NOWTRANSIT (NOTR) 10-Q 14 Jan 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Nov. 30, 2020	Jan. 13, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity shell company	true
Document Period End Date	Nov. 30, 2020
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
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 ($)	Nov. 30, 2020	Aug. 31, 2020
Current Assets:
Cash	$ 20,051	$ 20,629
Total Assets	20,051	20,629
Current Liabilities:
Accrued liabilities	5,000	0
Director Loan	7,051	7,051
Third party loan	760	760
Total Liabilities	12,811	7,811
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	546
Additional paid-in capital	20,854	20,854
Accumulated deficit	(14,160)	(8,582)
Total Stockholder's Equity (Deficit)	7,240	12,818
Total Liabilities and Stockholder's Equity (Deficit)	$ 20,051	$ 20,629

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Nov. 30, 2020	Aug. 31, 2020
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	5,461,500
Common stock, shares outstanding	5,461,500	5,461,500

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Revenue	$ 0	$ 0
General and administrative expenses	5,578	0
Net Loss from operations	(5,578)	0
Provision for income taxes	0	0
Net Loss	$ (5,578)	$ 0
Net Loss per common share: Basic and Diluted	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding: Basic and Diluted	5,461,500	2,800,000

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
Shares issued new, shares	2,661,500
Shares issued new, value	$ 266	26,349		26,615
Less: Accretion of deferred offering costs		(8,015)		(8,015)
Net loss			(7,682)	(7,682)
Ending balance, shares at Aug. 31, 2020	5,461,500
Ending balance, value at Aug. 31, 2020	$ 546	20,854	(8,582)	12,818
Net loss			(5,578)	(5,578)
Ending balance, shares at Nov. 30, 2020	5,461,500
Ending balance, value at Nov. 30, 2020	$ 546	$ 20,854	$ (14,160)	$ 7,240

Statement of Cash Flows (Unaudi

Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Cash Flows from Operating Activities
Net loss	$ (5,578)	$ 0	$ (7,682)
Changes in operating assets and liabilities
Accrued expenses	5,000	0
Deferred offering costs	0	(6,115)
Cash flows used in operating activities	(578)	(6,115)
Cash Flows from Financing Activities
Proceeds from director loan	0	6,115
Cash flows provided by financing activities	0	6,115
Net increase in cash and equivalents	(578)	0
Cash and equivalents at beginning of the period	20,629	0	0
Cash and equivalents at end of the period	20,051	0	$ 20,629
Supplemental cash flow information:
Cash paid for Interest	0	0
Cash paid for Income Taxes	$ 0	$ 0

1. Organization and Nature of B

1. Organization and Nature of Business	3 Months Ended
	Nov. 30, 2020
Accounting Policies [Abstract]
Organization and Nature of Business	NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION 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. between sender and driver. We intend for this service to be provided in North America and Europe.

2. Going Concern

2. Going Concern	3 Months Ended
	Nov. 30, 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 $900 as of November 30, 2019 and $14,160 as of November 30, 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. The extent of the impact of the coronavirus ("COVID - -

3. Common Stock

3. Common Stock	3 Months Ended
	Nov. 30, 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. On July 24, 2019 the Company issued 2,800,000 common shares to its sole officer and director at $0.001 for $2,800. During January through May 2020, the Company had issued 2,661,500 common shares to independent investors at $0.01 for $26,615, which was partially offset by capitalized offering costs of $8,015. As of November 30, 2020 and August 31, 2020 there were 5,461,500 common 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, 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. Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity date of three months or less to be cash equivalents. The Company has $20,051 and $20,629 cash as of November 30, 2020 and August 31, 2020, and no cash equivalents. 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. 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. Basic Loss Per Share The Company computes 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	3 Months Ended
	Nov. 30, 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 November 30, 2020, there are no current matters that would have a material effect on the Company’s financial position or results of operations.

6. Loan

6. Loan	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Loan	NOTE 6 – LOAN On May 6, 2020, the Company entered into a loan agreement with a third party for $760. The loan is without interest and payable upon demand.

7. Director Loan

7. Director Loan	3 Months Ended
	Nov. 30, 2020
Related Party Transactions [Abstract]
Director Loan	NOTE 7- DIRECTOR LOAN As of November 30, 2020 the Company owes to director $7,051. The loan is without interest and payable upon demand.

8. Subsequent Events

8. Subsequent Events	3 Months Ended
	Nov. 30, 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 and noted no items requiring disclosure.

4. Summary of Significant Acc_2

4. Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Nov. 30, 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity date of three months or less to be cash equivalents. The Company has $20,051 and $20,629 cash as of November 30, 2020 and August 31, 2020, and no cash equivalents.
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.
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.
Basic Loss Per Share	Basic Loss Per Share The Company computes 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 ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (14,160)		$ (8,582)
Net Loss	$ (5,578)	$ 0	$ (7,682)

3. Common Stock (Details Narrat

3. Common Stock (Details Narrative) - USD ($)	2 Months Ended	5 Months Ended
	Aug. 31, 2019	May 31, 2020	Nov. 30, 2020	Aug. 31, 2020
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	5,461,500
Common stock, shares outstanding			5,461,500	5,461,500
Deferred offering costs				$ 0
Common Stock | Independent Investors [Member]
Common stock issued to related party for cash, shares		2,661,500
Common stock issued to related party for cash, value		$ 26,615
Deferred offering costs		$ 8,015
Sole Officer and Director [Member]
Common stock issued to related party for cash, shares	2,800,000
Common stock issued to related party for cash, value	$ 2,800

4. Summary of Significant Acc_3

4. Summary of Significant Accounting Policies (Details Narrative) - USD ($)	Nov. 30, 2020	Aug. 31, 2020
Accounting Policies [Abstract]
Cash	$ 20,051	$ 20,629
Cash Equivalents		$ 0

6. Loan (Details Narrative)

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

7. Director Loan (Details Narra

7. Director Loan (Details Narrative)	Nov. 30, 2020USD ($)
Sole Officer and Director [Member]
Due to related party	$ 7,051