Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2021
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:

 

      March 31,       December 31,  
      2021       2020  
iGrow Systems Inc. (a)   $ -     $ -  
Total   $ -     $ -  

 

a) Balance Labs Inc., is a 43.15% owner of iGrow Systems Inc., as of March 31, 2021 and December 31, 2020, respectively.
Schedule of Joint Venture of Financial Information

Some of the members participate in the project which is under the general management of the members. Summary information on the joint venture follows:

 

    March 31,     December 31,  
    2021     2020  
Total Assets   $ 4,497     $ 4,497  
Total Liabilities     322,552       278,871  
Shareholders’ Deficit     (318,055 )     (274,374 )
                 
Income     -       -  
Expenses     48,681       219,027  
Net Loss   $ (48,681 )   $ (219,027 )

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 March 31, 2021.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 210,000     $ -     $ -     $ 210,000  
Total Assets measured at fair value   $ 210,000     $ -     $ -     $ 210,000  

 

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, 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  

Schedule of Reconciliation of Assets

The following is a reconciliation of the level 3 Assets:

 

Beginning Balance as of December 31, 2020   $ 215,500  
         
Unrealized loss on (level 3) securities     (5,500 )
         
Ending Balance as of March 31, 2021 (unaudited)   $ 210,000  

Schedule of Property and Equipment

Property and equipment as of March 31, 2021 and December 31, 2020 consisted of the following:

 

    March 31,
2021		     December 31,
2020		  
    (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     (9,940 )     (9,900 )
Property and Equipment, net   $ 1,376     $ 1,416  

Schedule of Intangible Assets

Intangible Assets as of March 31, 2021 and December 31, 2020 consisted of the following:

 

     

March 31,

2021

    

December 31,

2020

  
      (unaudited)        
Trademarks     $ 2,836     $ 2,836  
Total     $ 2,836     $ 2,836