Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
May 31, 2019 | Oct. 02, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | BOATIM 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 | May 31, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 151,500,000 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | May 31, 2019 | Aug. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 28,711 | $ 468 |
Total Current Assets | 28,711 | 468 |
Capitalized Software Costs | 13,776 | |
Total other assets | 13,776 | |
Total Assets | 42,487 | 468 |
Current Liabilities | ||
Accounts Payable and Accrued Liabilities | 7,904 | 7,302 |
Related party loan | 142,450 | 77,465 |
Related party loan - acquisition | 500,000 | |
Total Liabilities | 650,354 | 84,767 |
Commitments and Contingencies | ||
Stockholders' Deficit | ||
Common stock, par value $0.001 per share; 500,000,000 shares authorized; 151,500,000 shares issued and outstanding, as of May 31, 2019 and August 31, 2018, respectively | 151,500 | 151,500 |
Additional paid-in capital | (504,425) | (4,425) |
Accumulated deficit | (254,942) | (231,374) |
Total Stockholders' Deficit | (607,867) | (84,299) |
Total Liabilities and Stockholders' Deficit | $ 42,487 | $ 468 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | May 31, 2019 | 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 | 9 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Operating expenses | ||||
General and administrative | $ 11,190 | $ 21,374 | $ 23,568 | $ 65,530 |
Total operating expenses | 11,190 | 21,374 | 23,568 | 65,530 |
Loss from operations | (11,190) | (21,374) | (23,568) | (65,530) |
Net loss | $ (11,190) | $ (21,374) | $ (23,568) | $ (65,530) |
Net loss per share basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding basic and diluted | 151,500,000 | 151,500,000 | 151,500,000 | 151,500,000 |
STATEMENTS OF STOCKHOLDERS DEFI
STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($) | Total | Common Stock [Member] | Accumulated Deficit [Member] | Capital Deficiency [Member] |
Balance, shares at Aug. 31, 2017 | 151,500,000 | |||
Balance, amount at Aug. 31, 2017 | $ (6,450) | $ 151,500 | $ (153,525) | $ (4,425) |
Net Income (Loss) | $ (23,701) | $ (23,701) | ||
Balance, shares at Nov. 30, 2017 | 151,500,000 | |||
Balance, amount at Nov. 30, 2017 | $ (30,151) | $ 151,500 | $ (177,226) | $ (4,425) |
Net Income (Loss) | $ (20,455) | $ (20,455) | ||
Balance, shares at Feb. 28, 2018 | 151,500,000 | |||
Balance, amount at Feb. 28, 2018 | $ (50,606) | $ 151,500 | $ (197,681) | $ (4,425) |
Net Income (Loss) | $ (21,374) | $ (21,374) | ||
Balance, shares at May. 31, 2018 | 151,500,000 | |||
Balance, amount at May. 31, 2018 | $ (71,980) | $ 151,500 | $ (219,055) | $ (4,425) |
Net Income (Loss) | ||||
Balance, shares at Aug. 31, 2018 | 151,500,000 | |||
Balance, amount at Aug. 31, 2018 | $ (84,299) | $ 151,500 | $ (231,374) | $ (4,425) |
Net Income (Loss) | $ (4,127) | $ (4,127) | ||
Balance, shares at Nov. 30, 2018 | 151,500,000 | |||
Balance, amount at Nov. 30, 2018 | $ (88,426) | $ 151,500 | $ (235,501) | $ (4,425) |
Net Income (Loss) | (8,251) | $ (8,251) | ||
Acquisition of asset under common control | $ (500,000) | $ (500,000) | ||
Balance, shares at Feb. 28, 2019 | 151,500,000 | |||
Balance, amount at Feb. 28, 2019 | $ (596,677) | $ 151,500 | $ (243,752) | $ (504,425) |
Net Income (Loss) | $ (11,190) | $ (11,190) | ||
Balance, shares at May. 31, 2019 | 151,500,000 | |||
Balance, amount at May. 31, 2019 | $ (607,867) | $ 151,500 | $ (254,942) | $ (504,425) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
May 31, 2019 | May 31, 2018 | |
OPERATING ACTIVITIES | ||
Net loss | $ (23,568) | $ (65,530) |
Changes in net assets and liabilities - | ||
Accounts payable and accrued expenses | 602 | |
Other payables - related parties | 36,742 | 65,530 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 13,776 | |
INVESTING ACTIVITIES: | ||
Capitalized Software development costs | (13,776) | |
NET CASH (USED IN) INVESTING ACTIVITIES | (13,776) | |
FINANCING ACTIVITIES: | ||
Proceeds from related party notes payable | 28,243 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 28,243 | |
NET INCREASE IN CASH | 28,243 | |
CASH - BEGINNING OF PERIOD | 468 | 468 |
CASH - END OF PERIOD | 28,711 | 468 |
SUPPLEMENTAL CASHFLOW INFORMATION: | ||
Cash paid for: Income tax | ||
Cash paid for: Interest | ||
Non-cash investing and financing activities: | ||
Due to related party for acquisition of intangible asset | $ 500,000 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
May 31, 2019 | |
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. On January 24, 2019 the Company´s board and shareholders passed a motion to change the Company name to BOATIM INC. Its fiscal year end is August 31. On January 24, 2019, the shareholders of the Company have resolved that the business address be changed with immediate effective to 7950 NW 53rd Street, Suite 337, Miami, FL 33166. 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 have already expanded 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, 2018 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 | 9 Months Ended |
May 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentationv 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 nine months ended May 31, 2019 are not necessarily indicative of the results that may be expected for the year ending August 31, 2019. Computer Software Development Costs Computer software development costs related to software developed for internal use falls under the accounting guidance of ASC Topic 350-40, Intangibles Goodwill and OtherInternal Use Software, in which computer software costs are expensed as incurred during the preliminary project stage and capitalization begins in the application development stage once the capitalization criteria are met. Costs associated with post implementation activities are expensed as incurred. Costs capitalized during the application development stage include external direct costs of materials and services consumed in developing or obtaining internal-use software. During the nine months ended May 31, 2019, a total of $13,776 in software development costs has been capitalized since the acquisition. Capitalized development costs total $13,776 and $0 as of May 31, 2019 and August 31, 2018, respectively. 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. Recent Accounting Pronouncement In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASBs new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. The Company is still evaluating the impact that the new accounting guidance will have on its financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
May 31, 2019 | |
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 nine months ended May 31, 2019 and incurred recurring losses. In addition, the Company had a negative working capital for the nine months ended May 31, 2019, 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 | 9 Months Ended |
May 31, 2019 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | Mr. Robert Glass, a lawyer, is providing services free of charge from time to time, such services involving advice on accounting matters and processing of information for reporting services. The Chief Technology Officer of the Company, Mr. Patrick Heneise is also the owner of Heneise Consulting. Heneise Consulting has provided software development and maintenance services for the Companys Boatim Software platform. During the nine months ended May 31, 2019, Heneise Consulting has billed a total of $10,000 in software development costs, which has been capitalized as software development costs. In a special shareholder meeting on April 29, 2019 the shareholders voted to appoint Mr. Wolfgang Tippner as new CEO of BOATIM Inc. and Mr. Toelderer withdrew from the board. The director of the Company provides office space and services free of charge. As of May 31, 2019 the Company owed a total of $142,450 to related parties. Related party loans consists of $81,290 owed to Mr. Veng Kun LUN ($77,465 as of August 31, 2018) and $61,160 due to Cayo Ventures GmbH for payment related to software development., accounting, transfer agent and legal fees. These loans are non-interest bearing and due on demand. During the nine months ended May 31, 2019, the Companys founder and majority shareholder, Mr. Yves Toelderer, issued a note in the amount of $500,000 to Boatim, Inc for the purchase of the Boatim software platform. The note is due 12 month from the date of the agreement and bears no interest. |
ACQUISITION OF SOFTWARE FROM RE
ACQUISITION OF SOFTWARE FROM RELATED PARTY | 9 Months Ended |
May 31, 2019 | |
ACQUISITION OF SOFTWARE FROM RELATED PARTY | |
NOTE 5 - ACQUISITION OF SOFTWARE FROM RELATED PARTY | On January 23, 2019, the Company acquired the unfinished software code of the Boatim online trading platform from Cayo Ventures GmbH for $500,000. The software code as such had never been operated in a live environment nor was it complete at the time of acquisition. The net carrying value of the software on the date of acquisition is $0 on Cayo Venture GmbHs books. We have determined that the software code acquired is incomplete in its current (restricted) features and capabilities and as such is subject to further development. In order for the code to be useful for producing any output integration of the acquired code into a multitude of supporting (API-connected) further software components (modules) is necessary, the development and connecting of which to the acquired code is subject to our ongoing further software developments. During the period ended May 31, 2019, a total of $13,776 in software development costs has been capitalized since the acquisition. According to above referenced guidance, if the functionality of a module is entirely dependent on the completion of other modules, amortization of that module shall begin when both that module and the other modules upon which it is functionally dependent are ready for their intended use. In compliance therewith we have not made provisions for amortization of the capitalized software development costs yet. We anticipate that the completion of these modules would occur during the fourth quarter ended 2019 and the useful life will be 3 years. The total purchase price of $500,000 was recorded as related party loan to the Company from Cayo Ventures GmbH on a carryover basis through common control. The note is non-interest bearing and is due 12 months from the date the agreement. The asset purchase value price of $500,000, for the Boatim, Inc software platform was recorded in additional paid in capital. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
May 31, 2019 | |
CAPITAL STOCK | |
NOTE 6 - 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. There were no stock splits implemented in the reporting period. 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. As of the date of this report, the reverse stock split has not been effectuated at the time of this document due to formal reasons, specifically managements desire to have all of their outstanding SEC filings completed.. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
May 31, 2019 | |
SUBSEQUENT EVENTS | |
Note 7 - 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. On September 06, 2019, the shares representing 64.88% ownership of the Company were effectively transfered to Yves Toelderer. This consitutes a change in control. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
May 31, 2019 | |
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 nine months ended May 31, 2019 are not necessarily indicative of the results that may be expected for the year ending August 31, 2019. |
Computer Software Development Costs | Computer software development costs related to software developed for internal use falls under the accounting guidance of ASC Topic 350-40, Intangibles Goodwill and OtherInternal Use Software, in which computer software costs are expensed as incurred during the preliminary project stage and capitalization begins in the application development stage once the capitalization criteria are met. Costs associated with post implementation activities are expensed as incurred. Costs capitalized during the application development stage include external direct costs of materials and services consumed in developing or obtaining internal-use software. During the nine months ended May 31, 2019, a total of $13,776 in software development costs has been capitalized since the acquisition. Capitalized development costs total $13,776 and $0 as of May 31, 2019 and August 31, 2018, respectively. |
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. |
Recent Accounting Pronouncement | In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASBs new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. The Company is still evaluating the impact that the new accounting guidance will have on its financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | 9 Months Ended |
May 31, 2019 | |
ORGANIZATION AND NATURE OF BUSINESS | |
State of incorporations | Nevada |
Date of incorporation | Aug. 15, 2014 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | May 31, 2019 | Aug. 31, 2018 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Capitalized Software Costs | $ 13,776 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | May 31, 2019 | Aug. 31, 2018 |
Due to related parties | $ 142,450 | $ 77,465 |
Related party loan - acquisition | 500,000 | |
Cayo Ventures [Member] | ||
Due to related parties | 61,160 | |
Mr. Veng Kun LUN [Member] | ||
Due to related parties | 81,290 | $ 77,465 |
Mr. Yves Toelderer [Member] | ||
Related party loan - acquisition | 500,000 | |
Mr. Patrick Heneise [Member] | ||
Software development costs | $ 10,000 |
ACQUISITION OF SOFTWARE FROM _2
ACQUISITION OF SOFTWARE FROM RELATED PARTY (Details Narrative) - USD ($) | 9 Months Ended | |||
May 31, 2019 | May 31, 2018 | Jan. 23, 2019 | Aug. 31, 2018 | |
Carrying value of software | $ 0 | |||
Estimated useful life | 3 years | |||
Capitalized Software Costs | $ 13,776 | |||
Due to related party for acquisition of intangible asset | 500,000 | |||
Cayo Ventures GmbH [Member] | ||||
Due to related party for acquisition of intangible asset | 500,000 | |||
Issuance of note for acquisation of asset | $ 500,000 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - shares | 1 Months Ended | |||
Jan. 23, 2019 | Sep. 30, 2017 | May 31, 2019 | Aug. 31, 2018 | |
CAPITAL STOCK | ||||
Stockholders' equity reverse stock split | 3:1 reverse split | 1:30 forward split | ||
Common stock shares issued | 151,500,000 | 151,500,000 | 151,500,000 | |
Common stock shares outstanding | 151,500,000 | 151,500,000 | 151,500,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Mr. Yves Toelderer [Member] - USD ($) | Dec. 06, 2018 | Sep. 06, 2019 |
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% |