Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 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
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
(unaudited) |
|
|
|
|
| iGrow Systems Inc. (a) |
|
$ |
- |
|
|
$ |
- |
|
| Total |
|
$ |
- |
|
|
$ |
- |
|
| a) |
Balance Labs Inc., is a 43.15% owner of iGrow Systems Inc., as of June
30, 2021 and December 31, 2020, respectively. |
|
| Schedule of Joint Venture of Financial Information |
Schedule of Joint Venture of Financial Information
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
(unaudited) |
|
|
|
|
| Total Assets |
|
$ |
4,497 |
|
|
$ |
4,497 |
|
| Total Liabilities |
|
|
365,973 |
|
|
|
278,871 |
|
| Shareholders’ Deficit |
|
|
(361,476 |
) |
|
|
(274,374 |
) |
| |
|
|
|
|
|
|
|
|
| Income |
|
|
- |
|
|
|
- |
|
| Expenses |
|
|
92,102 |
|
|
|
219,027 |
|
| Net Loss |
|
$ |
(92,102 |
) |
|
$ |
(219,027 |
) |
|
| 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 June 30, 2021.
Schedule of Fair Value of Assets on Recurring Basis
| |
|
Total |
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
| Fair-value – equity securities |
|
$ |
195,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
195,000 |
|
| Total Assets measured at fair value |
|
$ |
195,000 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
195,000 |
|
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 Reconciliation of Assets |
The
following is a reconciliation of the level 3 Assets:
Schedule of Reconciliation of Assets
| Beginning Balance as of December 31, 2020 |
|
$ |
215,500 |
|
| |
|
|
|
|
| Unrealized loss on (level 3) securities |
|
|
(20,500 |
) |
| |
|
|
|
|
| Ending Balance as of June 30, 2021 (unaudited) |
|
$ |
195,000 |
|
|
| Schedule of Property and Equipment |
Property
and equipment as of June 30, 2021 and December 31, 2020 consisted of the following:
Schedule of Property and Equipment
| |
|
June 30, 2021
(unaudited)
|
|
|
December 31,
2020
|
|
| Website |
|
$ |
10,836 |
|
|
$ |
1,336 |
|
| Computer equipment & Software |
|
|
5,358 |
|
|
|
5,358 |
|
| Furniture |
|
|
4,622 |
|
|
|
4,622 |
|
| Total |
|
|
20,816 |
|
|
|
11,316 |
|
| Less Accumulated Depreciation |
|
|
(11,316 |
) |
|
|
(9,900 |
) |
| Property and Equipment, net |
|
$ |
9,500 |
|
|
$ |
1,416 |
|
|
| Schedule of Intangible Assets |
Intangible
Assets as of June 30, 2021 and December 31, 2020 consisted of the following:
Schedule of Intangible Assets
| |
|
June 30, 2021
(unaudited)
|
|
|
December 31,
2020
|
|
| Trademarks |
|
$ |
2,836 |
|
|
$ |
2,836 |
|
| Total |
|
$ |
2,836 |
|
|
$ |
2,836 |
|
|