SEC Info℠

Home

Search

My Interests

Help

Sign In

Please Sign In

Bymax Corp. – ‘10-K’ for 4/30/21

On:  Monday, 8/16/21, at 5:27pm ET   ·   For:  4/30/21   ·   Accession #:  1796297-21-12   ·   File #:  333-240750

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

 Text Wildcards:  ? (any letter/digit),  * (many).  Search Logic:  for Documents:  & (and),  | (or);  for Text:  | (anywhere),  "(&)" (near).  Details... 

  As Of               Filer                 Filing    For·On·As Docs:Size

 8/16/21  Bymax Corp.                       10-K        4/30/21   33:1.3M

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    234K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     17K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     12K 
10: R1          Cover                                               HTML     65K 
11: R2          Balance Sheets                                      HTML     92K 
12: R3          Statements of Operations                            HTML     46K 
13: R4          Statements of Changes in Stockholders Equity        HTML     34K 
14: R5          Statements of Cash Flows                            HTML     51K 
15: R6          Organization and Nature of Business                 HTML     14K 
16: R7          Going Concern                                       HTML     15K 
17: R8          Summary of Signifcant Accounting Policies           HTML     27K 
18: R9          Fixed Assets                                        HTML     21K 
19: R10         Related Party Transactions                          HTML     15K 
20: R11         Common Stock                                        HTML     19K 
21: R12         Commitments and Contingencies                       HTML     15K 
22: R13         Income Taxes                                        HTML     24K 
23: R14         Subsequent Events                                   HTML     14K 
24: R15         Summary of Signifcant Accounting Policies           HTML     51K 
                (Policies)                                                       
25: R16         Fixed Assets (Tables)                               HTML     20K 
26: R17         Income Taxes (Tables)                               HTML     19K 
27: R18         Fixed Assets (Details)                              HTML     22K 
28: R19         Net Deferred Tax Assets (Details)                   HTML     21K 
29: R9999       Uncategorized Items - report10k.htm                 HTML     44K 
31: XML         IDEA XML File -- Filing Summary                      XML     49K 
 9: XML         XBRL Instance -- report10k_htm                       XML    173K 
30: EXCEL       IDEA Workbook of Financial Reports                  XLSX     30K 
 5: EX-101.CAL  XBRL Calculations -- none-20210430_cal               XML     40K 
 6: EX-101.DEF  XBRL Definitions -- none-20210430_def                XML     44K 
 7: EX-101.LAB  XBRL Labels -- none-20210430_lab                     XML    291K 
 8: EX-101.PRE  XBRL Presentations -- none-20210430_pre              XML    199K 
 4: EX-101.SCH  XBRL Schema -- none-20210430                         XSD     38K 
32: JSON        XBRL Instance as JSON Data -- MetaLinks              125±   163K 
33: ZIP         XBRL Zipped Folder -- 0001796297-21-000012-xbrl      Zip     69K 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form  i 10-K

 i [X] Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended  i April 30, 2021

 i [ ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

Commission File Number:  i 333-240750

 i Bymax Corp.

(Exact name of registrant as specified in its charter)

 i North District Sunshine Home Unit 2, Floor 6, Ste. #201

 i Manzhouli City, Inner Mongolia,  i CN  i 021400

Tel.  ( i 646)  i 9707560

Email:  i bymaxcorp@yandex.com

(Address and telephone number of principal executive offices)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ( )  i 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 Exchange Act. Yes ( )  i 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 such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  i Yes (X) No ( )

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K 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 ( )  i No (X)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”, “emerging growth company” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ( )  i No (X)

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:    i 4,220,000 common shares issued and outstanding as of April 30, 2021.

TABLE OF CONTENTS

2

PART I

Item 1. Description of Business

Forward looking statement notice

Statements made in this Form 10-K that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

Financial information contained in this annual report and in our audited financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

DESCRIPTION OF BUSINESS

IN GENERAL

Our company intends to provide consulting services for marketplaces (for instance, such as Amazon), online shops or internet traders of various goods and produces manufactured in China. We plan to operate as authorized representatives of our clients’ interests throughout the entire territory of China. 

Our business address is North District Sunshine Home Unit 2, Floor 6, Ste. #201, Manzhouli City, Inner Mongolia, China 021400. Our phone number is (646) 970-7560.

We expect we may fail to achieve profitability which may result in ceasing operations due to lack of funding. 

We plan to look for goods and produces in China upon request from owners of marketplaces or online shops or of internet-based distributors of any kind.

We plan to assist with the following range services that may be expanded or narrowed depending the efficiency and funds:

1. Search manufactures or business partners in China;

2. Search for goods, produces or materials in China;

3. Provide services of business interpreters and translators;

4. Assistantship in searching for the legal counsels and auditors in China;

5. Develop logistic and delivery schemes from China;

6. Provide market research and analysis in China;

7. Arrange business tours around manufactures, production plants, factories and industrial companies;

8. Act as representatives of our clients at industrial exhibitions in China;

9. Consult on registration and conducting business policy in China;

Our basic service is planned to function as follows:

1. Receive a request to find a manufacturer of a certain kind of goods. The request states the specification of the goods being searched such as, type, modification, color, price, quantity and the address where the goods have to be shipped. 

2. Our company contacts industrial plants or factories to find the goods specified by our client and shares the information if any of those are able to produce or deliver the requested goods, if the price specified by our client legible or will change and other details of the deal. 

3. The information is transferred to our client who will choose the manufacturer for the deal. 

4. The deal is made between our client and the manufacturer. We provide the manufacturer with the specification of goods to be produced or shipped, shipping address, billing details. We provide our clients with information’s out returning and refunding policy of the manufacturer. 

5. Once the deal is made and the manufacturer’s bill is paid by our clients, we receive royalty from our clients. 

3

REVENUE

We plan to receive revenues by selling our services in flexible packages so the clients may adjust the balance between the price and number of services or choose from the number of services the ones that are required. 

“Basic” package includes the following services:

1) Following the clients request manufacturer or suppliers are searched; 

2) Inquires about the price of goods, payment and shipping conditions are made; 

3) The listed information is submitted to the client.

“Upgrade” package includes the following services: 

1) Following the clients request the information about the price of goods, the quantity, payment and shipping conditions is collected and submitted; 

2) Services of translators are provided in communication between the client and the suppliers they chose;

3) Consulting about business policy in China is provided;

“Pro” package includes the following services:

1) The information about the price of goods, the quantity, payment and shipping conditions is gathered following the request of the client;

2) Services of translators for business communications between the client and their supplier are provided;

3) Consulting about business policy in China is provided;

4) Legal services are provided, for instance, making agreements under Chinese law, legal services at customs in China, assistance in resolving disputes or lawsuits, if any.

5) Services representing our clients at industrial exhibitions are provided.

There may appear additional services if our company succeeds and expands. 

As well as, we plan to receive royalty from the manufactures that wish to be advertised or promoted and whose services we can offer first. We also plan to issue our own catalogue of manufacturers where we can sell advertising places or offer a promotional service. 

We see our website and social network pages as a source of income as well. We can sell advertising spaces there or promote manufacturers by placing their information about their goods and produces. 

MARKETING AND SALES STRATEGY

To promote our business and services we plan to employ various marketing tools used in China market and the ones used in other countries. We intend to choose as our key marketing tools the following: direct sales, online marketing (internet services), exhibitions, workshops, presentations, publications in specialized printed or electronic (web) issues of catalogues, magazines and others. To attract the focus of our potential clients we plan to develop the catalogue of our own with China-based manufacturers listed by categories of their goods, industries.

As one of the steps to promote we intend to place advertising web banners or advertising bars on websites of manufacturers, international commercial web communities, websites of trading associations and groups, as well as on social a network, electronic trading platforms such as Amazon, Aliexpress, Taobao and similar.

We also plan to implement context advertising through electronic search engines and information platforms such as, Google, Yahoo, Bing, AOL and similar to attract users searching for “goods in China”, “manufacturers in China” and “business partners in China” or similar related to our company’s services. To reach the top lines of search queries linked to our business we are likely to implement the service of SEO (Search Engine Optimization).

4

To bolster the promotion with complete and updated information regarding our services and offers, we plan to set up social website pages, or channels communities on prominent web platforms (Facebook, Instagram, Twitter, and Telegram) conjointly with the launch of our website.

COMPETITION

Our services are aimed at individuals and business or legal bodies willing to make contacts with manufacturers in China, searching for the best price and quality offers offered, or to make contracts for either producing or shipping of goods or both. We plan to aim at small or medium sized business entities that intend to purchase goods by wholesale in order to sale in other countries.  

We expect several types of customers we look forward to working with:

- Business entities engaged in purchasing and selling or re-selling goods or raw materials manufactured in China;

- Online retailers or shops looking for suppliers in China;

- Owners of accounts at a marketplace, such as Amazon, but need a supplier of goods;

- Business entities already having business with Chinese partners but needing legal support and translation services.

- Entities willing to initiate business with Chinese partners and needing consulting services.

- Chinese manufacturers willing to expand their market looking for customers in USA and Europe.

EMPLOYEES; IDENTIFICATION OF CERTAIN SIGNIFICANT EMPLOYEES

We are a start-up company and currently have no employees other than our director and secretary. Mr. Li, our director and Mr. Kraft our secretary, handle the Company’s day-to-day operations. We intend to hire employees on an as needed basis.

INSURANCE

We do not maintain any insurance and do not intend to maintain insurance in the future. Because we do not have any insurance, if we are had a party of a legal action, we may not have sufficient funds to defend the litigation. If that occurs a judgment could be rendered against us that could cause us to cease operations.

OFFICES

The Company’s principal offices are located at Our business address is North District Sunshine Home Unit 2, Floor 6, Ste. #201, Manzhouli City, Inner Mongolia, China 021400.

5

GOVERNMENT REGULATION

We do not believe that regulation will have a material impact on the way we conduct our business. We will be subject to applicable laws and regulations that relate directly or indirectly to our operations including United States securities laws. We will be subject to common business and tax rules and regulations pertaining to the operation of our business. Because we plan to provide our consulting services for the clients worldwide, we will be also required to comply with all regulations, rules and directives of governmental authorities in any jurisdiction which we would conduct activities. 

We do not need a special approvals or license to operate in China. However, our activities in the Internet could be restricted by the regulations of the PRC’s authorities.

Under Paragraph 2 of Article 2 of the People’s Republic of China Corporate Income Tax Law (the “Corporate Income Law”), any foreign enterprise which shall constitute a resident enterprise shall meet both of the following requirements: (i) such enterprise was established under the laws of foreign countries or regions; and (ii) the actual management of such enterprise must be located within China. Further, under relevant provisions of the Circular of the State Administration of Taxation Regarding the Issues Relevant to the Identification of Chinese-controlled Enterprises Registered Abroad as Resident Enterprises by Actual Management (Guo Shui Fa [2009] No. 82, “Circular No. 82”) issued by the State Administration of Taxation on April 22, 2009 and based upon our no-name inquiry to the People’s Republic of China State Administration for Taxation, any Chinese-controlled enterprise whose actual management is held to be located within China shall satisfy all of the following requirements: (i) the site, where the management of such enterprise responsible for the daily operation of such enterprise performs its duties, is located within China; (ii) the financial decisions (such as borrowings, extending loans, financing or financial risks management) and HR policies (such as appointment, dismissal or remunerations) shall be made or approved by the institution or personnel of such enterprise staying within China; (iii) 1/2 or more of the directors with voting rights or of the management of such enterprise live within China permanently; and (iv) the main assets, accounting books and stamps of and the minutes and files of the board of directors of and of shareholders’ meeting of such enterprise exist and will be maintained within China.

We believe that we are not considered a “resident enterprise” for PRC enterprise income tax purposes. We have no subsidiaries within China. We have executive offices in China, and all of our management is located within China. We make or approve the financial decisions (such as borrowing, extending loans, financing or financial risks management) and human resource policies (such as employees’ appointment, dismissal and remunerations) within China, and our sole director with voting rights are also located within China. However, our main assets, accounting books, stamps and minutes of our directors’ board and of our shareholders’ meetings exist and will be maintained in the USA but not within China, so we are not consistent with Item (iv) of the above four requirements under Circular No. 82 although our present conditions satisfy Items (i) to (iii) of the above requirements under Circular No. 82. Therefore, even if we are an enterprise established under the laws Nevada, and our management team is located within China, we believe that we shall not be held to be a resident enterprise under the Corporate Income Tax Law.

Nevertheless, we cannot fully exclude the possibility that there is a difference or discrepancy between the interpretation of the Chinese authorities and our understanding as set forth above, nor can we assure that the statements or interpretations of the Chinese government officials will remain unchanged. Furthermore, we cannot exclude the possibility that the Chinese government will promulgate any new laws, regulations or provisions that will be in conflict with our understanding. If so, we may be classified as a ‘‘resident enterprise’’ for PRC enterprise income tax purposes, which could result in unfavorable tax consequences to us and our non-PRC shareholders.

If the PRC tax authorities determine that we are a resident enterprise for PRC enterprise income tax purposes, we may be subject to the enterprise income tax at a rate of 25% on our worldwide taxable income, as well as PRC enterprise income tax reporting obligations.

If we are considered a resident enterprise, this could result in a situation in which a 10% withholding tax is imposed on dividends we pay to our non-PRC enterprise shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our shares and a 20% withholding tax on dividends we pay to our non-PRC individual stockholders and with respect to gains derived by our non-PRC individual stockholders from transferring our shares. If we are required under PRC law to withhold PRC income tax on dividends payable to our non-PRC investors or if you are required to pay PRC income tax on the transfer of our shares, the value of your investment in our shares may be materially and adversely affected.    

Moreover, the PRC has enacted laws and regulations governing internet access and the distribution of products, services, news, information, audio-video programs and other content through the internet. The PRC government has prohibited the distribution of information through the internet that it deems to be in violation of PRC laws and regulations. If any of our internet content were deemed by the PRC government to violate any content restrictions, we would not be able to continue to display such content and could become subject to penalties, including confiscation of income, fines, suspension of business and revocation of required licenses, which could materially and adversely affect our business, financial condition and results of operations.

Furthermore, the Propaganda Department of the Chinese Communist Party has been given the responsibility to censor news published in China to ensure, supervise and control a particular political ideology. In addition, Ministry of Industry and Information Technology has published implementing regulations that subject online information providers to potential liability for content included on their portals and the actions of subscribers and others using their systems, including liability for violation of PRC laws prohibiting the distribution of content deemed to be socially destabilizing. Because many PRC laws, regulations and legal requirements with regard to the Internet are relatively new and untested, their interpretation and enforcement may involve significant uncertainty. In addition, the PRC legal system is a civil law system in which decided legal cases have limited binding force as legal precedents. As a result, in many cases it is difficult to determine the type of content that may result in liability for a Web site operator.

Periodically, the Ministry of Public Security has stopped the distribution over the Internet of information which it believes to be socially destabilizing. The Ministry of Public Security has the authority to cause any local Internet service provider to block any Web site maintained outside China at its sole discretion. If the PRC government were to take action to limit or eliminate the distribution of information through our Internet platform or to limit or regulate future applications available to users of our platform, our business would be affected.

The State Secrecy Bureau, which is directly responsible for the protection of state secrets of all PRC government and Chinese Communist Party organizations, is authorized to block any Web site it deems to be leaking state secrets or failing to meet the relevant regulations relating to the protection of state secrets in the distribution of online information. Under the applicable regulations, we may be held liable for any content transmitted on our portal. Furthermore, where the transmitted content clearly violates the laws of the PRC, we will be required to delete it. Moreover, where the transmitted content is considered suspicious, we are required to report such content. We must also undergo computer security inspections, and if we fail to implement the relevant safeguards against security breaches, we may be shut down. In addition, under recently adopted regulations, Internet companies which provide bulletin board systems, chat rooms or similar services, such as our company, must apply for the approval of the State Secrecy Bureau. As the implementing rules of these new regulations have not been issued, however, we do not know how or when we will be expected to comply, or how our business will be affected by the application of these regulations.

Bymax Corp. is a business consulting company, and we are planning to provide only information content about our business. Moreover, we are planning to hire an advertising company to promote our services on the Internet. Such companies have specific licenses for the business service promotion within and out of China. We are planning to develop our website and request an ICP (Internet Content Provider) license from the Ministry of Industry and Information Technology (MIIT). We have not obtained a license as of today. We are planning to follow the recommendations of MIIT and apply for a Business ICP Filing license when we complete to develop our website. According to the MIIT, we need about 3 weeks to obtain a Business ICP Filing license.

6

Item 1A.  Risk Factors

Not applicable to smaller reporting companies.

Item 1B. Unresolved Staff Comments

Not applicable to smaller reporting companies.

Item 2.  Description of Property

We do not own any real estate or other properties.  

Item 3.  Legal Proceedings

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.

Item 4.  Mine Safety Disclosures

Not applicable.

PART II

Item 5. Market for Common Equity and Related Stockholder Matters      

Market Information

There is a limited public market for our common shares.  Our common shares are not quoted on the OTC Bulletin Board at this time.  Trading in stocks quoted on the OTC Bulletin Board is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects.  We cannot assure you that there will be a market in the future for our common stock.

OTC Bulletin Board securities are not listed or 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 issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

As of April 30, 2021, no shares of our common stock have traded.

7

Number of Holders

As of April 30, 2021, the 4,220,000 issued and outstanding shares of common stock were held by a total of 11 shareholders of record.

Dividends

No cash dividends were paid on our shares of common stock during the fiscal year ended April 30, 2021 and 2020. 

Recent Sales of Securities

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

On January 30, 2020 the Company issued 3,000,000 shares of common stock to a director for cash proceeds of $3,000 at $0.001 per share.

On March 19, 2020 the Company issued 1,000,000 shares of common stock to a secretary for cash proceeds of $1,000 at $0.001 per share.

In February 2021, the Company issued 25,000 shares of common stock for cash proceeds of $750 at $0.03 per share.

In March 2021, the Company issued 195,000 shares of common stock for cash proceeds of $5,850 at $0.03 per share.

There were 4,220,000 shares of common stock issued and outstanding as of April 30, 2021.

Purchase of our Equity Securities by Officers and Directors

On January 30, 2020, the Company offered and sold 3,000,000 restricted shares of common stock to our president and director, Longjiang Li, for a purchase price of $0.001 per share, for aggregate offering proceeds of $3,000, pursuant to Section 4(2) of the Securities Act of 1933 as he is a sophisticated investor and is in possession of all material information relating to us. On March 19, 2020, the Company offered and sold 1,000,000 restricted shares of common stock to our secretary, Andre Kraft, for a purchase price of $0.001 per share, for aggregate offering proceeds of $1,000, pursuant to Section 4(2) of the Securities Act of 1933 as he is a sophisticated investor and is in possession of all material information relating to us. Further, no commissions were paid to anyone in connection with the sale of these shares and general solicitation was not made to anyone.

Other Stockholder Matters

None.

Item 6. Selected Financial Data                                       

Not applicable to smaller reporting companies.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those discussed in the forward-looking statements. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

Results of Operations for the year ended April 30, 2021 and 2020:

Revenue and cost of goods sold

For the year ended April 30, 2021 and 2020 the Company generated total revenue of $10,800 and $0 from selling products to the customer.

8

Operating expenses

Total operating expenses for the year ended April 30, 2021 and 2020 were $8,225 and $856. The operating expenses for the year ended April 30, 2021 included bank charges of $91; legal fees of $1500; audit fees of $5,164; professional fees of $1,470.

Net Profit/ Loss

The net profit/loss for the year ended April 30, 2021 and 2020 was $2,034 and $(856) accordingly.

Liquidity and Capital Resources and Cash Requirements

At year ended April 30, 2021, the Company had cash of $21,278 ($4,039 as of April 30, 2020). Furthermore, the Company had a working capital of $9,578 ($3,144 as of April 30, 2020). The increase in working capital is attributed to sale of services.

During the year ended April 30, 2021, the Company used $7,155 of cash in operating activities due to its net profit and increase in accounts payable of $4,580.

During the year ended April 30, 2021 the Company used $2,200 of cash in investing activities.

During the year ended April 30, 2021, the Company generated $12,284 of cash in financing activities.

We cannot guarantee that we will manage to sell all the shares required. We will attempt to raise the necessary funds to proceed with all phases of our plan of operation.

As of the date of this report, the current funds available to the Company will not be sufficient to continue maintaining a reporting status. The Company’s sole officer and director, Longjiang Li, has concluded a verbal agreement with the Bymax Corp. in order to fund completion of the registration process and to maintain the reporting status with SEC.

Management believes that current trends toward lower capital investment in start-up companies pose the most significant challenge to the Company’s success over the next year and in future years. Additionally, the Company will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting company. The Company’s management will have to spend additional time on policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time management has to implement is business plan and impede the speed of its operations.

Limited operating history; need for additional capital

There is no historical financial information about us upon which to base an evaluation of our performance. We are in a start-up stage of operations and have generated limited revenues since inception. We cannot guarantee that we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in services and products.

Off-Balance Sheet Arrangements

The Company does not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, changes in 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 to smaller reporting companies.

Item 8. Financial Statements and Supplementary Data   

9

BYMAX CORP.

FINANCIAL STATEMENTS

YEARS ENDED APRIL 30, 2021 AND 2020

TABLE OF CONTENTS

10

Report of Independent Registered Public Accounting Firm

Building No. H-1, Street 8,

Abu Baker Market,

Sector G-11/1, Islamabad

Tel: +92-51-2308271 - 72 Email: info@thezmk.com www.thezmk.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Bymax Corp.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Bymax Corp. ("the Company") as of April 30, 2021, and 2020, the related statements of operations, stockholder's equity, and cash flows, for each of the two years in the period ended April 30, 2021 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of April 30, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended April 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

Material Uncertainty Relating to Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company had not yet completed its efforts to establish a stabilized source of revenues sufficient to cover its operating costs over an extended period of time. These factors raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2 to the financial statements. The financial statements do not include anyadjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/Zia Masood Kiani & Co.

Zia Masood Kiani & Co.

(Chartered Accountants)

We have served as the Company's auditor since 2020.

Islamabad, Pakistan

Date: August 15, 2021

11

BYMAX CORP.

BALANCE SHEETS

AS OF APRIL 30, 2021& 2020

(AUDITED)

See accompanying notes, which are an integral part of these financial statements

12

BYMAX CORP.

STATEMENTS OF OPERATIONS

(AUDITED)

See accompanying notes, which are an integral part of these financial statements

13

BYMAX CORP.

STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY

YEARS ENDED APRIL 30, 2021 AND 2020

(AUDITED)

See accompanying notes, which are an integral part of these financial statements

14

BYMAX CORP.

STATEMENTS OF CASH FLOWS

(AUDITED)

See accompanying notes, which are an integral part of these financial statements

15

BYMAX CORP.

NOTES TO THE AUDITED FINANCIAL STATEMENTS

APRIL 30, 2021& 2020

19

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

None

Item 9A(T) Controls and Procedures

Management’s Report on Internal Controls over Financial Disclosure Controls and Procedures

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, 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 because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of April 30, 2021 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of April 30, 2021, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.

As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of April 30, 2021 based on criteria established in Internal Control- Integrated Framework issued by COSO.

System of Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is 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 Commission’s rules and forms. Disclosure controls and procedures include, without limitation,controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of April 30, 2021. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

Changes in Internal Control over Financial Reporting

There was no change in the Company’s internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Item 9B. Other Information.

None.

20

PART III

Item 10. Directors, Executive Officers, and Control Persons of the Company

The name, age and titles of our executive officer and director are as follows:

Set forth below is a brief description of the background and business experience of our executive officer and director for the past five years.

Longjiang Li has acted as our President, Treasurer and Director since we incorporated on November 13, 2019. Mr. Li graduated from Shanghai University in 2012 as a Master in International Business. Since 2012 till 2016, he worked as a manager of international business retail department at Shingao International, Ltd (Shanghai, China). Since 2016 till 2019, he worked as the freelance business consultant in retail. He provided the following services: marketing research of retail stores in China; Chinese marketplaces goods analysis; business consulting services for international entrepreneurs willing to buy goods in China. We believe that Mr. Li’s specific experience, qualifications and skills will enable to develop our business.

Andre Kraft has acted as our Secretary since we incorporated on November 13, 2019. Mr. Kraft graduated from University of Heidelberg in 1999 as a Master of Management. Since 1999 till 2010, he worked as an online retail consultant in Kaufhaus Hlde, GmbH. Since 2010 till 2016 he worked as a senior business consultant at Shingao International, Ltd. Since 2016 till 2019, he worked as the private business consultant in online retail. He worked as a consultant for the ecommerce entrepreneurs from around the world. He prepared marketing analysis of wholesale suppliers in China; prepared product research for the ecommerce projects; prepared listing for the marketplaces; SEO consulting services and online advertising. We believe that Mr. Kraft’s specific experience, qualifications and skills will enable to develop our business.

Item 11. Executive Compensation

The following table sets forth information regarding each element of compensation that we paid or awarded to our named executive officers for fiscal 2021:

Our officers have not received monetary compensation since our inception to the date of this financial statement. We currently do not pay any compensation to any officer or any member of our board of directors.

21

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of April 30, 2021 by: (i) each person (including any group) known to us to own more than five percent (5%) of any class of our voting securities, (ii) our director, and or (iii) our officer. Unless otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown.

(1) A beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As of April 30, 2021, there were 4,220,000 shares of our common stock issued and outstanding.

Item 13. Certain Relationships and Related Transactions

As of April 30, 2021, we issued a total of 4,000,000 shares of restricted common stock to our president, Longjiang Li (3,000,000 shares) and our secretary, Andre Kraft (1,000,000 shares). Our president and director, Mr. Li, has advanced funds to us. As of April 30, 2021, Mr. Li has advanced to us $6,579. Mr. Li will not be repaid from the proceeds of this offering. There is no due date for the repayment of the funds advanced by Mr. Li. Mr. Li will be repaid from revenues of operations if andwhen we generate revenues to pay the obligation. There is no assurance that we will ever generate revenues from our operations. The obligation to Mr. Li does not bear interest. There is no written agreement evidencing the advancement of funds by Mr. Li or the repayment of the funds to Mr. Li. The entire transaction was oral. We have a verbal agreement with Mr. Li that, if necessary, he will loan the company funds to support the Company operations.

Item 14. Principal Accountant Fees and Services 

During fiscal year ended April 30, 2021 & April 30, 2020, we incurred approximately $4,078 & $1,085 respectively in fee to our principal independent accountants for professional services rendered in connection with the audit of our April 30, 2021 & 2020 financial statements and for the reviews of our financial statements for the quarters ended July 31, 2020, October 31, 2020, and January 31, 2021.

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 before the respective services were rendered.

22

PART IV

Item 15. Exhibits

The following exhibits are included as part of this report by reference:

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this financial statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Manzhouli, China, on August 16, 2021.

23

---

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		8/16/21
		8/15/21
For Period end:		4/30/21		NT 10-K
		1/31/21		10-Q
		12/15/20
		10/31/20
		7/31/20
		5/1/20
		4/30/20
		3/19/20
		1/30/20
		12/15/19
		11/13/19
		4/30/19
		2/1/18
		4/22/09
				List all Filings

↑Top

---

Filing Submission 0001796297-21-000012   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

---

---

Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Sun., Apr. 28, 8:12:58.1pm ET