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Basis of Presentation
6 Months Ended
Feb. 28, 2018
Basis of Presentation [Abstract]  
BASIS OF PRESENTATION

NOTE 1 — BASIS OF PRESENTATION

 

The accompanying unaudited consolidated financial statements of Bespoke Extracts, Inc, a Nevada corporation (the “Company”), have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the Company’s annual report on Form 10-K for the fiscal year ended August 31, 2017. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments that are of a normal recurring nature and which are necessary to present fairly the financial position of the Company as of February 28, 2018, and the results of operations and cash flows for the three and six months ended February 28, 2018 and February 28, 2017. The results of operations for the three and six months ended February 28, 2018 are not necessarily indicative of the results that may be expected for the entire fiscal year.

 

Certain prior period amounts have been reclassified to conform to current period presentation.

 

Going Concern

 

The accompanying interim consolidated financial statements have been prepared assuming a continuation of the Company as a going concern. The Company did not generate any revenues and reported a net loss of $2,897,422 for the six months ended February 28, 2018.  These conditions raise substantial doubt about our ability to continue as a going concern.

 

The Company’s ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. There is no assurance that this series of events will be satisfactorily completed. The accompanying financial statements do not contain any adjustments that may result from the outcome of this uncertainty.

 

Inventory

 

Inventories are stated at the lower of cost or market value.  Cost is determined by the first-in, first-out basis and market being determined as the lower of replacement cost or net realizable value. The Company records inventory write-downs for estimated obsolescence of unmarketable inventory based upon assumptions about future demand and market conditions. As of February 28, 2018, inventory amounted to $69,522 which consists of $53,743 in finished goods and $15,779 in raw materials.