Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 3 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 Company has included its subsidiaries GB Sciences Nevada, LLC, GB Sciences Las Vegas, LLC, and GB Sciences Nopah, LLC in discontinued operations due to the pending sale of the Company's Nevada cultivation and extraction facilities 9 The assets and liabilities associated with discontinued operations included in our condensed consolidated balance sheets as of June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Continuing Discontinued Total Continuing Discontinued Total ASSETS CURRENT ASSETS Cash $ 582,971 $ 112,696 $ 695,667 $ 793,040 $ 352,593 $ 1,145,633 Accounts receivable, net - 643,594 643,594 - 400,175 400,175 Inventory, net - 1,462,009 1,462,009 - 1,689,304 1,689,304 Prepaid and other current assets 296,081 30,458 326,539 256,251 52,492 308,743 TOTAL CURRENT ASSETS 879,052 2,248,757 3,127,809 1,049,291 2,494,564 3,543,855 Property and equipment, net 21,895 4,736,272 4,758,167 25,022 4,876,247 4,901,269 Intangible assets, net 1,797,920 571,264 2,369,184 1,706,762 571,264 2,278,026 Deposits and other noncurrent assets - 75,469 75,469 - 82,904 82,904 TOTAL ASSETS $ 2,698,867 $ 7,631,762 $ 10,330,629 $ 2,781,075 $ 8,024,979 $ 10,806,054 LIABILITIES CURRENT LIABILITIES Accounts payable $ 1,463,806 $ 385,320 $ 1,849,126 $ 1,412,459 $ 509,477 $ 1,921,936 Accrued interest 521,145 49,211 570,356 493,741 49,211 542,952 Accrued expenses 1,031,003 122,714 1,153,717 957,946 105,421 1,063,367 Notes payable, net 3,619,186 485,000 4,104,186 3,594,804 485,000 4,079,804 Indebtedness to related parties 84,913 - 84,913 84,913 - 84,913 Income tax payable - 793,292 793,292 - 761,509 761,509 Finance lease obligations, current - 152,250 152,250 - 143,967 143,967 TOTAL CURRENT LIABILITIES 6,720,053 1,987,787 8,707,840 6,543,863 2,054,585 8,598,448 Convertible notes payable 305,877 - 305,877 292,410 - 292,410 Finance lease obligations, long term - 3,347,363 3,347,363 - 3,389,124 3,389,124 TOTAL LIABILITIES $ 7,025,930 $ 5,335,150 $ 12,361,080 $ 6,836,273 $ 5,443,709 $ 12,279,982 Discontinued Operations - Revenues and Expenses The revenues and expenses associated with discontinued operations included in our condensed consolidated statements of operations for the three June 30, 2021 2020 For the Three Months Ended June 30, 2021 2020 Continuing Discontinued Total Continuing Discontinued Total Sales revenue $ - $ 1,342,586 $ 1,342,586 $ - $ 551,197 $ 551,197 Cost of goods sold - (1,219,041 ) (1,219,041 ) - (491,795 ) (491,795 ) Gross profit/(loss) - 123,545 123,545 - 59,402 59,402 General and administrative expenses 493,405 84,078 577,483 515,253 289,455 804,708 INCOME/(LOSS) FROM OPERATIONS (493,405 ) 39,467 (453,938 ) (515,253 ) (230,053 ) (745,306 ) OTHER EXPENSE Interest expense (65,254 ) (102,331 ) (167,585 ) (662,370 ) (132,943 ) (795,313 ) Debt default penalty - - - (286,059 ) - (286,059 ) Other income/(expense) - 20,889 20,889 (11,182 ) - (11,182 ) Total other expense (65,254 ) (81,442 ) (146,696 ) (959,611 ) (132,943 ) (1,092,554 ) LOSS BEFORE INCOME TAXES (558,659 ) (41,975 ) (600,634 ) (1,474,864 ) (362,996 ) (1,837,860 ) Income tax expense - (31,783 ) (31,783 ) - (8,840 ) (8,840 ) NET LOSS $ (558,659 ) $ (73,758 ) $ (632,417 ) $ (1,474,864 ) $ (371,836 ) $ (1,846,700 ) Discontinued Operations - Inventory Raw materials consist of supplies, materials, and consumables used in the cultivation and extraction processes. Work-in-progress includes live plants and cannabis in the drying, curing, and trimming processes. Finished goods includes completed cannabis flower, trim, and extracts in bulk and packaged forms. Inventory is included in current assets from discontinued operations in the Company's unaudited condensed consolidated balance sheets at June 30, 2021 March 31, 2021. June 30, 2021 March 31, 2021 Raw materials $ 112,857 $ 86,076 Work in progress 814,166 743,844 Finished goods 601,807 866,195 Subtotal 1,528,830 1,696,115 Allowance to reduce inventory to net realizable value (66,821 ) (6,811 ) Total inventory, net $ 1,462,009 $ 1,689,304 Discontinued Operations - Leases The Company evaluates all finance and operating leases, and they are measured on the balance sheet with a lease liability and right-of-use asset (“ROU”) at inception. 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. Lease terms include options to extend when it is reasonably certain that the option will be exercised. Leases with a term of 12 not The Company's only remaining lease commitment is a finance lease for the Teco Facility, which is classified as discontinued operations in the Company's unaudited condensed consolidated financial statements. This lease has a remaining non-cancelable term that ends December 31, 2025 December 31, 2030. Finance leases are included in property and equipment (long term assets from discontinued operations), finance lease obligations, short term (current liabilities from discontinued operations), and finance lease obligations, long term (long term liabilities from discontinued operations), on the unaudited condensed consolidated balance sheets. During the three June 30, 2021, The future minimum lease payments of lease liabilities as of June 30, 2021, Year Ending March 31, Finance Leases 2022 (9 months) $ 409,235 2023 560,625 2024 577,444 2025 594,767 2026 612,610 Thereafter 3,168,492 Total minimum lease payments 5,923,173 Less: Amount representing interest (2,423,560 ) Present value of minimum lease payments 3,499,613 Less: Current maturities of capital lease obligations (152,250 ) Long-term capital lease obligations $ 3,347,363 Discontinued Operations - 8% Line of Credit dated November 27, 2019 In connection with the Binding Letter of Intent dated November 27, 2019 ( 9 not March 31, 2021, December 29, 2020, no November 30, 2020. June 30, 2021 | Note 4 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 Company has included its subsidiaries GB Sciences Louisiana, LLC, GB Sciences Nevada, LLC, GB Sciences Las Vegas, LLC, and GB Sciences Nopah, LLC in discontinued operations due to the sale of the Company's Louisiana cultivation and extraction facility (Note 13 14 There were no assets and liabilities from discontinued operations attributable to GB Sciences Louisiana, LLC at March 31, 2021 2020. March 31, 2021 2020 March 31, 2021 March 31, 2020 Continuing Discontinued Nevada Subsidiaries Total Continuing Discontinued Nevada Subsidiaries Total ASSETS CURRENT ASSETS Cash $ 793,040 $ 352,593 $ 1,145,633 $ 2,406 $ 149,360 $ 151,766 Accounts receivable, net - 400,175 400,175 - 117,967 117,967 Inventory, net - 1,689,304 1,689,304 - 1,445,839 1,445,839 Prepaid and other current assets 256,251 52,492 308,743 18,776 42,109 60,885 Note receivable - - - 5,224,423 - 5,224,423 TOTAL CURRENT ASSETS 1,049,291 2,494,564 3,543,855 5,245,605 1,755,275 7,000,880 Property and equipment, net 25,022 4,876,247 4,901,269 37,821 5,496,012 5,533,833 Intangible assets, net 1,706,762 571,264 2,278,026 1,128,702 571,264 1,699,966 Deposits and other noncurrent assets - 82,904 82,904 - 91,504 91,504 Operating lease right-of-use assets, net - - - - 26,685 26,685 TOTAL ASSETS $ 2,781,075 $ 8,024,979 $ 10,806,054 $ 6,412,128 $ 7,940,740 $ 14,352,868 LIABILITIES CURRENT LIABILITIES Accounts payable $ 1,412,459 $ 509,477 $ 1,921,936 $ 1,913,049 $ 646,865 $ 2,559,914 Accrued interest 493,741 49,211 542,952 366,865 30,787 397,652 Accrued expenses 957,946 105,421 1,063,367 813,618 74,394 888,012 Notes and convertible notes payable, net 3,594,804 485,000 4,079,804 5,054,728 480,000 5,534,728 Indebtedness to related parties 84,913 - 84,913 586,512 - 586,512 Note payable to related party - - - 151,923 - 151,923 Income tax payable - 761,509 761,509 - 592,982 592,982 Finance lease obligations, current - 143,967 143,967 - 166,769 166,769 Operating lease obligations, current - - - - 7,265 7,265 TOTAL CURRENT LIABILITIES 6,543,863 2,054,585 8,598,448 8,886,695 1,999,062 10,885,757 Convertible notes payable, net 292,410 - 292,410 - - - Operating lease obligations, long term - - - - 22,515 22,515 Finance lease obligations, long term - 3,389,124 3,389,124 - 3,533,090 3,533,090 TOTAL LIABILITIES $ 6,836,273 $ 5,443,709 $ 12,279,982 $ 8,886,695 $ 5,554,667 $ 14,441,362 The revenues and expenses associated with discontinued operations included in our consolidated statements of operations for the years ended March 31, 2021 2020, For the Year Ended March 31, For the Year Ended March 31, 2021 2020 Continuing Discontinued Total Continuing Discontinued Total Sales revenue $ - $ 4,110,456 $ 4,110,456 $ - $ 3,689,697 $ 3,689,697 Cost of goods sold - (3,506,722 ) (3,506,722 ) - (4,576,627 ) (4,576,627 ) Gross profit (loss) - 603,734 603,734 - (886,930 ) (886,930 ) General and administrative expenses 2,001,617 276,986 2,278,603 5,741,514 2,034,612 7,776,126 Loss on impairment of long-lived assets - - - - 4,645,054 4,645,054 LOSS FROM OPERATIONS (2,001,617 ) 326,748 (1,674,869 ) (5,741,514 ) (7,566,596 ) (13,308,110 ) OTHER INCOME/(EXPENSE) Gain/(loss) on extinguishment 467,872 - 467,872 (216,954 ) - (216,954 ) Gain on settlement of accounts payable 422,414 54,958 477,372 - - - Gain on deconsolidation - - - 4,393,242 - 4,393,242 Interest expense (1,285,460 ) (486,481 ) (1,771,941 ) (1,109,031 ) (694,313 ) (1,803,344 ) Loss on modification of line of credit (650,000 ) - (650,000 ) - - - Loss on modification of note receivable - - - (1,895,434 ) - (1,895,434 ) Debt default penalty (286,059 ) - (286,059 ) - - - Other expense - (118,875 ) (118,875 ) (179,368 ) (14,880 ) (194,248 ) TOTAL OTHER INCOME/(EXPENSE) (1,331,233 ) (550,398 ) (1,881,631 ) 992,455 (709,193 ) 283,262 NET LOSS BEFORE INCOME TAXES (3,332,850 ) (223,650 ) (3,556,500 ) (4,749,059 ) (8,275,789 ) (13,024,848 ) Income tax expense - (168,527 ) (168,527 ) - (86,837 ) (86,837 ) NET LOSS $ (3,332,850 ) $ (392,177 ) $ (3,725,027 ) $ (4,749,059 ) $ (8,362,626 ) $ (13,111,685 ) The components of revenues and expenses associated with discontinued operations included in our consolidated statements of operations for the years ended March 31, 2021 2020 For the Year Ended March 31, For the Year Ended March 31, 2021 2020 Nevada Louisiana Total Nevada Louisiana Total Sales revenue $ 4,110,456 $ - $ 4,110,456 $ 3,120,620 $ 569,077 $ 3,689,697 Cost of goods sold (3,506,722 ) - (3,506,722 ) (4,002,083 ) (574,544 ) (4,576,627 ) Gross profit (loss) 603,734 - 603,734 (881,463 ) (5,467 ) (886,930 ) General and administrative expenses 276,986 - 276,986 741,999 1,292,613 2,034,612 Loss on impairment of long-lived assets - - - 4,645,054 - 4,645,054 LOSS FROM OPERATIONS 326,748 - 326,748 (6,268,516 ) (1,298,080 ) (7,566,596 ) OTHER INCOME/(EXPENSE) Gain on settlement of accounts payable 54,958 - 54,958 - - - Interest expense (486,481 ) - (486,481 ) (516,173 ) (178,140 ) (694,313 ) Other expense (118,875 ) - (118,875 ) (14,880 ) - (14,880 ) TOTAL OTHER INCOME/(EXPENSE) (550,398 ) - (550,398 ) (531,053 ) (178,140 ) (709,193 ) NET LOSS BEFORE INCOME TAXES (223,650 ) - (223,650 ) (6,799,569 ) (1,476,220 ) (8,275,789 ) Income tax expense (168,527 ) - (168,527 ) (86,837 ) - (86,837 ) NET LOSS $ (392,177 ) $ - $ (392,177 ) $ (6,886,406 ) $ (1,476,220 ) $ (8,362,626 ) 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, 2021, March 31, 2021 2020. Inventory We value our inventory at the lower of the actual cost of our inventory, as determined using the first first Raw materials consist of supplies, materials, and consumables used in the cultivation and extraction processes. Work-in-progress includes live plants and cannabis in the drying, curing, and trimming processes. Finished goods includes completed cannabis flower, trim, and extracts in bulk and packaged forms. Inventory is included in current assets from discontinued operations in the Company's consolidated balance sheets at March 31, 2021 2020. March 31, 2021 March 31, 2020 Raw materials $ 86,076 $ 91,465 Work in progress 743,844 1,166,511 Finished goods 866,195 466,319 Subtotal 1,696,115 1,724,295 Allowance to reduce inventory to NRV (6,811 ) (278,456 ) Total inventory, net $ 1,689,304 $ 1,445,839 Deposits and Noncurrent Assets Deposits and noncurrent assets from discontinued operations were $82,904 and $91,504 at March 31, 2021 2020, March 31, 2021 2020. Leases In February 2016, 2016 02, 842 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 standard. Lease payments do not April 1, 2019. not The Company adopted the New Lease Standard using the modified retrospective transition approach as of the effective date as permitted by the amendments in ASU 2018 11, 842 not April 1, 2019. The Company determines if an arrangement is a lease at inception and has had lease agreements for warehouses, office facilities, and equipment. As a result of the adoption of ASC 842 April 1, 2019, All of the Company's lease commitments previously recorded as operating leases have terminated as of March 31, 2021. March 31, 2021, March 31, 2021 2020. December 31, 2025 December 31, 2030. Operating leases are included in discontinued operations as operating lease right-of-use assets, operating lease obligations, current, and operating lease obligations, long term on the Company's balance sheets. Finance leases are included in property and equipment, finance lease obligations, current, and finance lease obligations, long term, on the Company's balance sheets. 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. The rates used to discount finance leases previously recorded as capital leases range from 10.2% to 11.5%. Operating leases were discounted at a rate of 17.0%. Lease terms include options to extend when it is reasonably certain that the option will be exercised. Leases with a term of 12 not The lease costs recorded in the Company's financial statements for the years ended March 31, 2021 2020 March 31, Classification on the Statements of Operations 2021 2020 Discontinued operations: Finance leases - amortization of ROU assets Loss from discontinued operations $ 154,699 $ 252,973 Finance leases - interest on lease liabilities Loss from discontinued operations 414,993 426,374 Operating leases Loss from discontinued operations 3,243 13,648 Total lease cost, discontinued operations 572,935 692,995 Operating leases, continuing operations General and administrative expense - 61,658 Total lease cost $ 572,935 $ 754,653 The future minimum lease payments of lease liabilities, including the costs of the lease extension, classified as discontinued operations at March 31, 2021, Year Ending March 31, Finance Leases 2022 $ 544,296 2023 560,625 2024 577,444 2025 594,767 2026 612,610 Thereafter 3,168,492 Total minimum lease payments 6,058,234 Less: Amount representing interest (2,525,143 ) Present value of minimum lease payments 3,533,091 Less: Current maturities of capital lease obligations (143,967 ) Long-term capital lease obligations $ 3,389,124 |