Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | NU-MED PLUS, INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 79,348,469 | |
Amendment Flag | false | |
Entity Central Index Key | 0001543637 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54808 | |
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 Interactive Data Current | Yes |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash | $ 11,675 | |
Prepaid expenses | 6,350 | |
Total current assets | 6,350 | 11,675 |
Long-term Assets | ||
Operating lease right-of-use assets | 2,056 | 8,222 |
Property and equipment, net | 34 | 2,266 |
Total assets | 8,440 | 22,163 |
Current liabilities | ||
Accounts payable | 59,549 | 27,744 |
Accounts payable – related party | 59,361 | 26,000 |
Accrued expense | 134,555 | 92,555 |
Operating lease liability | 2,056 | 8,222 |
Total current liabilities | 255,521 | 154,521 |
Long-term liabilities | ||
Total liabilities | 255,521 | 154,521 |
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 79,348,469 shares issued and outstanding, as of June 30, 2022 and December 31, 2021, respectively. | 79,349 | 79,349 |
Additional paid-in capital | 9,357,587 | 9,357,587 |
Accumulated deficit | (9,684,017) | (9,569,294) |
Total stockholders' deficit | (247,081) | (132,358) |
Total liabilities and stockholders' deficit | $ 8,440 | $ 22,163 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | ||
Preferred Stock, Shares Outstanding | ||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 90,000,000 | 90,000,000 |
Common Stock, Shares, Issued | 79,348,469 | 79,348,469 |
Common Stock, Shares, Outstanding | 79,348,469 | 79,348,469 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | ||||
General and administrative expense | 11,238 | 5,936 | $ 14,199 | $ 13,770 |
Payroll expense | 12,000 | 67,486 | 24,000 | 136,972 |
Rent expense | 4,235 | 6,265 | 7,412 | 12,529 |
Professional and consulting fees | 30,380 | 170,886 | 69,880 | 441,401 |
Depreciation expense | 217 | 1,417 | 2,232 | 4,066 |
Total operating expenses | 58,070 | 251,990 | 117,723 | 608,738 |
Operating Loss | (58,070) | (251,990) | (117,723) | (608,738) |
Other income (expense) | ||||
Gain on sale of assets | 3,000 | |||
Gain on forgiveness of debt | 9,384 | 9,384 | ||
Total other income (expense) | 9,384 | 3,000 | 9,384 | |
Net loss before income tax | (58,070) | (242,606) | (114,723) | (599,354) |
Income tax expense | ||||
Net loss | $ (58,070) | $ (242,606) | $ (114,723) | $ (599,354) |
Basic and diluted loss per share (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average common shares outstanding - basic and diluted (in Shares) | 79,348,469 | 79,348,469 | 79,348,469 | 79,312,668 |
Condensed Statements of Opera_2
Condensed Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net loss per share applicable to common stockholders - basic and diluted | $ 0 | $ 0 | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding, basic and diluted | 79,348,469 | 79,348,469 | 79,348,469 | 79,312,668 |
Statements of Stockholders_ Def
Statements of Stockholders’ Deficit (Unaudited) - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Stock Subscription Payable | Total |
Balance at Dec. 31, 2020 | $ 51,029 | $ 8,431,593 | $ (8,739,233) | $ 724,314 | $ 467,703 | |
Balance (in Shares) at Dec. 31, 2020 | 51,028,469 | |||||
Common stock issued for cash | $ 120 | 29,880 | 30,000 | |||
Common stock issued for cash (in Shares) | 120,000 | |||||
Stock-based compensation | 50,000 | 50,000 | ||||
Common stock issued under subscription agreements | $ 28,200 | 696,114 | (724,314) | |||
Common stock issued under subscription agreements (in Shares) | 28,200,000 | |||||
Net loss | (356,748) | (356,748) | ||||
Balance at Mar. 31, 2021 | $ 79,349 | 9,207,587 | (9,095,981) | 190,955 | ||
Balance (in Shares) at Mar. 31, 2021 | 79,348,469 | |||||
Balance at Dec. 31, 2020 | $ 51,029 | 8,431,593 | (8,739,233) | 724,314 | 467,703 | |
Balance (in Shares) at Dec. 31, 2020 | 51,028,469 | |||||
Net loss | (599,354) | |||||
Balance at Jun. 30, 2021 | $ 79,349 | 9,257,587 | (9,338,587) | (1,651) | ||
Balance (in Shares) at Jun. 30, 2021 | 79,348,469 | |||||
Balance at Mar. 31, 2021 | $ 79,349 | 9,207,587 | (9,095,981) | 190,955 | ||
Balance (in Shares) at Mar. 31, 2021 | 79,348,469 | |||||
Stock-based compensation | 50,000 | 50,000 | ||||
Net loss | (242,606) | (242,606) | ||||
Balance at Jun. 30, 2021 | $ 79,349 | 9,257,587 | (9,338,587) | (1,651) | ||
Balance (in Shares) at Jun. 30, 2021 | 79,348,469 | |||||
Balance at Dec. 31, 2021 | $ 79,349 | 9,357,587 | (9,569,294) | (132,358) | ||
Balance (in Shares) at Dec. 31, 2021 | 79,348,469 | |||||
Net loss | (56,653) | (56,653) | ||||
Balance at Mar. 31, 2022 | $ 79,349 | 9,357,587 | (9,625,947) | (189,011) | ||
Balance (in Shares) at Mar. 31, 2022 | 79,348,469 | |||||
Balance at Dec. 31, 2021 | $ 79,349 | 9,357,587 | (9,569,294) | (132,358) | ||
Balance (in Shares) at Dec. 31, 2021 | 79,348,469 | |||||
Net loss | (114,723) | |||||
Balance at Jun. 30, 2022 | $ 79,349 | 9,357,587 | (9,684,017) | (247,081) | ||
Balance (in Shares) at Jun. 30, 2022 | 79,348,469 | |||||
Balance at Mar. 31, 2022 | $ 79,349 | 9,357,587 | (9,625,947) | (189,011) | ||
Balance (in Shares) at Mar. 31, 2022 | 79,348,469 | |||||
Net loss | (58,070) | (58,070) | ||||
Balance at Jun. 30, 2022 | $ 79,349 | $ 9,357,587 | $ (9,684,017) | $ (247,081) | ||
Balance (in Shares) at Jun. 30, 2022 | 79,348,469 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (114,723) | $ (599,354) |
Adjustment to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation | 2,232 | 4,065 |
Gain on sale of equipment | (3,000) | |
Gain on forgiveness of debt | (9,384) | |
Amortization of right of use asset | 6,166 | 5,986 |
Stock issued for services performed | 100,000 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (6,350) | 342,279 |
Operating lease liability | (6,166) | (5,986) |
Accounts payable | 31,805 | (19,304) |
Accounts payable-related party | 33,361 | 6,000 |
Accrued expense | 42,000 | 30,023 |
Net cash used in operating activities | (14,675) | (145,675) |
Cash flows from investing activities: | ||
Proceeds from sale of equipment | 3,000 | |
Net cash provided by investing activities | 3,000 | |
Cash flows from financing activities | ||
Proceeds from issuance of common stock | 30,000 | |
Net cash provided by financing activities | 30,000 | |
Net change in cash | (11,675) | (115,675) |
Cash at beginning of period | 11,675 | 188,506 |
Cash at end of period | 72,831 | |
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 | |
Supplemental schedule of non-cash investing and financing | ||
Common stock issued for subscription payable | $ 100,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
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 effect 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, 2021 included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 31, 2022. 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, 2022. 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 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 three and six months ended June 30, 2022 and 2021, 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, 2022 and 2021 there were -0- and -0-, respectively, potential dilutive shares that needed to be considered as common share equivalents. As of June 30, 2022 and 2021 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. 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 | 6 Months Ended |
Jun. 30, 2022 | |
Going Concern | |
GOING CONCERN | NOTE 2 - GOING CONCERN The Company acknowledges that the funds on hand as of June 30, 2022, 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 August 31, 2022. 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 | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022, and December 31, 2021: June 30, 2022 December 31, 2021 Computer and office equipment $ 83,893 $ 90,368 Accumulated depreciation (83,859) (88,102) Total Property and Equipment $ 34 $ 2,266 Depreciation expense for the six months ended June 30, 2022 and 2021 was $2,232 and $4,066, respectively. The Company relocated its laboratory facilities to another location. At the time of the move it sold the laboratory hood to the lease moving into that space for the amount of $3,000. The hood was fully depreciated and the Company has recorded the gain on sale of $3,000 in this financial presentation. |
PREFERRED STOCK
PREFERRED STOCK | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 5 - COMMON STOCK There are 90,000,000 shares of common stock with a par value of $0.001 authorized. At June 30, 2022 and December 31, 2021, there were 79,348,469 and 79,348,469 shares of common stock issued and outstanding, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 - 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 $6,166 was recorded as rent expense in the six month period ended June 30, 2022, leaving an operating right-of-use asset at June 30, 2022 of $2,056 and an operating lease liability of $2,056. Obligations under this lease are as follows: 2022 2023 2024 Office lease $ 2,056 $ - $ - As of June 30, 2022, the following disclosures for remaining lease term and incremental borrowing rates were applicable: Supplemental Disclosures Six Months Ended June 30, 2022 Weighted average remaining lease term .17 years Weighted average discount rate 8.00% 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 AGREEMENTS
CONSULTING AGREEMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
CONSULTING AGREEMENTS | NOTE 7 – CONSULTING AGREEMENTS 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 June 30, 2022, there is no remaining balance. 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 receives a fee of $3,500 per month, from which fee it pays all of its expenses. In addition, Hanover received 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 June 30, 2022 all of the shares to which the Company is obligated under this agreement have been issued and the total value of $375,000 has been fully amortized. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 - 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. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
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, 2021 included in the Company’s Form 10-K filed with the Securities and Exchange Commission on March 31, 2022. 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, 2022. |
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 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. |
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 property and equipment are depreciated are five to seven years. |
Fair Value Measurements | 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. |
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 -0- shares subscribed but unissued in its calculation of basic and diluted earnings per share for the three and six months ended June 30, 2022 and 2021, 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, 2022 and 2021 there were -0- and -0-, respectively, potential dilutive shares that needed to be considered as common share equivalents. As of June 30, 2022 and 2021 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. |
Concentrations and Credit Risk | h. Concentrations and Credit Risk - |
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) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | June 30, 2022 December 31, 2021 Computer and office equipment $ 83,893 $ 90,368 Accumulated depreciation (83,859) (88,102) Total Property and Equipment $ 34 $ 2,266 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Finance Leases | 2022 2023 2024 Office lease $ 2,056 $ - $ - |
Schedule of lease term and incremental borrowing rates | Supplemental Disclosures Six Months Ended June 30, 2022 Weighted average remaining lease term .17 years Weighted average discount rate 8.00% |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Accounting Policies [Abstract] | |
Useful life of existing assets | $ 500 |
GOING CONCERN (Details)
GOING CONCERN (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Going Concern | |
Planned expenditures | $ 1,200,000 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 4,066 | $ 2,232 |
Lease amount of laboratory hood | 3,000 | |
Gain on sale of equipment | $ 3,000 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details) - Schedule of property and equipment - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of property and equipment [Abstract] | ||
Computer and office equipment | $ 83,893 | $ 90,368 |
Accumulated depreciation | (83,859) | (88,102) |
Total Property and Equipment | $ 34 | $ 2,266 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 | Oct. 19, 2011 |
Preferred Stock Abstract | |||
Preferred stock, share authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
COMMON STOCK (Details)
COMMON STOCK (Details) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares, issued | 79,348,469 | 79,348,469 |
Common stock, shares outstanding | 79,348,469 | 79,348,469 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 14 Months Ended | 18 Months Ended | ||||
Nov. 30, 2017 | Feb. 28, 2017 | Jun. 30, 2022 | Jun. 30, 2021 | Aug. 31, 2022 | Aug. 31, 2020 | Aug. 31, 2019 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Monthly office lease payment | $ 978 | $ 950 | $ 1,058 | $ 1,038 | $ 1,008 | |||
Rent expense | $ 6,166 | $ 5,986 | ||||||
Operating right-of-use asset | 2,056 | $ 8,222 | ||||||
Operating lease, liability | $ 2,056 | $ 8,222 | ||||||
Discount rate | 8% |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of Future Minimum Lease Payments for Finance Leases | Jun. 30, 2022 USD ($) |
Schedule of Future Minimum Lease Payments for Finance Leases [Abstract] | |
Finance Leases, Future Minimum Payments Due, 2022 | $ 2,056 |
Finance Leases, Future Minimum Payments Due, 2023 | |
Finance Leases, Future Minimum Payments Due, 2024 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of lease term and incremental borrowing rates | Jun. 30, 2022 |
Schedule of lease term and incremental borrowing rates [Abstract] | |
Weighted average remaining lease term | 17 years |
Weighted average discount rate | 8% |
CONSULTING AGREEMENTS (Details)
CONSULTING AGREEMENTS (Details) - USD ($) | 1 Months Ended | |
Mar. 15, 2020 | Jun. 30, 2020 | |
Share-Based Payment Arrangement [Abstract] | ||
Consulting agreements, description | In addition, Hanover received 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 June 30, 2022 all of the shares to which the Company is obligated under this agreement have been issued and the total value of $375,000 has been fully amortized. | the terms of the agreements Mr. Gill received 500,000 shares of restricted common stock and Mr. Kristensen received 100,000shares 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 June 30, 2022, there is no remaining balance. |
Term contract | 1 year | |
Fee pay expenses | $ 3,500 |