$ARTL
ARTELO BIOSCIENCES, INC.

2022 Q1 Form 10-Q Financial Statement

#000164033422000060 Filed on January 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 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 $1.482M $1.279M $1.271M
YoY Change 23.5% 52.26% 67.29%
% of Gross Profit
Research & Development $464.0K $1.273M $615.5K
YoY Change 51.14% 113.95% 127.95%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.946M $2.552M $1.887M
YoY Change 14.74% 77.72% 83.19%
Operating Profit -$1.946M -$2.552M -$2.245M
YoY Change 14.74% 77.72%
Interest Expense -$19.00K $3.000K -$320.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$19.00K $4.000K $540.00
YoY Change -2000.0% 300.0%
Pretax Income -$1.965M -$2.548M -$1.887M
YoY Change 5.08% 78.18% 83.17%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.965M -$2.548M -$1.887M
YoY Change 15.93% 77.56% 83.17%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$696.8K -$1.255M -$1.162M
COMMON SHARES
Basic Shares Outstanding 42.30M shares 42.30M shares 24.49M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.51M $24.11M $10.07M
YoY Change 91.73% 226.29% 369.89%
Cash & Equivalents $10.35M $12.16M $6.629M
Short-Term Investments $11.16M $11.95M $3.436M
Other Short-Term Assets $1.078M $514.0K $252.0K
YoY Change 467.37% 367.27% 26.0%
Inventory
Prepaid Expenses $1.078M $496.0K $252.0K
Receivables
Other Receivables
Total Short-Term Assets $24.59M $24.61M $10.32M
YoY Change 115.59% 228.12% 341.46%
LONG-TERM ASSETS
Property, Plant & Equipment $73.00K $83.00K $90.00K
YoY Change 58770.97% 44764.86% 36485.37%
Goodwill
YoY Change
Intangibles $2.039M $2.039M $2.039M
YoY Change -0.02% 0.0%
Long-Term Investments $0.00 $1.524M
YoY Change
Other Assets $3.000K $3.000K $189.0K
YoY Change
Total Long-Term Assets $2.115M $3.642M $2.318M
YoY Change 3.7% 78.53% 13.68%
TOTAL ASSETS
Total Short-Term Assets $24.59M $24.61M $10.32M
Total Long-Term Assets $2.115M $3.642M $2.318M
Total Assets $26.70M $28.25M $12.64M
YoY Change 98.62% 196.13% 188.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $800.0K $590.0K $493.0K
YoY Change 37.93% 25.53% 0.61%
Accrued Expenses $32.00K $31.00K $28.00K
YoY Change
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 $875.0K $1.027M $526.0K
YoY Change 48.57% 109.59% 4.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $49.00K $59.00K $67.00K
YoY Change
Total Long-Term Liabilities $49.00K $59.00K $67.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $875.0K $1.027M $526.0K
Total Long-Term Liabilities $49.00K $59.00K $67.00K
Total Liabilities $924.0K $1.084M $593.0K
YoY Change 56.61% 121.22% 18.36%
SHAREHOLDERS EQUITY
Retained Earnings -$22.90M -$20.94M -$16.90M
YoY Change 79.4% 78.57%
Common Stock $42.00K $42.00K $25.00K
YoY Change 89.08% 177.92% 400.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.78M $27.17M $12.04M
YoY Change
Total Liabilities & Shareholders Equity $26.70M $28.25M $12.64M
YoY Change 98.62% 196.13% 188.73%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q3
OPERATING ACTIVITIES
Net Income -$1.965M -$2.548M -$1.887M
YoY Change 15.93% 77.56% 83.17%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.053M -$1.926M -$1.541M
YoY Change 17.85% 45.91% 75.15%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $257.0K -$8.878M -$3.439M
YoY Change -150.39%
Cash From Investing Activities $257.0K -$8.878M -$3.439M
YoY Change -112.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.26M
YoY Change 177.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 $18.26M 1.597M
YoY Change -100.0% 177.58% -6.62%
NET CHANGE
Cash From Operating Activities -$2.053M -$1.926M -1.541M
Cash From Investing Activities $257.0K -$8.878M -3.439M
Cash From Financing Activities $0.00 $18.26M 1.597M
Net Change In Cash -$1.812M $7.458M -3.384M
YoY Change -181.26% 41.81% -507.66%
FREE CASH FLOW
Cash From Operating Activities -$2.053M -$1.926M -$1.541M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2021Q4 us-gaap Nature Of Operations
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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 (“GAAP”), 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 wholly-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;">We are a clinical-stage biopharmaceutical company focused on the development of therapeutics that target lipid-signaling pathways, including the endocannabinoid system (the “ECS”), a family of receptors and neurotransmitters that form a biochemical communication network throughout the body.</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>Change in fiscal year </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;">On September 17, 2021, the Company’s Board of Directors approved a change to the Company’s fiscal year end from August 31 to December 31. The Company’s next fiscal year will begin on January 1, 2022, and end on December 31, 2022. The Company expects to file a transition report under Rules 13a-10 or 15d-10 promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”) in early 2022.</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 materially 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 $2,548 during the three months ended November 30, 2021. During the three months ended November 30, 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. Consequently, our existing cash resources and cash received from the public offering are expected to provide sufficient funds to carry out our planned operations into the second half of 2023.</p>
CY2021Q4 us-gaap Profit Loss
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CY2021Q4 us-gaap Reclassifications
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">For the three months ended November 30, 2020, the Company has reclassified professional fees of $445 to general and administrative expenses to conform with current period presentation. As of August 31, 2021, the Company has reclassified accounts payable and accrued liabilities of $22 due to related parties to conform with current period presentation.</p>
CY2021Q4 us-gaap Professional Fees
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22000 USD
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CY2020Q4 artl Weighted Average Number Of Diluted Instruments
WeightedAverageNumberOfDilutedInstruments
12856771000 shares
CY2021Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 USD
CY2021Q4 artl Amount In Excess Of Fdic Insurance Amount
AmountInExcessOfFdicInsuranceAmount
13547000 USD
CY2021Q4 artl Marketable Securities Outstanding Balance
MarketableSecuritiesOutstandingBalance
12318000 USD
CY2021Q3 artl Marketable Securities Outstanding Balance
MarketableSecuritiesOutstandingBalance
3436000 USD
CY2021Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
12318000 USD
CY2021Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
3436000 USD
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3000 USD
CY2021Q4 us-gaap Share Based Compensation
ShareBasedCompensation
571000 USD
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3682000 USD
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2859184 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2859184 shares
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.39
CY2021Q4 artl Weighted Average Remaining Contractual Life In Years Beginning
WeightedAverageRemainingContractualLifeInYearsBeginning
P9Y3M7D
CY2021Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2021Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2859184 shares
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.39
CY2021Q4 artl Weighted Average Remaining Contractual Life In Years Ending
WeightedAverageRemainingContractualLifeInYearsEnding
P9Y7D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
317257 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.23
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y7M2D

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