NOWTRANSIT (NOTR) 10-Q 13 Feb 20 2019 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Nov. 30, 2019	Feb. 14, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Shell Company Report	false
Document Period End Date	Nov. 30, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Current Fiscal Year End Date	--08-31
Entity File Number	333-234487
Entity Registrant Name	Nowtransit Inc
Entity Central Index Key	0001784440
Entity Incorporation, State or Country Code	NV
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Common Stock, Shares Outstanding		2,800,000

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Nov. 30, 2019	Aug. 31, 2019
Current Assets:
Deferred Offering Costs	$ 8,015	$ 1,900
Total Assets	8,015	1,900
Current Liabilities:
Director Loan	6,115	0
Total Liabilities	6,115	0
Stockholder's Equity
Common stock, par value $0.0001; 75,000,000 shares authorized, 2,800,000 shares issued and outstanding	280	280
Additional paid-in capital	2,520	2,520
Accumulated deficit	(900)	(900)
Total Stockholder's Equity	1,900	1,900
Total Liabilities and Stockholder's Equity	$ 8,015	$ 1,900

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2019	Aug. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	2,800,000	2,800,000
Common stock, shares outstanding	2,800,000	2,800,000

Statements of Operations (Unaud

Statements of Operations (Unaudited)	3 Months Ended
	Nov. 30, 2019USD ($)$ / sharesshares
Income Statement [Abstract]
Revenue	$ 0
General and administrative expenses	0
Net Loss from operations	0
Provision for income taxes	0
Net Loss	$ 0
Net Loss per common share: Basic and Diluted | $ / shares	$ 0
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | shares	2,800,000

Statement of Changes in Stockho

Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Nov. 30, 2019 - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Beginning balance, shares at Aug. 31, 2019	2,800,000
Beginning balance, value at Aug. 31, 2019	$ 280	$ 2,520	$ (900)	$ 1,900
Net loss			0	0
Ending balance, shares at Nov. 30, 2019	2,800,000
Ending balance, value at Nov. 30, 2019	$ 280	$ 2,520	$ (900)	$ 1,900

Statement of Cash Flows (Unaudi

Statement of Cash Flows (Unaudited)	3 Months Ended
	Nov. 30, 2019USD ($)
Cash Flows from Operating Activities
Net loss	$ 0
Changes in operating assets and liabilities
Deferred Offering Costs	(6,115)
Net cash used in operating activities	(6,115)
Financing Activities
Proceeds from director loan	6,115
Net cash provided by financing activities	6,115
Net increase in cash and equivalents	0
Cash and equivalents at beginning of the period	0
Cash and equivalents at end of the period	0
Supplemental cash flow information:
Interest paid	0
Income taxes paid	$ 0

1. Organization and Nature of B

1. Organization and Nature of Business	3 Months Ended
	Nov. 30, 2019
Accounting Policies [Abstract]
Organization and Nature of Business	Note 1 – ORGANIZATION AND NATURE OF BUSINESS NOWTRANSIT INC (“the Company,”, “we,” “us” or “our”) was incorporated in the State of Nevada on July 8, 2019. We just recently started our operations. NOWTRANSIT INC

2. Going Concern

2. Going Concern	3 Months Ended
	Nov. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 2 – GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern. The Company has an accumulated deficit of $900 as of November 30, 2019. The Company currently has losses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

3. Common Stock

3. Common Stock	3 Months Ended
	Nov. 30, 2019
Equity [Abstract]
Common Stock	Note 3 – COMMON STOCK The Company has 75,000,000, $0.0001 par value shares of voting common stock authorized. As of November 30, 2019 the Company had 2,800,000 shares issued and outstanding. Common Stock All shares of common stock have voting rights and are identical. All holders of shares of common stock shall at every meeting of the stockholders be entitled to one vote for each share of the capital stock held by such stockholder.

4. Summary of Significant Accou

4. Summary of Significant Accounting Policies	3 Months Ended
	Nov. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with GAAP. The Company’s year end is August 31. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Deferred Offering Costs Financial Accounting Standard Board Accounting (“FASB”)Standards Codification( “ASC”) number 340-10-S99-1, “ Other Assets and Deferred Costs” Fair Value of Financial Instruments (“FASB”) (“ASC”) Topic 820 "Fair Value Measurement" defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standards apply to recurring and nonrecurring fair value measurements of financial and non-financial assets and liabilities. The Company determines the fair values of its assets and liabilities based on a fair value hierarchy that includes three levels of inputs that may be used to measure fair value. For The three levels are defined as follows: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Due to its short-term nature, the carrying value of deferred offering costs approximated fair value at November 30, 2019. Income Taxes The Company is a C Corporation under the Internal Revenue Code and a similar section of the state code. All income tax amounts reflect the use of the liability method under accounting for income taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes arising primarily from differences between financial and tax reporting purposes. Current year expense represents the amount of income taxes paid, payable or refundable for the period. Deferred income taxes, net of appropriate valuation allowances, are determined using the tax rates expected to be in effect when the taxes are actually paid. Valuation allowances are recorded against deferred tax assets when it is more likely than not that such assets will not be realized. When an uncertain tax position meets the more likely than not recognition threshold, the position is measured to determine the amount of benefit or expense to recognize in the financial statements. The Company’s income tax returns are subject to review and examination by federal, state and local governmental authorities. As of November 30, 2019, there is no year open to examination with federal, state and local governmental authorities. To the extent penalties and interest are incurred through an examination, they would be included in the income tax section of the statement of operations and comprehensive loss. Basic Loss Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic loss per share is computed by dividing net income (loss) available to common shareholder by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of November 30, 2019 and August 31, 2019 there were no potentially dilutive debt or equity instruments issued or outstanding. Recent Accounting Pronouncements We have 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.

5. Commitments and Contingencie

5. Commitments and Contingencies	3 Months Ended
	Nov. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5 – COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company may become a party to litigation matters involving claims against it. At November 30, 2019, there are no current matters that would have a material effect on the Company’s financial position or results of operations.

6. Related Party Transactions

6. Related Party Transactions	3 Months Ended
	Nov. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 6 – RELATED PARTY TRANSACTIONS The Company has received financing from the director of the Company to pay for the Company expenses. The director loan is unsecured, non-interest bearing and due on demand. The outstanding amount was $6,115 as of November 30, 2019.

7. Subsequent Events

7. Subsequent Events	3 Months Ended
	Nov. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 7 – SUBSEQUENT EVENTS In accordance with FASB ASC Topic 855 “Subsequent Events,” the Company has analyzed its operations through the date the financial statements were issued, and there were no events to report.

4. Summary of Significant Acc_2

4. Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Nov. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying financial statements have been prepared in accordance with GAAP. The Company’s year end is August 31.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Deferred Offering Costs	Deferred Offering Costs Financial Accounting Standard Board Accounting (“FASB”)Standards Codification( “ASC”) number 340-10-S99-1, “ Other Assets and Deferred Costs”
Fair Value of Financial Instruments	Fair Value of Financial Instruments (“FASB”) (“ASC”) Topic 820 "Fair Value Measurement" defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standards apply to recurring and nonrecurring fair value measurements of financial and non-financial assets and liabilities. The Company determines the fair values of its assets and liabilities based on a fair value hierarchy that includes three levels of inputs that may be used to measure fair value. For The three levels are defined as follows: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Due to its short-term nature, the carrying value of deferred offering costs approximated fair value at November 30, 2019.
Income Taxes	Income Taxes The Company is a C Corporation under the Internal Revenue Code and a similar section of the state code. All income tax amounts reflect the use of the liability method under accounting for income taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes arising primarily from differences between financial and tax reporting purposes. Current year expense represents the amount of income taxes paid, payable or refundable for the period. Deferred income taxes, net of appropriate valuation allowances, are determined using the tax rates expected to be in effect when the taxes are actually paid. Valuation allowances are recorded against deferred tax assets when it is more likely than not that such assets will not be realized. When an uncertain tax position meets the more likely than not recognition threshold, the position is measured to determine the amount of benefit or expense to recognize in the financial statements. The Company’s income tax returns are subject to review and examination by federal, state and local governmental authorities. As of November 30, 2019, there is no year open to examination with federal, state and local governmental authorities. To the extent penalties and interest are incurred through an examination, they would be included in the income tax section of the statement of operations and comprehensive loss.
Basic Loss Per Share	Basic Loss Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share.” Basic loss per share is computed by dividing net income (loss) available to common shareholder by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of November 30, 2019 and August 31, 2019 there were no potentially dilutive debt or equity instruments issued or outstanding.
Recent Accounting Pronouncements	Recent Accounting Pronouncements We have 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.

2. Going Concern (Details Narra

2. Going Concern (Details Narrative) - USD ($)	Nov. 30, 2019	Aug. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (900)	$ (900)

3. Common Stock (Details Narrat

3. Common Stock (Details Narrative) - $ / shares	Nov. 30, 2019	Aug. 31, 2019
Equity [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	2,800,000	2,800,000
Common stock, shares outstanding	2,800,000	2,800,000

4. Summary of Significant Acc_3

4. Summary of Significant Accounting Policies (Details Narrative)	3 Months Ended
	Nov. 30, 2019shares
Accounting Policies [Abstract]
Antidilutive shares	0

6. Related Party Transactions (

6. Related Party Transactions (Details Narrative) - USD ($)	Nov. 30, 2019	Aug. 31, 2019
Due to related party	$ 6,115	$ 0
Director [Member]
Due to related party	$ 6,115