Bespoke Extracts, Inc. Files 10-Q for Period Ended September 30, 2023

TL;DR

<b>Bespoke Extracts, Inc. filed its quarterly report (10-Q) for the period ending September 30, 2023, confirming its operational status and historical name changes.</b>

AI Summary

Bespoke Extracts, Inc. (BSPK) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. Bespoke Extracts, Inc. filed a 10-Q quarterly report for the period ending September 30, 2023. The company is incorporated in Nevada and has its principal executive offices in Aurora, Colorado. Bespoke Extracts, Inc. was formerly known as DiMi Telematics International, Inc. and First Quantum Ventures Inc. The company has submitted all required reports for the past 12 months and has been subject to filing requirements for the past 90 days. As of January 16, 2024, there were 10,168,2 shares outstanding.

Why It Matters

For investors and stakeholders tracking Bespoke Extracts, Inc., this filing contains several important signals. This filing provides an update on the company's financial and operational status for the third quarter of 2023, which is crucial for investors to assess performance and make informed decisions. The confirmation of filing all required reports and the number of outstanding shares are key metrics for understanding the company's compliance and market capitalization.

Risk Assessment

Risk Level: low — Bespoke Extracts, Inc. shows low risk based on this filing. The filing is a routine quarterly report and does not contain significant new financial data or operational changes that would indicate a high level of risk.

Analyst Insight

Monitor future filings for financial performance and operational updates to assess the company's growth trajectory.

Key Numbers

• 20230930 — Conformed Period of Report (Quarterly period ended)
• 20240116 — Filed as of Date (Date of filing)
• 10,168,2 — Outstanding Shares (As of January 16, 2024)

Key Players & Entities

• Bespoke Extracts, Inc. (company) — Exact name of registrant
• September 30, 2023 (date) — Quarterly period ended
• 000-52759 (other) — Commission File Number
• Nevada (other) — State or other jurisdiction of incorporation
• 204743354 (other) — IRS Employer Identification No.
• 12001 E. 33rd Street Unit O Aurora (other) — Address of principal executive offices
• 855-633-3738 (other) — Registrant's telephone number
• 10,168,2 (dollar_amount) — shares outstanding as of January 16, 2024

Forward-Looking Statements

• Bespoke Extracts, Inc. will continue to meet its SEC filing obligations in the near future. (Bespoke Extracts, Inc.) — high confidence, target: Q4 2023 filing period

FAQ

Key Dates

• 2023-09-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-16: Filing Date — Date the 10-Q was filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure of financial performance. (This filing provides the most recent quarterly financial information for Bespoke Extracts, Inc.)

Smaller reporting company

A company that meets certain criteria for revenue and public float, allowing for scaled disclosure requirements. (Indicates Bespoke Extracts, Inc. is subject to specific reporting thresholds.)

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001. TABLE OF CONTENTS Page No. PART I

Filing Documents

• f10q0923_bespokeextracts.htm (10-Q) — 528KB
• f10q0923ex31-1_bespoke.htm (EX-31.1) — 10KB
• f10q0923ex32-1_bespoke.htm (EX-32.1) — 4KB
• 0001213900-24-003727.txt (&nbsp;) — 3982KB
• bspk-20230930.xsd (EX-101.SCH) — 51KB
• bspk-20230930_cal.xml (EX-101.CAL) — 30KB
• bspk-20230930_def.xml (EX-101.DEF) — 240KB
• bspk-20230930_lab.xml (EX-101.LAB) — 471KB
• bspk-20230930_pre.xml (EX-101.PRE) — 251KB
• f10q0923_bespokeextracts_htm.xml (XML) — 303KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4

Controls and Procedures

Controls and Procedures 20

- OTHER INFORMATION

PART II - OTHER INFORMATION 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 21 i PART I

Financial Statements

Item 1. Financial Statements. Bespoke Extracts, Inc. Consolidated Balance Sheets September 30, December 31, 2023 2022 Assets Current assets Cash $ - $ 24,433 Accounts receivable, net 45,950 - Prepaid stock awards 14,762 80,113 Prepaid expense 10,695 7,186 Inventory, net 25,557 - Total current assets 96,964 111,732 Furniture and equipment 42,764 9,947 License 10,000 - Right of Use Asset 226,381 275,912 Deposits 12,000 12,000 Total assets $ 388,109 $ 409,591 Liabilities and Stockholders' Equity Current liabilities Cash overdraft $ 2,949 $ - Accounts payable and accrued liabilities 828,069 295,818 Inventory earn-out - 90,000 Deferred revenue 2,936 - Note payable - related party 26,997 415,500 Operating lease liability 64,330 64,330 Total current liabilities 925,281 865,648 Note payable - related party 849,500 - Long-Term Operating Lease Liability 167,101 216,039 Total liabilities 1,941,882 1,081,687 Commitments and contingencies (Note 10) Stockholders' Deficit Preferred stock, par value $ 0.001 , 50,000,000 shares authorized, 1 share issued and outstanding as of September 30, 2023 and December 31,2022, respectively - - Series C Convertible Preferred Stock, $ 0.001 par value, 1 share designated; 1 share issued and outstanding as of Sepember 30, 2023 and December 31, 2022, respectively, stated value $ 24,000 . - - Common stock, $ 0.001 par value: 3,000,000,000 authorized; 10,168,220 and 9,946,067 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 10,166 9,944 Common stock to issue 6,478 shares - - Additional paid-in capital 23,533,615 23,201,758 Accumulated deficit ( 25,097,554 ) ( 23,883,798 ) Total stockholders' deficit ( 1,553,773 ) ( 672,096 ) Total liabilities and stockholders' deficit $ 388,109 $ 409,591 The accompanying notes are an integral part of these consolidated financial statements. 1 Be

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2023 (Unaudited) 1. NATURE OF OPERATIONS, SIGNIFICANT ACCOUNTING POLICIES AND GOING CONCERN Nature of Business Operations Bespoke Extracts, Inc. (the "Company") is a Nevada corporation focused on operating in the regulated cannabis markets in the United States. Through Bespoke Colorado, we operate a marijuana infused products production facility in Aurora, Colorado. On December 2, 2021, Bespoke Extracts Colorado, LLC ("Bespoke Colorado"), a newly formed wholly-owned subsidiary of the Company entered into an asset purchase agreement with WonderLeaf, LLC ("WonderLeaf"), and on December 7, 2021, Bespoke Colorado and WonderLeaf entered into an amendment to such asset purchase agreement (as amended, the "WonderLeaf Purchase Agreement"). On January 3, 2023, the Company completed the acquisition of the WonderLeaf assets and the change of control was approved by the Colorado Marijuana Enforcement Division for 222,223 shares of common stock valued at $ 50,000 , or $ 0.225 per share. At the time of acquisition Wonderleaf had no operations or no employees and was not considered a business. On February 2, 2022, the Company changed its fiscal year from August 31 to December 31. Certain prior period amounts have been reclassified to conform to the current period presentation which include common stock and additional paid in capital. Principles of Consolidation The accompanying condensed consolidated unaudited financial statements include the accounts of Bespoke Extracts, Inc., and its wholly owned subsidiary Bespoke Extracts Colorado, LLC. All inter-company balances have been eliminated. Going Concern The accompanying condensed consolidated unaudited financial statements have been prepared assuming a continuation of the Company as a going concern. The Company had negative cash flows from operations of $ 395,430 _ for the nine months ended September 30, 2023, and a working capital deficit of $ 851,602 and

View Full Filing

View this 10-Q filing on SEC EDGAR