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GB Sciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in general and administrative expenses to $157,790 from $551,491 in the same quarter the previous year. The decrease is attributed to efforts to minimize administrative costs and focus resources on research and development.
Interest expense for the quarter was $32,736, compared to $42,742 in the previous year, due to fully amortized debt discounts.
The company reported a net loss of $190,526 for the quarter, compared to $434,233 in the previous year.
Cash used in operating activities was $129,671, while cash provided by financing activities was $120,000, primarily from warrant exercises.
GB Sciences had a working capital deficit of $5,347,659 as of September 30, 2024. The company acknowledges the need for additional capital to fund operations and continue its research and development activities.
The filing details a licensing agreement with EndoPure Life Sciences, LLC, which includes intellectual property rights for neurological disorder treatments and an exclusive license in Brazil.
The company's intellectual property portfolio includes eight U.S. and twelve foreign patents issued, with additional patents pending.
GB Sciences continues to focus on its biopharmaceutical research and development, particularly in plant-inspired therapeutic mixtures for various medical conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GB Sciences Inc quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.