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Nowtransit Inc (NOTR0.00%). has submitted its Form 10-K filing for the fiscal year ended December 31, 2024. The company, incorporated in Nevada, is engaged in the distribution of clinically-tested products aimed at combating bacteria and viruses through various sales channels.
The company reported a net income of $87,000 for the year ended December 31, 2024, compared to a net loss of $251,500 in the previous year. This improvement in financial performance was attributed to an increase in distributor and website sales, which contributed to total revenues of $1,844,966 in 2024, up from $597,595 in 2023.
Nowtransit's general and administrative expenses for the year ended December 31, 2024, were $1,146,410, up from $706,257 in 2023. This increase was attributed to the overall growth of the company and additional expenses to support operations.
The company's total assets as of December 31, 2024, were $873,788, compared to $93,388 on December 31, 2023. The increase in assets was primarily due to cash and cash equivalents, accounts receivable, and inventory.
Nowtransit has filed several patent applications for its Methylene Blue products, including NeuroPro Plus, ADHD 365, and other health supplements. The company is exploring potential partnerships and strategic alliances to capitalize on these patents.
Nowtransit completed a $1,000,000 private placement to accredited investors and plans to evaluate and file a Form 1-A with the SEC. The company aims to expand its market presence with its Methylene Blue and other health products.
The company's common stock is quoted on the OTC Pink Market under the symbol 'NOTR'. As of December 31, 2024, there were 43,916,221 shares of common stock issued and outstanding, held by 51 stockholders of record.
The company's management has identified material weaknesses in its internal controls over financial reporting. The company plans to address these weaknesses by implementing an independent Board of Directors, establishing written policies and procedures, and hiring additional accounting personnel when funding allows.
Nowtransit has not identified any cybersecurity incidents that have materially affected its business strategy, results of operations, or financial condition. The company is taking steps to update its information systems and educate its personnel about cybersecurity risks.
The company is subject to the SEC's 'penny stock' rules, which may limit the ability of broker-dealers to solicit purchases of its common stock, potentially affecting its liquidity and market price. Nowtransit is also a voluntary filer and not required to file reports with the SEC under the Exchange Act.
The company has a verbal month-to-month rental arrangement for its principal place of business in Salt Lake City, UT, which it considers adequate for its current needs. The company does not own any real estate.
Nowtransit has not paid any cash dividends during the years ended December 31, 2024, and 2023, and does not foresee declaring any in the near future. The company currently has no equity compensation plans.
The company has filed several U.S. and international patent applications related to its Methylene Blue and other health products, which are still pending. The company believes there are multiple potential patents within its offerings and is exploring partnerships to monetize these opportunities.
Nowtransit has identified material weaknesses in its internal control over financial reporting, including inadequate control environment and lack of formal accounting policies. The company plans to address these issues with improved governance and additional resources.
The company has not yet developed a proven track record of profitability and has relied on advances from related parties and proceeds from the sale of stock. These factors raise substantial doubt about the company's ability to continue as a going concern. Management intends to raise additional funds through private or public offerings.
Nowtransit's common stock is traded on the OTC Pink Market under the symbol 'NOTR'. As of December 31, 2024, there were 43,916,221 shares of common stock issued and outstanding, held by 51 stockholders of record.
The company does not have any equity compensation plans and has not paid any cash dividends since its inception. The company does not anticipate declaring cash dividends on its common stock in the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nowtransit Inc annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.