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BESPOKE TRICYCLES INC FILES (8-K) Disclosing Non-Reliance on Previous Financials, Audits or Interim Review

July 7, 2014



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 firm.


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Source: Edgar Glimpses


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