Document and Entity Information
Document and Entity Information - $ / shares | Nov. 16, 2020 | Sep. 30, 2020 |
Details | ||
Registrant CIK | 0001543637 | |
Fiscal Year End | --12-31 | |
Registrant Name | Nu-Med Plus, Inc. | |
SEC Form | 10-Q | |
Period End date | Sep. 30, 2020 | |
Tax Identification Number (TIN) | 45-3672530 | |
Number of common stock shares outstanding | 50,228,469 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | false | |
Entity File Number | 000-54808 | |
Entity Incorporation, State or Country Code | UT | |
Entity Address, Address Line One | 455 East 500 South, Suite 203 | |
Entity Address, City or Town | Salt Lake City | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84111 | |
City Area Code | 801 | |
Local Phone Number | 746-3570 | |
Entity Listing, Par Value Per Share | $ 0.001 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash | $ 31,498 | $ 7,079 |
Prepaid expense | 592,807 | 6,879 |
Total current assets | 624,305 | 13,958 |
Long-term assets | ||
Property and equipment, net | 14,281 | 23,425 |
Operating lease right-of-use of assets | 10,975 | 8,396 |
Total long-term assets | 25,256 | 31,821 |
Total assets | 649,561 | 45,779 |
Current liabilities | ||
Accounts payable | 30,113 | 39,820 |
Accounts payable - related party | 20,000 | 14,085 |
Accrued expenses | 10,975 | 9,579 |
Accrued interest - related party | 116,339 | 114,231 |
Operating lease liability | 10,975 | 8,396 |
Convertible Promissory Notes - Related party | 230,100 | 230,100 |
Total current liabilities | 418,502 | 416,211 |
Long-term liabilities | ||
Note payable | 9,384 | 0 |
Long-term liabilities | 9,384 | 0 |
Total liabilities | 427,886 | 416,211 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity (deficit) | ||
Preferred stock; $0.001 par value; 10,000,000 authorized; no shares issued and outstanding, respectively. | 0 | 0 |
Common stock; $0.001 par value; 90,000,000 authorized; 50,228,469 and 44,476,625 shares issued and outstanding, as of September 30, 2020 and December 31, 2019, respectively. | 50,229 | 44,477 |
Additional paid-in capital | 8,219,893 | 5,849,784 |
Stock subscription payable | 197,412 | 465,541 |
Accumulated deficit | (8,245,859) | (6,730,234) |
Total stockholders' deficit | 221,675 | (370,432) |
Total liabilities and stockholders' deficit | $ 649,561 | $ 45,779 |
Condensed Balance Sheets - Pare
Condensed Balance Sheets - Parenthetical - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 |
Common Stock, Shares, Issued | 50,228,469 | 44,476,625 |
Common Stock, Shares, Outstanding | 50,228,469 | 44,476,625 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Details | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses | ||||
General and administrative expense | 13,708 | 10,162 | 51,693 | 60,014 |
Payroll expense | 67,465 | 70,476 | 638,797 | 196,456 |
Rent expense | 4,689 | 4,570 | 14,068 | 13,767 |
Professional and consulting fees | 360,848 | 57,871 | 789,814 | 533,159 |
Depreciation expense | 3,048 | 3,134 | 9,144 | 10,330 |
Total operating expenses | 449,758 | 146,213 | 1,503,517 | 813,726 |
Operating Loss | (449,758) | (146,213) | (1,503,517) | (813,726) |
Other expense | ||||
Interest expense | (4,066) | (4,363) | (12,108) | (13,229) |
Total other expense | (4,066) | (4,363) | (12,108) | (13,229) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | $ (453,824) | $ (150,576) | $ (1,515,625) | $ (826,955) |
Basic and diluted earnings (loss) per share | $ (0.01) | $ 0 | $ (0.03) | $ (0.02) |
Weighted average common shares outstanding - basic and diluted | 50,263,252 | 45,962,847 | 48,454,879 | 45,410,048 |
Statement of Stockholders' Defi
Statement of Stockholders' Deficit - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Other Additional Capital | Retained Earnings | Total |
Common Stock, Shares, Outstanding | 41,274,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 41,274 | $ 4,851,487 | $ 849,175 | $ (5,693,409) | $ 48,527 |
Stock issued for cash | 200,000 | |||||
Stock issued for cash | $ 0 | $ 200 | 49,800 | 0 | 0 | 50,000 |
Preferred Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2018 | 0 | |||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2018 | 41,274,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2018 | $ 0 | $ 41,274 | 4,851,487 | 849,175 | (5,693,409) | 48,527 |
Common Stock, Shares, Outstanding | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 41,514 | 4,961,247 | 849,175 | (6,121,604) | (224,668) |
Common Stock issued under subscription | 40,000 | |||||
Proceeds from issuance of common stock | 0 | $ 40 | 9,960 | (10,000) | 0 | 0 |
Stock issued for services performed | 0 | 0 | 50,000 | 0 | 0 | 50,000 |
Net income (loss) | $ 0 | $ 0 | 0 | 0 | (428,195) | (428,195) |
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2019 | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2019 | $ 41,514 | 4,961,247 | 849,175 | (6,121,604) | $ (224,668) | |
Stock issued for cash | 200,000 | |||||
Stock issued for cash | $ 50,000 | |||||
Preferred Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2018 | 0 | |||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2018 | 41,274,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2018 | $ 0 | $ 41,274 | 4,851,487 | 849,175 | (5,693,409) | 48,527 |
Common Stock, Shares, Outstanding | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 41,514 | 5,061,247 | 1,114,191 | (6,520,364) | (303,412) |
Stock issued for accrued interest on convertible note | 0 | |||||
Stock issued for services performed | 0 | |||||
Net income (loss) | (826,955) | |||||
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2019 | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2019 | 0 | $ 41,514 | 5,061,247 | 1,114,191 | (6,520,364) | (303,412) |
Common Stock, Shares, Outstanding | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 41,514 | 4,961,247 | 849,175 | (6,121,604) | (224,668) | |
Stock subscription payable - cash | 0 | $ 0 | 0 | 55,000 | 0 | 55,000 |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2019 | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2019 | $ 41,514 | 4,961,247 | 849,175 | (6,121,604) | (224,668) | |
Common Stock, Shares, Outstanding | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 41,514 | 5,011,247 | 1,009,773 | (6,369,788) | (307,254) |
Stock issued for services performed | 0 | 0 | 50,000 | 0 | 0 | 50,000 |
Net income (loss) | 0 | 0 | 0 | 0 | (248,184) | (248,184) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2019 | 0 | 41,514 | 5,011,247 | 1,009,773 | (6,369,788) | (307,254) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | 41,514 | 5,011,247 | 1,009,773 | (6,369,788) | (307,254) |
Stock subscription payable - cash | 0 | $ 0 | 0 | 115,598 | 0 | 115,598 |
Common Stock, Shares, Outstanding | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 41,514 | 5,061,247 | 1,114,191 | (6,520,364) | (303,412) |
Stock issued for services performed | 0 | 0 | 50,000 | 0 | 0 | 50,000 |
Net income (loss) | 0 | $ 0 | 0 | 0 | (150,576) | (150,576) |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2019 | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2019 | 0 | $ 41,514 | 5,061,247 | 1,114,191 | (6,520,364) | (303,412) |
Common Stock, Shares, Outstanding | 41,514,375 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 41,514 | 5,061,247 | 1,114,191 | (6,520,364) | (303,412) |
Stock subscription payable - cash | 0 | $ 0 | 0 | 104,418 | 0 | $ 104,418 |
Common Stock, Shares, Outstanding | 44,476,625 | 44,476,625 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 44,477 | 5,849,784 | 465,541 | (6,730,234) | $ (370,432) |
Preferred Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2019 | 0 | 0 | ||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 44,476,625 | 44,476,625 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2019 | $ 0 | $ 44,477 | 5,849,784 | 465,541 | (6,730,234) | $ (370,432) |
Common Stock, Shares, Outstanding | 44,476,625 | 44,476,625 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 44,447 | 5,899,784 | 571,980 | (6,883,568) | $ (367,327) |
Stock issued for services performed | 0 | 0 | 50,000 | 0 | 0 | 50,000 |
Net income (loss) | $ 0 | $ 0 | 0 | 0 | (153,334) | (153,334) |
Common Stock, Shares, Outstanding, Ending Balance at Mar. 31, 2020 | 44,476,625 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2020 | $ 44,447 | 5,899,784 | 571,980 | (6,883,568) | $ (367,327) | |
Preferred Stock, Shares Outstanding, Beginning Balance at Dec. 31, 2019 | 0 | 0 | ||||
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2019 | 44,476,625 | 44,476,625 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2019 | $ 0 | $ 44,477 | 5,849,784 | 465,541 | (6,730,234) | $ (370,432) |
Common Stock, Shares, Outstanding | 50,228,469 | 44,476,625 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 50,229 | 8,219,893 | 197,412 | (8,245,889) | $ 221,675 |
Common Stock issued under subscription | 2,706,844 | |||||
Stock issued for accrued interest on convertible note | 1,000,000 | |||||
Stock issued for accrued interest on convertible note | $ 10,000 | |||||
Stock issued for prepaid services | $ 940,500 | |||||
Stock issued for services performed | 500,000 | |||||
Stock issued for services performed | $ 798,650 | |||||
Net income (loss) | $ (1,515,625) | |||||
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 50,228,469 | 50,228,469 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2020 | 0 | $ 50,229 | 8,219,893 | 197,412 | (8,245,889) | $ 221,675 |
Common Stock, Shares, Outstanding | 44,476,625 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 44,447 | 5,899,784 | 571,980 | (6,883,568) | (367,327) | |
Stock subscription payable - cash | 0 | $ 0 | 0 | 106,439 | 0 | 106,439 |
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2020 | 44,476,625 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2020 | $ 44,447 | 5,899,784 | 571,980 | (6,883,568) | (367,327) | |
Common Stock, Shares, Outstanding | 50,228,469 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 50,229 | 8,132,393 | 21,000 | (7,792,035) | 411,587 |
Common Stock issued under subscription | 2,706,844 | |||||
Proceeds from issuance of common stock | 0 | $ 2,707 | 674,004 | (676,711) | 0 | 0 |
Stock issued for accrued interest on convertible note | 1,000,000 | |||||
Stock issued for accrued interest on convertible note | 0 | $ 1,000 | 9,000 | 0 | 0 | 10,000 |
Stock issued for prepaid services | 1,400,000 | |||||
Stock issued for prepaid services | 0 | $ 1,400 | 939,100 | 0 | 0 | 940,500 |
Stock issued for services performed | 645,000 | |||||
Stock issued for services performed | 0 | $ 645 | 610,505 | 0 | 0 | 611,150 |
Net income (loss) | 0 | $ 0 | 0 | 0 | (908,467) | (908,467) |
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2020 | 50,228,469 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2020 | 0 | $ 50,229 | 8,132,393 | 21,000 | (7,792,035) | 411,587 |
Common Stock, Shares, Outstanding | 50,228,469 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 50,229 | 8,132,393 | 21,000 | (7,792,035) | 411,587 |
Stock subscription payable - cash | 0 | $ 0 | 0 | 125,731 | 0 | $ 125,731 |
Common Stock, Shares, Outstanding | 50,228,469 | 50,228,469 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 50,229 | 8,219,893 | 197,412 | (8,245,889) | $ 221,675 |
Stock issued for services performed | 0 | 0 | 87,500 | 0 | 0 | 87,500 |
Net income (loss) | 0 | $ 0 | 0 | 0 | (453,824) | $ (453,824) |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2020 | 50,228,469 | 50,228,469 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2020 | 0 | $ 50,229 | 8,219,893 | 197,412 | (8,245,889) | $ 221,675 |
Common Stock, Shares, Outstanding | 50,228,469 | 50,228,469 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | $ 50,229 | 8,219,893 | 197,412 | (8,245,889) | $ 221,675 |
Stock subscription payable - cash | $ 0 | $ 0 | $ 0 | $ 126,412 | $ 0 | $ 126,412 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (1,515,625) | $ (826,955) |
Adjustment to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation | 9,144 | 10,330 |
Amortization of prepaid consulting | 356,807 | 0 |
Amortization of right of use asset | 9,355 | 8,064 |
Stock issued for services performed | 798,650 | 0 |
Stock-based compensation | 0 | 356,250 |
(Increase) decrease in prepaid expenses | (2,235) | 8,512 |
(Increase) decrease in operating lease liability | (9,355) | (8,064) |
Increase (decrease) in accounts payable | (9,707) | 9,150 |
Increase (decrease) in related party payables | 5,915 | 5,034 |
Increase (decrease) in accrued expense | 13,504 | (4,997) |
Net cash used in operating activities | (343,547) | (442,676) |
Cash flows from investing activities: | ||
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ||
Proceeds from stock subscriptions payable | 358,582 | 275,016 |
Proceeds from notes payable | 9,384 | 0 |
Proceeds from issuance of common stock | 0 | 50,000 |
Payments on financing lease | 0 | (8,015) |
Net cash provided by financing activities | 367,966 | 317,001 |
Net increase (decrease) in cash | 24,419 | (125,675) |
Cash at beginning of period | 7,079 | 167,513 |
Cash at end of period | 31,498 | 41,838 |
Supplemental schedule of cash flow information | ||
Cash paid for interest | 0 | 1,175 |
Cash paid for income tax | 0 | 0 |
Common stock issued for subscription payable | 676,711 | 10,000 |
Right-of-use operating lease assets obtained in exchange for operating lease liabilities | 11,934 | 19,482 |
Conversion of accrued interest for common stock | 10,000 | 0 |
Common stock issued for prepaid services | $ 940,500 | $ 0 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Organization and Description of Business | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The recent COVID 19 Pandemic (“the Pandemic”) has had a dramatic effect on our business as well as the business of our contract developers. The wide ranging effects on the World Wide business market has led to a closure or partial closure of firms we are relying on in our product development. As a result their work on our project has been slowed. While we cannot predict when the influence of the Pandemic will end, we trust businesses will be able to open and expand activities to their former levels and increase following a return to normal operations. a. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Nu-Med Plus, Inc. (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual consolidated financial statements of Nu-Med Plus, Inc. for the year ended December 31, 2019 included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 30, 2020. In particular, the Company’s significant accounting principles were presented as Note 1 to the Consolidated Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. The Financial Accounting Standards Board (“FASB”) issued new guidance for the recognizing and reporting of revenue, ASU 2014-09, Revenue from Contracts with Customers (“ASC606”). The effective date for implementation for public companies was January 1, 2018. The new guidance established a five-step analysis to be followed when determining the recognition of revenue. 1. 2. 3. 4. 5. While the Company is an early-stage company with no revenue, at the time we begin to generate revenue the Company will recognize such revenue in conformity with the guidelines set forth by ASC 606. c. Estimates 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. d. Cash and Cash Equivalents The Company considers all deposit accounts and investment accounts with an original maturity of 90 days or less to be cash equivalents. The cash balance we currently have on deposit is within the limits for which the FDIC insures. e. Property and Equipment Property and equipment is 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. f. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB Accounting Standards Codification (“ASC”) Topic 820 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements), as follows: Level 1 - Quoted market prices in active markets for identical assets or liabilities; Level 2 - Inputs other than level one inputs that are either directly or indirectly observable; and Level 3 - Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. All cash, accounts payable and accrued liabilities are carried at cost, which approximates fair value due to the short-term nature of these financial instruments. Additionally, we measure certain financial instruments at fair value on a recurring basis. g. Earnings per Share 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. The company included 589,648 and 4,453,012 shares subscribed but unissued in its calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019, respectively. Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Net loss (numerator) $(453,824) $(150,576) $(1,515,625) $(826,955) Shares (denominator) 50,263,252 45,962,847 48,753,660 45,410,048 Net loss per share amount – basic and diluted $(0.01) $(0.00) $(0.03) $(0.02) Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. As of September 30, 2020 and 2019 there were 34,643,900 and 34,026,500, respectively, potential dilutive shares that needed to be considered as common share equivalents. As of September 30, 2020 and 2019 the dilutive shares were excluded from the calculation for diluted earnings per share as there was a net loss and their inclusion in the calculation would be anti-dilutive. h. Concentrations and Credit Risk The Company has relied on a small group of investors to fund its operations. If this group becomes unable or unwilling to provide additional funding, the Company may be unable to remain in business or to execute on its business plan. i. Income Taxes 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. j. Stock-based Compensation The Company, in accordance with ASC 718, Compensation – Stock Compensation Measurement Objective – Fair Value at Grant Date k. Leases The Company accounts for all leases in accordance with ASC 842, Leases l. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its consolidated results of operation, financial position and cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its current or future earnings or operations. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
GOING CONCERN | NOTE 2 - GOING CONCERN The Company acknowledges that the funds on hand as of September 30, 2020, will not be sufficient to enable it to execute its business plan and will require 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 $1,200,000 for the next twelve months. The Company is currently funded through November 30, 2020. 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. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Property and Equipment | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment and related accumulated depreciation consisted of the following at September 30, 2020, and December 31, 2019: September 30, 2020 December 31, 2019 Computer and office equipment $ 90,368 $ 90,368 Accumulated depreciation (76,087) (66,943) Total Fixed Assets $ 14,281 $ 23,425 Depreciation expense for the nine months ended September 30, 2020 and 2019 was $9,144 and $10,330, respectively. |
Preferred and Common Stock
Preferred and Common Stock | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Preferred and Common Stock | NOTE 4 - PREFERRED STOCK On October 19, 2011, the Company filed Articles of Incorporation with the State of Utah so as to authorize 10,000,000 shares of preferred stock having a par value of $0.001 per share. No preferred shares are issued or outstanding at September 30, 2020. NOTE 5 - COMMON STOCK Stock Subscription Payable At September 30, 2020 and December 31, 2019, the Company had $197,412 and $465,541, respectively, in stock subscriptions payable for which it is obligated to issue 589,648 and 1,862,164 shares of restricted common stock, respectively, pursuant to separate subscription agreements. April 2020 Subscription Agreement In April 2020, the Company entered into a stock purchase agreement with a related party, significant shareholder and debt holder, under which the buyer may purchase up to $400,000 in shares of common stock at $0.25 per share. The agreement expires on December 31, 2021. The Company received $229,518 under this agreement in the nine months ended September 30, 2020. At the date of this report 328,424 shares of common stock have been issued, leaving a balance of 589,648 shares to be issued. As of September 30, 2020 a total of 681,928 shares of common stock for $170,482 are available for purchase under this agreement. July 2019 Subscription Agreement In July 2019, the Company entered into a stock purchase agreement with a related party, significant shareholder and debt holder, under which the buyer may purchase up to $250,000 in shares of common stock at $0.25 per share. The agreement expires on December 31, 2020. The Company received $129,064 under this agreement during 2020 and $120,936 in 2019. In June 2020 the Company issued 1,000,000 shares of common stock in settlement of its obligations under this agreement. September 2017 Subscription Agreement In September 2017, the Company entered into a stock purchase agreement with a related party, significant shareholder and debt holder, under which the buyer may purchase up to $400,000 in shares of common stock at $0.25 per share. This agreement expired on August 30, 2018. The Company received $153,070 under this agreement during 2018 and $246,930 during 2019. In June 2020 the Company issued 1,600,000 shares of restricted common stock in settlement of its obligations under this agreement. In the nine months ended September 30, 2020 the Company issued a total of 5,751,844 shares of common stock. Of the total 2,706,844 was issued in settlement of stock subscriptions payable, 1,000,000 shares were issued from the conversion of accrued interest on notes payable, and 2,245,000 was issued for services performed and services to be performed. Common Stock Issued for Services See also Common Stock Issued for Services below. Common Stock Issued for Cash During the nine months ending September 30, 2019, the Company issued 200,000 shares of restricted common stock for $50,000 to an unrelated investor. Common Stock Issued for conversion of liabilities During the nine months ended September 30, 2020, the Company issued 1,000,000 shares of restricted common stock in exchange for the conversion of $10,000 of accrued interest on notes payable. Common Stock Issued to Officer On February 14, 2018 the Company announced that the consulting agreement with the Chief Financial Officer (Mr. Merrell) was terminated effective December 31, 2017, and that a new agreement was entered into effective January 1, 2018 under which Mr. Merrell would receive 2,000,000 shares of restricted common stock, vesting at 500,000 shares per year, for his service. The term of the agreement is for one year, which term automatically renews for one year extensions up to four years unless terminated by either party with 30 days written notice. The Company issued all 2,000,000 shares to Mr. Merrell on August 20, 2018. Any common shares not earned during the four year period are to be returned or cancelled. A charge will be made each quarter as the shares are earned under the provisions of the agreement until such time as all shares have been earned. A charge of $150,000 and $150,000 was recorded for the nine months ended September 30, 2020 and 2019, respectively. In June 2020 Mr. Merrell was issued an additional 500,000 shares which vested at issuance, resulting in a $435,000 stock-based compensation charge recorded in the nine-month period ended September 30, 2020. Common Stock Issued for Services During the nine months ended September 30, 2020 the Company issued 1,545,000 shares of restricted common stock to consultants for services performed and/or to be performed. The issuances were valued at $1,066,650 and of that amount, $940,500 was recorded as prepaid assets and the remaining $126,150 recorded as stock-based compensation. The Company subsequently amortized $356,807 of the prepaid expenses as professional and consulting fees. As of September 30, 2020, the remaining prepaid balance of $583,693 remains to be amortized as the services are performed. In September 2020, the Company entered into a consulting agreement with Waterside Capital Advisers, Inc. to raise capital for the Company and provide other consulting services. Under the terms of the agreement, 50,000 shares of common stock were to be issued upon signing the agreement, 75,000 shares of common stock were to be issued 30 days after the signing date and an additional 75,000 shares are to be issued 60 days after the signing date. Accordingly, the Company valued the shares at $200,000 of which $50,000 has been recorded as common stock payable as of September 30, 2020. The Company recorded $87,500 in stock-based compensation to Waterside during the period ended September 30, 2020. The remaining balance of $112,500 will be expensed in the final quarter of 2020. Further, the agreement contains a long-term incentive whereby an additional 2,000,000 shares of common stock may be earned by the consultant upon the achieving of certain milestones as detailed in the agreement. In September 2018, the Company issued 650,000 shares of stock to two consultants. Of these shares, 150,000 were issued under a consulting contract for services rendered and vested upon issue and 500,000 shares of restricted stock were issued to a consultant for services rendered and to be rendered through June 1, 2019. The common stock was valued at $639,000, of which $432,750 was expensed during the year ended December 31, 2018. The remaining balance of $206,250 was expensed during the year ended December 31, 2019. |
Convertible Notes and Derivativ
Convertible Notes and Derivative Liability | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Convertible Notes and Derivative Liability | NOTE 6 – PROMISSORY NOTES $100,000 Convertible Promissory Note On November 12, 2012, the Company issued a $100,000 convertible promissory note to SCS, a related party and significant shareholder, as compensation for services provided during the period April 1, 2012 through March 31, 2013. The note is due on demand, had an annual interest of 5.5%, and is convertible into shares of common stock at a conversion price to be agreed upon immediately prior to conversion. On September 27, 2013, the Company amended the note to include a conversion price which of $0.01 per share for all unpaid principal and interest. As of September 30, 2020 and December 31, 2019 interest accrued, but unpaid, was $54,427 and $47,899, respectively. At September 30, 2020 the balance of the note is $100,000, with $54,427 in accrued unpaid interest. $130,100 Convertible Promissory Note Prior to 2015, the Company entered into a convertible promissory note with SCS, a related party and significant shareholder, due on demand, bearing interest at 8% per annum, unsecured and convertible at $0.01 per share, with a price protection provision to a lower conversion price. The balance of this note was $130,100 at September 30, 2020 and December 31, 2019 with the accrued interest balances of $63,674 and $65,861, respectively. During the nine-month period ended September 30, 2020, the Company received a request to convert $10,000 of interest accrued and unpaid to shares of restricted common stock. Under the conversion terms of the agreement 1,000,000 shares of restricted stock were issued. At September 30, 2020 the balance of the note is $130,100, with $63,674 of accrued unpaid interest. $9,384 Promissory Note The Company applied for and received a $9,384 loan under the Paycheck Protection Program administered by the Small Business Administration. The note bears an annual interest rate of 1% and has a maturity date of May 8, 2022. The terms of the loan provide that an application for forgiveness of the loan amount may be requested if the funds were used for payroll, medical insurance, rent and utilities. As all of the funds were used in the allowable categories, the Company will file an application for forgiveness as soon as the bank makes available the form for such request. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Commitments and Contingencies | NOTE 7 - COMMITMENTS AND CONTINGENCIES The Company has obligations under both a financing lease and operating lease, as detailed below. Operating Lease Obligations The Company entered into a lease for office space in February 2017 and has signed various extensions since the, the latest of which expired on August 20202. In August 2020 the Company extended the lease agreement through August 31, 2021 at a rate of $1,038 per month. Amortization of $9,355 was recorded as rent expense in the nine month period ended September 30, 2020, leaving an operating right-of-use asset at September 30, 2020 of $10,975 and an operating lease liability of $10,975. Cash payments of $9,343 were made for rent expense for the nine month period ended September 30, 2020. Obligations under this lease are as follows: 2020 2021 2022 Office lease $ 3,114 $ 8,305 $ - Upon the adoption of ASC 842, the calculation of our lease obligation using a discount rate of 8% resulted in an immaterial difference and therefore, no interest will be imputed on the lease obligation. There are eleven months remaining on the office lease, which terminates August 31, 2021. Consulting Agreement In September 2020, the Company entered into a consulting agreement with Waterside Capital Advisers, Inc. to raise capital for the Company and provide other consulting services. Under the terms of the agreement, 50,000 shares of common stock were to be issued upon signing the agreement, 75,000 shares of common stock were to be issued 30 days after the signing date and an additional 75,000 shares are to be issued 60 days after the signing date. Accordingly, the Company valued the shares at $200,000 of which $50,000 has been recorded as common stock payable as of September 30, 2020. The Company recorded $87,500 in stock-based compensation to Waterside during the period ended September 30, 2020. The remaining balance of $112,500 will be expensed in the final quarter of 2020. The agreement also provides that the consultant be paid $5,000 per month for services, which fee will be accrued until such time as the Company and consultant agree acceptable financing has been raised, at which point payment of all accrued but unpaid fees will be made. In accordance with the agreement a $2,500 consultant fee was accrued for the last half of September 2020. Further, the agreement contains a long-term incentive whereby an additional 2,000,000 shares of common stock may be earned by the consultant upon the achieving of certain milestones as detailed in the agreement. In June 2020, the Company entered into consulting agreements with Roger Gill and Peter Kristensen. Both of the agreements begin June 22, 2020 and run for a period of twelve months, terminating June 30, 2021. Under the terms of the agreements Mr. Gill will receive 500,000 shares of restricted common stock and Mr. Kristensen will receive 100,000 shares of restricted stock for their services. The fair-value of the stock was $565,500 and was recorded as a prepaid. During the nine months, the company amortized $153,382 of the prepaid expense. As of September 30, 2020, the remaining $412,118 was remaining in prepaid expenses, to be amortized over the term of the agreements. On March 15, 2020 the Company entered into a service agreement with Hanover International, Inc. to provide advisory services to the Company. The contract is a one year contract, but may be cancelled with thirty days notice any time after the 91 st day of the agreement. Hanover will receive a fee of $ 3,500 per month, from which fee it pays all of its expenses. In addition, Hanover will receive 750,000 shares of restricted common stock, earned in quarterly tranches of 187,500 shares, deemed earned and issuable after services are provided for each quarter. As of September 30, 2020 all of the shares to which the Company is obligated under this agreement have been issued, with the unearned portion included in prepaid expenses. The shares were issued at $ 0.50 per share for a total value of $ 375,000 . The amount has been recorded in prepaid expenses, with $ 203,425 of the total being expensed in the nine-month period ended September 30, 2020. The remaining prepaid amount of $ 171,575 will be amortized over the remaining life of the agreement. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes | |
Subsequent Events | NOTE 8 - SUBSEQUENT EVENTS The Company has evaluated subsequent events pursuant to ASC Topic 855 and has determined that there are no other events that require disclosure as of the date of issuance. |
Organization and Description _2
Organization and Description of Business (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Policies | |
Accounting Method | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The recent COVID 19 Pandemic (“the Pandemic”) has had a dramatic effect on our business as well as the business of our contract developers. The wide ranging effects on the World Wide business market has led to a closure or partial closure of firms we are relying on in our product development. As a result their work on our project has been slowed. While we cannot predict when the influence of the Pandemic will end, we trust businesses will be able to open and expand activities to their former levels and increase following a return to normal operations. a. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Nu-Med Plus, Inc. (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual consolidated financial statements of Nu-Med Plus, Inc. for the year ended December 31, 2019 included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 30, 2020. In particular, the Company’s significant accounting principles were presented as Note 1 to the Consolidated Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020. |
Revenue Recognition | The Financial Accounting Standards Board (“FASB”) issued new guidance for the recognizing and reporting of revenue, ASU 2014-09, Revenue from Contracts with Customers (“ASC606”). The effective date for implementation for public companies was January 1, 2018. The new guidance established a five-step analysis to be followed when determining the recognition of revenue. 1. 2. 3. 4. 5. While the Company is an early-stage company with no revenue, at the time we begin to generate revenue the Company will recognize such revenue in conformity with the guidelines set forth by ASC 606. |
Estimates | c. Estimates 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. |
Cash and Cash Equivalents | d. Cash and Cash Equivalents The Company considers all deposit accounts and investment accounts with an original maturity of 90 days or less to be cash equivalents. The cash balance we currently have on deposit is within the limits for which the FDIC insures. |
Property and equipment | e. Property and Equipment Property and equipment is 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. |
Fair Value | f. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB Accounting Standards Codification (“ASC”) Topic 820 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements), as follows: Level 1 - Quoted market prices in active markets for identical assets or liabilities; Level 2 - Inputs other than level one inputs that are either directly or indirectly observable; and Level 3 - Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. All cash, accounts payable and accrued liabilities are carried at cost, which approximates fair value due to the short-term nature of these financial instruments. Additionally, we measure certain financial instruments at fair value on a recurring basis. |
Earnings Per Share | g. Earnings per Share 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. The company included 589,648 and 4,453,012 shares subscribed but unissued in its calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019, respectively. Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Net loss (numerator) $(453,824) $(150,576) $(1,515,625) $(826,955) Shares (denominator) 50,263,252 45,962,847 48,753,660 45,410,048 Net loss per share amount – basic and diluted $(0.01) $(0.00) $(0.03) $(0.02) Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. As of September 30, 2020 and 2019 there were 34,643,900 and 34,026,500, respectively, potential dilutive shares that needed to be considered as common share equivalents. As of September 30, 2020 and 2019 the dilutive shares were excluded from the calculation for diluted earnings per share as there was a net loss and their inclusion in the calculation would be anti-dilutive. |
Concentration and Credit Risk | h. Concentrations and Credit Risk The Company has relied on a small group of investors to fund its operations. If this group becomes unable or unwilling to provide additional funding, the Company may be unable to remain in business or to execute on its business plan. |
Income Taxes | i. Income Taxes 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. |
Equity Instruments Issued For Non-cash Items | j. Stock-based Compensation The Company, in accordance with ASC 718, Compensation – Stock Compensation Measurement Objective – Fair Value at Grant Date |
Leases | k. Leases The Company accounts for all leases in accordance with ASC 842, Leases |
New Accounting Pronouncements | l. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its consolidated results of operation, financial position and cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its current or future earnings or operations. |
Organization and Description _3
Organization and Description of Business (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Schedule of Earnings Per Share, Basic and Diluted | Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Net loss (numerator) $(453,824) $(150,576) $(1,515,625) $(826,955) Shares (denominator) 50,263,252 45,962,847 48,753,660 45,410,048 Net loss per share amount – basic and diluted $(0.01) $(0.00) $(0.03) $(0.02) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Property, Plant and Equipment | September 30, 2020 December 31, 2019 Computer and office equipment $ 90,368 $ 90,368 Accumulated depreciation (76,087) (66,943) Total Fixed Assets $ 14,281 $ 23,425 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Tables/Schedules | |
Schedule of Future Minimum Lease Payments for Capital Leases | 2020 2021 2022 Office lease $ 3,114 $ 8,305 $ - |
Organization and Description _4
Organization and Description of Business (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Details | |||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 1,862,164 | 589,648 | 4,453,012 | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (453,824) | $ (150,576) | $ (1,515,625) | $ (826,955) | |
Weighted Average Number of Shares Outstanding, Basic | 50,263,252 | 45,962,847 | 48,753,660 | 45,410,048 | |
Basic and diluted earnings (loss) per share | $ (0.01) | $ 0 | $ (0.03) | $ (0.02) | |
Dilutive Shares | 34,643,900 | 34,026,500 |
GOING CONCERN (Details)
GOING CONCERN (Details) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Details | |
Planned expenditures | $ 1,200,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Details | |||||
Property, Plant and Equipment, Gross | $ 90,368 | $ 90,368 | $ 90,368 | ||
Accumulated Depreciation | (76,087) | (76,087) | (66,943) | ||
Property and equipment, net | 14,281 | 14,281 | $ 23,425 | ||
Depreciation expense | $ 3,048 | $ 3,134 | $ 9,144 | $ 10,330 |
Preferred and Common Stock (Det
Preferred and Common Stock (Details) - USD ($) | Apr. 02, 2020 | Dec. 31, 2019 | Jul. 02, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2018 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 02, 2017 |
Details | |||||||||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Common Stock, Share Subscribed but Unissued, Subscriptions Receivable | $ 465,541 | $ 197,412 | $ 197,412 | $ 197,412 | $ 465,541 | ||||||||||||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 1,862,164 | 589,648 | 4,453,012 | ||||||||||||||||
400,000 Stock Subscription Amount | $ 400,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 0.25 | $ 0.25 | $ 0.25 | ||||||||||||||||
400,000 Amount Used From Subscription | 229,518 | $ 246,930 | |||||||||||||||||
Shares Issued Under $400,000 Stock Purchase Agreement | 328,424 | ||||||||||||||||||
Shares Under $400,000 Stock Purchase Agreement | 681,928 | ||||||||||||||||||
400,000 Amount Available From Subscription | 170,482 | ||||||||||||||||||
250,000 Stock Subscription Amount | $ 250,000 | ||||||||||||||||||
250,000 Amount Used From Subscription | 129,064 | $ 120,936 | |||||||||||||||||
Shares Under $250,000 Stock Purchase Agreement | 1,000,000 | ||||||||||||||||||
400,000 Amount Used From Subscription In Prior Periods | $ 153,070 | ||||||||||||||||||
Common Stock issued under subscription | 1,600,000 | 2,706,844 | |||||||||||||||||
Total Shares Issued | 5,751,844 | ||||||||||||||||||
Stock issued for accrued interest on convertible note | 1,000,000 | ||||||||||||||||||
Total Shares Issued for services performed and to be performed | 2,245,000 | ||||||||||||||||||
Stock issued for cash | 200,000 | ||||||||||||||||||
Stock issued for cash | $ 50,000 | $ 50,000 | |||||||||||||||||
Conversion of accrued interest for common stock | $ 10,000 | $ 10,000 | 0 | ||||||||||||||||
Merrell stock compensation | 2,000,000 | ||||||||||||||||||
Stock issued for services performed | 1,545,000 | 650,000 | 500,000 | ||||||||||||||||
Merrell stock compensation Amount | $ 150,000 | 150,000 | |||||||||||||||||
Merrell additional stock compensation | 500,000 | ||||||||||||||||||
Merrell additional stock compensation Amount | $ 435,000 | ||||||||||||||||||
1545000 shares issued for services | $ 1,066,650 | ||||||||||||||||||
Stock issued for prepaid services | 940,500 | 940,500 | |||||||||||||||||
1545000 shares issued for services amount paid | 126,150 | ||||||||||||||||||
Amortization of prepaid consulting | $ 356,807 | 356,807 | 0 | 356,807 | 0 | ||||||||||||||
1545000 shares issued for services amount balance | $ 583,693 | ||||||||||||||||||
WatersideCapitalAdvisersigningshares | 50,000 | ||||||||||||||||||
WatersideCapitalAdviser30dayshares | 75,000 | ||||||||||||||||||
WatersideCapitalAdviser60dayshares | 75,000 | ||||||||||||||||||
WatersideCapitalAdvisersharevalue | $ 200,000 | ||||||||||||||||||
WatersideCapitalAdvisercommonstockpayableamount | 50,000 | ||||||||||||||||||
Stock issued for services performed | $ 639,000 | $ 87,500 | $ 611,150 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 798,650 | $ 0 | ||||||||||
WatersideCapitalAdviserremainingbalance | $ 112,500 | ||||||||||||||||||
WatersideCapitalAdviserincentiveshares | 2,000,000 | ||||||||||||||||||
Consulting stock compensation 1 | 150,000 | ||||||||||||||||||
Consulting stock compensation 2 | 500,000 | ||||||||||||||||||
Consulting expense | $ 206,250 | $ 432,750 | $ 2,500 |
Convertible Notes and Derivat_2
Convertible Notes and Derivative Liability (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Nov. 12, 2012 | |
Details | |||||
SCS convertible promissory note principal | $ 47,899 | $ 100,000 | |||
SCS convertible promissory note interest rate | 5.50% | ||||
SCS convertible promissory note conversion price | $ 0.01 | ||||
SCS convertible promissory note interest | $ 54,427 | ||||
130,100 convertible promissory note interest rate | 8.00% | ||||
130,100 convertible promissory note conversion price | $ 0.01 | ||||
130,100 convertible promissory note principal balace | $ 130,100 | ||||
130,100 convertible promissory note accrued interest | 63,674 | 65,861 | |||
Conversion of accrued interest for common stock | $ 10,000 | $ 10,000 | $ 0 | ||
Stock issued for accrued interest on convertible note | 1,000,000 | ||||
Note payable | $ 9,384 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2018 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Aug. 31, 2020 |
Details | ||||||||||||||
monthly office lease payment | $ 1,038 | |||||||||||||
Amortization of right of use asset | $ 9,355 | $ 8,064 | ||||||||||||
Operating lease right-of-use of assets | $ 8,396 | $ 10,975 | $ 10,975 | 10,975 | ||||||||||
Operating lease liability | 8,396 | 10,975 | 10,975 | 10,975 | ||||||||||
Operating Leases, Rent Expense, Net | 9,343 | |||||||||||||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 3,114 | 3,114 | 3,114 | |||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | $ 8,305 | 8,305 | 8,305 | |||||||||||
WatersideCapitalAdvisersigningshares | 50,000 | |||||||||||||
WatersideCapitalAdviser30dayshares | 75,000 | |||||||||||||
WatersideCapitalAdviser60dayshares | 75,000 | |||||||||||||
WatersideCapitalAdvisersharevalue | $ 200,000 | |||||||||||||
WatersideCapitalAdvisercommonstockpayableamount | 50,000 | |||||||||||||
Stock issued for services performed | $ 639,000 | $ 87,500 | $ 611,150 | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | 798,650 | $ 0 | |||||
WatersideCapitalAdviserremainingbalance | 112,500 | |||||||||||||
Waterside compensation monthly payment | 5,000 | |||||||||||||
Consulting expense | $ 206,250 | $ 432,750 | $ 2,500 | |||||||||||
WatersideCapitalAdviserincentiveshares | 2,000,000 | |||||||||||||
Gill shares received in consulting agreement | 500,000 | |||||||||||||
Kristensen shares received in consulting agreement | 100,000 | |||||||||||||
Gill and Kristensen Consulting shares value total | $ 565,500 | |||||||||||||
Gill and Kristensen Consulting shares amount amortized | 153,382 | |||||||||||||
Gill and Kristensen Consulting shares amount remaining | $ 412,118 | |||||||||||||
Hanover compensation monthly payment | $ 3,500 | |||||||||||||
Hanover total compensation shares | 750,000 | |||||||||||||
Hanover tranche compensation shares | 187,500 | |||||||||||||
Hanover price per share | $ 0.50 | |||||||||||||
Hanover total value | $ 375,000 | |||||||||||||
Hanover Amount Expensed | 203,425 | |||||||||||||
Hanoverremainingprepaid | $ 171,575 |