Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Schedule of Joint Venture

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

 

    March 31, 2019     December 31, 2018  
iGrow Systems Inc. (a)   $ 21,134     $         -  
Total   $ 21,134     $ -  

 

a) Balance Labs Inc., is a 44.20% and 44.44% owner of iGrow Systems Inc., as of March 31, 2019 and December 31, 2018, respectively.

Schedule of Financial Information

The Company has a non controlling interest in iGrow Systems, Inc., a Limited Partnership Corporation formed to develop a rapid plant growing device. 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, 2019     December 31, 2018  
Total Assets   $ 12,592     $ 5,711  
Total Liabilities     23,166       31,291  
Shareholders’ (Deficit)     (10,574     (25,580
                 
Income     -       -  
Expenses     55,785       25,580  
Net (Loss)   $ (55,785 )   $ (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 March 31, 2019.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 235,000     $     -     $      -     $ 235,000  
Total Assets measured at fair value   $ 235,000     $ -     $ -     $ 235,000  

 

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, 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  

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     155,000  
         
Ending Balance as of March 31, 2019   $ 235,000  

Schedule of Property and Equipment

Property and equipment as of March 31, 2019 and December 31, 2018 consisted of the following:

 

    2019     2018  
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     8,863       8,794  
Property and Equipment, net   $ 2,453     $ 2,522

Schedule of Intangible Assets

Intangible Assets as of March 31, 2019 and December 31, 2018 consisted of the following:

 

    2019     2018  
Trademarks   $ 2,836     $ 2,836  
Total     2,836       2,836