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, 2023

NOTE 6 - LEASE

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 divested its interests in the property, and as such, the lease agreement no longer constitutes 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) with the term of April 2022 through September 2023.

The following summarizes right-of use asset and lease information about the Company’s operating lease as of June 30, 2023:

	Six months ended
	June 30,
	2023			2022

Lease cost
Operating lease cost	$	21		$	19

Other information
Cash paid for operating cash flows from operating leases	$	23		$	22
Right-of-use assets obtained in exchange for new operating lease liability	$	-		$	20

Weighted-average remaining lease term — operating leases (year)		1.17			2.03
Weighted-average discount rate — operating leases		3.00	%		2.98	%

Future minimum lease payments under the operating lease liability have non-cancellable lease payments at June 30, 2023 as follows:

	Total
Year Ended December 31,
2023 - Remaining 6 months	$	17
2024		24
Thereafter		-
		41
Less: Imputed interest		(1	)
Operating lease liabilities		40

Operating lease liability - current		34
Operating lease liability - non-current	$	6