Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Fair Value and Recognized Gain Loss on Deconsolidation of Subsidiary

Balance Labs, Inc. and subsidiaries use the equity method to account for their financial interest.

 

For the year ending December 31, 2022, the investment in iGrow Systems Inc was disposed and we recognized a gain of $83,064 on the investment in iGrow Systems which is included as Gain on disposal of non-controlling interest on the accompanying statement of operations. iGrow Systems Inc has closed and is no longer in operations as of December 31, 2022.

 

 
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 Related Party     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 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, 2022.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 148,808     $ 148,808     $ -     $ -  
Total Assets measured at fair value   $ 148,808     $ 148,808     $ -     $ -  

 

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, 2021.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 550,057     $ 550,057     $ -     $ -  
Fair-value – equity securities-RP     18,812      

18,812

               -  
Total Assets measured at fair value   $ 568,869     $ 568,869     $ -     $ -