Nu-Med Plus, Inc. reported a net loss of $68,345 for the fiscal year ending December 31, 2024, a significant improvement compared to a net loss of $125,526 in the previous year. The company did not generate any revenue during this period, maintaining a consistent trend from the prior year. Operating expenses decreased to $63,331 from $120,526 in 2023, primarily due to reduced stock-based compensation and lower professional fees. The company’s total assets as of December 31, 2024, were $9,373, down from $13,456 in 2023, while total liabilities increased to $224,469 from $160,207.
In terms of strategic developments, Nu-Med Plus has focused on the development of medical devices utilizing nitric oxide, including a hospital delivery system and a portable device. However, product development has been suspended due to a lack of funding, and the company is currently seeking a merger partner to facilitate further development. The company has two employees and relies heavily on its management team for operations, which raises concerns about its capacity to execute its business plan effectively.
Operationally, Nu-Med Plus has not reported any customer counts or user statistics, as it has not yet brought any products to market. The company has issued 2,200,000 shares of restricted common stock to its officers and directors in recognition of services performed, reflecting its reliance on equity compensation to manage cash flow. The company’s stock has traded sporadically, with a closing price of $0.0740 as of June 30, 2024, resulting in an aggregate market value of approximately $3.24 million for shares held by non-affiliates.
Looking ahead, Nu-Med Plus faces significant challenges, including the need for additional capital to support operations and product development. The company has projected costs of approximately $1.25 million for the upcoming year but currently lacks the necessary funding. Management has indicated that without securing additional financing, the company may not be able to continue operations. The outlook remains uncertain as the company navigates the complexities of product development and regulatory approval processes in the medical device industry.