Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Central Index Key | 0001543637 | |
Document Period End Date | Sep. 30, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54808 | |
Entity Registrant Name | Nu-Med Plus, Inc. | |
Entity Incorporation, State or Country Code | UT | |
Entity Tax Identification Number | 45-3672530 | |
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 | |
Title of 12(b) Security | None | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 79,348,469 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 31,840 | $ 188,506 |
Prepaid expense | 2,833 | 349,017 |
Total current assets | 34,673 | 537,523 |
Long-term Assets | ||
Property and equipment, net | 4,916 | 11,631 |
Operating lease right-of-use of assets | 11,647 | 7,981 |
Total long-term assets | 16,563 | 19,612 |
Total assets | 51,236 | 557,135 |
Current liabilities | ||
Accounts payable | 18,544 | 26,048 |
Accounts payable - related party | 20,000 | 20,000 |
Accrued expense | 71,062 | 26,019 |
Operating lease liability | 11,647 | 7,981 |
Total current liabilities | 121,253 | 80,048 |
Long-term liabilities | ||
Note payable | 9,384 | |
Total liabilities | 121,253 | 89,432 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Preferred stock; $0.001 par value; 10,000,000 authorized; no shares issued and outstanding, respectively. | ||
Common stock; $0.001 par value; 90,000,000 authorized; 79,348,469 and 51,028,469 shares issued and outstanding, as of September 30, 2021 and December 31, 2020, respectively. | 79,349 | 51,029 |
Additional paid-in capital | 9,307,587 | 8,431,593 |
Stock subscription payable | 724,314 | |
Accumulated deficit | (9,456,953) | (8,739,233) |
Total stockholders' deficit | (70,017) | 467,703 |
Total liabilities and stockholders' deficit | $ 51,236 | $ 557,135 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
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 | 79,348,469 | 51,028,469 |
Common Stock, Shares, Outstanding | 79,348,469 | 51,028,469 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | ||||
General and administrative expense | 6,947 | 13,708 | 20,717 | 51,694 |
Payroll expense | 65,486 | 67,465 | 202,458 | 638,797 |
Rent expense | 6,285 | 4,689 | 18,814 | 14,068 |
Professional and consulting fees | 36,999 | 360,848 | 478,400 | 789,814 |
Depreciation expense | 2,649 | 3,048 | 6,715 | 9,144 |
Total operating expenses | 118,366 | 449,758 | 727,104 | 1,503,517 |
Operating Loss | (118,366) | (449,758) | (727,104) | (1,503,517) |
Other income (expense) | ||||
Interest expense | (4,066) | (12,108) | ||
Gain on forgiveness of PPP loan | 9,384 | |||
Total other income (expense) | (4,066) | 9,384 | (12,108) | |
Net loss before income tax | (118,366) | (453,824) | (717,720) | (1,515,625) |
Income tax expense | ||||
Net loss | $ (118,366) | $ (453,824) | $ (717,720) | $ (1,515,625) |
Basic and diluted loss per share | $ 0 | $ (0.01) | $ (0.01) | $ (0.03) |
Weighted average common shares outstanding - basic and diluted | 79,348,469 | 50,263,252 | 79,324,733 | 48,454,879 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Other Additional Capital | Retained Earnings | Total |
Balance, amount at Dec. 31, 2019 | $ 44,477 | $ 5,849,784 | $ 465,541 | $ (6,730,234) | $ (370,432) | |
Balance, shares at Dec. 31, 2019 | 44,476,625 | |||||
Stock subscription payable - cash | 106,439 | 106,439 | ||||
Stock-based compensation | 50,000 | 50,000 | ||||
Net loss | (153,334) | (153,334) | ||||
Balance, amount at Mar. 31, 2020 | $ 44,477 | 5,899,784 | 571,980 | (6,883,568) | (367,327) | |
Balance, shares at Mar. 31, 2020 | 44,476,625 | |||||
Balance, amount at Dec. 31, 2019 | $ 44,477 | 5,849,784 | 465,541 | (6,730,234) | $ (370,432) | |
Balance, shares at Dec. 31, 2019 | 44,476,625 | |||||
Common stock issued for cash, shares | 200,000 | |||||
Common stock issued for cash | $ 50,000 | |||||
Stock issued for accrued interest on convertible note, shares | 1,000,000 | |||||
Stock issued for accrued interest on convertible note | $ 10,000 | |||||
Stock issued for prepaid services | $ 940,500 | |||||
Stock-based compensation, shares | 1,545,000 | |||||
Net loss | $ (1,515,625) | |||||
Balance, amount at Sep. 30, 2020 | $ 50,229 | 8,219,893 | 197,412 | (8,245,889) | 221,675 | |
Balance, shares at Sep. 30, 2020 | 50,228,469 | |||||
Balance, amount at Mar. 31, 2020 | $ 44,477 | 5,899,784 | 571,980 | (6,883,568) | (367,327) | |
Balance, shares at Mar. 31, 2020 | 44,476,625 | |||||
Stock subscription payable - cash | 125,731 | 125,731 | ||||
Stock issued for accrued interest on convertible note, shares | 1,000,000 | |||||
Stock issued for accrued interest on convertible note | $ 1,000 | 9,000 | 10,000 | |||
Stock issued for prepaid services, shares | 1,400,000 | |||||
Stock issued for prepaid services | $ 1,400 | 939,100 | 940,500 | |||
Stock-based compensation, shares | 645,000 | |||||
Stock-based compensation | $ 645 | 610,505 | 611,150 | |||
Common Stock issued under subscription, shares | 2,706,844 | |||||
Common Stock issued under subscription | $ 2,707 | 674,004 | (676,711) | |||
Net loss | (908,467) | (908,467) | ||||
Balance, amount at Jun. 30, 2020 | $ 50,229 | 8,132,393 | 21,000 | (7,792,035) | 411,587 | |
Balance, shares at Jun. 30, 2020 | 50,228,469 | |||||
Stock subscription payable - cash | 126,412 | 126,412 | ||||
Stock issued for prepaid services | 50,000 | 50,000 | ||||
Stock-based compensation | 87,500 | 87,500 | ||||
Net loss | (453,824) | (453,824) | ||||
Balance, amount at Sep. 30, 2020 | $ 50,229 | 8,219,893 | 197,412 | (8,245,889) | 221,675 | |
Balance, shares at Sep. 30, 2020 | 50,228,469 | |||||
Balance, amount at Dec. 31, 2020 | $ 51,029 | 8,431,593 | 724,314 | (8,739,233) | 467,703 | |
Balance, shares at Dec. 31, 2020 | 51,028,469 | |||||
Common stock issued for cash, shares | 120,000 | |||||
Common stock issued for cash | $ 120 | 29,880 | 30,000 | |||
Stock-based compensation | 50,000 | 50,000 | ||||
Common Stock issued under subscription, shares | 28,200,000 | |||||
Common Stock issued under subscription | $ 28,200 | 696,114 | (724,314) | |||
Net loss | (356,748) | (356,748) | ||||
Balance, amount at Mar. 31, 2021 | $ 79,349 | 9,207,587 | (9,095,981) | 190,955 | ||
Balance, shares at Mar. 31, 2021 | 79,348,469 | |||||
Balance, amount at Dec. 31, 2020 | $ 51,029 | 8,431,593 | 724,314 | (8,739,233) | $ 467,703 | |
Balance, shares at Dec. 31, 2020 | 51,028,469 | |||||
Common stock issued for cash, shares | 120,000 | |||||
Common stock issued for cash | $ 30,000 | |||||
Net loss | (717,720) | |||||
Balance, amount at Sep. 30, 2021 | $ 79,349 | 9,307,587 | (9,456,953) | (70,017) | ||
Balance, shares at Sep. 30, 2021 | 79,348,469 | |||||
Balance, amount at Mar. 31, 2021 | $ 79,349 | 9,207,587 | (9,095,981) | 190,955 | ||
Balance, shares at Mar. 31, 2021 | 79,348,469 | |||||
Stock-based compensation | 50,000 | 50,000 | ||||
Net loss | (242,606) | (242,606) | ||||
Balance, amount at Jun. 30, 2021 | $ 79,349 | 9,257,587 | (9,338,587) | (1,651) | ||
Balance, shares at Jun. 30, 2021 | 79,348,469 | |||||
Stock-based compensation | 50,000 | 50,000 | ||||
Net loss | (118,366) | (118,366) | ||||
Balance, amount at Sep. 30, 2021 | $ 79,349 | $ 9,307,587 | $ (9,456,953) | $ (70,017) | ||
Balance, shares at Sep. 30, 2021 | 79,348,469 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (717,720) | $ (1,515,625) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 6,715 | 9,144 |
Gain on forgiveness of PPP loan | (9,384) | |
Amortization of prepaid consulting | 356,807 | |
Amortization of right of use asset | 7,981 | 9,355 |
Stock issued for services performed | 150,000 | 798,650 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 346,184 | (2,235) |
Operating lease liability | (7,981) | (9,355) |
Accounts payable | (7,504) | (9,707) |
Accounts payable-related party | 5,915 | |
Accrued expense | 45,043 | 13,504 |
Net cash used in operating activities | (186,666) | (343,547) |
Cash flows from investing activities: | ||
Net cash used in investing activities | ||
Cash flows from financing activities | ||
Proceeds from stock subscriptions | 358,582 | |
Proceeds from notes payable | 9,384 | |
Proceeds from issuance of common stock | 30,000 | |
Net cash provided by financing activities | 30,000 | 367,966 |
Net change in cash | (156,666) | 24,419 |
Cash at beginning of period | 188,506 | 7,079 |
Cash at end of period | 31,840 | 31,498 |
Supplemental schedule of cash flow information | ||
Cash paid for interest | ||
Cash paid for income tax | ||
Non-Cash Investing and Financing Activities | ||
Common stock issued for subscription payable | 724,314 | 676,711 |
Right-of-use operating lease assets obtained for operating lease liabilities | 11,647 | 11,934 |
Conversion of accrued interest for common stock | 10,000 | |
Common stock issued for prepaid consulting | 940,500 | |
Supplemental schedule of non-cash investing and financing | ||
Common stock issued for services | $ 150,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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, 2020 included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 31, 2021. 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, 2021. b. Revenue Recognition The Financial Accounting Standards Board (“FSB”) issued new guidance for the recognizing and reporting of revenue in contracts with customers. The effective date for implementation for public companies is January 1, 2018. The new guidance established a five-step analysis to be followed when determining the recognition of revenue. 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when, or as, the reporting organization satisfied a performance obligation. 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. 9 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 -0- and 84,000 shares subscribed but unissued in its calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020, respectively. 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, 2021 and 2020 there were -0- and 34,643,900, respectively, potential dilutive shares that needed to be considered as common share equivalents. As of September 30, 2021 and 2020 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. 10 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, 2021 | |
Going Concern | |
GOING CONCERN | NOTE 2 – GOING CONCERN The Company acknowledges that the funds on hand as of September 30, 2021, will not be sufficient to enable it to execute its business plan 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 $1,200,000 for the next twelve months. The Company is currently funded through December 31, 2021. 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, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment and related accumulated depreciation consisted of the following at September 30, 2021, and December 31, 2020: September 30, 2021 December 31, 2020 Computer and office $ 90,368 $ 90,368 Accumulated depreciation (85,452) (78,737) Total Property and Equipment $ 4,916 $ 11,631 Depreciation expense for the nine months ended September 30, 2021 and 2020 was $6,715 and $9,144, respectively. |
PREFERRED STOCK
PREFERRED STOCK | 9 Months Ended |
Sep. 30, 2021 | |
Preferred Stock Abstract | |
PREFERRED 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, 2021. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 5 – COMMON STOCK Stock Subscription Payable At September 30, 2021 and December 31, 2020, the Company had $-0- and $724,314, respectively, in stock subscriptions payable for which it is obligated to issue -0- and 28,902,684 shares of restricted common stock, respectively, pursuant to separate subscription agreements. Common Stock Issued for Cash During the nine months ending September 30, 2021, the Company issued 120,000 shares of restricted common stock for $30,000 to an unrelated investor. During the nine months ending September 30, 2020, 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: In 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 six months ended September 30, 2021 and 2020, 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. 12 Common Stock Issued for Services: The Company issued no shares of stock for services in the nine months ended September 30, 2021. 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. The Company incurred stock-based compensation of $126,125 during the nine-months ended September 30, 2020. As of September 30, 2021, the prepaid amount has been fully amortized. |
CONVERTIBLE PROMISSORY NOTES -
CONVERTIBLE PROMISSORY NOTES - Related Party | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
CONVERTIBLE PROMISSORY NOTES - Related Party | NOTE 6 – CONVERTIBLE PROMISSORY NOTES – Related Party In the early days of its operations the Company entered into two interest bearing convertible notes. One note was for $200,000, the other for $130,100, for a combined total of $340,000 plus interest. On March 23, 2021 the Company issued 28,000,000 shares of restricted common stock in full settlement of the notes and all accrued but unpaid interest. |
NOTE - SBA Loan
NOTE - SBA Loan | 9 Months Ended |
Sep. 30, 2021 | |
Notes Payable, Noncurrent [Abstract] | |
NOTE - SBA Loan | NOTE 7 – NOTE – SBA Loan $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. Under the terms of the program the Company applied for forgiveness of the total amount due under the note. On May 3, 2021 the Company received a letter advising that their request for forgiveness of all principal and accrued interest was approved. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – 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 for $950 per month. In November 2017 the Company signed a six-month extension of the lease with a lease payment of $978 per month. In March 2018 the Company extended the lease agreement through August 31, 2019 at a rate of $1,008 per month. In July 2019 the Company extended the lease agreement through August 31, 2020 at a rate of $1,038 per month. In July 2021 the Company extended the lease agreement through August 31, 2022 at a rate of $1,058 per month. Amortization of $7,981 was recorded as rent expense in the nine month period ended September 30, 2021, leaving an operating right-of-use asset at September 30, 2021 of $11,647 and an operating lease liability of $11,647. Amortization of $9,355 was recorded as rent expense for the nine month period ended September 30, 2020. Obligations under this lease are as follows: 2021 2022 2023 Office lease $ 3,174 $ 8,464 $ - 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. Consulting 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 received 500,000 shares of restricted common stock and Mr. Kristensen received 100,000 shares of restricted stock for their services. The fair-value of the stock was $565,500 and was recorded as a prepaid. The prepaid amount was amortized over the period of the agreement and, at September 30, 2021, there is no remaining balance. 13 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 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS The Company has evaluated subsequent events pursuant to ASC Topic 855 and has determined that there are no events that require disclosure as of the date of issuance. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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, 2020 included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 31, 2021. 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, 2021. |
Revenue Recognition | b. Revenue Recognition The Financial Accounting Standards Board (“FSB”) issued new guidance for the recognizing and reporting of revenue in contracts with customers. The effective date for implementation for public companies is January 1, 2018. The new guidance established a five-step analysis to be followed when determining the recognition of revenue. 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when, or as, the reporting organization satisfied a performance obligation. 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 -0- and 84,000 shares subscribed but unissued in its calculation of basic and diluted earnings per share for the three and nine months ended September 30, 2021 and 2020, respectively. 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, 2021 and 2020 there were -0- and 34,643,900, respectively, potential dilutive shares that needed to be considered as common share equivalents. As of September 30, 2021 and 2020 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. |
Concentrations 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. |
Stock-based Compensation | 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 |
Recent 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. |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | Property and equipment and related accumulated depreciation consisted of the following at September 30, 2021, and December 31, 2020: September 30, 2021 December 31, 2020 Computer and office $ 90,368 $ 90,368 Accumulated depreciation (85,452) (78,737) Total Property and Equipment $ 4,916 $ 11,631 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Finance Leases | Obligations under this lease are as follows: 2021 2022 2023 Office lease $ 3,174 $ 8,464 $ - |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 0 | 84,000 | 0 | 84,000 | 28,902,684 |
Dilutive Shares | 0 | 34,643,900 |
GOING CONCERN (Details)
GOING CONCERN (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Going Concern | |
Planned expenditures | $ 1,200,000 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Computer and office | $ 90,368 | $ 90,368 | |
Accumulated depreciation | (85,452) | (78,737) | |
Total Property and Equipment | 4,916 | $ 11,631 | |
Depreciation and amortization | $ 6,715 | $ 9,144 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred Stock Abstract | ||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Equity [Abstract] | ||||||||
Common Stock, Share Subscribed but Unissued, Subscriptions Receivable | $ 0 | $ 0 | $ 724,314 | |||||
Stock Issued During Period, Shares, Period Increase (Decrease) | 0 | 84,000 | 0 | 84,000 | 28,902,684 | |||
Stock issued for cash, Shares | 120,000 | 200,000 | ||||||
Stock issued for cash | $ 30,000 | $ 30,000 | $ 50,000 | |||||
Stock to be issued for conversion of interest on convertible note, shares | 1,000,000 | |||||||
Stock to be issued for conversion of interest on convertible note | $ 10,000 | $ 10,000 | ||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 1,545,000 | |||||||
1545000 shares issued for services | $ 1,066,650 | |||||||
Merrell stock compensation | 2,000,000 | |||||||
Merrell stock compensation value | $ 500,000 | |||||||
Merrell stock compensation Amount | $ 150,000 | $ 150,000 | ||||||
Merrell additional stock compensation | 500,000 | |||||||
Merrell additional stock compensation Amount | $ 435,000 | |||||||
Stock issued for prepaid services | $ 50,000 | $ 940,500 | 940,500 | |||||
Shares issued for services amount paid | $ 126,125 | |||||||
Waterside capital adviserincentive shares | 2,000,000 |
CONVERTIBLE PROMISSORY NOTES _2
CONVERTIBLE PROMISSORY NOTES - Related Party (Details) | 9 Months Ended |
Sep. 30, 2021USD ($)shares | |
SCS Total settlement shares | shares | 28,000,000 |
Convertible notes one [Member] | |
Debt instrument face amount | $ 200,000 |
Convertible notes two [Member] | |
Debt instrument face amount | 130,100 |
Convertible notes [Member] | |
Debt instrument face amount | $ 340,000 |
NOTE - SBA Loan (Details)
NOTE - SBA Loan (Details) - Paycheck Protection Program [Member] | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Proceeds from debt | $ 9,384 |
Annual Interest rate debt | 1.00% |
Debt maturity date | May 8, 2022 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) | 1 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | 14 Months Ended | 18 Months Ended | ||
Jul. 31, 2021 | Feb. 28, 2017 | May 31, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Aug. 31, 2020 | Aug. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Monthly office lease payment | $ 1,058 | $ 950 | $ 978 | $ 1,038 | $ 1,008 | |||
Amortization of right of use asset | $ 7,981 | $ 9,355 | ||||||
Operating lease right-of-use of assets | 11,647 | $ 7,981 | ||||||
Operating lease liability | 11,647 | $ 7,981 | ||||||
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 | |||||||
Hanover compensation monthly payment | $ 3,500 | |||||||
Hanover total compensation shares | 750,000 | |||||||
Hanover tranche compensation shares | 187,500 | |||||||
Hanover total value | $ 375,000 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Schedule of Future Minimum Lease Payments for Finance Leases) (Details) | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Finance Leases, Future Minimum Payments Due, 2021 | $ 3,174 |
Finance Leases, Future Minimum Payments Due, 2022 | 8,464 |
Finance Leases, Future Minimum Payments Due, 2023 |