Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2019 | Feb. 06, 2020 | |
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 | Nov. 30, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 50,500,011 | |
EntityFileNumber | 333-200629 | |
EntityAddressAddressLine1 | 7950 NW 53rd Street | |
EntityAddressAddressLine2 | Suite 337 | |
EntityAddressPostalZipCode | 33166 | |
EntityTaxIdentificationNumber | 352513795 | |
EntityAddressCityOrTown | Miami | |
LocalPhoneNumber | 239-9993 | |
CityAreaCode | 305 | |
EntityAddressStateOrProvince | FLORIDA |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Nov. 30, 2019 | Aug. 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 5,893 | $ 15,691 |
Total current assets | 5,893 | 15,691 |
Deposits | 4,787 | 4,787 |
Total other assets | 4,787 | 4,787 |
TOTAL ASSETS | 10,680 | 20,478 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 26,592 | 46,652 |
Related party loan | 221,657 | 214,550 |
Related party loan - acquisition | 500,000 | 500,000 |
TOTAL LIABILITIES | 748,249 | 761,202 |
STOCKHOLDERS' DEFICIT | ||
Common stock: authorized 500,000,000; $0.001 par value; 50,500,011 and 50,500,011 shares issued and outstanding at November 30, 2019 and August 31, 2019 | 50,500 | 50,500 |
Additional Paid in Capital | (322,135) | (403,425) |
Accumulated deficit | (465,073) | (387,392) |
Accumulated other comprehensive income | (861) | (407) |
Total Stockholders' deficit | (737,569) | (740,724) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 10,680 | $ 20,478 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Nov. 30, 2019 | Aug. 31, 2019 |
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 | 50,500,011 | 50,500,011 |
Common stock, shares outstanding | 50,500,011 | 50,500,011 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Operating expenses: | ||
General and administrative expenses | $ 77,681 | $ 4,127 |
Total operating expenses | 77,681 | 4,127 |
Loss before provision for income taxes | (77,681) | (4,127) |
Provision for income taxes | ||
Net loss | (77,681) | (4,127) |
Other comprehensive loss: | ||
Foreign currency translations | (454) | |
Total Comprehensive loss | $ (78,135) | |
Net loss per common share | ||
Basic and diluted | $ 0 | $ 0 |
Weighted average common shares outstanding | ||
Basic and diluted | 50,500,011 | 50,500,011 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
Balance, shares at Aug. 31, 2018 | 50,500,011 | ||||
Balance, amount at Aug. 31, 2018 | $ (84,299) | $ 50,500 | $ 96,575 | $ (231,374) | |
Net Income (Loss) | $ (4,127) | $ (4,127) | |||
Balance, shares at Nov. 30, 2018 | 50,500,011 | ||||
Balance, amount at Nov. 30, 2018 | $ (88,426) | $ 50,500 | $ 96,575 | $ (235,501) | |
Balance, shares at Aug. 31, 2019 | 50,500,011 | ||||
Balance, amount at Aug. 31, 2019 | $ (740,724) | $ 50,500 | $ (403,425) | $ (407) | $ (387,392) |
Net Income (Loss) | (77,681) | (77,681) | |||
Forgiveness of related party debt | 81,290 | 81,290 | |||
Foreign currency translation adjustment | $ (454) | $ (454) | |||
Balance, shares at Nov. 30, 2019 | 50,500,011 | ||||
Balance, amount at Nov. 30, 2019 | $ (737,569) | $ 50,500 | $ (322,135) | $ (861) | $ (465,073) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (77,681) | $ (4,127) |
Changes in net assets and liabilities - | ||
Accounts payable and accrued expenses | (20,060) | 302 |
Other payables - related parties | 3,825 | |
NET CASH USED IN OPERATING ACTIVITIES | (97,741) | |
FINANCING ACTIVITIES: | ||
Proceeds from related party notes payable | 88,397 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 88,397 | |
EFFECT OF FOREIGN CURRENCY TRANSLATION | (454) | |
NET DECREASE IN CASH | (9,798) | |
CASH - BEGINNING OF PERIOD | 15,691 | 468 |
CASH - END OF PERIOD | 5,893 | 468 |
SUPPLEMENTAL CASHFLOW INFORMATION: | ||
Cash paid for: Income tax | ||
Cash paid for: Interest | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Forgiveness of related party debt | $ 81,290 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Nov. 30, 2019 | |
ORGANIZATION AND NATURE OF BUSINESS | |
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | Boatim Inc formerly known as 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. On November 07, 2019, the Company’s Board of Directors approved a 3 for 1 Reverse stock Split. The current financial statements as well as prior year’s financial statements have been retroactively adjusted to reflect the reverse stock split. 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 expanding into the boating industry by acquiring and further developing the BOATIM trading platform. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Nov. 30, 2019 | |
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, 2019 included in the Company’s 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, 2019 are not necessarily indicative of the results that may be expected for the year ending August 31, 2020. 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. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize right-of-use assets and lease liability, initially measured at present value of the lease payments, on its balance sheet for leases with terms longer than 12 months and classified as either financing or operating leases. ASU 2016-02 requires a modified retrospective transition approach for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, and provides certain practical expedients that companies may elect including those contained in ASU 2018-01, “Leases (Topic 842): Lease Easement Practical Expedient for Transition to Topic 842”. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years with early adoption permitted. The Company adopted this ASU and there was no impact to the consolidated financial statements. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Nov. 30, 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 three months ended November 30, 2019 and incurred recurring losses. In addition, the Company had a negative working capital for the three months ended November 30, 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 Company’s 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 management’s 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, 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 and has billed approximately $17,000 during the three months November 31, 2019. On September 12, 2019, Veng Kun Lun, an officer and director of the Company, forgave all amounts due to him from the Company, totaling $81,290, this was recorded as additional paid in capital. As of November 30, 2019, the Company owed a total of $221,657 to related party. Related party loans consist of $221,657 due to Cayo Ventures GmbH for payment related to software development, accounting, transfer agent and legal fees. Cayo Ventures GmbH is owned by the former majority shareholder and former officer, Mr. Yves Toelderer. These loans are unsecured, non-interest bearing and due on demand. During the year ended August 31, 2019, the Company’s former majority shareholder and former officer, 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, on January 23, 2020, but the Company is currently in negotiations to extend the note by six months and is not considered to be in default. The note is unsecured and bears no interest. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Nov. 30, 2019 | |
COMMON STOCK | |
NOTE 5 - COMMON STOCK | On January 23, 2019 the Company´s board and shareholders had passed a motion that a 1:3 reverse split of the Company´s common stock should be performed. The stock split was affected on November 07, 2019. All share amounts have been retroactively adjusted to reflect the reverse stock split. As of November 30, 2019, a total of 50,500,011 shares of common stock were issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Nov. 30, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 6 - SUBSEQUENT EVENTS | On December 12, 2019, Yves Toelderer transferred 32,766,667 (post reverse stock split) shares of common stock representing the entire control block, of 64.88% ownership, to JTT Global Ventures Ltd, a British Virgin Island based holding company, against JTT Global Ventures Ltd. assuming all obligations against New Million Global Holdings Ltd. under the promissory note. From December 01, 2019 until January 31, 2020 the Company borrowed from Cayo Ventures the total amount of $83,489. The advances are unsecured, due on demand and non-interest bearing. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Nov. 30, 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, 2019 included in the Company’s 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, 2019 are not necessarily indicative of the results that may be expected for the year ending August 31, 2020. |
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. |
Recently Adopted Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize right-of-use assets and lease liability, initially measured at present value of the lease payments, on its balance sheet for leases with terms longer than 12 months and classified as either financing or operating leases. ASU 2016-02 requires a modified retrospective transition approach for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, and provides certain practical expedients that companies may elect including those contained in ASU 2018-01, “Leases (Topic 842): Lease Easement Practical Expedient for Transition to Topic 842”. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years with early adoption permitted. The Company adopted this ASU and there was no impact to the consolidated financial statements. |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) | Nov. 07, 2019 | Jan. 23, 2019 | Nov. 30, 2019 |
ORGANIZATION AND NATURE OF BUSINESS | |||
State of incorporation | Nevada | ||
Date of incorporation | Aug. 15, 2014 | ||
Stockholders' equity reverse stock split | 3:1 | 3:1 reverse split |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Sep. 12, 2019 | Nov. 30, 2019 | Nov. 30, 2018 | Aug. 31, 2019 | |
Due to related parties | $ 221,657 | $ 214,550 | ||
Forgiveness of related party debt | 81,290 | |||
Mr. Veng Kun Lun [Member] | ||||
Forgiveness of related party debt | $ 81,290 | |||
Mr. Yves Toelderer [Member] | ||||
Due to related party for acquisition of intangible asset | $ 500,000 | |||
Intangible assets acqusition description | The note is due 12 month from the date of the agreement, on January 23, 2020, but the Company is currently in negotiations to extend the note by six months and is not considered to be in default. The note is unsecured and bears no interest. | |||
Mr. Patrick Heneise [Member] | ||||
Software development costs | $ 17,000 | |||
Cayo Ventures [Member] | ||||
Due to related parties | $ 221,657 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - shares | Nov. 07, 2019 | Jan. 23, 2019 | Nov. 30, 2019 | Aug. 31, 2019 |
CAPITAL STOCK (Details Narrative) | ||||
Stockholders' equity reverse stock split | 3:1 | 3:1 reverse split | ||
Common stock, shares outstanding | 50,500,011 | 50,500,011 | ||
Common stock, shares issued | 50,500,011 | 50,500,011 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($) | Dec. 12, 2019 | Jan. 31, 2020 |
Cayo Ventures [Member] | ||
Proceeds from related party borrowing | $ 83,489 | |
Mr. Yves Toelderer [Member] | New Million Global Holdings Ltd. [Member] | ||
Ownership percentage | 64.88% | |
Common stock, shares transferred, debt settlement | 32,766,667 |