BOATIM INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION. (form 10-K)
Written by ABC AUDIO on January 3, 2022
The following discussion should be read in conjunction with our audited
financial statements and notes thereto included herein. We caution readers
regarding certain forward looking statements in the following discussion and
elsewhere in this report and in any other statement made by, or on our behalf,
whether or not in future filings with the
Forward-looking statements are statements not based on historical information
and which relate to future operations, strategies, financial results or other
developments. Forward looking statements are necessarily based upon estimates
and assumptions that are inherently subject to significant business, economic
and competitive uncertainties and contingencies, many of which are beyond our
control and many of which, with respect to future business decisions, are
subject to change. These uncertainties and contingencies can affect actual
results and could cause actual results to differ materially from those expressed
in any forward looking statements made by, or our behalf. We disclaim any
obligation to update forward-looking statements
Results of Operations
We recorded minimal revenues in the amount of
sold of
31, 2020
The operating expenses were comprised of general and administrative expenses of
2020
change is due to increased operating expenses associated with a concentration of
resources in product development, engineering, marketing, reporting and
administrative tasks post the acquisition of the
operating expenses associated with the new Spanish subsidiary, Boatim Europe.
The
executive receiving common stock awards.
12
Other expenses for the year ended
debt discount in the amount of
liability of
debt, offset by gain on foreign exchange of
The net loss was
last year.
Our total assets as of
costs of
Our total current liabilities at
comprised of
payables to related parties,
unrelated party. We also have non-current liabilities consisting of
operating lease obligations at
payable and accrued liabilities,
notes, offset by
associated with our convertible notes. A short-term loan of
unrelated party was repaid in
liabilities consisting of
2020
We currently anticipate our operating expenses (being legal and professional
fees, IT cost and further website and software development and testing, sales,
marketing and advertising, and other expenses) over the next 12 months will be
approximately
As of
stock with a par value of
As of
shares of common stock issued and outstanding and there were no outstanding
stock options or warrants. As of the date of this document, the Company has
51,780,838 shares of common stock issued and outstanding.
For the year ended
accumulated deficit of
financial statements for the year ended
paragraph regarding our ability to continue as a going concern based upon our
minimal cash and no source of revenues which are insufficient to cover our
operating costs. These factors, among others, raise substantial doubt about our
ability to continue as a going concern. Our financial statements do not include
any adjustments that might result from the outcome of this uncertainty. There
are no assurances we will be successful in our efforts to raise capital, develop
a source of revenues, report profitable operations or to continue as a going
concern, in which event investors would lose their entire investment in our
company.
Liquidity and Capital Resources
At
liabilities of
in 2021 (
and
activities in 2020). There was
in 2021 and
resulted in
operating expenses in a limited scenario, but it has no legal obligation to do
so.
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Cash Requirements /Future Financing
There is limited historical financial information about us upon which to base an
evaluation of our performance. We have not meaningfully commenced business
operations based upon the amount of revenue we have been able to generate. We
are in start-up stage 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 do not have any 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 that is material to investors, except
as may be disclosed in the section “Recent Events”.
Summary of significant accounting policies:
Refer to Note 2 of the financial statements in ITEM 8 below.
Contractual Obligations
We are a smaller reporting company as defined by Rule 12b-2 of the Securities
Exchange Act of 1934 and are not required to provide the information under this
item.
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