Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 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:

 

    December 31, 2020   December 31, 2019  
iGrow Systems Inc. (a)   $ -   $ -  
Total   $  -   $ -  

 

a) Balance Labs Inc., and its subsidiaries are 43.1% owner of iGrow Systems Inc., as of December 31, 2020 and December 31, 2019.
Schedule of Joint Venture of Financial Information

Summary information on the joint venture follows:

 

    December 31, 2020     December 31, 2019  
Total Assets   $ 4,497     $ 4,522  
Total Liabilities     278,871       104,868  
Shareholders’ Deficit     (274,373 )     (100,346 )
                 
Income     -       -  
Expenses     (219,027 )     (280,557 )
Net Loss   $ (219,027 )   $ (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 December 31, 2020.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 215,500     $ -     $ -     $ 215,500  
Total Assets measured at fair value   $ 215,500     $ -     $ -     $ 215,500  

 

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, 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     38,500  
         
Ending Balance as of December 31, 2020   $ 215,500  
Schedule of Property and Equipment

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

 

    2020     2019  
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     (9,900 )     (9,740 ) 
Property and Equipment, net   $ 1,416     $ 1,576  
Schedule of Intangible Assets

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

 

    2020     2019  
Trademarks   $ 2,836     $ 2,836  
Total   $ 2,836     $ 2,836