UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 Or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2020
GB Sciences, Inc.
(Exact name of Registrant as specified in its charter)
Nevada (State or other Jurisdiction of | 000-55462 (Commission File Number) | 59-3733133 (IRS Employer I.D. No.) |
3550 W. Teco Avenue
Las Vegas, NV 89118
(Address of Principal Executive Offices) (Zip Code)
(844) 843-2569
Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule l 4a- l 2 under the Exchange Act ( 17 CFR 240. l 4a- l 2)
☐ Pre-commencement communications pursuant to Rule l 4d-2(b) under the Exchange Act (17 CFR 240. l 4d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. l 3e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On April 23, 2019, the Company issued an 8% Convertible Promissory Note (the “Note”) in the face amount of $2,765,000. By terms of the Note, all principal and accrued interest at the rate of 8% per annum (the “Outstanding Balance”), was due and payable on April 22, 2020 (the “Maturity Date). The Company failed to make payment of any portion of the Outstanding Balance on or before the Maturity Date. As a result, on the day following the Maturity Date, the principal of the Note increased by 10% of the Outstanding Balance and the interest rate accruing on the Outstanding Balance jumped to 15% per annum. At April 23, 2020, the total amount due and payable on the Note is $3,384,820. The Company believes it has adequate resources it expects to receive from the proceeds of notes receivable from the sale of its interest in cultivation facilities in Baton Rouge, Louisiana and Las Vegas, Nevada to repay the full amount of the note.
SIGNATURE PAGE
Pursuant to the requirement of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GB Sciences, Inc. a Nevada corporation |
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Dated: April 29, 2020 | By: | /s/ John Poss | ||
John Poss | ||||
Chief Executive Officer | ||||