Convertible Notes and Notes Payable |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Convertible Notes and Notes Payable |
Note 7 – Convertible Notes and Notes Payable
Notes Payable
For all information regarding the related party note payable see note 6.
BALANCE LABS, INC. and Subsidiaries Notes to Consolidated Financial Statements December 31, 2023 and 2022
Convertible Notes Payable
On April 1, 2016, the Company received $500,000 from Newell Trading Group in exchange for a convertible debenture due April 2, 2017, bearing interest at 10% and convertible into common stock at $.25 per share unless the note is paid by the Company prior to the election of the holder to convert. The Company recognized a beneficial conversion feature expense of $500,000 that has been fully amortized. As of December 31, 2022, accrued interest on the note is $375,069. On October 3, 2019, Newell Trading Group assigned its rights and interests in its $500,000 convertible debenture to the Sammy Farkas Foundation Inc., (the “Foundation”), a related party. The Foundation then entered into an agreement with the Company to extend the maturity date of the convertible debenture to October 10, 2024 in exchange for shares of the Company’s stock. The shares have a fair value of $56,700 which was recorded as a debt discount and amortized over the life of the extension. On November 11, 2019, The Sammy Farkas Foundation transferred all the rights and interests of the note to another party, 16th Avenue Associates. The terms remain the same and the transfer has no effect on the financial statements. The convertible note payable, net of debt discount of $8,504 and $19,845 as of December 31, 2023 and December 31, 2022 was $491,496 and $480,155, respectively, and was recorded under current liabilities in 2023 and long term liability in 2022 on the balance sheet.
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