29 June 2012late 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.
14 Feb 2012quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $34 thousand for the period ended 2011-12-31.
14 Nov 2011quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $75 thousand for the period ended 2011-09-30.
22 Aug 2011quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $379 thousand for the period ended 2011-06-30.
15 Aug 2011late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its quarterly report would be filed late.
30 June 2011late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its annual report would be filed late.
14 Feb 2011quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $103 thousand for the period ended 2010-12-31.
15 Nov 2010quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $140 thousand for the period ended 2010-09-30.
23 Aug 2010capital raising announcement▼ BadMajor
On August 17, 2010 the company sold a $29,412 convertible note for $25,000 (15% discount), due August 17, 2011, converting at $0.10 with a 5-year warrant for 294,120 shares at $0.15. Under anti-dilution clauses in earlier notes and warrants, their conversion price drops to $0.10 (down from $0.35 and $0.65), and the number of shares issuable on the earlier warrants rises so the total exercise price stays the same, meaning materially more dilution for existing shareholders.
16 Aug 2010quarterly activities report▼ Bad
GB SCIENCES INC reported a quarterly net loss of $352 thousand for the period ended 2010-06-30.
30 June 2010late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its annual report would be filed late.
16 Feb 2010capital raising announcement● NeutralMajor
On February 10, 2010 the company sold two more convertible notes totalling $352,942, receiving $300,000 after a 15% original issue discount. The notes pay 10%, are due February 10, 2011 and convert at $0.65 per share; each holder also got a 5-year warrant for 207,493 shares at $0.75. This repeats the December 2009 financing structure at a higher conversion price ($0.65 versus $0.35), and conversion or warrant exercise would dilute shareholders.
16 Feb 2010late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its quarterly report would be filed late.
14 Dec 2009capital raising announcement▼ Bad
As of December 14, 2009, noteholders converted $14,000 of notes into 1,400,000 shares, which is consistent with the $0.01 conversion price in the earlier notes (inference). The company then had 9,847,142 shares outstanding, so the earlier convertible notes are now diluting shareholders.
11 Dec 2009capital raising announcement● NeutralMajor
On December 7, 2009 the company issued two convertible notes totalling $352,942, receiving $300,000 after a 15% original issue discount. The notes pay 10% interest, are due December 7, 2010, and convert at $0.35 per share. Each holder also got a 5-year warrant for 504,203 shares at $0.50. This is a larger raise than the earlier small notes at a higher conversion price, and conversion or warrant exercise would dilute shareholders.
20 Nov 2009financial restatement▼ BadMajor
The company said investors should no longer rely on its fiscal 2009 and first-quarter fiscal 2010 financial statements. A change to certain shareholder loans, effective March 4, 2009, added a conversion feature and means recording a $202,500 loss, which raises accumulated deficit and paid-in capital by the same amount. The obligation at March 31, 2009 did not change, and the company plans to amend its reports from April 1, 2008.
16 Nov 2009late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its quarterly report would be filed late.
19 Oct 2009capital raising announcement● Neutral
On October 13, 2009 the company sold two convertible notes, $22,000 to Brannon Limited Partnership and $15,000 to Bristol Investment Fund. They pay 10% interest, are due October 13, 2010, and convert to stock at $0.01 per share. The company also now lists a Houston, Texas address.
18 Sept 2009capital raising announcement● Neutral
This amendment restates the filing on the $60,000 Bristol seismic data purchase, saying the original included an incorrect note agreement. It corrects the conversion price of the note to a flat $0.01. The other terms, including 10% interest and the November 19, 2009 due date, are unchanged.
18 Sept 2009capital raising announcement● Neutral
This amendment restates the August 21, 2009 filing, saying it had included incorrect note agreements. It sets the conversion price of the two $18,000 notes at a flat $0.01, replacing the earlier discounted-to-market formula. The other deal terms are unchanged.
2 Sept 2009capital raising announcement● Neutral
On August 27, 2009 the company bought seismic data and participation rights from Bristol Investment Fund for $60,000, paid with a 10% convertible note due November 19, 2009. As first filed, the note converted at the lesser of $0.01 or 50% of recent low trading prices. It also amended the earlier $18,000 Bristol Capital note to limit the shares issuable. A later amendment corrected the conversion price.
21 Aug 2009capital raising announcement● NeutralMajor
On August 17, 2009 the company bought a 5% working interest in the Nettie Rhodes Lease Prospect in Young County, Texas for $5,000, and an oil and gas lease for $36,000, paid with two $18,000 10% convertible notes due November 20, 2009. As first filed, conversion was at the lesser of $0.01 or 50% of recent low trading prices. It also gave consultant Dwain Brannon, a minority shareholder, an option on up to 4,000,000 shares at 50% of recent bid prices, which could dilute shareholders. The conversion terms were later corrected.
7 Aug 2009capital raising announcement● NeutralMajor
On August 3, 2009 the company got an option to buy up to a 50% working interest in oil and gas activity on 2,087 acres known as Medicine River Ranch and Oil Company, LLC in Kansas. It paid 25,000 restricted shares and owes 75,000 more if a definitive agreement is completed. It is only an option, with no obligation on the other side to grant participation, and it is the company's first oil and gas position after its 2008 pivot.
30 June 2009late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its annual report would be filed late.
14 Aug 2008late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its quarterly report would be filed late.
30 June 2008late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its annual report would be filed late.
2 June 2008auditor change● Neutral
Now renamed Signature Exploration and Production Corp., the company dismissed auditor Cross, Fernandez and Riley on May 29, 2008 and engaged Mark Bailey & Company. The dismissed firm issued no audit reports on the company's financial statements, and no disagreements were reported.
6 Mar 2008material agreement termination▼ BadMajor
The company agreed on February 29, 2008 to end the Fit-Well joint venture from May 2006, which had been its primary line of business. The filing says it could not generate income or raise capital from it, and the company will now pursue energy-related business opportunities. This closes the medical thread and begins a shift toward oil and gas, so far only a stated intention.
14 Feb 2008late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its quarterly report would be filed late.
14 Nov 2007late filing notice▼ Bad
GB SCIENCES INC notified the SEC that its quarterly report would be filed late.