| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying unaudited condensed 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 financial statements of Nu-Med Plus, Inc. for the year ended December
31, 2023 included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 26, 2024. In particular,
the Company’s significant accounting principles were presented as Note 1 to the Financial Statements in that report. In the
opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed financial statements
and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements
are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. On April 25, 2024,
Nu-Med Plus, Inc. (the “Company”) entered into a Share Exchange Agreement (the “Share Exchange Agreement”)
for the merger of YourSpace America, Inc. (“YSA”) into the Company (the “Transaction”). The Company and YSA
may be referred to herein each as a “Party” and, collectively, as the “Parties.” On August 12, 2024,
the Share Exchange Agreement was amended to provide that the closing would take place upon the completion of the audit of the YSA
financial statements for the year ended December 31, 2023. Upon the Closing of the Transaction
(the “Closing”), YSA will become a wholly owned subsidiary of the Company, at which time, the Company, (as the surviving entity)
will assume all liabilities of YSA (as the merging entity) including any liabilities arising from, or in connection with, any contracts
assigned by YSA to the Company as part of the Transaction. Under the terms of the Share
Exchange Agreement, the Shareholders of YSA (the “Shareholders”) have agreed to sell 100% of the issued and outstanding shares
of YSA to the Company in exchange for the issuance of the Company’s Series A Preferred Stock, and Series X Preferred Stock, as follows: 4,500,000 shares of Series
A Preferred Stock will be issued to such YSA Shareholders as designated by YSA at Closing. Each share of Series A Preferred Stock will
carry 20:1 voting rights and will vote with the holders of Common Stock as one class, and each share will be convertible into 20 shares
of Common Stock. The Series A Preferred Stock does not pay dividends, does not have a liquidation preference and is not redeemable by
the Company. 1,000,000 shares of Series
X Preferred Stock will be issued to YSA’s President, CEO and Chief Investment Officer, William R. “Russ” Colvin at Closing.
Each share of Series X Preferred Stock will carry 100:1 voting rights and will vote with the holders of Common Stock as one class. The
Series X Preferred Stock will provide Mr. Colvin with majority voting control of the Company, and will not be convertible into Common
Stock. The Series X Preferred Stock does not pay dividends, does not have a liquidation preference and is not redeemable by the Company. Additionally, the Board of Directors of the Company
appointed Mr. Colvin as the Company’s President, Chief Executive Officer, and Director, at which time William Hayde was appointed
Executive Chairman of the Board. Keith Merrell will continue to serve as the Company’s Chief Financial Officer and Director, and
Jeffrey Robins will continue to serve as Director. b. Revenue Recognition The Financial Accounting Standards Board (“FASB”)
issued new guidance for the recognizing and reporting of revenue in contracts with customers. 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. 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. 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 property and equipment are depreciated are five to seven years. f. Fair Value Measurements 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
-0- shares subscribed but unissued in its calculation of basic and diluted earnings per share for the six months ended June 30, 2024 and
2023, 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 June 30, 2024 and 2023 there
were -0- and -0-, respectively, potential dilutive shares that needed to be considered as common share equivalents. As of June 30, 2024
and 2023 there were no dilutive shares and the basic and diluted calculation is the same. Had there been dilutive shares they would have
been 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 - 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. 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 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. |
