BOATIM INC.

CIK:0001622231|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Income Statement [Abstract]
Revenue	$ (0)	$ 717	$ (0)	$ 717
Operating Expenses:
General and administrative	1,082,427	1,330,596	2,518,113	1,609,124
Total Operating Expenses	1,082,427	1,330,596	2,518,113	1,609,124
Loss from operations	(1,082,427)	(1,329,879)	(2,518,113)	(1,608,407)
Other Income (Expense)
Change in fair value of derivative liability		89,697		(191,208)
Interest expense	(99,233)	(260,565)	(99,218)	(645,948)
Gain (Loss) on foreign exchange	(2,294)	(5,497)	1,205
Total other income (expense)	(101,527)	(176,365)	(98,013)	(837,156)
Net loss before income tax provision	(1,183,954)	(1,506,244)	(2,616,125)	(2,445,563)
Provision for income tax
Net Loss	(1,183,954)	(1,506,244)	(2,616,125)	(2,445,563)
Other comprehensive loss:
Foreign currency translation adjustment	11,613	39,820	11,820	24,006
Total comprehensive loss	$ (1,172,341)	$ (1,466,424)	$ (2,604,306)	$ (2,421,557)
Net loss per common share
Basic and diluted	$ (0.02)	$ (0.03)	$ (0.04)	$ (0.05)
Weighted average common shares outstanding
Basic and diluted	58,271,539	51,645,800	58,271,539	51,645,800

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
OPERATING ACTIVITIES:
Net loss	$ (2,616,125)	$ (2,445,563)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Shares issued for services	743,125
Stock-based compensation	928,841	704,228
Change in fair value of derivative liability		191,208
Depreciation expense	693	2,543
Amortization of debt discount and deferred financing fees	99,379	645,948
Amortization of right of use assets	59,932	51,098
Amortization of capitalized software costs	57,913	20,635
Gain on foreign exchange	(752)
Change in operating assets and liabilities,
Prepaid expenses	(11,290)	(61,801)
VAT receivable	(11,670)	25,949
Accounts payable and accrued expenses	162,920	61,694
Operating lease obligation	52,784	(68,460)
NET CASH USED IN OPERATING ACTIVITIES	(533,497)	(872,521)
INVESTING ACTIVITIES:
Fixed asset purchases		(12,216)
Right of use assets	(112,716)
Software development costs		(207,404)
NET CASH USED IN INVESTIING ACTIVITIES	(112,716)	(219,620)
FINANCING ACTIVITIES:
Proceeds from related party loan	301,731	810,557
Proceeds from loan payable		20,000
Proceeds from stock subscriptions	100,010
Proceeds from convertible note	360,666	276,049
Repayment of loan		(47,962)
NET CASH PROVIDED BY FINANCING ACTIVITIES	762,407	1,058,644
EFFECT OF EXCHANGE RATE CHANGES ON CASH	822	24,006
NET INCREASE/(DECREASE) IN CASH	117,016	(9,491)
CASH – BEGINNING OF PERIOD	69,827	38,427
CASH – END OF PERIOD	186,843	28,936
Cash paid for:
Income tax
Interest
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Debt discount from beneficial conversion feature from convertible notes	112,968	26,179
Warrants from convertible	42,308
Commitment shares from convertible debt	205,390
Original issue discount	$ 44,168

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Feb. 28, 2022	Aug. 31, 2021
CURRENT ASSETS
Cash	$ 186,843	$ 69,827
Prepaid expenses	10,743	7,500
VAT receivable	28,434	17,810
Total current assets	226,020	95,137
Deposits	16,918	9,440
Fixed assets, net	12,797	14,434
Capitalized software costs	452,720	510,633
Right of use asset – operating lease	108,527	55,743
Total non-current assets	590,962	590,250
TOTAL ASSETS	816,982	685,387
Current Liabilities:
Accounts payable and accrued expenses	532,658	373,039
Related party loan	718,925	427,451
Loan payable	20,000	20,000
Convertible notes, net of unamortized discount and deferred financing fees	1,712,935	1,613,556
Current portion - operating lease obligation	93,944	33,333
Total current liabilities	3,078,468	2,467,379
Non-current Liabilities:
Operating lease obligation, net of current portion	14,583	22,410
TOTAL LIABILITIES	3,093,045	2,489,789
STOCKHOLDERS’ DEFICIT
Common stock: authorized 500,000,000; $0.001 par value; 58,271,539 and 51,780,838 shares issued and outstanding as of February 28, 2022 and August 31, 2021, respectively	58,272	51,781
Additional Paid in Capital	4,016,197	1,990,055
Common stock issuable	100,010
Accumulated deficit	(6,529,600)	(3,913,475)
Accumulated other comprehensive income	79,058	67,237
Total Stockholders’ deficit	(2,276,064)	(1,804,402)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 816,982	$ 685,387