Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 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:

 

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

 

a) Balance Labs Inc., and its subsidiaries are 43.47% and 44.44% owner of iGrow Systems Inc., as of December 31, 2019 and December 31, 2018, respectively.
Schedule of Join Venture of Financial Information

The Company has a non controlling interest in iGrow Systems, Inc., a Limited Partnership Corporation formed to develop a rapid plant growing device. Some of the members participate in the project which is under the general management of the members. Summary information on the joint venture follows:

 

    December 31, 2019     December 31, 2018  
Total Assets   $ 4,522     $ 5,711  
Total Liabilities     104,868       15,000  
Shareholders’ (Deficit)     (100,346 )     (9,289 )
                 
Income     -       -  
Expenses     (280,557 )     28,080  
Net (Loss)   $ (280,557 )   $ (28,080 )

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 December 31, 2019.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 177,000     $       -     $ -     $ 177,000  
Total Assets measured at fair value   $ 177,000     $ -     $        -     $ 177,000  

 

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 Assets

The following is a reconciliation of the level 3 Assets:

 

Beginning Balance as of January 1, 2019   $ 220,000  
         
Unrealized loss on (level 3) securities     (43,000 )
         
Ending Balance as of December 31, 2019   $ 177,000  

Schedule of Property and Equipment

Property and equipment as of December 31, 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     9,740       8,794  
Property and Equipment, net   $ 1,576     $ 2,522  

Schedule of Intangible Assets

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

 

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