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Nu-Med Plus Inc (NUMD+2.73%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Nu-Med Plus is an emerging growth company focused on developing medical devices for nitric oxide delivery. Development on these devices has been suspended due to insufficient funding.
The company reported no revenues for the year and an operating loss of $63,331. Interest expenses amounted to $5,014, resulting in a net loss of $68,345 for the year.
As of December 31, 2024, Nu-Med Plus reported total assets of $9,373 and total liabilities of $224,469, resulting in a stockholders' deficit of $215,096.
Nu-Med Plus has been relying on a small group of investors for funding and has issued a convertible note of $100,000 to Your Space, Inc. The note is due on December 31, 2025, with a 5% interest rate.
The company has not yet submitted its products for FDA approval and anticipates that additional funding will be required to continue development and testing.
Nu-Med Plus has identified risks related to its operations, including the need for additional capital, regulatory hurdles, and competition from larger, well-financed companies.
The company has no current revenue streams and will rely on external funding to support its operations and product development efforts in the foreseeable future.
Nu-Med Plus's management acknowledges the substantial doubt about the company's ability to continue as a going concern due to its financial condition.
The filing also highlights that the company has no current customers and will not have any until product development and FDA approval are completed.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nu-Med Plus Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.