10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

x Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended November 30, 2019

¨ 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 333-200629

BOATIM INC.

(Exact name of small business issuer as specified in its charter)

Nevada	7370	35-2513795
State or other jurisdiction of incorporation or organization	Primary Standard Industrial Classification Number	IRS Employer Identification Number

7950 NW 53rd Street, Suite 337, Miami, FL 33166.

Tel: +1 (305) 239-9993

(Address and telephone number of principal executive offices)

_______________________________________________ 

(Former name, former address and former fiscal year, if changed since last report)

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. Yes x     No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x     No ¨

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” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Non-accelerated filer	x
Large accelerated filer	¨	Smaller reporting company	x
		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 50,500,011 common shares issued and outstanding as of February 6, 2020.

BOATIM INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

		Page
PART I FINANCIAL INFORMATION:
Item 1.	Financial Statements (Unaudited)	3
	Balance Sheets as of November 30, 2019 (Unaudited) and August 31, 2019	4
	Statements of Operations for the Three Months Ended November 30, 2019 and 2018 (unaudited)	5
	Statements of Changes in Stockholder Deficit for the Three Months Ended November 30, 2019 and 2018 (unaudited)	6
	Statements of Cash Flows for the Three Months Ended November 30, 2019 and 2018 (unaudited)	7
	Notes to the Unaudited Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	11
Item 4.	Controls and Procedures	11
PART II OTHER INFORMATION:
Item 1.	Legal Proceedings	12
Item 1A.	Risk Factors	12
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	12
Item 3.	Defaults Upon Senior Securities	12
Item 4.	Submission of Matters to a Vote of Securities Holders	12
Item 5.	Other Information	12
Item 6.	Exhibits	13
	Signatures	14

2

PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements

The accompanying interim financial statements of BOATIM Inc. (“the Company”, “we”, “us” or “our”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted principles have been condensed or omitted pursuant to such rules and regulations.

The interim financial statements should be read in conjunction with the company’s latest annual financial statements.

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

3

BOATIM INC.

BALANCE SHEETS

(Unaudited)

	November 30			August 31
	2019			2019
ASSETS
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
LIABILITIES AND STOCKHOLDERS’ DEFICIT
LIABILITIES
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

The accompanying notes are an integral part of these unaudited financial statements.

4

BOATIM INC.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

	For the Three Months Ended November 30,
	2019			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	$	(0.00	)	$	(0.00	)
Weighted average common shares outstanding
Basic and diluted		50,500,011			50,500,011

The accompanying notes are an integral part of these unaudited financial statements.

5

BOATIM INC.

STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT

FOR THE THREE MONTHS ENDED NOVEMBER 30, 2019 AND NOVEMBER 30, 2018

(Unaudited)

	Common Stock: Shares		Common Stock: Amount		Additional Paid in Capital		Accumulated other Comprehensive Income		Accumulated Deficit			Totals
Balance -August 31, 2018		50,500,011	$	50,500	$	96,575	$	-		(231,374	)		(84,299	)
Net loss		-		-		-		-		(4,127	)		(4,127	)
Balance November 30, 2018		50,500,011	$	50,500	$	96,575	$	-		(235,501	)		(88,426	)

	Common Stock: Shares		Common Stock: Amount		Additional Paid in Capital			Accumulated other Comprehensive Income			Accumulated Deficit			Totals
Balance – August 31, 2019		50,500,011	$	50,500	$	(403,425	)	$	(407	)	$	(387,392	)		(740,724	)
Forgiveness of related party debt		-		-		81,290			-			-			81,290
Foreign currency translation adjustment		-		-		-			(454	)		-			(454	)
Net loss		-		-		-			-			(77,681	)		(77,681	)
Balance November 30, 2019		50,500,011	$	50,500	$	(322,135	)	$	(861	)	$	(465,073	)		(737,569	)

The accompanying notes are an integral part of these unaudited financial statements.

6

BOATIM INC.

STATEMENTS OF CASH FLOWS

(Unaudited)

	For the three months ended November 30,
	2019			2018
OPERATING ACTIVITIES:
Net loss	$	(77,681	)	$	(4,127	)
Adjustments to reconcile net loss to net cash (used in) operating activities:
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	$	-		$	-
Interest	$	-		$	-
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Forgiveness of related party debt	$	81,290		$	-

The accompanying notes are an integral part of these unaudited financial statements.

7

BOATIM INC.

NOTES TO THE FINANCIAL STATEMENTS

NOVEMBER 30, 2019

(Unaudited)

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.

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.

8

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.

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.

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.

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.

9

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward looking statement notice

Statements made in this Form 10-Q 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 quarterly report and in our unaudited interim financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

General

Boatim Inc formerly known as Emerald Data, Inc was incorporated in the State of Nevada as a for-profit company on August 15, 2014 and established a fiscal year end of August 31.

Results of operations

The following comparative analysis on results of operations was based primarily on the comparative financial statements, footnotes and related information for the periods identified below and should be read in conjunction with the financial statements and the notes to those statements that are included elsewhere in this report.

Results of Operations for the Three Months Ended November 30, 2019 and November 30, 2018

Operating expenses

General and administrative expenses were $77,681 of which $66,108 was for Professional services for the three months ended November 30, 2019, compared to $4,127 for the three months ended November 30, 2018, an increase of $73,554. The increase is due to increased operating expenses associated with a concentration of resources on reporting and administrative tasks post the acquisition of the BOATIM platform.

Net Loss

Net loss for the three months ended November 30, 2019 was $77,681 compared to $4,127 for the three months ended November 30, 2018 due to the reasons discussed in sub-section “Operating expenses” above.

Liquidity and capital resources

At November 30, 2019, we had $5,893 in cash and there were outstanding liabilities of $748,249 (cash of $15,691 and liabilities of $761,202 on August 31, 2019, respectively). The stockholders’ deficit was $737,569 as of November 30, 2019 and $740,724 as of August 31, 2019.

There was $97,741 cash used by operations in the Three Months ended November 30, 2019 ($0 net cash used in operating activities during the Three Months period ended November 30, 2018, respectively) and $88,397 cash provided through financing activities during the Three Months ended November 30, 2019 ($3,825 up to November 30, 2018). This resulted in $9,798 changes in net cash during the Three Months ended November 30, 2019 and no change in net cash during the Three Months ended November 30, 2018, respectively).

Our director has verbally agreed to continue to loan the company funds for operating expenses in a limited scenario, but he has no legal obligation to do so.

10

There is limited historical financial information about us upon which to base an evaluation of our performance. We have meaningfully commenced business operations based upon the amount of revenue we have been able to generate. We are in start-up stage of operations. We cannot guarantee 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.

We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.

Off-balance sheet arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

This item is not applicable as we are currently considered a smaller reporting company.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our CEO and CFO, have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this document. Based on the evaluation, they have concluded that our disclosure controls and procedures are not effective in timely alerting them to material information relating to us that is required to be included in our periodic SEC filings and ensuring that information required to be disclosed by us in the reports we file or submit under the Act is accumulated and communicated to our management, including our chief financial officer, or person performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our disclosure controls and procedures were not effective as of November 30, 2019 due to the material weaknesses as disclosed in the Company’s Annual Report on Form 10-K filed with the SEC.

Changes in Internal Control over Financial Reporting

Such officers also confirmed that there was no change in our internal control over financial reporting during the Three Months ended November 30, 2019 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

11

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

ITEM 1A. RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITES

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

None

ITEM 5. OTHER INFORMATION

None

12

ITEM 6. EXHIBITS

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

31.1	Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
31.2	Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
32.1	Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
32.2	Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

13

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Boatim Inc.
	Registrant
Date: February 06, 2020	By:	/s/ Wolfgang Tippner
		Wolfgang Tippner
		(Chief Executive Officer)

Date: February 06, 2020	By:	/s/ Teck Siong LIM
		Teck Siong Lim
		Chief Financial Officer

 14

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Wolfgang Tippner, certify that:

1.	I have reviewed this report on Form 10-Q.
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)	Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 06, 2020	By:	/s/ Wolfgang Tippner
		Wolfgang Tippner
		Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Tech Siong Lim, certify that:

1.	I have reviewed this report on Form 10-Q.
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)	Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February06, 2020	By:	/s/ Teck Siong Lim
		Teck Siong Lim
		Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boatim Inc. (the “Company”) on Form 10-Q for the period ending November 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Wolfgang Tippner, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

IN WITNESS WHEREOF, the undersigned has executed this certification.

Date. February 06, 2020	By:	/s/ Wolfgang Tippner
		Wolfgang Tippner
		Chief Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boatim Inc. (the “Company”) on Form 10-Q for the period ending November 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Teck Siong Lim, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(3)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(4)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

IN WITNESS WHEREOF, the undersigned has executed this certification.

Date: February 06, 2020	By:	/s/ Teck Siong Lim
		Teck Siong Lim
		Chief Financial Officer

XML

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.

XML

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	$ (0.00)	$ (0.00)
Weighted average common shares outstanding
Basic and diluted	50,500,011	50,500,011

XML

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.

XML

CAPITAL STOCK (Details Narrative) - shares		1 Months Ended
	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

XML

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)

XML

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

XML

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.

XML

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.

XML

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($)		2 Months Ended
	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

XML

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.

XML

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

XML

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.

XML

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

XML

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

XML

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

XML

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.

XML

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)		1 Months Ended	3 Months Ended
	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