Nowtransit Inc. Files Q1 2023 10-Q Report

TL;DR

**NOWTRANSIT INC. (NTI) FILED ITS 10-Q FOR FEB 28, 2023. CHECK FINANCIALS.**

AI Summary

Nowtransit Inc. filed its 10-Q for the quarterly period ended February 28, 2023. The company, incorporated in Nevada, operates in computer processing and data preparation services. Its principal executive offices are located in Salt Lake City, Utah.

Why It Matters

This filing provides investors with a quarterly update on Nowtransit Inc.'s financial performance and operational status, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) and does not appear to contain any immediate red flags or significant negative news.

Key Players & Entities

• Nowtransit Inc. (company) — Registrant
• February 28, 2023 (date) — Quarterly period end date
• Nevada (location) — State of incorporation
• 7374 (number) — Standard Industrial Classification Code
• Salt Lake City, UT (location) — Principal executive offices location
• (801) 810-6209 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.0001 — (g) of the Act: Common stock, par value $0.0001 Indicate by check mark whether the re
• $0 — Convertible Preferred Stock, par value $0.0001, outstanding at February 28, 2023
• $19,985 — hree months ended February 28, 2023 was $19,985, compared to a net loss of $17,527 duri
• $17,527 — was $19,985, compared to a net loss of $17,527 during the three months ended February
• $20,011 — were general administrative expenses of $20,011 during the three months ended February
• $26,240 — hs ended February 28, 2023, compared to $26,240 during the three months ended February
• $48,902 — six months ended February 28, 2023 was $48,902, compared to a net loss of $31,616 duri
• $31,616 — was $48,902, compared to a net loss of $31,616 during the six months ended February 28
• $8,793 — ebruary 28, 2023, our total assets were $8,793, consisting of cash. Cash Flows from O
• $47,460 — flows used in operating activities was $47,460, consisting of our net loss of $48,902
• $1,442 — net loss of $48,902 and an increase of $1,442 in accounts payable and accrued liabili
• $30,928 — six months ended February 28, 2022 was $30,928, consisting of our net loss of $31,616
• $4,279 — net loss of $31,616 and a increases of $4,279 in prepaid expenses and an increase of
• $5,122 — in prepaid expenses and an increase of $5,122 in accounts payable and $8,713 decrease
• $8,713 — rease of $5,122 in accounts payable and $8,713 decrease in gain on forgiveness of debt

Filing Documents

• nowtransit20230228_10q.htm (10-Q) — 355KB
• ex_675628.htm (EX-10.2) — 66KB
• ex_675629.htm (EX-10.3) — 236KB
• ex_675630.htm (EX-31.1) — 10KB
• ex_675631.htm (EX-32.1) — 6KB
• 0001185185-24-000542.txt ( ) — 1880KB
• notr-20230228.xsd (EX-101.SCH) — 15KB
• notr-20230228_cal.xml (EX-101.CAL) — 11KB
• notr-20230228_def.xml (EX-101.DEF) — 68KB
• notr-20230228_lab.xml (EX-101.LAB) — 132KB
• notr-20230228_pre.xml (EX-101.PRE) — 73KB
• nowtransit20230228_10q_htm.xml (XML) — 76KB

Financial Statements

Financial Statements 3 Balance Sheets (unaudited) 3 4 5 6

Notes to Financial Statements (unaudited)

Notes to Financial Statements (unaudited) 7 Item 2 . Management ' s Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3 .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 13 Item 4 .

Controls and Procedures

Controls and Procedures 13 PART II OTHER INFORMATION 14 Item 1 .

Legal Proceedings

Legal Proceedings 14 Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds 14 Item 3 . Defaults Upon Senior Securities 14 Item 4 . Mine Safety Disclosures 14 Item 5 . Other Information 14 Item 6 . Exhibits 15

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements While the information presented in the accompanying financial statements is unaudited, it includes all adjustments which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in accordance with the accounting principles generally accepted in the United States of America ("US GAAP"). In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. These financial statements should be read in conjunction with the Company's August 31, 2022 audited financial statements and notes thereto. Operating results for the three months ended February 28, 2023 are not necessarily indicative of the results that can be expected for the year ending August 31, 2023. NOWTRANSIT INC. CONDENSED CONSOLIDATED BALANCE SHEETS February 28, August 31, 2023 2022 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 8,793 $ 16,253 Total current assets 8,793 16,253 Total Assets $ 8,793 $ 16,253 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities Accounts payable $ 3,302 $ 1,860 Total current liabilities 3,302 1,860 STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock: $0.0001 par value, 5,000,000 shares authorized; 1,000,000 designated Series A Convertible - - Preferred stock: $ 0.0001 par value, 140,000 shares authorized; 140,000 and 100,000 shares issued and outstanding at February 28, 2023 and August 31, 2022, respectively 14 10 Common stock: $ 0.0001 par value, 75,000,000 shares authorized; 5,461,500 shares issued and outstanding at February 28, 2023 and August 31, 2022, respec

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Note Regarding Forward Looking Statements This Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our discussions and the anticipated terms of a potential reverse merger pursuant to which we would acquire an operating business, our business plan and our liquidity needs. All statements other than statements of historical facts contained in this Report, including statements regarding our future financial position, liquidity, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. The results anticipated by any or all of these forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially from these forward-looking statements include those described elsewhere in this Report and in our Annual Report on Form 10-K for the fiscal year ended August 31, 2022 under "Item 1A. – Risk Factors." We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. Overview We have no operations since inception other than the expenditures related to running the Company, and we have not generated any revenue since inception. Our goal is to finalize a share

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View this 10-Q filing on SEC EDGAR