Artelo Biosciences, Inc. Transition report pursuant to Rule 13a-10 or 15d-10

Transition report pursuant to Rule 13a-10 or 15d-10

ORGANIZATION AND DESCRIPTION OF BUSINESS

ORGANIZATION AND DESCRIPTION OF BUSINESS	4 Months Ended
Dec. 31, 2021
ORGANIZATION AND DESCRIPTION OF BUSINESS
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS 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 December 31. The Company registered fully owned subsidiaries in Ireland, Trinity Reliant Ventures Limited, on November 11, 2016, and in the UK, Trinity Research & 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. The Company is a clinical stage biopharmaceutical company focused on developing and commercializing treatments intended to modulate the endocannabinoid system. Change in fiscal year 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 is required to file this transition report on Form 10K-T under Rules 13a-10 or 15d-10 promulgated under the Securities Exchange Act of 1934, as amended for the transition period from September 1, 2021, to December 31, 2021. The financial statements include unaudited figures for the four months ended December 31, 2020, for comparative purposes. COVID-19 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. Liquidity The Company has incurred losses for the past several years and a net loss of $4,035 during the four months ended December 31, 2021. During the four-month transition period ended December 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. 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.

ORGANIZATION AND DESCRIPTION OF BUSINESS

4 Months Ended

Dec. 31, 2021

ORGANIZATION AND DESCRIPTION OF BUSINESS

ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

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 December 31.

The Company registered fully owned subsidiaries in Ireland, Trinity Reliant Ventures Limited, on November 11, 2016, and in the UK, Trinity Research & 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.

The Company is a clinical stage biopharmaceutical company focused on developing and commercializing treatments intended to modulate the endocannabinoid system.

Change in fiscal year

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 is required to file this transition report on Form 10K-T under Rules 13a-10 or 15d-10 promulgated under the Securities Exchange Act of 1934, as amended for the transition period from September 1, 2021, to December 31, 2021. The financial statements include unaudited figures for the four months ended December 31, 2020, for comparative purposes.

COVID-19

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.

Liquidity

The Company has incurred losses for the past several years and a net loss of $4,035 during the four months ended December 31, 2021. During the four-month transition period ended December 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. 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.