GB Sciences (GBLX) 10-Q 14 Aug 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2018	Aug. 14, 2018
Text Block [Abstract]
Registrant Name	GB SCIENCES INC
Registrant CIK	1,165,320
SEC Form	10-Q
Period End date	Jun. 30, 2018
Fiscal Year End	--03-31
Trading Symbol	gblx
Tax Identification Number (TIN)	593,733,133
Number of common stock shares outstanding		198,964,930
Filer Category	Smaller Reporting Company
Current with reporting	Yes
Voluntary filer	No
Well-known Seasoned Issuer	No
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Contained File Information, File Number	000-55462
Entity Incorporation, State Country Name	Delaware
Entity Address, Address Line One	3550 W. Teco Avenue
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	Nevada
Entity Address, Postal Zip Code	89,118
City Area Code	866
Local Phone Number	721-0297

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Mar. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 4,659,437	$ 3,579,700
Accounts receivable, net of allowance for doubtful accounts of $82,421 and $74,706 at June 30, 2018 and March 31, 2018, respectively	906,665	667,073
Inventory	1,413,273	1,049,372
Prepaid expenses	2,182,755	1,956,734
TOTAL CURRENT ASSETS	9,162,130	7,252,879
Property and Equipment, Net	16,249,797	13,759,157
Intangible assets, net of accumulated amortization of $5,354 and $4,140 at June 30, 2018 and March 31, 2018, respectively	1,492,046	1,404,366
Deposits and Prepayments	1,154,879	1,464,457
Other Assets	202,836	168,895
TOTAL ASSETS	28,261,688	24,049,754
CURRENT LIABILITIES:
Accounts Payable	298,361	371,925
Accrued Interest	206,499	175,878
Accrued Liabilities	234,561	316,090
Notes payable, net of unamortized discount of $3.3 million and $5.0 million at June 30, 2018 and March 31, 2018, respectively	1,211,976	1,056,301
TOTAL CURRENT LIABILITIES	1,951,397	1,920,194
Note payable, net of unamortized discount of $0.05 million and $0 at June 30, 2018 and March 31, 2018, respectively	314,216	355,233
Capital Lease Obligations	6,107,903	6,142,606
TOTAL LIABILITIES	8,373,516	8,418,033
Commitments and Contingencies (Note 7)	0	0
STOCKHOLDERS' EQUITY:
Common Stock, $0.0001 par value, 400,000,000 and 250,000,000 shares authorized, 186,051,491 and 168,616,855 shares issued and outstanding at June 30, 2018 and March 31, 2018, respectively	18,605	16,862
Additional Paid In Capital	79,540,062	70,961,104
Accumulated Deficit	(66,169,341)	(58,229,235)
TOTAL GB SCIENCES,INC.STOCKHOLDERS' EQUITY	13,389,326	12,748,731
Non-controlling interest	6,498,846	2,882,990
TOTAL EQUITY	19,888,172	15,631,721
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 28,261,688	$ 24,049,754

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Text Block [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Issued	186,051,491	168,616,855
Common Stock, Shares, Outstanding	186,051,491	168,616,855
Allowance for doubtful accounts	$ 82,421	$ 74,706
Accumulated amortization	5,354	4,140
Unamortized discount	3,300,000	5,000,000
Unamortized discount	$ 500,000	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Text Block [Abstract]
SALES REVENUE	$ 1,315,284	$ 69,100
COST OF GOODS SOLD	(580,565)	(15,001)
GROSS PROFIT	734,719	54,099
GENERAL AND ADMINISTRATIVE EXPENSES	4,463,881	2,874,708
LOSS FROM OPERATIONS	(3,729,162)	(2,820,609)
OTHER INCOME (EXPENSE)
Interest Expense	(1,720,182)	(256,716)
Other income/(expense)	97,861	(39,413)
Total other expense	(1,622,321)	(296,129)
NET LOSS	(5,351,483)	(3,116,738)
Net loss attributable to non-controlling interest	(184,144)	(34,529)
NET LOSS ATTRIBUTABLE TO GROWBLOX SCIENCES, INC.	$ (5,167,339)	$ (3,082,209)
Net loss per share - basic and diluted	$ (0.03)	$ (0.02)
Weighted average common shares outstanding - basic and diluted	175,274,248	125,641,733

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES:
Net loss	$ (5,351,483)	$ (3,116,738)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	203,785	167,529
Stock-based compensation	967,317	913,569
Bad debt expense	7,714
Amortization of debt discount and beneficial conversion feature	423,562	127,116
Interest expense on conversion of notes payable	1,023,134	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(473,327)	68,236
Inventory	(363,901)	(183,721)
Accounts payable	(118,669)	(131,255)
Accrued expenses	185,997	(35,093)
Net cash used in operating activities	(3,495,871)	(2,190,357)
INVESTING ACTIVITIES:
Payments on capital lease obligations	(200,364)
Purchase of property and equipment	(2,648,106)	(130,056)
Change in deposits and other assets	186,742	(8,030)
Net cash used in investing activities	(2,661,728)	(138,086)
FINANCING ACTIVITIES:
Proceeds from issuance of common stock and warrants	3,495,669	4,524
Proceeds from non-controlling interest	3,800,000	65,000
Proceeds from convertible notes		1,034,500
Payments under long-term obligations	(58,333)	(13,985)
Net cash provided by financing activities	7,237,336	1,090,039
Net change in cash and cash equivalent	1,079,737	(1,238,404)
CASH AND CASH EQUIVALENT AT BEGINNING OF PERIOD	3,579,700	2,692,953
CASH AND CASH EQUIVALENT AT END OF PERIOD	4,659,437	1,454,549
Non-cash transactions:
Stock issued to upon conversion of long-term note payable	1,344,949	184,731
Induced dividend from warrant exercises	$ 2,772,766	$ 0

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	Note 1 – Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of GB 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, 2019. The balance sheet at March 31, 2018 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, 2018. Principles of Consolidation The condensed 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 Company. Significant Accounting Policies A description of the Company's significant accounting policies is included in Note 3 of its Annual Report on Form 10–K for the fiscal year ended March 31, 2018. Inventory We value our inventory at the lower of the actual cost of our inventory, as determined using the first-in, first-out method, or its current estimated market value. We periodically review our physical inventory for excess, obsolete, and potentially impaired items and reserve accordingly. Our reserve estimate for excess and obsolete inventory is based on expected future use. Revenue Recognition The FASB issued Accounting Standards Codification (“ASC”) 606 as guidance on the recognition of revenue from contracts with customers in May 2014 with amendments in 2015 and 2016. Revenue recognition will depict 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 is required to adopt the guidance on April 1, 2018 and has applied the cumulative catch-up transition method. The Company’s only current revenue source is from sales of cannabis, a distinct physical good. 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 (ie. 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. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued amended accounting guidance that changes the accounting for leases and requires expanded disclosures about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for all leases with terms greater than twelve months. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The amended guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2018, and early application is permitted. The Company expects that adoption of this guidance will result in the recognition of right-of-use assets and related obligations. In August 2016, the FASB issued ASU 2016-15, which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistency on this topic. The standard is effective for annual and interim periods beginning after December 15, 2017, and the Company has adopted it effective April 1, 2018. Significant classification modifications were not necessary as a result of adoption. Management does not believe that any other 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	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
Note 2 - Going Concern	Note 2 – Going Concern The Company’s condensed 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 approximately $66.2 million at June 30, 2018. In addition, the Company has consumed cash in its operating activities of approximately $3.5 million for the three months ended June 30, 2018, compared to $2.2 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 securing capital necessary to achieve 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 - Convertible Notes

Note 3 - Convertible Notes	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
Note 3 - Convertible Notes	Note 3 – Convertible Notes In March 2017, the Company issued short-term Promissory Notes (“Notes”) to various holders with combined face value of $965,500. The Notes are payable within three years of issuance and are convertible into 3,862,000 shares of the Company’s common stock. The Company also issued 3,862,000 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 beneficial conversion feature resulting from the discounted conversion price compared to the market price was calculated based on the date of issuance to be $416,733 after adjusting the effective conversion price for the relative fair value of the note proceeds compared to the fair value of the attached warrants and note. In addition to this discount related to the beneficial conversion feature, an additional discount of $548,767 was recorded based on the fair value of the warrants attached to the note. This value was derived using the Black-Scholes valuation model. During the three months ended June 30, 2017, the Company issued short-term Promissory Notes (“Notes”) to various holders with combined face value of $1,034,500. The Notes are payable within three years of issuance and are convertible into 4,138,000 shares of the Company’s common stock. The Company also issued 4,138,000 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 beneficial conversion feature resulting from the discounted conversion price compared to the market price was calculated based on the date of issuance to be $487,957 after adjusting the effective conversion price for the relative fair value of the note proceeds compared to the fair value of the attached warrants and note. In addition to this discount related to the beneficial conversion feature, an additional discount of $480,236 was recorded based on the fair value of the warrants attached to the note. This value 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. During the three months ended September 30, 2017, the Company issued short-term Promissory Notes (“Notes”) to various holders with combined face value of $3,085,000. The Notes are payable within three years of issuance and are convertible into 12,340,000 shares of the Company’s common stock. The Company also issued 12,340,000 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 $0.65 per share for a period of three years. The beneficial conversion feature resulting from the discounted conversion price compared to the market price was calculated based on the date of issuance to be $1,541,797 after adjusting the effective conversion price for the relative fair value of the note proceeds compared to the fair value of the attached warrants and note. In addition to this discount related to the beneficial conversion feature, an additional discount of $1,532,335 recorded based on the fair value of the warrants attached to the note. This value was derived using the Black-Scholes valuation model. During the three months ended December 31, 2017, the Company issued short-term Promissory Notes (“Notes”) to various holders with combined face value of $4,116,000. The Notes are payable within three years of issuance and are convertible into 16,464,000 shares of the Company’s common stock. The Company also issued 16,464,000 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 $0.65 per share for a period of three years. The beneficial conversion feature resulting from the discounted conversion price compared to the market price was calculated based on the date of issuance to be $1,600,808 after adjusting the effective conversion price for the relative fair value of the note proceeds compared to the fair value of the attached warrants and note. In addition to this discount related to the beneficial conversion feature, an additional discount of $2,417,856 was recorded based on the fair value of the warrants attached to the note. This value was derived using the Black-Scholes valuation model. The Notes and Warrants were issued in reliance on the exemption from registration provided by Section 4(2) of the Securities Act of 1933 (the “ Securities Act

Note 4 - Note Payable

Note 4 - Note Payable	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
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 the Company in the aggregate amount of $1.75 million. The purpose of the financing is to provide for the acquisition and installation of an operating facility, equipment and other tangible assets by GB Sciences Nevada, LLC (“GBSN”). Such facility and equipment was 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. 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 were due and payable on May 12, 2020. The Company was 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 GBSN attributable to our percentage interest in GBSN 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 GBSN’s 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 Pacific Leaf a security interest in certain of its assets and enter into the lending agreement. On February 8, 2016, the Company entered into the Amended and Restated 6% Senior Convertible Promissory Note (“Amended Note”) with 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, Pacific Leaf or its designee have the option (the “Option”) to purchase up to a 20% membership interest in GBSN 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 GBSN. 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 time 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 GBSN. On the earlier of (i) the seventh anniversary of the royalty payment date, or (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 June 13, 2016, the Company received notice from the Pacific Leaf that it had elected to convert $500,000 of the 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 pursuant to the Note was reduced by $500,000. On August 4, 2016, the Company entered into the Second Omnibus Amendment ("Second Amendment") of its existing agreements with Pacific Leaf. The Second Amendment eliminates Pacific Leaf's option to purchase up to a 20% membership interest in GBSN and reduces Pacific Leaf's existing royalty rate to 16.4% of the gross sales revenue of GBSN. It also caps maximum aggregate royalty payments to be made to Pacific Leaf at $2,420,000 with respect to any calendar year. In consideration of the amended terms, Pacific Leaf and its designees received 1,000,000 shares of the Company's common stock and a five-year warrant to purchase 1,500,000 shares of the Company's common stock at $0.36 per share resulting in related expense of approximately $0.9 million. On October 4, October 20, November 1, and November 10, 2016, the Company received notices from Pacific Leaf that it had elected to convert total of $1,776,750 of the 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 7,107,000 shares of its common stock ($1,776,750 converted at a price of $0.25 per share) to Pacific Leaf and the Company’s indebtedness pursuant to the Note was reduced by $1,776,750. On January 24, and February 22, 2017, the Company received additional notices from Pacific Leaf Ventures, LP (“Pacific Leaf”) that it had elected to convert $413,085 ($317,938 in principal and $95,145 in accrued interest) of the 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 1,652,332 shares of its common stock ($413,083 converted at a price of $0.25 per share) to Pacific Leaf and the Company’s indebtedness pursuant to the Note was reduced to $0.2 million. On May 12, 2017, the Company received notice from Pacific Leaf Ventures, LP (“Pacific Leaf”) that it had elected to convert $184,805 ($154,805 principal and $30,000 accrued interest) 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 Note was reduced by $184,805. On February 23, 2018, the Company and Pacific Leaf entered into an Agreement whereby all rights and obligations between the parties pursuant to all prior agreements would terminate. Under the terms of the agreement, the Company paid Pacific Leaf $1,269,818.05 upon the signing of the agreement and will pay Pacific Leaf an additional $1,500,000 on or before July 31, 2018. The Company will also issue Pacific Leaf 1,600,000 shares of restricted common stock on or before July 31, 2018. Thereafter, no business relationship will exist between the parties. In the event that the Company is unable to make the $1.5 million payment to Pacific Leaf on or before July 31, 2018, the Royalty Agreement will continue to be in full force and effect, any and all other agreements that would have been terminated under the terms of the February 2018 Agreement will continue to be in full force and effect, and 75% of all payments made under the February 2018 Agreement will be credited toward royalties owed under the Royalty Agreement. In connection with the February 2018 Agreement, the Company recorded royalty expense of $269,818 for accrued royalties paid, $250,000 in other expense which represents 25% of the $1 million payment made on February 26, 2018, and $750,000 in prepaid expenses which represents the 75% portion of the $1 million payment which will be credited toward future royalties in the event the $1.5 million payment is not made on or before July 31, 2018. The market value of the 1.6 million shares issued relating to the February 2018 Agreement was $1,040,000, valued as of the date of the agreement. The Company recorded $260,000 in other expense related to the issuance of those shares, which represents 25% of the market value of those shares. We recorded $780,000 in prepaid expenses, representing the 75% portion of the fair market value of those shares which will be credited toward future royalties in the event that the final $1.5 million payment is not made on or before July 31, 2018. Subsequent to June 30, 2018, the Company entered into the Amendment and Termination Agreement with Pacific Leaf. Pursuant to that agreement, the Pacific Leaf Royalty Agreement was terminated in its entirety and the Company is to pay $1 million of the $1.5 million balance due to Pacific Leaf on or before August 31, 2018. Contemporaneously with the Amendment and Termination Agreement, the Company issued a Promissory Note for the remaining $0.5 million due to Pacific Leaf. The Promissory Note accrues interest at a rate of 6% per annum and matures on November 30, 2018. In consideration for deferring the payment of the amounts due to Pacific Leaf, the Company issued 100,000 shares of its common stock to Pacific Leaf on July 31, 2018. On August 7, 2018, the Company made a payment of $750,000 to Pacific Leaf in partial satisfaction of the $1 million balance due on or before August 31, 2018.

Note 5 - Capital Lease

Note 5 - Capital Lease	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
Note 5 - Capital Lease	Note 5 – Capital Lease In July, 2016, an entity associated with Pacific Leaf Partners, LLC completed the purchase of the building housing the Company’s cultivation facility at 3550 W. Teco Ave., Las Vegas, NV. In connection with the purchase, the Company entered into the Amended Lease Agreement for an initial term of ten and a half years with one option to extend the lease for five years, or until December 31, 2030. The monthly rent payments per the Amended Lease Agreement are $40,000 through December 31, 2017. Commencing January 1, 2018, the monthly rent payments will increase by 3% per annum through the expiration of the lease. The Company analyzed the transaction in accordance with the applicable accounting guidance determining that the aggregate amount of $3.9 million met the requirements for capitalization. The building has been capitalized and is included in property and equipment, net balance with related obligations included as part of current and non-current liabilities. The obligation recorded is based upon the present value of the future minimum lease payments discounted at an 11.6% interest rate. In August 2017, GB Sciences Louisiana, LLC entered into the Lease Agreement with Petroleum Drive Investment, LLC for 36,125 square feet of interior space on approximately 5.38 acres of land located at 18350 Petroleum Drive, Baton Rouge, LA 70809. The Lease Agreement is for an initial term of five years with two options to extend the lease for five years, or until June 30, 2032. The monthly rent payments per the Lease Agreement are $25,588 through June 30, 2022. If the Company exercises its first and second options to extend, monthly rent payments will increase to $28,147 beginning August 1, 2022, and to $30,966 beginning August 1, 2027. The Company analyzed the transaction in accordance with the applicable accounting guidance determining that the aggregate amount of $2.5 million met the requirements for capitalization. The building has been capitalized and is included in property and equipment, net balance with related obligations included as part of current and non-current liabilities. The obligation recorded is based upon the present value of the future minimum lease payments discounted at a 10.2% interest rate. Amortization of assets under capital leases is included in depreciation expense. The future minimum lease payments required under the capital leases and the net present value of the minimum lease payments as of June 30, 2018, are as follows: Year Ending March 31, Total 2019 538,012 2020 820,107 2021 835,499 2022 851,352 2023 890,712 Thereafter 8,246,770 Total minimum lease payments 12,182,452 Less: Amount representing interest (5,957,827) Present value of minimum lease payments 6,224,625 Less: Current maturities of capital lease obligations (116,722) Long-term capital lease obligations 6,107,903

Note 6 - Capital Transactions

Note 6 - Capital Transactions	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
Note 6 - Capital Transactions	Note 6 – Capital Transactions 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. During the three months ended June 30, 2018, the Company issued an aggregate of 17,434,636 shares of common stock, as follows: · The Company issued 1,053,088 shares in exchange for consulting services and recorded a related expense of $0.6 million. · In order to encourage the exercise of the 8,000,000 warrants issued to investors in the private offering of convertible notes dated March 2017 and the 28,804,000 warrants issued to investors in the private offering of convertible notes dated July 2017, the Company effected a temporary decrease in the exercise price of the warrants from $0.60 and $0.65, respectively, to $0.30 and $0.325 per share. As a result of the price reduction, the Company issued 11,001,750 shares of its common stock and received net proceeds of approximately $3.5 million. In connection with the induced exercise of the warrants, the Company recorded an induced dividend of approximately $2.8 million. · During the three months ended June 30, 2018, the Company received notice from convertible note holders of the conversion of a total of $1,298,500 face value and $46,449 in interest accrued on the related convertible notes. Accordingly, the Company has issued 5,379,798 shares of its common stock based on a $0.25 per share conversion price. In connection with the conversions, $1,023,134 in unamortized discount on the related notes was recognized as interest expense and the Company has reduced the carrying amount of convertible notes payable by $275,366. Options and Warrants During the three months ended June 30, 2018, the Company issued 400,000 stock options under the 2014 Equity Incentive Plan to its employees. The options are exercisable upon vesting for a period of 10 years from issuance at an exercise price ranging from $0.37 to $0.60 per share. The Company has recognized total of $0.4 million in share-based compensation expense related to options vested to date.

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
Note 7 - Commitments and Contingencies	Note 7 – Commitments and Contingencies On September 18, 2017 GB Sciences finalized its agreement with Louisiana State University (“LSU”) AgCenter to be the sole operator of the LSU’s medical marijuana program. The LSU Board of Supervisors entered into a five-year agreement—that has an option to renew for two additional five-year terms—with GB Sciences. The contract includes the Company’s commitment to make a minimum financial contribution to the LSU AgCenter in the amount of $3.4 million, or a 10% commission of gross receipts, in addition to annual research investments of $500,000 to the LSU AgCenter. The monetary contributions would be used to conduct research on plant varieties, compounds, extraction techniques and delivery methods that could generate additional revenue through discoveries that are subject to intellectual property rights, which AgCenter would retain 50% of those rights. As of June 30, 2018, GB Sciences made payments totaling $1,000,000 toward its obligations under the agreement. From time to time, the Company may become 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 8 - Loss per Share

Note 8 - Loss per Share	3 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Note 8 - Loss per Share	Note 8 – 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 79,481,521 and 44,199,413 of potentially dilutive common shares at June 30, 2018, and June 30, 2017, 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 9 - Related Party Transact

Note 9 - Related Party Transactions	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
Note 9 - Related Party Transactions	Note 9 – Related Party Transactions During the fiscal year ended March 31, 2017, the Company entered into a consulting contract with Quantum Shop, a Company owned by a relative of one of the Company’s executives. Per the terms of the agreement, Quantum Shop is to provide GB Sciences with research, design, development, fabrication, and production services. During the three months ended June 30, 2018, the Company made payments totaling $0.8 million to Quantum Shop primarily related to the build-out of the Company’s cultivation and production facility in Baton Rouge, Louisiana. During the year ended March 31, 2017, the Company entered into an advisory agreement with Electrum Partners, LLC, a company whose President resides on GB Sciences’ Board of Directors and serves as a Chair of the Audit Committee. The agreement has a term of one year and is renewable for a successive one-year period. During the three months ended June 30, 2018, the Company made payments totaling $51,698 to Electrum Partners, LLC and issued 53,088 shares of its restricted stock. On November 1, 2017, the Company entered into an Edibles Production Agreement (the “EPA”) with The Happy Confections, L.L.C. (“THCLLC”) through the Company’s wholly-owned subsidiary, GB Sciences Las Vegas, LLC (“GBSLV”). Dr. Andrea Small-Howard, a member of GB Science’s Board of Directors, is a Co-Managing Member of THCLLC. Under the EPA, THCLLC is to produce cannabis-infused baked goods and other edibles in GBSLV’s production facility upon approval of GBSLV’s Nevada Medical Marijuana Production License. The Company will receive a royalty of between 20% and 25% on all sales of edibles produced by THCLLC. Contemporaneously with the EPA, the Company entered into a Non-Revolving Credit Line Agreement and Non-Revolving Credit Line Promissory Note (together, the “THC Note” or “Note”) to advance up to $300,000 to THCLLC for the purpose of expanding THCLLC’s operations. The Note bears interest at a rate of 1.29% per annum. Beginning 90 days after the sale of its first product, THCLLC is to make repayment of its advances under the Note in an amount equal to 25% of its gross sales revenue. Such repayment is due within 10 days of the sale of any product. Under the EPA, the Company is to provide accounting and bookkeeping services to THCLLC. In connection with the EPA and THC note, the Company entered into a Reimbursement Agreement for facility expenses and accounting services. Under the Reimbursement Agreement, the Company will be reimbursed $4,500 per month for facility expenses and $2,000 per month for accounting and bookkeeping services. In light of the fact that The Company will be providing the accounting and bookkeeping services to THCLLC, the Company may deduct royalties, facility expenses, and accounting expenses directly from the accounts of THCLLC. As of March 31, 2018, the Company has advanced $182,148 under the THC Note. This amount, including accrued interest, is reported under the other assets caption on the Company’s June 30, 2018 balance sheet.

Note 10 - Subsequent Events

Note 10 - Subsequent Events	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
Note 10 - Subsequent Events	Note 10 – Subsequent Events Subsequent to June 30, 2018, the Company issued 12,913,439 shares of its common stock as the result of the following transactions: · The Company issued 277,778 shares of its common stock to an investor for the cash purchase of shares at $0.36 per share. · The Company received notice from convertible note holders of the conversion of a total of $3,009,000 face value and $113,256 in interest accrued on the related convertible notes. Accordingly, the Company has issued 12,489,025 shares of its common stock based on a $0.25 per share conversion price. · Subsequent to June 30, 2018, the Company issued 46,636 shares of its common stock to Electrum Partners, LLC, a related party, in connection with its advisory agreement. · On July 31, 2018, the Company issued 100,000 shares to Pacific Leaf Ventures, LP in connection with the Amendment and Termination Agreement (Note 4). Subsequent to June 30, 2018, the Company entered into the Amendment and Termination Agreement with Pacific Leaf. Pursuant to that agreement, the Pacific Leaf Royalty Agreement was terminated in its entirety and the Company is to pay $1 million of the $1.5 million balance due to Pacific Leaf on or before August 31, 2018. Contemporaneously with the Amendment and Termination Agreement, Company issued a Promissory Note for the remaining $0.5 million due to Pacific Leaf. The Promissory Note accrues interest at a rate of 6% per annum and matures on November 30, 2018. In consideration for deferring the payment of the amounts due to Pacific Leaf, the Company issued 100,000 shares of its common stock to Pacific Leaf on July 31, 2018. On August 7, 2018, the Company made a payment of $750,000 to Pacific Leaf in partial satisfaction of the $1 million balance due on or before August 31, 2018.

Note 1 - Basis of Presentatio16

Note 1 - Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2018
Policy Text Block [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of GB 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, 2019. The balance sheet at March 31, 2018 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, 2018.
Principles of Consolidation	Principles of Consolidation The condensed 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 Company.
Significant Accounting Policies	Significant Accounting Policies A description of the Company's significant accounting policies is included in Note 3 of its Annual Report on Form 10–K for the fiscal year ended March 31, 2018.
Inventory	Inventory We value our inventory at the lower of the actual cost of our inventory, as determined using the first-in, first-out method, or its current estimated market value. We periodically review our physical inventory for excess, obsolete, and potentially impaired items and reserve accordingly. Our reserve estimate for excess and obsolete inventory is based on expected future use.
Revenue Recognition	Revenue Recognition The FASB issued Accounting Standards Codification (“ASC”) 606 as guidance on the recognition of revenue from contracts with customers in May 2014 with amendments in 2015 and 2016. Revenue recognition will depict 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 is required to adopt the guidance on April 1, 2018 and has applied the cumulative catch-up transition method. The Company’s only current revenue source is from sales of cannabis, a distinct physical good. 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 (ie. 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued amended accounting guidance that changes the accounting for leases and requires expanded disclosures about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for all leases with terms greater than twelve months. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The amended guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2018, and early application is permitted. The Company expects that adoption of this guidance will result in the recognition of right-of-use assets and related obligations. In August 2016, the FASB issued ASU 2016-15, which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistency on this topic. The standard is effective for annual and interim periods beginning after December 15, 2017, and the Company has adopted it effective April 1, 2018. Significant classification modifications were not necessary as a result of adoption. Management does not believe that any other recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

Note 5 - Capital Lease (Tables)

Note 5 - Capital Lease (Tables)	3 Months Ended
	Jun. 30, 2018
Disclosure Text Block [Abstract]
Schedule of Future Minimum Lease Payments for Capital Leases	Year Ending March 31, Total 2019 538,012 2020 820,107 2021 835,499 2022 851,352 2023 890,712 Thereafter 8,246,770 Total minimum lease payments 12,182,452 Less: Amount representing interest (5,957,827) Present value of minimum lease payments 6,224,625 Less: Current maturities of capital lease obligations (116,722) Long-term capital lease obligations 6,107,903

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2018
Text Block [Abstract]
Net cash used in operating activities	$ (3,495,871)	$ (2,190,357)
Accumulated Deficit	$ (66,169,341)		$ (58,229,235)

Note 3 - Convertible Notes (Det

Note 3 - Convertible Notes (Details)	1 Months Ended		3 Months Ended
	Jul. 31, 2017	Mar. 31, 2017USD ($)Integer$ / sharesshares	Dec. 31, 2017USD ($)Integer$ / sharesshares	Sep. 30, 2017USD ($)Integer$ / sharesshares	Jun. 30, 2017USD ($)Integer$ / sharesshares
Private Placement Terms	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.
Short Term Promissory Note 1
Debt Instrument, Face Amount		$ 965,500	$ 4,116,000	$ 3,085,000	$ 1,034,500
Debt Instrument, Term		3 years	3 years	3 years	3 years
Class of Warrant, Outstanding | shares		3,862,000	16,464,000	12,340,000	4,138,000
Class of Warrant, Exercise Price | $ / shares		$ 0.60	$ 0.65	$ 0.65	$ 0.60
Debt Instrument, Convertible, Beneficial Conversion Feature		$ 416,733	$ 1,600,808	$ 1,541,797	$ 487,957
Beneficial conversion feature, an additional discount		$ 548,767	$ 2,417,856	$ 1,532,335	$ 480,236
Short Term Promissory Note 1 | Common Stock
Debt Instrument, Convertible, Number of Equity Instruments | Integer		3,862,000	16,464,000	12,340,000	4,138,000

Note 4 - Note Payable (Details)

Note 4 - Note Payable (Details) - USD ($)

Aug. 07, 2018

Jul. 31, 2018

Jun. 13, 2018

Aug. 04, 2016

Jun. 13, 2016

Feb. 08, 2016

Feb. 23, 2018

Feb. 22, 2017

Nov. 10, 2016

Jun. 30, 2018

Aug. 31, 2018

Mar. 31, 2018

May 12, 2017

Jun. 08, 2015

Prepaid expenses

$ 2,182,755

$ 1,956,734

Common stock issued

186,051,491

168,616,855

Amendment and Termination Agreement | Pacific Leaf Ventures Lp

Debt Instrument, Maturity Date

Nov. 30, 2018

Due from related party

$ 1,500,000

$ 1,000,000

Common stock issued

100,000

100,000

Payment of related party debt in partial satisfaction of balance due

$ 750,000

Promissory note issued

$ 500,000

Interest rate

6.00%

Convertible Promissory Note

Debt Instrument, Convertible, Conversion Price

$ 0.25

Debt Conversion, Converted Instrument, Shares Issued

5,379,798

Pacific Leaf Ventures Lp

Debt Instrument, Face Amount

$ 1,750,000

Debt Instrument, Convertible, Conversion Price

$ 0.25

$ 0.50

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Debt Instrument, Maturity Date

May 12, 2020

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. 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.

Debt Instrument, Payment Terms

Until the payment in full of the Amended Note, Pacific Leaf or its designee have the option (the “Option”) to purchase up to a 20% membership interest in GBSN 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 GBSN.

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 time 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 GBSN. On the earlier of (i) the seventh anniversary of the royalty payment date, or (ii) the date that all amounts outstanding under the Amended Note have been paid in full, the royalty rate shall be reduced by 50%.

Class of Warrant, Outstanding

1,500,000

Investment Warrants, Exercise Price

$ 0.36

Debt instrument payment

$ 1,500,000

$ 1,269,818

Restricted common stock issued

1,500,000

Accrued royalties

$ 1,500,000

269,818

Other expense

250,000

Prepaid expenses

750,000

Value of restricted common stock issued

$ 1,040,000

Notes payable description

The Company recorded $260,000 in other expense related to the issuance of those shares, which represents 25% of the market value of those shares. We recorded $780,000 in prepaid expenses, representing the 75% portion of the fair market value of those shares which will be credited toward future royalties in the event that the final $1.5 million payment is not made on or before July 31, 2018.

Pacific Leaf Ventures Lp | Convertible Promissory Note

Debt Instrument, Convertible, Terms of Conversion Feature

The Second Amendment eliminates Pacific Leaf's option to purchase up to a 20% membership interest in GBSN and reduces Pacific Leaf's existing royalty rate to 16.4% of the gross sales revenue of GBSN. It also caps maximum aggregate royalty payments to be made to Pacific Leaf at $2,420,000 with respect to any calendar year

Pacific Leaf Ventures Lp | Short Term Promissory Note 4

Debt Instrument, Face Amount

$ 500,000

Debt Instrument, Convertible, Conversion Price

$ 0.25

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Debt Conversion, Converted Instrument, Amount

$ 500,000

Pacific Leaf Ventures Lp | Short Term Promissory Note 5

Debt Instrument, Face Amount

$ 1,776,750

Debt Instrument, Convertible, Conversion Price

$ 0.25

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Debt Conversion, Converted Instrument, Amount

$ 1,776,750

Pacific Leaf Ventures Lp | Short Term Promissory Note 6

Debt Instrument, Face Amount

$ 413,085

Debt Instrument, Convertible, Conversion Price

$ 0.25

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Long-term Debt, Gross

$ 200,000

Debt Conversion, Converted Instrument, Amount

413,083

Pacific Leaf Ventures Lp | Short Term Promissory Note 6 | Interest

Debt Instrument, Face Amount

95,145

Pacific Leaf Ventures Lp | Short Term Promissory Note 6 | Principal

Debt Instrument, Face Amount

$ 317,938

Pacific Leaf Ventures Lp | Short Term Promissory Note 7

Debt Instrument, Face Amount

$ 184,805

Debt Instrument, Convertible, Conversion Price

$ 0.25

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Pacific Leaf Ventures Lp | Short Term Promissory Note 7 | Interest

Debt Instrument, Face Amount

$ 30,000

Pacific Leaf Ventures Lp | Short Term Promissory Note 7 | Principal

Debt Instrument, Face Amount

$ 154,805

Pacific Leaf Ventures Lp | Common Stock

Stock Issued During Period, Shares, Other

1,000,000

Pacific Leaf Ventures Lp | Common Stock | Short Term Promissory Note 4

Debt Conversion, Converted Instrument, Shares Issued

2,000,000

Pacific Leaf Ventures Lp | Common Stock | Short Term Promissory Note 5

Debt Conversion, Converted Instrument, Shares Issued

7,107,000

Pacific Leaf Ventures Lp | Common Stock | Short Term Promissory Note 6

Debt Conversion, Converted Instrument, Shares Issued

1,652,332

Pacific Leaf Ventures Lp | Warrant

Allocated Share-based Compensation Expense

$ 900,000

Note 5 - Capital Lease_ Future

Note 5 - Capital Lease: Future Minimum Lease Payments for Capital Leases (Details) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Disclosure Text Block [Abstract]
2,019	$ 538,012
2,020	820,107
2,021	835,499
2,022	851,352
2,023	890,712
Thereafter	8,246,770
Total minimum lease payments	12,182,452
Less: Amount representing interest	(5,957,827)
Present value of minimum lease payments	6,224,625
Less: Current maturities of capital lease obligations	(116,722)
Long-term capital lease obligations	$ 6,107,903	$ 6,142,606

Note 5 - Capital Lease (Details

Note 5 - Capital Lease (Details) - Pacific Leaf Ventures Lp - USD ($)	Jul. 31, 2018	Feb. 23, 2018	Jul. 31, 2016	Jun. 30, 2018
Debt Instrument, Periodic Payment	$ 1,500,000	$ 1,269,818
Teco Facility Lease
Debt Instrument, Periodic Payment				$ 40,000
Description of Lessee Leasing Arrangements, Capital Leases			Commencing January 1, 2018, the monthly rent payments will increase by 3% per annum through the expiration of the lease
Capital Lease Obligations				$ 3,900,000
Discount Rate				11.60%
GB Sciences Louisiana Lease
Debt Instrument, Periodic Payment				$ 25,588
Capital Lease Obligations				$ 2,500,000
Discount Rate				10.20%

Note 6 - Capital Transactions (

Note 6 - Capital Transactions (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jul. 31, 2017	Mar. 31, 2017	Jun. 30, 2018	Mar. 31, 2018
Common Stock, Shares Authorized			400,000,000	400,000,000
Common stock issued in connection with price reduction, Share			11,001,750
Common stock issued in connection with price reduction, Value			$ 3,500,000
Dividend			$ 2,800,000
Common Stock
Number of common stock issued			17,434,636
Convertible Promissory Note
Common shares issued for debt conversion, Shares			5,379,798
Conversion price			$ 0.25
Convertible Promissory Note | Interest
Common shares issued for debt conversion, Amount			$ 46,449
Convertible Promissory Note | Principal
Common shares issued for debt conversion, Amount			1,298,500
Convertible Promissory Note | Common Stock
Debt Instrument, Increase (Decrease), Net			$ (275,366)
Investors
Warrants issued	28,804,000	8,000,000
Warrants exercise price	$ 0.60	$ 0.65
Share price	$ 0.30	$ 0.325
Investors | Common Stock
Share price			$ 0.36
Consultant
Issuance of Stock for Services, shares			1,053,088
Issuance of Stock for Services, value			$ 600,000
2014 Equity Incentive Plan | Employee
Option issued			400,000
Expiration Period			10 years
Allocated Share-based Compensation Expense			$ 400,000
2014 Equity Incentive Plan | Employee | Minimum
Option Exercise price			$ 0.37
2014 Equity Incentive Plan | Employee | Maximum
Option Exercise price			$ 0.60

Note 7 - Commitments and Cont24

Note 7 - Commitments and Contingencies (Details) - LSU AgCenter	3 Months Ended
	Jun. 30, 2018USD ($)
Annual Research Investments
Other Commitment	$ 500,000
Research and Development Expense	1,000,000
Minimum Financial Contribution
Other Commitment	$ 3,400,000
Gross receipts, commission	10.00%

Note 8 - Loss per Sharee (Detai

Note 8 - Loss per Sharee (Details) - shares	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Text Block [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	79,481,521	44,199,413

Note 9 - Related Party Transa26

Note 9 - Related Party Transactions (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Quantum Shop
Related Party Transaction, Amounts of Transaction	$ 800,000
Electrum Partners, LLC
Related Party Transaction, Amounts of Transaction	$ 51,698
Stock Issued During Period, Shares, Issued for Services	53,088
Edibles Production Agreement | Credit Line Promissory Note
Line of Credit Facility, Current Borrowing Capacity		$ 300,000
Debt Instrument, Interest Rate During Period		1.29%
Debt Instrument, Payment Terms		Beginning 90 days after the sale of its first product, THCLLC is to make repayment of its advances under the Note in an amount equal to 25% of its gross sales revenue. Such repayment is due within 10 days of the sale of any product.
Lease revenue terms		Under the Reimbursement Agreement, the Company will be reimbursed $4,500 per month for facility expenses and $2,000 per month for accounting and bookkeeping services.
Payments to Acquire Notes Receivable		$ 182,148
Edibles Production Agreement | Minimum
Royalty rates	20.00%
Edibles Production Agreement | Maximum
Royalty rates	25.00%

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details) - USD ($)	Aug. 07, 2018	Jul. 31, 2018	Jun. 30, 2018	Jun. 30, 2018	Aug. 31, 2018	Mar. 31, 2018	Jul. 31, 2017	Mar. 31, 2017
Notes Payable			$ 1,211,976	$ 1,211,976		$ 1,056,301
Common Stock
Common stock issued				12,913,439
Convertible note holders
Common shares issued for debt conversion, Shares			12,489,025
Conversion price			$ 0.25	$ 0.25
Convertible note holders | Principal
Common shares issued for debt conversion, Amount			$ 3,009,000
Convertible note holders | Interest
Common shares issued for debt conversion, Amount			$ 113,256
Investors
Share Price							$ 0.30	$ 0.325
Investors | Common Stock
Common stock issued				277,778
Share Price			$ 0.36	$ 0.36
Amendment and Termination Agreement | Pacific Leaf Ventures Lp
Common stock issued		100,000		100,000
Notes Payable			$ 1,500,000	$ 1,500,000	$ 1,000,000
Repayments of Debt	$ 750,000
Promissory note issued			$ 500,000
Interest rate			6.00%
Maturity date			Nov. 30, 2018
Advisory agreement | Electrum Partners, LLC
Common stock issued				46,636