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

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF TH E SECURITIES EXCHANGE ACT OF 1934

~~(State or otherjurisdiction of Organization) (Primary Standard Industrial Classification Code) (NumberIRS Employer Identification Number)~~

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ( )No (X)

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ( )No (X)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant as required 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.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 Act) Yes ( )No(X)

Number of common shares outstanding as of ~~May 31, 2016: 258,750,000~~September 12, 2017: 301,640,836

~~Item 6. Management Discussion and Analysis of Financial Condition and Result of Operations~~

~~Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation~~

~~Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclousre~~

~~Item 13. Certain Relationships, Related Transactions and Director Independence~~

We were incorporated in the State of Nevada on November 28, 2012. We export Disposable Baby Diapers from U.S. and Canada and distribute them in London, and South Africa. We also export from manufacturers from Asia and distribute to other parts of Africa. We have generated minimal revenues. We maintain our statutory registered agent's office at 5348 Vegas Drive, Las Vegas, NV 89108. Our telephone number is ~~770-401-1809.~~404-991-3518.

This report on Form 10-K contains certain forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements.

Our business is focus on expanding current distribution network for our private labels. We will attract more distributors for our products with competitive pricing through lower overhead cost. We continue to invest in the ecommerce space to attract loyal customers and expand within our markets.

We continue to develop new channels of distribution as the company grows. Bemax plan to become a globally known brand may be pushed forward by entering into contracts with the numerous major wholesale distributors throughout our growing markets.

On September 8, 2015, the Company announced to launch an exclusive private-label of disposable diapers and wipes, called Mother's Hugs and Mother’s Choice, to be sold and distributed through existing Bemax distribution channels of wholesalers and retailers in Europe and emerging African markets as well as to buyers online through Bemax ecommerce website.

On October 15, 2015, the Companyannounced the launch of its new ecommerce website bemaxinc.com/webstore. Bemax new site provides quick and intuitive access to our private-labels and enhances the quality and availability of our Mother's Choice and Mother's Touch labels to our customers.

On November 13, 2015, the Company entered into an exclusive supplier agreement with Bethel Imports Marketing Limited, whereby Bethel Imports shall purchase exclusively from Bemax Inc. Under the terms of the Agreement, Bemax shall provide, without limitation, consulting, and support services necessary for Bethel Imports to sell, operate and manage the distribution of Bemax private label Disposable Baby Diaper. Pursuant to the Agreement, when Bethel Imports is in need of supply of Disposable Baby Diapers or Services to be provided by Bemax under the terms of this agreement, Bethel Imports shall issue purchase order to the Company specifying the type and amount of Disposable Baby Diaper, and Services to be purchased from Bemax Inc. During the term of this Agreement, Bethel will not purchase Disposable Baby Diapers or Services specified in this Agreement from any vendor, other than from Bemax, unless Bemax consents in writing to such purchase. The purchase price for the Disposable Baby Diapers and Services shall be Bemax direct wholesale price listing in effect at the time Bethel Imports issues a purchase order.

The Company is working on several business development and projects to increase business and revenue generation in 2017 and beyond, including but not limited to: product licensing of private label in some of our African markets, production, and extended distribution of new and existing Bemax private label disposable baby diaper products. There can be no assurance that these will be successful in generating revenues in 2017.

We distribute Disposable Baby Diapers from North America to distributors and wholesalers in England and Africa. Disposable baby diapers have become a widely used alternative disposable material for parents of babies and children not toilet trained. Disposable baby diapers is a kind of underwear that allows one to defecate or urinate in a discreet manner. Diapers are made of synthetic disposable materials. Disposable diapers contain absorbent chemicals and are thrown away after use. Disposable diapers are primarily worn by children who are not yet potty trained or experience bed wetting. Disposable baby diapers are constructed in three layers, an inner layer that sits against baby’s skin is designed to be soft, stay relatively dry, and wick away moisture into the core. The absorbent core is designed to pull moisture in and trap it to keep wetness away from the baby to avoid rashes. The outer layer is waterproof to prevent leaks.

Below is a list of advantages of Disposable Baby Diapers compared to cloth diapers. (Cloth diapers are composed of layers of fabrics such as cotton, hemp, or microfiber and can be washed and reused multiple times)

- Disposable Baby Diapers are ultra-absorbent. The disposable diapers will hold over 3 times their weight in water. The inner layer keep wetness from the skin, and prevent leaks.

- Convenient and easy to change. Disposable baby diapers come with straps attached to the back panel that fasten in front. Disposable diapers have built in ready to use straps made of Velcro that make securing the diapers much easier and quicker. They come also, in variety of sizes which fit babies as they grow and mature. Furthermore, disposable diapers are more convenient when travelling and when used in a group setting.

- Color change indicators. Disposable baby diapers are not only functional, they include advanced features such as special sizing and coloring for specific gender and age, color indicators to show when the child is wet, and re-attachable Velcro-type closures.

Disposable diapers range in size from Newborn to Size 6, which accommodates an over 35 lbs child. The normal size weight ranges are: -Up to ten pounds: newborn, 8 to 15 pounds: Size 1-2, 16 to 28 pounds: Size 3, 22 to 37 pounds: Size 4, 27 plus pounds: Size 5, Over 35 pounds: Size 6.

North America producers are leaders in disposable baby diapers manufacturing. There are many manufacturers across North America with different type of disposable baby diapers and services. Disposable baby diapers suppliers can be found by Internet search or through direct contact to disposable diapers manufacturer.

The price range of our private label brands is from $0.11 USD to $0.30 USD per unit depending on size, design and thickness. However, we do not have any written agreements with the manufacturers, and the actual price can be different at the time of purchase.

The company strategy is to win and maintain customers by providing products that add value in terms of price, quality, safety, availability and functionality, and are supported by a dedicated, well-trained team. This shall be important to the successful implementation of our overall strategy and hence the need to ensure we are focused and working harmoniously towards attainment of these goals and objectives. We initially intend to be focusing on satisfying our core markets in London, East, South and West Africa.

We intend to focus on delivering quality products at affordable prices that in turn will produce good referrals, which can then generate revenue. We continue to build image and awareness through consistency and distinctiveness in our order fulfillment.

We plan to market our product in Europe and Africa. Most of Europe and, especially all parts of Africa experiences extremely high cost for disposable baby diapers. As there are few disposable baby diapers manufacturers in Africa, they are mostly imported from other countries. We intend to supply our clients with disposable baby diapers from manufacturers in North America where quality is superior. We request pre-payment from our clients and ask them to provide delivery instructions when they order our products. Once the order is completed, and payment is received, we place an order with our supplier of disposable baby diapers and arrange shipping directly to our client. Prepayment reduce the amount of cash we will need to have on hand. Also by delivering the product directly to the client, will eliminate the need for a warehouse facility. It is likely that some of our clients will not be willing to prepay and wait for the product, potentially resulting in a loss of sales for us. Also it is likely that some of our clients will attempt to circumvent our services by purchasing directly from our suppliers. To discourage this practice, we negotiate wholesale discounts with our suppliers so that we can offer our customers a lower price than if they would purchase directly from our suppliers. However, there is no guarantee that we will be able to negotiate such lower prices and we may lose business. In the future, we may establish a warehouse facility in Europe so that we can attract more customers that prefer to inspect and pick up their order at the time of payment. The prices will charge our clients for such product will be substantially higher reflecting the added convenience to the customer and the added cost to us.

The Company’s revenues will be the difference between what we charge our clients for our products and what we pay for our Disposable Baby Diapers suppliers and/or manufacturers. In the case where our clients buy directly from the manufacturers we will try to negotiate a commission from the sellers. However, there is no guarantee that we will receive such commission payment in every case or at all, resulting in loss of profits. The commissions and the spread that we earn are different each time and negotiated on a case by case basis.

We have no intellectual property except we own our own domain address which signifies our online presence. Our trade name is our company name which is legally incorporated in the state of Nevada. Our company name is also our trade name.

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Our executive and administrative offices are located at 625, Silver Oak Drive, Dallas, Georgia 30132. Our corporate mailing address is 5348 Vegas Drive, Las Vegas, NV 89108.

~~No officer, director or persons nominated for such positions, promoter or significant employee has been involved in the last ten years in~~The Company is not a party to any ~~of the following:~~

ITEM 5. Market for Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities

Our common stock is not traded on any exchange. Our common stock is quoted on the OTC Bulletin Board, under the trading symbol “BMXC.BB”. The market for our stock is highly volatile. We cannot assure you that there will be a market in the future for our common stock. The OTC Bulletin Board securities are not listed and traded on the floor of an organized national or regional stock exchange. Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks. OTC Bulletin Board stocks are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

Furthermore, it is unlikely that a lending institution will accept our securities as pledged collateral for loans unless a regular trading market develops. We currently have no plans, proposals, arrangements or understandings with any person with regard to the development of a trading market in any of our securities.

The following table shows the high and low prices of our common shares on the OTC Bulletin Board for each quarter within the most recent fiscal year. The following quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions:

As of May 31, ~~2016,~~2017, there were 3841 stockholders of record, including CEDE & Co., which holds shares for the beneficial interest of an unknown number of stockholders in brokerage accounts.

We have not declared any cash dividends on our common stock since our inception and do not anticipate paying such dividends in the foreseeable future. We plan to retain any future earnings for use in our business. Any decisions as to future payments of dividends will depend on our earnings and financial position and such other facts, as the Board of Directors deems relevant.

During FY 2017, we issued 7,500,000 shares of restricted common stock for services. The shares were valued at $.01 per share, for total noncash expense of $75,000.

The issuances of the shares to the above parties were made in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act for transactions not involving any public offering. The parties confirmed the foregoing and acknowledged, in writing, that the securities must be acquired and held for investment. All certificates evidencing the shares issued bear or will bear a restrictive legend. No underwriter participated in the offer and sale of these securities, and no commission or other remuneration was paid or given directly or indirectly in connection therewith.

~~Not applicable~~ The registrant is a smaller reporting company, pursuant to Rule 229.10(f)(1), and is not required to report this information.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Forward Looking Statements~~Results of Operations for the Year Ended May 31, 2017 Compared to the Year Ended May 31, 2016

~~This report on Form 10-K contains certain forward-looking statements. All statements other than statements~~

Revenue and Costs of ~~historical fact are “forward-looking statements”~~Goods Sold

Revenue was $144,507 and $573,838 for ~~purposes~~the years ended May 31, 2017 and 2016, respectively, a decrease of ~~these provisions, including any projections~~$429,331 or 74.8%. The reduction in sales was due to management’s focus to introduce the company's brands to the US retail markets.

Our cost of ~~earnings, revenues, or other financial items; any statements~~goods sold was $303,340 and $476,797 for the years ended May 31, 2017 and 2016, respectively. In the latter half of the ~~plans, strategies,~~fiscal year ended May 31, 2017 management decided the sell its current inventory at reduced prices in order to allow for faster sales to create room for the introduction of higher quality products to the US market. As a result, we impaired the inventory, writing off $194,320 to cost of goods sold.

Consulting fees were $63,000 and ~~objectives~~$0 for the years ended May 31, 2017 and 2016, respectively. In 2017 this consisted of ~~management~~$37,500 non-cash expense for ~~future operation; any statements concerning proposed new products, services,~~stock issued for service.

Professional fees were $32,325 and $12,304 for the years ended May 31, 2017 and 2016, respectively, representing an increase of $20,021, or ~~developments; any statements regarding future economic conditions~~163%, in 2017. The increase in 2017, as compared to 2016, can be largely attributed to increased legal, audit, and accounting fees related to required SEC quarterly filings.

General and administrative expense was $88,632 and $21,846 for the years ended May 31, 2017 and 2016, respectively, an increase of $66,786, or ~~performance; statements~~306%, in the current year. The increase in 2017 can be attributed to increased operational costs including travel and office expense as well as additional filing fees to amend some of ~~belief;~~our SEC filings.

For the year ended May 31, 2017, we had total other expense of ~~assumptions underlying any~~$1,242,913, compared to $254,187 for the year ended May 31, 2016. For the year ended May 31, 2017, we recorded interest and loan fee expense of $62,595, compared to $13,044 in the prior year. In addition, as a result of the ~~foregoing. Such forward-looking statements are subject~~convertible promissory notes, we recorded interest expense on debt discount of $360,566 in FY 2017, compared to ~~inherent risks and uncertainties, and actual results could differ materially from those anticipated by~~$11,102 for the ~~forward-looking statements.~~

~~Bemax Inc. is new Nevada –based company focusing~~prior year, a loss on the ~~distribution~~issuance of ~~disposable baby diapers made~~convertible debt of $500,434, compared to $358,374 for the prior year, and a loss on the change in ~~North America by quality producers~~the fair value of our derivatives of $319,318 compared to ~~wholesalers~~a gain of $128,333 in the prior year.

For the year ended May 31, 2017, we had a net loss of $1,591,703, as compared to a net loss of $197,296 in the prior year. This increase is the result of lower sales, the impairment of inventory and ~~retailers~~the additional expense attributable to the issuance of convertible notes.

During the year ended May 31, 2017, we used cash of $528,679 in ~~Europe~~operating activities, as compared to $171,049 for the year ended May 31, 2016. We used $15,125 of cash in investing activities to purchase a vehicle in FY 2017 and ~~South, East and West Africa. We are a development stage corporation and have generated minimal revenues from our business operations. The company completed offering~~$0 in the prior year. Financing activities provided net cash of ~~1,175,000 shares of common stock on a self-underwritten basis in February of 2015. The offering price is $0.05 per share.~~$467,452 during the year ended May 31, 2016, as compared to $228,650 for the year ended May 31, 2016.

~~Through~~As of May 31, ~~2016,~~2017, we have the ~~Company’s operations had generated limited revenues.~~following convertible notes outstanding.

We currently have minimal cash reserves. To date, the Company has covered operating deficits primarily through loans from the sole director, and ~~third parties~~third-party loans which if not paid with interest ~~as at when due~~ are convertible to the Company’s common stock. Accordingly, our ability to pursue our plan of operations is contingent on our being able to obtain funding for the development, marketing and commercialization of our products and services. However, as a result of its lack of operating success, the Company may not be able to raise additional funding to cover operating deficits.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has accumulated deficit of ~~$221,417~~ since inception (November 28, 2012) to the period ended May 31, ~~2016~~2017 and is dependent on its ability to raise capital from shareholders or other sources to sustain operations. However, these conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

We anticipate that we may only generate any limited revenues in the near future and we will not have enough positive internal operating cash flow until we can generate substantial revenues, which may take the next two years to fully realize. There is no assurance we will achieve profitable operations.

~~On October 15, 2015, the Company~~announced the launch of its new ecommerce website bemaxinc.com/webstore. Bemax new site provides quick and intuitive access to our private-labels and enhances the quality and availability of our Mother's Choice and Mother's Touch labels to our customers.

On November 16, the Company announced the receipt of $260,000 purchase order from Bethel Imports Marketing Limited, for distribution of Bemax private label disposable Baby Diapers Diaper in the emerging South and East African markets.

~~On May 17, 2016, the Company received additional purchase order of $710,000 from Bethel Imports Limited pursuant to the supplier agreement entered into with Bemax Inc.~~

The Company is working on several business development and projects to increase business and revenue generation in 2016 and beyond, including but not limited to: product licensing of private label in some of our African markets, production, and extended distribution of new and existing Bemax private label disposable baby diaper products. There can be no assurance that these will be successful in generating revenues in 2016.

~~Revenues for the year ended May 31, 2016 totaled $702,171 compared to $100,000 in revenue for the year ended May 31, 2015.~~

~~The company generated gross profit of $225,374 for the period ended May 31, 2016 compared to $5,000 for the period ended May 31, 2015.~~

~~For the year ended May 31, 2016 we incurred net loss of $197,296 compared to $21,619 in net loss for the year ended May 31, 2015.~~

Our total operating cost for the year ended May 31 2016 were $422,670 compared to $26,619 for the year ended May 31, 2015 which consisted of general and administrative expenses and issuance of convertible debt.

The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position. The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

As of May 31, ~~2016,~~2017, we had no ~~off balance~~off-balance sheet transactions that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

We have identified the policies outlined below as critical to our business operations and an understanding of our results of operations. The list is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States of America, with no need for management’s judgment in their application. The impact and any associated risks related to these policies on our business operations is discussed throughout Management’s Discussion and Analysis of Financial Condition and Results of Operations when such policies affect our reported and expected financial results. For a detailed discussion on the application of these and other accounting policies, see the notes to our May 31, 2017, financial statements. Note that our preparation of the financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting period. We cannot assure that actual results will not differ from those estimates.

We account for equity-based transactions with nonemployees under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 505-50,Equity-Based Payments to Non-Employees. ASC 505-50 establishes that equity-based payment transactions with non-employees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to nonemployees is measured at the market price on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity instruments issued as deferred stock compensation and amortize the cost over the term of the contract.

We account for employee stock-based compensation in accordance with the guidance of ASC 718,Compensation—Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

We follow ASC 605,Revenue Recognition, for revenue recognition. We will recognize revenue when it is realized or realizable and earned. We consider revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) the product has been shipped or the services have been rendered to the customer; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured.

We follow ASC 740-10-30,Income Taxes-Initial Measurement, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Income in the period that includes the enactment date.

We adopted ASC 740-10-25,Income Taxes—Recognition. ASC 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. ASC 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting in interim periods and requires increased disclosures. We had no material adjustments to our liabilities for unrecognized income tax benefits according to the provisions of ASC 740-10-25.

In November 2015, the FASB issued ASU 2015-17—Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This update is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. We do not anticipate the adoption of this ASU will have a significant impact on our financial position, results of operations, or cash flows.

In February 2016, the FASB issued ASU 2016-02—Leases (Topic 842). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC 840,Leases (FAS 13). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect this standard will have on our financial statements.

In March 2016, the FASB issued ASU 2016-09,Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. ASU 2016-09, which amends several aspects of accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, and classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. The Company is in the process of evaluating the impact of this accounting standard update on its financial statements.

In June 2016, the FASB issued ASU 2016-15—Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB’s Emerging Issues Task Force). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The ASU is effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including interim periods within those fiscal years. An entity that elects early adoption must adopt all of the amendments in the same period. The guidance requires application using a retrospective transition method. We are currently evaluating the effects, if any, that the adoption of this guidance will have on our cash flows.

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

IWe have audited the accompanying balance ~~sheets~~sheet of Bemax Inc. (“the Company”) as of May 31, ~~2016 and 2015,~~2017, and the related statements of operations, stockholders’ equity (deficit), and cash flows for ~~each~~year then ended. These financial statements are the responsibility of the ~~years in the two year period ended May 31, 2016. Bemax Inc.’s management is responsible for these financial statements. My~~Company’s management. Our responsibility is to express an opinion on these financial statements based on myour audit.

IWe conducted myour audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that Iwe plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial ~~statements. An audit also includes~~statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. IWe believe that myour audit provides a reasonable basis for myour opinion.

In myour opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bemax Inc., as of May 31, ~~2016 and 2015,~~2017, and the results of its operations and its cash flows for ~~each of~~ the ~~years in the two~~ year ~~period~~then ended, ~~May 31, 2016~~ in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note # 2 to the financial statements, the Company has had minimal ~~operations. This raises~~revenue and an accumulated deficit of $1,813,120 as of May 31, 2017. These factors raise substantial doubt about ~~its~~the Company’s ability to continue as a going concern. ~~Management’s plan in regard to these matters is also described in Note # 2.~~ The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

BEMAX ~~INC~~.INC. (“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 limited revenues and very limited operating history.

The accompanying financial statements have been prepared on a going concern basis, which ~~assumes~~contemplates the ~~Company will be able to realize its~~realization of assets and ~~discharge its~~the satisfaction of liabilities in the normal course of ~~business~~business. The Company has had minimal revenue and has an accumulated a deficit of $1,813,120 as of May 31, 2017. The Company requires capital for its contemplated operational and marketing activities. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the ~~foreseeable future. The~~ Company ~~anticipates future losses in~~to continue operations. These conditions and the ~~development of its business raising~~ability to successfully resolve these factors raise 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 to obtain 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 issuance of common shares.~~

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 one year from May 31, 2016. The Company has incurred a loss since inception resulting in an accumulated deficit of $221,417 as of May 31, 2016 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 the existing cash on hand, loans from officers/directors and/or private placement of common stock. 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 personal cash, outside loans, or equity issuances.~~

~~There is no guarantee that the Company will be able to raise any capital through any type of offering.~~

The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties.

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted ~~accounting principles~~ in the United States of America ~~(GAAP)~~(“U.S. GAAP”).The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and ~~are presented in US dollars.~~ assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

~~The Company considers all highly liquid investments with original maturity of three months or less to be cash equivalents.~~

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those ~~estimates~~estimates.

We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash.

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the year ended May 31, 2017 or 2016.

Inventories are valued at the lower of cost or market. Management compares the cost of inventories with the market value and allowance is made for writing down their inventories to market value, if lower.

Property and equipment are carried at the lower of cost or net realizable value. Expenditures for maintenance and repairs are charged to earnings as incurred; additions, renewals and betterments are capitalized. When equipment is retired or otherwise disposed of, the ~~financial Statements~~

~~(Unaudited)~~related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method over the asset’s useful life.

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3: Pricing inputs that are generally observable inputs and not corroborated by market data.

The carrying amount of the Company’s financial ~~instruments consisted of~~assets and liabilities, such as cash, ~~accounts payable, related party advances~~prepaid expenses and ~~convertible notes. Unless otherwise noted, it is management’s opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. Because~~accrued expenses approximate their fair value because of the short maturity of ~~such assets and liabilities~~those instruments. The Company’s notes payable approximates the fair value of ~~these~~such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial ~~instruments approximate their carrying values, unless otherwise noted.~~arrangements at May 31, 2017.

The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of:

The Company follows Section 740-10-30 of the ~~accrual method~~FASB Accounting Standards Codification, which requires recognition of ~~accounting~~deferred tax assets and liabilities for ~~income taxes.~~the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred ~~income~~ tax assets and liabilities are ~~recognized for~~based on the ~~estimated tax consequences attributable to~~ differences between the financial statement ~~carrying values~~ and ~~their respective~~tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income ~~tax basis (temporary differences).~~in the fiscal years in which those temporary differences are expected to be recovered or settled. The effect on ~~the~~ deferred ~~income~~ tax assets and liabilities of a change in tax rates is recognized in ~~income~~the Statements of Income in the period that includes the enactment date. ~~At November 30, 2016, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded.~~

The Company computes net (loss) per share in accordance with ASC 260, "Earnings per Share" which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net (loss) available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury stock method, and convertible preferred stock, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential common shares if their effect is anti-dilutive. The Company has losses for the six months ended November 30, 2016; therefore basic EPS equals diluted EPS.

~~The Company does not expect the adoption of recently issued accounting pronouncements to have any significant impact on the Company’s results of operations, financial position or cash flow.~~

~~As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.~~

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 $9,000 for donated management fees was charged to Shareholder Loan for the six months ended November 30, 2016.

As of November 30, 2016, there are loans from the majority shareholder and related party totalling $47,236.These loans 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.

~~Between October 14 and 24, 2014, the Company authorized and issued 58,750,000 shares of common stock at $0.05 per share 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.

~~During fiscal year 2016, the Company issued 42,500 Common Shares at $0.0001 par value to an attorney for legal services rendered.~~

~~At November 30, 2016, there are 500,000,000 shares of common stock at a par value of $0.0001 per share authorized and 259,196,500 issued and outstanding.~~

The ~~50-1 stock split~~Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.

We follow ASC 605-10-S99-1,Revenue Recognition, for revenue recognition. We will recognize revenue when it is realized or realizable and earned. We consider revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) the product has been ~~shown retroactively.~~

~~The Company’s revenue recognition policy is on a sales-basis method. The Company recognizes and records revenue once payment has~~shipped or the services have been ~~received and disposable baby diapers are delivered~~rendered to the ~~buyer.~~customer; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured.

Pre-payment Policy: All sales to our customers will be solely on a pre-payment basis. Once the order is completed and payment is received, we will place an order with the North American supplier of disposable baby diapers and arrange shipping directly to our customers. The process is expected to take three weeks to complete. The pre-payment will be recorded as deferred revenue until the delivery is executed.

We account for equity-based transactions with nonemployees under the provisions of ASC Topic No. 505-50,Equity-Based Payments to Non-Employees (“ASC 505-50”). ASC 505-50 establishes that equity-based payment transactions with nonemployees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The fair value of common stock issued for payments to nonemployees is measured at the market price on the date of grant. The fair value of equity instruments, other than common stock, is estimated using the Black-Scholes option valuation model. In general, we recognize the fair value of the equity instruments issued as deferred stock compensation and amortize the cost over the term of the contract.

We account for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718,Compensation—Stock Compensation, which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. The fair value of the equity instrument is charged directly to compensation expense and credited to additional paid-in capital over the period during which services are rendered.

Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented.

The Company’s diluted loss per share is the same as the basic loss per share for the years ended May 31, 2017 and 2016, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss.

Certain reclassifications have been made to the prior year financial information to conform to the presentation used in the financial statements for the year ended May 31, 2017.

Furniture, fixtures, and equipment, stated at cost, less accumulated depreciation consisted of the following at May 31:

On February 16, 2016, the Company issued a Convertible Promissory Note in favor of Crown Bridge Partners, LLC. The principal amount of the loan iswas $40,000 ~~(forty thousand dollars)~~ with an original issue discount of $4,000 ~~(four thousand dollars)~~ and carries an interest rate of 8% per annum. It ~~becomes~~became due and payable with accrued interest on February 16, 2017. Crown Bridge Partners LLC. has the option to convert the Note plus accrued interest into common shares of the Company, after 180 days. The conversion rate will be at a discount of 48% of the lowest price for ten days prior to the actual date of conversion. The Company ~~has~~had the right to prepay any part of the loan plus accrued interest up to 90 days from the issue date, subject to a cash payment of the principal plus 130% interest and 91 days through 180 for a cash payment of the principal plus 150% interest. The Company cannot prepay any amount outstanding after 180 days. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $134,892 based on the Black Scholes Merton pricing model and a corresponding debt discount of $40,000 to be amortized utilizing the interest method of accretion over the term of the note. On July 14, 2016, the Company repaid the $40,000 of ~~principle,~~principal, $1,307 of accrued interest and a $20,965 early payment penalty. ~~The Company fair valued the derivative on July 14, 2016 at $71,192 resulting in a gain on the change in the fair value for the six months of $17,664.~~ As a result of repayment of the note the Company recognized the remaining debt discount of ~~$28,493 and a $71,192 gain on settlement of debt.~~$2,833. The Company repaid the note prior to when the convertible feature was effective; therefore, there are no derivatives related to the embedded conversion feature.

On April 19, 2016, the Company issued a Convertible Promissory Note in favor of Crown Bridge Partners, LLC. The principal amount of the loan iswas $30,000 ~~(forty thousand dollars)~~ with an original issue discount of $3,500 ~~(three thousand five hundred dollars)~~ and ~~carries~~carried an interest rate of 8% per annum. It becomes due and payable with accrued interest on April 19, 2017. Crown Bridge Partners, LLC. has the option to convert the Note plus accrued interest into common shares of the Company, after 180 days. The conversion rate ~~will be~~is at a discount of 48% ofapplied to the lowest price for ten days prior to the actual date of conversion. The company bifurcated the conversion feature and accounted for it as a derivative liability. On October 19, 2016, the Company ~~has~~recorded the ~~right~~derivative liability at its fair value of $38,586 based on the Black Scholes Merton pricing model and a corresponding debt discount of $26,500 to ~~prepay any part~~be amortized utilizing the interest method of accretion over the term of the note. On November 1, 2016, $4,004 of principle was converted into 154,000 shares of common stock. Due to the conversion within the terms of the agreement, no gain or loss was recognized. At the time of conversion, the Company valued the derivative at $91,172 resulting in a loss on the change in the fair value of $52,586. During the third quarter the remaining principal and accrued interest of $25,996 and $1,511, respectively, were fully converted into 19,262,747 shares of common stock resulting in the immediate amortization of the remaining debt discount of $25,736 and a $107,480 credit to additional paid in capital.

On May 9, 2016, the Company issued a Convertible Redeemable Note in favor of Adar Bays, LLC. The principal amount of the loan was $30,000 and carried an interest rate of 8% per annum. It becomes due and payable with accrued interest on May 9, 2017. Adar Bays, LLC. has the option to convert the Note plus accrued interest ~~up to 90 days from the issue date, subject to a cash payment~~into common shares of the ~~principal plus 130% interest and 91~~Company, at any time. The conversion rate will be at a discount of 48% applied to the lowest price for fifteen days ~~through 180 for a cash payment~~prior to the actual date of ~~the principal plus 150% interest. The Company cannot prepay any amount outstanding after 180 days.~~

conversion. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of ~~$124,890~~$108,800 based on the Black Scholes Merton pricing model and a corresponding debt discount of $30,000 to be amortized utilizing the interest method of accretion over the term of the note. On November 1,28, 2016, ~~$4,004~~$3,000 of principal was converted into ~~154,000~~229,850 shares of common stock. Due to the conversion within the terms of the agreement, no gain or loss was recognized. At the time of conversion, the Company ~~fair~~ valued the derivative at ~~$91,172 resulting in a loss on the change in the fair of $52,011. As of November 30, 2016, the Company again fair valued the derivative at $36,845~~$40,273 resulting in a gain on the change in the fair value ~~for~~of $8,331. During the ~~six months~~third quarter the remaining principal and accrued interest of ~~$88,045. In addition, $18,175~~$27,000 and $1,453, respectively, were fully converted into 22,030,353 shares of common stock resulting in the immediate amortization of the remaining debt discount ~~has been amortized~~of $13,159 and a $105,878 credit to ~~interest expense.~~additional paid in capital.

On May 9, 2016, the Company issued a Convertible Redeemable Note in favor of ~~Adar Bays,~~Eagle Equities, LLC. The principal amount of the loan iswas $30,000 ~~(forty thousand dollars)~~ and ~~carries~~carried an interest rate of 8% per annum. It becomes due and payable with accrued interest on May 9, 2017. Eagle Equities, LLC. ~~Has~~had the option to convert the Note plus accrued interest into common shares of the Company, at any time. The conversion rate is at a discount of 48% of the lowest trading price for fifteen days prior to the actual date of conversion. The Company cannot prepay any amount outstanding after 180 days. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $108,800 based on the Black Scholes Merton pricing model and a corresponding debt discount of $30,000 to be amortized utilizing the interest method of accretion over the term of the note. During the third quarter principal and accrued interest of $30,000 and $1,459, respectively, were fully converted into 16,845,031 shares of common stock resulting in the immediate amortization of the remaining debt discount of $13,151 and a $143,634 credit to additional paid in capital.

On May 10, 2016, the Company issued a Convertible Promissory Note in favor of Auctus Fund, LLC. The principal amount of the loan was $77,750 with an original issue discount of $6,750 and carried an interest rate of 8% per annum. It becomes due and payable with accrued interest on May 10, 2017. Auctus Fund, LLC. had the option to convert the Note plus accrued interest into common shares of the Company, at any time. The conversion rate will be at a discount of ~~52%~~48% of the lowest trading price for ten days prior to the actual date of conversion. The Company cannot prepay any amount outstanding after 180 days. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $261,774 based on the Black Scholes Merton pricing model and a corresponding debt discount of $77,750 to be amortized utilizing the interest method of accretion over the term of the note. During the third quarter principal and accrued interest of $77,750 and $605, respectively, were fully converted into 43,741,990 shares of common stock resulting in the immediate amortization of the remaining debt discount of $20,282 and a $467,591 credit to additional paid in capital.

On June 2, 2016, the Company issued a Convertible Promissory Note in favor of JSJ Investments Inc. The principal amount of the loan was $55,000, with an original issue discount of $3,000, a payment of $2,000 in loan fees and it carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on June 2, 2017. JSJ Investments, Inc. has the option to convert the Note plus accrued interest into common shares of the Company, at any time. The conversion rate will be at a discount of 48% applied to the lowest trading price for ten days prior to the actual date of conversion. The Company cannot prepay any amount outstanding after 180 days. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $167,895 based on the Black Scholes Merton pricing model and a corresponding debt discount of $55,000 to be amortized utilizing the interest method of accretion over the term of the note. During the third quarter principal and accrued interest of $55,000 and $2,395, respectively, were fully converted into 32,463,378 shares of common stock resulting in the immediate amortization of the remaining debt discount of $34,554 and a $190,914 credit to additional paid in capital.

On June 14, 2016, the Company issued a Convertible Promissory Note in favor of Black Forest Capital LLC. The principal amount of the loan was $80,000, with an original issue discount of $8,000, a payment of $2,000 for loan fees and it carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on June 14, 2017. Black Forest Capital, LLC. has the option to convert the Note plus accrued interest into common shares of the Company, at any time. The conversion rate will be at a discount of 48% applied to the lowest trading price for ten days prior to the actual date of conversion. The Company cannot prepay any amount outstanding after 180 days. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $228,110 based on the Black Scholes Merton pricing model and a corresponding debt discount of $80,000 to be amortized utilizing the interest method of accretion over the term of the note. During the third quarter principal and accrued interest of $80,000 and $3,254, respectively, were fully converted into 55,208,045 shares of common stock resulting in the immediate amortization of the remaining debt discount of $42,959 and a $396,470 credit to additional paid in capital.

On December 28, 2016, the Company issued a Convertible Promissory Note in favor of Crown Bridge Partners, LLC. The principal amount of the loan is $46,000 with an original issue discount of $6,000 and carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on December 28, 2017. Crown Bridge Partners, LLC. has the option to convert the Note plus accrued interest into common shares of the Company, after 180 days. The conversion rate will be at a discount of 45% applied to the lowest trading price for fifteen days prior to the actual date of conversion. The Company has the right to prepay any part of the loan plus accrued interest up to 90 days from the issue date, subject to a cash payment of the principal plus 130% interest and 91 days through 180 for a cash payment of the principal plus 150% interest. The Company cannot prepay any amount outstanding after 180 days. The Company recorded the derivative liability at its fair value of $108,800 based on the Black Scholes Merton pricing model and a corresponding debt discount of $30,000 to be amortized utilizing the interest method of accretion over the term of the note. On November 28, 2016, $3,000 of principle was converted into 229,850 shares of common stock. Due to the conversion within the terms of the agreement, no gain or loss was recognized. At the time of conversion, the Company fair valued the derivative at $40,273 resulting in a gain on the change in the fair of $8,331.180. As of ~~November 30, 2016, the Company again fair valued the derivative at $38,092 resulting in a gain on the change in the fair value for the six months of $70,708. In addition, $16,841~~May 31, 2017, $1,575 of the debt discount has been amortized to interest expense.

On ~~May 9, 2016,~~March 20, 2017, the Company issued a Convertible ~~Redeemable~~Promissory Note in favor of ~~Eagle Equities,~~Crown Bridge Partners, LLC. The principal amount of the loan is ~~$30,000 (forty thousand dollars)~~$114,000 with an original issue discount of $14,000 and carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on ~~May 9, 2017. Eagle Equities~~March 20, 2018.Crown Bridge Partners, LLC. has the option to convert the Note plus accrued interest into common shares of the Company, ~~at any time.~~after 180 days. The conversion rate will be at a discount of ~~52% of~~43% applied to the lowest trading price for ~~fifteen~~ten days prior to the actual date of conversion. The Company has the right to prepay any part of the loan plus accrued interest up to 90 days from the issue date, subject to a cash payment of the principal plus ~~130%~~125% interest and 91 days through 180 for a cash payment of the principal plus ~~150%~~135% interest. The Company cannot prepay any amount outstanding after 180 days. The Company recorded the derivative liability at its fair value of $108,800 based on the Black Scholes Merton pricing model and a corresponding debt discount of $30,000 to be amortized utilizing the interest method of accretion over the term of the note. As of ~~November 30, 2016, the Company fair valued the derivative at $42,358 resulting in a gain on the change in the fair value for the six months of $66,442. In addition, $16,849~~May 31, 2017, $1,799 of the debt discount has been amortized to interest expense.

On ~~May 10, 2016,~~March 27, 2017, the Company issued a Convertible Promissory Note in favor of ~~Auctus Fund, LLC.~~JSJ Investments, Inc. The principal amount of the loan is ~~$77,750 (seventy-seven thousand, seven hundred and fifty dollars)~~$125,000 with an original issue discount of ~~$6,750 (six thousand, seven hundred and fifty dollars)~~$9,250 and carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on ~~May 10,~~December 22, 2017. ~~Auctus Fund LLC.~~JSJ Investments, Inc. has the option to convert the Note plus accrued interest into common shares of the Company at any time. The conversion rate will be at a discount of ~~52% of~~40% applied to the three lowest ~~price~~trading prices for ten days prior to the actual date of conversion. The Company has the right to prepay any part of the loan plus accrued interest up to 90 days from the issue date, subject to a cash payment of the principal plus 135% interest and 91 days through ~~120~~180 for a cash payment of the principal plus ~~140%~~145% interest. ~~From 121 through 150 days, pre-paying the principal plus accrued interest plus 145% interest and day 151 through 180 days plus interest of 150%.~~ The Company cannot prepay any amount outstanding after 180 days. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of ~~$261,774~~$204,373 based on the Black Scholes Merton pricing model and a corresponding debt discount of ~~$77,750~~$125,000 to be amortized utilizing the interest method of accretion over the term of the note. As of ~~November 30, 2016,~~May 31, 2017, the Company fair valued the derivative at ~~$99,176~~$199,080 resulting in a gain on the change in the fair value ~~for the six months~~ of ~~$162,598.~~$5,293. In addition, ~~$57,468~~$29,545 of the debt discount has been amortized to interest expense. As of May 31, 2017, $1,781 of the debt discount has been amortized to interest expense.

On ~~June 2, 2016,~~April 4, 2017, the Company issued a Convertible Promissory Note in favor of ~~JSJ Investments Inc.~~Auctus, Fund, LLC. The ~~principlal~~principal amount of the loan is ~~$55,000 (fifty-five thousand dollars)~~$145,000 with an original issue discount of ~~$3,000 three thousand dollars) a payment of $2,000 (two thousand dollars) for the Note itself~~$15,000 and it carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on ~~June 2,~~December 22, 2017. ~~JSJ Investments, Inc.~~Auctus Fund, LLC. has the option to convert the Note plus accrued interest into common shares of the Company, at any time. The conversion rate will be at a discount of ~~52%~~40% applied to the lowest trading price for ten days prior to the actual date of conversion. The Company has the right to prepay any part of the loan plus accrued interest up to 90 days from the issue date, subject to a cash payment of the principal plus 125% interest and 91 days through 180 for a cash payment of the principal plus 140% interest. The Company cannot prepay any amount outstanding after 180 days. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $257,720 based on the Black Scholes Merton pricing model and a corresponding debt discount of $145,000 to be amortized utilizing the interest method of accretion over the term of the note. As of May 31, 2017, the Company fair valued the derivative at $250,895 resulting in a gain on the change in the fair value of $6,825. In addition, $30,955 of the debt discount has been amortized to interest expense. As of May 31, 2017, $1,811 of the debt discount has been amortized to interest expense.

A summary of outstanding convertible notes as of May 31, 2017 and 2016 is as follows:

A summary of the activity of the derivative liability for the notes above is as follows:

A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liabilities that are categorized within Level 3 of the fair value hierarchy for the year ended May 31, 2017 is as follows:

The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management

The Company has discovered that there were errors in prior periods regarding revenue, expense and derivative recognition for derivatives related to the embedded conversion features of convertible notes. As a result, the prior periods in these financial statements have been adjusted.

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

The valuation allowance increased by $319,762 in FY 2017 as a result of the Company using net operating losses from 2016 and generating additional net operating losses in 2017.

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows at May 31:

At May 31, 2017, we had net operating loss carryforwards of approximately $1,800,000 that may be offset against future taxable income through the year 2037. No tax benefit has been reported in the May 31, 2017, financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.

The Company files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2014.

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years.

In accordance with ASC 855-10,Subsequent Events¸ the Company analyzed its operations subsequent to May 31, 2017, through the date the financial statements were available to be issued, and has determined that there are no material subsequent events to disclose in these financial statements other than the following.

On June 2, 2017, the Company issued a Convertible Promissory Note in favor of GS Capital Partners, LLC. The principal amount of the loan is $132,000 with an original issue discount of $15,000 and carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on June 2, 2018. GS Capital Partners, LLC. has the option to convert the Note plus accrued interest into common shares of the Company, after 180 days. The conversion rate will be at a discount of 36% applied to the lowest trading price for ten days prior to the actual date of conversion. The Company has the right to prepay any part of the loan plus accrued interest up to 90 days from the issue date, subject to a cash payment of the principal plus 120% interest and 91 days through 180 for a cash payment of the principal plus 130% interest. The Company cannot prepay any amount outstanding after 180 days.

On July 18, 2017, the Company issued a Collateralized Secured Promissory Note in favor of GS Capital Partners, LLC. The principal amount of the loan is $105,000 with an original issue discount of $5,000 and carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on March 18, 2018. The Company may pay off the loan and accrued interest at any time.

On August 3, 2017, the Company issued a Convertible Promissory Note in favor of JSJ Investments Inc. (“JSJ”). The principal amount of the loan is $60,000 with an original issue discount and fees of $5,000 and carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on May 3, 2018. JSJ has the option to convert the Note plus accrued interest into common shares of the Company at any time. The conversion rate will be at a discount of 40% applied to the five lowest trading prices for ten days prior to the actual date of conversion. The Company has the right to prepay any part of the loan plus accrued interest up to 90 days from the issue date, subject to a cash payment of the principal plus 135% interest and 91 days through ~~120~~180 for a cash payment of the principal plus 140% interest. ~~From 121 through 150 days, pre-paying the principal plus accrued interest plus 145% interest and day 151 through 180 days plus interest of 150%.~~ The Company cannot prepay any amount outstanding after 180 days. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $167,895 based on the Black Scholes Merton pricing model and a corresponding debt discount of $55,000

Subsequent to ~~be amortized utilizing the interest method of accretion over the term of the note. As of November 30, 2016,~~May 31, 2017, the Company ~~fair valued the derivative at $71,255 resulting in a gain on the change in the fair value~~paid $119,000 for ~~the six months of $96,640. In addition, $20,446 of the debt discount has been amortized to interest expense.~~its Property Lease Agreement with Simfox Enterprises and $36,000 towards its construction agreement.

~~On June 14, 2016,~~Subsequent to May 31, 2017, the Company ~~issued a Convertible Promissory Note~~paid off its December 28, 2016 note with Crown Bridge Partners in ~~favor~~full for $71,500. The payment includes principle of Black Forest Capital LLC. The principalamount of the loan is $80,000 (eighty thousand dollars) with an original issue discount of $8,000 (eight thousand dollars) a payment of $2,000 (two thousand dollars) for the Note itself and it carries an interest rate of 8% per annum. It becomes due and payable with$46,000, accrued interest on June 14, 2017. Black Forest Capital, LLC. has the option to convert the Note plus accrued interest into common shares of the Company, at any time. The conversion rate will be at a discount of 52% of the lowest price for ten days prior to the actual date of conversion. The Company has the right to prepay any part of the loan plus accrued interest up to 90 days from the issue date, subject to a cash payment of the principal plus 135% interest and 91 days through 120 for a cash payment of the principal plus 140% interest. From 121 through 150 days, pre-paying the principal plus accrued interest plus 145% interest and day 151 through 180 days plus interest of 150%. The Company cannot prepay any amount outstanding after 180 days. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $228,110 based on the Black Scholes Merton pricing model and a corresponding debt discount of $80,000 to be amortized utilizing the interest method of accretion over the term of the note. As of November 30, 2016, the Company fair valued the derivative at $113,985 resulting in a gain on the change in the fair value for the six months of $114,125. In addition, $37,041 of the debt discount has been amortized to interest expense.prepayment penalty.

~~A summary of outstanding convertible notes as of November 30, 2016, is as follows:~~

~~A summary of the activity of the derivative liability for the notes above is as follows:~~

On November 1, 2016, Crown Bridge Partners, LLC. converted $4,004 of the principal loan into 154,000 shares of common stock at $0.026 per share. The balance of the loan at November 30, 2016 is $25,996.

On November 22, 2016, Auctus Fund, LLC. converted $3,265.50 of the accrued unpaid interest into 250,000 shares of common stock at $0.01305 per share. The balance of the loan at November 30, 2016 is $77,750 and accrued interest is $77.34.

~~On February 27, 2015 an Individual sale of $100,000 was erroneously recorded as part of a sale of $507,722.~~

~~In fact, this wasn’t correct, but an “Accounts Receivable” was set up for that amount and reduced by the $100,000.~~

Then on September 18, 2015, again a single sale of $35,100 was then erroneously recorded as part of the original $507,722 sale and the “Accounts Receivable” was reduced by $35,100 leaving a balance of $372,622.

These errors were discovered during the compilation of these financial statements for the period ending November 30, 2016, and corrected. Therefore there is no longer an “Accounts Receivable” and the above mentioned $135,100 has been recorded as sales income for the previous periods ended February 2015 and November 2015. The following table summarizes the changes as of May 31, 2016:

The Company has evaluated all events and transactions that occurred after November 30, 2016 up through the date these financial statements were available for issuance. It has been determined that the following events are material:

On December 5, 2016, the Company entered into an initial one year consulting agreement with Adebayo Ladipo. He has been compensated by receiving 7,500,000 shares of common stock at a par value of $0.0001 per share. At no time is he considered an employee of the Company. He is an Independent Contractor and able to pursue other interests.

As of January 11, 2017, the six loans outstanding including accrued interest, have all been converted to common shares. There are currently no loans outstanding. The total number of shares issued regarding these conversions totals 184,748,966.

~~On March 20, 2017, the Company authorized and issued a Convertible Promissory Note in favor of Crown Bridge Partners for $114,000~~

~~On March 27, 2017, the Company authorized and issued a Convertible Promissory Note in favor of JSJ Investments, Inc. for $125,000.~~

~~On April 4, 2017, the Company authorized and issued a Convertible Promissory Note in favor of Auctus Fund, LLC for $145,000.~~

On May 18, 2017, Bemax Inc. (the "Company") filed a Certificate of Amendment with the Nevada Secretary of State (the "Nevada SOS") whereby it amended its Articles of Incorporation by increasing the Company's authorized number of shares of common stock from 500,000,000 million to 850,000,000 million.

~~As of June 2, 2017, there are 850,000,000 shares authorized. 301,640,836 have been issued and are outstanding~~

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

~~There were no disagreements with accountants~~As reported in our Form 8-K/A filed December 2, 2016, George Stewart, CPA, resigned as our independent registered public accounting firm due to his transition to retirement. Effective on the same day the Company engaged Fruci & Associates II, PLLC as its new independent registered public accounting ~~and financial disclosure during the relevant period.~~firm.

Under the supervision and with the participation of our management, including the Chief Executive Officer who also acts as our principal financial officer, we have evaluated the effectiveness of our disclosure controls and procedures as(as defined in Rule 13a-15(e) ~~promulgated under~~and Rule 15d-15(e) of the ~~Securities~~ Exchange ~~Act~~Act) as of ~~1934 (the "Exchange Act"), that are designed to~~the end of the period covered by this report. The disclosure controls and procedures ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act isis: (i) recorded, processed, summarized and reported, within the time periods specified in the ~~Securities~~SEC’s rule and ~~Exchange Commission's rules~~forms; and ~~forms and that such information is~~(ii) accumulated and communicated to our ~~sole officer,~~management, including our Chief Executive Officer as appropriate to allow timely decisions regarding required disclosure. ~~We carried out an~~Based on that evaluation, ~~under~~ the ~~supervision and with the participation of our sole officer, of the effectiveness of the design and operation of our disclosure controls and procedures~~Chief Executive Officer concluded that, as of May 31, ~~2016.~~

~~Based on the evaluation of~~2017, these disclosure controls and procedures ~~our Chief Executive and Chief Financial Officer concluded that as of the end of the periods covered by this report, we have identified the following material weakness of our internal controls:~~were not effective.

~~Lack of sufficient accounting staff which results in a lack of segregation of duties necessary for a good system of internal control.~~

Management’s Annual Report on Internal Control over Financial ~~Reporting.~~Reporting

Our management is responsible ~~for establishing~~to establish and ~~maintaining~~maintain adequate internal control over financial ~~reporting, as such term~~reporting. Our Chief Executive Officer is ~~defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our internal control system was designed~~responsible to ~~provide~~design or supervise a process that provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting ~~principles in the United States of America. Our internal control over financial reporting includes those~~principles. The policies and procedures ~~that (i) pertain to the~~ include:

maintenance of records ~~that,~~ in reasonable detail to accurately and fairly reflect the transactions and dispositions of ~~the~~ assets, ~~of the Company; (ii) provide~~

reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with ~~accounting principles~~ generally accepted ~~in the United States of America,~~accounting principles, and that receipts and expenditures ~~of the Company~~ are being made only in accordance with authorizations of management ~~of the Company;~~ and ~~(iii) provide~~ directors, and

reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of ~~the Company’s~~ assets that could have a material effect on ~~the~~our financial statements.

Because of its inherent limitations, ~~a system of~~ internal control over financial reporting may not prevent or detect misstatements. ~~Also, projections~~Therefore, even those systems determined to be effective can provide only reasonable assurance of ~~any~~achieving their control objectives.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our internal control over financial reporting as of the end of the period May 31, 2017. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control – Integrated Framework of 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of ~~effectiveness to future periods~~the end of the fiscal year May 31, 2017, our internal control over financial reporting were not effective at that reasonable assurance level. The following aspects of the Company were noted as potential material weaknesses:

timely and accurate reconciliation of accounts
lack of segregation of duties

Changes in Internal Controls over Financial Reporting

Our management has determined that there were no changes made in the implementation of our internal controls over financial reporting during the fourth quarter of the year ended May 31, 2017.

Attestation Report of Independent Public Accounting Firm

This annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting because as a smaller reporting company we are not subject to attestation by our independent registered public accounting firm pursuant to rules of the ~~risk~~Securities and Exchange Commission that ~~controls may become inadequate due~~permit us to ~~change~~provide only management’s report in ~~conditions, or that the degree of compliance with the policies or procedures may deteriorate.~~this annual report.

Item 9B. OTHER INFORMATION

None

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

Identification of Directors and Executive Officers of the Company:

As of May 31, ~~2016,~~2017, our officers and directors were as follows:

NAME	AGE	OFFICE	SINCE	AGE	OFFICE	SINCE
Taiwo Aimasiko	41	Director, CEO, CFO	2012	42	Director, CEO, CFO	2012

The Directors named above will serve until a new officer is appointed. Officers will hold their positions at the pleasure of the Board of Directors. There is no arrangement or understanding between the Directors and Officers of the Company and any other person pursuant to which any Director or Officer was or is to be selected as a Director or Officer of the Company.

Ms. Aimasiko has been working as the Company CEO since November 2012. Ms. Aimasiko will serve as Director and officer until her duly elected successor is appointed or she resigns. There are no arrangements or understandings between Ms. Aimasiko and any other person pursuant to which she was selected as an officer or director. There are no family relationship between Ms. Aimasiko and any of our officers or directors. During the past five years, Ms. Aimasiko has not held any other directorships in a company with a class of securities registered pursuant to section 12 of the Exchange Act or subject to the requirements of section 15(d) of such Act or any company registered as an investment company under the Investment Company Act of 1940.

We have no audit committee. The Company has no compensation committee.

Involvement in Certain Legal Proceedings

No officer, director or persons nominated for such positions, promoter or significant employee has been involved in the last ten years in any of the following:

Any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

Any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

Being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; and

Being found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.

Compliance with Section 16(a) of the Exchange Act

Section 16(a) of the Securities Exchange Act of 1934 requires the Company's directors and executive officers, and persons who own more than 10% of a registered class of the Company's equity securities to file with the Securities and Exchange Commission initial reports of ownership and reports of changes in ownership of Common Stock and other equity securities of the Company. Officers, directors and greater than 10% stockholders are required by SEC regulations to furnish the Company with copies of all Section 16(a) forms they file.

Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that during fiscal year ended May 31, ~~2016,~~2017, all filing requirements applicable to our officers, directors and greater than 10% percent beneficial owners were complied with.

ITEM 11. EXECUTIVE COMPENSATION

The table below summarizes all compensation awarded to, earned by, or paid to our Principal ~~Executive~~Executive Officer, for all services rendered in all capacities to us for the latest fiscal year ended May 31, ~~2016.~~2017.

Name Title Year Salary Bonus Stock awards Option awards Non-Equity incentive plan compensation Non-qualified deferred compensation All other compensation Total
Taiwo Aimasiko CEO 2015 0 0 0 0 0 0 0 0

Name	Title	Year	Salary	Bonus	Stock awards	Option awards	Non-Equity incentive plan compensation	Non-qualified deferred compensation	All other compensation	Total
Taiwo Aimasiko	CEO	2016	0	0	0	0	0	0	0	0
Taiwo Aimasiko	CEO	2017	0	0	0	0	0	0	0	0

Stock Option Grants

We have not granted any stock options to the executive officers since our inception.

Compensation Agreements

We do not have employment agreements with our sole officer. Members of our Board of Directors do not receive compensation for their services as Directors.

Audit Committee Financial Expert

Our board of directors does not have a member that qualifies as an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following tables set forth the ownership, as of the date of this Prospectus, of our common stock by each person known by us to be the beneficial owner of more than 5% of our outstanding common stock, our directors, and our executive officers and directors as a group. To the best of our knowledge, the persons named have sole voting and investment power with respect to such shares, except as otherwise noted. There are not any pending or anticipated arrangements that may cause a change in control.

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the Securities and Exchange Commission and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own

beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within 60 days through the conversion or exercise of any convertible security, warrant, option or other right. More than one person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within 60 days, by the sum of the number of shares outstanding as of such date plus the number of shares as to which such person has the right to acquire voting or investment power within 60 days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our common stock listed below have sole voting and investment power with respect to the shares shown. The mailing address for all persons is 625 Silver Oak Drive, Dallas, GA 30132.

~~SHAREHOLDERS~~	~~# OF SHARES~~	~~PERCENTAGE~~
Taiwo Aimasiko 200,000,000 77.29%
~~All directors and executive officers as a group [1 person] 200,000,000 77.29%~~

Name and Address of

Beneficial Owner

Title of Class

Amount and

Nature of Beneficial

Ownership

(#)

Percent of

Class

(%)

Taiwo Aimasiko, CEO, CFO,Director

Common

50,000,000

16.58%

All Officers and Directors as a Group (1 person)

Common

50,000,000

16.58%

Ms. Aimasiko also owns 50,000,000 shares of Series B Preferred stock, which is 100% of the authorized.

This table is based upon information derived from our stock records. Unless otherwise indicated in the footnotes to this table and subject to community property laws where applicable, each of the shareholders named in this table has sole or shared voting and investment power with respect to the shares indicated as beneficially owned. Applicable percentages are based upon ~~258,750,000~~301,640,836 shares of common stock outstanding as of the date of this report.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Our president has orally agreed to provide us necessary funding to maintain minimal operations at interest of 0%, payable upon demand. The anticipated amount of this loan will be not be known at until the time a loan is determined to be needed. The amount will be based on the amount of funding needed to maintain minimal operation. She is not obligated to make any further advances. We have no agreement, commitment or understanding to secure any such funding from any other source.

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. As of May 31, 2017 and 2016, there is $45,000 and $27,000 accrued for these fees, respectively.

As of May 31, 2017 and 2016, there are loans from the majority shareholder and related party of $11,438 and $11,236, respectively. These loans were made in order to assist in meeting general and administrative expenses. These advances are unsecured, due on demand and non-interest bearing.

During the year ended May 31, 2017, the Company paid $5,425 for expense reimbursement to our CEO. Expenses were incurred for travel and travel related costs.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The aggregate fees billed for the most recently completed fiscal year ended May 31, ~~2016 and for fiscal year ended May 31, 2015~~2017 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included in our quarterly reports and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for ~~these~~the fiscal ~~periods were~~period was as follows:

	YEAR END
	May 31, 2016		May 31, 2015			2017
Audit Fees	$	4,000	$	3,000	$	16,250
Audit Related Fees	$	9,900	$	6,000	$	-
Tax Fees		—		—	$	-
All Other Fees		—		—	$	-
Total	$	13,900	$	9,000	$	16,250

Our board of directors pre-approves all services provided by our independent auditors. All of the above services and fees were reviewed and approved by the board of directors either before or after the respective services were rendered.

Our board of directors has considered the nature and amount of fees billed by our independent auditors and believes that the provision of services for activities unrelated to the audit is compatible with maintaining our independent auditors’ independence.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

~~The following documents are filed as part of this Form 10-K:~~

~~(1) Financial Statements: Balance Sheets, Statements of Operations, Statement of Stockholders’ Equity, Statements of Cash Flows, and Notes to Financial Statements.~~

(2) Financial Statement Schedules: Financial statement schedules are omitted because they are not required or are not applicable, or the required information is provided in the financial statements or notes described in Item 15(1).

~~(3)~~ Exhibits

The exhibits listed in the Exhibit Index are incorporated herein by reference and/or are filed as part of this Form 10-K.

Exhibit Exhibit

Number Description

10.1 Supplier Agreement ~~(incorporated by reference to Exhibit 10.1 of the Company’s Annual Report on Form 10-K/A filed with the Commission on July 14, 2016).~~

10.2 Convertible Promissory Note dated ~~June 14,~~December 28, 2016 issued to ~~Black Forest Capital (incorporated by reference to Exhibit 10.2 of the Company’s Annual Report on Form 10-K/A filed with the Commission on July 14, 2016).~~

Crown Bridge Partners

10.3 Convertible Promissory Note dated ~~June 1, 2016~~March 20, 2017 issued to ~~JSJ Investments Inc. (incorporated by reference to Exhibit 10.3 of the Company’s Annual Report on Form 10-K/A filed with the Commission on July 14, 2016).~~Crown Bridge Partners.

10.4 Convertible Promissory Note dated ~~May 10, 2016~~March 27, 2017 issued to ~~Auctus Fund, LLC. (incorporated by reference to Exhibit 10.4 of the Company’s Annual Report on Form 10-K/A filed with the Commission on July 14, 2016).~~

JSJ Investments.

10.5 Convertible Promissory Note dated ~~May 9, 2016~~April 4, 2017 issued to ~~Eagle Equities,~~Auctus Fund, LLC. ~~(incorporated by reference to Exhibit 10.5 of the Company’s Annual Report on Form 10-K/A filed with the Commission on July 14, 2016).~~

10.6 Convertible Promissory Note dated May 9, 2016 issued to Adar Bays, LLC. (incorporated by reference to Exhibit 10.6 of the Company’s Annual Report on Form 10-K/A filed with the Commission on July 14, 2016).

10.7 Convertible Promissory Note dated April 19, 2016 issued to Crown Bridge Partners (incorporated by reference to Exhibit 10.7 of the Company’s Annual Report on Form 10-K/A filed with the Commission on July 14, 2016).

10.8 Convertible Promissory Note dated February 16, 2016 issued to Crown Bridge Partners (incorporated by reference to Exhibit 10.8 of the Company’s Annual Report on Form 10-K/A filed with the Commission on July 14, 2016).

31.1 Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to

Rule 13a-14 or 15d-14 of the Exchange Act pursuant to Section 302 of the ~~Sarbanes-Oxley~~Sarbanes-

Oxley Act of 2002

31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934

Rule 13a-14(a) or 15d-14(a).

32.2 Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to 18

U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

23.1 Consent of Independent Registered Public Accounting Firm, George Stewart, CPA

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.

Date: ~~June 2,~~September 15, 2017

/s/ Taiwo Aimasiko

Taiwo Aimasiko

Chief Executive Officer, ~~Chief Financial Officer,~~

President, ~~Treasurer~~ and Director

2934

Nevada	5190	46-554081
(State or other jurisdiction of Organization)	(Primary Standard Industrial Classification Code)	(IRS Employer Identification Number)

Table of Contents
Item		Page
	Part I
1	Business	4
1A	Risk Factors	7
1B	Unresolved Staff Comments	7
2	Properties	7
3	Legal Proceedings	7
4	Mine Safety Disclosures	7
	Part II
5	Market for Registrant’s Common Equity, Related Stockholder Matters	7
	and Issuer Purchases of Equity Securities
6	Selected Financial Data	8
7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
7A	Quantitative and Qualitative Disclosures about Market Risk	12
8	Financial Statements and Supplementary Data	13
9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	31
9A	Controls and Procedures	31
9B	Other Information	32
	Part III
10	Directors, Executive Officers and Corporate Governance	32
11	Executive Compensation	33
12	Security Ownership of Certain Beneficial Owners and Management and Related	34
	Stockholder Matters
13	Certain Relationships and Related Transactions, and Director Independence	34
14	Principal Accounting Fees and Services	35
	Part IV
15	Exhibits and Financial Statement Schedules	35
--	Signatures

Fiscal Year Ending May 31, 2016	HIGH	LOW
Quarter Ending August 31, 2015	0.69	0.60
Quarter Ending November 30, 2015	0.29	0.29
Quarter Ending February 29, 2016	0.15	0.1143
Quarter Ending May 31, 2016	0.76	0.68

Fiscal Year Ending May 31, 2017	HIGH	LOW
Quarter Ending August 31, 2016	0.78	0.28
Quarter Ending November 30, 2016	0.62	0.026
Quarter Ending February 29, 2017	0.0498	0.0029
Quarter Ending May 31, 2017	0.0425	0.0045

	Fiscal Year			Fiscal Year
	Ended			Ended
	May 31, 2016			May 31, 2015
		$			$

Net Cash Provided By (Used In) Operating Activities		(150,153	)		(4,113	)
Net Cash Used by Investing Activities		—			(500	)
Net Cash Provided By (Used In) Financing Activities		207,754			58,750

Note Holder		Issue Date		Maturity Date	Stated Interest Rate	Principal Balance 5/31/2017
Crown Bridge Partners, LLC	12/28/2016		12/28/2017		8%	46,000
Crown Bridge Partners, LLC	03/20/2017		03/20/2018		8%	114,000
JSJ Investments, Inc.	03/27/2017		12/22/2017		8%	125,000
Auctus Fund,,LLC	04/04/2017		12/30/2017		8%	145,000
Total						430,000

Report of Independent Registered Public Accounting Firm	F1F-2
Balance Sheets as of May 31, 2017 and 2016	F2F-3
Statements of Operations for the Years Ended May 31, 2017 and 2016	F3
~~Statements of Cash Flows~~	F4F-4
Statements of Stockholders’ Equity/(Deficit) for the Years Ended May 31, 2017 and 2016	F5F-5
Statements of Cash Flows for the Years Ended May 31, 2017 and 2016	F-6
Notes to Financial Statements	F6F-7

BEMAX INC.
Balance Sheets
(Stated in U.S.Dollars)



	Year Ended			Year Ended
	May 31, 2016			May 31, 2015


ASSETS

Current Assets
Cash and cash equivalents	$	115,738		$	58,137
Inventory		189,823			—

Total current assets		305,561			58,137

Fixed Assets
Furniture and Equipment		500			500

Total fixed assets		500			500

TOTAL ASSETS	$	306,061		$	58,637


LIABILITIES & STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Derivative liability		351,041			—
Debt discount		(134,148	)		—
Convertible Loans		207,750			—
Accrued interest on convertible loans		1,845			—
Loan from shareholder and related party		38,236			17,336
Accounts payable		—			2,672
Total current liabilities		464,724			20,008

STOCKHOLDERS' EQUITY

Common stock, ($0.0001 par value, 500,000,000 shares
authorized; 258,792,500 shares issued and outstanding at
May 31, 2016 and 5,175,000 at May 31, 2015 respectively		25,879			518
Additional paid-in capital		36,875			62,232
Deficit accumulated during development stage		(221,417	)		(24,121	)
TOTAL STOCKHOLDERS' EQUITY		(158,663	)		38,629



TOTAL LIABILITITES AND STOCKHOLDERS' EQUITY	$	306,061			58,637

Statements of Operations
(Stated in U.S.Dollars)



		Year Ended			Year Ended
		May 31, 2016			May 31, 2015


REVENUES
Revenues		573,838			100,000
Change in fair value on derivative liability		128,333
TOTAL REVENUES	$	702,171		$	100,000

Cost of good sold
Purchases-resale items		476,797			(95,000	)

TOTAL COGS	$	476,797		$	(95,000	)

Gross profit		225,374			5,000

Operating costs
Loss on issuance of convertible debt		358,374			—
General and administrative expenses		64,296			26,619

TOTAL OPERATING COSTS	$	422,670		$	26,619

NET ORDINARY INCOME (LOSS)	$	(197,296	)	$	(21,619	)

BASIC AND DILUTED EARNINGS (LOSS)
PER SHARE	$	(0.00	)	$	(0.00	)


WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING		258,792,500			5.175,000

BEMAX INC Balance Sheets
		May 31, 2017			May 31, 2016
ASSETS					(Restated)
Current Assets:
Cash	$	39,386		$	115,738
Prepaid expenses		44,048			—
Inventory		194,320			189,823
Total current assets		277,754			305,561

Non-Current Assets:
Property and equipment		14,953			500
Other assets (Note 5)		181,000			—
Total non-current assets		195,953			500

Total Assets	$	473,707		$	306,061

LIABILITIES AND STOCKHOLERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable		12,800			—
Accrued interest on convertible loans		6,966			1,845
Accruals, related party		45,000			27,000
Derivative liability		449,975			351,041
Convertible loans, net of discount of $237,608 and $134,148, respectively		192,392			73,602
Loan from shareholder and related party		11,438			11,236
Total current liabilities		718,571			464,724
Total Liabilities		718,571			464,724

COMMITMENTS AND CONTINGENCIES		—			—

STOCKHOLDERS' EQUITY (DEFICIT):
Preferred stock series B, $0.0001 par value, 50,000,000 shares authorized; 50,000,000 and 0 shares issued and outstanding, respectively		5,000			—
Common stock, $0.0001 par value, 850,000,000 shares authorized; 301,640,836 and 258,792,500 shares issued and outstanding, respectively		30,164			25,879
Additional paid-in capital		1,533,092			36,875
Accumulated deficit		(1,813,120	)		(221,417	)
Total Deficit		(244,864	)		(158,663	)
Total Liabilities and Stockholders' Equity	$	473,707		$	306,061

The accompanying notes are an integral part of these financial statements.

BEMAX INC. Statements of Operations
		For the Years Ended May 31,
		2017		2016
				(Restated)
Revenue	$	144,507	$	573,838
Cost of goods sold		303,340		476,797
Gross Margin		(158,833)		97,041

Operating Expenses:
Consulting fees		63,000		-
Professional fees		32,325		12,304
Management fees		6,000		6,000
General and administrative		88,632		21,846

Total Operating Expenses		189,957		40,150

Income (loss) from operations		(348,790)		56,891

Other Income (Expense):
Interest expense and loan fees		(62,595)		(13,044)
Interest expense – debt discount		(360,566)		(11,102)
Change in fair value of derivative		(319,318)		128,333
Loss on issuance of convertible debt		(500,434)		(358,374)
Total other expense		(1,242,913)		(254,187)

Net loss	$	(1,591,703)	$	(197,296)

Basic and diluted loss per share	$	(0.01)	$	(0.00)

Weighted average number of shares outstanding – basic and diluted		290,913,798		258,792,500

The accompanying notes are an integral part of these financial statements.

BEMAX INC.
Statements of Cash Flows (Stated in U.S. Dollars)

		Year Ended			Year Ended
		May 31, 2016			May 31, 2015


CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(197,296	)	$	(21,619	)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Inventory		(189,823	)		—
Loan from shareholder and related party		20,900			14,834
Accounts payable		(2,672	)		2,672
Derivative liability		351,041			—
Debt discount		(134,148	)		—
Accrued interest on convertible loans		1,845			—
Changes in operating assets and liabilities:		(150,153	)		(4,113	)

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(150,153	)		(4,113	)


INVESTING ACTIVITIES
Furniture and equipment		—			(500	)
Net cash provided by investing activities		—			(500	)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock		4			58,750
Loans from convertible promissory notes		207,750			—
NET CASH PROVIDED BY FINANCING ACTIVITIES		207,754			58,750


NET INCREASE IN CASH		57,601			54,137
CASH AT BEGINNING OF PERIOD		58,137			4,000
		115,738

CASH AT END OF PERIOD	$	115,738		$	58,137
		115,738


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during year for :
Interest	$	—		$	—

Income Taxes	$	—		$	—

BEMAX INC Statement of Stockholders’ Equity (Deficit)
	Series B Preferred Stock			Common Stock				Additional Paid in			Accumulated Deficit		Total
	Shares		Amount	Shares		Amount		Capital			Accumulated Deficit		Total
Balance at May 31, 2015	-	$	-		258,750,000	$	25,875	$	36,875	$	(24,121)	$	38,629

Stock issued for services	-		-		42,500		4		-		-		4

Net loss for the year ended May 31, 2016(Restated)	-		-		-		-		-		(197,296)		(197,296)

Balance at May 31, 2016(Restated)	-		-		258,792,500		25,879		36,875		(221,417)		(158,663)

Stock issued for services	-		-		7,500,000		750		74,250		-		75,000

Stock issued for the conversion of debt	-		-		185,348,336		18,535		1,411,967		-		1,430,502

Forfeiture of common for preferred	50,000,000		5,000		(150,000,000)		(15,000)		10,000		-		-

Net loss for the year ended May 31, 2017	-		-		-		-		-		(1,591,703)		(1,591,703)

Balance at May 31, 2017	50,000,000	$	5,000		301,640,836	$	30,164	$	1,533,092	$	(1,813,120)	$	(244,864)

								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		200,000,000		20,000		62,232			—			82,232
Net loss May 31, 2014									(2,000	)		(2,000	)
Balance May 31, 2014		200,000,000	$	20,000	$	62,233		$	(2,502	)	$	79,730
Common stock issued for cash between
between October 14 and 24, 2014 at
$0.05 per share		58,750,000		5,875		(25,357	)					(19,482	)
Net loss May 31, 2015									(21,619	)		(21,619	)
Balance May 31, 2015		258,750,000	$	25,875	$	36,876		$	(24,121	)	$	38,629
On February 24, 2016, Common stock
was issued for services rendered at
par value of $0.0001 per share		42,500		4		—			—			4.00
Net loss May 31, 2016									(197,296	)		(197,296	)
Balance May 31, 2016		258,792,500		25,879		36,876			(221,417	)		(158,663	)

BEMAX INC. Statements of Cash Flows
		For the Years Ended May 31,
		2017		2016
				(Restated)
CASH FLOW FROM OPERATING ACTIVITES:
Net loss	$	(1,591,703)	$	(197,296)
Adjustments to reconcile net loss to net cash
used in operating activities:
Common stock issued for services		37,500		4
Change in fair value of derivative		319,318		(128,333)
Loss on issuance of convertible debt		500,434		358,374
Impairment expense		194,320		-
Loan fees		22,537		-
Amortization of debt discount		360,566		11,102
Depreciation expense		772		-
Changes in Operating Assets and Liabilities:
Prepaids		(44,408)		-
Inventory		(198,817)		(189,823)
Other assets		(181,000)		-
Accounts payable		12,800		(2,672)
Accrued interest on convertible loans		21,002		1,845
Accruals, related party		18,000		18,000
Net Cash Used in Operating Activities		(528,679)		(128,799)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of vehicle		(15,125)		-
Net Cash Used in Investing Activities		(15,125)		-

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible loans		507,250		183,500
Repayment of convertible loans		(40,000)		-
Loan from shareholder and related party		202		2,900
Net Cash Provided by Financing Activities		467,452		186,400

NET INCREASE (DECREASE) IN CASH		(76,352)		57,601
CASH AT BEGINNING OF YEAR		115,738		58,137
CASH AT END OF YEAR	$	39,386	$	115,738

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during period for:
Interest	$	-	$	-
Income Taxes	$	-	$	-
Non-Cash Financing Activities:
Common stock issued for debt	$	302,750	$	-

Description		Level 1			Level 2			Level 3			Total Gains and (Losses)
Derivative		$	-		$	-		$	449,975		$	(319,318)

		2017		2016
Computer equipment	$	500	$	500
Vehicle		15,225		-
Less: accumulated depreciation		(772)		-
Fixed assets, net	$	14,953	$	500

Balance at May 31, 2015	$	-
Increase to derivative due to new issuances		479,374
Derivative (gain) due to mark to market adjustment		(128,333)
Balance at May 31, 2016		351,041
Increase to derivative due to new issuances		896,686
Decrease due to debt settlement		(1,117,070)
Derivative loss due to mark to market adjustment		319,318
Balance at May 31, 2017	$	449,975

Inputs	May 31, 2017			Initial Valuation
Stock price	$	.0074	$	.02 – .0258
Conversion price	$	.004	$	.01 – .013
Volatility (annual)		291.5%		283% - 285.85%
Risk-free rate		1.08%		.955% - .975%
Years to maturity		.58		.75

	2017		2016
Federal income tax benefit attributable to:
Current Operations	$	541,179	$	221,417
Less: valuation allowance		(541,179)		(221,417)
Net provision for Federal income taxes	$	—	$

	2017		2016
Deferred tax asset attributable to:
Net operating loss carryover	$	616,461	$	221,417
Less: valuation allowance		(616,461)		(221,417)
Net deferred tax asset	$	—	$	—

Balance at May 31, 2016	$	510,596
Increase to derivative due to new issuances		396,005
Decrease due to debt settlement		(71,192)
Derivative (gain) due to mark to market adjustment		(433,697)
Balance at November 30, 2016	$	401,712

	As Previously Reported	Adjustment	As Restated

Accounts Receivable	$372,622	($372,622)	$ -
Accounts Payable	$319,795	($319,070)	$ 725
Deferred Revenue	$507,722	($507,722)	$ -
Accumulated Deficit	($649,241)	$454,170	($ 195,071)