Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 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:
Schedule of Equity Method Investments
| |
|
|
September
30, |
|
|
|
December
31, |
|
| |
|
|
2021 |
|
|
|
2020 |
|
| |
|
|
(unaudited) |
|
|
|
|
|
| iGrow Systems
Inc. (a) |
|
$ |
- |
|
|
$ |
- |
|
| Total |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Joint Venture of Financial Information |
Summary
information on the joint venture at September 30, 2021 and December 31, 2020 is as follows:
Schedule of Joint Venture of Financial Information
| |
|
September 30, |
|
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
(unaudited) |
|
|
|
|
| Total Assets |
|
$ |
4,497 |
|
|
$ |
4,497 |
|
| Total Liabilities |
|
|
404,250 |
|
|
|
278,871 |
|
| Shareholders’ Deficit |
|
|
(399,753 |
) |
|
|
(274,374 |
) |
| |
|
|
|
|
|
|
|
|
| Income |
|
|
- |
|
|
|
- |
|
| Expenses |
|
|
135,523 |
|
|
|
219,027 |
|
| Net Loss |
|
$ |
(135,523 |
) |
|
$ |
(219,027 |
) |
|
| Schedule of Fair Value and Recognized Gain Loss on Deconsolidation of Subsidiary |
Schedule
of Fair Value and Recognized Gain Loss on Deconsolidation of Subsidiary
| Consideration |
|
|
|
|
|
Shares
of common stock 119,584,736
- W Technologies, Inc.
|
|
$ |
- |
|
| |
|
|
|
|
| Fair value of consideration received |
|
$ |
- |
|
| |
|
|
|
|
| Recognized amounts of identifiable assets
sold and liabilities assumed by W Tech: |
|
|
|
|
| |
|
|
|
|
| Cash |
|
$ |
53,178 |
|
| Trademark |
|
|
2,835 |
|
| Intangible
assets – net |
|
|
9,500 |
|
| Total assets assigned
to W Tech |
|
|
65,513 |
|
| |
|
|
|
|
| Accounts payable and
accrued expenses |
|
|
56,489 |
|
| Due to Balance Labs,
Inc. |
|
|
25,764 |
|
| Due to Lyons Capital,
LLC |
|
|
25,000 |
|
| Note
payable |
|
|
112,167 |
|
| Total liabilities assumed
by W Tech |
|
|
219,420 |
|
| |
|
|
|
|
| Total
net liabilities assumed by W Tech |
|
|
153,907 |
|
| |
|
|
|
|
| Gain on deconsolidation
of Krypto Ventures, Inc. |
|
$ |
153,907 |
|
|
| Schedule of Basic And Diluted Earnings Per Share |
The
table below details the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30,
2021 and 2020:
Schedule of Basic And Diluted Earnings Per Share
| |
|
For the |
|
|
For the |
|
| |
|
three months ended |
|
|
three months ended |
|
| |
|
September 30, 2021 |
|
|
September 30, 2020 |
|
| Net income (loss) attributable to common stockholder for the period |
|
$ |
3,128,708 |
|
|
$ |
(269,119 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average number of shares outstanding |
|
|
21,674,000 |
|
|
|
21,674,000 |
|
| |
|
|
|
|
|
|
|
|
| Basic earnings per share |
|
$ |
0.14 |
|
|
$ |
(0.01 |
) |
The
following tables are for the computation of diluted earnings per share:
Schedule
of Computation Of Diluted Earnings Per Share
| |
|
For the |
|
|
For the |
|
| |
|
three months |
|
|
three months |
|
| |
|
ended |
|
|
ended |
|
| |
|
September 30, 2021 |
|
|
September 30, 2020 |
|
| Net income (loss) attributable to common stockholder for the period |
|
$ |
3,128,708 |
|
|
$ |
(269,119 |
) |
| Add: Interest attributable to convertible debt |
|
|
17,236 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Adjusted net income attributable to common stockholder for the period |
|
$ |
3,145,944 |
|
|
$ |
(269,119 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average number of shares outstanding |
|
|
21,674,000 |
|
|
|
21,674,000 |
|
| Add: Shares issued upon conversion of debt |
|
|
3,358,646 |
|
|
|
- |
|
| Weighted average number of common and common equivalent shares |
|
|
25,032,646 |
|
|
|
21,674,000 |
|
| |
|
|
|
|
|
|
|
|
| Diluted earnings per share |
|
$ |
0.13 |
|
|
$ |
(0.01 |
) |
| |
|
For the |
|
|
For the |
|
| |
|
nine months ended |
|
|
nine months ended |
|
| |
|
September 30, 2021 |
|
|
September 30, 2020 |
|
| Net income (loss) attributable to common stockholder for the period |
|
$ |
2,764,849 |
|
|
$ |
(499,841 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average number of shares outstanding |
|
|
21,674,000 |
|
|
|
21,674,000 |
|
| |
|
|
|
|
|
|
|
|
| Basic earnings per share |
|
$ |
0.13 |
|
|
$ |
(0.02 |
) |
The
following tables are for the computation of diluted earnings per share:
| |
|
For the |
|
|
For the |
|
| |
|
nine months |
|
|
nine months |
|
| |
|
ended |
|
|
ended |
|
| |
|
September 30, 2021 |
|
|
September 30, 2020 |
|
| Net income (loss) attributable to common stockholder for the period |
|
$ |
2,764,849 |
|
|
$ |
(499,841 |
) |
| Add: Interest attributable to convertible debt |
|
|
48,017 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Adjusted net income attributable to common stockholder for the period |
|
$ |
2,812,866 |
|
|
$ |
(499,841 |
) |
| |
|
|
|
|
|
|
|
|
| Weighted average number of shares outstanding |
|
|
21,674,000 |
|
|
|
21,674,000 |
|
| Add: Shares issued upon conversion of debt |
|
|
3,358,646 |
|
|
|
- |
|
| Weighted average number of common and common equivalent shares |
|
|
25,032,646 |
|
|
|
21,674,000 |
|
| |
|
|
|
|
|
|
|
|
| Diluted earnings per share |
|
$ |
0.11 |
|
|
$ |
(0.02 |
) |
|
| 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, 2021.
Schedule of Fair Value of Assets on Recurring Basis
| |
|
Total |
|
|
(Level
1) |
|
|
(Level
2) |
|
|
(Level
3) |
|
| Fair-value
– equity securities |
|
$ |
4,090,000 |
|
|
$ |
4,090,000 |
|
|
$ |
- |
|
|
$ |
- |
|
| Total Assets measured
at fair value |
|
$ |
4,090,000 |
|
|
$ |
4,090,000 |
|
|
$ |
- |
|
|
$ |
- |
|
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 Property and Equipment |
|
| Schedule of Property and Equipment |
Property
and equipment as of September 30, 2021 and December 31, 2020 consisted of the following:
Schedule of Property and Equipment
| |
|
September
30,
2021
(unaudited)
|
|
|
December
31,
2020
|
|
| 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 |
|
|
(11,316 |
) |
|
|
(9,900 |
) |
| Property
and Equipment, net |
|
$ |
- |
|
|
$ |
1,416 |
|
|
| Schedule of Intangible Assets |
Intangible
Assets as of September 30, 2021 and December 31, 2020 consisted of the following:
Schedule of Intangible Assets
| Type |
|
September
30, 2021 |
|
|
December
31, 2020 |
|
| |
|
|
|
|
|
|
| Trademarks |
|
$ |
- |
|
|
$ |
2,836 |
|
| Total –
net |
|
$ |
- |
|
|
$ |
2,836 |
|
|