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EX-31.2 - Bemax, Inc.bemax10qex312083115.htm
EX-32.1 - Bemax, Inc.bemax10qex321083115.htm
EX-31.1 - Bemax, Inc.bemax10qex311083115.htm
 
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington D.C. 20549

Form 10-Q

 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the quarterly period ended August 31, 2015
 
or

[     ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 333-197756


BEMAX INC.
(Exact name of registrant as specified in its charter)
 
Nevada
46-554081
(State or other jurisdiction of Organization)
(IRS Employer Identification Number)
 
 
____________________________________________________________________________________________________________
 
26 Wellsley Lane
Dallas, GA 30132
Tel: (770) 401-1809
 
 
(Address and telephone number of principal executive office)
 
 
 
N/A
 
(Former name, former address and former fiscal year, if changed since last report)
 


 
1

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) /of the Exchange Act during the past 12 months (or for such shorter period that the registrant was require to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one):
Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [ ]   Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [  ] No [ X ]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  [ ] Yes [ ] No

APPLICABLE ONLY TO CORPORATE ISSUERS:


258,750,000 common shares issued and outstanding as of August 31, 2015



 
2

 
 
PART I – FINANCIAL INFORMATION
4
Item 1.
Financial Statements
 
 
Balance Sheets (audited)
5
 
Statements of Operations (unaudited)
6
 
Statements of Cash Flows (unaudited)
7
 
Statements of Stockholder’s Equity
8
 
Notes to the Financial Statements
9
PART II – OTHER INFORMATION
 
Item 1.
Legal Proceedings:
11
Item 2.
Unregistered Sales Of Equity Securities
11
Item 3. Default Upon Senior Securities 11
Item 4.
Mining Safety Procedures
11
Item 5.
Other Information:
11
Item 6.
Signature
12
Item 7.
Exhibits
13


 
 
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 PART I – FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

The financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the period presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our audited financial statements filed therewith the U.S. Securities and Exchange Commission (SEC) on August 14, 2015 and can be found on the SEC website at www.sec.gov

 
 
 
 
 
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BEMAX INC.
(A Development Stage Company)
Financial Statements
(Expressed in US dollars)
August 31, 2015 and August 31, 2014
(Unaudited)

BEMAX INC.
 
Balance Sheets
 
(Stated in U.S.Dollars)
 
(Unaudited)
 
             
             
             
   
Three Months Ended
   
Year Ended
 
   
August 31, 2015
   
May 31, 2015
 
             
             
ASSETS
           
             
Current Assets
           
 Cash and cash equivalents
  $ 57,624     $ 58,137  
 Accounts receivable
    407,722       407,722  
                 
 Total current assets
    465,346       465,859  
                 
 Fixed Assets
               
 Furniture and Equipment
    500       500  
                 
 Total fixed assets
    500       500  
                 
  TOTAL ASSETS
  $ 465,846     $ 466,360  
                 
                 
 LIABILITIES & STOCKHOLDERS' EQUITY
               
                 
 CURRENT LIABILITIES
               
       Deferred revenue
    507,722       507,722  
        Loan from shareholder and related party
    24,736       17,336  
       Accounts payable
    366,822       364,622  
  Total current liabilities
    899,280       889,680  
                 
 STOCKHOLDERS' EQUITY
               
                 
 Common stock, ($0.0001 par value, 500,000,000 shares
               
 authorized; 258,750,000 shares issued and outstanding at
               
 August 31, 2015 and  5,175,000 at May 31, 2015 respectively
    25,875       518  
 Additional paid-in capital
    36,876       62,232  
 Deficit accumulated during development stage
    (496,184 )     (486,070 )
TOTAL STOCKHOLDERS' EQUITY
    (433,434 )     (423,320 )
                 
                 
                 
TOTAL LIABILITITES AND STOCKHOLDERS' EQUITY
  $ 465,846       466,360  



 
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BEMAX,INC  
Statements of Operations
 
(Stated in U.S.Dollars)  
(Unaudited)  
             
             
             
             
   
Three Months Ended
   
Three Months Ended
 
   
August 31, 2015
   
August 31, 2014
 
             
             
REVENUES
           
       Revenues
    -       -  
                 
TOTAL REVENUES
  $ -     $ -  
                 
Cost of good sold
               
       Purchases-resale items
    -       -  
                 
TOTAL COGS
  $ -     $ -  
                 
Operating costs
               
                 
General and administrative expenses
    10,113       4,807  
                 
TOTAL OPERATING COSTS
  $ 10,113     $ 4,807  
                 
NET ORDINARY INCOME (LOSS)
  $ (10,113 )   $ (4,807 )
                 
BASIC AND DILUTED EARNINGS (LOSS)
         
PER SHARE
  $ (0.00 )   $ (0.00 )
                 
                 
WEIGHTED AVERAGE NUMBER OF
               
COMMON SHARES OUTSTANDING
    258,750,000       5,175,000  



 
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BEMAX INC.
Statements of Cash Flows
(Stated in U.S.Dollars)  
(Unaudited)
             
             
   
Three Months Ended
   
Three Months Ended
 
   
August 31, 2015
   
August 31, 2014
 
             
             
CASH FLOWS FROM OPERATING ACTIVITIES
           
    Net income (loss)
  $ (10,113 )   $ (4,807 )
    Adjustments to reconcile net loss to net cash
               
       provided by (used in) operating activities:
               
 
       Loan from shareholder and related party
    7,400       2,300  
       Accounts payable
    2,200       -  
       Accounts receivable
    -       -  
       Deferred revenue
    -       -  
   Changes in operating assets and liabilities:
    (513 )     -  
                 
 
(513
)     (2,507 )
                 
                 
INVESTING ACTIVITIES
               
       Furniture and equipment
    -       -  
Net cash provided by investing activities
    -       -  
CASH FLOWS FROM FINANCING ACTIVITIES
               
     Issuance of common stock
    -       -  
                 
NET CASH PROVIDED BY FINANCING ACTIVITIES
    -       -  
                 
                 
NET INCREASE  IN CASH
    (513 )     (2,507 )
CASH AT BEGINNING OF PERIOD
    58,137       4,000  
                 
CASH AT END OF PERIOD
  $ 57,624     $ 1,493  
                 
                 
                 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
         
                 
Cash paid during year for :
               
     Interest
  $ -     $ -  
                 
     Income Taxes
  $ -     $ -  

 
 
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BEMAX, INC.
Statement of Stockholder's Equity
(Stated in U.S. Dollars)
                     
Deficit
       
         
Common
         
Accumulated
       
   
Common
   
Stock
   
Additional
   
During
       
   
Stock
   
Amount
   
Paid-in Capital
   
Development Stage
   
Total
 
                               
Stock issued for cash at May 31, 2013
    -     $ -     $ -     $ -     $ -  
Net loss May 31, 2013
                            (502 )     (502 )
Balance May 31, 2013
    -       -       -       (502 )     (502 )
Common stock issued for cash on May
                                       
16, 2014.4,000,000 shares at a par
                                       
value of $0.0001 per share
    4,000,000       400       3,600       -       4,000  
Net loss May 31, 2014
                            (2,000 )     (2,000 )
Balance May 31, 2014
    4,000,000     $ 400     $ 3,600     $ (2,502 )   $ 1,498  
Common stock issued for cash between
                                 
between October 14 and 24, 2014 at
                                       
$0.05 per share
    1,175,000       118       58,632               58,750  
Net loss May 31, 2015
                            (483,568 )     (483,568 )
Balance May 31, 2015
    5,175,000     $ 518     $ 62,232     $ (486,070 )   $ (423,320 )





 
8

 

BEMAX INC.
Notes to the Financial Statements
August 31, 2015
(Unaudited)

1.  NATURE OF OPERATIONS 

BEMAX INC. (“The Company”) was incorporated in the State of Nevada on November 28, 2012 to engage in the business of exporting of disposable baby diapers and then distributing them throughout Europe and emerging African markets. The Company is in the development stage with no revenues and limited operating history.
 
The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange commission (“SEC”)  and should be read in connection with the audited financial statements and notes thereto contained in the Company’s K-1 report filed with the SEC. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures in the audited financial statements, for the fiscal 2015, as reported, have been omitted.

The Company has elected to adopt early application of Accounting Standards Update No. 2014-10,Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements; it no longer presents or discloses inception-to-date information and other disclosure requirements of Topic 915.


NOTE 2   GOING CONCERN
 
These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $((496,184)) as of August 31, 2015 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The 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. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from directors and/or private placement of common stock.
 
There is no guarantee that the Company will be able to raise any capital through any type of offering.
 
 
NOTE 3 STOCKHOLDERS’ EQUITY
 
Between October 14 and 24, 2014, the Company authorized and issued 1,175,000 shares of common stock to various investors, for net proceeds to the Company of $58,750.
 
On June 5, 2015, the Company decided to increase the authorized amount of common shares that can be issued from 70,000,000 to 500,000,000 with the same par value of $0.0001 per share. The Company also declared a Fifty (50) to One (1) forward stock split effective immediately.

As of August 31, 2015, there are 500,000,000 common shares at a par value of $0.0001 per share authorized and 258,750,000 issued and outstanding.
 

 
 
9

 
 
BEMAX INC.
Notes to the Financial Statements
August 31, 2015
(Unaudited)
 




NOTE 4 RELATED PARTY TRANSACTIONS


The President of the Company provides management fees and office premises to the Company for a fee of $1,500 per month, the right to which the President has agreed to assign to the Company until such a time as the Company closes on an Equity or Debt financing of not less than $750,000. The assigned rights are valued at $1,000 per month for rent and $500 for executive compensation. A total of $13,500 for donated management fees was charged to Accounts Payable) for the period December 1, 2014 through August 31, 2015.

As of August 31, 2015, there are loans from the majority shareholder and related party totalling $24,736. They were made in order to assist in meeting general and administrative expenses. These advances are unsecured, due on demand and carry no interest or collateral.

NOTE 5 SUBSEQUENT EVENTS

In Accordance with SFAS 165 (ASC 855-10) management has reviewed events through September, 2015, the date these financials were available to be issued and it was determined that there are none to report.



 PART II – OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS
Management is not aware of any legal proceedings contemplated by any governmental authority or any other party against us.  None of our directors, officers or affiliates are (i) a party adverse to us in any legal proceedings, or (ii) have an adverse interest to us in any legal proceedings.  Management is not aware of any other legal proceedings that have been threatened against us.
 
 
 ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
 
 
 
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 ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
None.
 
 
ITEM 4.  MINE SAFETY DISCLOSURES
N/A.
 
 
ITEM 5.  OTHER INFORMATION
None.

ITEM 6. EXHIBITS
 
Exhibits:

31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d- 14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.


 
 
SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized.


                                                                 BEMAX INC.

Dated: October 13, 2015                    By: /s/ Taiwo Aimasiko
                                                               ________________________________
                                                               Taiwo Aimasiko, President and
                                                               Chief Executive Officer


Dated: October 13, 2015                   By: /s/ Taiwo Aimasiko
                                                             _________________________________
                                                             Taiwo Aimasiko, Chief Financial Office



 
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