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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bespoke Extracts Inc (QB) | USOTC:BSPK | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.074025 | 0.0322 | 0.088 | 1 | 13:32:09 |
Nevada
|
20-4743354
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
290 Lenox Avenue, New York, NY 10027
|
(Address of principal executive offices)(Zip Code)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if smaller reporting company)
|
Smaller reporting company
x
|
FINANCIAL STATEMENTS
|
February 28
|
||||||||
2013
|
August 31
|
|||||||
Assets
|
(unaudited)
|
2012
|
||||||
Current assets
|
||||||||
Cash
|
$ | 529,466 | $ | 733,123 | ||||
Prepaid expense
|
4,500 | 9,000 | ||||||
Total current assets
|
533,966 | 742,123 | ||||||
DiMi Platform
|
125,000 | - | ||||||
iPhone applications, net
|
9,166 | 11,000 | ||||||
Intellectual property, net
|
1,774 | 1,840 | ||||||
Total assets
|
$ | 669,906 | $ | 754,963 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Accounts payable and accrued liabilities
|
$ | 14,023 | $ | 16,532 | ||||
Total current liabilities
|
14,023 | 16,532 | ||||||
Commitments and contingencies
|
||||||||
Stockholders' Equity
|
||||||||
Series A Convertible Prefered Stock, $0.001 par value, 50,000,000
|
||||||||
authorized shares. 1,000 and 0 shares issued and outstanding
|
||||||||
February 28 and August 31, 2012, respectively
|
1 | 1 | ||||||
Common stock, $.001 par value: 500,000,000 authorized;
|
||||||||
327,716,928 and 327,716,928 shares issued and
|
||||||||
outstanding on February 28, 2013 and August 31, 2012, respectively
|
327,717 | 327,717 | ||||||
Common stock payable
|
100,000 | - | ||||||
Additional paid in capital
|
1,026,481 | 1,026,481 | ||||||
Accumulated deficit
|
(798,316 | ) | (615,768 | ) | ||||
Total stockholders' equity
|
655,883 | 738,431 | ||||||
Total liability and stockholders' equity
|
$ | 669,906 | $ | 754,963 |
From
|
||||||||||||||||||||
Inception
|
||||||||||||||||||||
For the
|
For the
|
For the
|
For the
|
January 28,
|
||||||||||||||||
three months
|
three months
|
six months
|
six months
|
2011
|
||||||||||||||||
ended
|
ended
|
ended
|
ended
|
through
|
||||||||||||||||
February 28,
|
February 29,
|
February 28,
|
February 29,
|
February 28,
|
||||||||||||||||
2013
|
2012
|
2013
|
2012
|
2013
|
||||||||||||||||
Revenue
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Operating expenses
|
||||||||||||||||||||
Selling, general and administrative expenses
|
83,677 | 132,118 | 180,648 | 190,095 | 796,285 | |||||||||||||||
Amortization expense
|
950 | 33 | 1,900 | 66 | 2,031 | |||||||||||||||
Total operating expenses
|
84,627 | 132,151 | 182,548 | 190,161 | 798,316 | |||||||||||||||
Loss before income tax
|
(84,627 | ) | (132,151 | ) | (182,548 | ) | (190,161 | ) | (798,316 | ) | ||||||||||
Provision for income tax
|
- | - | - | |||||||||||||||||
Net Loss
|
$ | (84,627 | ) | $ | (132,151 | ) | $ | (182,548 | ) | $ | (190,161 | ) | $ | (798,316 | ) | |||||
Net loss per share: basic and diluted
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||||
Weighted average share outstanding
|
327,716,928 | 96,177,043 | 327,716,928 | 96,177,043 |
Preferred
|
Preferred
|
Common
|
Common
|
|||||||||||||||||||||||||||||
Shares
|
Par
|
Shares
|
Par
|
Stock
|
Accumulated
|
|||||||||||||||||||||||||||
Outstanding
|
Amount
|
Outstanding
|
Amount
|
APIC
|
Payable
|
Deficit
|
Total
|
|||||||||||||||||||||||||
Beginning Balance
|
- | $ | - | 344,400,000 | $ | 344,400 | $ | (30,210 | ) | $ | (224,086 | ) | $ | 90,104 | ||||||||||||||||||
Shares sold
|
- | - | 25,600,000 | 25,600 | 1,014,400 | - | 1,040,000 | |||||||||||||||||||||||||
Acquisition of DiMi
|
- | - | 57,716,928 | 57,717 | (57,717 | ) | - | - | ||||||||||||||||||||||||
Common stock exchanged for
|
||||||||||||||||||||||||||||||||
1,000 shares preferred stock
|
1,000 | 1 | (100,000,000 | ) | (100,000 | ) | 99,999 | - | - | |||||||||||||||||||||||
Warrant expense
|
- | - | - | - | 9 | - | 9 | |||||||||||||||||||||||||
Net loss
|
- | - | - | - | - | (391,682 | ) | (391,682 | ) | |||||||||||||||||||||||
Ending Balance August 31, 2012
|
1,000 | $ | 1 | 327,716,928 | $ | 327,717 | $ | 1,026,481 | $ | (615,768 | ) | $ | 738,431 | |||||||||||||||||||
Common stock
|
100,000 | 100,000 | ||||||||||||||||||||||||||||||
Net loss
|
(182,548 | ) | (182,548 | ) | ||||||||||||||||||||||||||||
Ending Balance
|
||||||||||||||||||||||||||||||||
February 28, 2013
|
1,000 | $ | 1 | 327,716,928 | $ | 327,717 | $ | 1,026,481 | $ | 100,000 | $ | (798,316 | ) | $ | 655,883 | |||||||||||||||||
From
|
||||||||||||
Inception
|
||||||||||||
For the
|
For the
|
January 28,
|
||||||||||
Six Months
|
Six Months
|
2011
|
||||||||||
ended
|
ended
|
through
|
||||||||||
February 28
|
February 28
|
February 28
|
||||||||||
2013
|
2012
|
2013
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Net loss
|
$ | (182,548 | ) | $ | (190,161 | ) | $ | (798,316 | ) | |||
Adjustments to reconcile net loss to net
|
||||||||||||
cash used in operating activities
|
||||||||||||
Amortization expense
|
1,900 | 66 | 2,250 | |||||||||
Warrant expense
|
- | 9 | 9 | |||||||||
Changes in operating assets and liabilities
|
||||||||||||
Prepaid expense
|
4,500 | - | (4,500 | ) | ||||||||
Accounts payable
|
(2,509 | ) | (16,601 | ) | 14,023 | |||||||
Net Cash used in operating activities
|
(178,657 | ) | (206,687 | ) | (786,534 | ) | ||||||
Cash flows from invesing activities
|
||||||||||||
DiMi platform
|
(125,000 | ) | - | (125,000 | ) | |||||||
Intellectual property
|
- | - | ||||||||||
iPhone applications
|
- | - | (11,000 | ) | ||||||||
Net cash used in investing activities
|
(125,000 | ) | - | (136,000 | ) | |||||||
Cash flow from financing activities
|
||||||||||||
Proceeds from common stock sale
|
100,000 | 1,040,000 | 1,452,000 | |||||||||
Net cash provided by financing activities
|
100,000 | 1,040,000 | 1,452,000 | |||||||||
Net increase in cash and cash equivalents
|
(203,657 | ) | 833,313 | 529,466 | ||||||||
Cash and cash equivalents at beginning of period
|
733,123 | 117,382 | - | |||||||||
Cash and cash equivalents at end of period
|
$ | 529,466 | $ | 950,695 | $ | 529,466 | ||||||
Supplemental disclosure of cash flow information
|
||||||||||||
Cash paid during period for
|
||||||||||||
Cash paid for interest
|
$ | - | $ | - | $ | - | ||||||
Cash paid for income taxes
|
$ | - | $ | - | $ | - | ||||||
Stock and warrants issued for intellectual property
|
$ | - | $ | - | $ | 1,971 | ||||||
Common stock exchanged
|
||||||||||||
for 1,000 preferred stock
|
$ | - | $ | - | $ | 100,000 | ||||||
Name
|
Title(s)
|
|
Barry Tenzer
|
President, Chief Executive Officer, Chief Financial Officer, Secretary and Director
|
|
Roberto Fata
|
Executive Vice President – Business Development and Director
|
•
|
Sales and Marketing
, which will employ both direct and indirect sales models utilizing an in-house business development team, partners and resellers and self-service through a service on-demand web interface.
|
•
|
Operations
, which will be responsible for managing daily activities related to monitoring and administering our cloud-based server operations; 24/7 client service/help desk; professional services and installation support; and quality assurance and testing of our
DiMi
software and hosting platform, as well as the implementation and ongoing administration of our hosted clients’ M2M communications platforms.
|
•
|
Product Development
, which will be charged with enhancing our existing M2M software applications and services and introducing new and complementary hosted products and applications on a timely basis.
|
February 28, 2013
|
August 31,
2012
|
|||||||
Intellectual property
|
$ | 2,190 | $ | 2,190 | ||||
Less: amortization
|
416 | 350 | ||||||
Net intellectual property
|
$ | 1,774 | $ | 1,840 |
February 28, 2013
|
||||
Intellectual property
|
$ | 11,000 | ||
Less: amortization
|
1,834 | |||
Net intellectual property
|
$ | 9,166 |
Risk-free interest rate at grant date
|
0.39
|
%
|
||
Expected stock price volatility
|
200
|
%
|
||
Expected dividend payout
|
--
|
|||
Expected option in life-years
|
2
|
Number of Warrants
|
Weighted-Average Price Per Share
|
|||||||
Balance August 31, 2011
|
12,000,000 | $ | 0.17 | |||||
Granted
|
675,000 | 0.17 | ||||||
Exercised
|
- | - | ||||||
Cancelled or expired
|
- | - | ||||||
Ending balance August 31, 2012
|
12,675,000 | 0.17 | ||||||
Granted
|
- | - | ||||||
Exercised
|
- | - | ||||||
Canceled or expired
|
- | - | ||||||
Outstanding at February 28, 2013
|
12,675,000 | $ | 0.17 |
Warrants Outstanding
|
||||||||||
Weighted
|
||||||||||
Average
|
||||||||||
Remaining
|
||||||||||
Exercise
|
Number
|
Contractual
|
||||||||
Prices
|
Outstanding
|
Life (years)
|
||||||||
$
|
0.17
|
12,000,000
|
2.75
|
|||||||
0.17
|
675,000
|
3.0
|
||||||||
12,675,000
|
2.76
|
ITEM 2
.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF OPERATIONS.
|
|
•
|
Inadequate capital and barriers to raising the additional capital or to obtaining the financing needed to implement our business plans;
|
Name
|
Title(s)
|
|
Barry Tenzer
|
President, Chief Executive Officer, Chief Financial Officer, Secretary and Director
|
|
Roberto Fata
|
Executive Vice President – Business Development and Director
|
● | Building an expert knowledge base of existing and emerging electronics/technologies that enable geo-location, remote monitoring and control, auto-diagnostics and object identification; |
● | Engagement of a cloud computing platform that enables ubiquitous, scalable and on-demand network access; |
● | Development of proprietary software that controls two-way communication events, acts on predefined rules and delivers users a customized web interface that is accessible 24/7 from any web-enabled computer or device anywhere on Earth; and |
● | Information systems that enable users to process management solutions that allow for exploiting the information gathered for intelligent decision-making purposes and enhanced situational awareness. |
Exhibit No. | Description | |
31.1.
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
32.1
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
101.CAL
|
XBRL Taxonomy Calculation Linkbase Document
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
101.LAB
|
XBRL Taxonomy Label Linkbase Document
|
|
101.PRE
|
XBRL Taxonomy Presentation Linkbase Document
|
DIMI TELEMATICS INTERNATIONAL, INC.
|
||
April 15, 2013
|
By:
|
s/
Barry Tenzer
|
Barry Tenzer
|
||
President, CEO and CFO
|
||
(Principal Executive Officer and Principal Financial Officer) | ||
1 Year Bespoke Extracts (QB) Chart |
1 Month Bespoke Extracts (QB) Chart |
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