Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
Following comments received on June 25, 2014 from the staff of the Division of
Corporation Finance of the Securities and Exchange Commission, on June 25, 2014,
the board of directors of Bespoke Tricycles, Inc. (the "Company") determined
that the Company's financial statements and related disclosures included in the
Company's Quarterly Reports on Form 10-Q for the periods ended July 31, 2013,
April 30, 2013 and January 31, 2013 (the "Previously Issued Financial
Statements") should not be relied upon. The Company began recording
transactions in Great Britain Pounds beginning November 01, 2012 converting from
recording currency in US dollars. This conversion required translation
calculations that were incorrect. This error caused the Company's Previously
Issued Financial Statements to be materially misstated.
The Company has restated beginning balances for January 31, 2013 and April 30,
2013, as well as the Balance Sheets, Statements of Operations, Statements of
Other Comprehensive Loss and Statements of Cash flows for January 31, 2013 and
April 30, 2014 to correct errors in its accounting. These restated financial
statements are contained in the Company's Quarterly Reports on Form 10-Q for the
periods ended January 31, 2014 and April 30, 2014. The Company's audited year
end October 31, 2013 financial statements reflect the corrected translation for
the year and are materially correct.
The Company intends to restate the unaudited financial statements and amend its
Quarterly Report on Form 10-Q for the period ended July 31, 2013. The Company
currently anticipates making such filing within the next 30 days.
The Company's board of directors discussed the matters mentioned herein with
Silberstein Ungar, PLLC, the Company's independent registered public accounting