Nowtransit Inc. Reports Turnaround with $87,000 Net Income and $1.84 Million Revenue for Fiscal Year 2024

Nowtransit Inc. reported a significant turnaround in its financial performance for the fiscal year ending December 31, 2024, achieving a net income of $87,000 compared to a net loss of $251,500 in the previous year. The company generated revenues of $1.84 million, a substantial increase from $597,595 in 2023, attributed to growth in distributor and website sales. General and administrative expenses rose to $1.15 million from $706,257, reflecting the overall expansion of the company’s operations.

The fiscal year was marked by a pivotal reverse merger with Best 365 Labs Inc., completed on March 10, 2023. This transaction resulted in Nowtransit acquiring Best and shifting its focus from online delivery to selling clinically-tested health products aimed at combating bacteria and viruses. The merger led to a significant increase in the number of shares outstanding, with Nowtransit issuing 34,371,100 shares to Best shareholders, representing approximately 85.39% of the company’s total shares post-merger.

Operationally, Nowtransit has made strides in product offerings, including Be On-Guard Mouth Spray, Be On-Guard Nasal Spray, and a patent-pending combination of pharmaceutical-grade methylene blue and vitamin C. The company has also expanded its sales channels, including online platforms like Amazon and a dedicated wholesale site, which has onboarded 700 clients. As of December 31, 2024, the company reported total assets of $873,788, a significant increase from $93,388 in 2023, primarily due to cash and accounts receivable growth.

Despite the positive financial results, the company faces challenges, including an accumulated deficit of $341,083 and reliance on advances from related parties for operational funding. Management has indicated that the ability to continue as a going concern is contingent upon generating sufficient revenue and securing additional financing. The company has recently completed a private placement raising $1 million, which it plans to use to further develop its product lines and explore additional market opportunities in mental health and wellness.

Looking ahead, Nowtransit aims to capitalize on the growing interest in mitochondrial health and related products, targeting markets such as dementia, ADHD, and long COVID. The management team is optimistic about the potential for growth in these sectors, supported by a strong medical advisory team and ongoing product development efforts. However, the company acknowledges the need for adequate capital to establish a competitive position in these emerging markets.