$ARTL
ARTELO BIOSCIENCES, INC.

2023 Q3 Form 10-Q Financial Statement

#000164033423001504 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.030M $1.032M
YoY Change -21.73% -27.07%
% of Gross Profit
Research & Development $1.585M $752.0K
YoY Change 47.03% -28.79%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.614M $1.784M
YoY Change 9.19% -27.8%
Operating Profit -$2.614M -$1.784M
YoY Change 9.19% -27.8%
Interest Expense $0.00 $185.0K
YoY Change -100.0% 740.91%
% of Operating Profit
Other Income/Expense, Net $165.0K $185.0K
YoY Change 157.81% 740.91%
Pretax Income -$2.450M -$1.599M
YoY Change 5.15% -34.71%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.449M -$1.599M
YoY Change 5.11% -34.71%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.83 -$0.56
COMMON SHARES
Basic Shares Outstanding 2.886M shares 2.856M shares
Diluted Shares Outstanding 2.949M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.639M $5.719M
YoY Change -69.4% -70.42%
Cash & Equivalents $2.639M $5.719M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $560.0K $611.0K
YoY Change -31.71% -36.35%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $13.43M $14.60M
YoY Change -33.86% -34.47%
LONG-TERM ASSETS
Property, Plant & Equipment $30.00K $39.00K
YoY Change -57.14% -51.85%
Goodwill
YoY Change
Intangibles $2.039M $2.039M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $0.00 $197.0K
YoY Change -100.0% 6466.67%
Total Long-Term Assets $2.071M $2.275M
YoY Change -1.94% 7.16%
TOTAL ASSETS
Total Short-Term Assets $13.43M $14.60M
Total Long-Term Assets $2.071M $2.275M
Total Assets $15.50M $16.88M
YoY Change -30.85% -30.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $840.0K $523.0K
YoY Change 104.38% 21.06%
Accrued Expenses $30.00K $34.00K
YoY Change -28.57% -24.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $921.0K $603.0K
YoY Change 91.88% 14.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $6.000K
YoY Change -100.0% -85.0%
Total Long-Term Liabilities $0.00 $6.000K
YoY Change -100.0% -85.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $921.0K $603.0K
Total Long-Term Liabilities $0.00 $6.000K
Total Liabilities $921.0K $609.0K
YoY Change 79.88% 7.41%
SHAREHOLDERS EQUITY
Retained Earnings -$37.24M -$34.79M
YoY Change 34.52% 37.22%
Common Stock $3.000K $3.000K
YoY Change 0.0% -92.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.58M $16.27M
YoY Change
Total Liabilities & Shareholders Equity $15.50M $16.88M
YoY Change -30.85% -30.85%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.449M -$1.599M
YoY Change 5.11% -34.71%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.800M -$1.623M
YoY Change 6.13% -17.45%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$1.830M $399.0K
YoY Change -40.58% -89.99%
Cash From Investing Activities -$1.830M $399.0K
YoY Change -40.58% -89.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 540.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.800M -1.623M
Cash From Investing Activities -1.830M 399.0K
Cash From Financing Activities 540.0K 0.000
Net Change In Cash -3.090M -1.224M
YoY Change -35.3% -164.93%
FREE CASH FLOW
Cash From Operating Activities -$1.800M -$1.623M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1169000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-40000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6888000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12162000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5719000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12122000 usd
us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Interest Paid Net
InterestPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
artl Non Cash Transaction Initial Recognition Of The Right Of Use Asset And Lease Liability
NonCashTransactionInitialRecognitionOfTheRightOfUseAssetAndLeaseLiability
0 usd
artl Non Cash Transaction Initial Recognition Of The Right Of Use Asset And Lease Liability
NonCashTransactionInitialRecognitionOfTheRightOfUseAssetAndLeaseLiability
20000 usd
artl Non Cash Transaction Unrealized Gain Loss From Available For Sale Securities
NonCashTransactionUnrealizedGainLossFromAvailableForSaleSecurities
0 usd
us-gaap Nature Of Operations
NatureOfOperations
<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 December 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;">The Company is a clinical stage biopharmaceutical company focused on developing and commercializing therapeutics that target lipid-signaling pathways, including treatments intended to modulate 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>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 since inception and incurred a net loss of $3,767 during the six months ended June 30, 2023. However, in November 2021, the Company completed an equity offering which generated net proceeds of $18,262. Additionally, in May 2022, the Company entered into a purchase agreement and a registration rights agreement (the “Equity Line”) with an institutional investor, providing for the sale of up to $20,000 worth of the Company’s Common Stock, over the thirty-six (36) month term of the purchase agreement. Under the terms and subject to the conditions of the purchase agreement, the Company has the right, but not the obligation, to sell to the institutional investor, and the institutional investor is obligated to purchase, up to $20,000 worth of shares of the Company’s Common Stock. As of June 30, 2023, there have been no sales under the Equity Line. In July 2023, the Company filed a $75,000 in aggregate value shelf registration statement on Form S-3 which became effective on July 14, 2023. The shelf registration statement is effective for three years and permits the Company to sell, from time to time, up to $75,000 of the Company’s Common Stock, preferred stock, debt securities, warrants, and/or units. The Company’s existing cash resources are expected to provide sufficient funds to carry out the Company’s planned operations into the second half of 2024. To continue operations beyond such time frame, the Company will be required to raise additional funds by completing additional equity or debt offerings or licensing our product candidates. There can be no assurance that the Company will be successful in acquiring additional funding, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.</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>Negative Global or National Events</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;">Businesses have been and will continue to be impacted by a number of challenging global and national events and circumstances that continue to evolve, including the COVID-19 pandemic, extreme weather conditions, increased economic uncertainty, inflation, rising interest rates, recent and any potential future financial institution failures, and conflicts in Eastern Europe and in other countries. The extent of the impact of these events and circumstances on our business, operations and development timelines and plans remains uncertain, and will depend on certain developments, including the duration and scope of the events and their impact on our development activities, third-party manufacturers, and other third parties with whom we do business, as well as its impact on regulatory authorities and our key scientific and management personnel. We have been and continue to actively monitor the potential impacts that these various events and circumstances may have on our business and we take steps, where warranted, to minimize any potential negative impacts on our business resulting from these events and circumstances. The ultimate impact of these global and national events and circumstances, either individually or in aggregate, is highly uncertain and subject to change.</p>
artl Income Loss
IncomeLoss
-3767000 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
18262000 usd
CY2022Q2 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
20000000 usd
us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
20000000 usd
us-gaap Proceeds From Sale Of Federal Reserve Stock
ProceedsFromSaleOfFederalReserveStock
75000000 usd
us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
1206 usd
us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
1041 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5719000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6888000 usd
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q2 artl Amount In Excess Of Fdic Insurance Amount
AmountInExcessOfFdicInsuranceAmount
5219000 usd
CY2023Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
8272000 usd
CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
9150000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
0 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1495000 usd
CY2023Q2 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
8272000 usd
CY2023Q2 us-gaap Debt Securities Noncurrent
DebtSecuritiesNoncurrent
0 usd
CY2023Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
8272000 usd
CY2022Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
9150000 usd
CY2022Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
9150000 usd
CY2022Q4 us-gaap Debt Securities Noncurrent
DebtSecuritiesNoncurrent
1495000 usd
CY2022Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
10645000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
771428 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
584767 shares
artl New Accounting Standard Adoptedpolicytextblock
NewAccountingStandardAdoptedpolicytextblock
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On January 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. These amendments permit the use of an impairment model known as the current expected credit loss (CECL) model when assessing financial instruments for impairment. There was no impact on the Company’s financial statements as a result of the adoption of the standard.</p>
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
416667 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2855688 shares
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2039000 usd

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