Item 8.01 Other Events
On March 8, the Company's Board of Directors approved the retirement of
5,000,000 common shares own by the Company's CEO, Taiwo Aimasiko, effectively
reducing the Company's total common shares issued and outstanding.
On March 4, 2021, Taiwo Aimasiko, Director of the Company, offered to retire and
exchanged 5,000,000 shares of Common Stock owned by her for an aggregate
2,000,000 Series "B" Preferred Stock that would protect the voting power and
ability to participate in the future of the Company, while at the same time
enhance shareholders' value.
On March 5, the Company's Board of Directors approved to reduce Company's shares
outstanding throughout 2021 through retirement of shares currently own by
management, and work with shareholders to exchange certain percentage of common
stock to the Company's preferred stock with opportunity to participate in
Company's program of profit sharing with shareholders starting next fiscal year.
On March 5, 2021, the Company's Board of Directors approved to introduce and
launch during next fiscal year its new brand of private label hygienic Sanitary
Pads. The new private label products when launched will immediately be available
for sales on Walmart.com.
On March 1, 2021, Bemax Inc. (the "Company") entered into a Payment and Supply
Agreement (the "Agreement") with Prince S. Odigie of Blence Esentials Inc., a
U.S. Corporation (the "Supplier"). Pursuant to the Agreement, the Company will
purchase its new private label brand of disposable diaper from the Supplier
totaling $200,000 in a private labeled format and packaging not trademarked by
the Supplier. This Agreement relate to the new private label brand of disposable
diaper to be introduce by the Company in 2021. The term of the Agreement is
valid till March 31, 2024 or until terminated with mutual written consent of
both parties. The new private label brand will also be available on Blence
Esentials website. The Company shall make payment of $200,000 to the Supplier on
or before the due date of March 30, 2021 with issuance of twenty million of its
restricted Series "A" Preferred Shares.
Item 3.02 Unregistered Sales of Equity Securities
On March 8, 2021, the Company's CEO, Taiwo Aimasiko, exchanged 5,000,000 of her
common shares with the Company for 2,000,000 restricted Series "B" preferred
shares.
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BEMAX INC. 
