Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
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:

 

      2018       2017  
iGrow Systems Inc.   $ -     $ -  
Total   $ -     $ -  

Schedule of Financial Information

Summarized financial information for the entity accounted for under the equity method, as of December 31, 2018 and 2017, consists of the following:

 

    2018     2017  
Total Assets   $ 5,711     $ -  
Total Liabilities     31,291       -  
Shareholders’ (Deficit)     (25,580 )     -  
                 
Income     -       -  
Expenses     25,580       -  
Net (Loss)   $ (25,580 )   $ -  

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, 2018.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 220,000     $ -     $ -     $ 220,000  
Total Assets measured at fair value   $ 220,000     $ -     $ -     $ 220,000  

 

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, 2017.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 80,000     $ -     $ -     $ 80,000  
Total Assets measured at fair value   $ 80,000     $ -     $ -     $ 80,000  

Schedule of Reconciliation of Level 3 Assets

The following is a reconciliation of the level 3 Assets:

 

Beginning Balance as of January 1, 2018   $ 80,000  
         
Unrealized gain on (level 3) securities     140,000  
         
Ending Balance as of December 31, 2018   $ 220,000  

Schedule of Property and Equipment

Property and equipment as of December 31, 2018 and December 31, 2017 consisted of the following:

 

    2018     2017  
Website   $ 1,336     $ -  
Computer equipment & Software     5,358       5,358  
Furniture     4,622       4,622  
Total     11,316       9,980  
Less Accumulated Depreciation     8,794       5,258  
Property and Equipment, net   $ 2,522     $ 4,722  

Schedule of Intangible Assets

Intangible Assets as of December 31, 2018 and December 31, 2017 consisted of the following:

 

    2018     2017  
Trademarks   $ 2,836     $ -  
Total     2,836       -  
Less Accumulated Amortization     -       -  
Intangible Assets   $ 2,836     $    -