GB Sciences (GBLX) 10-Q 16 Feb 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Feb. 12, 2016
Document and Entity Information:
Entity Registrant Name	Growblox Sciences, Inc.
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Entity Central Index Key	1,165,320
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		46,012,647
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	gblx

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Mar. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 66,666
Accounts receivable, net	68,600	$ 50,000
Prepaid expenses	61,664	190,374
TOTAL CURRENT ASSETS	196,930	240,374
Property and Equipment, Net	1,894,802	913,642
Intangible Assets	3,555	3,555
Deposits and Prepayments	241,221	293,920
TOTAL ASSETS	2,336,508	1,451,491
CURRENT LIABILITIES:
Accounts Payable	1,150,804	677,230
Accrued Interest	33,823	230
Accrued Liabilities	251,977	72,776
Notes Payable	2,143,730	180,000
Deferred Revenue		54,409
Deferred Compensation		1,522,537
TOTAL CURRENT LIABILITIES	3,580,334	2,507,182
Deferred Revenue		220,506
Other Liabilities		654,968
TOTAL LIABILITIES	$ 3,580,334	$ 3,382,656
Commitments and Contingencies (Note 6)
STOCKHOLDERS' (DEFICIT)/EQUITY:
Common Stock, $0.0001 par value, 250,000,000 shares authorized, 45,912,647 and 35,972,929 shares issued and outstanding at December 31, 2015 and March 31, 2015	$ 4,730	$ 3,597
Deferred Stock Compensation	2,227,164	1,573,033
Additional Paid In Capital	15,815,505	10,751,690
Accumulated Deficit	(19,128,130)	(14,008,525)
TOTAL GROWBLOX SCIENCES, INC. STOCKHOLDERS' (DEFICIT)/EQUITY	(1,080,731)	(1,680,205)
Non-controlling interest	(163,095)	(250,960)
TOTAL (DEFICIT)/EQUITY	(1,243,826)	(1,931,165)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)/EQUITY	$ 2,336,508	$ 1,451,491

CONSOLIDATED CONDENSED BALANCE3

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Mar. 31, 2015
Statement of Financial Position
Common Stock, par or stated value	$ 0.0001	$ 0.0001
Common Stock, shares authorized	250,000,000	250,000,000
Common Stock, shares issued	45,912,647	35,972,929
Common Stock, shares outstanding	45,912,647	35,972,929

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Statement
NET REVENUE
GENERAL AND ADMINISTRATIVE EXPENSES	$ 1,128,837	$ 677,737	$ 5,344,747	$ 3,953,095
LOSS FROM OPERATIONS	(1,128,837)	(677,737)	(5,344,747)	(3,953,095)
OTHER INCOME (EXPENSE)
Interest Expense	(23,251)	(283)	(34,481)
Other	(2,747)		(2,512)	51
Total other expense	(25,998)	(283)	(36,993)	51
NET LOSS	(1,154,835)	(678,020)	(5,381,740)	(3,953,044)
Net income/(loss) attributable to non-controlling interest	(57,976)	(56,398)	(262,135)	(216,105)
NET LOSS ATTRIBUTABLE TO GROWBLOX SCIENCES, INC.	$ (1,096,859)	$ (621,622)	$ (5,119,605)	$ (3,736,939)
Net loss per share - basic and diluted	$ (0.02)	$ (0.02)	$ (0.12)	$ (0.13)
Weighted average common shares outstanding - basic and diluted	46,388,156	33,495,053	44,354,340	28,175,582

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
OPERATING ACTIVITIES:
Net income (loss)	$ (5,381,740)	$ (3,953,044)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	132,680	4,943
Stock-based compensation	1,510,999	784,819
Changes in operating assets and liabilities:
Accounts receivable	(18,600)	(150,000)
Prepaid expenses	128,710
Stock subscription receivable		150,000
Change in other assets		(454,520)
Accounts payable	619,153	222,128
Accrued expenses	146,737	55,627
Stock subscription payable		25,250
Net cash used in operating activities	(2,862,061)	(3,314,797)
INVESTING ACTIVITIES:
Purchase of property and equipment	(881,595)	(655,204)
Change in deposits	52,699
Net cash used in investing activities	(828,896)	(655,204)
FINANCING ACTIVITIES:
Net proceeds from the issuance of common stock and warrants	1,377,848	3,579,662
Proceeds from non-controlling interest	350,000	112,500
Proceeds from notes payable	1,754,872
Cash used to purchase warrants	(56,000)
Other financing activities	330,903	220,655
Net cash provided by financing activities	3,757,623	3,912,817
Net change in cash and cash equivalent	66,666	(57,184)
CASH AND CASH EQUIVALENT AT BEGINNING OF PERIOD		339,327
CASH AND CASH EQUIVALENT AT END OF PERIOD	66,666	282,143
Non-cash transactions:
Stock issued to satisfy debt	$ 377,824	1,262,411
Stock issued to settle interest expense		$ 252,304

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Dec. 31, 2015
Notes
Note 1 - Basis of Presentation and Significant Accounting Policies	Note 1 – Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of Growblox Sciences, Inc. (the "Company," "We" or "Us") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending March 31, 2016. The balance sheet at March 31, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended March 31, 2015. Principles of Consolidation The consolidated financial statements include all operating divisions and majority owned subsidiaries, reported as a single operating segment, for which we maintain controlling interests. Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to the comparative period amounts in order to conform to the current period presentation. These reclassifications had no effect on the reported financial position, results of operations or cash flows of the entity. Significant Accounting Policies A description of the Company's significant accounting policies is included in Item 15 of its Annual Report on Form 10–K/A (Amendment No. 1) for the fiscal year ended March 31, 2015. Recent Accounting Pronouncements Management does not believe that any recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

Note 2 - Going Concern

Note 2 - Going Concern	9 Months Ended
	Dec. 31, 2015
Notes
Note 2 - Going Concern	Note 2 – Going Concern The Company's financial statements have been prepared assuming the Company will continue as a going concern. The Company has sustained net losses since April 4, 2001, which have caused an accumulated deficit of approximately $19.1 million at December 31, 2015. In addition, the Company has consumed cash in its operating activities of approximately $2.9 million for the nine months ended December 31, 2015 compared to $3.3 million for the same period last year. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management has been able, thus far, to finance the losses through a public offering, private placements and obtaining operating funds from stockholders. The Company is continuing to seek sources of financing. There are no assurances that the Company will be successful in achieving its goals. In view of these conditions, the Company's ability to continue as a going concern is dependent upon its ability to obtain additional financing or capital sources, to meet its financing requirements, and ultimately to achieve profitable operations. Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that may be necessary in the event the Company is unable to continue as a going concern.

Note 3 - License Fee

Note 3 - License Fee	9 Months Ended
	Dec. 31, 2015
Notes
Note 3 - License Fee	Note 3 – License Fee On December 16, 2014, the Company entered into an agreement to license certain proprietary equipment to an entity that intends to market the service of isolating particular cannabis strains for the purpose of developing tissue from those strains so as to create a consistent, brandable product of the customer's choosing from any such strain. The agreement was conditional upon approval from the appropriate regulatory body. During the nine months ended December 31, 2015, the approval was not granted and the Company became obligated to return the license fee totaling $0.3 million to the licensor. Thus, the related amount was reclassified to current liabilities.

Note 4 - Note Payable

Note 4 - Note Payable	9 Months Ended
	Dec. 31, 2015
Notes
Note 4 - Note Payable	Note 4 – Note Payable The Company entered into a Note Purchase Agreement, dated May 12, 2015 and effective as of June 8, 2015, with Pacific Leaf Ventures, LP ("Pacific Leaf"), pursuant to which Pacific Leaf has made installment loans (the "Loans") to us in the aggregate amount of $1.5 million and is required to make $250,000 in additional Loans. To evidence the Loans, the Company issued to Pacific Leaf a 6% senior secured convertible promissory note (the "Note"), bearing interest at the rate of 6% per annum, payable quarterly. All outstanding principal and interest due under the Note is due and payable on May 12, 2020. We are required to prepay the outstanding principal amount of the Note on a quarterly basis in an amount equal to 50% of the cash flow (accrued EBITDA) of GBS Nevada attributable to our percentage interest in GBS Nevada no later than the earlier to occur of (a) the fifth (5th) business day following receipt of a distribution of the Company's Share of GBS Nevada EBITDA for the calendar quarter in question, or (b) thirty (30) days following the end of the calendar quarter in question, with the first such prepayment to be made not later than July 31, 2015 with respect to the quarter ending June 30, 2015. In order to induce the Pacific Leaf to extend the loan to the Company and to secure the payment and performance of all of the Secured Obligations, the Company agreed to grant Secured Party a security interest in certain of its assets and enter into the lending agreement. The purpose of the financing is to provide for the acquisition and installation of an operating facility, equipment and other tangible assets by GBS Nevada. Such facility and equipment will be dedicated to the cultivation of cannabis and the extraction of oils and other constituents present in cannabis, subject at all times to Nevada legal requirements. The note is convertible at the option of the holder into common shares at a conversion price of $0.50, subject to anti-dilution adjustments. As of December 31, 2015, the total amount of installments received is $1.75 million. On February 8, 2016, the Company entered into the Amended and Restated 6% Senior Convertible Promissory Note ("Amended Note") with Pacific Leaf Ventures, LP ("Pacific Leaf"). The amended agreement modifies the 6% Senior Secure Convertible Promissory Note dated May 12, 2015 and effective as of June 8, 2015, in the principal amount of $1.75 million. Per the terms of the amended agreement, Pacific Leaf may make up to $1.0 million in additional advances to the Company under the Amended Note bringing the total in the aggregate to $2.75 million. The note is convertible at the option of the holder into common shares at a conversion price of $0.25, subject to anti-dilution adjustments. The Company has an option to prepay the Amended Note, without premium or penalty,, in whole or in part, with accrued interest to the date of such prepayment. Until the payment in full of the Amended Note, the Investor or its designee shall have the option (the " Option i.e. In connection with the Amended Note, the Company also entered into the Amended and Restated Royalty Agreement with Pacific Leaf dated and effective as of February 8, 2016. Per the terms of the Amended Royalty Agreement, the royalty rate at any tie shall equal to the sum of (i) 9.1%, and (ii) the percentage calculated by dividing the amount advanced in excess of 1.75 million by $1.0 million, multiplied by the gross revenues of GBNV. On the earlier of (i) the seventh anniversary of the royalty payment date, and (ii) the date that all amounts outstanding under the Amended Note have been paid in full, the royalty rate shall be reduced by 50%. On February 11, 2016 the Company received notice from Pacific Leaf Ventures, LP (“Pacific Leaf”) that it had elected to convert $500,000 of the Company’s indebtedness to Pacific Leaf Note into common stock of the Company pursuant to the Amended and Restated 6% Senior Secured Convertible Promissory. Accordingly, the Company has issued 2,000,000 shares of its common stock ($500,000 converted at a price of $0.25 per share) to Pacific Leaf and the Company’s indebtedness to Pacific Leaf pursuant to the Note has been reduced by $500,000.

Note 5 - Capital Transactions

Note 5 - Capital Transactions	9 Months Ended
	Dec. 31, 2015
Notes
Note 5 - Capital Transactions	Note 5 – Capital Transactions During the nine months ended December 31, 2015, the Board of Directors passed a resolution to temporarily reduce the exercise price of such B warrants from $2.00 per share to $0.20 per share in order to encourage the exercise of its B warrants, and the holders of the B warrants were notified of such temporary exercise price reduction. As a result of this incentive, B warrants to purchase 2,192,112 shares of common stock were exercised at $0.20 per share, resulting in net proceeds of $0.4 million. On April 22, 2015, the Chief Executive Officer of Growblox Sciences Puerto Rico LLC, purchased 2,820,000 shares of common stock for $0.6 million or $0.21 per share. The Company agreed to register such common stock for resale under the Securities Act pursuant to a registration rights agreement. In addition, the Company sold 1,965,833 shares of common stock to investors for $0.21 per share, resulting in total proceeds of $0.4 million. The Company also issued 476,190 shares of common stock during the current period, the warrants of which were purchased in March 2015 for $0.21 per share, or $100,000. Between February, 2015 and May 15, 2015, certain holders of B Warrants sold back to the Company for $0.01 each, B warrants to purchase an aggregate of 1,600,000 shares of common stock. On April 27, 2015, two limited partnerships sold back to the Company for $0.01 each, warrants to purchase a total of 4,000,000 warrants for a total of $56,000. In May 2015, the Company issued 1,000,000 shares of common stock in connection with a cashless exercise of B warrants. During the nine months ended December 31, 2015, the Company issued an aggregate of 2,759,250 shares of common stock in settlement and release of certain obligations owed by the Company to various persons and recorded related expenses of $1.0 million, as follows: · The Company issued 903,750 shares of restricted common stock in connection with the conversion of $0.3 million in indebtedness owed by us to various persons at a conversion price of approximately $0.30 per share. · The Company issued 1,829,500 shares of restricted common stock as compensation for consulting services. The Company recorded approximately $0.6 million of compensation expense. · The Company issued 26,000 shares of restricted common stock pursuant to the terms of a July 23, 2015 Investor Relations Consulting Agreement (the "IRCA"). The 26,000 shares represent payment for the four months of the IRCA. The Company issued 569,400 shares of common stock to employees and recorded an expense of $0.6 million. During the nine months ended December 31, 2015, the Company cancelled 892,400 shares of common stock of which 392,400 shares represented shares erroneously issued and associated with unexercised options, 100,000 shares represented shares erroneously issued under an employment agreement, and 400,000 shares represented shares which were subject to forfeiture pursuant to the term of an employment agreement. During the nine months ended December 31, 2015, the Company modified and restructured certain employee agreements which resulted in a reclassification of previously recognized compensation obligations recorded as current and noncurrent obligations to equity. As of December 31, 2015, the Company sold 100,000 units through a private placement at a price of $0.20 per unit. Each unit consisted of one share of common stock and one common stock purchase warrant, expiring in three years, with an exercise price of $0.50. The Company also issued 333,333 shares of restricted common stock for aggregate consideration of $100,000, or $0.30 per share.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Dec. 31, 2015
Notes
Note 6 - Commitments and Contingencies	Note 6 – Commitments and Contingencies On April 2, 2014, the Company commenced an action in the United States District Court for the Southern District of New York captioned Signature Exploration and Production Corporation v. GCM Administrative Services, LLC, Strategic Turnaround Equity Partners, L.P. (Cayman), Seth M. Lukash, and Gary Herman, 14 Civ. 02280 (ER) (the "Action"). After the change of name of Signature Exploration and Production Corporation, the caption was amended to substitute Growblox Sciences, Inc. as the plaintiff. The complaint in the Action sought a declaratory judgment that neither Lukash nor Herman was entitled to receive any interest in, including any shares of stock of, Growblox Sciences, Inc. pursuant to certain share conversion rights held under promissory notes in the aggregate amount of $75,000, given by a related party of ours to the entity defendants GCM and Strategic. On May 9, 2014, defendants filed an answer denying the complaint's material allegations, and asserted a counterclaim against us, against persons identified as certain of our officers or directors, and against GrowOpp, LLC and Tumbleweed Holdings, Inc. On November 19, 2014, defendants filed an amended counterclaim, including a prayer for monetary relief or damages in the sum of $9 million. The Company moved to dismiss the counterclaim and by opinion dated June 2, 2015, the Court granted the motion in part and dismissed counts one and two (for declaratory judgment as to an alleged partnership or joint venture, and for breach of fiduciary duty predicated upon those allegations), and denied the motion in part, leaving counts three and four of the counterclaim standing. The Court viewed the third and fourth claims as a single claim for unjust enrichment, in which recovery would be based on quantum merit, that is, upon the alleged value of any benefit conferred by defendants to us through alleged work and services rendered. In view of the fact that the pleading did not assign a particular value to that claim we are unable at present to advise what specific sum of money damages is sought. The Company did not challenge the fifth count of the counterclaim at this stage that seeks damages of $75,000 for alleged non-payment of the above-referenced promissory notes. On August 19, 2015, Cathryn Kennedy, our former Chief Financial Officer, filed a Complaint against us in the District Court in Clark County, Nevada alleging that she was assigned new duties by us which constituted a termination without cause effective July 24, 2015, and that as a consequence thereof she is entitled to severance, vacation pay, and stock compensation from us pursuant to her Employment Agreement dated November 18, 2014. The Company intends to vigorously defend itself against these allegations. From time to time, the Company also becomes involved in certain legal proceedings and claims which arise in the ordinary course of business. In our 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, we will record a reserve for the claim in question. If and when we record such a reserve is recorded, it could be material and could adversely impact our results of operations, financial condition, and cash flows.

Note 7 - Loss Per Share

Note 7 - Loss Per Share	9 Months Ended
	Dec. 31, 2015
Notes
Note 7 - Loss Per Share	Note 7 – 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 20,832,328 and 29,520,288 potentially dilutive common shares at December 31, 2015 and March 31, 2015, respectively. However, such common stock equivalents were not included in the computation of diluted net loss per share as their inclusion would have been anti-dilutive.

Note 8 - Subsequent Events

Note 8 - Subsequent Events	9 Months Ended
	Dec. 31, 2015
Notes
Note 8 - Subsequent Events	Note 8 – Subsequent Events On February 8, 2016, the Company entered into the Amended and Restated 6% Senior Convertible Promissory Note ("Amended Note") with Pacific Leaf Ventures, LP ("Pacific Leaf"). The amended agreement modifies the 6% Senior Secure Convertible Promissory Note dated May 12, 2015 and effective as of June 8, 2015, in the principal amount of $1.75 million. Per the terms of the amended agreement, Pacific Leaf may make up to $1.0 million in additional advances to the Company under the Amended Note bringing the total in the aggregate to $2.75 million. The note is convertible at the option of the holder into common shares at a conversion price of $0.25, subject to anti-dilution adjustments. The Company has an option to prepay the Amended Note, without premium or penalty,, in whole or in part, with accrued interest to the date of such prepayment. Until the payment in full of the Amended Note, the Investor or its designee shall have the option (the " Option i.e. In connection with the Amended Note, the Company also entered into the Amended and Restated Royalty Agreement with Pacific Leaf dated and effective as of February 8, 2016. Per the terms of the Amended Royalty Agreement, the royalty rate at any tie shall equal to the sum of (i) 9.1%, and (ii) the percentage calculated by dividing the amount advanced in excess of 1.75 million by $1.0 million, multiplied by the gross revenues of GBNV. On the earlier of (i) the seventh anniversary of the royalty payment date, and (ii) the date that all amounts outstanding under the Amended Note have been paid in full, the royalty rate shall be reduced by 50%. On February 11, 2016 the Company received notice from Pacific Leaf Ventures, LP (“Pacific Leaf”) that it had elected to convert $500,000 of the Company’s indebtedness to Pacific Leaf Note into common stock of the Company pursuant to the Amended and Restated 6% Senior Secured Convertible Promissory. Accordingly, the Company has issued 2,000,000 shares of its common stock ($500,000 converted at a price of $0.25 per share) to Pacific Leaf and the Company’s indebtedness to Pacific Leaf pursuant to the Note has been reduced by $500,000.

Note 1 - Basis of Presentatio14

Note 1 - Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2015
Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of Growblox Sciences, Inc. (the "Company," "We" or "Us") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulations S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending March 31, 2016. The balance sheet at March 31, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended March 31, 2015.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include all operating divisions and majority owned subsidiaries, reported as a single operating segment, for which we maintain controlling interests. Intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to the comparative period amounts in order to conform to the current period presentation. These reclassifications had no effect on the reported financial position, results of operations or cash flows of the entity.
Significant Accounting Policies	Significant Accounting Policies A description of the Company's significant accounting policies is included in Item 15 of its Annual Report on Form 10–K/A (Amendment No. 1) for the fiscal year ended March 31, 2015.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Details
Accumulated Deficit	$ (19,128,130)		$ (14,008,525)
Net cash used in operating activities	$ (2,862,061)	$ (3,314,797)

Note 3 - License Fee (Details)

Note 3 - License Fee (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Total Current Liabilities	$ 3,580,334	$ 2,507,182
License Fee
Total Current Liabilities	$ 300,000

Note 4 - Note Payable (Details)

Note 4 - Note Payable (Details) - USD ($)	Feb. 11, 2016	Feb. 08, 2016	Dec. 31, 2015	Jun. 08, 2015	Mar. 31, 2015
Notes Payable			$ 2,143,730		$ 180,000
Common stock
Converted Amount			$ 1,000,000
Shares issued upon conversion			2,759,250
Pacific Leaf Ventures LP
Initial debt amount				$ 1,500,000
Additional borrowings			$ 250,000
Interest Rate				6.00%
Debt Instrument, Maturity Date			May 12, 2020
Debt Conversion Price				$ 0.50
Notes Payable			$ 1,750,000
Pacific Leaf Ventures LP | Subsequent Event
Debt Conversion Price		$ 0.25
Long-term Debt, Gross		$ 1,750,000
Debt Instrument, Convertible, Terms of Conversion Feature		Per the terms of the amended agreement, Pacific Leaf may make up to $1.0 million in additional advances to the Company under the Amended Note bringing the total in the aggregate to $2.75 million
Debt Instrument, Payment Terms		Until the payment in full of the Amended Note, the Investor or its designee shall have the option (the 'Option') to purchase up to a 20% membership interest in GB Sciences Nevada LLC ('GBNV') from GBNV for a purchase price equal to $100,000 for each 2% of membership interest purchased (i.e., $1,000,000 if the Option is exercised in full), provided that the Option may not be exercised for less than a 1% membership interest in GBNV.
Royalty Agreement Amended Terms		In connection with the Amended Note, the Company also entered into the Amended and Restated Royalty Agreement with Pacific Leaf dated and effective as of February 8, 2016. Per the terms of the Amended Royalty Agreement, the royalty rate at any tie shall equal to the sum of (i) 9.1%, and (ii) the percentage calculated by dividing the amount advanced in excess of 1.75 million by $1.0 million, multiplied by the gross revenues of GBNV. On the earlier of (i) the seventh anniversary of the royalty payment date, and (ii) the date that all amounts outstanding under the Amended Note have been paid in full, the royalty rate shall be reduced by 50%.
Converted Amount	$ 500,000
Pacific Leaf Ventures LP | Subsequent Event | Common stock
Shares issued upon conversion	2,000,000

Note 5 - Capital Transactions (

Note 5 - Capital Transactions (Details) - USD ($)	Apr. 27, 2015	May. 31, 2015	Mar. 15, 2015	Dec. 31, 2015
Cash used to purchase warrants				$ 56,000
Stock Sale 1
Value of stock issued				400,000
Stock Sale 2
Value of stock issued				100,000
Settlement of Obligations
Converted Amount				300,000
Consulting Services
Converted Amount				$ 600,000
Private Placement
Exercise Price of Warrants				$ 0.50
Share Price				$ 0.20
Private Placement 2
Value of stock issued				$ 100,000
Share Price				$ 0.30
Common stock
Shares issued upon conversion				2,759,250
Converted Amount				$ 1,000,000
Stock Repurchased and Retired During Period, Shares				892,400
Stock forfeited during the period				400,000
Common stock | Stock Sale 1
Number of shares issued				1,965,833
Share Price				$ 0.21
Common stock | Stock Sale 2
Number of shares issued				476,190
Share Price				$ 0.21
Common stock | Cashless Warrant Exercise
Number of shares issued		1,000,000
Common stock | Settlement of Obligations
Shares issued upon conversion				903,750
Debt Conversion Price				$ 0.30
Common stock | Consulting Services
Shares issued upon conversion				1,829,500
Common stock | Investor Relations Consulting Agreement
Shares issued upon conversion				26,000
Common stock | Erroneously Issued Shares, Unexercised Options
Stock Repurchased and Retired During Period, Shares				392,400
Common stock | Erroneously Issued Shares, Employment Agreement
Stock Repurchased and Retired During Period, Shares				100,000
Common stock | Private Placement
Number of shares issued				100,000
Common stock | Private Placement 2
Number of shares issued				333,333
Investor | Common stock
Number of shares issued				2,192,112
Chief Executive Officer | Growblox Sciences Puerto Rico LLC
Value of stock issued				$ 600,000
Share Price				$ 0.21
Chief Executive Officer | Common stock | Growblox Sciences Puerto Rico LLC
Number of shares issued				2,820,000
Employees | Common stock
Number of shares issued				569,400
Value of stock issued				$ 600,000
Class B Warrant
Exercise Price of Warrants				$ 0.20
Proceeds from Warrant Exercises				$ 400,000
Class B Warrant | Repurchase of Warrants 1
Share Price			$ 0.01
Stock Repurchased During Period, Shares			1,600,000
Class B Warrant | Repurchase of Warrants 2
Share Price	$ 0.01
Stock Repurchased During Period, Shares	4,000,000
Cash used to purchase warrants	$ 56,000
Class B Warrant | Maximum
Exercise Price of Warrants				$ 2

Note 6 - Commitments and Cont19

Note 6 - Commitments and Contingencies (Details)	9 Months Ended
	Dec. 31, 2015USD ($)
Initial Complaint Filed by Growblox
Loss Contingency, Damages Sought, Value	$ 75,000
Counterclaim
Loss Contingency, Damages Sought, Value	$ 9,000,000

Note 7 - Loss Per Share (Detail

Note 7 - Loss Per Share (Details) - shares	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Common stock
Potentially dilutive shares	20,832,328	29,520,288

Note 8 - Subsequent Events (Det

Note 8 - Subsequent Events (Details) - USD ($)	Feb. 11, 2016	Feb. 08, 2016	Dec. 31, 2015	Jun. 08, 2015
Common stock
Converted Amount			$ 1,000,000
Shares issued upon conversion			2,759,250
Pacific Leaf Ventures LP
Debt Conversion Price				$ 0.50
Subsequent Event | Pacific Leaf Ventures LP
Long-term Debt, Gross		$ 1,750,000
Debt Instrument, Convertible, Terms of Conversion Feature		Per the terms of the amended agreement, Pacific Leaf may make up to $1.0 million in additional advances to the Company under the Amended Note bringing the total in the aggregate to $2.75 million
Debt Conversion Price		$ 0.25
Debt Instrument, Payment Terms		Until the payment in full of the Amended Note, the Investor or its designee shall have the option (the 'Option') to purchase up to a 20% membership interest in GB Sciences Nevada LLC ('GBNV') from GBNV for a purchase price equal to $100,000 for each 2% of membership interest purchased (i.e., $1,000,000 if the Option is exercised in full), provided that the Option may not be exercised for less than a 1% membership interest in GBNV.
Royalty Agreement Amended Terms		In connection with the Amended Note, the Company also entered into the Amended and Restated Royalty Agreement with Pacific Leaf dated and effective as of February 8, 2016. Per the terms of the Amended Royalty Agreement, the royalty rate at any tie shall equal to the sum of (i) 9.1%, and (ii) the percentage calculated by dividing the amount advanced in excess of 1.75 million by $1.0 million, multiplied by the gross revenues of GBNV. On the earlier of (i) the seventh anniversary of the royalty payment date, and (ii) the date that all amounts outstanding under the Amended Note have been paid in full, the royalty rate shall be reduced by 50%.
Converted Amount	$ 500,000
Subsequent Event | Pacific Leaf Ventures LP | Common stock
Shares issued upon conversion	2,000,000