---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2009

or

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 333-152-439

HEALTHMED SERVICES LTD.(Exact name of registrant as specified in its charter)

|Nevada                                                               | N/A                              
|-------------------------------------------------------------------- | ---------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (IRS Employer Identification No.)
|                                                                     |                                  
|1905 South Eastern Avenue, Las Vegas, Nevada                         | 89104                            
|(Address of principal executive offices)                             | (Zip Code)                       

480.229.3668(Registrants telephone number,
including area code)

N/A(Former name, former address
and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

[X] YES    [   ] NO

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a small
reporting company. See the definitions of large accelerated filer,
accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act

Large accelerated filer  [   ]
    
    Accelerated
      filer                
      [   ]Non-accelerated filer   [   ]
    (Do not check if a smaller
      reporting company)
    Smaller reporting company [X]


Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act

[X] YES    [   ] NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports
required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after
the distribution of securities under a plan confirmed by a court.

[   ] YES    [   ] NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the
issuers classes of common stock, as of the latest practicable date.
6,070,000 common shares issued and outstanding as of November 12, 2009

---

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

These financial statements have been prepared by Healthmed
Services Ltd. without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission (SEC). Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been omitted in accordance
with such SEC rules and regulations. In the opinion of management, the
accompanying statements contain all adjustments necessary to present fairly the
financial position of our company as of September 30, 2009, and our results of
operations, and our cash flows for the nine month period ended September 30,
2009.

The results for these interim periods are not necessarily
indicative of the results for the entire year. The accompanying financial
statements should be read in conjunction with the financial statements and the
notes thereto filed as a part of our companys Form 10-K.

---

HEALTHMED SERVICES LTD

(Development Stage Company)

Balance Sheets

|                                           |   | September   |   |   | December  |  
|------------------------------------------ | - | ----------- | - | - | --------- | -
|                                           |   | 30,         |   |   | 31,       |  
|                                           |   | 2009        |   |   | 2008      |  
|                                           |   | (Unaudited) |   |   | (Audited) |  
|ASSETS                                     |  
|Current Assets                             |   |             |   |   |           |  
|Cash                                       | $ | 1,982       |   | $ | 2,906     |  
|Total Assets                               | $ | 1,982       |   | $ | 2,906     |  
|LIABILITIES AND
      STOCKHOLDERS' EQUITY |  
|Liabilities                                |   |             |   |   |           |  
|Accounts Payable                           | $ | -           |   | $ | -         |  
|Total Liabilities                          |   | -           |   |   | -         |  
|Stockholders' Equity                       |   |             |   |   |           |  
|Common Stock, authorized                   |   |             |   |   |           |  
|25,000,000 shares, par
      value         |   |             |   |   |           |  
|$0.001, issued and outstanding on          |   |             |   |   |           |  
|June 30, 2009 and
      December 31,       |   |             |   |   |           |  
|2008 is 6,070,000 and 6,070,000            |   |             |   |   |           |  
|respectively                               |   | 6,072       |   |   | 6,072     |  
|Paid in Capital                            |   | 178,778     |   |   | 163,778   |  
|Subscriptions
      Receivable             |   | -           |   |   | -         |  
|Deficit Accumulated During the             |   |             |   |   |           |  
|Development Stage                          |   | (182,868    | ) |   | (166,944  | )
|Total Stockholders' Equity                 |   | 1,982       |   |   | 2,906     |  
|Total Liabilities and Stockholders' Equity | $ | 1,982       |   | $ | 2,906     |  

The accompanying notes are an integral part of these
statements

F-1

---

HEALTHMED SERVICES LTD

(Development Stage Company)

Statements of Operations

(Unaudited)

September 14,2000Nine Months Ended
      
      
      Three Months Ended
      
      
      (Inception)September
        30,
      
      
      September
        30,
      
      
      to Sept. 30,2009
      
      
      2008
      
      
      2009
      
      
      2008
      
      
      2009Revenue
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -ExpensesGeneral and Administrative
      
      6,344
      
      
      3,642
      
      
      683
      
      
      2,231
      
      
      35,361Professional Fees
      
      9,580
      
      
      16,800
      
      
      2,680
      
      
      3,150
      
      
      50,480Consulting Fees
      
      -
      
      
      8,427
      
      
      -
      
      
      7,177
      
      
      97,027Total Expenses
      
      15,924
      
      
      28,869
      
      
      3,363
      
      
      12,558
      
      
      182,868Net (Loss) Before Taxes
      
      (15,924
      )
      
      (28,869
      )
      
      (3,363
      )
      
      (12,558
      )
      
      (182,868
      )Provision for Income Tax
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      -Net (Loss)
      $
      (15,924
      )
      $
      (28,869
      )
      $
      (3,363
      )
      $
      (12,558
      )
      $
      (182,868
      )Basic and Diluted(Loss) per Share
      
      a
      
      
      a
      
      
      a
      
      
      aWeighted AverageNumber of Shares
      
      6,070,000
      
      
      6,070,000
      
      
      6,070,000
      
      
      6,070,000


a = Less than ($0.01) per share

The accompanying notes are an integral part of these notes

F-2

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HEALTHMEDSERVICESLTD

(Development Stage Company)

Statements of Stockholders Equity(Unaudited)

September 14, 2000 Inception to September 30, 2009

|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   | Deficit     |   |   |         |  
|-------------------------------- | --------- |  |  | -------------------- |  | - | ------- |  | - | ------------- |  | - | ----------- |  | - | ----------- | - | - | ------- | -
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   | Accumulated |   |   |         |  
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   | During the  |   |   |         |  
|                                 | Price     |  |  | Common
        Stock |  |   | Paid in |  |   | Subscriptions |  |   | Development |  |   | Total       |  
|                                 | Per Share |  |  | Shares               |  |   | Amount  |  |   | Capital       |  |   | Receivable  |  |   | Stage       |   |   | Equity  |  
|Balance, September 14, 2000      | -         |  |  | -                    |  | $ | -       |  | $ | -             |  | $ | -           |  | $ | -           |   | $ | -       |  
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Contributed Capital              |           |  |  |                      |  |   |         |  |   | 100           |  |   |             |  |   |             |   |   |         |  
|Net (Loss)                       |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   | (1,411      | ) |   | (1,411  | )
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Balance, December 31, 2000       |           |  |  | -                    |  |   | -       |  |   | 100           |  |   | -           |  |   | (1,411      | ) |   | (1,411  | )
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Net (Loss)                       |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   | (200        | ) |   | (200    | )
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Balance, December 31, 2001       |           |  |  | -                    |  |   | -       |  |   | 100           |  |   | -           |  |   | (1,611      | ) |   | (1,611  | )
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Net (Loss)                       |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   | (400        | ) |   | (400    | )
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Balance, December 31, 2002       |           |  |  | -                    |  |   | -       |  |   | 100           |  |   | -           |  |   | (2,011      | ) |   | (1,911  | )
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Common Shares issued to          |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|founders for cash April 20, 2003 | $0.002    |  |  | 3,000,000            |  |   | 3,000   |  |   | 4,000         |  |   |             |  |   |             |   |   | 7,000   |  
|Common Shares issued for         |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|cash in private placement        |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|October 1, 2003                  | $0.017    |  |  | 1,500,000            |  |   | 1,500   |  |   | 23,500        |  |   |             |  |   |             |   |   | 25,000  |  
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Net (Loss)                       |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   | (29,936     | ) |   | (29,936 | )
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Balance, December 31, 2003       |           |  |  | 4,500,000            |  |   | 4,500   |  |   | 27,600        |  |   | -           |  |   | (31,947     | ) |   | 153     |  
|                                 |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|Common Shares issued for         |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|cash in private placement        |           |  |  |                      |  |   |         |  |   |               |  |   |             |  |   |             |   |   |         |  
|on November 3, 2004              | $0.20     |  |  | 22,500               |  |   | 23      |  |   | 4,477         |  |   |             |  |   |             |   |   | 4,500   |  
|on November 4, 2004              | $0.20     |  |  | 22,500               |  |   | 23      |  |   | 4,477         |  |   |             |  |   |             |   |   | 4,500   |  
|on December 27, 2004             | $0.20     |  |  | 125,000              |  |   | 125     |  |   | 24,875        |  |   |             |  |   |             |   |   | 25,000  |  
|Common Shares issued for service | $0.20     |  |  | 12,500               |  |   | 13      |  |   | 2,487         |  |   |             |  |   |             |   |   | 2,500   |  
|Contributed Capital              |           |  |  |                      |  |   |         |  |   | 6,250         |  |   |             |  |   |             |   |   | 6,250   |  

F-3

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HEALTHMEDSERVICESLTD(Development Stage Company)

Statements of Stockholders Equity(Unaudited)

September 14, 2000 Inception to September 30, 2009

|                                |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   | Deficit     |   |   |         |  
|------------------------------- | - | --------- |  |  | ------------------ |  | - | ------- |  | - | ------------- |  | - | ----------- | - | - | ----------- | - | - | ------- | -
|                                |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   | Accumulated |   |   |         |  
|                                |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   | During the  |   |   |         |  
|                                |   | Price     |  |  | Common
      Stock |  |   | Paid in |  |   | Subscriptions |  |   | Development |   |   | Total       |  
|                                |   | Per Share |  |  | Shares             |  |   | Amount  |  |   | Capital       |  |   | Receivable  |   |   | Stage       |   |   | Equity  |  
|Net (Loss)                      |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   | (22,571     | ) |   | (22,571 | )
|Balance, December 31, 2004      |   |           |  |  | 4,682,500          |  |   | 4,684   |  |   | 70,166        |  |   | -           |   |   | (54,518     | ) |   | 20,332  |  
|Common Shares Subscribed        |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|in 504 offering                 | $ | 0.04      |  |  | 1,088,500          |  |   | 1,089   |  |   | 42,451        |  |   | (43,540     | ) |   |             |   |   | -       |  
|Contributed Capital             |   |           |  |  |                    |  |   |         |  |   | 25,000        |  |   |             |   |   |             |   |   | 25,000  |  
|Net (Loss)                      |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   | (39,199     | ) |   | (39,199 | )
|Balance, December 31, 2005      |   |           |  |  | 5,771,000          |  |   | 5,773   |  |   | 137,617       |  |   | (43,540     | ) |   | (93,717     | ) |   | 6,133   |  
|Common Shares Issued and Cash   |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|received in 504 offering net of |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|$5,500 offering costs           | $ | 0.04      |  |  | 299,000            |  |   | 299     |  |   | 6,161         |  |   | 43,540      |   |   |             |   |   | 50,000  |  
|Net (Loss)                      |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   | (29,095     | ) |   | (29,095 | )
|Balance, December 31, 2006      |   |           |  |  | 6,070,000          |  |   | 6,072   |  |   | 143,778       |  |   | -           |   |   | (122,812    | ) |   | 27,038  |  
|Net (Loss)                      |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   | (10,518     | ) |   | (10,518 | )
|Balance, December 31, 2007      |   |           |  |  | 6,070,000          |  |   | 6,072   |  |   | 143,778       |  |   | -           |   |   | (133,330    | ) |   | 16,520  |  
|Contributed Capital             |   |           |  |  |                    |  |   |         |  |   | 20,000        |  |   |             |   |   |             |   |   | 20,000  |  
|Net (Loss)                      |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   | (33,614     | ) |   | (33,614 | )
|Balance, December 31, 2008      |   |           |  |  | 6,070,000          |  |   | 6,072   |  |   | 163,778       |  |   | -           |   |   | (166,944    | ) |   | 2,906   |  
|Contributed Capital             |   |           |  |  |                    |  |   |         |  |   | 15,000        |  |   |             |   |   |             |   |   | 15,000  |  
|Net (Loss)                      |   |           |  |  |                    |  |   |         |  |   |               |  |   |             |   |   | (15,924     | ) |   | (15,924 | )
|Balance, September 30, 2009     |   |           |  |  | 6,070,000          |  | $ | 6,072   |  | $ | 178,778       |  | $ | -           |   | $ | (182,868    | ) | $ | 1,982   |  

On October 2, 2003 the Company executed a 3 to 1 forward stock
split and on October 15, 2005 executed a 1:2 reverse stock split. These splits
have been retroactively applied to this schedule including the impact on price
per share.

The accompanying notes are an integral part of these
statements

F-4

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HEALTHMED SERVICES LTD

Statements of Cash Flows

(Unaudited)

September 14,2000Nine Months Ended
      
      
      Three Months Ended
      
      
      (Inception)September
        30,
      
      
      September
        30,
      
      
      to Sept 30,2009
      
      
      2008
      
      
      2009
      
      
      2008
      
      
      2009Operating ActivitiesNet (Loss)
      $
      (15,924
      )
      $
      (28,869
      )
      $
      (3,363
      )
      $
      (12,558
      )
      $
      (182,868
      )Increase in Accounts PayableDecrease in Accounts Payable
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      -Decrease in Loans Payable
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      -Net Cash (Used) by Operating Activities
      
      (15,924
      )
      
      (28,869
      )
      
      (3,363
      )
      
      (12,558
      )
      
      (182,868
      )Financing ActivitiesProceeds from contributed Capital
      
      15,000
      
      
      10,000
      
      
      -
      
      
      10,000
      
      
      60,000Proceeds from sale of Common Stock
      
      -
      
      
      -
      
      
      -
      
      
      -
      
      
      124,850Cash Provided by Financing Activities
      
      15,000
      
      
      20,000
      
      
      -
      
      
      10,000
      
      
      184,850Net Increase in Cash
      
      (924
      )
      
      (8,869
      )
      
      (3,363
      )
      
      (2,558
      )
      
      1,982Cash, Beginning of Period
      
      2,906
      
      
      16,520
      
      
      5,345
      
      
      10,209
      
      
      -Cash, End of Period
      $
      1,982
      
      $
      7,651
      
      $
      1,982
      
      $
      7,651
      
      $
      1,982Supplemental Information:Interest Paid
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -Income Taxes Paid
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -
      
      $
      -


The accompanying notes are an integral part of these statements

F-5

---

Healthmed Services, LTD.(A Development Stage
Company)

NOTES TO UNAUDITED FINANCIAL STATEMENTS(September 30,
2009 and December 31, 2008)

NOTE 1.GENERAL ORGANIZATION AND BUSINESS

Healthmed Services, LTD (The Company) was incorporated on
September 14, 2000 as Telemax Communications, Inc, under the laws of the State
of Nevada. On July 14, 2003 the Company changed its name to Healthmed Services.
The Company has no operations and in accordance with Financial Accounting
Standards Board Accounting Standards Codification (FASB ASC) is considered to be
in the development stage.

NOTE 2.SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

Accounting Basis

These financial statements are prepared on the accrual basis of
accounting in conformity with accounting principles generally accepted in the
United States of America.

Cash and Cash Equivalents

For the purpose of the statement of cash flows, cash
equivalents include all highly liquid investments with maturity of three months
or less.

Cash Balances

The Company maintains its cash in institutions insured by the
Federal Deposit Insurance Corporation (FDIC). This government corporation
insured balances up to $100,000 through October 13, 2008. As of October 14, 2008
all non-interest bearing transaction deposit accounts at an FDIC-insured
institution, including all personal and business checking deposit accounts that
do not earn interest, are fully insured for the entire amount in the deposit
account. This unlimited insurance coverage is temporary and will remain in
effect for participating institutions until December 31, 2009.

All other deposit accounts at FDIC-insured institutions are
insured up to at least $250,000 per depositor until December 31, 2009. On
January 1, 2010, FDIC deposit insurance for all deposit accounts, except for
certain retirement accounts, will return to at least $100,000 per depositor.
Insurance coverage for certain retirement accounts, which include all IRA
deposit accounts, will remain at $250,000 per depositor.

Earnings (Loss) per Share

The basic earnings (loss) per share are calculated by dividing
the Companys net income available to common shareholders by the weighted
average number of common shares outstanding during the year. The diluted
earnings (loss) per share are calculated by dividing the Companys net income
(loss) available to common shareholders by the diluted weighted average number
of shares outstanding during the year. The diluted weighted average number of
shares outstanding is the basic weighted number of shares adjusted as of the
first of the year for any potentially dilutive debt or equity. There are no
diluted shares outstanding.

Advertising Costs

The Companys policy regarding advertising is to expense
advertising when incurred. The Company had not incurred any advertising expense
as of December 31, 2008.

F-6

---

Dividends

The Company has not adopted any policy regarding payment of
dividends. No dividends have been paid during the period shown.

Income Taxes

The Company provides for income taxes as required by the Income
Taxes topic of the FASB ASC requires the use of an asset and liability approach
in accounting for income taxes.

The Income Taxes topic 740 of the FASB ASC requires the
reduction of deferred tax assets by a valuation allowance if, based on the
weight of available evidence, it is more likely than not that some or all of the
deferred tax assets will not be realized. No provision for income taxes is
included in the statement due to its immaterial amount, net of the allowance
account, based on the likelihood of the Company to utilize the loss
carry-forward

Use of 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
revenue and expenses during the reporting period. Actual results could differ
from those estimates.

Net Income Per Common Share

Net income (loss) per common share is computed based on the
weighted average number of common shares outstanding and common stock
equivalents, if not anti-dilutive. The Company has not issued any potentially
dilutive common shares.

Revenue and Cost Recognition

The Company has no current source of revenue; therefore the
Company has not yet adopted any policy regarding the recognition of revenue or
cost.

F-7

---

NOTE 3.INCOME TAXES:

The Company provides for income taxes under Income Taxes topic
740 of the FASB ASC which requires the use of an asset and liability approach in
accounting for income taxes. Deferred tax assets and liabilities are recorded
based on the differences between the financial statement and tax bases of assets
and liabilities and the tax rates in effect currently.

The Income Taxes topic 740 of the FASB ASC requires the
reduction of deferred tax assets by a valuation allowance if, based on the
weight of available evidence, it is more likely than not that some or all of the
deferred tax assets will not be realized. In the Companys opinion, it is
uncertain whether they will generate sufficient taxable income in the future to
fully utilize the net deferred tax asset. Accordingly, a valuation allowance
equal to the deferred tax asset has been recorded. The total deferred tax asset
is $40,231 which is calculated by multiplying a 22% estimated tax rate by the
cumulative NOL of $182,868. The total valuation allowance is a comparable
$40,231. Details for the Period ended September 30, 2009 and the Year ended
December 31, 2008 follow:

|                      |   | September |   |   | December |  
|--------------------- | - | --------- | - | - | -------- | -
|                      |   | 30,       |   |   | 31,      |  
|                      |   | 2009      |   |   | 2008     |  
|Deferred Tax Asset    | $ | 3,503     |   | $ | 7,395    |  
|Valuation Allowance   |   | (3,503    | ) |   | (7,395   | )
|Current Taxes Payable |   | -         |   |   | -        |  
|                      |   |           |   |   |          |  
|Income Tax Expense    | $ | -         |   | $ | -        |  

Below is a chart showing the estimated corporate federal net
operating loss (NOL) and the year in which it will expire.

|Year     |  |  |  |   | Amount  |  |  | Expiration | 
|-------- |  |  |  | - | ------- |  |  | ---------- | 
|2000     |  |  |  | $ | 1,805   |  |  | 2020       | 
|2001     |  |  |  |   | 92      |  |  | 2021       | 
|2002     |  |  |  |   | 114     |  |  | 2022       | 
|2003     |  |  |  |   | 29,936  |  |  | 2023       | 
|2004     |  |  |  |   | 22,571  |  |  | 2024       | 
|2005     |  |  |  |   | 39,199  |  |  | 2025       | 
|2006     |  |  |  |   | 29,095  |  |  | 2026       | 
|2007     |  |  |  |   | 10,518  |  |  | 2027       | 
|2008     |  |  |  |   | 33,614  |  |  | 2028       | 
|YTD 2009 |  |  |  |   | 8,053   |  |  | 2029       | 
|         |  |  |  |   |         |  |  |            | 
|Total    |  |  |  | $ | 174,997 |  |  |            | 

The Company has filed no income tax returns since
inception.

F-8

---

NOTE 4.STOCKHOLDERS EQUITY

Common Stock

On December 5, 2002 the company received $100 contributed
capital from its founder.

On April 20, 2003, the Company issued 2,000,000 pre-split
shares of its $0.001 par value common stock for $7,000 cash to the founders of
the Company.

On September 22, 2003, the Company completed an unregistered
private offering under the Securities Act of 1933, as amended. Relying upon the
exemption from registration afforded by sections 4(2) and 3(b) and regulation D
promulgated there under. The Company sold 1,000,000 shares of its $0.001 par
value common stock at a price of $0.025 per share for $25,000 cash.

On October 1, 2003, the Company executed a 3 to 1 forward stock
split. The Outstanding shares increased from 3,000,000 shares to 9,000,000
shares. The statement of stockholders equity retroactively reflects the impact
of this split.

On November 3, November 4 and December 27, 2004 the company
issued 45,000 shares, 45,000 shares and 250,000 shares respectively of its
$0.001 par value common stock at $0.10 per share for $34,000 cash. These shares
were also issued in an unregistered private offering as described above.

On November 3, 2004 the company issued 25,000 shares for
consulting services valued at $2,500. During the year 2004 the Company also
received $6,250 cash in contributed capital from its founder. On March 11, 2005
the Company received $25,000 cash in contributed capital from its founder.

On October 15, 2005 the company executed a 1:2 reverse stock
split leaving a balance of 4,682,500 shares outstanding prior to the 504
offering. The Statement of Stockholders Equity retroactively reflects the
impact of this split.

During November and December 2005 the company received
subscriptions for 1,088,500 common shares of stock for $43,540 subscriptions
receivable in a Regulation 504 offering.

On January 25, 2006 the Company issued an additional 299,000
common shares at $0.04 per share in a Regulation 504 offering. The Company
received $50,000 cash (net of $5,500 offering costs) that included receipt for
payment of the $43,540 subscriptions receivable and an additional $6,460.

On June 16, 2008 the Company received $10,000 cash in
contributed capital from its founder.

On August 21, 2008 the Company received $10,000 cash in
contributed capital from its founder.

On February 18, 2009 and March 16, 2009 the Company received
$5,000 and $10,000 cash in contributed capital from its founder.

NOTE 5.RELATED PARTY TRANSACTIONS

The officers and directors of the Company are involved in other
business activities and may, in the future, become involved in other business
opportunities that become available. They may face a conflict in selecting
between the Company and other business interests. The Company has not formulated
a policy for the resolution of such conflicts.

F-9

---

NOTE 6.GOING CONCERN

The accompanying financial statements have been prepared
assuming that the company will continue as a going concern. As discussed in the
notes to the financial statements, the Company has no established source of
revenue. This raises substantial doubt about the Companys ability to continue
as a going concern. Without realization of additional capital, it would be
unlikely for the Company to continue as a going concern. The financial
statements do not include any adjustments that might result from this
uncertainty.

The Companys activities to date have been supported by equity
financing. It has sustained losses in all previous reporting periods with an
inception to date loss of $182,868. Management continues to seek funding from
its shareholders and other qualified investors to pursue its business plan. In
the alternative, the Company may be amenable to a sale, merger or other
acquisition in the event such transaction is deemed by management to be in the
best interests of the shareholders.

NOTE 7.RECENT ACCOUNTING PRONOUNCEMENTS THAT AFFECT
THE COMPANY

The adoption of these accounting standards had the following
impact on the Companys statements of income and financial condition:

- FASB ASC Topic 855, Subsequent Events. In May 2009, the FASB
  issued FASB ASC Topic 855, which establish general standards of accounting and
  disclosure of events that occur after the balance sheet date but before
  financial statements are issued or are available to be issued. In particular,
  this Statement sets forth : (i) the period after the balance sheet date during
  which management of a reporting entity should evaluate events or transactions
  that may occur for potential recognition or disclosure in the financial
  statements, (ii) the circumstances under which an entity should recognize
  events or transactions occurring after the balance sheet date in its financial
  statements, (iii) the disclosures that an entity should make about events or
  transactions that occurred after the balance sheet date. This FASB ASC Topic
  should be applied to the accounting and disclosure of subsequent events. This
  FASB ASC Topic does not apply to subsequent events or transactions that are
  within the scope of other applicable accounting standards that provide
  different guidance on the accounting treatment for subsequent events or
  transactions. This FASB ASC Topic was effective for interim and annual periods
  ending after June 15, 2009, which was June 30, 2009 for the Corporation. The
  adoption of this Topic did not have a material impact on the Companys
  financial statements and disclosures.
- FASB ASC Topic 105, The FASB Accounting Standard Codification and the
  Hierarchy of Generally Accepted Accounting Principles.In June
  2009, the FASB issued FASB ASC Topic 105, which became the source of
  authoritative GAAP recognized by the FASB to be applied by nongovernmental
  entities. Rules and interpretive releases of the SEC under authority of
  federal securities laws are also sources of authoritative GAAP for SEC
  registrants. On the effective date of this FASB ASC Topic, the Codification
  will supersede all then-existing non-SEC accounting and reporting standards.
  All other non-SEC accounting literature not included in the Codification will
  become non-authoritative. This FASB ASC Topic identify the sources of
  accounting principles and the framework for selecting the principles used in
  preparing the financial statements of nongovernmental entities that are
  presented in conformity with GAAP. Also, arranged these sources of GAAP in a
  hierarchy for users to apply accordingly. In other words, the GAAP hierarchy
  will be modified to include only two levels of GAAP: authoritative and
  non-authoritative. This FASB ASC Topic is effective for financial statements
  issued for interim and annual periods ending after September 15, 2009. The
  adoption of this topic did not have a material impact on the Companys
  disclosure of the financial statements
- FASB ASC Topic 320, Recognition and Presentation of
  Other-Than-Temporary Impairments.In April 2009, the FASB issued FASB ASC
  Topic 320 amends the other-than-temporary impairment guidance in GAAP for debt
  securities to make the guidance more operational and to improve the
  presentation and disclosure of other-than-temporary impairments on debt and
  equity securities in the financial statements. This FASB ASC Topic does not
  amend existing recognition and measurement guidance related to
  other-than-temporary impairments of equity securities. The FASB ASC Topic

---

> shall be effective for interim and annual reporting periods
>     ending after June 15, 2009, with early adoption permitted for periods ending
>     after March 15, 2009. Earlier adoption for periods ending before March 15, 2009,
>     is not permitted. This FASB ASC Topic does not require disclosures for earlier
>     periods presented for comparative purposes at initial adoption. In periods after
>     initial adoption, this FASB ASC Topic requires comparative disclosures only for
>     periods ending after initial adoption. The adoption of this Topic did not have a
>     material impact on the Companys financial statements and disclosures.

The Company is evaluating the impact that the following
recently issued accounting pronouncements may have on its financial statements
and disclosures.

- FASB ASC Topic 860, Accounting for Transfer of Financial Asset.,In June 2009, the FASB issued additional guidance under FASB ASC Topic
  860, Accounting for Transfer and Servicing of Financial Assets and
  Extinguishment of Liabilities", which improves the relevance,
  representational faithfulness, and comparability of the information that a
  reporting entity provides in its financial statements about a transfer of
  financial assets; the effects of a transfer on its financial position,
  financial performance, and cash flows; and a transferors continuing
  involvement, if any, in transferred financial assets. The Board undertook this
  project to address (i) practices that have developed since the issuance of
  FASB ASC Topic 860, that are not consistent with the original intent and key
  requirements of that statement and (ii) concerns of financial statement users
  that many of the financial assets (and related obligations) that have been
  derecognized should continue to be reported in the financial statements of
  transferors. This additional guidance requires that a transferor recognize and
  initially measure at fair value all assets obtained (including a transferors
  beneficial interest) and liabilities incurred as a result of a transfer of
  financial assets accounted for as a sale. Enhanced disclosures are required to
  provide financial statement users with greater transparency about transfers of
  financial assets and a transferors continuing involvement with transferred
  financial assets. This additional guidance must be applied as of the beginning
  of each reporting entitys first annual reporting period that begins after
  November 15, 2009, for interim periods within that first annual reporting
  period and for interim and annual reporting periods thereafter. Earlier
  application is prohibited. This additional guidance must be applied to
  transfers occurring on or after the effective date.
- FASB ASC Topic 810, Variables Interest Entities. In June 2009, the
  FASB issued FASB ASC Topic 810, which requires an enterprise to perform an
  analysis to determine whether the enterprises variable interest or interests
  give it a controlling financial interest in a variable interest entity. This
  analysis identifies the primary beneficiary of a variable interest entity as
  the enterprise that has both of the following characteristics: (i)The power to
  direct the activities of a variable interest entity that most significantly
  impact the entitys economic performance and (ii)The obligation to absorb
  losses of the entity that could potentially be significant to the variable
  interest entity or the right to receive benefits from the entity that could
  potentially be significant to the variable interest entity. Additionally, an
  enterprise is required to assess whether it has an implicit financial
  responsibility to ensure that a variable interest entity operates as designed
  when determining whether it has the power to direct the activities of the
  variable interest entity that most significantly impact the entitys economic
  performance. This FASB Topic requires ongoing reassessments of whether an
  enterprise is the primary beneficiary of a variable interest entity and
  eliminate the quantitative approach previously required for determining the
  primary beneficiary of a variable interest entity, which was based on
  determining which enterprise absorbs the majority of the entitys expected
  losses, receives a majority of the entitys expected residual returns, or
  both. This FASB ASC Topic shall be effective as of the beginning of each
  reporting entitys first annual reporting period that begins after November
  15, 2009, for interim periods within that first annual reporting period, and
  for interim and annual reporting periods thereafter. Earlier application is
  prohibited.
- FASB ASC Topic 820, Fair Value measurement and Disclosures,
  an Accounting Standard Update. In September 2009, the FASB issued this Update
  to amendments to Subtopic 82010, Fair Value Measurements and
  Disclosures. Overall, for the fair value measurement of investments in
  certain entities that calculates net asset value per share (or its
  equivalent). The amendments in this Update

---

- FASB ASC Topic 740, Income Taxes, an Accounting
    Standard Update. In September 2009, the FASB issued this Update to address
    the need for additional implementation guidance on accounting for uncertainty
    in income taxes. The guidance answers the following questions: (i) Is the
    income tax paid by the entity attributable to the entity or its owners? (ii)
    What constitutes a tax position for a pass-through entity or a tax-exempt
    not-for-profit entity? (iii) How should accounting for uncertainty in income
    taxes be applied when a group of related entities comprise both taxable and
    nontaxable entities? In addition, this Updated decided to eliminate the disclosures
    required by paragraph 740-10- 50-15(a) through (b) for nonpublic entities.
    The implementation guidance will apply to financial statements of nongovernmental
    entities that are presented in conformity with GAAP. The disclosure amendments
    will apply only to nonpublic entities as defined in Section 740-10-20. For
    entities that are currently applying the standards for accounting for uncertainty
    in income taxes, the guidance and disclosure amendments are effective for
    financial statements issued for interim and annual periods ending after September
    15, 2009.

NOTE 8SUBSEQUENT EVENTS REVIEW

The Company has evaluated all subsequent events through
November 12, 2009, the date this Quarterly Report on Form 10-Q was filed with
the SEC. No recognized or unrecognized events require disclosure as significant
subsequent events.

---

Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements.
These statements relate to future events or our future financial performance. In
some cases, you can identify forward-looking statements by terminology such as
"may", "should", "expects", "plans", "anticipates", "believes", "estimates",
"predicts", "potential" or "continue" or the negative of these terms or other
comparable terminology. These statements are only predictions and involve known
and unknown risks, uncertainties and other factors, that may cause our or our
industry's actual results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements. Although
we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Except as required by applicable law, including the securities
laws of the United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results.

Our unaudited financial statements are stated in United States
dollars and are prepared in accordance with United States Generally Accepted
Accounting Principles. The following discussion should be read in conjunction
with our financial statements and the related notes that appear elsewhere in
this quarterly report. The following discussion contains forward-looking
statements that reflect our plans, estimates and beliefs. Our actual results
could differ materially from those discussed in the forward looking statements.
Factors that could cause or contribute to such differences include, but are not
limited to, those discussed below and elsewhere in this quarterly report.

In this quarterly report, unless otherwise specified, all
dollar amounts are expressed in United States dollars. All references to "common
stock" refer to the common shares in our capital stock.

As used in this quarterly report, the terms "we", "us", "our",
"our company" and Healthmed mean Healthmed Services Ltd., unless otherwise
stated.

General Overview

We were incorporated in the State of Nevada on September 14,
2000 under the name "Telemax Communications, Inc.. On July 14, 2003, we changed
our name to "Healthmed Services, Ltd.". We are a development stage company and
have not yet generated or realized any revenues from our business operations. We
have never been bankrupt, been under the control of a receiver or similar
proceedings with respect to ourselves.

Our offices are currently located at 1905 South Eastern Avenue,
Las Vegas, Nevada 89104. Our telephone number is 480.229.3668.

Our primary business objective is to use communications
technology to provide individuals, companies and health-provider organizations
with round-the-clock telephone and web-based access to medical advice,
information, products and services. We intend to provide outsourced services to
clients via our internet-based information and medical advice website and our
proposed HealthMed North American call center, and will support our business
partners around the globe by supplying the tools, technology and know-how
required for the successful operation of a Health Information Center.

4

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Results of Operations

Three month Summary ending September 30, 2009 and 2008

| |            |   | Three Months Ended |  
| | ---------- | - | ------------------ | -
| |            |   | September 30       |  
| |            |   | 2009               |  
| | Revenue    | $ | Nil                |  
| | Expenses   | $ | 3,363              |  
| | Net (Loss) | $ | (3,363             | )

Expenses

Our total expenses for the three month periods ended September
30, 2009 and September 30, 2008 are outlined in the table below:

| |                            |   | Three Months Ended | 
| | -------------------------- | - | ------------------ | 
| |                            |   | September 30       | 
| |                            |   | 2009               | 
| | General and administrative | $ | 683                | 
| | Professional fees          | $ | 2,680              | 
| | Consulting fees            | $ | Nil                | 

Expenses for the three months ended September 30, 2009, decreased
  by 73.22% as compared to the comparative period in 2008 primarily as a result
  of a decrease in our professional fees.

Results of Operations

Nine month Summary ending September 30, 2009 and 2008

| |            |   | Nine Months Ended |  
| | ---------- | - | ----------------- | -
| |            |   | September 30      |  
| |            |   | 2009              |  
| | Revenue    | $ | Nil               |  
| | Expenses   | $ | 15,924            |  
| | Net (Loss) | $ | (15,924           | )

Expenses

Our total expenses for the nine month periods ended September
30, 2009 and September 30, 2008 are outlined in the table below:

| |                            |   | Nine Months Ended | 
| | -------------------------- | - | ----------------- | 
| |                            |   | September 30      | 
| |                            |   | 2009              | 
| | General and administrative | $ | 6,344             | 
| | Professional fees          | $ | 9,580             | 
| | Consulting fees            | $ | Nil               | 

Expenses for the nine months ended September 30, 2009, decreased
  by 44.84% as compared to the comparative period in 2008 primarily as a result
  of a decrease in our professional fees.

5

---

Revenue

We have not earned any revenues since our inception and we do
not anticipate earning revenues in the upcoming quarter.

Equity Compensation

We currently do not have any stock option or equity
compensation plans or arrangements.

Liquidity and Financial Condition

Working Capital

|                          |   | At            |  |   | At           |  |   |           |  
|------------------------- | - | ------------- |  | - | ------------ |  | - | --------- | -
|                          |   | September 30, |  |   | December 31, |  |   | Increase/ |  
|                          |   | 2009          |  |   | 2008         |  |   | Decrease  |  
|Current Assets            | $ | 1,982         |  | $ | 2,906        |  | $ | (924      | )
|Current Liabilities       | $ | 0             |  | $ | 0            |  | $ | -         |  
|Working Capital (deficit) | $ | 1,982         |  | $ | 2,906        |  | $ | (924      | )

|Cash Flows                                |   |                   |   |   |                   |  
|----------------------------------------- | - | ----------------- | - | - | ----------------- | -
|                                          |   | Nine months Ended |   |   | Nine months Ended |  
|                                          |   | September 30,     |   |   | September 30,     |  
|                                          |   | 2009              |   |   | 2008              |  
|Net Cash (Used) by Operating Activities   | $ | (15,924           | ) | $ | (28,869           | )
|Net Cash Provided by Investing Activities | $ | 0                 |   | $ | 0                 |  
|Net Cash Provided by Financing Activities | $ | 15,000            |   | $ | 20,000            |  
|Net Increase in Cash During the Period    | $ | (924              | ) | $ | (8,869            | )

We estimate that we will spend approximately $5,000 on general
and administrative expenses, $15,000 on website development and $5,000 on travel
over the next 12 months.

We will require additional funds to fund our budgeted expenses
over the next 12 months. These funds may be raised through equity financing,
debt financing, or other sources, which may result in further dilution in the
equity ownership of our shares. There is still no assurance that we will be able
to maintain operations at a level sufficient for an investor to obtain a return
on his investment in our common stock. Further, we may continue to be
unprofitable. We need to raise additional funds in the immediate future in order
to proceed with our budgeted expenses.

Specifically, we estimate our operating expenses and working
capital requirements for the next 12 months to be as follows:

Estimated Funding Required During the Next 12
      MonthsExpense
    AmountGeneral and
      administrative
    $5,000Website
      Development
    $15,000Travel
    $5,000Total
    $25,000Cash on hand, September 30, 2009, estimated
    $1,982


We are not aware of any known trends, demands, commitments,
events or uncertainties that will result in or that are reasonably likely to
result in our liquidity increasing or decreasing in any material way.

6

---

Future Financings

We will require additional financing in order to enable us to
proceed with our plan of operations, as discussed above, including approximately
$25,000 over the next 12 months to pay for our ongoing expenses. These expenses
include general and administrative, website and travel expenses. These cash
requirements are in excess of our current cash and working capital resources.
Accordingly, we will require additional financing in order to continue
operations and to repay our liabilities. There is no assurance that any party
will advance additional funds to us in order to enable us to sustain our plan of
operations or to repay our liabilities.

We anticipate continuing to rely on equity sales of our common
stock in order to continue to fund our business operations. Issuances of
additional shares will result in dilution to our existing stockholders. There is
no assurance that we will achieve any additional sales of our equity securities
or arrange for debt or other financing to fund our planned business activities.

We presently do not have any arrangements for additional
financing for the expansion of our exploration operations, and no potential
lines of credit or sources of financing are currently available for the purpose
of proceeding with our plan of operations.

Contractual Obligations

As a smaller reporting company, we are not required to
provide tabular disclosure obligations.

Going Concern

The accompanying financial statements have been prepared
assuming that the company will continue as a going concern. As discussed in the
notes to the financial statements, the Company has no established source of
revenue. This raises substantial doubt about the Companys ability to continue
as a going concern. Without realization of additional capital, it would be
unlikely for the Company to continue as a going concern. The financial
statements do not include any adjustments that might result from this
uncertainty.

The Companys activities to date have been supported by equity
financing. It has sustained losses in all previous reporting periods with an
inception to date loss of $182,868. Management continues to seek funding from
its shareholders and other qualified investors to pursue its business plan. In
the alternative, the Company may be amenable to a sale, merger or other
acquisition in the event such transaction is deemed by management to be in the
best interests of the shareholders.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are
reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources that is material to
stockholders.

Critical Accounting Policies

The discussion and analysis of our financial condition and results
  of operations are based upon our financial statements, which have been prepared
  in accordance with the accounting principles generally accepted in the United
  States of America. Preparing financial statements requires management to make
  estimates and assumptions that affect the reported amounts of assets, liabilities,
  revenue, and expenses. These estimates and assumptions are affected by managements
  application of accounting policies. We believe that understanding the basis
  and nature of the estimates and assumptions involved with the following aspects
  of our financial statements is critical to an understanding of our financial
  statements.

7

---

Cash and Cash Equivalents

For the purpose of the statement of cash flows, cash
equivalents include all highly liquid investments with maturity of three months
or less.

Cash Balances

The Company maintains its cash in institutions insured by the
Federal Deposit Insurance Corporation (FDIC). This government corporation
insured balances up to $100,000 through October 13, 2008. As of October 14, 2008
all non-interest bearing transaction deposit accounts at an FDIC-insured
institution, including all personal and business checking deposit accounts that
do not earn interest, are fully insured for the entire amount in the deposit
account. This unlimited insurance coverage is temporary and will remain in
effect for participating institutions until December 31, 2009.

All other deposit accounts at FDIC-insured institutions are
insured up to at least $250,000 per depositor until December 31, 2009. On
January 1, 2010, FDIC deposit insurance for all deposit accounts, except for
certain retirement accounts, will return to at least $100,000 per depositor.
Insurance coverage for certain retirement accounts, which include all IRA
deposit accounts, will remain at $250,000 per depositor.

Earnings (Loss) per Share

The basic earnings (loss) per share are calculated by dividing
the Companys net income available to common shareholders by the weighted
average number of common shares outstanding during the year. The diluted
earnings (loss) per share are calculated by dividing the Companys net income
(loss) available to common shareholders by the diluted weighted average number
of shares outstanding during the year. The diluted weighted average number of
shares outstanding is the basic weighted number of shares adjusted as of the
first of the year for any potentially dilutive debt or equity. There are no
diluted shares outstanding.

Advertising Costs

The Companys policy regarding advertising is to expense
advertising when incurred. The Company had not incurred any advertising expense
as of December 31, 2008.

Dividends

The Company has not adopted any policy regarding payment of
dividends. No dividends have been paid during the period shown.

Income Taxes

The Company provides for income taxes as required by the Income
Taxes topic of the FASB ASC requires the use of an asset and liability approach
in accounting for income taxes.

The Income Taxes topic 740 of the FASB ASC requires the
reduction of deferred tax assets by a valuation allowance if, based on the
weight of available evidence, it is more likely than not that some or all of the
deferred tax assets will not be realized. No provision for income taxes is
included in the statement due to its immaterial amount, net of the allowance
account, based on the likelihood of the Company to utilize the loss
carry-forward

Use of 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
revenue and expenses during the reporting period. Actual results could differ
from those estimates.

8

---

Net Income Per Common Share

Net income (loss) per common share is computed based on the
weighted average number of common shares outstanding and common stock
equivalents, if not anti-dilutive. The Company has not issued any potentially
dilutive common shares.

Revenue and Cost Recognition

The Company has no current source of revenue; therefore the
Company has not yet adopted any policy regarding the recognition of revenue or
cost.

Recent Accounting Pronouncements

The adoption of these accounting standards had the following
impact on the Companys statements of income and financial condition:

- FASB ASC Topic 855, Subsequent Events. In May 2009, the FASB
  issued FASB ASC Topic 855, which establish general standards of accounting and
  disclosure of events that occur after the balance sheet date but before
  financial statements are issued or are available to be issued. In particular,
  this Statement sets forth : (i) the period after the balance sheet date during
  which management of a reporting entity should evaluate events or transactions
  that may occur for potential recognition or disclosure in the financial
  statements, (ii) the circumstances under which an entity should recognize
  events or transactions occurring after the balance sheet date in its financial
  statements, (iii) the disclosures that an entity should make about events or
  transactions that occurred after the balance sheet date. This FASB ASC Topic
  should be applied to the accounting and disclosure of subsequent events. This
  FASB ASC Topic does not apply to subsequent events or transactions that are
  within the scope of other applicable accounting standards that provide
  different guidance on the accounting treatment for subsequent events or
  transactions. This FASB ASC Topic was effective for interim and annual periods
  ending after June 15, 2009, which was June 30, 2009 for the Corporation. The
  adoption of this Topic did not have a material impact on the Companys
  financial statements and disclosures.
- FASB ASC Topic 105, The FASB Accounting Standard Codification and the
  Hierarchy of Generally Accepted Accounting Principles.In June
  2009, the FASB issued FASB ASC Topic 105, which became the source of
  authoritative GAAP recognized by the FASB to be applied by nongovernmental
  entities. Rules and interpretive releases of the SEC under authority of
  federal securities laws are also sources of authoritative GAAP for SEC
  registrants. On the effective date of this FASB ASC Topic, the Codification
  will supersede all then-existing non-SEC accounting and reporting standards.
  All other non-SEC accounting literature not included in the Codification will
  become non-authoritative. This FASB ASC Topic identify the sources of
  accounting principles and the framework for selecting the principles used in
  preparing the financial statements of nongovernmental entities that are
  presented in conformity with GAAP. Also, arranged these sources of GAAP in a
  hierarchy for users to apply accordingly. In other words, the GAAP hierarchy
  will be modified to include only two levels of GAAP: authoritative and
  non-authoritative. This FASB ASC Topic is effective for financial statements
  issued for interim and annual periods ending after September 15, 2009. The
  adoption of this topic did not have a material impact on the Companys
  disclosure of the financial statements
- FASB ASC Topic 320, Recognition and Presentation of
  Other-Than-Temporary Impairments.In April 2009, the FASB issued FASB ASC
  Topic 320 amends the other-than-temporary impairment guidance in GAAP for debt
  securities to make the guidance more operational and to improve the
  presentation and disclosure of other-than-temporary impairments on debt and
  equity securities in the financial statements. This FASB ASC Topic does not
  amend existing recognition and measurement guidance related to
  other-than-temporary impairments of equity securities. The FASB ASC Topic
  shall be effective for interim and annual reporting periods ending after June
  15, 2009, with early adoption permitted for periods ending after March 15,
  2009. Earlier adoption for periods ending before March 15, 2009, is not
  permitted. This FASB ASC Topic does not require disclosures for earlier
  periods presented for comparative purposes at initial adoption. In periods
  after initial adoption, this

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FASB ASC Topic requires comparative
disclosures only for periods ending after initial adoption. The adoption of this
Topic did not have a material impact on the Companys financial statements and
disclosures.

The Company is evaluating the impact that the following
recently issued accounting pronouncements may have on its financial statements
and disclosures.

- FASB ASC Topic 860, Accounting for Transfer of
      Financial Asset.,In June 2009, the FASB issued additional guidance
      under FASB ASC Topic 860, Accounting for Transfer and Servicing of
        Financial Assets and Extinguishment of Liabilities", which improves
      the relevance, representational faithfulness, and comparability of the
      information that a reporting entity provides in its financial statements
      about a transfer of financial assets; the effects of a transfer on its
      financial position, financial performance, and cash flows; and a
      transferors continuing involvement, if any, in transferred financial
      assets. The Board undertook this project to address (i) practices that
      have developed since the issuance of FASB ASC Topic 860, that are not
      consistent with the original intent and key requirements of that statement
      and (ii) concerns of financial statement users that many of the financial
      assets (and related obligations) that have been derecognized should
      continue to be reported in the financial statements of transferors. This
      additional guidance requires that a transferor recognize and initially
      measure at fair value all assets obtained (including a transferors
      beneficial interest) and liabilities incurred as a result of a transfer of
      financial assets accounted for as a sale. Enhanced disclosures are
      required to provide financial statement users with greater transparency
      about transfers of financial assets and a transferors continuing
      involvement with transferred financial assets. This additional guidance
      must be applied as of the beginning of each reporting entitys first
      annual reporting period that begins after November 15, 2009, for interim
      periods within that first annual reporting period and for interim and
      annual reporting periods thereafter. Earlier application is prohibited.
      This additional guidance must be applied to transfers occurring on or
      after the effective date.
- FASB ASC Topic 810, Variables Interest Entities.
      In June 2009, the FASB issued FASB ASC Topic 810, which requires an
      enterprise to perform an analysis to determine whether the enterprises
      variable interest or interests give it a controlling financial interest in
      a variable interest entity. This analysis identifies the primary
      beneficiary of a variable interest entity as the enterprise that has both
      of the following characteristics: (i)The power to direct the activities of
      a variable interest entity that most significantly impact the entitys
      economic performance and (ii)The obligation to absorb losses of the entity
      that could potentially be significant to the variable interest entity or
      the right to receive benefits from the entity that could potentially be
      significant to the variable interest entity. Additionally, an enterprise
      is required to assess whether it has an implicit financial responsibility
      to ensure that a variable interest entity operates as designed when
      determining whether it has the power to direct the activities of the
      variable interest entity that most significantly impact the entitys
      economic performance. This FASB Topic requires ongoing reassessments of
      whether an enterprise is the primary beneficiary of a variable interest
      entity and eliminate the quantitative approach previously required for
      determining the primary beneficiary of a variable interest entity, which
      was based on determining which enterprise absorbs the majority of the
      entitys expected losses, receives a majority of the entitys expected
      residual returns, or both. This FASB ASC Topic shall be effective as of
      the beginning of each reporting entitys first annual reporting period
      that begins after November 15, 2009, for interim periods within that first
      annual reporting period, and for interim and annual reporting periods
thereafter. Earlier application is prohibited.
- FASB ASC Topic 820, Fair Value measurement and
      Disclosures, an Accounting Standard Update. In September 2009, the
      FASB issued this Update to amendments to Subtopic 82010, Fair Value
      Measurements and Disclosures. Overall, for the fair value measurement
      of investments in certain entities that calculates net asset value per
      share (or its equivalent). The amendments in this Update permit, as a
      practical expedient, a reporting entity to measure the fair value of an
      investment that is within the scope of the amendments in this Update on
      the basis of the net asset value per share of the investment (or its
      equivalent) if the net asset value of the investment (or its equivalent)
      is calculated in a manner consistent with the measurement principles of
      Topic 946 as of the reporting entitys measurement date, including
      measurement of all or substantially all of the underlying investments
of

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- FASB ASC Topic 740, Income Taxes, an Accounting
    Standard Update. In September 2009, the FASB issued this Update to address
    the need for additional implementation guidance on accounting for uncertainty
    in income taxes. The guidance answers the following questions: (i) Is the
    income tax paid by the entity attributable to the entity or its owners? (ii)
    What constitutes a tax position for a pass-through entity or a tax-exempt
    not-for-profit entity? (iii) How should accounting for uncertainty in income
    taxes be applied when a group of related entities comprise both taxable and
    nontaxable entities? In addition, this Updated decided to eliminate the disclosures
    required by paragraph 740-10- 50-15(a) through (b) for nonpublic entities.
    The implementation guidance will apply to financial statements of nongovernmental
    entities that are presented in conformity with GAAP. The disclosure amendments
    will apply only to nonpublic entities as defined in Section 740-10-20. For
    entities that are currently applying the standards for accounting for uncertainty
    in income taxes, the guidance and disclosure amendments are effective for
    financial statements issued for interim and annual periods ending after September
    15, 2009. [NTD  this doesnt look finished]

Item 3. Quantitative Disclosures About Market Risks

As a smaller reporting company, we are not required to
provide the information required by this Item.

Item 4T. Controls and Procedures.

Managements Report on Disclosure Controls and
Procedures

We maintain disclosure controls and procedures that are
designed to ensure that information required to be disclosed in our reports
filed under the Securities Exchange Act of 1934, as amended, is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms, and that such information
is accumulated and communicated to our management, including our president (who
is acting as our principal executive officer, principal financial officer and
principle accounting officer) to allow for timely decisions regarding required
disclosure.

As of September 30, 2009, the end of our quarter covered by
this report, we carried out an evaluation, under the supervision and with the
participation of our president (who is acting as our principal executive
officer, principal financial officer and principle accounting officer), of the
effectiveness of the design and operation of our disclosure controls and
procedures. Based on the foregoing, our president (who is acting as our
principal executive officer, principal financial officer and principle
accounting officer) concluded that our disclosure controls and procedures were
effective as of the end of the period covered by this quarterly report.

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Changes in Internal Control over Financial
Reporting

There have been no changes in our internal controls over
financial reporting that occurred during our quarter ended September 30, 2009
that have materially or are reasonably likely to materially affect, our internal
controls over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We know of no material, existing or pending legal proceedings
against our company, nor are we involved as a plaintiff in any material
proceeding or pending litigation. There are no proceedings in which any of our
directors, officers or affiliates, or any registered or beneficial shareholder,
is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

Our business operations are subject to a number of risks and
uncertainties, including, but not limited to those set forth below:

We have no operating history and have maintained losses since
  inception, which we expect to continue into the future.

We were incorporated on September 14, 2000, and have very
limited operations. We have not realized any revenues to date. Our website,
although operational, requires additional work prior to us being able to
generate revenue. We have no operating history at all upon which an evaluation
of our future success or failure can be made. Our net loss from inception to
September 30, 2009 is $(182,868). Based upon our proposed plans, we expect to
incur operating losses in future periods. This will happen because there are
substantial costs and expenses associated with the development, testing and
marketing of our website. We currently believe we are at least 12-18 months away
from generating our first revenues. We may fail to generate revenues in the
future. If we cannot attract a significant number of users, we will not be able
to generate any significant revenues or income. Failure to generate revenues
will cause us to go out of business because we will not have the money to pay
our ongoing expenses.

In particular, additional capital may be required in the event
that:

- the actual expenditures required to be made are at or above the higher
  range of our estimated expenditures;
- we incur unexpected costs in completing the development of our product or
  encounter any unexpected technical or other difficulties;
- we incur delays and additional expenses as a result of technology failure;
- we are unable to create a substantial market for our website; or
- we incur any significant unanticipated expenses.

The occurrence of any of the aforementioned events could
adversely affect our ability to meet our business plans and achieve a profitable
level of operations.

If our estimates related to expenditures are erroneous our
business will fail and you will lose your entire investment.

Our success is dependent in part upon the accuracy of our
management's estimates of expenditures, which are currently budgeted at $25,000
for the next 12 months. If such estimates are erroneous or inaccurate we may not
be able to carry out our business plan, which could, in a worst-case scenario,
result in the failure of our business and you losing your entire investment.

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If we do not obtain additional financing, our business will
fail.

Our current operating funds are less than necessary to our plan
of operations over the next 12 months, and therefore we will need to obtain
additional financing in order to complete our business plan. We currently do not
have any operations and we have no income. As well, we will not receive any
funds from this registration.

We will require additional financing to sustain our business
operations if we are not successful in earning revenues. We do not currently
have any arrangements for financing and may not be able to find such financing
if required.

If we are unable to complete the development of our website
we will not be able to generate revenues and you will lose your entire
investment.

We have not completed the development of our website and we
have no contracts or licenses for the sale or use of our website. The success of
our business will depend on its completion and the acceptance of our website by
our potential customers. Achieving such acceptance will require significant
marketing investment. Our website, once developed and tested, may not be
accepted by our customers at sufficient levels to support our operations and
build our business. If the proposed website that we will develop is not accepted
at sufficient levels, our business will fail.

Our website, when developed, may contain defects that will
make it more difficult for us to establish and maintain customers.

Despite testing during development, our website may contain
undetected design faults and software errors, or "bugs," that are discovered
only after it has been installed and used by customers. Any such default or
error could cause delays in delivering our website or require design
modifications. These could adversely affect our competitive position and cause
us to lose potential customers or opportunities. In addition, our website has
yet to gain widespread acceptance in the market, any delays would likely have a
more detrimental impact on our business than if we were a more established
company.

Because we have two directors, deadlocks may occur in our
Boards decision making process, which may delay or prevent critical decisions
from being made.

Since we currently only have an even number of directors,
deadlocks may occur when such directors disagree on a particular decision or
course of action. Our Articles and By-Laws do not contain any mechanisms for
resolving potential deadlocks. While our directors are under a duty to act in
the best interest of our company, any deadlocks may impede the further
development of our business in that such deadlocks may delay or prevent critical
decisions regarding our development.

Trading on the OTC Bulletin Board may be volatile and
sporadic, which could depress the market price of our common stock and make it
difficult for our stockholders to resell their shares.

Our common stock is quoted on the OTC Bulletin Board service of
the Financial Industry Regulatory Authority. Trading in stock quoted on the OTC
Bulletin Board is often thin and characterized by wide fluctuations in trading
prices, due to many factors that may have little to do with our operations or
business prospects. This volatility could depress the market price of our common
stock for reasons unrelated to operating performance. Moreover, the OTC Bulletin
Board is not a stock exchange, and trading of securities on the OTC Bulletin
Board is often more sporadic than the trading of securities listed on a
quotation system like NASDAQ or a stock exchange like Amex. Accordingly,
shareholders may have difficulty reselling any of their shares.

Our stock is a penny stock. Trading of our stock may be
restricted by the SECs penny stock regulations and FINRAs sales practice
requirements, which may limit a stockholders ability to buy and sell our
stock.

Our stock is a penny stock. The Securities and Exchange
Commission has adopted Rule 15g-9 which generally defines penny stock to be
any equity security that has a market price (as defined) less than $5.00 per
share or an exercise price of less than $5.00 per share, subject to certain
exceptions. Our securities are covered by the penny stock rules, which impose
additional sales practice requirements on broker-dealers who sell to persons
other than established customers and accredited investors. The term
accredited investor refers generally to institutions with

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assets in excess of $5,000,000 or individuals with a net worth
in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly
with their spouse. The penny stock rules require a broker-dealer, prior to a
transaction in a penny stock not otherwise exempt from the rules, to deliver a
standardized risk disclosure document in a form prepared by the SEC which
provides information about penny stocks and the nature and level of risks in the
penny stock market. The broker-dealer also must provide the customer with
current bid and offer quotations for the penny stock, the compensation of the
broker-dealer and its salesperson in the transaction and monthly account
statements showing the market value of each penny stock held in the customers
account. The bid and offer quotations, and the broker-dealer and salesperson
compensation information, must be given to the customer orally or in writing
prior to effecting the transaction and must be given to the customer in writing
before or with the customers confirmation. In addition, the penny stock rules
require that prior to a transaction in a penny stock not otherwise exempt from
these rules, the broker-dealer must make a special written determination that
the penny stock is a suitable investment for the purchaser and receive the
purchasers written agreement to the transaction. These disclosure requirements
may have the effect of reducing the level of trading activity in the secondary
market for the stock that is subject to these penny stock rules. Consequently,
these penny stock rules may affect the ability of broker-dealers to trade our
securities. We believe that the penny stock rules discourage investor interest
in, and limit the marketability of, our common stock.

In addition to the penny stock rules promulgated by the
Securities and Exchange Commission, the Financial Industry Regulatory Authority
has adopted rules that require that in recommending an investment to a customer,
a broker-dealer must have reasonable grounds for believing that the investment
is suitable for that customer. Prior to recommending speculative low priced
securities to their non-institutional customers, broker-dealers must make
reasonable efforts to obtain information about the customers financial status,
tax status, investment objectives and other information. Under interpretations
of these rules, the Financial Industry Regulatory Authority believes that there
is a high probability that speculative low-priced securities will not be
suitable for at least some customers. The Financial Industry Regulatory
Authority requirements make it more difficult for broker-dealers to recommend
that their customers buy our common stock, which may limit your ability to buy
and sell our stock.

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

Item 5. Other Information

On January 15, 2009, Roy Shapiro resigned as a director of our
company.

Item 6. Exhibits.

Exhibits required by Item 601 of Regulation S-K

|Exhibit | Description                                                                                                                   
|------- | ------------------------------------------------------------------------------------------------------------------------------
|Number  |                                                                                                                               
|        |                                                                                                                               
|(3)     | Articles of
      Incorporation and By-laws                                                                                   
|        |                                                                                                                               
|3.1     | Articles of Incorporation (incorporated by reference from
      our Registration Statement on Form S-1 filed on July 21, 2008)

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|Exhibit | Description                                                                                                                        
|------- | -----------------------------------------------------------------------------------------------------------------------------------
|Number  |                                                                                                                                    
|        |                                                                                                                                    
|3.2     | Certificate of Amendment (incorporated
      by reference from our Registration Statement on Form S-1 filed on July 21,
      2008)
|        |                                                                                                                                    
|3.3     | Bylaws (incorporated by reference
      from our Registration Statement on Form S-1 filed on July 21, 2008)                        
|        |                                                                                                                                    
|(31)    | Rule 13a-14(d)/15d-14(d) Certifications                                                                                            
|        |                                                                                                                                    
|31.1*   | Section
      302 Certification of Principal Executive Officer and Principal Financial
      Officer.                              
|        |                                                                                                                                    
|(32)    | Section 1350 Certifications                                                                                                        
|        |                                                                                                                                    
|32.1*   | Section
      906 Certification of Principal Executive Officer and Principal Financial
      Officer.                              

* Filed herewith

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

|                         | HEALTHMED SERVICES LTD.                     
|------------------------ | --------------------------------------------
|                         | (Registrant)                                
|                         |                                             
|                         |                                             
|Dated: November 16, 2009 |                                             
|                         | /s/ Georgios
Polyhronopoulos                
|                         | Georgios Polyhronopoulos                    
|                         | President, Secretary, Treasurer and Director
|                         | (Principal Executive Officer, Principal     
|                         | Accounting Officer and Principal Financial  
|                         | Officer)                                    

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