Significant Accounting Policies [Text Block] | Note 3 Principles of Consolidation We prepare our consolidated financial statements in accordance with generally accepted accounting principles (GAAP) for the United States of America. Our consolidated financial statements include all operating divisions and majority-owned subsidiaries, reported as a single operating segment, for which we maintain controlling interests. The subsidiaries of the Company are: GB Sciences Nevada, LLC GB Sciences Las Vegas, LLC ECRX, Inc. GB Sciences Texas, LLC GB Sciences Nopah, LLC GBS Global Biopharma, Inc. Intercompany accounts and transactions have been eliminated in consolidation. The ownership interest of non-controlling participants in subsidiaries that are not 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, 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 may Reclassifications Certain reclassifications have been made to the comparative period amounts in order to conform to the current period presentation. The current and long-term capital lease obligations recorded in the consolidated balance sheet as of March 31, 2019 15 no Discontinued Operations Discontinued operations comprise those activities that were disposed of during the period or which were classified as held for sale at the end of the period and represent a separate major line of business or geographical area that can be clearly distinguished for operational and financial reporting purposes. The assets and liabilities associated with discontinued operations included in our consolidated balance sheets are as follows: Discontinued Operations – (continued) March 31, 2020 March 31, 2019 Continuing Discontinued Total Continuing Discontinued Total ASSETS CURRENT ASSETS Cash $ 151,766 $ - $ 151,766 $ 182,055 $ 45,703 $ 227,758 Accounts receivable, net 117,967 - 117,967 488,329 - 488,329 Inventory, net 1,445,839 - 1,445,839 1,533,792 602,714 2,136,506 Prepaid and other current assets 60,885 - 60,885 262,208 351,970 614,178 Note receivable 5,224,423 - 5,224,423 - - - TOTAL CURRENT ASSETS 7,000,880 - 7,000,880 2,466,384 1,000,387 3,466,771 Property and equipment, net 5,533,833 - 5,533,833 10,481,706 13,022,996 23,504,702 Intangible assets, net 1,699,966 - 1,699,966 1,818,802 - 1,818,802 Deposits and other noncurrent assets 91,504 - 91,504 230,651 1,002,376 1,233,027 Operating lease right-of-use assets, net 26,685 - 26,685 - - - TOTAL ASSETS $ 14,352,868 $ - $ 14,352,868 $ 14,997,543 $ 15,025,759 $ 30,023,302 LIABILITIES CURRENT LIABILITIES Accounts payable $ 2,559,914 $ - $ 2,559,914 $ 1,374,771 $ 1,695,985 $ 3,070,756 Accrued interest 397,652 - 397,652 142,112 - 142,112 Accrued expenses 888,012 - 888,012 244,931 76,415 321,346 Notes payable, net 5,534,728 - 5,534,728 2,229,812 300,000 2,529,812 Indebtedness to related parties 586,512 - 586,512 - - - Note payable to related party 151,923 - 151,923 - - - Income tax payable 592,982 - 592,982 506,145 - 506,145 Operating lease obligations, current 7,265 - 7,265 - - - Finance lease obligations, current 166,769 - 166,769 80,132 61,877 142,009 TOTAL CURRENT LIABILITIES 10,885,757 - 10,885,757 4,577,903 2,134,277 6,712,180 Note payable, net - - - 161,072 - 161,072 Operating lease obligations, long term 22,515 - 22,515 - - - Finance lease obligations, long term 3,533,090 - 3,533,090 3,646,540 2,347,511 5,994,051 TOTAL LIABILITIES $ 14,441,362 $ - $ 14,441,362 $ 8,385,515 $ 4,481,788 $ 12,867,303 The revenues and expenses associated with discontinued operations included in our consolidated statements of operations were as follows: For the Year Ended March 31, For the Year Ended March 31, 2020 2019 Continuing Discontinued Total Continuing Discontinued Total Sales revenue $ 3,120,620 $ 569,077 $ 3,689,697 $ 3,454,552 $ - $ 3,454,552 Cost of goods sold (4,002,083 ) (574,544 ) (4,576,627 ) (3,246,097 ) - (3,246,097 ) Gross profit (loss) (881,463 ) (5,467 ) (886,930 ) 208,455 - 208,455 General and administrative expenses 6,483,513 1,292,613 7,776,126 13,399,524 2,403,259 15,802,783 Loss on impairment of long-lived assets 4,645,054 - 4,645,054 - - - LOSS FROM OPERATIONS (12,010,030 ) (1,298,080 ) (13,308,110 ) (13,191,069 ) (2,403,259 ) (15,594,328 ) OTHER INCOME/(EXPENSE) Interest expense, net (1,625,204 ) (178,140 ) (1,803,344 ) (4,940,090 ) (251,168 ) (5,191,258 ) Other expense (194,248 ) - (194,248 ) (3,368,556 ) - (3,368,556 ) Loss on extinguishment (216,954 ) - (216,954 ) - - - Loss on modification of note receivable (1,895,434 ) - (1,895,434 ) - - - Gain on deconsolidation of subsidiary 4,393,242 - 4,393,242 - - - TOTAL OTHER INCOME/(EXPENSE) 461,402 (178,140 ) 283,262 (8,308,646 ) (251,168 ) (8,559,814 ) NET LOSS BEFORE INCOME TAXES (11,548,628 ) (1,476,220 ) (13,024,848 ) (21,499,715 ) (2,654,427 ) (24,154,142 ) Income tax expense (86,837 ) - (86,837 ) (526,145 ) - (526,145 ) NET LOSS $ (11,635,465 ) $ (1,476,220 ) $ (13,111,685 ) $ (22,025,860 ) $ (2,654,427 ) $ (24,680,287 ) Fair Value of Financial Instruments The Company adopted ASC 820, 820 820 three three - Level 1 - Level 2 - Level 3 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 no March 31, 2020 Accounts Receivable Accounts receivable are carried at their estimated collectible amounts. Trade accounts receivable are periodically evaluated for collectability based on aging and subsequent collections. During the year ended March 31, 2020 $108,001 $63,630 $44,371 Inventory We value our inventory at the lower of the actual cost of our inventory, as determined using the first first Indefinite-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 include the acquisition cost of a cannabis production license with an indefinite life. We amortize our finite-lived intangible assets 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. During the year ended March 31, 2020 100% 16 not $449,801 $1,021,067 $571,266. Operating Lease Right-of-Use Asset and Liability The Company determines if an arrangement is a lease at inception and has lease agreements for office facilities, equipment, and other space and assets with non-cancelable lease terms. Certain real estate and property leases, and various other operating leases are measured on the balance sheet with a lease liability and right-of-use asset ("ROU"). ROU assets represent the Company's right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make scheduled lease payments. ROU assets and liabilities are recognized on the lease commencement date based on the present value of lease payments over the lease term. The present value of lease payments is calculated using the incremental borrowing rate at lease commencement, which takes into consideration recent debt issuances as well as other applicable market data available. Lease payments include fixed payments, variable payments based on an index or rate, reasonably certain purchase options, termination penalties, and others as required by the New Lease Standard. Lease payments do not Lease terms include options to extend when it is reasonably certain that the option will be exercised. Leases with a term of twelve not Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets: 3 8 not Long-Lived Assets Property and equipment comprise a significant portion of our total assets. We evaluate the carrying value of property and equipment if impairment indicators are present or if other circumstances indicate that impairment may March 31. may not During the year ended March 31, 2020 100% 16 not $8.0 $11.9 $7.3 4,645,054 3 820. 17%. $4.0 $4.0M Beneficial Conversion Feature of Convertible Notes Payable The Company accounts for convertible notes payable in accordance with the guidelines established by the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification (“ASC”) Topic 470 20, Debt with Conversion and Other Options 00 27, “Application of Issue No. 98 5 first 718 Compensation – Stock Compensation 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 two April 1, 2018 The Company's only current revenue source is from sales of cannabis, a distinct physical good. Under ASC 606, may may one 606 not Research and Development Costs Research and development costs are expensed as incurred. During the years ended March 31, 2020 2019 $1,543,397 $458,790 Equity-Based Compensation The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC 718 718 no may may may 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% Loss per Share The Company's basic loss per share has been calculated using the weighted average number of common shares outstanding during the period. The Company had 158,404,020 128,608,852 March 31, 2020 2019 not Recent Accounting Pronouncements Recently Adopted Standards In June 2016, No. 2016 13, 326 2016 13" 326 326 326 2016 13 not not December 15, 2019, April 1, 2019. not In August 2018, 2018 13, Fair Value Measurement (Topic 820 December 15, 2019, April 1, 2019. not All other newly issued accounting pronouncements but not not |