Artelo Biosciences, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES

LEASES

6 Months Ended

Jun. 30, 2022

NOTE 7 - LEASES

On May 12, 2021, the Company entered into a lease arrangement for office space with Beckman/Lomas LLC, an entity controlled by a close family member of a director. Effective June 1, 2022, the related party had divested its interests in the property, and as such, will no longer constitute a related party transaction. On April 19, 2022, the Company entered into a lease arrangement for office space with an annual rent of $13 (£11) and the term from April 2022 through September 2023.

The following summarizes the right-of use asset and lease information about the Company’s operating lease as of June 30, 2022:

	Six months ended
	June 30,
	2022			2021
Lease cost
Operating lease cost	$	19		$	3

Other information
Cash paid for operating cash flows from operating leases	$	22		$	3
Right-of-use assets obtained in exchange for new operating lease liability	$	20		$	97

Weighted-average remaining lease term — operating leases (year)		2.03			3.17
Weighted-average discount rate — operating leases		2.98	%		3.00	%

Future non-cancelable minimum lease payments under the operating lease liability as of June 30, 2022, are as follows:

	Total
Year Ended December 31,
2022 - Remaining 6 months		23
2023		41
2024		24
Thereafter		-
		88
Less: Imputed interest		(3	)
Operating lease liabilities		85

Operating lease liability - current		45
Operating lease liability - non-current	$	40