Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2020
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,       December 31,  
      2020       2019  
      (unaudited)          
                 
iGrow Systems Inc. (a)   $ -     $ -  
Total   $ -     $ -  

 

a) Balance Labs Inc., is a 43.15% owner of iGrow Systems Inc., as of September 30, 2020 and December 31, 2019, respectively.
Schedule of Joint Venture of Financial Information

Summary information on the joint venture follows:

 

    September 30,     December 31,  
    2020     2019  
    (unaudited)        
             
Total Assets   $ 4,527     $ 4,522  
Total Liabilities     225,470       104,868  
Shareholders’ (Deficit)     (220,943 )     (100,346 )
                 
Income     -       -  
Expenses     165,597       280,557  
Net (Loss)   $ (165,597 )   $ (280,557 )
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, 2020.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 195,000     $ -     $ -     $ 195,000  
Total Assets measured at fair value   $ 195,000     $ -     $ -     $ 195,000  

 

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, 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  
Schedule of Reconciliation of Assets

The following is a reconciliation of the level 3 Assets:

 

Beginning Balance as of January 1, 2020   $ 177,000  
         
Unrealized gain on (level 3) securities     18,000  
         
Ending Balance as of September 30, 2020 (unaudited)   $ 195,000  
Schedule of Property and Equipment

Property and equipment as of September 30, 2020 and December 31, 2019 consisted of the following:

 

    September 30,
2020		     December 31,
2019		  
    (unaudited)        
             
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     (9,860 )     (9,740 )
Property and Equipment, net   $ 1,456     $ 1,576  
Schedule of Intangible Assets

Intangible Assets as of September 30, 2020 and December 31, 2019 consisted of the following:

 

   

September 30,

2020

     December 31,
2019		  
    (unaudited)        
             
Trademarks   $ 2,836     $ 2,836  
Total   $ 2,836     $ 2,836