Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Schedule of Equity Method Investments

Balance Labs, Inc. and subsidiaries use the equity method to account for their financial interest in the following company:

 

    September 30, 2019     December 31, 2018  
iGrow Systems Inc. (a)   $ -     $ -  
Total   $ -     $ -  

 

a) Balance Labs Inc., is a 43.29% and 44.44% owner of iGrow Systems Inc., as of September 30, 2019 and December 31, 2018, respectively.
Schedule of Financial Information

Summary information on the joint venture follows:

 

    September 30, 2019     December 31, 2018  
Total Assets   $ 9,362     $ 5,711  
Total Liabilities     72,151       31,291  
Shareholders’ (Deficit)     (62,789 )     (25,580 )
                 
Income     -       -  
Expenses     (208,000 )     25,580  
Net (Loss)   $ (208,000 )   $ (25,580 )

Schedule of Fair Value of Assets on Recurring Basis

The following table presents certain assets of the Company’s measured and recorded at fair value on the Company’s balance sheet on a recurring basis and their level within the fair value hierarchy as of September 30, 2019.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 190,500     $     -     $     -     $ 190,500  
Total Assets measured at fair value   $ 190,500     $ -     $ -     $ 190,500  

 

The following table presents certain assets of the Company’s measured and recorded at fair value on the Company’s balance sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2018.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 220,000     $     -     $     -     $ 220,000  
Total Assets measured at fair value   $ 220,000     $ -     $ -     $ 220,000  

Schedule of Reconciliation of Level 3 Assets

The following is a reconciliation of the level 3 Assets:

 

Beginning Balance as of January 1, 2019   $ 220,000  
         
Unrealized gain on (level 3) securities     29,500  
         
Ending Balance as of September 30, 2019   $ 190,500  

Schedule of Property and Equipment

Property and equipment as of September 30, 2019 and December 31, 2018 consisted of the following:

 

    2019     2018  
Website   $ 1,336     $ 1,336  
Computer equipment & Software     5,358       5,358  
Furniture     4,622       4,622  
Total     11,316       11,316  
Less Accumulated Depreciation     9,699       8,794  
Property and Equipment, net   $ 1,617     $ 2,522  

Schedule of Intangible Assets

Intangible Assets as of September 30, 2019 and December 31, 2018 consisted of the following:

 

    2019     2018  
Trademarks   $ 2,836     $ 2,836  
Total   $ 2,836     $ 2,836