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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, NY10027
|
(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
|
Page No.
|
||||
PARTI. - FINANCIAL INFORMATION
|
||||
Item 1.
|
2 | |||
Item 2.
|
13 | |||
Item 3.
|
16 | |||
Item 4
|
16 | |||
PART II - OTHER INFORMATION
|
||||
Item 1.
|
17 | |||
Item 1A.
|
17 | |||
Item 2.
|
17 | |||
Item 3.
|
17 | |||
Item 4.
|
17 | |||
Item 5.
|
17 | |||
Item 6.
|
Exhibits
.
|
17 |
FINANCIAL STATEMENTS
|
May 31
|
August 31
|
|||||||
Assets
|
2014
|
2013
|
||||||
Current assets
|
||||||||
Cash
|
$ | 512,464 | $ | 437,970 | ||||
Total current assets | 512,464 | 437,970 | ||||||
DiMi Platform
|
334,685 | 241,275 | ||||||
iPhone applications, net of amortization of $6,417 and $3,667, respectively | 4,583 | 7,333 | ||||||
Intellectual property, net of amortization of $581 and $482, respectively
|
1,609 | 1,708 | ||||||
Total assets | $ | 853,341 | $ | 688,286 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Accounts payable and accrued liabilities
|
$ | 2,282 | $ | 17,000 | ||||
Accounts payable - related party
|
- | 4,500 | ||||||
Total current liabilities | 2,282 | 21,500 | ||||||
Commitments and contingencies
|
||||||||
Stockholders' Equity
|
||||||||
Series A Convertible Prefered Stock, $0.001 par value, 50,000,000
|
||||||||
authorized shares; 1,000 shares issued and outstanding as of
|
||||||||
May 31, 2014 and August 31, 2013, respectively
|
1 | 1 | ||||||
Common stock, $0.001 par value: 800,000,000 authorized;
|
||||||||
5,028,136 and 3,528,136 shares issued and outstanding as of
|
||||||||
May 31, 2014 and August 31, 2013, respectively
|
5,028 | 3,528 | ||||||
Common stock payable
|
49,600 | |||||||
Additional paid in capital
|
2,049,170 | 1,600,670 | ||||||
Accumulated deficit
|
(1,252,740 | ) | (937,413 | ) | ||||
Total stockholders' equity | 851,059 | 666,786 | ||||||
Total liability and stockholders' equity | $ | 853,341 | $ | 688,286 |
For the
|
For the
|
For the
|
For the
|
|||||||||||||
three months
|
three months
|
nine months
|
nine months
|
|||||||||||||
ended
|
ended
|
ended
|
ended
|
|||||||||||||
May 31,
|
May 31,
|
May 31,
|
May 31,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenue
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Operating expenses
|
||||||||||||||||
Selling, general and administrative expenses
|
84,126 | 61,341 | 312,478 | 241,990 | ||||||||||||
Amortization expense
|
950 | 950 | 2,849 | 2,849 | ||||||||||||
Total operating expenses
|
85,076 | 62,291 | 315,327 | 244,839 | ||||||||||||
Loss before income tax
|
(85,076 | ) | (62,291 | ) | (315,327 | ) | (244,839 | ) | ||||||||
Provision for income tax
|
- | - | - | - | ||||||||||||
Net Loss
|
$ | (85,076 | ) | $ | (62,291 | ) | $ | (315,327 | ) | $ | (244,839 | ) | ||||
Net loss per share: basic and diluted
|
$ | (0.02 | ) | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.07 | ) | ||||
Weighted average share outstanding
|
4,783,371 | 3,440,756 | 3,952,763 | 3,346,583 |
Preferred
|
Preferred
|
Common
|
Common
|
Common
|
||||||||||||||||||||||||||||
Shares
|
Par
|
Shares
|
Par
|
Stock
|
Accumulated
|
|||||||||||||||||||||||||||
Outstanding
|
Amount
|
Outstanding
|
Amount
|
APIC
|
Payable
|
Deficit
|
Total
|
|||||||||||||||||||||||||
Beginning Balance
|
1,000 | $ | 1 | 3,278,136 | $ | 3,278 | $ | 1,350,920 | $ | - | $ | (615,768 | ) | $ | 738,431 | |||||||||||||||||
Sale of common stock
|
250,000 | 250 | 249,750 | 250,000 | ||||||||||||||||||||||||||||
Net loss
|
(321,645 | ) | (321,645 | ) | ||||||||||||||||||||||||||||
Ending Balance
|
||||||||||||||||||||||||||||||||
August 31, 2013
|
1,000 | $ | 1 | 3,528,136 | $ | 3,528 | $ | 1,600,670 | $ | - | $ | (937,413 | ) | $ | 666,786 | |||||||||||||||||
Proceeds from common stock
|
||||||||||||||||||||||||||||||||
payable
|
$ | 49,600 | $ | 49,600 | ||||||||||||||||||||||||||||
Proceeds from common stock
|
||||||||||||||||||||||||||||||||
sale
|
1,500,000 | $ | 1,500 | $ | 448,500 | $ | 450,000 | |||||||||||||||||||||||||
Net loss
|
(315,327 | ) | (315,327 | ) | ||||||||||||||||||||||||||||
Ending Balance
|
||||||||||||||||||||||||||||||||
May 31, 2014
|
1,000 | $ | 1 | 5,028,136 | $ | 5,028 | $ | 2,049,170 | $ | 49,600 | $ | (1,252,740 | ) | $ | 851,059 | |||||||||||||||||
For the
|
For the
|
|||||||
nine months
|
nine months
|
|||||||
ended
|
ended
|
|||||||
May 31,
|
May 31,
|
|||||||
2014
|
2013
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
$ | (315,327 | ) | $ | (244,839 | ) | ||
Adjustments to reconcile net loss to net
|
||||||||
cash used in operating activities
|
||||||||
Amortization expense
|
2,849 | 2,849 | ||||||
Changes in operating assets and liabilities
|
||||||||
Prepaid expense
|
- | (4,500 | ) | |||||
Accounts payable
|
(14,718 | ) | (14,032 | ) | ||||
Accounts payable - related party
|
(4,500 | ) | - | |||||
Net cash used in operating activities
|
(331,696 | ) | (260,522 | ) | ||||
Cash flows from investing activities
|
||||||||
DiMi platform
|
(93,410 | ) | (187,500 | ) | ||||
Net cash used in investing activities
|
(93,410 | ) | (187,500 | ) | ||||
Cash flow from financing activities
|
||||||||
Proceeds from common stock payable
|
49,600 | - | ||||||
Proceeds from common stock sale
|
450,000 | 250,000 | ||||||
Net cash provided by financing activities
|
499,600 | 250,000 | ||||||
Net increase in cash and cash equivalents
|
74,494 | (198,022 | ) | |||||
Cash and cash equivalents at beginning of period
|
437,970 | 733,123 | ||||||
Cash and cash equivalents at end of period
|
$ | 512,464 | $ | 535,101 | ||||
Supplemental disclosure of cash flow information
|
||||||||
Cash paid during period for
|
||||||||
Cash paid for interest
|
$ | - | $ | - | ||||
Cash paid for income taxes
|
$ | - | $ | - |
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.
|
May 31,
2014
|
August 31,
2013
|
|||||||
Intellectual property
|
$ | 2,190 | $ | 2,190 | ||||
Less: amortization
|
581 | 482 | ||||||
Net intellectual property
|
$ | 1,609 | $ | 1,708 |
May 31,
2014
|
August 31,
2013
|
|||||||
Intellectual property
|
$ | 11,000 | $ | 11,000 | ||||
Less: amortization
|
6,417 | 3,667 | ||||||
Net intellectual property
|
$ | 4,583 | $ | 7,333 |
Name
|
Title(s)
|
|
Barry Tenzer
|
President, Chief Executive Officer, Chief Financial Officer, Secretary and Director
|
|
Roberto Fata
|
Executive Vice President – Business Development and Director
|
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, 2012
|
126,750 | $ | 17 | |||||
Granted
|
- | - | ||||||
Exercised
|
- | - | ||||||
Cancelled or expired
|
- | - | ||||||
Ending balance August 31, 2013
|
126,750 | 17 | ||||||
Granted
|
- | - | ||||||
Exercised
|
- | - | ||||||
Canceled or expired
|
- | - | ||||||
Outstanding at May 31, 2014
|
126,750 | $ | 17 |
Warrants Outstanding
|
||||||||||
Weighted
|
||||||||||
Average
|
||||||||||
Remaining
|
||||||||||
Exercise
|
Number
|
Contractual
|
||||||||
Prices
|
Outstanding
|
Life (years)
|
||||||||
$
|
17
|
120,000
|
1.75
|
|||||||
17
|
6,750
|
2.0
|
||||||||
126,750
|
1.76
|
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; | |
● | Our failure to earn revenues or profits; | |
● | Inadequate capital to continue business; | |
● | Volatility or decline of our stock price; | |
● | Potential fluctuation in quarterly results; | |
● | Rapid and significant changes in markets; | |
● | Litigation with or legal claims and allegations by outside parties; and | |
● | Insufficient revenues to cover operating costs. |
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. |
·
|
Since inception our chief executive officer also functions as our chief financial officer. As a result, our officers may not be able to identify errors and irregularities in the financial statements and reports.
|
·
|
We were unable to maintain full segregation of duties within our financial operations due to our reliance on limited personnel in the finance function. While this control deficiency did not result in any audit adjustments to our financial statements, it could have resulted in a material misstatement that might have been prevented or detected by a segregation of duties.
|
·
|
Documentation of all proper accounting procedures is not yet complete.
|
·
|
Increasing the capacity of our qualified financial personnel to ensure that accounting policies and procedures are consistent across the organization and that we have adequate control over financial statement disclosures.
|
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.
|
||
July 14, 2014
|
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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