Bemax: Applicable Only To Issuers Involved In Bankruptcy Proceedings During The Preceding Five Years

The following excerpt is from the company's SEC filing.

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 November 30, 2015

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

Balance Sheets (audited)

Statements of Operations (unaudited)

Statements of Cash Flows (unaudited)

Statements of Stockholder’s Equity
< br>Notes to the Financial Statements

PART II – OTHER INFORMATION

Legal Proceedings:

Item 2.

Unregistered Sales Of Equity Securities

Item 3.

Default Upon Senior Securities

Item 4.

Mining Safety Procedures

Item 5.

Other Information:

Item 6.

Signature

Item 7.

Exhibits

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 financial statements and notes thereto included in our financial statements filed therewith the U.S. Securities and Exchange Commission (SEC) on January 13, 2015 and can be found on the SEC website at

BEMAX INC.

(A Development Stage Company)

(Expressed in US dollars)

November 30, 2015 and November 30, 2014

(Unaudited)

Balance Sheets (Stated in U.S. Dollars)

November 30, 2015 and May 31, 2015

(Stated in U.S.Dollars)

 (Unaudited)

Six Months Ended

Year Ended

ASSETS

Current Assets

 Cash and cash equivalents

45,673

58,137

 Accounts receivable

407,722

 Total current assets

453,395

465,859

 Fixed Assets

 Furniture and Equipment

 Total fixed assets

  TOTAL ASSETS

453,895

466,360

 LIABILITIES & STOCKHOLDERS' EQUITY

 CURRENT LIABILITIES

       Deferred revenue

507,722

        Loan from shareholder and related party

29,236

17,336

       Accounts payable

256,062

364,622

  Total current liabilities

793,020

889,680

 STOCKHOLDERS' EQUITY

 Common stock, ($0.0001 par value, 500,000,000 shares

 authorized; 258,750,000 shares issued and outstanding at

 November 30, 2015 and  May 31, 2015 respectively

25,875

 Additional paid-in capital

36,876

62,232

 Deficit accumulated during development stage

(401,876

(486,070

TOTAL STOCKHOLDERS' EQUITY

(339,125

(423,320

TOTAL LIABILITITES AND STOCKHOLDERS' EQUITY

Statement of Operations

 (Stated in U.S. Dollars)

         (Unaudited)

BEMAX Inc.

Three Months Ended

REVENUES

       Revenues

65,219

TOTAL REVENUES

Cost of good sold

       Purchases-resale items

TOTAL COGS

Operating costs

General and administrative expenses

16,123

TOTAL OPERATING COSTS

(1,051

(5,858

NET ORDINARY INCOME (LOSS)

59,209

49,096

BASIC AND DILUTED EARNINGS (LOSS)

PER SHARE

WEIGHTED AVERAGE NUMBER OF

COMMON SHARES OUTSTANDING

5,175,000

5.175,000

Statement of Cash Flows

For the Three Months Ended November 30, 2015 and November 30, 2014

(Stated in U.S.Dollars)  

CASH FLOWS FROM OPERATING ACTIVITIES

    Net income (loss)

    Adjustments to reconcile net loss to net cash

       provided by (used in) operating activities:

11,900

(108,560

       Accounts receivable

35,100

   Changes in operating assets and liabilities:

(12,464

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

(3,558

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

55,192

CASH AT BEGINNING OF PERIOD

CASH AT END OF PERIOD

59,192

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during year for :

     Interest

     Income Taxes

Statement of Stockholder’s Equity

         (Stated in U.S. Dollars)

Accumulated

During

Amount

Paid-in Capital

Stock issued for cash at May 31, 2013

Net loss May 31, 2013

Balance May 31, 2013

Common stock issued for cash on May

16, 2014.4,000,000 shares at a par

value of $0.0001 per share

Net loss May 31, 2014

(2,000

Balance May 31, 2014

(2,502

Common stock issued for cash between

between October 14 and 24, 2014 at

$0.05 per share

1,175,000

58,632

Net loss May 31, 2015

(483,568

Balance May 31, 2015

Notes to the  Financial Statements

1.  NATURE OF OPERATIONS

. (“The Company”) was incorporated in the State of Nevada on November 28, 2012 to engage in the business of exporting disposable baby diapers manufactured in the United States and then distributing them throughout Europe and South Africa. The Company is in the development stage with no revenues and very 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 $(401,875)) as of November 30, 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 November 30, 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.

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 $18,000 for donated management fees were charged to “Loan from Shareholder” for the period December 1, 2014 through November 30, 2015.

As of November 30, 2015, there are loans from the majority shareholder and related party totalling $29,236. 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 January, 2016, the date these financials were available to be issued and it was determined that there are none to report.

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

 ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

ITEM 4.  MINE SAFETY DISCLOSURES

ITEM 5.  OTHER INFORMATION

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.

Dated: January 13, 2016                    By: /s/ Taiwo Aimasiko

                                                               ________________________________

                                                               Taiwo Aimasiko, President and

                                                               Chief Executive Officer

Dated: January 13, 2016                   By: /s/ Taiwo Aimasiko

                                                             _________________________________

                                                             Taiwo Aimasiko, Chief Financial Office

The above information was disclosed in a filing to the SEC. To see the filing, click here.

To receive a free e-mail notification whenever Bemax, Inc. makes a similar move, sign up!

Auto Refresh

Feedback