Question on the share structure, I posted this a while back (Also I know the 150m shares were retired it's not factored in I don't feel like changing the numbers but has no relevance to the end result just subtract from the o/s and a/s) There seems to be 195,370 shares not allocated in the outstanding and I was wondering if anyone has info on where they may be issued to? Items in bold are from the most recent 10-q filed on. I asked the TA about this but I did not get a response. Anybody have an opinion?
200,000,000 (CEO)
58,750,000 (2014 offering)
42,500 (legal services)
7,500,000 (adebayo Lapido)
404,000 (converted loan interest shares)
184,748,966 (converted 6 loans shares)
451,445,466 (total)
451,640,836 (shares outstanding)
195,370?? (Difference)
Does anyone know where the remaining 195,370 issued shares were issued?
BEMAX INC.
Notes to the Financial Statements
November 30, 2016
(Unaudited)
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
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.
404,000 shares were not reported in this section but is equaled to:
7. CONVERTIBLE LOANS
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.
As of November 30, 2016, the outstanding balance of Convertible Loans is $295,746.
And then here you have the remaining shares issued to adebayo Lapido and the rest of the shares converted.
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.
As of January 11, 2017, there are 500,000,000 shares authorized. 451,640,836 have been issued and are outstanding and 43,646,325 have been reserved for a new loan that is currently being negotiated. Available shares for future issue totals 4,712,839.
