# EDGAR Filing Document

**Accession Number:** 0001165320
**File Stem:** 0001437749-25-026237
**Filing Date:** 2025-8
**Character Count:** 116014
**Document Hash:** cff27ca57001f9786ffdde4519db0303
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-026237.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001437749-25-026237

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GB SCIENCES INC
- **CENTRAL INDEX KEY:** 0001165320
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 593733133
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55462
- **FILM NUMBER:** 251207380

**BUSINESS ADDRESS:**
- **STREET 1:** 6450 CAMERON STREET #110A
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118
- **BUSINESS PHONE:** (844) 843-2569

**MAIL ADDRESS:**
- **STREET 1:** 6450 CAMERON STREET #110A
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Growblox Sciences, Inc.
- **DATE OF NAME CHANGE:** 20140603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Signature Exploration & Production Corp.
- **DATE OF NAME CHANGE:** 20080602

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Diabetic Treatment Centers of America, Inc.
- **DATE OF NAME CHANGE:** 20040812

?xml version='1.0' encoding='ASCII'? gblx20241231_10q.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM 10-Q**

------

(Mark One)

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2024

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: **000-55462**

**GB SCIENCES, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada**<br> (State or other Jurisdiction of Incorporation or organization) | **59-3733133**<br> (IRS Employer I.D. No.) |

---

**9205 W. Russell Road, Suite 240**

**Las Vegas, Nevada 89148**

**Phone: (866) 721-0297**

(Address and telephone number of

principal executive offices)

N/A

(Former name, former address and former fiscal year, if changed since last report**)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each Class** | **Trading Symbol(s)** | **Name of exchange on which registered** |
| None | N/A | N/A |

---

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ | Smaller reporting company ☒ | Emerging growth company ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). ☐ Yes&nbsp;&nbsp;&nbsp;&nbsp; ☒ No

There were 407,071,028 shares of common stock, par value $0.0001 per share, outstanding as of August 11, 2025.

------

**GB SCIENCES, INC.**

**FORM 10-Q**

**FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2024**

**INDEX**

---

| | |
|:---|:---|
|  | **Page** |
| PART I. FINANCIAL INFORMATION | 3 |
| ITEM 1. Financial Statements (Unaudited) | 3 |
| ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 22 |
| ITEM 3. Quantitative and Qualitative Disclosures About Market Risk | 26 |
| ITEM 4. Controls and Procedures | 27 |
| PART II – OTHER INFORMATION | 28 |
| ITEM 1. Legal Proceedings | 28 |
| ITEM 1A. Risk Factors | 28 |
| ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds | 28 |
| ITEM 3. Defaults Upon Senior Securities | 28 |
| ITEM 4. Mine Safety Disclosures | 28 |
| ITEM 5. Other Information | 28 |
| ITEM 6. Exhibits | 28 |

---

------

**PART I. FINANCIAL INFORMATION**

**ITEM 1. Financial Statements (Unaudited)**

**GB SCIENCES, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **March 31,** |
|  | **2024** | **2024** |
|  | (Unaudited) |  |
| CURRENT ASSETS: |  |  |
| Cash and cash equivalents | $3016 | $11991 |
| Prepaid expenses and other current assets | 91451 | 91451 |
| TOTAL CURRENT ASSETS | $94467 | $103442 |
| CURRENT LIABILITIES: |  |  |
| Accounts payable | $2099924 | $2012896 |
| Accounts payable related party | 119451 | 127436 |
| Accrued interest | 554474 | 457093 |
| Accrued liabilities | 145500 |  |
| Notes and convertible notes payable | 1437307 | 1437307 |
| Income tax payable | 1060825 | 1060825 |
| TOTAL CURRENT LIABILITIES | 5417481 | 5095557 |
| Convertible notes payable, non-current | 557000 | 322000 |
| TOTAL LIABILITIES | 5974481 | 5417557 |
| Commitments and contingencies (Note 5) |  |  |
| STOCKHOLDERS' DEFICIT: |  |  |
| Common Stock, $0.0001 par value, 950,000,000 shares authorized, 407,071,028 and 406,071,028 outstanding at December 31, 2024 and March 31, 2024, respectively | 40821 | 40721 |
| Additional paid-in capital | 104722056 | 104712156 |
| Accumulated deficit | (110642891) | (110066992) |
| TOTAL STOCKHOLDERS' DEFICIT | (5880014) | (5314115) |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $94467 | $103442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

------

**GB SCIENCES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months**<br> **Ended December 31,** | **For the Three Months**<br> **Ended December 31,** | **For the Nine months**<br> **Ended December 31,** | **For the Nine months**<br> **Ended December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
| Revenue | $97235 | $- | $97235 | $- |
| Cost of goods sold |  |  |  |  |
| Gross profit | 97235 |  | 97235 |  |
| General and administrative expenses | 163826 | 234007 | 575753 | 1050621 |
| LOSS FROM OPERATIONS | (66591) | (234007) | (478518) | (1050621) |
| OTHER (EXPENSE) INCOME |  |  |  |  |
| Interest expense | (33764) | (38269) | (97381) | (121815) |
| Other income (Note 7) |  | 85000 |  | 320000 |
| Loss on impairment of capitalized patent and trademark costs |  |  |  | (42194) |
| Total other (expense) income | (33764) | 46731 | (97381) | 155991 |
| LOSS BEFORE INCOME TAXES | (100355) | (187276) | (575899) | (894630) |
| Income tax expense |  |  |  |  |
| NET LOSS | $(100355) | $(187276) | $(575899) | $(894630) |
| Deemed dividend | $- | $- | $(3462) | $(269218) |
| Net loss attributable to common shareholders | $(100355) | $(187276) | $(579361) | $(1163848) |
| **Net loss per common share** – **basic and diluted** | $(0.00) | $(0.00) | $(0.00) | $(0.00) |
| Weighted average common shares outstanding - basic and diluted | 407071028 | 403172478 | 406903755 | 393637213 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

------

**GB SCIENCES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months ended December 31,** | **Nine Months ended December 31,** |
|  | **2024** | **2023** |
| **OPERATING ACTIVITIES:** |  |  |
| Net loss | $(575899) | $(894630) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Depreciation and amortization |  | 624 |
| Stock-based compensation |  | 219168 |
| Collection of notes receivable |  | (320000) |
| Amortization of debt discount and beneficial conversion feature |  | 41230 |
| Loss on impairment of capitalized patent and trademark costs |  | 42194 |
| Changes in operating assets and liabilities: |  |  |
| Prepaid expenses and other current assets |  | 69939 |
| Accounts payable | 79043 | 37661 |
| Accrued liabilities | 145500 |  |
| Accrued interest | 97381 | 80584 |
| Net cash used in operating activities | (253975) | (723230) |
| **INVESTING ACTIVITIES:** |  |  |
| Collection of notes receivable |  | 320000 |
| Net cash provided by investing activities |  | 320000 |
| **FINANCING ACTIVITIES:** |  |  |
| Gross proceeds from warrant exercises | 10000 | 253529 |
| Proceeds from issuing convertible note | 235000 | 75000 |
| Brokerage fees for exercise of warrants |  | (17752) |
| Net cash provided by financing activities | 245000 | 310777- |
| Net change in cash and cash equivalents | (8975) | (92453) |
| **CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD** | **11991** | **109912** |
| **CASH AND CASH EQUIVALENTS AT END OF PERIOD** | $**3016** | $**17459** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

------

**GB SCIENCES, INC. AND SUBSIDIARIES**

**SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine months Ended December 31,** | **Nine months Ended December 31,** |
|  | **2024** | **2023** |
| Cash paid for interest | $- | $- |
| Cash paid for income tax | $- | $- |
| **Non-cash investing and financing transactions:** |  |  |
| Accrued patent drafting and filing costs capitalized in intangible assets | $- | $7700 |
| Deemed dividend | $3462 | $269218 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6

------

**GB SCIENCES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT)**

**For the Three Months Ended December 31, 2024 and 2023**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Amount** | **Additional**<br> **Paid-In**<br> **Capital** | **Accumulated**<br> **Deficit** | **Total** |
| **Balance at September 30, 2023** | 402737695 | $40388 | $104679155 | $(109412669) | $(4693126) |
| Exercise of warrants | 3333333 | 333 | 33001 |  | 33334 |
| Net loss | *-* |  |  | (187276) | (187276) |
| **Balance at December 31, 2023** | 406071028 | $40721 | $104712156 | $(109599945) | $(4847068) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Amount** | **Additional**<br> **Paid-In**<br> **Capital** | **Accumulated**<br> **Deficit** | **Total** |
| **Balance at September 30, 2024** | 407071028 | $40821 | $104722056 | $(110542536) | $(5779659) |
| Net loss | *-* |  |  | (100355) | (100355) |
| **Balance at December 31, 2024** | 407071028 | $40821 | $104722056 | $(110642891) | $(5880014) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7

------

**GB SCIENCES, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT)**

**For the Nine Months Ended December 31, 2024 and 2023**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Amount** | **Additional**<br> **Paid-In**<br> **Capital** | **Accumulated**<br> **Deficit** | **Total** |
| **Balance at March 31, 2023** | 381872561 | $38187 | $104259745 | $(108705315) | $(4407383) |
| Repurchase of common shares | (1150000) |  |  |  |  |
| Exercise of warrants | 25348467 | 2534 | 250996 |  | 253529 |
| Brokerage fees on exercise of warrants | *-* |  | (17752) |  | (17752) |
| Share based compensation expense | *-* |  | 219168 |  | 219168 |
| Warrant reinstatement and repricing | *-* |  | 269218 |  | 269218 |
| Deemed dividend | *-* |  | (269218) |  | (269218) |
| Net loss | *-* |  |  | (894630) | (894630) |
| **Balance at December 31, 2023** | 406071028 | $40721 | $104712156 | $(109599945) | $(4847068) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Amount** | **Additional**<br> **Paid-In**<br> **Capital** | **Accumulated**<br> **Deficit** | **Total** |
| **Balance at March 31, 2024** | 406071028 | $40721 | $104712156 | $(110066992) | $(5314115) |
| Exercise of warrants | 1000000 | 100 | 9900 |  | 10000 |
| Warrant repricing | *-* |  | (3462) |  | (3462) |
| Deemed dividend | *-* |  | 3462 |  | 3462 |
| Net loss | *-* |  |  | (575899) | (575899) |
| **Balance at December 31, 2024** | 407071028 | $40821 | $104722056 | $(110642891) | $(5880014) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8

------

**GB SCIENCES, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**December 31, 2024**

**(unaudited)**

**Note *1*** – **Background and Significant Accounting Policies**

***Business***

GB Sciences, Inc. ("the Company", "GB Sciences", "we", "us", or "our") is a plant-inspired, biopharmaceutical research and development company creating patented, disease-targeted formulations of cannabis- and other plant-inspired therapeutic mixtures for the prescription drug market through its wholly owned Canadian subsidiary, GbS Global Biopharma, Inc. ("GBSGB").

Through GBSGB, the Company is engaged in the research and development of plant-inspired medicines, with virtual operations in North America and Europe. GBSGB's assets include a portfolio of intellectual property containing both proprietary plant-inspired formulations and our AI-enabled drug discovery platform, as well as critical research contracts and key supplier arrangements. The Company's intellectual property portfolio, which is held by GBSGB, contains eight U.S. and twelve foreign patents issued, two foreign patents allowed, as well as fifteen U.S. and forty-one foreign patent-pending applications.

The Company was incorporated in the State of Delaware on *April 4, 2001,* under the name "Flagstick Venture, Inc." On *March 28, 2008,* stockholders owning a majority of our outstanding common stock approved changing the then name "Signature Exploration and Production Corp." when the business model had changed.

On *April 4, 2014,* the Company changed its name from Signature Exploration and Production Corporation to Growblox Sciences, Inc. Effective *December 12, 2016,* the Company amended its Certificate of Corporation pursuant to shareholder approval, and the Company's name was changed from Growblox Sciences, Inc. to GB Sciences, Inc.

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. Effective *August 15, 2019,* Shareholders of the Company approved an increase in authorized capital shares from 400,000,000 to 600,000,000. Effective *March 09, 2023,* Shareholders of the Company approved an increase in authorized capital shares from 600,000,000 to 950,000,000.

***Recent Developments***

*Intellectual Property Portfolio*

In the past year, GBLX/GBSGB's foreign patents for plant-based treatments of serious disorders were allowed in different countries, expanding our patent protections as follows. On *February 3, 2023,* GB Sciences' *first* foreign patent protecting its proprietary cannabinoid-based formulations for Parkinson's disease was issued in China. China is an increasingly important pharmaceutical market with cultural acceptance of plant-based formulations, which is a good fit for GB Sciences' drug candidates. The global market for treatments of Parkinson's disease is projected to grow to *$8.8* billion by the year *2026,* and new therapies to address Parkinson's disease symptoms are greatly needed. The Chinese Patent was issued for GBSGB's Cannabinoid-Containing Complex Mixtures for the treatment of Parkinson's disease. On *December 1, 2022,* the Israeli (IL) Patent was allowed, protecting our Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). MCAS is a severe immunological condition in which mast cells inappropriately and excessively release inflammatory mediators, resulting in a range of severe chronic hyperinflammatory symptoms and life-threatening anaphylaxis attacks. On *December 15, 2022,* the Australian (AU) Patent was allowed, protecting the Company's Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). On *February 20, 2023,* the Japanese (JP) Patent was allowed, protecting the Company's Cannabinoid-Containing Complex Mixtures for the treatment of Mast Cell Activation Syndrome (MCAS). Additionally, on *March 9, 2023,* the Notice of Allowance was received for the Company's U.S. Patent Application *No. 16/878,295.* This Notice of Allowance protects the use of the Company's Myrcene-Containing Complex Mixtures in the treatment of cardiac hypertrophy, overactive bladder, and refractory chronic cough. On *April 25, 2023,* the Japanese patent was also issued for the use of GBSGB's Cannabinoid-Containing Complex Mixtures in the treatment of Parkinson's disease.

In *2021,* our growing intellectual property portfolio was augmented with additional patent-protections for our PhAROS™ drug discovery platform that were filed in *July* of *2021* and in *October* of *2021.* The Company, through GBSGB, also filed for protection of new PhAROS™ discovered, non-cannabis formulations in *July* of *2021.* In *September* of *2021,* the Company filed a patent application for the Company's improved DCR-MEM formulations for our PD therapeutic program. These new patent applications expanded upon the solid foundation of intellectual property developed over the past *six* years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *9*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

(unaudited)

**Note *1*** – **Background and Significant Accounting Policies, continued**

In *2020,* the *three* patents which protect formulations for the Company's lead therapeutic programs were issued by the USPTO. The issuance of U.S. Patent *No. 10,653,640* entitled "Cannabinoid-Containing Complex Mixtures for the Treatment of Neurodegenerative Diseases" on *May 19, 2020* protects methods of using GBSGB's proprietary cannabinoid-containing complex mixtures (CCCM™) for treating Parkinson's Disease. This was an important milestone in the development of these vitally important therapies and validates GBSGB's drug discovery platform. In the US alone, the combined direct and indirect costs associated with Parkinson's disease are estimated at *$52* billion, and new therapies to address Parkinson's disease symptoms are greatly needed. This was also the *first* time that a US patent has been awarded for a cannabis-based complex mixture defined using this type of drug discovery method. The *first* US patent for PD therapies validated our drug discovery platform and strengthened our intellectual property portfolio of unique CCCM's™, each targeting *one* of up to *60* specific clinical applications.

The issuance of the Company's *second* and *third* US patents for active pharmaceutical ingredients that are complex mixtures identified by our biotech platform further confirmed that the Company's pharmaceutical compositions can be patent protected for use as biopharmaceutical and nutraceutical products. The US Patent entitled "Myrcene-Containing Complex Mixtures Targeting *TRPV1"* protects methods of using our proprietary MEMs for the treatment of pain disorders related to arthritis, shingles, irritable bowel syndrome, sickle cell disease, and endometriosis. In the US alone, chronic pain represents an estimated health burden of between *$560* and *$650* billion dollars, and an estimated *20.4%* of U.S. adults suffer from chronic pain that significantly decreases their quality of life. Despite the widespread rates of addiction and death, opioids remain the standard of care treatment for most people with chronic pain. The Company believes that it is important to create safer, less addictive alternatives to opioids for the treatment of chronic pain disorders, like GBSGB's myrcene-containing MEMs.

The Company's *third* issued US Patent entitled "Cannabinoid-Containing Complex Mixtures for the Treatment of Mast-Cell-Associated or Basophil-Mediated Inflammatory Disorders" protects methods of using the Company's proprietary MEMs for treating Mast Cell Activation Syndrome (MCAS). MCAS is a severe immunological condition in which mast cells inappropriately and excessively release inflammatory mediators, resulting in a range of severe chronic hyperinflammatory symptoms and life-threatening anaphylaxis attacks. Receiving this patent for the treatment of MCAS using our MEMs is an important milestone in the development of this urgently needed medicine. There is *no* single recommended treatment for MCAS patients. Instead, they attempt to manage MCAS symptoms primarily by avoiding 'triggers' and using rescue medicines for their severe hyperinflammatory attacks. Therefore, MCAS patients need new therapeutic options to control their mast cell related symptoms, and our MEMs were designed to simultaneously control multiple inflammatory pathways within mast cells as a comprehensive treatment option. The Company is strategically targeting MCAS for *two* additional reasons. By focusing on a rare disease with *no* known cure, our company can apply for the U.S. Food and Drug Administration's expedited approval process, which allows clinically successful treatments to get to market both quicker and more cost effectively. Gaining approval from the US FDA for the entire anti-inflammatory market would be extremely time consuming and cost prohibitive. Demonstrating that our MEMs are safe for the treatment of MCAS would favorably position our Company for clinical testing of these MEMs as potential treatments for other related inflammatory disorders, such as inflammatory bowel disease, thereby widening the target market and drastically shortening the development cycle and costs.

The Company's *fourth* US Patent was issued on *March 1, 2022* for a cannabinoid-containing mixture designed to treat cardiac hypertrophy, often present in advanced heart disease. Gb Sciences' newly issued patent also covers the use of these receptor-targeted formulations for the treatment of *TRPV1*-receptor associated hearing loss and urinary cystitis. Despite multiple categories of prescription heart medications on the market, heart disease remains the leading cause of death in the United States for people of most racial and ethnic groups. Alternative therapeutic approaches are still needed, especially for the treatment of advanced heart disease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *10*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

**Note *1*** – **Background and Significant Accounting Policies, continued**

*Licensing Agreement*

On *September 26, 2024,* the Company entered into a mutually beneficial licensing agreement with EndoPure Life Sciences, LLC ("EndoPure"). EndoPure will pay to license certain intellectual property ("IP") rights from within the intellectual property portfolio of GB Sciences. Under this IP licensing agreement, EndoPure will develop, manufacture, and market pharmaceutical products that are protected within GB Sciences' IP portfolio.

GB Sciences will contribute the following to the intellectual property license:

*1.* Intellectual property protecting proprietary formulations for the treatment of neurological disorders, including, but *not* limited to, Parkinson's disease, Alzheimer's disease, Huntington's disease, dementia, multiple sclerosis, epilepsy, and autism.

*2.* An exclusive license to develop, manufacture, and sell these treatments for neurological disorders in Brazil.

*3.* An exclusive license for EndoPure to develop, manufacture, and sell specifically-approved treatments in South America to be granted after EndoPure has successfully obtained regulatory approvals to market the products in Brazil.

In consideration of this intellectual property license, EndoPure will pay the following:

*1.* A royalty equal to 5% of gross sales of any product developed and manufactured pursuant to the IP license agreement in the agreed upon territories.

*2.* An annual pre-paid minimum royalty of $50,000 per product for *three* years. This amount will offset royalty payments otherwise due on this product starting after EndoPure has achieved market approval for at least *one* of these licensed formulas in Brazil.

*3.* An upfront payment of approximately $125,000 USD disbursed directly to Catalent Pharmaceuticals, Inc. ("Catalent"), which is related to the development and contract manufacturing of these licensed products within Catalent's proprietary Zydis® orally dissolving tablet ("ODT") dosage format.

*4.* A consulting fee of $5,000 per month as compensation for the assistance of Dr. Andrea Small-Howard in the planning and execution of clinical development for these products.

***Basis of Presentation***

The accompanying unaudited interim consolidated financial statements of GB Sciences, Inc. 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 Regulation 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, 2025.* The balance sheet at *December 31, 2024* 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. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's annual report on Form *10*-K for the year ended *March 31, 2024.*

***Principles of Consolidation***

We prepare our consolidated financial statements in accordance with generally accepted accounting principles (GAAP) for the United States of America. Our consolidated financial statements include all operating divisions and majority-owned subsidiaries, reported as a single operating segment, for which we maintain controlling interests. Intercompany accounts and transactions have been eliminated in consolidation. All subsidiaries were wholly owned by the Company for the periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *11*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

**Note *1*** – **Background and Significant Accounting Policies, continued**

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to allowances for doubtful accounts, collectability of notes receivable, inventory valuation and standard cost allocations, valuation of initial right-of-use assets and corresponding lease liabilities, stock-based compensation expense, purchased intangible asset valuations, deferred income tax asset valuation allowances, uncertain tax positions, litigation and other loss contingencies. These estimates and assumptions are based on current facts, historical experience and various other factors that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of costs and expenses that are *not* readily apparent from other sources. The actual results the Company experiences *may* differ materially and adversely from these estimates.

***Fair Value of Financial Instruments***

The Company adopted ASC *820,* Fair Value Measurements and Disclosures (ASC *820*). ASC *820* defines fair value, establishes a *three*-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The *three* levels are defined as follows:

---

| |
|:---|
| Level *1* inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
| Level *2* inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
| Level *3* inputs to valuation methodology are unobservable and significant to the fair measurement. |

---

The carrying value of cash, accounts receivable, accounts payable and accrued expenses are estimated by management to approximate fair value, primarily due to the short-term nature of the instruments.

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of *three* months or less when purchased to be cash equivalents. The Company had *no* short-term investments classified as cash equivalents at *December 31, 2024* and *March 31, 2024.*

***Indefinite and Definite-Lived Intangible Assets***

Capitalized costs related to our indefinite-lived intangible assets consisted primarily of the value of our patents pending and includes the costs paid to draft and file patent applications. Upon issuance of the patents, the indefinite-lived intangible assets will have finite lives. Intangible assets also historically included the acquisition cost of a cannabis production license with an indefinite life.

We historically amortized our finite-lived intangible assets, which consisted of granted patents, over their estimated useful lives using the straight-line method, and we periodically evaluate the remaining useful lives of our finite-lived intangible assets to determine whether events or circumstances warrant a revision to the remaining period of amortization.

We review all of our intangible assets for impairment indicators throughout the year. Impairment testing for indefinite-lived intangible assets is performed at least annually and we perform testing for definite-lived intangible assets whenever impairment indicators are present. If we determine that the fair value is less than the carrying value of these assets during testing, we record impairment losses equal to the difference between the carrying value of the asset and the fair market value of the asset.

As of *March 31, 2024,* we recorded a loss on impairment related to the capitalized patent costs of $42,194. The Company has recorded an impairment of its capitalized patent costs based on the relevant facts and circumstances that existed as of *March 31, 2023* in accordance with ASC *350*-*30*-*35.* Due to liquidity constraints the Company deemed that the likelihood of realizing value from previously capitalized patent costs was questionable, as a result the associated patents were impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *12*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

**Note *1* – Background and Significant Accounting Policies, continued**

***Indefinite and Definite-Lived Intangible Assets, continued***

At *December 31, 2024,* the Company's intellectual property portfolio, which is held by GBSGB, contains eight U.S. and twelve foreign patents issued, two foreign patents allowed, as well as fifteen U.S. and forty-one foreign patent-pending applications. The patents owned by the Company expire between *January 2038* and *May 2039.* Amortization expense for the quarters ended *December 31, 2024* and *2023,* was $0 and $624, respectively. The carrying amount of definite-lived intangible assets was $0 at *December 31, 2024* and *March 31, 2024.*

There were 10 United States patent applications that are pending as of *September 30, 2023,* and the corresponding patent assets are treated as indefinite-lived intangible assets. There were 35 international patents pending at *September 30, 2023.* The carrying amount of the indefinite-lived patent assets was $0 at *December 31, 2024* and *March 31, 2024.*

***Revenue Recognition***

The FASB issued Accounting Standards Codification ("ASC") *606* as guidance on the recognition of revenue from contracts with customers. Revenue recognition depicts 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 adopted the guidance on *April 1, 2018* and applied the cumulative catch-up transition method.

The Company's only material revenue source is part of discontinued operations and derives from sales of cannabis and cannabis products, distinct physical goods. 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.

***Equity-Based Compensation***

The Company accounts for equity instruments issued to employees and non-employees in accordance with the provisions of ASC *718* Stock Compensation (ASC *718*). The computation of the expense associated with stock-based compensation requires the use of a valuation model. The FASB-issued accounting guidance requires significant judgment and the use of estimates, particularly surrounding Black-Scholes assumptions such as stock price volatility, expected option lives, and expected option forfeiture rates, to value equity-based compensation. We currently use a Black-Scholes option pricing model to calculate the fair value of our stock options. We primarily use historical data to determine the assumptions to be used in the Black-Scholes model and have *no* reason to believe that future data is likely to differ materially from historical data. However, changes in the assumptions to reflect future stock price volatility and future stock award exercise experience could result in a change in the assumptions used to value awards in the future and *may* result in a material change to the fair value calculation of stock-based awards. This accounting guidance requires the recognition of the fair value of stock compensation in net income. Although every effort is made to ensure the accuracy of our estimates and assumptions, significant unanticipated changes in those estimates, interpretations and assumptions *may* result in recording stock option expense that *may* materially impact our financial statements for each respective reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *13*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

**Note *1*** – **Background and Significant Accounting Policies, continued**

***Income Taxes***

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in financial statements or tax returns. Deferred tax items are reflected at the enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Due to the uncertainty regarding the success of future operations, management has valued the deferred tax asset allowance at *100%* of the related deferred tax assets.

Because the Company operated in the State-licensed cannabis industry until the *December 31, 2021* disposition of the Nevada Subsidiaries (Note *7*), revenue from those activities were subject to the limitations of Internal Revenue Code Section *280E* (*"280E"*) for U.S. income tax purposes. Under *280E,* the Company is allowed to deduct expenses that are directly related to the production of its products, i.e. cost of goods sold, but is allowed *no* further deductions for ordinary and necessary business expenses from its gross profit. The Company believes that the deductions disallowed include the deduction of net operating loss carryforwards ("NOLs"). The unused NOLs will continue to carry forward and those that do *not* expire or become subject to other limitations *may* be used by the Company to offset future taxable income that is *not* subject to the limitations of *280E.*

***Loss per Share***

The Company's basic loss per share has been calculated using the weighted average number of common shares outstanding during the year. The Company had 191,298,319 and 176,512,503 potentially dilutive common shares including convertible debt, stock options and warrants at *December 31, 2024* and *March 31, 2024,* respectively. Such common stock equivalents were *not* included in the computation of diluted net loss per share, as their inclusion would have been anti-dilutive.

***Recent Accounting Pronouncements***

*Standards *Not* Yet Adopted*

All other newly issued accounting pronouncements have been deemed either immaterial or *not* applicable.

**Note *2*** – **Going Concern**

The Company's unaudited 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 $110,642,891 at *December 31, 2024.* The Company had a working capital deficit of $5,323,014 at *December 31, 2024,* compared to a deficit of $4,992,115 at *March 31, 2024.* In addition, the Company has consumed cash in its operating activities of $253,975 for the *nine* months ended *December 31, 2024,* compared to $723,230 used in operating activities for the *nine* months ended *December 31, 2023.*

Management has been able, thus far, to finance the losses through debt financing, 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. Accordingly, there is substantial doubt about the Company to continue as a going concern for a period of *twelve* months from the date of these financial statements were made available. Management believes that its current and future plans provide an opportunity to continue as a going concern. The accompanying unaudited interim consolidated 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *14*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

**Note *3*** – **Notes and Convertible Notes Payable and Line of Credit**

***Summary of Notes Payable and Convertible Notes Payable***

As of *December 31, 2024* and *March 31, 2024* the following notes payable were recorded in the Company's consolidated balance sheets:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Face Value** | **Discount** | **Carrying Value** |
| 0% Note Payable dated October 23, 2017 (as amended) | $55307 | $- | $55307 |
| 6% Convertible promissory notes payable | 560000 |  | 560000 |
| 6% Convertible notes payable due January 18, 2022 | 325000 |  | 325000 |
| 6% Convertible note payable due July 1, 2022 (Note 6) | 50000 |  | 50000 |
| 6% Convertible promissory notes payable due September 30, 2023 | 197000 |  | 197000 |
| 6% Convertible note payable due December 31, 2023 | 250000 |  | 250000 |
| Total short-term notes and convertible notes payable | $1437307 |  | $1437307 |
| 6% Convertible note payable due June 29, 2026 | 25000 |  | 25000 |
| 6% Convertible note payable due July 10, 2026 | 50000 |  | 50000 |
| 6% Convertible notes payable due January-December 2027 | 472000 |  | 472000 |
| 6% Convertible note payable due September 6, 2027 | 10000 |  | 10000 |
| Total long-term notes and convertible notes payable | 557000 |  | 557000 |
| Total notes and convertible notes payable | $1994307 | $- | $1994307 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31, 2024** | **As of March 31, 2024** | **As of March 31, 2024** |
|  | **Face Value** | **Discount** | **Carrying Value** |
| 0% Note Payable dated October 23, 2017 (as amended) | $55307 | $- | $55307 |
| 6% Convertible promissory notes payable | 560000 |  | 560000 |
| 6% Convertible notes payable due January 18, 2022 | 325000 |  | 325000 |
| 6% Convertible note payable due July 1, 2022 (Note 6) | 50000 |  | 50000 |
| 6% Convertible promissory notes payable due September 30, 2023 | 197000 |  | 197000 |
| 6% Convertible note payable due December 31, 2023 | 250000 |  | 250000 |
| Total short-term notes and convertible notes payable | $1437307 |  | $1437307 |
| 6% Convertible note payable due June 29, 2026 | 25000 |  | 25000 |
| 6% Convertible note payable due July 10, 2026 | 50000 |  | 50000 |
| 6% Convertible notes payable due January-February 2027 | 247000 |  | 247000 |
| Total long-term notes and convertible notes payable | 322000 |  | 322000 |
| Total notes and convertible notes payable | $1759307 | $- | $1759307 |

---

***0%* Note Payable dated *October 23, 2017***

On *October 23, 2017,* the Company amended the existing Nevada Medical Marijuana Production License Agreement ("Amended Production License Agreement"). Per the terms of the Amended Production License Agreement, GB Sciences purchased the remaining percentage of the production license resulting in 100% ownership of the license. GB Sciences also received 100% ownership of the cultivation license included in the original Nevada Medical Marijuana Production License Agreement. In exchange, GB Sciences made *one*-time payment of $500,000 and issued a 0% Promissory Note in the amount of $700,000 payable in equal monthly payments over a three-year period commencing on *January 1, 2018.* The present value of the note was $521,067 on the date of its issuance based on an imputed interest rate of 20.3% and the Company recorded a discount on notes payable of $178,933 related to the difference between the face value and present value of the note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *15*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

**Note *3*** – **Notes and Convertible Notes Payable and Line of Credit, continued**

***0% Note Payable dated *October 23, 2017,* continued***

On *August 10, 2020,* the Company entered into the Membership Interest Purchase Agreement ("Nopah MIPA") for the sale of its interest in GB Sciences Nopah, LLC. The Nopah sale was closed *December 31, 2021* after successful transfer of the Nevada Medical Marijuana Cultivation Facility Registration Certificate on *December 14, 2021.* At close, the principal balance of the note was reduced from $369,445 to $190,272 and accounts payable totaling $74,647 to an affiliate of the purchaser were extinguished.

On *March 4, 2022,* the Company entered into the Second Promissory Note Modification Agreement, which reduced the total outstanding balance of principal and interest from $201,532 (at the time of the agreement) to $179,127 and modified the terms of the note to provide that the Company would make an immediate payment of $75,000, with $5,000 monthly payments thereafter until the note is repaid in full. The modification also provided that the note would bear interest at 8.0% per annum. The Company made a $75,000 payment pursuant to the terms of the modification on *March 4, 2022.* This note is currently in default.

At *December 31, 2024,* the outstanding balance of the note was $55,307, and accrued interest was $8,073. The Company made no payments during the quarter ended *December 31, 2024.*

****March 2017* and *July 2017* Convertible Note Offerings***

In *March 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 $0.60 per share for the period of three years. Between *March 2017* and *May 2017,* the Company issued short-term Promissory Notes ("Notes") to various holders with combined face value of $2,000,000. The Notes are payable within three years of issuance and are convertible into 8,000,000 shares of the Company's common stock. The Company also issued 8,000,000 common stock warrants to the Noteholders. 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 Company recorded an aggregate discount on convertible notes of $1,933,693, which included $904,690 related to the relative fair value of beneficial conversion features and $1,029,003 for the relative fair value of the warrants issued with each note. The fair value of warrants 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. Between *July 2017* and *December 2017,* the Company issued short-term Promissory Notes ("Notes") to various holders with combined face value of $7,201,000. The Notes are payable within three years of issuance and are convertible into 28,804,000 shares of the Company's common stock. The Company also issued 28,804,000 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 Company recorded an aggregate discount on convertible notes of $7,092,796, which included $3,142,605 related to the relative fair value of beneficial conversion features and $3,950,191 for the relative fair value of the warrants issued with each note. The fair value of warrants was derived using the Black-Scholes valuation model.

All notes from the *March* and *July 2017* offerings have passed their maturity dates. During the year ended *March 31, 2022,* the Company agreed to extensions with the holders of a total of $197,000 of the $1,257,000 that remained outstanding at the time. For the *$197,000* of extended notes, the Company agreed to reduce the conversion price to $0.10 per share and issued a total of 788,000 additional warrants to the holders of the notes with a term of three years and an exercise price of $0.10 per share. In exchange, the maturity date of the notes was extended to *September 30, 2023.* As of the date of this filing, these notes are still outstanding and are currently in default. Using the Black-Scholes model, the Company valued the warrants at $13,396 and the change in the fair value of the conversion feature at $33,490. Because the change in the fair value of the conversion feature exceeded *10%* of the carrying amount of the notes, the Company accounted for the modification of the notes as an extinguishment and recorded a discount on the new convertible notes of $46,886 related to the fair value of the new warrants issued and the change in the fair value of the conversion feature. The Company recorded interest expense of $8,906 and $28,599 on the extended notes during the quarters ended *December 31, 2024* and *2023,* respectively. Accrued interest on the $197,000 extended notes is $88,731 and the remaining unamortized discount was $0 at *December 31, 2024.*

Three convertible notes totaling $1,060,000 were held by the same investor and in default. On *January 20, 2022,* the Company repaid $500,000 of the principal balances owed to the investor, and *one* convertible note in the amount of $560,000 remains outstanding plus accrued interest totaling $274,446. The Company intends to negotiate the terms of an extension of the remaining note and accrued interest with the noteholder. The notes do *not* provide for a default penalty or penalty interest rate. Interest expense for the outstanding note was $11,292 and $39,185, respectively, for the quarters ended *December 31, 2024* and *2023,* and *no* unamortized discount at *December 31, 2024.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *16*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

 ***December 2020 $700,000 6%* Convertible Notes***

On *December 18, 2020,* the Company began an offering of 6.0% convertible notes for the purpose of funding a pre-clinical study of the Company's patent-pending Cannabinoid-Containing Complex Mixtures for the treatment of Cytokine Release Syndromes, including Acute Respiratory Distress Syndrome, in COVID-*19* patients. The Company pledged the related intellectual property as security for the notes. The notes are convertible at a rate of $0.05 per share at the lender's request. The Company previously issued $625,000 in convertible notes under the offering to *three* investors. $375,000 of the notes mature between *January 31, 2021* and *July 1, 2022,* and $250,000 mature in *December 2023.* These notes are currently in default. Payment of accrued interest and principal is due at maturity. The Company received cash of $543,750, net of brokerage fees, and recorded discounts on the convertible notes totaling $81,250 related to the issuance costs. Notes totaling $425,000 were issued with in-the-money conversion features, and the Company recorded beneficial conversion feature discounts totaling $347,000 on the related notes. During the year ended *March 31, 2022,* the Company received an additional $50,000 related to the note offering and recorded a discount on convertible notes payable of $6,500 related to issuance costs. The notes were initially convertible into the Common stock of the Company at $.03 cents per share. On *November 13, 2023* the Company reduced the conversion rate from $.03 cents per share to $.01 cent per share through *December 31, 2023.* The Company reviewed the reduction of the conversion price and deemed that it did *not* meet the criterion for debt extinguishment. As the conversion price of $.03 per share and $.01 per share were both out of the money, the Company deemed that there was *no* impact of the reduction of the conversion price.

During the year ended *March 31, 2024,* the Company received an additional $25,000 and $50,000 related to the note offering with maturity dates of *September 30, 2026* and *July 10, 2026,* respectively, and recorded *no* discount or beneficial conversion features. During the quarters ended *December 31, 2024* and *2023,* the Company recorded interest expense of $36,146 and $92,533, respectively, on the *December 2020* $700,000 *6%* Convertible Notes. Accrued interest on these notes is $165,460 and the remaining unamortized discount was $0 at *December 31, 2024.*

 ***January 2024 $472,000 6%* Convertible Notes***

From *January 22, 2024* to *February 7, 2024,* the Company offered additional 6% convertible notes to *13* investors for total proceeds of $247,000 out of a total planned subscription of $500,000. On *July 1, 2024* and *July 2, 2024* the Company received an additional $50,000 and $50,000, respectively and recorded *no* discount or beneficial conversion feature. In addition, on *October 16, 2024, November 11, 2024* and *December 23, 2024* the Company received an additional $50,000, $25,000 and $50,000, respectively and recorded *no* discount or beneficial conversion feature. The notes mature three years from the date the subscription price was paid. The notes are convertible at the discretion of the holder in part or in full at the conversion rate of $0.01 per share. In addition, for any investors in these notes that hold warrants from previous transactions, those warrants shall have an exercise price of $0.01 per share for a period of *90* days beginning on the date of the note. There was *no* discount recorded related to these notes. During the *nine* months ended *December 31, 2024* and *2023,* the Company recorded interest expense of $15,058 and $0, respectively. Accrued interest on these notes is $17,508 at *December 31, 2024.*

**Note *4*** – **Capital Transactions**

***Nine months ended *December 31, 2024****

***Warrants***

During the *nine* months ended *December 31, 2024,* the Company repriced 1,000,000 unexpired investor warrants from $0.10 to $0.01. On *May 16, 2024* the warrants were exercised and the Company recognized $3,462 as a deemed dividend and in accordance with ASC *470,* this amount was recorded through additional paid in capital and retained earnings as a deemed dividend.

During the *nine* months ended *December 31, 2024,* there were 4,198,002 expired warrants at an original exercise price of $0.25 and 2,095,333 expired warrants at an original exercise price of $0.10.

During the *nine* months ended *December 31, 2024,* the Company accepted the exercise of 1,000,000 warrants at $0.01 per share of common stock, for gross cash proceeds of $10,000.

***Year ended *March 31, 2024***

***Warrants***

During the year ended *March 31, 2024,* the Company extended the expiration date and temporarily repriced 92,657,209 unexpired investor warrants effective as of *September 1, 2023.* In addition, the Company reinstated 23,006,492 previously expired warrants exercisable at $0.01 per share and recognized $278,315 as a deemed dividend related to the reissuance of these warrants and in accordance with ASC *470,* this amount was recorded through additional paid in capital and accumulated deficit as a deemed dividend.

During the year ended *March 31, 2024,* there were 3,490,834 expired warrants at an original exercise price of $0.10, 4,295,500 expired warrants at an original exercise price of $0.60, 300,000 expired warrants at an original exercise price of $0.04, and 2,456,750 expired warrants at an original exercise price of $0.10.

During the year ended *March 31, 2024,* the Company accepted the exercise of 25,348,467 warrants at $0.01 per share of common stock, for gross cash proceeds of $253,529, and recorded brokerage fees of $17,752.

During the year ended *March 31, 2024,* the Company repurchased 1,150,000 common shares for $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *17*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

**Note *4*** – **Capital Transactions, continued**

***Warrants Outstanding***

Presented below is a summary of the Company's warrant activity, exclusive of warrants held by employees, for the periods ended *December 31, 2024* and *March 31, 2024:*

---

| | | | |
|:---|:---|:---|:---|
|  | **Warrants Outstanding** | **Warrants Outstanding** | **Warrants Outstanding** |
|  | Number of<br> Shares | Exercise<br> Price | Exercise<br> Price |
| Warrants issued (including reinstated) | 23006492 | *$0.01* | *$0.01* |
| Warrants exercised | (25348467) | *$0.01* | *$0.01* |
| Warrants expired/cancelled | (38337538) | *$0.01* | $0.60 |
| Outstanding at March 31, 2024 | 82079164 |  |  |
| Warrants issued |  | *$0.00* | *$0.00* |
| Warrants exercised | (1000000) | *$0.01* | *$0.01* |
| Warrants expired/cancelled | (6666335) | $0.01 | $0.60 |
| Outstanding at December 31, 2024 | 74412829 |  |  |

---

***Employee Option Grants***

A summary of employee option activity, including warrants issued to employees, as of *December 31, 2024* and *March 31, 2024,* and changes during the years then ended, is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Weighted** |  |
|  |  | ***Weighted*** | ***Average*** |  |
|  |  | ***Average*** | ***Remaining*** | ***Aggregate*** |
|  |  | ***Exercise*** | ***Contractual*** | ***Intrinsic*** |
| **Employee options** | ***Options*** | ***Price $*** | ***Life (years)*** | ***Value ($)*** |
| Exercisable at March 31, 2023 | 17733334 | $0.11 |  |  |
| Granted | 15000000 | $0.01 |  |  |
| Exercised |  | $- |  |  |
| Expired | (2700000) | $0.11 |  |  |
| Forfeited | (1150000) | $0.05 |  |  |
| Outstanding at March 31, 2024 | 28883334 | $0.06 | $7.06 | $- |
| Fully vested and expected to vest at March 31, 2024 | 28883334 | $0.06 |  |  |
| Exercisable at March 31, 2024 | 28883334 | $0.06 |  |  |
| Granted |  | $- |  |  |
| Exercised |  | $- |  |  |
| Expired |  | $- |  |  |
| Forfeited |  | $- |  |  |
| Outstanding at December 31, 2024 | 28883334 | $0.06 | $6.30 | $- |
| Fully vested and expected to vest at December 31, 2024 | 28883334 | $0.06 |  |  |
| Exercisable at December 31, 2024 | 28883334 | $0.06 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *18*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

(unaudited)

**Note *4*** – **Capital Transactions, continued**

***Employee Option Grants, continued***

The table below sets forth nonemployee option activity for the *nine* months ended *December 31, 2024* and *March 31, 2024* and changes during the years then ended, is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Weighted** |  |
|  |  | ***Weighted*** | ***Average*** |  |
|  |  | ***Average*** | ***Remaining*** | ***Aggregate*** |
|  |  | ***Exercise*** | ***Contractual*** | ***Intrinsic*** |
| **Nonemployee options** | ***Options*** | ***Price $*** | ***Life (years)*** | ***Value ($)*** |
| Exercisable at March 31, 2023 | 6483000 | $0.13 |  |  |
| Granted | 8000000 | $0.01 |  |  |
| Exercised |  |  |  |  |
| Forfeited |  |  |  |  |
| Outstanding at March 31, 2024 | 14483000 | $0.06 | 7.58 |  |
| -Fully vested and expected to vest at March 31, 2024 | 14483000 | $0.06 |  |  |
| Exercisable at March 31, 2024 | 14483000 | $0.06 |  |  |
| Granted |  |  |  |  |
| Exercised |  |  |  |  |
| Forfeited |  |  |  |  |
| Outstanding at December 31, 2024 | 14483000 | $0.06 | 6.83 |  |
| -Fully vested and expected to vest at December 31, 2024 | 14483000 | $0.06 |  |  |
| Exercisable at December 31, 2024 | 14483000 | $0.06 |  |  |

---

***Restricted stock awards***

No restricted stock awards were granted during the *nine* months ended *December 31, 2024* and *March 31, 2024.*

**Note *5*** – **Commitments and Contingencies**

On *April 11, 2022,* the Company was served notice of a lawsuit filed in the Eighth Judicial District Court in Clark County, Nevada by an individual who alleges he was shot by a security guard at the Teco Facility in *May* of *2020.* The alleged incident occurred after the claimant broke into the Teco Facility during closing hours. GB Sciences, Inc. and its former subsidiaries GB Sciences Nevada, LLC and GB Sciences Las Vegas, LLC, along with the security provider, Protective Force International, Inc., were named as defendants in the lawsuit. The Company holds a certificate of insurance with the insurer for Protective force International and believes it *may* have coverage under that policy in the event the Company is found liable for damages, however, the Company denies any liability and intends to vigorously defend the lawsuit. We are unable to make any determination at this time as to the likelihood or amount of damages.

From time to time, the Company *may* become involved in certain legal proceedings and claims which arise in the ordinary course of business. In management's 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, the Company would record a reserve for the claim in question. If and when the Company records such a reserve, it could be material and could adversely impact its results of operations, financial condition, and cash flows.

The Company is currently involved in projects for which the Company has contracts with vendors and for which the Company has been invoiced approximately $235,000. Work on these projects will *not* commence until *2025,* the Company has *not* accrued for these amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *19*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

**Note *6*** – **Related Party Transactions**

As of *December 31, 2024,* $119,451 has been recorded in accounts payable related party, due to an entity controlled by a family member of Mr. John Poss, Chief Executive Officer of the Company. Amounts owing are for marketing services provided and have been recorded as a component of general and administrative expense. In addition, there was $7,634 owed to Mr. Poss at *December 31, 2024* for expenses incurred in connection with the business operations of the Company.

As of *December 31, 2024,* $3,000 has been recorded in accounts payable related party, due to Dr. Andrea Small Howard, President and Director, related to amounts owed for expenses incurred in connection with the business operations of the Company.

As of *December 31, 2024* and *March 31, 2024,* the Company owed $119,451 and $127,436, respectively, for Related Party Accounts Payable.

**Note *7*** – **Note Receivable from Sale of Membership Interests in Nevada Subsidiaries** 

On *March 24, 2020,* the Company entered into the Membership Interest Purchase Agreement ("Teco MIPA") with AJE Management, LLC. Pursuant to the Teco MIPA, the Company agreed to sell 100% of its membership interests in GB Sciences Nevada, LLC, and GB Sciences Las Vegas, LLC (the "Teco Subsidiaries") for approximately $8 million, which amount includes a cash payment at closing, the extinguishment and/or repayments of certain liabilities owed to the purchaser and affiliates of the purchaser, and an 8% promissory note.

On *August 10, 2020,* the Company entered into the Membership Interest Purchase Agreement ("Nopah MIPA") and Promissory Note Modification Agreement with *483* Management, LLC. Pursuant to the Nopah MIPA, the Company agreed to sell its 100% membership interest in GB Sciences Nopah, LLC ("Nopah"), which holds a Nevada medical marijuana cultivation certificate. As consideration, the Company would receive $312,315 in consideration in the form of a $237,668 reduction to the outstanding principal and accrued interest balances of the 0% Note payable dated *October 23, 2017 (*Note *5*), and extinguishment of accounts payable of $74,647, which were owed to an affiliate of the purchaser.

The closing of the Teco and Nopah sales was contingent upon the successful transfer of the Nevada cultivation and production licenses. On *December 14, 2021,* the Company received approval from the Nevada Cannabis Compliance Board for the transfer of cannabis cultivation and extraction licenses held by its subsidiaries GB Sciences Nevada, LLC, GB Sciences Las Vegas, LLC, and GB Sciences Nopah, LLC (the "Nevada Subsidiaries"). Consequently, all conditions to closing the sales of the 100% membership interests in the Nevada Subsidiaries were satisfied, and the transactions formally closed on *December 31, 2021.* After the closing date, the Company retains no ownership interest in the Nevada Subsidiaries.

As consideration for the membership interests, the Company received cash payments of $1,648,772 (including $400,000 in advance payments received during the *nine* months ended *December 31, 2021),* the extinguishment $3,462,854 of debt and current liabilities owed to affiliates of the purchaser and a $3,025,000 8% note receivable.

The $3,025,000 note receivable from the sale of the Teco Subsidiaries was initially payable as quarterly, interest only payments of $60,500 for the first year, followed by seven quarterly payments of interest and principal of $201,774 beginning *March 31, 2023,* with a final payment of principal and interest totaling $2,014,225 on *December 31, 2024.*

The note contains a provision that allows payments of principal and interest due prior to the maturity date to be postponed to the next quarterly payment date if cash flow from the operations of the facility is insufficient to cover the amount of the payment. Several days prior to the *first* interest payment due date of *April 1, 2022,* AJE Management, LLC notified the Company that it would be postponing the payment of interest of $60,500 due on *April 1, 2022* due to insufficient cash flow to make the payment. AJE Management, LLC has also notified us that it was unable to make the interest payment due *July 1, 2022* due to insufficient cash flow. As a result, the Company reevaluated the factors relating to the collectability of the note and determined that an impairment charge in the amount of $3,025,000, equal to the full balance of the note, was warranted as there is substantial uncertainty around the collectability of the note, and we are unable to make an appropriate estimate of the amount of payments, if any, the Company will ultimately receive. The impairment charge was included on the Company's Statement of Operations for the year ended *December 31, 2022* as loss on impairment of note receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GB SCIENCES, INC. AND SUBSIDIARIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE NINE MONTHS ENDED *DECEMBER 31, 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (unaudited)

**Note *7* – Note Receivable from Sale of Membership Interests in Nevada Subsidiaries, continued**

On *March 27, 2023,* the Company and AJE Management entered into agreement whereby a payment in the amount $100,000 paid on or about the date of the agreement ("initial principal payment") shall have been deemed to reduce the principal amount of the note by an additional $504,167. The amount of $100,000 was recorded in Other Income on the Statement of Operations during the quarter ended *March 31, 2023.* 

Further in connection with the execution of the *March 27, 2023* agreement all parties to the note agreed that after the initial principal payment, additional payments made on or prior to *September 30, 2023,* shall reduce the amounts outstanding under the note such that for each $1.00 paid to Payee, (i) the principal amount of the Note shall be reduced by $5.0416, and (ii) Maker shall be deemed to have repaid all interest that has accrued on such principal amount from the date of the Note to the date of such payment. For purpose of clarity, it is hereby acknowledged and agreed, that the payment of the Initial Principal Payment together with additional payments in the aggregate amount of $500,000, made by Maker to Payee on or prior to *September 30, 2023,* shall satisfy all of Maker's obligations under the Note. To the extent any amounts remain outstanding under the Note after *September 30, 2023,* all payments made by Maker to Payee under the Note following *September 30, 2023* shall be applied to repay the Note in accordance with its terms without regard to this Agreement.

**Note *8*** – **Subsequent Events** 

Subsequent events have been evaluated through *August 12, 2025,* the date the condensed consolidated financial statements were issued. Except as disclosed below, *no* events have been identified requiring disclosure or recording.

During the period from *January 1, 2025* through *August 12, 2025,* the Company issued an aggregate of $360,000 in convertible notes payable. The convertible notes bear interest at a rate of 6% per annum and are due three years from the dates of issuance. The convertible notes are convertible into shares of common stock at the option of the note holders at a conversion price of $0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21

------

**ITEM 2. Management**'**s Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis contains* "*forward-looking statements,*" *as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as* "*may*"*,* "*will*"*,* "*should*"*,* "*could*"*,* "*expects*"*,* "*plans*"*,* "*intends*"*,* "*anticipates*"*, believes*"*,* "*estimates*"*,* "*predicts*" *or* "*continue*"*, which list is not meant to be all-inclusive, and other such negative terms and comparable technology. These forward-looking statements, include, without limitation, statements about market opportunity, strategies, competition, expected activities and expenditures as we pursue business our plan, and the adequacy of available cash reserves. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include among other things:*

&nbsp;&nbsp;&nbsp;&nbsp;*(i) product demand, market and customer acceptance of any or all of the Company*'*s products, equipment and other goods,*

&nbsp;&nbsp;&nbsp;&nbsp;*(ii) ability to obtain financing to expand its operations,*

&nbsp;&nbsp;&nbsp;&nbsp;*(iii) ability to attract and retain qualified personnel,*

&nbsp;&nbsp;&nbsp;&nbsp;*(iv) the results, cost and timing of our preclinical studies and clinical trials, including any delays to such clinical trials relating to enrollment or site initiation, as well as the number of required trials for regulatory approval and the criteria for success in such trials,*

&nbsp;&nbsp;&nbsp;&nbsp;*(v) our dependence on third parties in the conduct of our preclinical studies and clinical trials,*

&nbsp;&nbsp;&nbsp;&nbsp;*(vi) legal and regulatory developments in the United States and foreign countries, including any actions or advice that may affect the design, initiation, timing, continuation, progress or outcome of clinical trials or result in the need for additional clinical trials,*

&nbsp;&nbsp;&nbsp;&nbsp;*(vii) the results of our preclinical studies and earlier clinical trials of our product candidates may not be predictive of future results and we may not have favorable results in our ongoing or planned clinical trials,*

&nbsp;&nbsp;&nbsp;&nbsp;*(viii) the difficulties and expenses associated with obtaining and maintaining regulatory approval of our product candidates, and the indication and labeling under any such approval,*

&nbsp;&nbsp;&nbsp;&nbsp;*(ix) our plans and ability to develop and commercialize our product candidates,*

&nbsp;&nbsp;&nbsp;&nbsp;*(x) successful development of our commercialization capabilities, including sales and marketing capabilities, whether alone or with potential future collaborators,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xi) the size and growth of the potential markets for our product candidates, the rate and degree of market acceptance of our product candidates and our ability to serve those markets,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xii) the success of competing therapies and products that are or become available,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xiii) our ability to limit our exposure under product liability lawsuits, shareholder class action lawsuits or other litigation,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xiv) our ability to obtain and maintain intellectual property protection for our product candidates,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xv) our ability to obtain and maintain third-party manufacturing for our product candidates on commercially reasonable terms,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xvi) delays, interruptions or failures in the manufacture and supply of our product candidates,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xvii) the performance of third parties upon which we depend, including third-party contract research organizations, or CROs, contract manufacturing organizations, or CMOs, contractor laboratories and independent contractors,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xviii) the timing and outcome of current and future legal proceedings,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xix) our ability to maintain proper functionality and security of our internal computer and information systems and prevent or avoid cyberattacks, malicious intrusion, breakdown, destruction, loss of data privacy or other significant disruption,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xx) the adequacy of capital reserves and liquidity including, but not limited to, access to additional borrowing capacity,*

&nbsp;&nbsp;&nbsp;&nbsp;*(xxi) the extent to which health epidemics and other outbreaks of communicable diseases, including the ongoing COVID-19 pandemic, could disrupt our operations or materially and adversely affect our business and financial conditions, and*

&nbsp;&nbsp;&nbsp;&nbsp;*(xxii) general industry and market conditions and growth rates, unexpected natural disasters, and other factors, which we have little or no control: and any other factors discussed in the Company*'*s filings with the Securities and Exchange Commission (*"*SEC*"*).*

*The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this report.*

*The following discussion highlights the Company*'*s results of operations and the principal factors that have affected our financial condition, as well as our liquidity and capital resources for the periods described and provides information that management believes is relevant for an assessment and understanding of the statements of financial condition and results of operations presented herein. The following discussion and analysis is based on the Company*'*s unaudited financial statements contained in this Quarterly Report, which we have prepared in accordance with United States generally accepted accounting principles. You should read this discussion and analysis together with such financial statements and the related notes thereto.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22

------

**Executive Overview**

GB Sciences, Inc. ("the Company", "GB Sciences", "we", "us", or "our") is a plant-inspired, biopharmaceutical research and development company creating patented, disease-targeted formulations of cannabis- and other plant-inspired therapeutic mixtures for the prescription drug market through its wholly owned Canadian subsidiary, GbS Global Biopharma, Inc. ("GBSGB").

Through GBSGB, the Company is engaged in the research and development of plant-inspired medicines, with virtual operations in North America and Europe. GBSGB's assets include a portfolio of intellectual property containing both proprietary plant-inspired formulations and our AI-enabled drug discovery platform, as well as critical research contracts and key supplier arrangements. The Company's intellectual property portfolio, which is held by GBSGB, contains eight U.S. and twelve foreign patents issued, two foreign patents allowed, as well as fifteen U.S. and forty-one foreign patent-pending applications.

The Company's intellectual property covers a range of over 65 medical conditions, from which five drug development programs are in the preclinical stage of drug development including our formulations for Parkinson's disease ("PD"), chronic pain, cytokine release syndrome, stress/anxiety/depression, and cardiovascular therapeutic programs. The primary focus for the development of the Company's lead program this year has been in evaluating suitable development partners that will assist us in preparing its cannabinoid-based formulas for the treatment of the motor symptoms of Parkinson's disease for a first-in-human clinical trial. Talks with multiple potential licensing partners are ongoing and remain promising to help support the development of our Parkinson's disease therapy. Depending on the results of ongoing preclinical studies for our other therapy programs, the Company intends to move our drug development forward towards clinical trials for its proprietary treatments for chronic pain, stress/anxiety, and cytokine release syndrome therapies after PD.

In the period from March 30, 2023 to now, the Company received positive results from five different preclinical trials. These important studies support the viability of its novel therapeutic programs. In July of 2023, the Company announced that they have successfully completed a dose response study in rodents at the University of Lethbridge that supports the Company's cannabinoid-based therapy for Parkinson's disease. The study has established dose ranges and the corresponding times to onset and duration of action in a rodent model, which helps to establish the correct dosing of the Company's cannabinoid-containing Parkinson's formulations for a first-in-human trial. In addition to the dosage range findings, this study demonstrated that the Company's Parkinson's disease formulations were well tolerated, and there were no adverse effects. As the second most common neurodegenerative disease, the market for Parkinson's disease (PD) treatments is expected to grow to $12.8 billion by 2028.

During the period from March 30, 2023 to now, the Company's formulations for chronic pain, anxiety and depression have been evaluated in preclinical animal studies with researchers at the National Research Council (NRC) Canada. Drug candidates originally identified by PhAROS™ have now been validated in these preclinical animal studies at the NRC. Two preclinical studies at the University of Seville were completed this year. One evaluated the effectiveness of our extended-release formulas for chronic pain and showed positive results in preclinical cell models. The other validated the stability (shelf-life) of these nanoparticle-based and extended-release formulas for chronic pain. This shelf-life study demonstrated significant stability under defined storage conditions.

Previously, the Company received positive preclinical proof-of-concept data supporting its complex mixtures for the treatment of Cytokine Release Syndrome, and its lead candidates will be optimized based on late-stage preclinical studies at Michigan State University. Proof-of-concept studies in animals that support our heart disease formulations have been successfully completed at the University of Hawaii. The Company runs a lean drug development program through GBSGB and takes effort to minimize expenses, including personnel, overhead, and fixed capital expenses through strategic partnerships with Universities and Contract Research Organizations ("CROs"). Our productive research and development network includes distinguished universities, hospitals, and Contract Research Organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23

------

**RESULTS OF OPERATIONS**

The following table sets forth certain of our Condensed Consolidated Statements of Operations data from continuing operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine months Ended** | **For the Nine months Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
| Revenue | $97235 | $- | $97235 | $- |
| Cost of goods sold |  |  |  |  |
| Gross profit | 97235 |  | 97235 |  |
| General and administrative expenses | $163826 | $234007 | $575753 | $1050621 |
| LOSS FROM OPERATIONS | (66591) | (234007) | (478518) | (1050621) |
| OTHER INCOME/(EXPENSE) |  |  |  |  |
| Interest expense | (33764) | (38269) | (97381) | (121815) |
| Loss on impairment of capitalized patent and trademark costs |  |  |  | (42194) |
| Other income |  | 85000 |  | 320000 |
| Total other income (expense) | (33764) | 46731 | (97381) | 155991 |
| LOSS BEFORE INCOME TAXES | (100355) | (187276) | (575899) | (894630) |
| Income tax expense |  |  |  |  |
| NET LOSS | $(100355) | $(187276) | $(575899) | $(894630) |

---

**Comparison of the Three Months Ended December 31, 2024 and 2023**

***Revenue***

On September 26, 2024, the Company entered into a mutually beneficial licensing agreement with EndoPure. For the three months ended December 31, 2024, the Company had $97,235 in revenue from royalty fees compared to $0 for the three months ended December 31, 2023.

***General and Administrative Expenses***

General and administrative expenses decreased by $70,181 to $163,826 for the three months ended December 31, 2024, compared to $234,007 for the three months ended December 31, 2023. The decrease of $70,181 is attributable to Company's continuing efforts to maintain administrative costs at a minimum and to make the best use of its limited resources in advancing research & development of the Company's intellectual property portfolio.

***Interest Expense***

Interest expense decreased by $4,505 to $33,764 for the three months ended December 31, 2024, compared to $38,269 in the prior year quarter. The decrease is attributable to debt discounts becoming fully amortized during the period.

***Other income***

During the three months ended December 31, 2024, the Company recorded other income of $0. The income in the 2023 period relates to the receipt of $85,000 from the makers of a note receivable in the amount of $2,520,833 due and payable to the Company. The note receivable was fully allowed for as of March 31, 2023 and therefore the receipt of cash from the payor has been classified as other income.

**Comparison of the Nine Months ended December 31, 2024 and 2023**

***Revenue***

On September 26, 2024, the Company entered into a mutually beneficial licensing agreement with EndoPure. For the six months ended December 31, 2024, the Company had $97,235 in revenue from royalty fees compared to $0 for the nine months ended December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24

------

***General and Administrative Expenses***

General and administrative expenses decreased by $474,868 to $575,753 for the nine months ended December 31, 2024, compared to $1,050,621 for the nine months ended December 31, 2023. The decrease is attributable to the Company's continuing efforts to maintain administrative costs at a minimum and to make the best use of its limited resources in advancing research & development of the Company's intellectual property portfolio.

***Interest Expense***

Interest expense increased by $24,434 to $97,381 for the nine months ended December 31, 2024, compared to $121,815 in the prior nine months. The decrease is attributable to debt discounts becoming fully amortized during the period.

***Loss on impairment of capitalized patent and trademark costs***

During the nine months ended December 31, 2024, no impairment was recorded during the nine months ended December 31, 2024. During the nine months ended December 31, 2023 the Company recorded an impairment of all remaining capitalized patents and trademark costs totaling $42,194.

***Other income***

During the nine months ended December 31, 2024, the Company recorded other income of $0. The income in the 2023 period relates to the receipt of $320,000 from the makers of a note receivable in the amount of $2,520,833 due and payable to the Company. The note receivable was fully allowed for as of March 31, 2023 and therefore the receipt of cash from the payor has been classified as other income.

**LIQUIDITY AND CAPITAL RESOURCES**

**Current Liquidity**

The Company will need additional capital to implement its strategies. There is no assurance that it will be able to raise the amount of capital needed for future growth plans. Even if financing is available, it may not be on terms that are acceptable. If unable to raise the necessary capital at the times required, the Company may have to materially change the business plan, including delaying implementation of aspects of the business plan or curtailing or abandoning the business plan. In order to be able to achieve the strategic goals, the Company needs to further expand its business and financing activities. Based on the Company's cash position, it is necessary to raise additional capital by the end of the next quarter in order to continue to fund current operations. These factors raise substantial doubt about the ability to continue as a going concern. The Company is pursuing several alternatives to address this situation, including the raising of additional funding through equity or debt financing. In order to finance existing operations and pay current liabilities over the next twelve months, the Company will need to raise additional capital. No assurance can be given that the Company will be able to operate profitably on a consistent basis, or at all, in the future.

The principal sources of liquidity to date have been cash generated from sales of debt and equity securities and loans along with the sale of our subsidiaries.

At December 31, 2024, cash was $3,016, other current assets excluding cash were $91,451, and our working capital deficit was $5,347,659. Current liabilities were $5,323,014 and consisted principally of $2,219,375 in accounts payable and accounts payable - related party, accrued interest of $554,474, accrued liabilities of $145,500, $1,437,307 in notes and convertible notes payable, and a federal income tax liability related to the Company's past ownership of the Nevada Subsidiaries of $1,060,825.

At March 31, 2024, the Company had a cash balance of $11,991, other current assets excluding cash were $91,451, and our working capital deficit was $4,992,115. Current liabilities were $5,095,557, which consisted principally of $1,437,307 in notes and convertible notes payable, $2,012,896 in accounts payable, and $1,060,825 income taxes payable.

**Sources and Uses of Cash**

*Operating Activities*

Net cash used in operating activities increased $469,255 to $253,975 for the nine months ended December 31, 2024, compared to cash used of $723,230 for the nine months ended December 31, 2023. The decrease in cash used in operating activities is due to the net loss of $575,899 for the nine months ended December 31, 2024 offset by accounts payable, accrued liabilities and accrued interest totaling $321,924, compared to the net loss of $894,630 for the nine months ended December 31, 2023. We anticipate that cash flows from operations will be insufficient to fund business operations for the next twelve-month period. Accordingly, we will have to generate additional liquidity or cash flow to fund our current and anticipated operations. This will likely require the sale of additional common stock or other securities. There is no assurance that we will be able to realize any significant proceeds from such sales, if at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25

------

*Investing Activities*

During the nine months ended December 31, 2024, the Company recorded provided by (cash used in) investing activities of $0. During the nine months ended December 31, 2023, the Company recorded cash used by investing activities of $320,000.

*Financing Activities*

During the nine months ended December 31, 2024, the Company recorded cash flows provided by financing activities of $10,000, in gross proceeds from the exercise of warrants and $235,000 in proceeds from convertible notes payable. Cash provided by financing activities for the nine months ended December 31, 2023 included $75,000 gross proceeds from convertible notes payable, 253,529 in proceeds from warrant exercises and brokerage fees from warrant exercises of $17,752.

**Going Concern**

The Company's 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 $110,642,891 at December 31, 2024. The Company had a working capital deficit of $5,323,014 at December 31, 2024, compared to a deficit of $4,992,115 at March 31, 2024. In addition, the Company has consumed cash in its operating activities of $253,975 for the nine months ended December 31, 2024, compared to $723,230 used in operating activities for the nine months ended December 31, 2023. 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. Accordingly, there is substantial doubt about the Company to continue as a going concern for a period of twelve months from the date of these financial statements were made available. 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.

**VARIABLES AND TRENDS**

In the event the Company is able to obtain the necessary financing to progress with its business plan, the Company expects expenses to increase significantly to grow the business. Accordingly, the comparison of the financial data for the periods presented may not be a meaningful indicator of future performance and must be considered in light of these circumstances.

**CRITICAL 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, 2024.

**ITEM 3. Quantitative and Qualitative Disclosures About Market Risk**

As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26

------

**ITEM 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

The Company maintains disclosure controls and procedures that are designed to ensure that material information required to be disclosed in the periodic reports filed under the Securities Exchange Act of 1934, as amended, or 1934 Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and to ensure that such information is accumulated and communicated to management, including the chief executive officer and chief financial officer as appropriate, to allow timely decisions regarding required disclosure. At the end of the quarter ended December 31, 2024, the Company carried out an evaluation, under the supervision and with the participation of management, including the principal executive officer and the principal financial officer, of the effectiveness of the design and operation of disclosure controls and procedures, as defined in Rule 13(a)-15(e) and Rule 15d-15(e) under the 1934 Act. Based on this evaluation, management concluded that as of December 31, 2024, the disclosure controls and procedures were not effective due to material weaknesses: (1) as no member of our board of directors qualifies as an "audit committee financial expert" as defined in Item 407(d)(5) of Regulation S-K promulgated under the Securities Act; and (2) due to the fact the duties of the principal executive officer and the principal financial officer are consolidated in one person and therefore the Company lacks duel control within the duties of these two positions.

**Limitations on Effectiveness of Controls and Procedures**

Management, including the Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), does not expect that disclosure controls and procedures will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

**Changes in Internal Controls**

During the fiscal quarter ended December 31, 2024, there have been no changes in the internal controls over financial reporting that have materially affected or are reasonably likely to materially affect the internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27

------

**PART II** – **OTHER INFORMATION**

**ITEM 1. Legal Proceedings**

During the normal course of its business, the Company is subject to occasional legal proceedings and claims. The Company does not have any pending litigation that, separately or in the aggregate, would, in the opinion of management, have a material adverse effect on its results of operations, financial condition, or cash flows.

**ITEM 1A. Risk Factors**

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2024, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common and capital stock. There have been no material changes to our risk factors since our Annual Report on Form 10-K for the year ended March 31, 2024.

**ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds**

During the nine months ended December 31, 2024*,* the Company accepted the exercise of 1,000,000 warrants at $0.01 per share of common stock, for gross cash proceeds of $10,000. The common shares were not registered under the Act and were issued in reliance upon the exemption from registration contained in Section 4(2) of the Act since the transactions were not a part of any public offering.

**ITEM 3. Defaults Upon Senior Securities**

None.

**ITEM 4. Mine Safety Disclosures**

Not Applicable.

**ITEM *5.* Other Information**

None.

**ITEM 6. Exhibits**

In reviewing the agreements included as exhibits to this Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the parties to the applicable agreement and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this Form 10-Q and the Company's other public filings, which are available without charge through the SEC's website at http://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28

------

The following exhibits are included as part of this report:

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Exhibit** |
| 3.1 | [<u>Articles of Incorporation (Incorporated by reference to an exhibit to Form SB-2 No. 333-82580 filed with the Commission on February 12, 2002)</u>](http://www.sec.gov/Archives/edgar/data/1165320/000113319802000010/flagsticksb2.txt) |
| 3.2 | [<u>Amendment to Articles of Incorporation (Incorporated by reference to Exhibit 3.2 to Form S-1/A No. 333-82580 filed with the Commission on October 6, 2014 and Exhibit 3.2 to the Annual Report on Form 10-K filed with the Commission on September 27, 2014)</u>](http://www.sec.gov/Archives/edgar/data/1165320/000093979814000049/exthreetwo.htm) |
| 3.3 | [<u>Articles of Incorporation (Incorporated by reference to Exhibit 3.3 to the Annual Report on Form 10-K filed with the Commission on August 28, 2020)</u>](http://www.sec.gov/Archives/edgar/data/1165320/000143774920018953/ex_199384.htm) |
| 3.4 | [<u>Amendment to Articles of Incorporation (Incorporated by reference to Exhibit 3.3 to the Annual Report on Form 10-K filed with the Commission on August 28, 2020)</u>](http://www.sec.gov/Archives/edgar/data/1165320/000143774920018953/ex_199385.htm) |
| 3.5 | [<u>Amendment to Articles of Incorporation (Incorporated by reference to Exhibit 3.5 to the Annual Report on Form 10-K filed with the Commission on July 14, 2023)</u>](http://www.sec.gov/Archives/edgar/data/1165320/000143774920018953/ex_199385.htm) |
| 3.6 | [<u>Bylaws (Incorporated by reference to an exhibit to Form SB-2 No. 333-82580 filed with the Commission on February 12, 2002)</u>](http://www.sec.gov/Archives/edgar/data/1165320/000113319802000010/flagsticksb2.txt) |
| 31.1 | [Certification of Principal Executive and Financial Officer and Pursuant to Rule 13a-14](ex_780179.htm) |
| 32.1\* | [Chief Executive Officer and Chief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act](ex_780178.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* This certification is being furnished and shall not be deemed "filed" with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29

------

**SIGNATURES**

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | GB SCIENCES, INC. | GB SCIENCES, INC. |
| Date: August 12, 2025 | By: | /s/ Dr. Andrea Small-Howard |
|  | Dr. Andrea Small-Howard, Chief Executive Officer, Interim Chief Financial Officer and Chairman of the Board | Dr. Andrea Small-Howard, Chief Executive Officer, Interim Chief Financial Officer and Chairman of the Board |
|  | (Principal Executive Officer and Principal Financial Officer) | (Principal Executive Officer and Principal Financial Officer) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30

## Exhibit 31.1

GB SCIENCES, INC. AND SUBSIDIARIES<br> December 31, 2024<br> (unaudited)

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Dr. Andrea Small-Howard, certify that:

1. I have reviewed this quarterly report on Form 10-Q of GB Sciences, Inc.;

2. Based on my knowledge, the quarterly report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of and for the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures; and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls.

---

| | |
|:---|:---|
| Date: August 12, 2025 | */s/ Dr. Andrea Small-Howard* |
|  | Dr. Andrea Small-Howard, Chief Executive Officer and Interim Chief Financial Officer |
|  | (Principal Executive Officer and Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of GB Sciences, Inc. (the "Company") on Form 10-Q for the quarter ended December 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Dr. Andrea Small Howard, Chief Executive Officer and Interim Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | |
|:---|:---|
| Date: August 12, 2025 | */s/ Dr. Andrea Small-Howard* |
|  | Dr. Andrea Small-Howard, Chief Executive Officer and Interim Chief Financial Officer |
|  | (Principal Executive Officer and Principal Financial Officer) |

---