XML 35 R28.htm IDEA: XBRL DOCUMENT v3.19.2
Note 5 - Notes Payable (Details) - USD ($)
1 Months Ended 3 Months Ended
Dec. 20, 2018
Oct. 23, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest expenses     $ 500,410 $ 1,720,182
BCM Med        
Debt Instrument, Face Amount $ 300,000      
Promissory note description GBSLA will began making eight (8) monthly installment payments in the amount of $33,333 on or before the 10th business day of each month commencing in April 2019. GBSLA will make the 9th and final installment payment in the amount of $33,333 on or before the 10th business day of December 2019. The aggregate amount of the installment payments from GBSLA to BCM MED are equal to the loan amount. During the three months ended June 30, 2019, GBSLA made $100,000 in payments towards the loan and reduced the loan balance to $200,000. The balance is included in short-term notes payable on the Company’s June 30, 2019 unaudited condensed consolidated balance sheet.      
483 Management        
Long-term Debt, Gross     521,067  
Promissory note description   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 the 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% unsecured Promissory Note (“483 Note”) in the amount of $700,000 payable in equal monthly payments over a three-year period commencing on January 1, 2018.    
Interest expenses     $ 85,981  
Imputed interest rate     20.30%  
Discount on notes payable     $ 178,933  
Accrued debt     38,889  
Other note payable     $ 388,889