| 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. 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. On October 28, 2024 the Company received notice from YSA that they were
terminating the Share Exchange Agreement. Accompanying their notice was a letter of resignation from Mr. Colvin, resigning his position
as President, Chief Executive Officer, and Director effective immediately. The Board of Directors of the Company accepted the resignation
and appointed Mr. Hayde to the office of President and Chief Executive Officer. The Company filed a Form 8-K disclosing the termination
of the Share Exchange Agreement and the change in executive officers on October 30, 2024. 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 nine months ended September 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 September 30, 2024 and 2023 there were -0- and -0-, respectively, potential dilutive shares that needed to be considered as common
share equivalents. As of September 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. |
