$ARTL
ARTELO BIOSCIENCES, INC.

2021 Q4 Form 10-K Financial Statement

#000164033421002983 Filed on November 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.279M $2.098M $760.0K
YoY Change 52.26% -24.26% 5.56%
% of Gross Profit
Research & Development $1.273M $2.839M $270.0K
YoY Change 113.95% 47.94% 17.39%
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $2.552M $7.441M $1.030M
YoY Change 77.72% 58.79% 8.42%
Operating Profit -$2.552M -$7.441M
YoY Change 77.72% 58.79%
Interest Expense $3.000K $6.000K $0.00
YoY Change -80.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $4.000K $4.000K $0.00
YoY Change 300.0% -87.1%
Pretax Income -$2.548M -$4.035M -$1.030M
YoY Change 78.18% -13.23% 21.18%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.548M -$7.437M -$1.030M
YoY Change 77.56% 59.76% 21.18%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.255M -$1.809M -$224.9K
COMMON SHARES
Basic Shares Outstanding 42.30M shares 4.496M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.11M $24.11M $2.142M
YoY Change 226.29% 1026.78% -51.54%
Cash & Equivalents $12.16M $12.16M $2.142M
Short-Term Investments $11.95M $11.95M $0.00
Other Short-Term Assets $514.0K $496.0K $200.0K
YoY Change 367.27% 148.0% 1900.0%
Inventory
Prepaid Expenses $496.0K $195.0K
Receivables
Other Receivables
Total Short-Term Assets $24.61M $24.61M $2.337M
YoY Change 228.12% 951.67% -47.4%
LONG-TERM ASSETS
Property, Plant & Equipment $83.00K $81.00K $246.00
YoY Change 44764.86% -65.88%
Goodwill
YoY Change
Intangibles $2.039M $2.039M
YoY Change -0.02%
Long-Term Investments $1.524M $1.519M
YoY Change
Other Assets $3.000K $3.000K
YoY Change -98.41%
Total Long-Term Assets $3.642M $3.642M $2.039M
YoY Change 78.53% 78.53% -0.06%
TOTAL ASSETS
Total Short-Term Assets $24.61M $24.61M $2.337M
Total Long-Term Assets $3.642M $3.642M $2.039M
Total Assets $28.25M $28.25M $4.376M
YoY Change 196.13% 545.0% -32.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $590.0K $975.0K $490.0K
YoY Change 25.53% 98.98% -23.37%
Accrued Expenses $31.00K $31.00K
YoY Change 10.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.027M $1.027M $501.0K
YoY Change 109.59% 105.4% -50.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $59.00K $57.00K
YoY Change -14.93%
Total Long-Term Liabilities $59.00K $57.00K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.027M $1.027M $501.0K
Total Long-Term Liabilities $59.00K $57.00K $0.00
Total Liabilities $1.084M $1.084M $501.0K
YoY Change 121.22% 116.8% -50.88%
SHAREHOLDERS EQUITY
Retained Earnings -$20.94M -$9.466M
YoY Change 96.77%
Common Stock $42.00K $5.000K
YoY Change 177.92% 49.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.17M $27.17M $3.875M
YoY Change
Total Liabilities & Shareholders Equity $28.25M $28.25M $4.376M
YoY Change 196.13% 545.0% -32.5%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q3
OPERATING ACTIVITIES
Net Income -$2.548M -$7.437M -$1.030M
YoY Change 77.56% 59.76% 21.18%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$1.926M -$6.141M -$880.0K
YoY Change 45.91% 41.27% -16.98%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$8.878M -$10.03M
YoY Change 191.74%
Cash From Investing Activities -$8.878M -$3.439M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.26M $8.103M
YoY Change 177.58% 309.66%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $18.26M $14.11M 1.710M
YoY Change 177.58% 612.37% -74.48%
NET CHANGE
Cash From Operating Activities -$1.926M -$6.141M -880.0K
Cash From Investing Activities -$8.878M -$3.439M 0.000
Cash From Financing Activities $18.26M $14.11M 1.710M
Net Change In Cash $7.458M $4.532M 830.0K
YoY Change 41.81% -291.55% -79.95%
FREE CASH FLOW
Cash From Operating Activities -$1.926M -$6.141M -$880.0K
Capital Expenditures $0.00
Free Cash Flow -$880.0K
YoY Change -300.0%

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">ARTELO BIOSCIENCES, INC. (“we”, “us”, “our”, the “Company”) is a Nevada corporation incorporated on May 2, 2011, and based in San Diego County, California. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is August 31.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">   </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company registered fully owned subsidiaries in Ireland, Trinity Reliant Ventures Limited, on November 11, 2016, and in the UK, Trinity Research &amp; Development Limited, on June 2, 2017. On January 8, 2020, Trinity Research and Development Limited changed its name to Artelo Biosciences Limited. The Company incorporated a wholly-owned subsidiary in Canada, Artelo Biosciences Corporation, on March 18, 2020. Operations in the subsidiaries have been consolidated in the financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">   </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company is a clinical stage biopharmaceutical company focused on developing and commercializing treatments intended to modulate the endocannabinoid system.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>COVID-19</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As the COVID-19 pandemic is still evolving at this time and much of its impact remains unknown, the Company is not able to predict the impact it may have on the development of its product candidates and business. The severity of the COVID-19 pandemic could also negatively impact the Company’s access to its existing supply chain by delaying the delivery of key raw materials used in its product candidates and therefore delay the delivery of such products for use in its clinical trials. Any of these results could have a material adverse impact to our business.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Liquidity</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has incurred losses for the past several years and a net loss of $7,437 during the year ended August 31, 2021. Subsequent to August 31, 2021, we completed an offering for net proceeds of approximately $18,262, which substantially increased our cash and cash equivalents and improved our working capital position (Note 9). Consequently, our existing cash resources and cash received from the public offering are expected to provide sufficient funds to carry out our planned operations for at least 12 months from the date that our consolidated financial statements are issued.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.</p>
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