$ARTL
ARTELO BIOSCIENCES, INC.

2023 Q4 Form 10-Q Financial Statement

#000164033423002073 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.116M $1.030M
YoY Change -36.23% -21.73%
% of Gross Profit
Research & Development $2.124M $1.585M
YoY Change 23.06% 47.03%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.240M $2.614M
YoY Change -6.79% 9.19%
Operating Profit -$2.614M
YoY Change 9.19%
Interest Expense $167.0K $0.00
YoY Change 21.9% -100.0%
% of Operating Profit
Other Income/Expense, Net $165.0K
YoY Change 157.81%
Pretax Income -$3.073M -$2.450M
YoY Change -7.97% 5.15%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.073M -$2.449M
YoY Change -7.97% 5.11%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.97 -$0.83
COMMON SHARES
Basic Shares Outstanding 3.189M shares 2.886M shares
Diluted Shares Outstanding 2.949M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.815M $2.639M
YoY Change -66.42% -69.4%
Cash & Equivalents $2.815M $2.639M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $554.0K $560.0K
YoY Change -29.78% -31.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.98M $13.43M
YoY Change -40.07% -33.86%
LONG-TERM ASSETS
Property, Plant & Equipment $21.00K $30.00K
YoY Change -65.0% -57.14%
Goodwill
YoY Change
Intangibles $2.039M $2.039M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $3.000K $0.00
YoY Change 0.0% -100.0%
Total Long-Term Assets $2.063M $2.071M
YoY Change -1.86% -1.94%
TOTAL ASSETS
Total Short-Term Assets $10.98M $13.43M
Total Long-Term Assets $2.063M $2.071M
Total Assets $13.04M $15.50M
YoY Change -36.14% -30.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.238M $840.0K
YoY Change 36.8% 104.38%
Accrued Expenses $23.00K $30.00K
YoY Change -42.5% -28.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.291M $921.0K
YoY Change 29.36% 91.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.291M $921.0K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.291M $921.0K
YoY Change 26.44% 79.88%
SHAREHOLDERS EQUITY
Retained Earnings -$40.31M -$37.24M
YoY Change 29.94% 34.52%
Common Stock $3.000K $3.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.75M $14.58M
YoY Change
Total Liabilities & Shareholders Equity $13.04M $15.50M
YoY Change -36.14% -30.85%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$3.073M -$2.449M
YoY Change -7.97% 5.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.597M -$1.800M
YoY Change 13.26% 6.13%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.737M -$1.830M
YoY Change 52.39% -40.58%
Cash From Investing Activities $2.737M -$1.830M
YoY Change 52.39% -40.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.00K 540.0K
YoY Change -79.85%
NET CHANGE
Cash From Operating Activities -2.597M -1.800M
Cash From Investing Activities 2.737M -1.830M
Cash From Financing Activities 27.00K 540.0K
Net Change In Cash 167.0K -3.090M
YoY Change -146.01% -35.3%
FREE CASH FLOW
Cash From Operating Activities -$2.597M -$1.800M
Capital Expenditures
Free Cash Flow
YoY Change

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 (“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 $6,216 during the nine months ended September 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 September 30, 2023, in accordance with the Equity Line, the Company issued 306,666 shares of the Company’s Common Stock with aggregate proceeds to the Company of $535.</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;">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 subject to a limit of one-third (1/3) of the Company’s public float within a twelve (12) month period. The Company’s existing cash resources are expected to provide sufficient funds to carry out the Company’s planned operations into the first quarter of 2025. 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 pandemics, extreme weather conditions, increased economic uncertainty, inflation, rising interest rates, recent and any potential future financial institution failures, and conflicts in Eastern Europe, the Middle East 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>
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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