment Agreement between Registrant and Andrea Small-Howard dated June 1, 2016 (Incorporated by reference to Exhibit 10.24 to Form 10-K filed with the Commission on July 14, 2016)
10.7		Audit Committee Charter (Incorporated by reference to Exhibit 10.25 to Form 10-K filed with the Commission on July 14, 2016)
10.8		Compensation Committee Charter (Incorporated by reference to Exhibit 10.26 to Form 10-K filed with the Commission on July 14, 2016)

 

 

10.9		Indemnification Agreement between Registrant and Edmond A. DeFrank dated November 16, 2020 (Incorporated by reference to Exhibit 10.38 to Form 10-K filed with the Commission on July 6, 2021).
10.10		Indemnification Agreement between Registrant and John Poss dated November 16, 2020 (Incorporated by reference to Exhibit 10.38 to Form 10-K filed with the Commission on July 6, 2021).
10.11		Indemnification Agreement between Registrant and Andrea Small-Howard dated November 16, 2020 (Incorporated by reference to Exhibit 10.38 to Form 10-K filed with the Commission on July 6, 2021).
10.12		Indemnification Agreement between Registrant and Zach Swarts dated November 16, 2020 (Incorporated by reference to Exhibit 10.38 to Form 10-K filed with the Commission on July 6, 2021).
10.13		Promissory Note dated December 31, 2021 between AJE Management, LLC and Registrant (Incorporated by reference to Exhibit 10.1 to Form 10-Q filed with the Commission on February 2, 2022).
10.14		Second Promissory Note Modification Agreement between Registrant and 483 Management, LLC dated March 4, 2022 (Incorporated by reference to Exhibit 10.14 to the Annual Report on Form 10-K filed with the Commission on June 30, 2022)
10.15		Promissory Note dated December 31, 2021 made by AJE Management, LLC  in favor of Registrant (Incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-K filed with the Commission on June 30, 2022)
14.1		Code of Ethics (Incorporated by reference to Exhibit 14.1 to Form 10-KSB No. 333-82580 filed with the Commission on June 22, 2004)
21.1		List of Subsidiaries (Incorporated by reference to exhibit 21.1 to form 10K filed with the commission on July 14, 2023)
31.1		Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934
31.2		Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934
32.1		18 U.S.C. Section 1350 Certification of Chief Executive Officer
32.2		18 U.S.C. Section 1350 Certification of Chief Financial Officer
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)

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	GB Sciences, Inc.
	(Registrant)
Dated: August 30, 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, Principal Financial Officer, and Principal Accounting Officer)

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

	/s/ Dr. Andrea Small-Howard
Dated: August 30, 2024	Dr. Andrea Small-Howard
	Chief Executive Officer, Interim Chief Financial Officer and Chairman of the Board (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

 

 

Exhibit 31.1

 

Certification of Chief Executive Officer
Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

 

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

 

1.	I have reviewed this annual report on Form 10-K for the year ended March 31, 2024 of GB Sciences, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a 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 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(s) 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 (the registrant's fourth fiscal quarter in the case of an annual report) 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(s) 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 functions):

 

	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 control over financial reporting.

 

 

Date: August 30, 2024	By:	/s/ Dr. Andrea Small-Howard
		Dr. Andrea Small-Howard
		President and Chief Executive Officer

 

 

 

Exhibit 31.2

 

Certification of Chief Executive Officer
Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934

 

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

 

1.	I have reviewed this annual report on Form 10-K for the year ended March 31, 2024 of GB Sciences, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a 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 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(s) 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 (the registrant's fourth fiscal quarter in the case of an annual report) 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(s) 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 functions):

 

	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 control over financial reporting.

 

 

Date: August 30, 2024	By:	/s/ Dr. Andrea Small-Howard
		Dr. Andrea Small-Howard
		Chief 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 annual report of GB Sciences, Inc. (the “Company”) on Form 10-K for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Dr. Andrea Small-Howard, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

 

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.

 

Date: August 30, 2024	By:	/s/ Dr. Andrea Small-Howard
		Dr. Andrea Small-Howard
		Chief Executive Officer

 

 

 

Exhibit 32.2

 

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 annual report of GB Sciences, Inc. (the “Company”) on Form 10-K for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Dr. Andrea Small-Howard, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

 

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.

 

Date: August 30, 2024	By:	/s/ Dr. Andrea Small-Howard
		Dr. Andrea Small-Howard
		Chief Financial Officer

 

v3.24.2.u1

Document And Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2024	Aug. 30, 2024	Sep. 30, 2023
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	FY
Document Fiscal Year Focus	2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 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
Title of 12(g) Security	Common Stock $.0001 Par Value
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,000,000
Entity Common Stock, Shares Outstanding		407,071,028
Auditor Name	Assurance Dimensions, Inc.
Auditor Location	Coral Springs, FL
Auditor Firm ID	5036

v3.24.2.u1

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash and cash equivalents	$ 11,991	$ 109,912
Prepaid expenses and other current assets	91,451	199,592
TOTAL CURRENT ASSETS	103,442	309,504
Intangible assets, net	0	42,819
TOTAL ASSETS	103,442	352,323
CURRENT LIABILITIES:
Accrued interest	457,093	346,806
Accrued liabilities	0	75,628
Notes and convertible notes payable, net of unamortized discount of $0 and $41,230 at March 31, 2024 and 2023, respectively	1,437,307	1,396,077
Income tax payable	1,060,825	958,455
TOTAL CURRENT LIABILITIES	5,095,557	4,759,706
Convertible notes payable, net of unamortized discount of $0 and $0 at March 31, 2024 and 2023, respectively	322,000	0
TOTAL LIABILITIES	5,417,557	4,759,706
Commitments and contingencies (Note 8)
STOCKHOLDERS' DEFICIT:
Common Stock, $0.0001 par value, 950,000,000 shares authorized, 406,071,028 and 381,872,561 outstanding at March 31, 2024 and 2023, respectively	40,721	38,187
Additional paid-in capital	104,712,156	104,259,745
Accumulated deficit	(110,066,992)	(108,705,315)
TOTAL STOCKHOLDERS' DEFICIT	(5,314,115)	(4,407,383)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	103,442	352,323
Nonrelated Party [Member]
CURRENT LIABILITIES:
Accounts payable	2,012,896	1,861,829
Related Party [Member]
CURRENT LIABILITIES:
Accounts payable	$ 127,436	$ 120,911

v3.24.2.u1

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Unamortized discount, noncurrent	$ (0)
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)	406,071,028	381,872,561
Common stock, shares outstanding (in shares)	406,071,028	381,872,561
Notes, Convertible Notes Payable, and Line of Credit [Member]
Unamortized discount, current	$ 0	$ 41,230
Convertible Debt [Member]
Unamortized discount, noncurrent	$ 0	$ 0

v3.24.2.u1

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sales revenue	$ 0	$ 0
Cost of goods sold	0	0
Gross profit (loss)	0	0
Operating expenses	1,420,509	1,672,281
LOSS FROM OPERATIONS	(1,420,509)	(1,672,281)
OTHER (EXPENSE) INCOME
Interest expense	(218,973)	(178,652)
Loss on impairment of capitalized patent costs	(42,195)	(2,374,261)
Other income – collections in note receivable previously reserved for	320,000	100,000
Total other income/(expense)	58,832	(2,452,913)
LOSS BEFORE INCOME TAXES	(1,361,677)	(4,125,194)
Income tax expense	0	0
NET LOSS	(1,361,677)	(4,125,194)
Deemed dividend	(278,315)	0
Net loss attributable to common shareholders	$ (1,639,992)	$ (4,125,194)
Net loss per common share – basic and diluted (in dollars per share)	$ (0)	$ (0.01)
Weighted average common shares outstanding - basic and diluted (in shares)	396,728,680	357,721,189

v3.24.2.u1

Consolidated Statements of Changes in Stockholders' Deficit - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Mar. 31, 2022	325,037,557
Balance at Mar. 31, 2022	$ 32,504	$ 102,764,746	$ (104,580,122)	$ (1,782,872)
Share-based compensation expense	$ 0	17,333	0	17,333
Stock issued in private placement, net of brokerage fees (in shares)	56,835,004
Stock issued in private placement, net of brokerage fees	$ 5,683	1,477,666	0	1,483,350
Net income (loss)	$ 0	0	(4,125,194)	(4,125,194)
Deemed dividend				0
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)
Share-based compensation expense	0	219,168	0	219,168
Net income (loss)	$ 0	0	(1,361,677)	(1,361,677)
Issuance of shares upon exercise of warrants (in shares)	25,348,467
Issuance of shares upon exercise of warrants	$ 2,534	250,995	0	253,529
Brokerage fees on exercise of warrants	$ 0	(17,752)	0	(17,752)
Repurchase of common shares (in shares)	(1,150,000)
Repurchase of common shares	$ 0	0	0	0
Warrant reinstatement and repricing	0	278,315	0	278,315
Deemed dividend	$ 0	(278,315)	0	(278,315)
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)

v3.24.2.u1

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES:
Net loss	$ (1,361,677)	$ (4,125,194)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	624	61,660
Stock-based compensation	219,168	17,333
Collection of notes receivable previously written off	(320,000)	0
Amortization of debt discount	41,230	60,024
Loss on impairment of capitalized patent costs	42,195	2,374,261
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	108,140	(105,659)
Accounts payable	157,593	(20,195)
Accrued liabilities	(75,628)	66,001
Accrued interest	110,287	(37,963)
Accrued income taxes	102,370	61,960
Indebtedness to related parties	0	120,911
Net cash used in operating activities	(975,698)	(1,526,861)
INVESTING ACTIVITIES:
Collection of notes receivable	320,000	0
Cash paid for capitalized patent costs	0	(31,650)
Net cash provided by (used in) investing activities	320,000	(31,650)
FINANCING ACTIVITIES:
Proceeds from warrant exercises, net of brokerage fees	235,777	0
Proceeds from convertible notes payable	322,000	0
Proceeds from sale of common stock, net of brokerage fees	0	1,483,350
Principal payment on notes payable	0	(48,820)
Net cash provided by financing activities	557,777	1,434,530
NET CHANGE IN CASH AND CASH EQUIVALENTS	(97,921)	(123,981)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	109,912	233,893
CASH AND CASH EQUIVALENTS AT END OF YEAR	11,991	109,912
Cash paid for interest	0	0
Cash paid for income tax	0	0
Noncash investing and financing transactions:
Noncash additions for capitalized patent costs	$ 7,700	$ 246,132

v3.24.2.u1

Note 1 - Background and Nature of Operations	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	Note 1 - Background and Nature of Operations   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   This year, the primary focus for the development of the Company’s lead program in Parkinson’s disease 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 bring our first-in-class Parkinson’s disease therapy into clinical trials. The Company’s partnering strategy for the clinical development of its proprietary therapies mirrors the partnering strategy that it has successfully used in completing the research and development phase of its business.   Product Development   In the period from March 30, 2023 to now, the Company has received positive results from five different preclinical trials that strongly support the development of their plant-inspired therapies. 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 lead program, a 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™ , the Company’s proprietary AI-enabled drug discovery engine, have now been validated in these preclinical animal studies at the NRC. Two preclinical studies at the University of Seville were also 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 study 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, which are necessary for marketing this therapy.   Intellectual Property Portfolio   Within the past year, the number of issued patents owned by the Company has increased significantly. Prior to March 30, 2023, the company had six U.S. and eight foreign patents issued for the protection of its plant-inspired drug formulations in the U.S. and global markets. As of now, the Company has eight U.S. and twelve foreign patents issued, as well as two foreign patents allowed that will be issuing soon. Our continued success in having our patents granted validates our novel strategy of protecting simplified ratio-controlled mixtures of natural compounds that treat diseases for which there is a great need for more effective therapies.   The Company has received interest in and is reviewing options for monetizing its proprietary PhAROS™ drug discovery platform. PhAROS™, which stands for Phytomedical Analytics for Research Optimization at Scale, is an AI-enabled drug discovery tool that harnesses the therapeutic potential of plant-based medicines from within the 12 major traditional medical systems (TMS) in the world. PhAROS™, can discover and predict entirely new drug candidates from within these TMS in the form of proprietary minimum essential mixtures that are simplified but informed by the much more complex original plant-based materials. The Company’s innovative technology uses machine learning to describe how multi-component plant-based medicines have been effective as therapies for thousands of years and, more importantly, to predict new and better possible drug candidates using generative AI. PhAROS™ not only captures what has worked in the past, but also improves upon traditional medical formulations by identifying novel simple mixtures of active ingredients that work synergistically together to treat human diseases. These novel mixtures often include components from different plants growing on different continents in different TMS that may never before have been used together. PhAROS™ goes beyond looking at what has worked within plant-based medicines in the past, to predicting the efficacies of entirely new formulations that have not existed anywhere except within the digital world of generative AI. The Company has patent applications under review in the U.S. and globally to protect its PhAROS™ drug discovery platform. The Company’s PhAROS™ platform is both novel and patent-pending. Prior art searches performed by the World Intellectual Property Organization (WIPO) demonstrated the novelty of the Company’s approach to using a neural-network based machine learning process to describe, categorize, and predict novel multi-component drug candidates based on a unique data base containing searchable tabulations of plant-based therapies from over a dozen traditional medical systems. In addition, Gb Sciences is working collaboratively with other parties to utilize a similar digital strategy that leverages data science, AI and ML for informed drug discovery and innovative human health solutions.

v3.24.2.u1

Note 2 - Going Concern	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	Note 2 - 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 $110,066,992 at March 31, 2024. The Company had a working capital deficit of $4,992,115 as of March 31, 2024. In addition, the Company has consumed cash in its operating activities of $975,698 for the year ended March 31, 2024. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the consolidated financial statements.   Management has been able, thus far, to finance the losses through a public offering, private placements of debt and equity, 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. Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying 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.

v3.24.2.u1

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 3 - Basis of Presentation and Summary of Significant Accounting Policies   Principles of Consolidation   We prepare our consolidated financial statements in accordance with generally accepted accounting principles (GAAP) for the United States of America.   The subsidiaries of the Company are:  GBS Global Biopharma, Inc. ECRX, Inc. The PhAROS Institute, LLC   Intercompany accounts and transactions have been eliminated in consolidation.   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, 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, other loss contingencies, and impairment of long lived assets.  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 March 31, 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.   For the years ended March 31, 2024 and 2023, the Company recorded a loss on impairment related to the capitalized patent costs of $42,195 and $2,374,261, respectively. The Company has recorded an impairment of its capitalized patent costs based on the relevant facts and circumstances that existed as of March 31, 2024 and 2023, respectively, 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.   Convertible Notes Payable   ASU 2020-06 simplifies the accounting for convertible instruments. Under ASU 2020-06, the Company accounts for the convertible debt as a single liability measured at amortized cost. The embedded conversion option is not separately accounted for as an equity component,. The Company calculates the fair value of warrants issued with the convertible notes using the Black-Scholes valuation model and uses the same assumptions for valuing any employee options in accordance with ASC Topic 718 Compensation – Stock Compensation. The only difference is that the contractual life of the warrants is used.   The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants on a relative fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense.   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.   Research and Development Costs   Research and development costs are expensed as incurred. During the years ended March 31, 2024 and 2023, the Company recorded $261,550 and $490,291, respectively, in research and development expense, which is included in operating expenses in the Company's consolidated financial statements.   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 (Note 5), 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 173,992,145 and 167,252,135 potentially dilutive common shares at March 31, 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 Recently Adopted   On June 16, 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The standard requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. The amendments in this ASU are effective for the Company's fiscal year beginning April 1, 2023. The Company adopted the standard effective April 1, 2023 and it did not have a material impact on its financial statements.   In June 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The guidance simplifies the current guidance for convertible instruments and the derivatives scope exception for contracts in an entity’s own equity. Additionally, the amendments affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. This ASU will be effective for the Company's fiscal year beginning April 1, 2023. Early adoption is permitted. The amendments in this update must be applied on either full retrospective basis or modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. The Company adopted the standard effective April 1, 2023 and it did not have a material impact on its financial statements.   Standards Not Yet Adopted   All other newly issued accounting pronouncements have been deemed either immaterial or not applicable.

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Note 4 - Notes and Convertible Notes Payable and Line of Credit	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4 – Notes and Convertible Notes Payable   Summary of Notes Payable and Convertible Notes Payable   As of March 31, 2024 and 2023 the following notes and convertible notes payable were recorded in the Company’s consolidated balance sheets:       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     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 July 30, 2026     25,000       -       25,000   6% Convertible note payable due July 30, 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, 2023       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     50,000       -       50,000   6% Convertible promissory notes payable due September 30, 2023     197,000       (9,475 )     187,525   6% Convertible note payable due December 31, 2023     250,000       (31,755 )     218,245   Total short-term notes and convertible notes payable   $ 1,437,307     $ (41,230 )   $ 1,396,077     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 March 31, 2024 and 2023, the outstanding balance of the note was $55,307, and accrued interest was $4,764 and $691, respectively. The Company made no payments during the year ended March 31, 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 $21,393 and $28,599 on the extended notes during the years ended March 31, 2024 and 2023, respectively, of which $0 and $16,779 in 2024 and 2023, respectively, represented amortization of the note discounts. Accrued interest on the $197,000 extended notes for March 31, 2024 and 2023 was $79,890 and $67,972, respectively, and the remaining unamortized discount was $0 at March 31, 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 $240,693 and $195,770 at March 31, 2024 and 2023, respectively. 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 $44,923 and $39,185, respectively, for the years ended March 31, 2024 and 2023, and no unamortized discount at March 31, 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. 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. During the years ended March 31, 2024 and 2023, the Company recorded interest expense of $69,882 and $92,533, respectively, on the December 2020 $700,000 6% Convertible Notes, of which $22,959 and $52,041 represented amortization of the note discounts. Accrued interest on these notes is $129,296 and $82,373 at March 31, 2024 and 2023, respectively and the remaining unamortized discount was $0 at March 31, 2024. This note is currently in default.    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. As a result, the Company recorded $9,097 of expense for repriced warrants. There was no discount recorded related to these notes.

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Note 5 - Income Taxes	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 5 – Income Taxes   The Company files income tax returns in the U.S. federal jurisdiction. The Company operates in the state of Nevada, which does not levy income tax. The Company has analyzed filing positions for all open tax years in the federal jurisdiction where it is required to file income tax returns. The Company identified its federal tax return as its “major” tax jurisdiction, as defined under generally accepted accounting principles.   The Company’s effective tax rate was 0% and 0% for the years ended March 31, 2024 and 2023, respectively.   A net income tax expense of $0 was recorded for the year ended March 31, 2024. The Company recorded $40,401 in penalties and $61,969 in accrued interest related to a $506,145 tax liability from the March 31, 2018 tax year, and a $178,727 tax liability from the March 31, 2021 tax year. Income tax payable at March 31, 2024 was $1,060,825 which includes cumulative accrued penalties and interest of $375,964.    Since the Company operated in the State-licensed cannabis industry, it is 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 NOLs. The unused NOLs will continue to carry forward and may be used by the Company to offset future taxable income that is not subject to the limitations of 280E.   At March 31, 2024 and 2023 respectively, the Company had net operating loss carryforwards (“NOLs”) for income tax purposes of $52,148,929 and $52,661,859. $34,481,122 of the Company's NOL carryforwards are expected to expire at various times from 2025 through 2039. $18,180,737 of the NOL carryforwards generated in tax years ending March 31, 2019 to present have no expiration date. These NOLs have the potential to be used to offset future ordinary taxable income and reduce future cash tax liabilities. Pursuant to Internal Revenue Code Regulation, the Company’s net operating losses may be subject to substantial annual limitation if the Company experiences a 50% change in ownership. Net operating losses in excess of the aggregate annual limitation cannot be utilized.   The provision for income taxes included in discontinued operations is different than would result from applying the U.S. statutory rate to profit before taxes for the reasons set forth in the following reconciliation:       2024     2023   Tax expense/(benefit) computed at U.S. statutory rates   $ (194,971 )   $ (182,405 ) Increases (decreases) in taxes resulting from:                 Other permanent items     8,508       9,246   Change in valuation allowance     430,270       (756,430 ) Adjustments to valuation of deferred tax assets     (243,807 )     929,589   Total provision for income taxes     -       -   Penalties and interest on prior year tax liabilities     102,370       61,960   Total income tax expense   $ 102,370     $ 61,960     The tax effects of the primary temporary differences giving rise to the Company’s deferred tax assets and liabilities are as follows for the year ended March 31, 2024 and 2023:       2024     2023   Deferred tax assets:                 Stock based compensation   $ 3,191,824     $ 3,147,724   Net operating loss carryforward     11,058,990       10,934,127   Impairment of long-lived assets     -       635,250   Depreciation and Amortization expense     -       (1,369 ) Other temporary items     (175,067 )     (209,714 ) Total deferred tax assets     14,075,747       14,506,018   Less valuation allowance     (14,075,747 )     (14,506,018 ) Net deferred tax asset   $ -     $ -     Deferred tax assets are evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. The Company continues to evaluate its deferred tax asset valuation allowance on a quarterly basis. The Company concluded that, as of March 31, 2024, it is more likely than not that the Company will not have sufficient taxable income within the applicable net operating loss carry-forward period to realize any portion of its deferred tax assets.   The Company believes that the tax positions taken in its tax returns would be sustained upon examination by taxing authorities. The Company files income tax returns in the U.S. federal jurisdiction and other required state jurisdictions. The Company's periodic tax returns filed in 2020 and thereafter are subject to examination by taxing authorities under the normal statutes of limitations in the applicable jurisdictions.

v3.24.2.u1

Note 6 - Capital Transactions	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Equity [Text Block]	Note 6 – Capital Transactions   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.   Year Ended March 31, 2023   Sale of Common Stock and Warrants   On  May 9, 2022 the Company entered into a Placement Agent's Agreement with its brokers for the private placement of up to $565,000 in units at a price of $0.03 per unit. For each unit purchased, the investor will receive one share of the Company's common stock and one warrant to purchase one share of the Company's common stock at a price of $0.10 for a period of five years. On  September 9, 2022, the Company entered into the Amendment to the Placement Agent's Agreement which extended the placement to  November 30, 2022 and increased the amount to $2,000,000, all other terms remaining the same.  During the year ended  March 31, 2023, the Company received $1,483,350 under the private placement, net of brokerage fees of $221,650, and issued 56,835,004 shares of its common stock and 56,835,004 warrants to purchase one share of the Company's common stock at $0.10 for five years.   As the result of the units sold to date under the private placement, the Company will issue its brokers 5,416,834 compensation warrants to purchase one share of the Company's common stock at $0.03 per share for a period of five years. The Company valued the compensation warrants at $0.0273 or $147,879 using the Black-Scholes model.   Warrants Outstanding   Presented below is a summary of the Company’s warrant activity, exclusive of warrants held by employees (Note 7), for the years ended March 31, 2024 and 2023:       Warrants Outstanding       Number of Shares     Exercise Price                       Outstanding at March 31, 2022     75,124,673             Warrants issued     56,835,004       0.10     Warrants exercised     -           Warrants expired/cancelled)     (9,201,000 )   $0.08 - $0.10   Outstanding at March 31, 2023     122,758,677                                 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

v3.24.2.u1

Note 7 - Employee Benefit Plan	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	Note 7 – Employee Benefit Plan   Share-Based Compensation   On February 6, 2008, the board of directors adopted the GB Sciences, Inc. 2007 Amended Stock Option Plan (“2007 Plan”). Under the 2007 Plan, 4,500,000 shares of the Company’s restricted common stock may be issuable upon the exercise of options issued to employees, advisors and consultants. The Company revised the plan, and the board of directors adopted the new 2014 Equity Compensation Plan. On June 30, 2015, GB Sciences filed a Form S-8 Registration Statement with the SEC to register 8,500,000 shares of common stock issuable under stock options to grant to employees and consultants. At the Company’s special meeting of the shareholders held on April 6, 2018, the adoption by the board of directors of the 2014 Equity Compensation Plan was ratified by a majority of shareholders present at the meeting, either in person or by proxy and the Company adopted the GB Sciences, Inc 2018 Stock Plan. On October 25, 2018, GB Sciences filed a Form S-8 Registration Statement with the SEC to register 10,000,000 shares of common stock issuable under the 2018 Plan.   On September 17, 2021, the Board of Directors adopted the 2021 Equity Incentive Plan ("2021 Plan"), and the Company filed a Registration Statement with the SEC on Form S-8 to register 20,000,000 shares of common stock issuable under the 2021 Plan. All 20,000,000 shares registered under the 2021 Plan were available for issuance at March 31, 2024.   On  August 25, 2022, the Board of Directors approved a commitment to grant options to a total of seven persons which include the officers and directors of the Company, who will be instrumental in obtaining an up-listing of the common shares of the Company onto the NASDAQ Stock Market.  The Options will be granted to the employees on the effective date of the up-listing (the “Effective Date”), and will equal options sufficient to purchase 13% of the issued and outstanding common shares of the Company on a fully diluted basis, as of the Effective Date.  The exercise price of one Option will equal 80% of the value of one share of common stock on the Effective Date. The options will be accounted for once the performance condition (the up-listing) is probable.   During the year ended March 31, 2024, the Company granted 23,000,000 options to purchase Company’s common stock at an exercise price of $0.01 per share. Of the 23,000,000 new option grants, 15,000,000 were issued to employees as share-based compensation expense of $142,936, and 8,000,000 were issued to non-employees as share-based compensation expense of $76,232. The total grants valued at $219,168 were recorded through Additional Paid-In-Capital. During the year ended March 31, 2024, option grants totaling 1,150,000 with an exercise price of $0.05, were forfeited by an executive that left the Company.   Compensation Expense   For the years ended March 31, 2024 and 2023, the Company recorded share-based compensation expense of $219,168 and $17,333, respectively, which includes $142,936 and $17,333, respectively, related to employee stock options. There was no expense for restricted stock. Unrecognized compensation cost for non-vested awards was $0 as of March 31, 2024.   Fair Value   The closing price of the Company's stock on the date of grant is used as the fair value for issuances of restricted stock. The fair value of stock options granted is estimated as of the grant date using the Black-Scholes option pricing model.     The following range of assumptions in the Black-Scholes option pricing model was used to determine fair value:       Year Ended       March 31, 2024     March 31, 2023   Weighted-average volatility     174 %     -   Expected term (in years)     5       -   Risk-free interest rate     4.18 %     -     Expected volatilities used for award valuation are based on historical volatility of the Company's common stock. The risk-free interest rate for periods equal to the expected term of an award is based on Federal Reserve yields for U.S. Treasury securities.   A summary of employee option activity, including warrants issued to employees, as of March 31, 2024 and 2023, and changes during the years then ended, is presented below:                       Weighted                       Weighted     Average                       Average     Remaining     Aggregate               Exercise     Contractual     Intrinsic   Employee options and warrants   Options     Price $     Life (years)     Value ($)   Outstanding at March 31, 2022     17,733,334     $ 0.11       5.80     $ -   Fully vested and expected to vest at March 31, 2022     17,733,334     $ 0.11                   Exercisable at March 31, 2022     15,566,668     $ 0.12                   Granted     -                         Exercised     -                         Forfeited     -                         Outstanding at March 31, 2023     17,733,334     $ 0.11       4.80     $ -   Fully vested and expected to vest at March 31, 2023     17,733,334     $ 0.11                   Exercisable at March 31, 2023     17,733,334     $ 0.11                   Granted     15,000,000     $ 0.01       10.00     $ -   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                     The table below sets forth nonemployee option activity for the years ended March 31, 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 ($)   Outstanding at March 31, 2022     6,483,000     $ 0.13       7.31     $ -   Fully vested and expected to vest at March 31, 2022     6,483,000     $ 0.13                   Exercisable at March 31, 2022     6,483,000     $ 0.13                   Granted     -                         Exercised     -                           Forfeited     -                           Outstanding at March 31, 2023     6,483,000     $ 0.13       6.31     $ -   Fully vested and expected to vest at March 31, 2023     6,483,000     $ 0.13                   Exercisable at March 31, 2023     6,483,000     $ 0.13                   Granted     8,000,000     $ 0.01       10.00     $ -   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                     Restricted stock awards   No restricted stock awards were granted during the years ended March 31, 2024 and 2023.

v3.24.2.u1

Note 8 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 8 – 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. A stipulated settlement was reached and entered into by the parties without liability to the Company and filed with the court on April 10, 2023. The filing had the effect of closing the case.   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.

v3.24.2.u1

Note 9 - Related Party Transactions	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 9 - Related Party Transactions   As of March 31, 2024, $108,816 has been recorded in accounts payable related party, due to an entity controlled by a family member of Mr. John Poss, former 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 $3,122 owed to Mr. Poss at March 31, 2024 for expenses incurred in connection with the business operations of the Company.   As of March 31, 2024, $15,498 has been recorded in accounts payable related party, due to Dr. Andrea Small Howard, the Company’s Chief Executive Officer, Interim Chief Financial Officer and Chairman of the Board, related to amounts owed for expenses incurred in connection with the business operations of the Company.   As of March 31, 2024 and 2023, the Company owed $127,436 and $120,911, respectively, for Related Party Accounts Payable.

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Note 10 - Note Receivable from Sale of Membership Interests in Nevada Subsidiaries	12 Months Ended
	Mar. 31, 2024
Nevada Subsidiaries [Member]
Notes to Financial Statements
Noncontrolling Interest Disclosure [Text Block]	Note 10 – 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 4), 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.   During the year ended March 31, 2024, the Company received $320,000 on this Note Receivable and recorded the amount in Other Income on the Statement of Operations.

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Note 11 - Subsequent Events	12 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	Note 11 – Subsequent Events   Subsequent to  June 30, 2024, the Company raised $100,000 through the issuance of two convertible notes payable. The notes bear interest at 6% per annum and are convertible into shares of the Company’s common stock at $0.01 per share, The notes mature July 2027.   Subsequent to June 30, 2024, the Company received $10,000 related to the exercise of warrants. The exercise of the warrants will result on the issuance of 1,000,0000 common shares.

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Insider Trading Arrangements	12 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 9B. 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

v3.24.2.u1

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
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.   The subsidiaries of the Company are:  GBS Global Biopharma, Inc. ECRX, Inc. The PhAROS Institute, LLC   Intercompany accounts and transactions have been eliminated in consolidation.
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, 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, other loss contingencies, and impairment of long lived assets.  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 March 31, 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.   For the years ended March 31, 2024 and 2023, the Company recorded a loss on impairment related to the capitalized patent costs of $42,195 and $2,374,261, respectively. The Company has recorded an impairment of its capitalized patent costs based on the relevant facts and circumstances that existed as of March 31, 2024 and 2023, respectively, 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.
Debt, Policy [Policy Text Block]	Convertible Notes Payable   ASU 2020-06 simplifies the accounting for convertible instruments. Under ASU 2020-06, the Company accounts for the convertible debt as a single liability measured at amortized cost. The embedded conversion option is not separately accounted for as an equity component,. The Company calculates the fair value of warrants issued with the convertible notes using the Black-Scholes valuation model and uses the same assumptions for valuing any employee options in accordance with ASC Topic 718 Compensation – Stock Compensation. The only difference is that the contractual life of the warrants is used.   The value of the proceeds received from a convertible note is then allocated between the conversion features and warrants on a relative fair value basis. The allocated fair value is recorded in the financial statements as a debt discount (premium) from the face amount of the note and such discount is amortized over the expected term of the convertible note (or to the conversion date of the note, if sooner) and is charged to interest expense.
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.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs   Research and development costs are expensed as incurred. During the years ended March 31, 2024 and 2023, the Company recorded $261,550 and $490,291, respectively, in research and development expense, which is included in operating expenses in the Company's consolidated financial statements.
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 (Note 5), 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 173,992,145 and 167,252,135 potentially dilutive common shares at March 31, 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 Recently Adopted   On June 16, 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The standard requires the use of an “expected loss” model on certain types of financial instruments. The standard also amends the impairment model for available-for-sale debt securities and requires estimated credit losses to be recorded as allowances instead of reductions to amortized cost of the securities. The amendments in this ASU are effective for the Company's fiscal year beginning April 1, 2023. The Company adopted the standard effective April 1, 2023 and it did not have a material impact on its financial statements.   In June 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The guidance simplifies the current guidance for convertible instruments and the derivatives scope exception for contracts in an entity’s own equity. Additionally, the amendments affect the diluted EPS calculation for instruments that may be settled in cash or shares and for convertible instruments. This ASU will be effective for the Company's fiscal year beginning April 1, 2023. Early adoption is permitted. The amendments in this update must be applied on either full retrospective basis or modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. The Company adopted the standard effective April 1, 2023 and it did not have a material impact on its financial statements.   Standards Not Yet Adopted   All other newly issued accounting pronouncements have been deemed either immaterial or not applicable.

v3.24.2.u1

Note 4 - Notes and Convertible Notes Payable and Line of Credit (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Debt [Table Text Block]	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     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 July 30, 2026     25,000       -       25,000   6% Convertible note payable due July 30, 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, 2023       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     50,000       -       50,000   6% Convertible promissory notes payable due September 30, 2023     197,000       (9,475 )     187,525   6% Convertible note payable due December 31, 2023     250,000       (31,755 )     218,245   Total short-term notes and convertible notes payable   $ 1,437,307     $ (41,230 )   $ 1,396,077

v3.24.2.u1

Note 5 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2024     2023   Tax expense/(benefit) computed at U.S. statutory rates   $ (194,971 )   $ (182,405 ) Increases (decreases) in taxes resulting from:                 Other permanent items     8,508       9,246   Change in valuation allowance     430,270       (756,430 ) Adjustments to valuation of deferred tax assets     (243,807 )     929,589   Total provision for income taxes     -       -   Penalties and interest on prior year tax liabilities     102,370       61,960   Total income tax expense   $ 102,370     $ 61,960
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2024     2023   Deferred tax assets:                 Stock based compensation   $ 3,191,824     $ 3,147,724   Net operating loss carryforward     11,058,990       10,934,127   Impairment of long-lived assets     -       635,250   Depreciation and Amortization expense     -       (1,369 ) Other temporary items     (175,067 )     (209,714 ) Total deferred tax assets     14,075,747       14,506,018   Less valuation allowance     (14,075,747 )     (14,506,018 ) Net deferred tax asset   $ -     $ -

v3.24.2.u1

Note 6 - Capital Transactions (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Warrants Outstanding       Number of Shares     Exercise Price                       Outstanding at March 31, 2022     75,124,673             Warrants issued     56,835,004       0.10     Warrants exercised     -           Warrants expired/cancelled)     (9,201,000 )   $0.08 - $0.10   Outstanding at March 31, 2023     122,758,677                                 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

v3.24.2.u1

Note 7 - Employee Benefit Plan (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Year Ended       March 31, 2024     March 31, 2023   Weighted-average volatility     174 %     -   Expected term (in years)     5       -   Risk-free interest rate     4.18 %     -
Schedule of Stock Options Roll Forward [Table Text Block]	Weighted                       Weighted     Average                       Average     Remaining     Aggregate               Exercise     Contractual     Intrinsic   Employee options and warrants   Options     Price $     Life (years)     Value ($)   Outstanding at March 31, 2022     17,733,334     $ 0.11       5.80     $ -   Fully vested and expected to vest at March 31, 2022     17,733,334     $ 0.11                   Exercisable at March 31, 2022     15,566,668     $ 0.12                   Granted     -                         Exercised     -                         Forfeited     -                         Outstanding at March 31, 2023     17,733,334     $ 0.11       4.80     $ -   Fully vested and expected to vest at March 31, 2023     17,733,334     $ 0.11                   Exercisable at March 31, 2023     17,733,334     $ 0.11                   Granted     15,000,000     $ 0.01       10.00     $ -   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                                       Weighted                       Weighted     Average                       Average     Remaining     Aggregate               Exercise     Contractual     Intrinsic   Nonemployee options   Options     Price $     Life (years)     Value ($)   Outstanding at March 31, 2022     6,483,000     $ 0.13       7.31     $ -   Fully vested and expected to vest at March 31, 2022     6,483,000     $ 0.13                   Exercisable at March 31, 2022     6,483,000     $ 0.13                   Granted     -                         Exercised     -                           Forfeited     -                           Outstanding at March 31, 2023     6,483,000     $ 0.13       6.31     $ -   Fully vested and expected to vest at March 31, 2023     6,483,000     $ 0.13                   Exercisable at March 31, 2023     6,483,000     $ 0.13                   Granted     8,000,000     $ 0.01       10.00     $ -   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

v3.24.2.u1

Note 1 - Background and Nature of Operations (Details Textual)	Mar. 31, 2024 shares	Dec. 31, 2023	Mar. 31, 2023 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)	950,000,000		950,000,000	950,000,000	600,000,000	600,000,000	400,000,000	400,000,000	250,000,000
Patents [Member] | UNITED STATES
Finite-Lived Intangible Assets, Number	8	6
Patents [Member] | UNITED STATES | Subsidiaries [Member]
Finite-Lived Intangible Assets, Number	8
Patents [Member] | Non-US [Member]
Finite-Lived Intangible Assets, Number	12	8
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] | UNITED STATES | Subsidiaries [Member]
Finite-Lived Intangible Assets, Number	15
Patents Pending [Member] | Non-US [Member] | Subsidiaries [Member]
Finite-Lived Intangible Assets, Number	41

v3.24.2.u1

Note 2 - Going Concern (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retained Earnings (Accumulated Deficit)	$ (110,066,992)	$ (108,705,315)
Working Capital (Deficit)	(4,992,115)
Net Cash Provided by (Used in) Operating Activities	$ (975,698)	$ (1,526,861)

v3.24.2.u1

Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Short-Term Investments	$ 0
Impairment of Intangible Assets, Finite-Lived	42,195	$ 2,374,261
Research and Development Expense	$ 261,550	$ 490,291
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	173,992,145	167,252,135
Patents [Member]
Impairment of Intangible Assets, Finite-Lived	$ 42,195	$ 2,374,261

v3.24.2.u1

Note 4 - 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	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 ($) shares	Mar. 31, 2023 USD ($) 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
Class of Warrant or Right, Issued During Period (in shares) | shares													23,006,492	56,835,004
Amortization of Debt Discount (Premium)													$ 41,230	$ 60,024
Proceeds from Convertible Debt													322,000	0
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
Class of Warrant or Right, Expense						$ 9,097
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
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													129,296	82,373
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares												$ 0.05			$ 0.03	$ 0.01
Interest Expense, Debt													69,882	92,533
Amortization of Debt Discount (Premium)													22,959	52,041
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
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares						$ 0.01
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													4,764	691
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													240,693	195,770
Convertible Notes Payable, Total		$ 560,000
Interest Expense, Debt													44,923	39,185
Debt Instrument, Debt Default, Amount													1,060,000
Repayments of Convertible Debt		$ 500,000
Convertible Debt [Member] | The 0% Note Payable Dated October 23, 2017 [Member]
Debt Instrument, Face Amount														55,307
Convertible Debt [Member] | March And July 2017 Convertible Note Offering [Member]
Debt Instrument, Unamortized Discount, Total													0		46,886
Interest Payable													79,890	67,972
Debt Instrument, Convertible, Beneficial Conversion Feature															$ 33,490
Debt Instrument, Extended Amount													197,000
Interest Expense, Debt													21,393	28,599
Amortization of Debt Discount (Premium)													0	$ 16,779
Convertible Debt [Member] | The 6% Convertible Note Payable Due January to February 2027 [Member]
Debt Instrument, Face Amount													$ 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%

v3.24.2.u1

Note 4 - Notes and Convertible Notes Payable and Line of Credit - Summary of Notes and Convertible Notes Payable (Details) - USD ($)	Mar. 31, 2024	Feb. 07, 2024	Mar. 31, 2023
Face value, long-term notes payable	$ 1,759,307
Discount, long-term notes payable	0
Total notes and convertible notes payable	1,759,307
Convertible Debt [Member]
Discount, long-term notes payable	0		$ 0
The 0% Note Payable Dated October 23, 2017 [Member] | Convertible Debt [Member]
Face value, long-term notes payable			55,307
Discount, long-term notes payable			0
Carrying value, long-term notes payable			55,307
The6PercentNotesPayableDueJuly12022Member | Convertible Debt [Member]
Face value, long-term notes payable			50,000
Discount, long-term notes payable			0
Carrying value, short-term notes payable			50,000
The 6 % Note Payable Dated September 30, 2023 [Member] | Convertible Debt [Member]
Face value, long-term notes payable			197,000
Discount, long-term notes payable			(9,475)
Carrying value, long-term notes payable			187,525
The 6% Convertible Note Payable Due December 31, 2023 [Member] | Convertible Debt [Member]
Face value, long-term notes payable			250,000
Discount, long-term notes payable			(31,755)
Carrying value, long-term notes payable			218,245
The 6% Convertible Note Payable Due July 30, 2026 [Member] | Convertible Debt [Member]
Face value, long-term notes payable	25,000
Discount, long-term notes payable	0
Carrying value, long-term notes payable	25,000
The Second 6% Convertible Note Payable Due July 30, 2026 [Member] | Convertible Debt [Member]
Face value, long-term notes payable	50,000
Discount, long-term notes payable	0
Carrying value, long-term notes payable	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
Discount, long-term notes payable	0
Carrying value, long-term notes payable	247,000
Convertible Notes Payable [Member] | The 0% Note Payable Dated October 23, 2017 [Member]
Face value, long-term notes payable	55,307
Discount, long-term notes payable	0
Carrying value, long-term notes payable	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
Discount, short-term notes payable			0
Carrying value, short-term notes payable	325,000		325,000
Convertible Notes Payable [Member] | The6PercentNotesPayableDueJuly12022Member
Face value, long-term notes payable	50,000
Discount, long-term notes payable	0
Carrying value, short-term notes payable	50,000
Convertible Notes Payable [Member] | The 6 % Note Payable Dated September 30, 2023 [Member]
Face value, long-term notes payable	197,000
Discount, long-term notes payable	0
Carrying value, long-term notes payable	197,000
Convertible Notes Payable [Member] | The 6 % Convertible Note Payable Dated December 31, 2023 [Member]
Face value, long-term notes payable	250,000
Discount, long-term notes payable	0
Carrying value, long-term notes payable	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
Discount, short-term notes payable			(41,230)
Carrying value, short-term notes payable			$ 1,396,077

v3.24.2.u1

Note 5 - Income Taxes (Details Textual) - USD ($) Pure in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	0.00%	0.00%
Income Tax Expense (Benefit)	$ 0	$ 0
Taxes Payable, Current	1,060,825
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	375,964
Operating Loss Carryforwards	52,148,929	$ 52,661,859
Operating Loss Carryforwards, Subject to Expiration	34,481,122
Operating Loss Carryforwards, Not Subject to Expiration	18,180,737
Tax Year 2018 [Member]
Unrecognized Tax Benefits, Income Tax Penalties Expense	40,401
Unrecognized Tax Benefits, Interest on Income Taxes Expense	61,969
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount	506,145
Tax Year 2021 [Member]
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount	$ 178,727

v3.24.2.u1

Note 5 - Income Taxes - Reconciliation of Effective Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Tax expense/(benefit) computed at U.S. statutory rates	$ (194,971)	$ (182,405)
Other permanent items	8,508	9,246
Change in valuation allowance	430,270	(756,430)
Adjustments to valuation of deferred tax assets	(243,807)	929,589
Total provision for income taxes	0	0
Penalties and interest on prior year tax liabilities	102,370	61,960
Total income tax expense	$ 102,370	$ 61,960

v3.24.2.u1

Note 5 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Stock based compensation	$ 3,191,824	$ 3,147,724
Net operating loss carryforward	11,058,990	10,934,127
Impairment of long-lived assets	0	635,250
Depreciation and Amortization expense	0	(1,369)
Other temporary items	(175,067)	(209,714)
Total deferred tax assets	14,075,747	14,506,018
Less valuation allowance	(14,075,747)	(14,506,018)
Net deferred tax asset	$ 0	$ 0

v3.24.2.u1

Note 6 - Capital Transactions (Details Textual)			12 Months Ended
	Sep. 09, 2022 USD ($)	May 09, 2022 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2022	Sep. 30, 2022
Proceeds from Warrant Exercises | $			$ 235,777	$ 0
Class of Warrant or Right, Cancelled During Period (in shares)			38,337,538	9,201,000
Proceeds from Issuance of Private Placement | $			$ 221,650
Class of Warrant or Right, Issued During Period (in shares)			23,006,492	56,835,004
Private Placement [Member]
Sale of Units, Maximum Units Allowed in Private Placement | $	$ 2,000,000	$ 565,000
Sale of Units, Price Per Unit (in dollars per share) | $ / shares		$ 0.03
Number of Common Stock Received, Per Unit (in shares)		1
Stock Issued During Period, Shares, New Issues (in shares)			56,835,004
Warrants Issued to Investor [Member]
Class of Warrant or Right, Repriced (in shares)			92,657,209
Class of Warrant or Right, Reinstated (in shares)			23,006,492
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares			$ 0.01
Deemed Dividend for Reissuance of Warrants | $			$ 278,315
Warrants at Exercise Price of 0.10 [Member]
Class of Warrant or Right, Extended (in shares)			3,490,834
Class of Warrant or Right, Extended, Exercise Price (in dollars per share) | $ / shares			$ 0.1
Warrant at Exercise Price of 0.06 [Member]
Class of Warrant or Right, Extended (in shares)			4,295,500
Class of Warrant or Right, Extended, Exercise Price (in dollars per share) | $ / shares			$ 0.6
Warrant at Exercise Price of 0.04 [Member]
Class of Warrant or Right, Extended (in shares)			300,000
Class of Warrant or Right, Extended, Exercise Price (in dollars per share) | $ / shares			$ 0.04
Warrants [Member]
Class of Warrant or Right, Extended (in shares)			2,456,750
Class of Warrant or Right, Extended, Exercise Price (in dollars per share) | $ / shares			$ 0.1
Class of Warrant or Right, Exercises in Period (in shares)			25,348,467
Class of Warrant or Right, Exercises in Period, Exercise Price (in dollars per share) | $ / shares			$ 0.01
Proceeds from Warrant Exercises | $			$ 253,529
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
Warrants Issued to Investors in Private Placements [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares		$ 0.1	$ 0.1
Number of Warrant Received, Per Unit (in shares)		1
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)		1	1
Warrants and Rights Outstanding, Term (Year)			5 years			5 years
Class of Warrant or Right, Issued During Period (in shares)			56,835,004
Compensation Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares			$ 0.03
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)			1
Warrants and Rights Outstanding, Term (Year)			5 years
Class of Warrant or Right, Issued During Period (in shares)			5,416,834
Warrants and Rights Outstanding | $			$ 147,879
Compensation Warrants [Member] | Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input					0.0273

v3.24.2.u1

Note 6 - Capital Transactions - Warrant Activity (Details) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Outstanding (in shares)	122,758,677	75,124,673
Warrants issued (in shares)	23,006,492	56,835,004
Warrants issued, exercise price (in dollars per share)	$ 0.01	$ 0.1
Warrants exercised (in shares)	(25,348,467)	0
Warrants exercised, exercise price (in dollars per share)	$ 0.01
Warrants expired/cancelled) (in shares)	(38,337,538)	(9,201,000)
Warrants expired/cancelled, exercise price (in dollars per share)	$ 0
Outstanding (in shares)	82,079,164	122,758,677
Minimum [Member]
Warrants issued, exercise price (in dollars per share)
Warrants exercised, exercise price (in dollars per share)
Warrants expired/cancelled, exercise price (in dollars per share)	0.01	$ 0.08
Maximum [Member]
Warrants issued, exercise price (in dollars per share)
Warrants exercised, exercise price (in dollars per share)
Warrants expired/cancelled, exercise price (in dollars per share)	$ 0.6	$ 0.1

v3.24.2.u1

Note 7 - Employee Benefit Plan (Details Textual)		12 Months Ended
	Aug. 25, 2022 shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 $ / shares	Sep. 17, 2021 shares	Oct. 25, 2018 shares	Jun. 30, 2015 shares	Feb. 06, 2008 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		23,000,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares		$ 0.01
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition | $		$ 219,168
Share-Based Payment Arrangement, Expense | $		219,168	$ 17,333
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $		$ 0
Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		1,150,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares		$ 0.05
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares)		1,150,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares		$ 0.05
Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		15,000,000	0
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares		$ 0.01
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition | $		$ 142,936
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares)		1,150,000	(0)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares		$ 0.05
Share-Based Payment Arrangement, Nonemployee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		8,000,000	0
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition | $		$ 76,232
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (in shares)		(0)	(0)
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense | $		$ 0	$ 0
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Number of Grantees	7
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	13.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	1
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent	80.00%
Share-Based Payment Arrangement, Options and Warrants [Member]
Share-Based Payment Arrangement, Expense | $		$ 142,936	$ 17,333
GB Sciences, Inc. 2007 Amended Stock Option Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)								4,500,000
The 2014 Equity Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)							8,500,000
GB Sciences, Inc 2018 Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)						10,000,000
The 2021 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)			20,000,000		20,000,000

v3.24.2.u1

Note 7 - Employee Benefit Plan - Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted-average volatility	174.00%	0.00%
Expected term (in years) (Year)	5 years
Risk-free interest rate	4.18%	0.00%

v3.24.2.u1

Note 7 - Employee Benefit Plan - Option Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Granted, options (in shares)	23,000,000
Granted, weighted average exercise price (in dollars per share)	$ 0.01
Share-Based Payment Arrangement, Employee [Member]
Outstanding, options (in shares)	17,733,334		17,733,334
Outstanding, weighted average exercise price (in dollars per share)	$ 0.11		$ 0.11
Outstanding, weighted average remaining contractual life (Year)	7 years 21 days	4 years 9 months 18 days	5 years 9 months 18 days
Outstanding, aggregate intrinsic value		$ 0	$ 0
Fully vested and expected to vest, options (in shares)	28,883,334	17,733,334	17,733,334
Fully vested and expected to vest, weighted average exercise price (in dollars per share)	$ 0.06	$ 0.11	$ 0.11
Exercisable, options (in shares)	28,883,334	17,733,334	15,566,668
Exercisable, weighted average exercise price (in dollars per share)	$ 0.06	$ 0.11	$ 0.12
Granted, options (in shares)	15,000,000	0
Granted, weighted average exercise price (in dollars per share)	$ 0.01
Exercised, options (in shares)	0	0
Exercised, weighted average exercise price (in dollars per share)
Forfeited, options (in shares)	(1,150,000)	0
Forfeited, weighted average exercise price (in dollars per share)	$ 0.05
Granted, weighted average remaining contractual life (Year)	10 years
Expired, options (in shares)	(2,700,000)
Expired, weighted average exercise price (in dollars per share)	$ 0.11
Outstanding, options (in shares)	28,883,334	17,733,334
Outstanding, weighted average exercise price (in dollars per share)	$ 0.06	$ 0.11
Share-Based Payment Arrangement, Nonemployee [Member]
Outstanding, options (in shares)	6,483,000		6,483,000
Outstanding, weighted average exercise price (in dollars per share)	$ 0.13		$ 0.13
Outstanding, weighted average remaining contractual life (Year)	7 years 6 months 29 days	6 years 3 months 21 days	7 years 3 months 21 days
Outstanding, aggregate intrinsic value		$ 0	$ 0
Fully vested and expected to vest, options (in shares)	14,483,000	6,483,000	6,483,000
Fully vested and expected to vest, weighted average exercise price (in dollars per share)	$ 0.06	$ 0.13	$ 0.13
Exercisable, options (in shares)	14,483,000	6,483,000	6,483,000
Exercisable, weighted average exercise price (in dollars per share)	$ 0.06	$ 0.13	$ 0.13
Granted, options (in shares)	8,000,000	0
Granted, weighted average exercise price (in dollars per share)
Exercised, options (in shares)	0	0
Forfeited, options (in shares)	0	0
Granted, weighted average remaining contractual life (Year)	10 years
Outstanding, options (in shares)	14,483,000	6,483,000
Outstanding, weighted average exercise price (in dollars per share)	$ 0.06	$ 0.13

v3.24.2.u1

Note 8 - Commitments and Contingencies (Details Textual)	Mar. 31, 2024 USD ($)
Purchase Commitment [Member]
Contractual Obligation	$ 235,000

v3.24.2.u1

Note 9 - Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Chief Executive Officer [Member]
Accounts Payable, Current	$ 108,816
Costs and Expenses, Related Party	3,122
President and Director [Member]
Accounts Payable, Current	15,498
Related Party [Member]
Accounts Payable, Current	$ 127,436	$ 120,911

v3.24.2.u1

Note 10 - 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, 2024 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
Proceeds from Collection of Notes Receivable									$ 320,000
GB Sciences Nopah, LLC [Member] | Accounts Payable Due to Affiliate of the Purchaser [Member]
Extinguishment of Debt, Amount		$ 74,647	$ 74,647

v3.24.2.u1

Note 11 - Subsequent Events (Details Textual) - USD ($)		12 Months Ended
	Jul. 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Proceeds from Convertible Debt		$ 322,000	$ 0
Proceeds from Warrant Exercises		$ 235,777	$ 0
Forecast [Member] | Warrant [Member]
Proceeds from Warrant Exercises	$ 10,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	10,000,000
Convertible Promissory Note [Member] | Forecast [Member]
Proceeds from Convertible Debt	$ 100,000
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Debt Instrument, Convertible, Conversion Price (in dollars per share)	$ 0.01

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