Note 3 - Discontinued Operations

3 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 3 – Discontinued Operations

Discontinued operations comprise those activities that were disposed of during the period or which were classified as held for sale at the end of the period and represent a separate major line of business or geographical area that can be clearly distinguished for operational and financial reporting purposes. The Company has included its subsidiaries GB Sciences Nevada, LLC, GB Sciences Las Vegas, LLC, and GB Sciences Nopah, LLC (the "Nevada Subsidiaries") in discontinued operations due to the sale of the Company's Nevada cultivation and extraction facilities. The assets and liabilities of the Nevada Subsidiaries were deconsolidated at December 31, 2021 due to the completion of the sale on that date (Note 8).

There were no assets and liabilities associated with discontinued operations as of June 30, 2022 and  March 31, 2022. The revenues and expenses associated with discontinued operations included in our unaudited condensed consolidated statement of operations for the three months ended June 30, 2021 were as follows:

	For the Three Months Ended June 30,
	2022								2021
	Continuing			Discontinued		Total			Continuing			Discontinued			Total
Sales revenue	$	-		$	-	$	-		$	-		$	1,342,586		$	1,342,586
Cost of goods sold		-			-		-			-			(1,219,041	)		(1,219,041	)
Gross profit		-			-		-			-			123,545			123,545
General and administrative expenses		459,517			-		459,517			493,405			84,078			577,483
INCOME/(LOSS) FROM OPERATIONS		(459,517	)		-		(459,517	)		(493,405	)		39,467			(453,938	)
OTHER EXPENSE
Interest expense		(38,572	)		-		(38,572	)		(65,254	)		(102,331	)		(167,585	)
Other income		-			-		-			-			20,889			20,889
Total other expense		(38,572	)		-		(38,572	)		(65,254	)		(81,442	)		(146,696	)
LOSS BEFORE INCOME TAXES		(498,089	)		-		(498,089	)		(558,659	)		(41,975	)		(600,634	)
Income tax expense		-			-		-			-			(31,783	)		(31,783	)
NET LOSS	$	(498,089	)	$	-	$	(498,089	)	$	(558,659	)	$	(73,758	)	$	(632,417	)