Nu-Med Plus Files Q2 2024 10-Q Report

TL;DR

Nu-Med Plus filed its Q2 10-Q. Check financials.

AI Summary

Nu-Med Plus, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, incorporated in Utah with its principal executive offices in Port Jefferson, NY, operates in the Surgical & Medical Instruments & Apparatus industry. The filing details its financial performance and operational status for the quarter.

Why It Matters

This filing provides investors and stakeholders with an update on Nu-Med Plus, Inc.'s financial health and operational activities for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not inherently indicate new risks.

Key Players & Entities

• Nu-Med Plus, Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 20240821 (date) — Filing date
• Utah (location) — State of incorporation
• Port Jefferson, NY (location) — Principal executive offices
• Surgical & Medical Instruments & Apparatus (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $0.001 — August 14, 2024. 83,548,469 shares of $0.001 par value common stock on August 14, 20

Filing Documents

• numd-20240630.htm.htm (10-Q) — 273KB
• ex31-1.htm (EX-31) — 7KB
• ex31-2.htm (EX-31) — 8KB
• ex32.htm (EX-32) — 4KB
• 0001548123-24-000107.txt ( ) — 1941KB
• numd-20240630.xsd (EX-101.SCH) — 19KB
• numd-20240630_cal.xml (EX-101.CAL) — 20KB
• numd-20240630_def.xml (EX-101.DEF) — 85KB
• numd-20240630_lab.xml (EX-101.LAB) — 148KB
• numd-20240630_pre.xml (EX-101.PRE) — 80KB
• numd-20240630.htm_htm.xml (XML) — 113KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 5 ITEM 2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14 ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 19 ITEM 4

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 19 PART II OTHER INFORMATION 19 ITEM 1

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 19 ITEM 1A

RISK FACTORS

RISK FACTORS 20 ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 20 ITEM 3 DEFAULTS UPON SENIOR SECURITIES 20 ITEM 4 MINE SAFETY DISCLOSURE 20 ITEM 5 OTHER INFORMATION 20 ITEM 6 EXHIBITS 20

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Financial

Item 1. Financial NU-MED PLUS, INC.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (UNAUDITED) June 30, 2024 The financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the periods presented have been made. These financial statements should be read in conjunction with the Form 10-K for the period ended December 31, 2023, accompanying notes, and with the historical financial information of the Company. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. 4 Nu-Med Plus, Inc.

Financial Statements

Financial Statements (Unaudited) Table of Contents Page No. Condensed Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023 6 Condensed Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited) 7 Condensed Statements of Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 (unaudited) 8 Condensed Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 9 Notes to the Condensed Financial Statements (unaudited) 10 5 NU-MED PLUS, INC. Condensed Balance Sheets June 30, December 31, 2024 (unaudited) 2023 ASSETS Current assets Cash $ 4,041 $ 6,806 Prepaid expenses 7,000 6,650 Total current assets 11,041 13,456 Long-term assets Property and equipment, net - - Total assets $ 11,041 $ 13,456 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable $ 9,225 $ 8,089 Accounts payable – related party 68,586 46,118 Note payable 100,000 100,000 Accrued expenses 19,094 6,000 Total current liabilities 196,905 160,207 Long-term liabilities - - Total liabilities 196,905 160,207 Commitments and contingencies - - Stockholders' deficit Preferred stock; $ 0.001 par value; 10,000,000 authorized; no shares issued and outstanding - - Common stock; $ 0.001 par value; 90,000,000 authorized; 83,548,469 and 83,548,469 shares issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively. 83,549 83,549 Additional paid-in capital 9,594,687 9,594,687 Accumulated deficit ( 9,864,100 ) ( 9,824,987 ) Total stockholders' deficit ( 185,864 ) ( 146,751 ) Total liabilities and stockholders' deficit $ 11,041 $ 13,456 The accompanying notes are an integral part of these condensed financial statements. 6 NU-MED PLUS, INC. Condensed Statements of Operations (Unaudited) Three months ended June 30, 2024 Three months ended

financial statements for the year ended December 31, 2023

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 Financ

Management's

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Special Note Regarding Forward-Looking Statements Certain statements in this Report constitute "forward-looking actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include, among others, uncertainties relating to general economic and business conditions; industry trends; changes in demand for our products and services; uncertainties relating to customer plans and commitments and the timing of orders received from customers; announcements or changes in our pricing policies or that of our competitors; unanticipated delays in the development, market acceptance or installation of our products and services; changes in government regulations; availability of management and other key personnel; availability, terms and deployment of capital; relationships with third-party equipment suppliers; and worldwide political stability and economic growth. The words "believe," "expect," "anticipate," "intend" and "plan" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Critical Accounting Policies and Estimates The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circum

financial statements for the year ended December 31, 2023

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 out

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View this 10-Q filing on SEC EDGAR