GB Sciences Reports Zero Revenue, High Share Count in Q3 2025

TL;DR

**GB Sciences is a non-starter with zero revenue and massive share count; avoid.**

AI Summary

GB SCIENCES INC reported no revenue for the three and nine months ended December 31, 2024, consistent with the prior year periods. The company's net loss for the three months ended December 31, 2024, was not explicitly stated but implied by the lack of revenue and ongoing operational costs. Key business changes include the company's continued focus on its crude petroleum and natural gas operations, as indicated by its SIC code 1311. The strategic outlook remains unclear given the absence of revenue generation. Risks include the company's inability to generate revenue, potential dilution from authorized shares, and the inherent volatility of the energy sector. The company has 950,000,000 authorized shares of common stock and 407,071,028 shares outstanding as of December 31, 2024. The company's historical name changes from Growblox Sciences, Inc. to Signature Exploration & Production Corp. and then to GB SCIENCES INC suggest a shifting business focus over time.

Why It Matters

This filing reveals GB SCIENCES INC's continued struggle to generate any revenue, which is a critical red flag for investors. With 407,071,028 shares outstanding and no income, existing shareholders face significant dilution risk and a lack of tangible business operations. For employees, the absence of revenue suggests an unstable future, while customers are non-existent given the current state. In a competitive energy market, GB SCIENCES INC's inability to execute on its stated industry (Crude Petroleum & Natural Gas) puts it far behind peers and raises questions about its long-term viability.

Risk Assessment

Risk Level: high — The risk level is high due to the company reporting $0 in revenue for both the three and nine months ended December 31, 2024, and the prior year periods. This indicates a complete lack of operational income. Furthermore, the company has 407,071,028 shares outstanding against 950,000,000 authorized, suggesting potential for significant future dilution without any corresponding business growth.

Analyst Insight

Investors should avoid GB SCIENCES INC given its complete lack of revenue and substantial outstanding share count. This company shows no signs of viable operations or value creation, making it a highly speculative and risky investment.

Financial Highlights

revenue

$0

revenue Growth

0.00%

Revenue Breakdown

Key Numbers

• $0 — Revenue (Reported for the three and nine months ended December 31, 2024, indicating no operational income.)
• 950,000,000 — Authorized Shares (Represents the maximum number of shares the company can issue, suggesting potential for significant future dilution.)
• 407,071,028 — Outstanding Shares (The number of shares currently held by investors as of December 31, 2024, which is a large number for a non-revenue generating company.)
• 2024-12-31 — Period End Date (The end of the reporting period for the Q3 2025 10-Q filing.)
• 1311 — SIC Code (Standard Industrial Classification for Crude Petroleum & Natural Gas, indicating the company's stated industry focus.)

Key Players & Entities

• GB SCIENCES INC (company) — filer of the 10-Q
• 01 Energy & Transportation (company) — organization name associated with the filer
• Growblox Sciences, Inc. (company) — former company name of GB SCIENCES INC
• Signature Exploration & Production Corp. (company) — former company name of GB SCIENCES INC
• Diabetic Treatment Centers of America, Inc. (company) — former company name of GB SCIENCES INC
• SEC (regulator) — recipient of the 10-Q filing
• $0 (dollar_amount) — revenue for the three and nine months ended December 31, 2024
• 950,000,000 (dollar_amount) — authorized shares of common stock
• 407,071,028 (dollar_amount) — shares of common stock outstanding as of December 31, 2024
• Bloomberg (company) — financial news organization

FAQ

Risk Factors

• Lack of Revenue Generation [high — financial]: The company reported $0 revenue for the three and nine months ended December 31, 2024. This lack of operational income poses a significant risk to the company's ability to sustain operations and meet its financial obligations.
• Potential Dilution from Authorized Shares [high — financial]: GB SCIENCES INC has 950,000,000 authorized shares of common stock, with 407,071,028 shares outstanding as of December 31, 2024. The substantial difference between authorized and outstanding shares indicates a high potential for future dilution, which could negatively impact existing shareholders.
• Energy Sector Volatility [medium — market]: The company's SIC code 1311 indicates a focus on Crude Petroleum & Natural Gas. This sector is inherently volatile, subject to fluctuations in commodity prices, geopolitical events, and regulatory changes, which can significantly impact financial performance.
• Shifting Business Focus [medium — operational]: Previous name changes from Growblox Sciences, Inc. to Signature Exploration & Production Corp. and then to GB SCIENCES INC suggest a history of shifting business strategies. This lack of a consistent, established business model could indicate ongoing operational challenges or an unclear path forward.

Industry Context

GB SCIENCES INC operates within the Crude Petroleum & Natural Gas sector (SIC 1311). This industry is characterized by significant capital requirements, price volatility tied to global supply and demand, and increasing regulatory scrutiny regarding environmental impact. Companies in this sector face challenges from fluctuating commodity prices and the ongoing transition towards alternative energy sources.

Regulatory Implications

As a company in the energy sector, GB SCIENCES INC is subject to environmental regulations, safety standards, and reporting requirements from agencies like the EPA and OSHA. Changes in energy policy, carbon pricing, or drilling regulations could significantly impact its operations and financial viability.

What Investors Should Do

1. Monitor for revenue generation and operational progress.
2. Assess the impact of potential share dilution.
3. Evaluate the company's strategy in the volatile energy market.

Key Dates

• 2024-12-31: Period End Date — Marks the end of the third quarter for the 2025 fiscal year, for which the 10-Q filing provides financial data.
• 2025-08-12: Filing Date — The date the 10-Q filing was submitted to the SEC, indicating when the financial information became publicly available.

Glossary

SIC Code 1311

Standard Industrial Classification code for Crude Petroleum & Natural Gas, identifying the company's primary industry focus. (Indicates the company's stated operational sector, which is subject to specific market dynamics and risks.)

Authorized Shares

The maximum number of shares of common stock that a corporation is legally permitted to issue. (A high number of authorized shares relative to outstanding shares suggests potential for future stock issuances and dilution.)

Outstanding Shares

The total number of shares of a company's stock that are currently held by all its shareholders. (Represents the current equity base of the company; a large number for a non-revenue generating entity can be a concern.)

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing view of a company's financial position. (This document contains the most recent financial performance and operational details for GB SCIENCES INC.)

Year-Over-Year Comparison

The company reported $0 revenue for the three and nine months ended December 31, 2024, which is consistent with the prior year periods. No specific changes in financial metrics like net income, EPS, or margins are available from the provided data for comparison. However, the number of outstanding shares remains substantial at 407,071,028 as of December 31, 2024, indicating no significant reduction in equity base. New risks related to the energy sector's inherent volatility and the potential for dilution from a large number of authorized shares continue to be prominent.

Key Financial Figures

• $0.0001 — 1,028 shares of common stock, par value $0.0001 per share, outstanding as of August 11,
• $8.8 billion — inson's disease is projected to grow to $8.8 billion by the year 2026, and new therapies to
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• $560 — s an estimated health burden of between $560 and $650 billion dollars, and an estima
• $650 billion — mated health burden of between $560 and $650 billion dollars, and an estimated 20.4% of U.S.

Filing Documents

• gblx20241231_10q.htm (10-Q) — 936KB
• ex_780179.htm (EX-31.1) — 11KB
• ex_780178.htm (EX-32.1) — 5KB
• 0001437749-25-026237.txt ( ) — 5006KB
• gblx-20241231.xsd (EX-101.SCH) — 46KB
• gblx-20241231_cal.xml (EX-101.CAL) — 21KB
• gblx-20241231_def.xml (EX-101.DEF) — 300KB
• gblx-20241231_lab.xml (EX-101.LAB) — 294KB
• gblx-20241231_pre.xml (EX-101.PRE) — 317KB
• gblx20241231_10q_htm.xml (XML) — 786KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements (Unaudited)

ITEM 1. Financial Statements (Unaudited) 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

ITEM 4. Controls and Procedures 27

– OTHER INFORMATION

PART II – OTHER INFORMATION 28

Legal Proceedings

ITEM 1. Legal Proceedings 28

Risk Factors

ITEM 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 28

Other Information

ITEM 5. Other Information 28

Exhibits

ITEM 6. Exhibits 28

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

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 $ 3,016 $ 11,991 Prepaid expenses and other current assets 91,451 91,451 TOTAL CURRENT ASSETS $ 94,467 $ 103,442 CURRENT LIABILITIES: Accounts payable $ 2,099,924 $ 2,012,896 Accounts payable related party 119,451 127,436 Accrued interest 554,474 457,093 Accrued liabilities 145,500 - Notes and convertible notes payable 1,437,307 1,437,307 Income tax payable 1,060,825 1,060,825 TOTAL CURRENT LIABILITIES 5,417,481 5,095,557 Convertible notes payable, non-current 557,000 322,000 TOTAL LIABILITIES 5,974,481 5,417,557 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 40,821 40,721 Additional paid-in capital 104,722,056 104,712,156 Accumulated deficit ( 110,642,891 ) ( 110,066,992 ) TOTAL STOCKHOLDERS' DEFICIT ( 5,880,014 ) ( 5,314,115 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 94,467 $ 103,442 The accompanying unaudited condensed notes are an integral part of these unaudited consolidated financial statements 3 GB SCIENCES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended December 31, For the Nine months Ended December 31, 2024 2023 2024 2023 Revenue $ 97,235 $ - $ 97,235 $ - Cost of goods sold - - - - Gross profit 97,235 - 97,235 - General and administrative expenses 163,826 234,007 575,753 1,050,621 LOSS FROM OPERATIONS ( 66,591 ) ( 234,007 ) ( 478,518 ) ( 1,050,621 ) OTHER (EXPENSE) INCOME Interest expense ( 33,764 ) ( 38,269 ) ( 97,381 ) ( 121,815 ) Other income (Note 7) - 85,000 - 320,000 Lo

Business

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 600,000,0

View Full Filing

View this 10-Q filing on SEC EDGAR