Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 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:

 

      September 30,       December 31,  
      2021       2020  
      (unaudited)          
iGrow Systems Inc. (a)   $ -     $ -  
Total   $ -     $ -  
Schedule of Joint Venture of Financial Information

Summary information on the joint venture at September 30, 2021 and December 31, 2020 is as follows:

 

    September 30,     December 31,  
    2021     2020  
    (unaudited)        
Total Assets   $ 4,497     $ 4,497  
Total Liabilities     404,250       278,871  
Shareholders’ Deficit     (399,753 )     (274,374 )
                 
Income     -       -  
Expenses     135,523       219,027  
Net Loss   $ (135,523 )   $ (219,027 )
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 Balance Labs, Inc.     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 Basic And Diluted Earnings Per Share

The table below details the computation of basic and diluted earnings per share (“EPS”) for the three and nine months ended September 30, 2021 and 2020:

 

    For the     For the  
    three months ended     three months ended  
    September 30, 2021     September 30, 2020  
Net income (loss) attributable to common stockholder for the period   $ 3,128,708     $ (269,119 )
                 
Weighted average number of shares outstanding     21,674,000       21,674,000  
                 
Basic earnings per share   $ 0.14     $ (0.01 )

 

The following tables are for the computation of diluted earnings per share:

  Schedule of Computation Of Diluted Earnings Per Share

    For the     For the  
    three months     three months  
    ended     ended  
    September 30, 2021     September 30, 2020  
Net income (loss) attributable to common stockholder for the period   $ 3,128,708     $ (269,119 )
Add: Interest attributable to convertible debt     17,236       -  
                 
Adjusted net income attributable to common stockholder for the period   $ 3,145,944     $ (269,119 )
                 
Weighted average number of shares outstanding     21,674,000       21,674,000  
Add: Shares issued upon conversion of debt     3,358,646       -  
Weighted average number of common and common equivalent shares     25,032,646       21,674,000  
                 
Diluted earnings per share   $ 0.13     $ (0.01 )

 

    For the     For the  
    nine months ended     nine months ended  
    September 30, 2021     September 30, 2020  
Net income (loss) attributable to common stockholder for the period   $ 2,764,849     $ (499,841 )
                 
Weighted average number of shares outstanding     21,674,000       21,674,000  
                 
Basic earnings per share   $ 0.13     $ (0.02 )

  

The following tables are for the computation of diluted earnings per share:

  

    For the     For the  
    nine months     nine months  
    ended     ended  
    September 30, 2021     September 30, 2020  
Net income (loss) attributable to common stockholder for the period   $ 2,764,849     $ (499,841 )
Add: Interest attributable to convertible debt     48,017       -  
                 
Adjusted net income attributable to common stockholder for the period   $ 2,812,866     $ (499,841 )
                 
Weighted average number of shares outstanding     21,674,000       21,674,000  
Add: Shares issued upon conversion of debt     3,358,646       -  
Weighted average number of common and common equivalent shares     25,032,646       21,674,000  
                 
Diluted earnings per share   $ 0.11     $ (0.02 )
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 September 30, 2021.

 

    Total     (Level 1)     (Level 2)     (Level 3)  
Fair-value – equity securities   $ 4,090,000     $ 4,090,000     $ -     $ -  
Total Assets measured at fair value   $ 4,090,000     $ 4,090,000     $ -     $ -  

 

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 Property and Equipment

Schedule of Property and Equipment

Property and equipment as of September 30, 2021 and December 31, 2020 consisted of the following:

 

   

September 30,
2021

(unaudited)

   

December 31,

2020

 
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     (11,316 )     (9,900 )
Property and Equipment, net   $ -     $ 1,416  
Schedule of Intangible Assets

Intangible Assets as of September 30, 2021 and December 31, 2020 consisted of the following:

 

Type   September 30, 2021     December 31, 2020  
             
Trademarks   $        -     $ 2,836  
Total – net   $ -     $ 2,836