Quarterly report pursuant to Section 13 or 15(d)

Stockholders??? Equity

v3.22.2.2
Stockholders’ Equity
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Stockholders’ Equity

Note 4 – Stockholders’ Equity

 

Authorized Capital

 

The Company is authorized to issue 500,000,000 shares of common stock, $0.0001 par value, and 50,000,000 shares of preferred stock, $0.0001 par value.

 

Non-Controlling Interest

 

On December 28, 2017, the Company sold a non-controlling interest in its former subsidiary, Krypto Ventures Inc, formerly known as KryptoBank Co. for $500 equal to 9% of the outstanding equity. On January 17, 2018, the Company sold an additional 40% in its former subsidiary Krypto Ventures Inc, formerly known as KryptoBank Co. for $4,500. The Company owned a majority interest in Krypto Ventures Inc, formerly known as KryptoBank Co. On July 29, 2021, the Company exchanged 52,500,000 shares of common stock in Krypto Ventures, Inc. for 119,584,736 shares of common stock in W Technologies Inc. (“W Tech”), an unrelated party in a Share Exchange Agreement. As a result, Krypto Ventures, Inc was deconsolidated and is no longer our subsidiary. On November 17, 2021, W Tech repurchased all the shares owned by the Company and the Company no longer owns any portion of Krypto Ventures Inc.’s and W Tech’s outstanding shares of common stock (see Note 9).

 

Warrants

 

On October 3, 2019, the Company received $40,000 from The Sammy Farkas Foundation in exchange for a promissory note which bears 12% interest per annum and matured on October 10, 2020, or upon the Company raising $500,000 from outside investors, whichever occurs first. In conjunction with The Sammy Farkas Foundation agreement the Company issued warrants to purchase 40,000 shares of the Company’s common stock at an exercise price of $1.00 per share expiring on October 10, 2022.

 

The following tables summarize warrants outstanding as of September 30, 2022, and the related changes during the periods are presented below.

 

Number of Warrants   Weighted Average Exercise Price  
             
Balance at December 31, 2021     40,000     $ 1.00  
Granted     -       -  
Exercised     -       -  
Expired     -       -  
                 
Balance at September 30, 2022 (unaudited)     40,000     $ 1.00  

 

As of September 30, 2022, the warrants had no intrinsic value.

 

 

BALANCE LABS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

As of September 30, 2022

(Unaudited)