Gabbit (GBTT) 10-Q 14 Oct 21 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Aug. 31, 2021	Oct. 14, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Aug. 31, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--02-28
Entity File Number	000-56314
Entity Registrant Name	GABBIT CORP.
Entity Central Index Key	0001657564
Entity Tax Identification Number	37-1790061
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	9130 South Dadeland Blvd.
Entity Address, Address Line Two	Suite 1528
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33156
City Area Code	888
Local Phone Number	679 3350
Trading Symbol	GBTT
Title of 12(g) Security	Common Stock, $0.001 par value
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		11,490,000

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Aug. 31, 2021	Feb. 28, 2021
Assets
Cash	$ 0	$ 0
Total Assets	0	0
Liabilities
Other liabilities	4,739	4,739
Due to related party	17,194	7,466
Total liabilities	21,933	12,205
Stockholders' Equity
Common stock, $0.001 par value 75,000,000 shares authorized; 11,490,000 shares issued and outstanding as of August 31, 2021 and February 28, 2021	11,490	11,490
Additional paid-in capital	22,410	22,410
Accumulated deficit	(55,833)	(46,105)
Total Equity	(21,933)	(12,205)
Total Liabilities & Stockholders' Equity	$ 0	$ 0

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Aug. 31, 2021	Feb. 28, 2021
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares, Issued	11,490,000	11,490,000
Common Stock, Shares, Outstanding	11,490,000	11,490,000

Statement of Operations (Unaudi

Statement of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Expenses
General and administration expenses	$ 9,428	$ 950	$ 9,728	$ 1,350
Loss from operations	(9,428)	(950)	(9,728)	(1,350)
Income tax expense	0	0	0	0
Net loss	$ (9,428)	$ (950)	$ (9,728)	$ (1,350)
Basic and diluted loss per share	$ 0	$ 0	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding: Basic and Diluted	11,490,000	11,490,000	11,490,000	11,490,000

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Feb. 29, 2020	$ 11,490	$ 22,410	$ (44,155)	$ (10,255)
Shares, Outstanding, Beginning Balance at Feb. 29, 2020	11,490,000
Net loss			(400)	(400)
Ending balance, value at May. 31, 2020	$ 11,490	22,410	(44,555)	(10,655)
Shares, Outstanding, Ending Balance at May. 31, 2020	11,490,000
Beginning balance, value at Feb. 29, 2020	$ 11,490	22,410	(44,155)	(10,255)
Shares, Outstanding, Beginning Balance at Feb. 29, 2020	11,490,000
Net loss				(1,350)
Ending balance, value at Aug. 31, 2020	$ 11,490	22,410	(45,505)	(11,605)
Shares, Outstanding, Ending Balance at Aug. 31, 2020	11,490,000
Beginning balance, value at May. 31, 2020	$ 11,490	22,410	(44,555)	(10,655)
Shares, Outstanding, Beginning Balance at May. 31, 2020	11,490,000
Net loss			(950)	(950)
Ending balance, value at Aug. 31, 2020	$ 11,490	22,410	(45,505)	(11,605)
Shares, Outstanding, Ending Balance at Aug. 31, 2020	11,490,000
Beginning balance, value at Feb. 28, 2021	$ 11,490	22,410	(46,105)	(12,205)
Shares, Outstanding, Beginning Balance at Feb. 28, 2021	11,490,000
Net loss			(300)	(300)
Ending balance, value at May. 31, 2021	$ 11,490	22,410	(46,405)	(12,505)
Shares, Outstanding, Ending Balance at May. 31, 2021	11,490,000
Beginning balance, value at Feb. 28, 2021	$ 11,490	22,410	(46,105)	(12,205)
Shares, Outstanding, Beginning Balance at Feb. 28, 2021	11,490,000
Net loss				(9,728)
Ending balance, value at Aug. 31, 2021	$ 11,490	22,410	(55,833)	(21,933)
Shares, Outstanding, Ending Balance at Aug. 31, 2021	11,490,000
Beginning balance, value at May. 31, 2021	$ 11,490	22,410	(46,405)	(12,505)
Shares, Outstanding, Beginning Balance at May. 31, 2021	11,490,000
Net loss			(9,428)	(9,428)
Ending balance, value at Aug. 31, 2021	$ 11,490	$ 22,410	$ (55,833)	$ (21,933)
Shares, Outstanding, Ending Balance at Aug. 31, 2021	11,490,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
Cash flow from operating activities:
Net Loss	$ (9,728)	$ (1,350)
Net cash used in operating activities	(9,728)	(1,350)
Cash flow from financing activities:
Related party loan	9,728	1,350
Net cash provided by financing activities	9,728	1,350
Net change in cash	0	0
Cash at beginning of period	0	0
Cash at end of period	0	0
Supplemental disclosure of cash flow information:
Cash paid for interest	0	0
Cash paid for taxes	$ 0	$ 0

Note 1 _ Organization and Basis

Note 1 – Organization and Basis of Presentation	6 Months Ended
	Aug. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note 1 – Organization and Basis of Presentation	Note 1 – Organization and Basis of Presentation Organization and Basis of Presentation Gabbit Corp. (the “Company”) is a corporation On November 20, 2019, the Company filed a Certificate of Reinstatement with the State of Nevada. The Company plans to develop a technology-enabled, diversified commercial finance platform serving a wide range of small-to-medium businesses who require access to working or growth capital, for whom traditional banking and finance channels are unworkable or unavailable, due to; time constraints, credit-worthiness, seasonality, lack of operating history and or the business’ owners are generally unbanked individuals. The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”) and have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

Note 2 _ Summary of significant

Note 2 – Summary of significant accounting policies	6 Months Ended
	Aug. 31, 2021
Accounting Policies [Abstract]
Note 2 – Summary of significant accounting policies	Note 2 – Summary of significant accounting policies Cash and Cash Equivalents The Company doesn’t maintain any bank accounts and does not have any cash in hand. For day-to-day business activities, the Company depends upon the directors’ personal accounts. For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Loss per Common Share Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. As a result, diluted loss per common share is the same as basic loss per common share for the three and six months ended August 31, 2021 and 2020. Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

Note 3 _ Going Concern

Note 3 – Going Concern	6 Months Ended
	Aug. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Note 3 – Going Concern	Note 3 – Going Concern For the six months ended August 31, 2021 and 2020 we incurred net losses of approximately $ 9,728 1,350 no 21,933 no 12,205

Note 4 _ Related party transact

Note 4 – Related party transactions	6 Months Ended
	Aug. 31, 2021
Related Party Transactions [Abstract]
Note 4 – Related party transactions	Note 4 – Related party transactions The Company’s Co-CEO has provided office space at no cost to the Company. Our Co-CEO and CFO incurred expenses on behalf of the Company amounting to $ 9,728 1,350 17,194 7,466

Note 5 _ Shareholders_ Equity

Note 5 – Shareholders’ Equity	6 Months Ended
	Aug. 31, 2021
Equity [Abstract]
Note 5 – Shareholders’ Equity	Note 5 – Shareholders’ Equity The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.

Note 6 _ Income Taxes

Note 6 – Income Taxes	6 Months Ended
	Aug. 31, 2021
Income Tax Disclosure [Abstract]
Note 6 – Income Taxes	Note 6 – Income Taxes The Company accounts for income taxes under FASB ASC Topic 740, which requires use of the liability method. FASB ASC Topic 740 provides that deferred tax assets and liabilities are recorded based on the differences the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. As of August 31, 2021, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. The Company has approximately $ 56,000 46,000 12,000 10,000 Based on the available objective evidence, including the Company's history of losses, management believes it is more likely than not, the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at August 31, 2021 and February 28, 2021. The Company had no uncertain tax positions as of August 31, 2021 and February 28, 2021.

Note 7 _ Other Liabilities

Note 7 – Other Liabilities	6 Months Ended
	Aug. 31, 2021
Other Liabilities Disclosure [Abstract]
Note 7 – Other Liabilities	Note 7 – Other Liabilities As of August 31, 2021 and February 28 2021, the Company has Other Liabilities of $4,739 payable to its former CEO.

Note 2 _ Summary of significa_2

Note 2 – Summary of significant accounting policies (Policies)	6 Months Ended
	Aug. 31, 2021
Accounting Policies [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents The Company doesn’t maintain any bank accounts and does not have any cash in hand. For day-to-day business activities, the Company depends upon the directors’ personal accounts. For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Loss per Common Share	Loss per Common Share Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. As a result, diluted loss per common share is the same as basic loss per common share for the three and six months ended August 31, 2021 and 2020.
Income Taxes	Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

Note 3 _ Going Concern (Details

Note 3 – Going Concern (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended
	Aug. 31, 2021	May 31, 2021	Aug. 31, 2020	May 31, 2020	Aug. 31, 2021	Aug. 31, 2020	Feb. 28, 2021	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income (Loss) Attributable to Parent	$ 9,428	$ 300	$ 950	$ 400	$ 9,728	$ 1,350
Cash	0		$ 0		0	$ 0	$ 0	$ 0
Liabilities	$ 21,933				$ 21,933		$ 12,205

Note 4 _ Related party transa_2

Note 4 – Related party transactions (Details Narrative) - USD ($)	6 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Feb. 28, 2021
Related Party Transactions [Abstract]
Proceeds from Related Party Debt	$ 9,728	$ 1,350
Due to Related Parties	$ 17,194		$ 7,466

Note 6 _ Income Taxes (Details

Note 6 – Income Taxes (Details Narrative) - USD ($)	Aug. 31, 2021	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$ 56,000	$ 46,000
Deferred Tax Assets, Gross	12,000	10,000
Deferred Tax Assets, Valuation Allowance	$ 12,000	$ 10,000