Special Note Regarding Forward-Looking Statements
Certain statements in this Report constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our 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 Company's accounting policies are more fully described in Note 2 of the
audited financial statements in our recently filed Form 10-K. As discussed in
Note 2, the preparation of financial statements and related disclosures in
conformity with accounting principles generally accepted in
We recognize revenue in accordance with ASC 606, which establishes a five-step analysis to be followed when determining the recognition of revenue. 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.
Our policy for our allowance for doubtful accounts will be maintained to provide for losses arising from customers' inability to make required payments. If there is deterioration of our customers' credit worthiness and/or there is an increase in the length of time that the receivables are past due greater than the historical assumptions used, additional allowances may be required.
We account for income taxes in accordance with the Tax Cuts and Jobs Act and
13 BUSINESS OVERVIEW
Business
The mission of NU-MED is to design, develop, and market technologies in the medical device field. Our technologies will focus on market niches in high growth trend areas. We hope each developed technology will fill a current need in medical procedures by improving upon an existing technology or device, or by designing a device to serve a need that is clearly defined and acknowledged by medical professionals.
NU-MED is a medical device company principally engaged in the design, innovation, development, enhancement and commercialization of beginning, early, and selective later-stage quality medical devices. The mission of NU-MED is to design, develop, and market technologies utilizing nitric oxide in the medical device field. Our technologies focus on market niches in high growth trend areas. Our products are developed to target a current need in medical procedures by improving upon an existing technology or device or by designing a device to serve a currently unfilled need that is clearly defined and acknowledged by medical professionals. Our focus has been on the creation of a nitric oxide generating formulation, a hospital bedside nitric oxide delivery system, a clinical unit for use in medical clinics and rehabilitation centers and a mobile device to deliver nitric oxide gas to offer new and innovative solutions to hospitals, health systems and the medical community throughout the world.
1. Nitric oxide proprietary formulation.
2. A hospital delivery device with controls and safety monitors built in that delivers inhaled nitric oxide to a patient at therapeutic levels. This delivery system is intended for hospitals specifically intensive care units. The goal is to have a system that delivers a metered therapeutic dose (up to 40 ppm) of nitric oxide via a ventilator. The core technology allows dilution of nitric oxide to therapeutic levels to be accomplished without the use of injectors or valves. Safeguards such as concentration monitoring, flow and gas purity would be standard.
3. A clinical delivery unit that is designed for treatment in an office or physician's clinic. A unit powered by a wall outlet, administration of the nitric oxide would be via cannula or non-rebreather face mask
4. A compact, mobile/portable device to deliver inhaled nitric oxide gas. The portable system necessitates a design which can be deployed where a reliable source of power is not available or is difficult to access. The unit can be operated with a rechargeable battery pack that powers the unit for the full duration of a therapeutic session or an updated design that requires no electrical power for operation. It unit run by electrical power can be recharged using existing electrical sources, a solar array or other alternative energy source. The unit is designed as a low power but fully functional nitric oxide delivery system for inhalation therapy, that can be used as a transport device during the movement of a patient or as a delivery device in those remote areas of the world that do not currently have electrical power readily available.
5. A unit that is one of the world's first nitric oxide dilution systems designed
for research. A patent pending technology utilizes pure 100% nitric oxide from a pressurized tank source and dilutes it with air or other 14
non-reactive diluent gas to provide a 1 to 500 ppm source of high purity nitric oxide for investigational applications.
Obtaining FDA approval for a medical device is a long and expensive process. It has been difficult to obtain the funds required to move this project to completion. Management has concluded that the best pathway forward is to find a partner who either has or is able to obtain the necessary financing to bring this project to completion. The form of such a transaction could range from a merger with another company, a joint venture, the sale of our technology or a licensing agreement. Management, along with its consultants, is actively pursuing such an option. As of this date no viable candidate has been identified, nor has any agreement been entered into. If the Company is unable to successfully achieve any of the before referenced initiatives it may be required to cease operations.
LIQUIDITY AND CAPITAL RESOURCES
At
RESULTS OF OPERATIONS
Three Month Periods Ended
For the three months ended
Six Month Periods Ended
For the six months ended
15
Off-Balance Sheet Arrangements.
The Company does not have any off-balance sheet arrangements and it is not anticipated that the Company will enter into any off-balance sheet arrangements.
Forward-looking Statements
Our Company and our representatives may from time to time make written or oral
statements that are "forward-looking," including statements contained in this
Quarterly Report and other filings with the
Changes in Company-wide strategies, which may result in changes in the types or
mix of businesses in which our Company is involved or chooses to invest; changes
in
This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative, but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.
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