Bespoke Extracts Files Q2 2024 10-Q

TL;DR

Bespoke Extracts (BESK) filed its Q2 10-Q. Financials and operations update.

AI Summary

Bespoke Extracts, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, formerly known as DiMi Telematics International, Inc., is incorporated in Nevada and operates in the Pharmaceutical Preparations sector. Its principal executive offices are located in Aurora, Colorado.

Why It Matters

This filing provides investors with an update on Bespoke Extracts, Inc.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Numbers

• 000-52759 — Commission File Number (Identifies the company's filing with the SEC)
• 20240630 — Quarterly Period End (The end date for the financial reporting period)

Key Players & Entities

• Bespoke Extracts, Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• DiMi Telematics International, Inc. (company) — Former company name
• 20241008 (date) — Filing date
• 000-52759 (dollar_amount) — Commission File Number

FAQ

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001. TABLE OF CONTENTS Page No. PART I
• $0 — ance for provision for credit losses of $0 and $0 , respectively. Inventory, net

Filing Documents

• ea0215414-10q_bespoke.htm (10-Q) — 472KB
• ea021541401ex31-1_bespoke.htm (EX-31.1) — 12KB
• ea021541401ex32-1_bespoke.htm (EX-32.1) — 4KB
• 0001213900-24-086156.txt ( ) — 4045KB
• bspk-20240630.xsd (EX-101.SCH) — 43KB
• bspk-20240630_cal.xml (EX-101.CAL) — 31KB
• bspk-20240630_def.xml (EX-101.DEF) — 239KB
• bspk-20240630_lab.xml (EX-101.LAB) — 418KB
• bspk-20240630_pre.xml (EX-101.PRE) — 240KB
• ea0215414-10q_bespoke_htm.xml (XML) — 316KB

- 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 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 17 Item 4

Controls and Procedures

Controls and Procedures 18

- OTHER INFORMATION

PART II - OTHER INFORMATION 19 Item 1.

Legal Proceedings

Legal Proceedings 19 Item 1A.

Risk Factors

Risk Factors 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securities 19 Item 4. Mine Safety Disclosures 19 Item 5. Other Information 19 Item 6. Exhibits 19 i PART I

Financial Statements

Item 1. Financial Statements. Bespoke Extracts, Inc. Consolidated Balance Sheets June 30, December 31, 2024 2023 Assets Current assets Cash $ 24,791 $ 6,607 Accounts receivable, net 59,185 45,226 Prepaid stock awards 1,057 9,206 Prepaid expense 16,195 5,000 Inventory, net 32,321 15,800 Total current assets 133,549 81,839 Furniture and equipment 36,577 40,979 License 10,000 10,000 Right of Use Asset 175,351 209,542 Deposits 12,000 12,000 Total assets $ 367,477 $ 354,360 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities $ 1,329,393 $ 961,255 Notes payable - secured (Net of discount of $ 14,693 ) 117,844 - Advances - related party 61,872 53,372 Operating lease liability 64,330 64,330 Total current liabilities 1,573,439 1,078,957 Note payable - related party 849,500 849,500 Long-Term Operating Lease Liability 116,675 150,460 Total liabilities 2,539,614 2,078,917 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 June 30, 2024 and December 31, 2023, respectively - - Series C Convertible Preferred Stock, $ 0.001 par value, 1 share designated; 1 share issued and outstanding as of June 30, 2024 and December 31, 2023, respectively, stated value $ 24,000 . - - Common stock, $ 0.001 par value: 3,000,000,000 authorized; 10,168,552 and 10,168,552 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 10,166 10,166 Common stock to issue 6,478 shares - - Additional paid-in capital 23,759,351 23,631,918 Accumulated deficit ( 25,941,654 ) ( 25,366,641 ) Total stockholders' deficit ( 2,172,137 ) ( 1,724,557 ) Total liabilities and stockholders' deficit $ 367,477 $ 354,360 The accompanying notes are an integral part of these consolidated financial 1 Besp

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2024 (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 Extracts Colorado, LLC ("Bespoke Colorado"), we operate a marijuana infused products production facility in Aurora, Colorado. On December 2, 2021, 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, no employees and was not considered a business. 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 consolidated financial statements have been prepared assuming a continuation of the Company as a going concern. The Company had negative cash flows from operations of $ 125,316 for the six months ended June 30, 2024, and a working capital deficit of $ 1,439,890 and accumulated deficit of $ 25,941,654 , as of June 30, 2024. This raises substantial doubt about our ability to continue as a going concern for a period of one year from the date of these financial statements. The Company's ability to continue as a going concern is dependent upo

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