Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES

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COMMITMENTS AND CONTINGENCIES
 9 Months Ended
May 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 7 – COMMITMENTS AND CONTINGENCIES

 

The Company has certain financial commitments relating to research and development contracts as of May 31, 2021, as follows:

 

 

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The Company is invoiced monthly and quarterly in connection with several research and development contracts.

 

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The Company may be obligated to make additional payments related to research and development contracts entered into, dependent on the progress and milestones achieved through the programs.

 

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The Company’s principal executive office is currently located at 888 Prospect Street, Suite 210, La Jolla, CA, 92037, U.S. Additionally, we have an office located at 29 Fitzwilliam Street Upper, Dublin 2 Ireland which serves as administrative space for managing our European subsidiaries: Trinity Reliant Ventures, Ltd (Ireland) and Artelo Biosciences Limited (U.K.). We do not currently own any properties, laboratories, or manufacturing facilities. The leases for our office space are month-to-month.

 

As of May 31, 2021, the Company had committed to a lease that had not yet commenced with a related party (Note 4) for a lease of office space with a commencement date of June 1, 2021 and a term of 39 months. Under the terms of the lease the Company will make payments totalling $32,918 within one year and $110,680 within three years and three months.