Nowtransit Inc. Files Q2 2024 10-Q Report

TL;DR

Nowtransit Inc. filed its Q2 10-Q. Check financials.

AI Summary

Nowtransit Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, incorporated in Nevada, is primarily engaged in computer processing and data preparation services. Its principal executive offices are located at 2722 South West Temple, Salt Lake City, UT 84115.

Why It Matters

This filing provides investors with an update on Nowtransit Inc.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented in the header.

Key Players & Entities

• Nowtransit Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 2722 South West Temple, Salt Lake City, UT 84115 (address) — Principal executive offices
• 7374 (number) — Standard Industrial Classification Code

FAQ

Key Financial Figures

• $0.0001 — (g) of the Act: Common stock, par value $0.0001 Indicate by check mark whether the re

Filing Documents

• nowtransit20240630_10q.htm (10-Q) — 458KB
• ex_702451.htm (EX-31.1) — 11KB
• ex_702452.htm (EX-31.2) — 10KB
• ex_702453.htm (EX-32.1) — 7KB
• ex_702454.htm (EX-32.2) — 5KB
• 0001185185-24-000738.txt ( ) — 2195KB
• notr-20240630.xsd (EX-101.SCH) — 19KB
• notr-20240630_cal.xml (EX-101.CAL) — 19KB
• notr-20240630_def.xml (EX-101.DEF) — 95KB
• notr-20240630_lab.xml (EX-101.LAB) — 160KB
• notr-20240630_pre.xml (EX-101.PRE) — 90KB
• nowtransit20240630_10q_htm.xml (XML) — 115KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets (unaudited) 3 Condensed Consolidated Statements of Operations (unaudited) 4 Condensed Consolidated Statement of Changes in Stockholders ' Equity (Deficit) (unaudited) 5 Condensed Consolidated Statements of Cash Flows (unaudited) 6 Notes to Financial Consolidated Statements (unaudited) 7 Item 2 . Management ' s Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3 .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 16 Item 4 .

Controls and Procedures

Controls and Procedures 16 PART II OTHER INFORMATION 17 Item 1 .

Legal Proceedings

Legal Proceedings 17 Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3 . Defaults Upon Senior Securities 17 Item 4 . Mine Safety Disclosures 17 Item 5 . Other Information 17 Item 6 . Exhibits 18

Signatures

Signatures 19 Table of Contents

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 December 31, 2023 audited financial statements and notes thereto. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that can be expected for the year ending December 31, 2024. NOWTRANSIT INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 143,922 $ 19,238 Accounts receivable, net 27,630 36,448 Inventory 40,603 37,702 Prepaid rent 1,435 - Total current assets 213,590 93,388 Total Assets $ 213,590 $ 93,388 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities Accounts payable $ 7,011 $ 7,675 Due to related parties 15,498 87,074 Accrued services 2,000 1,450 Deferred revenue - 3,949 Total current liabilities 24,509 100,148 STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock: $0.0001 par value, 5,000,000 shares authorized; 1,000,000 designated Series A Convertible - - Preferred stock: Series A Convertible: $ 0.0001 par value, 140,000 shares issued and outstanding at June 30, 2024 and Decemb

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 December 31, 2023 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 As a leadership team we are optimistic and excited about our opportunities to carve out very profitable positions in the marketplace through our patent-pending Methylene Blue products

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View this 10-Q filing on SEC EDGAR