29 June 2016late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 June 2016material agreement● Neutral
Effective June 1, 2016, the company set new pay terms: John Poss is named CEO with a salary of at least $120,000, quarterly bonuses worth 125,000 shares and options on 1.4 million shares. Andrea Small-Howard swapped a 450,000-share award for warrants on 1.2 million shares at $0.30, and Craig Ellins's 5,000,000 warrants were repriced from $0.45 to $0.30. Outside directors get $25,000 a year plus $1,000 per meeting and options on 450,000 shares at $0.16; Ellins is now titled Chairman and Chief Innovation Officer.
16 Feb 2016quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $1.1 million for the period ended 2015-12-31.
12 Feb 2016material agreement▼ BadMajor
On February 8, 2016 the Pacific Leaf note was restated at a face amount of $2,750,000, up from the original $1,750,000 loan. Pacific Leaf had advanced $1,781,872.40 so far, all still owed, with about $1,000,000 more available at Pacific Leaf's discretion. The conversion price drops to $0.25 per share (from $0.50), maturity is now May 26, 2020, and the royalty is restated at 9.1% to 18.2% of gross sales for ten years, which raises potential dilution. John Poss now signs as CFO.
13 Jan 2016securities registration● Neutral
GB SCIENCES INC filed notice of an exempt private placement.
18 Nov 2015quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $2.7 million for the period ended 2015-09-30.
16 Nov 2015late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its quarterly report would be filed late.
24 Aug 2015substantial holder notice● Neutral
Lazarus Management Company LLC, Justin B. Borus, Lazarus Investment Partners LLLP, Lazarus Israel Opportunities Fund LLLP reported a GB SCIENCES INC shareholding of 8,691,479 shares (17.60% of votes) in a periodic institutional filing.
20 Aug 2015quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $1.3 million for the period ended 2015-06-30.
20 Aug 2015quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $1.3 million for the period ended 2015-06-30.
13 Aug 2015late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its quarterly report would be filed late.
22 July 2015auditor change● Neutral
This amends the July 21 auditor filing: Sullivan is now described as having 'withdrawn' rather than resigned, and Heyn is disclosed to have acted as concurring partner on the prior two audits. It also adds that on June 29, 2015 the company formed a wholly-owned Puerto Rico subsidiary, GB Sciences, LLC; the filing gives no further detail on it.
21 July 2015auditor change● Neutral
Effective July 15, 2015, auditor LJ Sullivan resigned and the company engaged Patrick Heyn, CPA for the year ending March 31, 2016. The filing says there were no disagreements, and Sullivan's reports for the years ended March 31, 2015 and 2014 carried a going-concern warning, continuing that earlier doubt.
15 June 2015capital raising announcement● NeutralMajor
On June 8, 2015 (agreement dated May 12) the company agreed a loan of up to $1,750,000 from Pacific Leaf Ventures, LP, paid in instalments ($100,000 at signing, then $600,000, $700,000 and $350,000 by July 9, Aug 9 and Sept 9, 2015). It is a 6% senior secured note due May 12, 2020, convertible at $0.50 per share, to fund a cannabis cultivation facility at 3550 West Teco Avenue run by majority-owned GB Sciences Nevada LLC. The company also took a license to Pacific Leaf's cultivation and extraction technology in return for royalties (14% of gross revenue for five years then 7% for years six to ten, plus $2.00 per extracted gram for five years), so this adds debt and possible new shares as it builds out the cannabis business.
7 May 2015material agreement● NeutralMajor
On May 7, 2015 the company gave Growblox Sciences, Puerto Rico, LLC (GBSPR), capitalised mainly by Cesar Cordero-Kruger, exclusive worldwide rights to its chamber technology and IP, conditional on GBSPR raising at least $1,250,000 by September 30, 2015 (he has put in $300,000), otherwise the company may terminate. If completed, the company would own about 66% of GBSPR. After three years Cordero-Kruger can require the company to buy the remaining equity or arrange another liquidity event. The company keeps research rights and cultivation in Nevada and Colorado. The filing stresses no assurance the capital will be raised or the business will succeed.
4 May 2015substantial holder notice● Neutral
Lazarus Management Company LLC, Justin B. Borus, Lazarus Investment Partners LLLP, Lazarus Israel Opportunities Fund LLLP reported a GB SCIENCES INC shareholding of 8,691,479 shares (19.90% of votes) in a periodic institutional filing.
30 Apr 2015capital raising announcement● NeutralMajor
The filing reports the units sold effective September 30, 2014 at $0.50: 9,937,720 shares plus 11,437,720 each of A warrants ($1.00, 3 years) and B warrants ($2.00, 5 years), registered for resale from February 12, 2015. To encourage exercise, the B warrant price was temporarily cut to $0.20, extended to May 15, 2015; 1,970,000 were exercised for $394,000. Cesar Cordero-Kruger bought 2,820,000 shares for $592,200 ($0.21 each), and Lazarus entities sold back warrants for 4,000,000 shares for $0.01 each. This cuts the effective price of B warrants by 90% and adds shares.
29 Apr 2015director interest notice● Neutral
GB SCIENCES INC 10%+ owner Lazarus Management CO LLC sold 4,000,000 shares.
29 Apr 2015substantial holder notice● Neutral
Lazarus Management Company LLC, Justin B. Borus, Lazarus Investment Partners LLLP, Lazarus Israel Opportunities Fund LLLP reported a GB SCIENCES INC shareholding of 8,691,479 shares (22.30% of votes) in a periodic institutional filing.
17 Feb 2015quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $622 thousand for the period ended 2014-12-31.
22 Jan 2015securities registration● Neutral
GB SCIENCES INC amended a filing by which it registered a securities offering with the SEC.
14 Jan 2015securities registration● Neutral
GB SCIENCES INC amended a filing by which it registered a securities offering with the SEC.
23 Dec 2014securities registration● Neutral
GB SCIENCES INC amended a filing by which it registered a securities offering with the SEC.
8 Dec 2014securities registration● Neutral
GB SCIENCES INC amended a filing by which it registered a securities offering with the SEC.
18 Nov 2014securities registration● Neutral
GB SCIENCES INC amended a filing by which it registered a securities offering with the SEC.
14 Nov 2014quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $1.7 million for the period ended 2014-09-30.
10 Nov 2014securities registration● Neutral
GB SCIENCES INC amended a filing by which it registered a securities offering with the SEC.
7 Nov 2014listing compliance notice▼ Bad
GB SCIENCES INC withdrew a registration statement, abandoning the offering it covered.
6 Oct 2014securities registration● Neutral
GB SCIENCES INC amended a filing by which it registered a securities offering with the SEC.
2 Oct 2014director interest notice● Neutral
GB SCIENCES INC 10%+ owner Lazarus Management CO LLC bought 39,605 shares on the open market.