UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C.
20549







FORM 10K

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



For the fiscal year ended May 31,
2016

Or

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

For the transition period from ____
to August ____





Commission File Number 333-197756







BEMAX INC.

(Exact name of registrant as specified
in its charter)

Nevada 5190 46-554081

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

____________________________________________________________________________________________________________

625 Silver Oak Drive

Dallas, GA 30132.

Tel: (770) 401-1809

(Address and telephone number
of registrant's executive office)



Securities registered pursuant to Section
12(b) of the Act: None

Securities registered pursuant to Section
12(g) of the Act: Common Stock







1









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







2







TABLE OF CONTENTS



PART l

Item 1. Business 4

Item 1A. Risk Factors 6

Item 1B. Unresolved Staff Comments 6

Item 2. Properties 6

Item 3. Legal Proceedings 6

Item 4. Mine Safety Disclosures 7

PART ll

Item 5. Market for Common Equity and Related Stockholder
Matters

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 7A. Quantitative and Qualitative Disclosures about
Market Risk

Item 8. Financial Statement and Supplementary Data

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

Item 9A. Controls and Procedures.

Item 9B. Other Information.

PART lll

Item 10. Directors, Executive Officers and Corporate
Governance

Item 11. Executive Compensation

Item 12. Security Ownership of Certain Beneficial Owners
and Management

Item 13. Certain Relationships, Related Transactions
and Director Independence

Item 14. Principal Accountant Fees and Services

PART IV

Item 15. Exhibits and Financial Statement Schedules

Signatures

3







ITEM 1. Business

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.

Product

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.

Sizes

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.

Suppliers of Disposable Baby Diapers

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.

4





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.

Business Strategy

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.

Sales and Marketing

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.

Revenue

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.

5





Employees

We have one employee, involved in management.

Research and Development Expenditures

We have not incurred any research or development expenses.

Government Regulation

We are currently not subject to any government regulations

Subsidiaries

We do not have any subsidiaries.

Intellectual Property

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.

ITEM 1A. RISK FACTORS

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

ITEM 1B. UNRESOLVED STAFF COMMENTS

None

ITEM 2. PROPERTIES

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.

ITEM 3. 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);
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





6







| | · | 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.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II



ITEM 5. Market for Common Equity and Related Stockholder
Matters

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:

|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  



Holders

As of May 31, 2016, there were 38 stockholders of record,
including CEDE & Co., which holds shares for the beneficial interest of an unknown number of stockholders in brokerage accounts.



7







Dividends

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.

Stock Option Grants

As of May 31, 2016, we had not granted any stock options.

Stock Repurchases

The Company did not make any stock repurchases.



ITEM 6. SELECTED FINANCIAL DATA

Not applicable

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

Forward Looking Statements

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 operation; 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.

Business Overview

Bemax Inc. is new Nevada –based company focusing
on the distribution of disposable baby diapers made in North America by quality producers to wholesalers and retailers in Europe
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 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.



8







Liquidity and Capital Resources

Cash Flows

|                                                    |  | Fiscal Year  |          | Fiscal Year 
|--------------------------------------------------- |  | ------------ | -------- | ------------
|                                                    |  | Ended        |          | Ended       
|                                                    |  | May 31, 2016 |          | May 31, 2015
|                                                    |  |              | $        |             
|                                                    |  |              |          |             
|Net Cash Provided By (Used In) Operating Activities |  |              | (150,153 | )           
|Net Cash Used by Investing Activities               |  |              | —        |             
|Net Cash Provided By (Used In) Financing Activities |  |              | 207,754  |             



Through May 31, 2016, the Company’s operations
had generated limited revenues.

We currently have minimal cash reserves. To date, the
Company has covered operating deficits primarily through loans from the sole director, and third parties 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 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.

Business Development

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.



9









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 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.



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.



Results of Operations for the Period Ended May 31,
2016

Revenues

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

Gross Profit

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.

Net Loss

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.



10







Operating Cost

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.

Inflation

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.

Off-Balance Sheet Arrangements

As of May 31, 2016, we had no 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.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK

Not applicable.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA



BEMAX INC.

FINANCIAL STATEMENT

MAY 31, 2016



CONTENTS



|Report
    of Independent Registered Public Accounting Firm | F1
|----------------------------------------------------------- | --
|Balance
    Sheets                                          | F2
|Statements
    of Operations                                | F3
|Statements
    of Cash Flows                                | F4
|Statements
    of Stockholders’ Equity/(Deficit)            | F5
|Notes
    to Financial Statements                           | F6







11







GEORGE STEWART,
CPA

316 17TH AVENUE
SOUTH

SEATTLE, WASHINGTON
98144

(206) 328-8554
FAX (206) 328-0383





REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Board of Directors

Bemax Inc.

I have audited the accompanying balance sheets of Bemax
Inc. as of May 31, 2016 and 2015, and the related statements of operations, stockholders’ equity and cash flows for each
of the years in the two year period ended May 31, 2016. Bemax Inc.’s management is responsible for these financial statements.
My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with the standards
of the Public Company Accounting Oversight Board (United States). Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for my opinion.

In my 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, and the results
of its operations and its cash flows for each of the years in the two year period 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 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 substantial doubt about its 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.



/S/ George Stewart

Seattle, Washington

June 2, 2017



F-1









|BEMAX INC.                                              
|--------------------------------------------------------
|Balance Sheets                                          
|(Stated in U.S.Dollars)                                 
|                                                        
|                                                        
|                                                        
|                                                        
|                                                        
|                                                        
|                                                        
|ASSETS                                                  
|                                                        
|Current Assets                                          
|Cash and cash equivalents                               
|Inventory                                               
|                                                        
|Total current assets                                    
|                                                        
|Fixed Assets                                            
|Furniture and Equipment                                 
|                                                        
|Total fixed assets                                      
|                                                        
|TOTAL ASSETS                                            
|                                                        
|                                                        
|LIABILITIES & STOCKHOLDERS' EQUITY                      
|                                                        
|CURRENT LIABILITIES                                     
|Derivative liability                                    
|Debt discount                                           
|Convertible Loans                                       
|Accrued interest on convertible
    loans               
|Loan from shareholder and related
    party             
|Accounts
    payable                                    
|Total current liabilities                               
|                                                        
|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 
|Additional paid-in capital                              
|Deficit accumulated during development stage            
|TOTAL STOCKHOLDERS' EQUITY                              
|                                                        
|                                                        
|                                                        
|TOTAL LIABILITITES AND STOCKHOLDERS'
    EQUITY         



See Notes to Financial Statements





F-2











|Statements
    of Operations                
|--------------------------------------------
|(Stated
    in U.S.Dollars)                 
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|REVENUES                                    
|Revenues                                    
|Change in fair value on derivative liability
|TOTAL REVENUES                              
|                                            
|Cost of good sold                           
|Purchases-resale items                      
|                                            
|TOTAL COGS                                  
|                                            
|Gross profit                                
|                                            
|Operating costs                             
|Loss on issuance of convertible debt        
|General and administrative expenses         
|                                            
|TOTAL OPERATING COSTS                       
|                                            
|NET ORDINARY INCOME (LOSS)                  
|                                            
|BASIC AND DILUTED EARNINGS (LOSS)           
|PER SHARE                                   
|                                            
|                                            
|WEIGHTED AVERAGE NUMBER OF                  
|COMMON SHARES OUTSTANDING                   









See Notes to Financial Statements





F-3











|BEMAX INC.                                                                                                                                                  
|------------------------------------------------------------------------------------------------------------------------------------------------------------
|Statements of Cash
                                         Flows
                                                                  (Stated in U.S. Dollars)
|                                                                                                                                                            
|                                                                                                                                                            
|                                                                                                                                                            
|                                                                                                                                                            
|                                                                                                                                                            
|CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                                        
|Net income (loss)                                                                                                                                           
|Adjustments to reconcile net loss to net cash                                                                                                               
|provided by (used in) operating activities:                                                                                                                 
|Inventory                                                                                                                                                   
|Loan from shareholder and related party                                                                                                                     
|Accounts payable                                                                                                                                            
|Derivative liability                                                                                                                                        
|Debt discount                                                                                                                                               
|Accrued interest on convertible loans                                                                                                                       
|Changes in operating assets and liabilities:                                                                                                                
|                                                                                                                                                            
|NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                                                                                         
|                                                                                                                                                            
|                                                                                                                                                            
|INVESTING ACTIVITIES                                                                                                                                        
|Furniture
    and equipment                                                                                                                                 
|Net cash provided by investing activities                                                                                                                   
|CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                                        
|Issuance of common stock                                                                                                                                    
|Loans from convertible promissory notes                                                                                                                     
|NET CASH PROVIDED BY FINANCING ACTIVITIES                                                                                                                   
|                                                                                                                                                            
|                                                                                                                                                            
|NET INCREASE  IN CASH                                                                                                                                       
|CASH AT BEGINNING OF PERIOD                                                                                                                                 
|                                                                                                                                                            
|                                                                                                                                                            
|CASH AT END OF PERIOD                                                                                                                                       
|                                                                                                                                                            
|                                                                                                                                                            
|                                                                                                                                                            
|SUPPLEMENTAL DISCLOSURES OF CASH FLOW
    INFORMATION                                                                                                       
|                                                                                                                                                            
|Cash paid during year for :                                                                                                                                 
|Interest                                                                                                                                                    
|                                                                                                                                                            
|Income Taxes                                                                                                                                                





See Notes to Financial Statements





F-4









BEMAX
INC.

Statements
of Stockholder’s Equity

(Stated
in U.S. Dollars)





|                                      |  |        |             |        |  |                 |        | Deficit           |  |      
|------------------------------------- |  | ------ | ----------- | ------ |  | --------------- | ------ | ----------------- |  | -----
|                                      |  |        |             | Common |  |                 |        | Accumulated       |  |      
|                                      |  | Common |             | Stock  |  | Additional      |        | During            |  |      
|                                      |  | Stock  |             | Amount |  | Paid-in Capital |        | Development Stage |  | Total
|                                      |  |        |             |        |  |                 |        |                   |  |      
|Stock issued for cash at May 31, 2013 |  |        | —           |        |  | $               | —      |                   |  | $    
|Net loss May 31, 2013                 |  |        |             |        |  |                 |        |                   |  |      
|Balance May 31, 2013                  |  |        | —           |        |  |                 | —      |                   |  |      
|Common stock issued for cash on May   |  |        |             |        |  |                 |        |                   |  |      
|16, 2014.4,000,000 shares at a par    |  |        |             |        |  |                 |        |                   |  |      
|value of $0.0001 per share            |  |        | 200,000,000 |        |  |                 | 20,000 |                   |  |      
|Net loss May 31, 2014                 |  |        |             |        |  |                 |        |                   |  |      
|Balance May 31, 2014                  |  |        | 200,000,000 |        |  | $               | 20,000 |                   |  | $    
|Common stock issued for cash between  |  |        |             |        |  |                 |        |                   |  |      
|between October 14 and 24, 2014 at    |  |        |             |        |  |                 |        |                   |  |      
|$0.05 per share                       |  |        | 58,750,000  |        |  |                 | 5,875  |                   |  |      
|Net loss May 31, 2015                 |  |        |             |        |  |                 |        |                   |  |      
|Balance May 31, 2015                  |  |        | 258,750,000 |        |  | $               | 25,875 |                   |  | $    
|On February 24, 2016, Common stock    |  |        |             |        |  |                 |        |                   |  |      
|was issued for services rendered at   |  |        |             |        |  |                 |        |                   |  |      
|par value of $0.0001 per share        |  |        | 42,500      |        |  |                 | 4      |                   |  |      
|Net loss May 31, 2016                 |  |        |             |        |  |                 |        |                   |  |      
|Balance May 31, 2016                  |  |        | 258,792,500 |        |  |                 | 25,879 |                   |  |      





See Notes to Financial
Statements





F-5







|BEMAX
                                         INC.
        Notes
        to the Financial Statements
        May
        31, 2016
        (Unaudited)
|------------------------------------------------------------------------------------------------------------------------------------------------------



1.
NATURE OF OPERATIONS

BEMAX
INC. (“The Company”) was incorporated in the State of Nevada on November 28, 2012 to engage in the business of
exporting 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.

These
financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets
and discharge its liabilities in the normal course of business for the foreseeable future. The Company anticipates future losses
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
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.



2.
GOING CONCERN

These
financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets
and discharge its liabilities in the normal course of business 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 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.



3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United
States of America (GAAP) and are presented in US dollars. The Company’s Year End is May 31.

Cash
and Cash Equivalents

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

Use
of Estimates and Assumptions

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 period. Actual results could
differ from those estimates



F-6





BEMAX
INC.

Notes
to the financial Statements

November
30, 2016

(Unaudited)



Fair
Value of Financial Instruments

The
Company’s financial instruments consisted of cash, accounts payable, related party advances 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 of the short maturity of such assets and liabilities the fair value of these
financial instruments approximate their carrying values, unless otherwise noted.

Income
Taxes

The
Company follows the accrual method of accounting for income taxes. Under this method, deferred income tax assets and liabilities
are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values
and their respective income tax basis (temporary differences). The effect on the deferred income tax assets and liabilities of
a change in tax rates is recognized in 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.

Basic
and Diluted Net (Loss) per Share

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.



Recent
Accounting Pronouncements

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.



4.
RELATED PARTY TRANSACTIONS

The President
of the Company provides management fees and office premises to the Company for a fee of $1,500 per month, the right to which the
President has agreed to assign to the Company until such a time as the Company closes on an Equity or Debt financing of not less
than $750,000. The assigned rights are valued at $1,000 per month for rent and $500 for executive compensation. A total of $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.



5.
STOCKHOLDER’S EQUITY



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.



F-7









BEMAX
INC.

Notes
to the Financial Statements

November
30, 2016

(Unaudited)



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 has been shown retroactively.





6.
REVENUE RECOGNITION



The Company’s
revenue recognition policy is on a sales-basis method. The Company recognizes and records revenue once payment has been received
and disposable baby diapers are delivered to the buyer.



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.



7.
CONVERTIBLE LOANS



On February
16, 2016, the Company issued a Convertible Promissory Note in favor of Crown Bridge Partners, LLC. The principal amount of the
loan is $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 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 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, $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.



F-8







On
April 19, 2016, the Company issued a Convertible Promissory Note in favor of Crown Bridge Partners, LLC. The principal amount
of the loan is $30,000 (forty thousand dollars) with an original issue discount of $3,500 (three thousand five hundred dollars)
and carries 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 at a discount of 48% 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 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 $124,890 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, 2016, $4,004 of principal 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 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 resulting in a gain on the change in
the fair value for the six months of $88,045. In addition, $18,175 of the debt discount has been amortized to interest expense.



On May
9, 2016, the Company issued a Convertible Redeemable Note in favor of Adar Bays, LLC. The principal amount of the loan is $30,000
(forty thousand dollars) and carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on May
9, 2017. Eagle Equities 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 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. 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 of the debt discount has been amortized to interest expense.



On May
9, 2016, the Company issued a Convertible Redeemable Note in favor of Eagle Equities, LLC. The principal amount of the loan is
$30,000 (forty thousand dollars) and carries an interest rate of 8% per annum. It becomes due and payable with accrued interest
on May 9, 2017. Eagle Equities 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 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. 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
of the debt discount has been amortized to interest expense.



F-9







On May
10, 2016, the Company issued a Convertible Promissory Note in favor of Auctus Fund, LLC. The principal amount of the loan is $77,750
(seventy-seven thousand, seven hundred and fifty dollars) with an original issue discount of $6,750 (six thousand, seven hundred
and fifty dollars) and carries an interest rate of 8% per annum. It becomes due and payable with accrued interest on May 10, 2017.
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% 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 $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. As of November 30, 2016, the Company fair valued the derivative at $99,176 resulting in a gain on the change
in the fair value for the six months of $162,598. In addition, $57,468 of the debt discount has been amortized to interest expense.



On June
2, 2016, the Company issued a Convertible Promissory Note in favor of JSJ Investments Inc. The principlal amount of the loan is
$55,000 (fifty-five thousand dollars) with an original issue discount of $3,000 three 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 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 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 $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. As of November 30, 2016, the Company fair valued the derivative at $71,255 resulting
in a gain on the change in the fair value for the six months of $96,640. In addition, $20,446 of the debt discount has been amortized
to interest expense.



On June
14, 2016, the Company issued a Convertible Promissory Note in favor 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 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.



F-10











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



|Note
    Holder                    | Issue
    Date | Maturity
    Date | Stated
    Interest Rate | Amount
    of Note | Repayments
    / Conversions | Principal
    Balance 11/30/2016
|---------------------------------- | -------------- | ----------------- | ------------------------ | ------------------ | ---------------------------- | --------------------------------
|Crown
    Bridge Partners, LLC (1) | 2/16/2016      | 2/16/2017         | 8%                       | $   40,000         | $     (40,000)               | $                  -            
|Crown
    Bridge Partners, LLC (2) | 4/19/2016      | 4/19/2017         | 8%                       | 30,000             | (4,004)                      | 25,996                          
|Adar
    Bays, LLC (2)             | 5/9/2016       | 5/9/2017          | 8%                       | 30,000             | (3,000)                      | 27,000                          
|Eagle
    Equities, LLC            | 5/9/2016       | 5/9/2017          | 8%                       | 30,000             | -                            | 30,000                          
|Auctus
    Fund, LLC               | 5/10/2016      | 2/10/2017         | 8%                       | 77,750             | -                            | 77,750                          
|JSJ
    Investments Inc.           | 6/2/2016       | 2/26/2017         | 8%                       | 55,000             | -                            | 55,000                          
|Black
    Forest Capital LLC       | 6/14/2016      | 6/14/2017         | 8%                       | 80,000             | -                            | 80,000                          
|Total                              |                |                   |                          | $
    342,750      | $     (47,004)               | $       295,746                 

| | (1) | This
                                         Note was repaid in full with cash on July 14, 2016.
| | --- | -------------------------------------------------------------------------------------------------

| | (2) | Reductions
                                         are conversions to stock.
| | --- | -----------------------------------------------------------------------------



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



|Note
    Holder                    | Issue
    Date | Maturity
    Date | Stated
    Interest Rate | Amount
    of Note  | Debt
    Discount | Net
    Principal Balance 11/30/2016
|---------------------------------- | -------------- | ----------------- | ------------------------ | ------------------- | ----------------- | ------------------------------------
|Crown
    Bridge Partners, LLC (1) | 2/16/2016      | 2/16/2017         | 8%                       | $            40,000 | $  (40,000)       | $         -                         
|Crown
    Bridge Partners, LLC     | 4/19/2016      | 4/19/2017         | 8%                       | 25,996              | (7,821)           | 18,175                              
|Adar
    Bays, LLC                 | 5/9/2016       | 5/9/2017          | 8%                       | 27,000              | (10,159)          | 16,841                              
|Eagle
    Equities, LLC            | 5/9/2016       | 5/9/2017          | 8%                       | 30,000              | (13,151)          | 16,849                              
|Auctus
    Fund, LLC               | 5/10/2016      | 2/10/2017         | 8%                       | 77,750              | (20,282)          | 57,468                              
|JSJ
    Investments Inc.           | 6/2/2016       | 2/26/2017         | 8%                       | 55,000              | (34,554)          | 20,446                              
|Black
    Forest Capital LLC       | 6/14/2016      | 6/14/2017         | 8%                       | 80,000              | (42,959)          | 37,041                              
|Total                              |                |                   |                          | $          335,746  | $     (168,926)   | $        166,820                    



| | (1) | This
                                         Note was repaid in full on July 14, 2016.
| | --- | ---------------------------------------------------------------------------------------



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



|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  



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.



F-11









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.



8.
CORRECTION OF AN ERROR



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:





|                            | 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)





9.
SUBSEQUENT EVENTS



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.

F-12





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 on accounting and financial disclosure during the relevant period.

ITEM 9A. CONTROLS AND
PROCEDURES

We maintain disclosure
controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange
Act"), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and
Exchange Commission's rules and forms and that such information is accumulated and communicated to our sole officer, as appropriate
to allow timely decisions regarding required disclosure. We carried out an 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 as of May 31,
2016.

Based on the evaluation
of 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:

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

ITEM 9B. OTHER INFORMATION

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

Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f)
and 15d-15(f) of the Exchange Act. Our internal control system was designed to provide 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 policies and
procedures that (i) pertain to the maintenance records that, in reasonable detail, 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, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management
of the Company; and (iii) provide 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 financial statements.



24







Because of inherent limitations,
a system of internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate due to change in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.

PART
III

ITEM 10. DIRECTORS,
EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

Identification of Directors
and Executive Officers of the Company:

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



|NAME               | AGE | OFFICE                 | SINCE
|------------------ | --- | ---------------------- | -----
|Taiwo
    Aimasiko | 41  | 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.



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.



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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, 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 Officer, for all services rendered in all capacities to
us for the latest fiscal year ended May 31, 2016.

|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    
|                   |       |      |        |       |                  |                   |                                            |                                         |                            |  |  |      



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



26







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%                            



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 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.

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 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 fiscal periods were as follows:

|                   |  | YEAR END    
|------------------ |  | ------------
|                   |  | May 31, 2016
|Audit Fees         |  | $           
|Audit Related Fees |  | $           
|Tax Fees           |  |             
|All Other Fees     |  |             
|Total              |  | $           





27





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, 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).



10.3 Convertible
Promissory Note dated June 1, 2016 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).



10.4 Convertible
Promissory Note dated May 10, 2016 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).



10.5 Convertible
Promissory Note dated May 9, 2016 issued to Eagle Equities, 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 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



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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, 2017

/s/ Taiwo Aimasiko

Taiwo Aimasiko

Chief Executive Officer, Chief
Financial Officer,

President, Treasurer and Director





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