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
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
Unregistered Sales Of Equity Securities
Default Upon Senior Securities
Mining Safety Procedures
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
(A Development Stage Company)
(Expressed in US dollars)
November 30, 2015 and November 30, 2014
Balance Sheets (Stated in U.S. Dollars)
November 30, 2015 and May 31, 2015
(Stated in U.S.Dollars)
Six Months Ended
Cash and cash equivalents
Total current assets
Furniture and Equipment
Total fixed assets
LIABILITIES & STOCKHOLDERS' EQUITY
Loan from shareholder and related party
Total current liabilities
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
Additional paid-in capital
Deficit accumulated during development stage
TOTAL STOCKHOLDERS' EQUITY
TOTAL LIABILITITES AND STOCKHOLDERS' EQUITY
Statement of Operations
(Stated in U.S. Dollars)
Three Months Ended
Cost of good sold
General and administrative expenses
TOTAL OPERATING COSTS
NET ORDINARY INCOME (LOSS)
BASIC AND DILUTED EARNINGS (LOSS)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
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:
Changes in operating assets and liabilities:
NET CASH PROVIDED BY (USED IN) OPERATING 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
CASH AT BEGINNING OF PERIOD
CASH AT END OF PERIOD
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during year for :
Statement of Stockholder’s Equity
(Stated in U.S. Dollars)
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
Balance May 31, 2014
Common stock issued for cash between
between October 14 and 24, 2014 at
$0.05 per share
Net loss May 31, 2015
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
31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a)
31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or
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.
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.
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