Organization and Description of Business | 6 Months Ended |
Jun. 30, 2014 |
Notes | ' |
Organization and Description of Business | ' |
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NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS |
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Nu-Med Plus, Inc. is an emerging growth early stage medical device company principally engaged in the design, innovation, development, enhancement and commercialization of beginning, early, and selective later-stage quality medical devices. The Company's immediate focus is on a Nitric Oxide powder formulation that is 99% pure-with one year shelf life, a "clinical" generator device with controls plus safety monitors built in that delivers inhaled Nitric Oxide to replace expensive pressurized canisters and a compact mobile rechargeable device to deliver inhaled Nitric Oxide gas. The Company is incorporated in Utah. |
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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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a. Accounting Method |
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The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments which are necessary for a fair statement of the results for interim periods have been included. |
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b. Revenue Recognition |
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The Company is currently developing its products. It is anticipated that revenue will be recognized on product sales once the product has been shipped to the customers, persuasive evidence of an agreement exists, the price is fixed or determinable, and collectability is reasonably assured. |
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c. Estimates |
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The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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d. Cash and Cash Equivalents |
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The Company considers all deposit accounts and investment accounts with an original maturity of 90 days or less to be cash equivalents. |
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e. Fixed Assets |
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Fixed assets are stated at cost. Expenditure for minor repairs, maintenance, and replacement parts which do not increase the useful lives of the assets are charged to expense as incurred. Expenditures, exceeding $500, for new assets or that increase the useful life of existing assets are capitalized. Depreciation is computed using the straight-line method. The lives over which the fixed assets are depreciated are five to seven years. |
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f. Earnings per Share |
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The computation of earnings per share of common stock is based on the weighted average number of shares outstanding during the period of the financial statement as follows: |
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| For the Six Months ended June 30, 2014 | For the Six Months ended June 30, 2013 |
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Net loss (numerator) | $ (415,892) | $ (119,332) |
Shares (denominator) | 32,009,571 | 26,804,012 |
Net loss per share amount | $ (0.01) | $ (0.00) |
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Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. During the year there were no outstanding common stock equivalents. Furthermore, due to the net loss for the year, common stock equivalents would not be included in the calculation of the net loss per common share, as their inclusion would be anti-dilutive. |
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g. Income Taxes |
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Deferred taxes are provided on an asset and liability approach whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
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h. Equity Instruments Issued for Non-Cash Items |
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In accordance with ASC Topic 718, the Company records equity instruments issued for non-cash items at the grant-date fair value of the equity instruments issued. |
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NOTE 3 - GOING CONCERN |
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The Company anticipates that the funds on hand as of June 30, 2014, will not be sufficient and funding through the sale of equity capital and short term related party and other shareholder loans in order to meet the planned expenditures for development, operations, and administrative cost over the next 12 months will be required. Planned expenditures are approximately $220,000 for 2014. In April 2014, the Company entered into stock subscription agreements with two investors for them to purchase up to $165,000 of common stock at a price of $0.30 per share. As such, the Company is funded through November 2014 and are in negotiations with other investors to take the Company through 2014. Management will adjust any salaries and expenditures based on the need for successful continuous operations. If plans to obtain further financing prove to be insufficient to fund operations, continued viability could be at risk. These factors raise substantial doubt about the Company's ability to continue as a going concern. |