Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2018 | Aug. 02, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Emerald Data Inc | |
Entity Central Index Key | 0001622231 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Nov. 30, 2018 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 151,500,000 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Nov. 30, 2018 | Aug. 31, 2018 |
Current Assets | ||
Cash | $ 468 | $ 468 |
Total Current Assets | 468 | 468 |
Total Assets | 468 | 468 |
Current Liabilities | ||
Accrued expenses and other payables | 7,604 | 7,302 |
Due to related parties | 81,290 | 77,465 |
Total Current Liabilities | 88,894 | 84,767 |
Total Liabilities | 88,894 | 84,767 |
Stockholders' Deficit | ||
Common stock: authorized 500,000,000; $0.001 par value; 151,500,000 shares issued and outstanding at November 30, 2018 and August 31, 2018 | 151,500 | 151,500 |
Additional paid-in capital | (4,425) | (4,425) |
Accumulated deficit | (235,501) | (231,374) |
Total Stockholders' Deficit | (88,426) | (84,299) |
Total Liabilities and Stockholders' Deficit | $ 468 | $ 468 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Nov. 30, 2018 | Aug. 31, 2018 |
Stockholders' Deficit | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 151,500,000 | 151,500,000 |
Common stock, shares outstanding | 151,500,000 | 151,500,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Operating expenses | ||
General and administrative expenses | $ (4,127) | $ (23,701) |
Total operating expenses | (4,127) | (23,701) |
Loss before provision for income taxes | (4,127) | (23,701) |
Provision for income taxes | ||
Net loss | $ (4,127) | $ (23,701) |
Net loss per share | ||
Basic and diluted | $ 0 | $ 0 |
Weighted average shares outstanding | ||
Basic and diluted | 151,500,000 | 151,500,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (4,127) | $ (23,701) |
Changes in operating assets and liabilities: | ||
Accrued expenses and other payables | 302 | 11,901 |
Other payables - related parties | 3,825 | |
CASH FLOWS USED IN OPERATING ACTIVITIES | (11,800) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party loans | 11,800 | |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 11,800 | |
NET INCREASE IN CASH | ||
Cash, beginning of period | 468 | 468 |
Cash, end of period | 468 | 468 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
Interest paid | ||
Income taxes paid |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Nov. 30, 2018 | |
ORGANIZATION AND NATURE OF BUSINESS | |
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | Emerald Data Inc. (the Company) is a for profit corporation established under the corporate laws of the State of Nevada on August 15, 2014. Its fiscal year end is August 31. Originally in the business of producing and distributing furniture, the business was changed to online food blogging as a promotion channel for restaurants, bars and fine dining. Additionally, we are currently expanding into the boating industry by acquiring and further developing the BOATIM trading platform. The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Financial Statements and related disclosures as of August 31, 2017 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Unless the context otherwise requires, all references to Emerald, we, us, our or the Company are to Emerald Data Inc. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Nov. 30, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended August 31, 2018 included in the Companys Form 10-K filed with the Securities and Exchange Commission. The unaudited interim financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the Three months ended November 30, 2018 are not necessarily indicative of the results that may be expected for the year ending August 31, 2019. Use of Estimates The preparation of the 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 amount of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared. Actual results could differ from those estimates. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Nov. 30, 2018 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company had no revenues for the Three months ended November 30, 2018 and incurred recurring losses. In addition, the Company had a negative working capital for the Three months ended November 30, 2018, and has not completed its efforts to establish a stable source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Companys ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on borrowings from related party to fund operating expenses. In light of managements efforts, there are no assurances that the Company will be successful in any of its endeavors or become financially viable and continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Nov. 30, 2018 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | The director of the Company provides office space and services free of charge. During the Three months ended November 30, 2018 our then CEO, Mr. Veng Kun Lun loaned $3,825 to the Company ($77,465 during the period ended August 31, 2018, respectively). As of November 30, 2018 the Company owed $81,290 to our CEO at the time, Mr. Veng Kun LUN under a related party loan ($77,465 as of August 31, 2018). The loan is non-interest bearing and due on demand. Mr. Robert Glass, a lawyer and Mrs. Gabbie Cheung, an accountant, are providing services free of charge from time to time, such services involving advice on accounting matters and processing of information for reporting services. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Nov. 30, 2018 | |
CAPITAL STOCK | |
NOTE 5 - CAPITAL STOCK | Following a 1:30 forward split implemented in September 2017, the Company has a total of 151,500,000 shares issued and outstanding. Furthermore, on January 19, 2019 the board approved a 3:1 reverse split, which is still being processed at the time and have not been implemented as of the date of this document due to formal reasons, specifically delays in providing the transfer agent with all necessary documents in the legally required certified and translated format and language. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Nov. 30, 2018 | |
SUBSEQUENT EVENTS | |
Note 6 - SUBSEQUENT EVENTS | On December 6, 2018, New Million Global Holdings Limited sold 98,300,000 of its shares of common stocks to Mr. Yves Toelderer, who pays $250,000.00 in total, $50,000.00 in cash and $200,000.00 by means of a promissory note. The shares represent 64.88% ownership of the Company and are effectively in the process of being transferred to Mr. Toelderer on the date of this document. On January 23, 2019 the Company´s board and shareholders passed a motion that a 1:3 reverse split of the Company´s common stock should be performed and that the Company name be changed to BOATIM INC.. Also on January 23, 2019 the shareholders of the Company voted Mr. Yves Toelderer to join the board of directors as Chairman and President of the Board and new CEO; Mr. Patrick Heneise as Director and CTO; Mr. Michael Veng Kun Lun to remain as Director and CBO, and Mr. Teck Sion Lim as Director and CFO. While the name change and the appointment of the additional directors have already been approved by the board on January 23, 2019 and implemented, the change of the control block as well as the reverse split are still being processed at the time of this document due to formal reasons, specifically delays in providing the transfer agent with all necessary documents in the legally required certified and translated format and language. On that same day, January 23, 2019, the Company entered into a Software Purchase Agreement with Cayo Ventures GmbH regarding certain modules of the BOATIM online trading and community platform. Cayo Ventures is controlled by Mr. Toelderer. The Company acquired the software for a Pruchase price of USD 500,000, which is payable by January 23, 2020. In a special shareholder meeting on April 29, 2019 the shareholders voted to appoint Mr. Tippner as new CEO of BOATIM Inc. and Mr. Toelderer withdrew from the board. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Nov. 30, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
Basis of Presentation | The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended August 31, 2018 included in the Companys Form 10-K filed with the Securities and Exchange Commission. The unaudited interim financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the Three months ended November 30, 2018 are not necessarily indicative of the results that may be expected for the year ending August 31, 2019. |
Use of Estimates | The preparation of the 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 amount of revenues and expenses during the reporting period. The management makes its best estimate of the outcome for these items based on information available when the financial statements are prepared. Actual results could differ from those estimates. |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | 3 Months Ended |
Nov. 30, 2018 | |
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | |
State of incorporation | Nevada |
Date of incorporation | Aug. 15, 2014 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Nov. 30, 2018 | Aug. 31, 2018 |
Due to related parties | $ 81,290 | $ 77,465 |
CEO [Member] | ||
Other payables related parties | 3,825 | 77,465 |
Due to related parties | $ 81,290 | $ 77,465 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - shares | 1 Months Ended | |
Jan. 19, 2019 | Sep. 30, 2017 | |
CAPITAL STOCK (Details Narrative) | ||
Stockholders' equity reverse stock split | 3:1 reverse split | 1:30 forward split |
Increased number of issued and outstanding shares | 151,500,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Dec. 06, 2018 | Jan. 23, 2019 | Jan. 19, 2019 | Sep. 30, 2017 |
Stockholders' equity reverse stock split | 3:1 reverse split | 1:30 forward split | ||
Subsequent Event [Member] | ||||
Stockholders' equity reverse stock split | 1:3 reverse split | |||
Subsequent Event [Member] | Mr. Yves Toelderer [Member] | ||||
Sale of common stock shares | 98,300,000 | |||
Payment to acquire common stock shares | $ 250,000 | |||
Cash proceeds | 50,000 | |||
Promissory note | $ 200,000 | |||
Ownership percentage | 64.88% | |||
Expiry date | Jan. 23, 2020 | |||
Software acquired | $ 500,000 |