$ARTL
ARTELO BIOSCIENCES, INC.

2024 Q2 Form 10-Q Financial Statement

#000164033424000757 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $827.0K $1.082M $1.057M
YoY Change -19.86% 2.37% -28.68%
% of Gross Profit
Research & Development $1.685M $1.507M $1.235M
YoY Change 124.07% 22.02% 166.16%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.512M $2.589M $2.292M
YoY Change 40.81% 12.96% 17.78%
Operating Profit -$2.512M -$2.589M -$2.292M
YoY Change 40.81% 12.96% 17.78%
Interest Expense $79.00K $106.0K $124.0K
YoY Change -57.3% -14.52% -752.63%
% of Operating Profit
Other Income/Expense, Net $79.00K $106.0K $124.0K
YoY Change -57.3% -14.52% -752.63%
Pretax Income -$2.433M -$2.483M -$2.168M
YoY Change 52.16% 14.53% 10.33%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.433M -$2.483M -$2.168M
YoY Change 52.16% 14.53% 10.33%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.75 -$0.78 -$0.76
COMMON SHARES
Basic Shares Outstanding 3.228M shares 3.228M shares 2.856M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.602M $7.609M $6.916M
YoY Change -2.05% 10.02% -67.85%
Cash & Equivalents $881.0K $1.195M $6.916M
Short-Term Investments $4.721M $6.414M $0.00
Other Short-Term Assets $566.0K $579.0K $903.0K
YoY Change -7.36% -35.88% -16.23%
Inventory
Prepaid Expenses $903.0K
Receivables
Other Receivables
Total Short-Term Assets $6.168M $8.188M $16.39M
YoY Change -57.76% -50.03% -33.36%
LONG-TERM ASSETS
Property, Plant & Equipment $116.0K $124.0K $50.00K
YoY Change 197.44% 148.0% -31.51%
Goodwill
YoY Change
Intangibles $2.039M $2.039M $2.039M
YoY Change 0.0% 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $3.000K $3.000K $3.000K
YoY Change -98.48% 0.0% 0.0%
Total Long-Term Assets $2.158M $2.166M $2.092M
YoY Change -5.14% 3.54% -1.09%
TOTAL ASSETS
Total Short-Term Assets $6.168M $8.188M $16.39M
Total Long-Term Assets $2.158M $2.166M $2.092M
Total Assets $8.326M $10.35M $18.48M
YoY Change -50.67% -43.97% -30.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $863.0K $607.0K $701.0K
YoY Change 65.01% -13.41% -12.38%
Accrued Expenses $33.00K $31.00K $37.00K
YoY Change -2.94% -16.22% 15.63%
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 $940.0K $721.0K $825.0K
YoY Change 55.89% -12.61% -5.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $87.00K $96.00K $15.00K
YoY Change 1350.0% 540.0% -69.39%
Total Long-Term Liabilities $87.00K $96.00K $15.00K
YoY Change 1350.0% 540.0% -69.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $940.0K $721.0K $825.0K
Total Long-Term Liabilities $87.00K $96.00K $15.00K
Total Liabilities $1.027M $817.0K $840.0K
YoY Change 68.64% -2.74% -9.09%
SHAREHOLDERS EQUITY
Retained Earnings -$45.23M -$42.79M -$33.19M
YoY Change 30.0% 28.94% 44.91%
Common Stock $3.000K $3.000K $3.000K
YoY Change 0.0% 0.0% -92.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.299M $9.537M $17.64M
YoY Change
Total Liabilities & Shareholders Equity $8.326M $10.35M $18.48M
YoY Change -50.67% -43.97% -30.8%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.433M -$2.483M -$2.168M
YoY Change 52.16% 14.53% 10.33%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.063M -$2.942M -$2.186M
YoY Change 27.11% 34.58% 6.48%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.750M $1.269M $2.199M
YoY Change 338.6% -42.29% 755.64%
Cash From Investing Activities $1.750M $1.269M $2.199M
YoY Change 338.6% -42.29% 755.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $55.00K $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -2.063M -$2.942M -$2.186M
Cash From Investing Activities 1.750M $1.269M $2.199M
Cash From Financing Activities 0.000 $55.00K $0.00
Net Change In Cash -313.0K -$1.620M $28.00K
YoY Change -74.43% -5885.71% -101.55%
FREE CASH FLOW
Cash From Operating Activities -$2.063M -$2.942M -$2.186M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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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 $2,483 during the three months ended March 31, 2024. 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 March 31, 2024, in accordance with the Equity Line, the Company issued 372,012 shares of the Company’s Common Stock with aggregate proceeds to the Company of $622, of which 38,741 shares were issued for proceeds to the Company of $55 during the three months ended March 31, 2024.</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. </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’s existing cash resources are expected to provide sufficient funds to carry out the Company’s planned operations into the second half 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>
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
372012 shares
CY2024Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
622000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1195000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2815000 usd
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
6414000 usd
CY2023Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
7611000 usd
CY2024Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
6414000 usd
CY2023Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
7611000 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1002462 shares
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
767760 shares
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
416667 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
38741 shares
CY2024Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
55000 usd
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3227700 shares
CY2024Q1 artl Intrinsic Value Of The Warrants
IntrinsicValueOfTheWarrants
0 usd
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2039000 usd
CY2024Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
On April 19, 2022, the Company entered into a 2nd lease arrangement for office space with an annual rent of $13 (£11) with the term of April 2022 through September 2023

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