NOWTRANSIT (NOTR) 10-Q 13 Jul 20 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	May 31, 2020	Jul. 14, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity shell company	false
Document Period End Date	May 31, 2020
Document Fiscal Period Focus	Q3
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		5,461,500

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	May 31, 2020	Aug. 31, 2019
Current Assets:
Cash	$ 22,874	$ 0
Deferred Offering Costs	0	1,900
Total Assets	22,874	1,900
Current Liabilities:
Third party loan	760	0
Director Loan	6,401	0
Total Liabilities	7,161	0
Stockholder's Equity (Deficit)
Common stock, par value $0.0001; 75,000,000 shares authorized, 5,461,500 and 2,800,000 shares issued and outstanding, respectively	546	280
Additional paid-in capital	20,854	2,520
Accumulated deficit	(5,687)	(900)
Total Stockholder's Equity (Deficit)	15,713	1,900
Total Liabilities and Stockholder's Equity (Deficit)	$ 22,874	$ 1,900

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	May 31, 2020	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	5,461,500	2,800,000
Common stock, shares outstanding	5,461,500	2,800,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended	9 Months Ended
	May 31, 2020	May 31, 2020
Income Statement [Abstract]
Revenue	$ 0	$ 0
General and administrative expenses	2,861	4,787
Net Loss from operations	(2,861)	(4,787)
Provision for income taxes	0	0
Net Loss	$ (2,861)	$ (4,787)
Net Loss per common share: Basic and Diluted	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding: Basic and Diluted	4,062,621	3,257,997

Statement of Changes in Stockho

Statement of Changes in Stockholders' Equity (Unaudited) - 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
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				(4,787)
Ending balance, shares at May. 31, 2020	5,461,500
Ending balance, value at May. 31, 2020	$ 546	20,854	(5,687)	15,713
Beginning balance, shares at Nov. 30, 2019	2,800,000
Beginning balance, value at Nov. 30, 2019	$ 280	2,520	(900)	1,900
Stock issued new, shares	270,000
Stock issued new, value	$ 27	2,673		2,700
Accretion of deferred offering costs		(2,700)		(2,700)
Net loss			(1,926)	(1,926)
Ending balance, shares at Feb. 29, 2020	3,070,000
Ending balance, value at Feb. 29, 2020	$ 307	2,493	(2,826)	(26)
Stock issued new, shares	2,391,500
Stock issued new, value	$ 239	23,676		23,915
Accretion of deferred offering costs		(5,315)		(5,315)
Net loss			(2,861)	(2,861)
Ending balance, shares at May. 31, 2020	5,461,500
Ending balance, value at May. 31, 2020	$ 546	$ 20,854	$ (5,687)	$ 15,713

Statement of Cash Flows (Unaudi

Statement of Cash Flows (Unaudited)	9 Months Ended
	May 31, 2020USD ($)
Cash Flows from Operating Activities
Net loss	$ (4,787)
Changes in operating assets and liabilities
Increase in accounts payable	0
Net cash used in operating activities	(4,787)
Financing Activities
Proceeds from issuance of common stock	26,615
Proceeds from borrowing third party	760
Proceeds from director loan	6,401
Payment of deferred offering costs	(6,115)
Net cash provided by financing activities	27,661
Net increase in cash and equivalents	22,874
Cash and equivalents at beginning of the period	0
Cash and equivalents at end of the period	22,874
Supplemental cash flow information:
Interest paid	0
Income taxes paid	0
Schedule of non-cash investing and financing activities:
Accretion of deferred offering costs to additional paid-in capital	$ 8,015

1. Organization and Nature of B

1. Organization and Nature of Business	9 Months Ended
	May 31, 2020
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. NOWTRANSIT INC will be an online platform service, matching people with items to be sent with drivers already headed in that direction. Senders can use this service to send documents, items and parcels from one city to another city or virtually anywhere else a match can be found. We will not hire any drivers for our Company. Drivers will be deemed to be occasional independent contractors meaning the person driving from city A to city B is willing to earn some money by picking up an item from city A and delivering it to city B. The Company will serve as an online matching service and nothing more. Once matched, the Company will have no further involvement in the transaction between sender and driver. We intend for this service to be provided in North America and Europe.

2. Going Concern

2. Going Concern	9 Months Ended
	May 31, 2020
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 $5,687 as of May 31, 2020. 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	9 Months Ended
	May 31, 2020
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. In January 2020, the Company issued 270,000 common shares at $0.01 per share for $2,700, which was fully offset by deferred offering costs of $2,700 (Note 4 Deferred Offering Costs In March, April, and May 2020 the Company had issued 2,391,500 common shares at $0.01 for $23,915, which was partially offset by deferred offering costs of $5,315 (1,900 of which were already outstanding at November 30, 2019) (See Note 4 Deferred Offering Costs). As of May 31, 2020, there were 5,461,500 common shares issued and outstanding. 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	9 Months Ended
	May 31, 2020
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 United States Generally Accepted Accounting Principles (“US GAAP”). The Company’s year-end is August 31. Use of Estimates The preparation of financial statements in conformity with US GAAP 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,” During the nine months ended May 31, 2020, the Company recorded $6,115 in deferred offering costs, all which were offset against proceeds received from a stock issuance pursuant to the offering in January 2020 (Note 3). The Company had $0 and $1,900 in deferred offering costs at May 31, 2020 and August 31, 2019, respectively. Fair Value of Financial Instruments FASB ASC Topic 820, "Fair Value Measurement," 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 cash, third party and director’s loans approximated fair value at May 31, 2020. 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 May 31, 2020, 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.” 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	9 Months Ended
	May 31, 2020
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 May 31, 2020, 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	9 Months Ended
	May 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 6 – RELATED PARTY TRANSACTIONS During the nine months ended May 31, 2020, the Company received $6,401 in financing from the director of the Company to pay for the Company’s expenses. The director loan is unsecured, non-interest bearing and due on demand.

7. Third Party Loan

7. Third Party Loan	9 Months Ended
	May 31, 2020
Debt Disclosure [Abstract]
Third Party Loan	Note 7 – THIRD PARTY LOAN On May 6, 2020, Nowtransit Inc.(the "Borrower"), located at 20 Ayres Road, Manchester, England, M16 9NB, hereby promises to pay to the order of Aleksandra Abdulgazijeva, (the "Lender"), located at Maskavas 84-9, Riga, Latvia, LV-1003 the principal amount of $760. The loan is without interest and payable upon demand. The Borrower has the right to prepay all or any part of the principal amount of this Loan, at any time without prepayment penalty or premium of any kind.

8. Subsequent Events

8. Subsequent Events	9 Months Ended
	May 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 8 – 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 with the following events to report: The extent of the impact of the coronavirus ("COVID - -

4. Summary of Significant Acc_2

4. Summary of Significant Accounting Policies (Policies)	9 Months Ended
	May 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“US GAAP”). The Company’s year-end is August 31.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP 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,” During the nine months ended May 31, 2020, the Company recorded $6,115 in deferred offering costs, all which were offset against proceeds received from a stock issuance pursuant to the offering in January 2020 (Note 3). The Company had $0 and $1,900 in deferred offering costs at May 31, 2020 and August 31, 2019, respectively.
Fair Value of Financial Instruments	Fair Value of Financial Instruments FASB ASC Topic 820, "Fair Value Measurement," 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 cash, third party and director’s loans approximated fair value at May 31, 2020.
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 May 31, 2020, 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.”
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 ($)	May 31, 2020	Aug. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (5,687)	$ (900)

3. Common Stock (Details Narrat

3. Common Stock (Details Narrative) - USD ($)	3 Months Ended		5 Months Ended	9 Months Ended
	May 31, 2020	Feb. 29, 2020	Jan. 31, 2020	May 31, 2020	Aug. 31, 2019
Common stock, par value	$ 0.0001			$ 0.0001	$ 0.0001
Common stock, shares authorized	75,000,000			75,000,000	75,000,000
Common stock, shares issued	5,461,500			5,461,500	2,800,000
Common stock, shares outstanding	5,461,500			5,461,500	2,800,000
Stock issued new, value	$ 23,915	$ 2,700
Payment of deferred offering costs				$ 6,115
Common Stock [Member]
Stock issued new, shares			270,000	2,391,500
Stock issued new, value			$ 2,700	$ 5,315
Payment of deferred offering costs			$ 2,700	$ 5,315

4. Summary of Significant Acc_3

4. Summary of Significant Accounting Policies (Details Narrative) - USD ($)	9 Months Ended
	May 31, 2020	Aug. 31, 2019
Accounting Policies [Abstract]
Antidilutive shares	0
Deferred Offering Costs	$ 0	$ 1,900
Payment of deferred offering costs	$ 6,115

6. Related Party Transactions (

6. Related Party Transactions (Details Narrative) - USD ($)	May 31, 2020	Aug. 31, 2019
Due to related party	$ 6,401	$ 0
Director [Member]
Due to related party	$ 6,401

7. Third Party Loan (Details Na

7. Third Party Loan (Details Narrative)	May 06, 2020USD ($)
Third Party Loan [Member]
Debt face amount	$ 760