Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 24, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-202959 | |
Entity Registrant Name | BALANCE LABS, INC. | |
Entity Central Index Key | 0001632121 | |
Entity Tax Identification Number | 47-1146785 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 407 Lincoln Road | |
Entity Address, Address Line Two | Suite 701 | |
Entity Address, City or Town | Miami Beach | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33139 | |
City Area Code | (305) | |
Local Phone Number | 907-7600 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 21,674,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 227,769 | $ 227,558 |
Accounts receivable - related party | 45,000 | 22,500 |
Interest receivable | 18,404 | 12,932 |
Note receivable, net of discount of $0 and $3,308 as of June 30, 2022 and December 31, 2021 | 141,000 | 162,692 |
Total Current Assets | 432,173 | 425,682 |
Other Assets | ||
Due from related party | 20,000 | 20,000 |
Investment at fair value - related party | 318,874 | 550,057 |
Investment at fair value | 18,812 | |
Total Other Assets | 338,874 | 588,869 |
Total Assets | 771,047 | 1,014,551 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,125,589 | 1,010,028 |
Accounts payable - related party | 911,659 | 851,659 |
Short -term advances - related party | 1,673,558 | 1,673,558 |
Convertible note payable | 25,000 | 25,000 |
Convertible notes payable - related party, note of debt discount of $0 and $3,428, as of June 30, 2022 and December 31, 2021 | 173,192 | 169,764 |
Notes payable - related party - net of debt discount of $0 and $0 as of June 30, 2022 and December 31, 2021 | 106,850 | 106,850 |
Accumulated losses of unconsolidated investees in excess of investment | 103,064 | 101,838 |
Total Current Liabilities | 4,118,912 | 3,938,697 |
Long Term Liabilities | ||
Convertible note payable, net of debt discount of $25,515 and $31,185 as of June 30, 2022 and December 31, 2021 | 474,485 | 468,815 |
Total Long Term Liabilities | 474,485 | 468,815 |
Total Liabilities | 4,593,397 | 4,407,512 |
Commitments and Contingencies (Note 8) | ||
Stockholders’ Deficit | ||
Preferred stock, $0.0001 par value, 50,000,000 shares authorized, none issued and outstanding as of June 30, 2022 and December 31, 2021 | ||
Common stock, $0.0001 par value: authorized 500,000,000, 21,674,000 and 21,674,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 2,167 | 2,167 |
Additional paid-in capital | 810,048 | 810,048 |
Accumulated deficit | (4,634,565) | (4,205,176) |
Total Stockholders’ Deficit | (3,822,350) | (3,392,961) |
Total Liabilities and Stockholders’ Deficit | $ 771,047 | $ 1,014,551 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Note receivable, discount - current | $ 0 | $ 3,308 |
Debt instrument, unamortized discount, current | 0 | 3,428 |
Notes payable - related party, debt discount - current | 0 | 0 |
Convertible notes payable, debt discount - long term | $ 25,515 | $ 31,185 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 21,674,000 | 21,674,000 |
Common stock, shares, outstanding | 21,674,000 | 21,674,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues - related party | $ 67,500 | $ 135,000 | ||
Costs and expenses | ||||
General and administrative expenses | 7,256 | 11,908 | 11,295 | 17,808 |
Professional fees | 31,248 | 15,620 | 75,460 | 40,650 |
Salaries and wages | 10,529 | 38,105 | 33,821 | 72,496 |
General and administrative expenses - related party | 30,000 | 30,000 | 60,000 | 60,000 |
Total operating expenses | 79,033 | 95,633 | 180,576 | 190,954 |
Loss from operations | (11,533) | (95,633) | (45,576) | (190,954) |
Other income (expense) | ||||
Unrealized gain (loss) on available for sale securities | (99,649) | (15,000) | (231,184) | (20,500) |
Proceeds from sale of investment | 287 | |||
Net loss allocated from equity method investees | (41,102) | (32,142) | (47,256) | (53,148) |
Accreted interest income and interest income on note receivable | 3,473 | 13,545 | 10,997 | 22,740 |
Interest expense (includes amortization of debt discount) | (58,616) | (55,960) | (116,657) | (126,501) |
Total other income (expense) | (195,894) | (89,557) | (383,813) | (177,409) |
Net loss | (207,427) | (185,190) | (429,389) | (368,363) |
Net loss attributable to non controlling interest | (2,729) | (4,504) | ||
Net Loss attributable to the Company | $ (207,427) | $ (182,461) | $ (429,389) | $ (363,859) |
Net Loss per share - basic and diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average number of shares - basic and diluted | 21,674,000 | 21,674,000 | 21,674,000 | 21,674,000 |
Condensed Consolidated Stateme
Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Noncontrolling Interest [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 2,167 | $ 806,249 | $ (53,942) | $ (3,341,830) | $ (2,587,356) |
Begning Balance, shares at Dec. 31, 2020 | 21,674,000 | ||||
Net loss | (4,504) | (363,859) | (368,363) | ||
Beneficial conversion | 3,799 | 3,799 | |||
Ending balance, value at Jun. 30, 2021 | $ 2,167 | 810,048 | (58,446) | (3,705,689) | (2,951,920) |
Ending balance, shares at Jun. 30, 2021 | 21,674,000 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 2,167 | 806,249 | (55,717) | (3,523,228) | (2,770,529) |
Begning Balance, shares at Mar. 31, 2021 | 21,674,000 | ||||
Net loss | (2,729) | (182,461) | (185,190) | ||
Beneficial conversion | 3,799 | 3,799 | |||
Ending balance, value at Jun. 30, 2021 | $ 2,167 | 810,048 | (58,446) | (3,705,689) | (2,951,920) |
Ending balance, shares at Jun. 30, 2021 | 21,674,000 | ||||
Beginning balance, value at Dec. 31, 2021 | $ 2,167 | 810,048 | (4,205,176) | (3,392,961) | |
Begning Balance, shares at Dec. 31, 2021 | 21,674,000 | ||||
Net loss | (429,389) | (429,389) | |||
Ending balance, value at Jun. 30, 2022 | $ 2,167 | 810,048 | (4,634,565) | (3,822,350) | |
Ending balance, shares at Jun. 30, 2022 | 21,674,000 | ||||
Beginning balance, value at Mar. 31, 2022 | $ 2,167 | 810,048 | (4,427,138) | (3,614,923) | |
Begning Balance, shares at Mar. 31, 2022 | 21,674,000 | ||||
Net loss | (207,427) | (207,427) | |||
Ending balance, value at Jun. 30, 2022 | $ 2,167 | $ 810,048 | $ (4,634,565) | $ (3,822,350) | |
Ending balance, shares at Jun. 30, 2022 | 21,674,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net loss - including non-controlling interest | $ (429,389) | $ (368,363) |
Adjustments to reconcile net loss to net cash used in operations | ||
Amortization of debt discount | 9,098 | 5,688 |
Accreted interest on note receivable | (3,308) | (17,809) |
Depreciation expense | 80 | |
Amortization of website development costs | 1,336 | |
Net loss from equity method investment | 46,030 | 13,406 |
Unrealized loss on available - for - sale securities | 231,183 | 20,500 |
Decrease (Increase) in | ||
Accounts receivable - related party | (22,500) | |
Interest receivable | (7,690) | (4,923) |
Prepaids | 25,000 | |
Increase in | ||
Accounts payable and accrued expenses | 115,561 | 40,290 |
Accounts payable and accrued expenses - related party | 60,000 | 60,000 |
Accumulated losses on unconsolidated investees in excess of investment | 1,226 | 39,742 |
Net cash provided by (used in) operating activities | 211 | (185,053) |
Investing activities | ||
Notes receivable | (119,000) | |
Website development cost | (9,500) | |
Net cash used in investing activities | (128,500) | |
Financing activities | ||
Payment of convertible note payable | (25,000) | |
Proceeds from issuance of convertible note payable, related party, net | 50,000 | |
Proceeds from short term advances, related parties | 392,500 | |
Net cash provided by financing activities | 417,500 | |
Net increase in cash | 211 | 103,947 |
Cash and cash equivalents - beginning of period | 227,558 | 5,632 |
Cash and cash equivalents - end of period | 227,769 | 109,579 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 27,545 | |
Cash paid for income tax | ||
Supplemental disclosure of non-cash investing and financing activities | ||
Investment at fair value received from issuance of note receivable | 43,000 | |
Beneficial conversion features on convertible notes payable - related party | 3,799 | |
Notes receivable and interest receivable converted to shares | $ 27,218 |
Business Organization and Natur
Business Organization and Nature of Operations | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Business Organization and Nature of Operations | Note 1 – Business Organization and Nature of Operations Balance Labs, Inc. (“Balance Labs” or the “Company”) was incorporated on June 5, 2014 under the laws of the State of Delaware. Balance Labs is a consulting firm that provides business development and consulting services to start up and development stage businesses. The Company offers services to help businesses in various industries improve and fine tune their business models, sales and marketing plans and internal operations as well as make introductions to professional services such as business plan writing, accounting firms and legal service providers. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial position of Balance Labs as of June 30, 2022, and the unaudited condensed consolidated results of its operations and cash flows for the six months ended June 30, 2022. The unaudited condensed consolidated results of operations for the three and six months ended June 30, 2022, are not necessarily indicative of the operating results for the full year. It is recommended that these unaudited condensed consolidated financial statements be read in conjunction with the audited financial statements and related disclosures of the Company for the year ended December 31, 2021 which was filed with the Securities and Exchange Commission on March 31, 2022. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 – Going Concern The unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company provided $ 211 227,769 4,634,565 3,686,739 There is substantial doubt about the Company to continue as a going concern. The Company without additional sources of debt or equity capital would potentially need to cease operations. Management plans to raise additional capital within the next twelve months that is expected to sustain its operations for the next year. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in case of equity financing. In addition, the Company expects to begin a marketing campaign to market and sell its services. There can be no assurance that such a plan will successful. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 – Summary of Significant Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of 90 days or less to be cash equivalents. At June 30, 2022 and December 31, 2021, the Company has $ 2,000 2,000 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates may include those pertaining to stock-based compensation, depreciable lives of fixed assets and deferred tax assets. Actual results could materially differ from those estimates. Accounts Receivable Accounts receivable are recorded at fair value on the date revenue is recognized. The Company provides allowances for doubtful accounts by specific customer identification. If market conditions decline, actual collections may not meet expectations and may result in decreased cash flow and increased bad debt expense. Once collection efforts by the Company and its collection agency are exhausted, the determination for charging off uncollectible receivables is made. Joint Venture The Company uses the equity method to account for their financial interest in the following company: Schedule of Equity Method Investments June 30, 2022 December 31, 2021 (Unaudited) iGrow Systems Inc. (a) $ - $ - Total $ - $ - a) The Company is a 43.15% 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 at June 30, 2022 and December 31, 2021 is as follows: Schedule of Joint Venture of Financial Information June 30, 2022 December 31, 2021 (Unaudited) Total Assets $ - $ - Total Liabilities 242,513 239,671 Shareholders’ Deficit (242,513 ) (239,671 ) For the six For the six June 30, 2021 (Unaudited) (Unaudited) Income - - Expenses 2,842 92,102 Net Income (Loss) $ (2,842 ) $ (92,102 ) The Company’s portion of the net loss for the three and six months ended June 30, 2022 was $ 613 and $ 1,226 which exceeded its investment in the joint venture by $ 103,064 as of June 30, 2022 which is recorded as accumulated losses of unconsolidated investees in excess of investment on the condensed consolidated balance sheets. BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) Revenue Recognition The Company accounts for its revenues under FASB ASC 606, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company considers revenue realized or realizable and earned when all the five following criteria are met: (1) Identify the Contract with a Customer, (2) Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the Performance Obligations in the Contract, and (5) Recognize Revenue When (or As) the Entity Satisfies a Performance Obligation. The Company recognizes consulting income when the services are performed, which occurs at a point in time. Additionally, at the time services are performed, the Company has satisfied its single performance obligation. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company adopted the provisions of Accounting Standards Codification (“ASC”) Topic 740-10, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there are no material tax positions requiring recognition in the Company’s unaudited condensed consolidated financial statements as of June 30, 2022. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s 2019, 2020, and 2021 tax returns remain open for audit for Federal and State taxing authorities. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the statement of operations. Marketable Securities The Company accounts for marketable and available-for-sale securities under ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The Company accounts for its investment in Bang Holdings, Corp as available-for-sale securities, therefore, the unrealized (gain) loss on the available-for-sale securities has been recorded in other income (expenses) on the consolidated statements of operations. The Company accounts for its investment in EZFill Holdings, Inc. as available-for-sale securities pursuant to the S-1 Registration Statement declared effective on September 14, 2021, therefore, the unrealized (gain) loss on the available-for-sale securities during the three and six months ended June 30, 2022 and 2021, has been recorded in Other Income (Expense) on the consolidated statement of operations. BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) Investments – Related Parties When the fair value of an investment is indeterminable, the Company accounts for its investments that are under 20% of the total equity outstanding using the cost method. For investments in which the Company holds between 20-50% equity and is non-controlling are accounted for using the equity method. For any investments in which the Company holds over 50% of the outstanding stock, the Company consolidates those entities into their consolidated financial statements herein The Company held one investments on its consolidated Balance Sheet as of June 30, 2022 and two investments as of December 31, 2021. During the year ended December 31, 2021, our investment in Bang Holdings Corp., was fully impaired due to the Company being delisted from OTC Pink Sheets and not having a liquid trading market at that time. The Company recorded an impairment expense of $ 195,000 On November 9, 2018, the Company acquired a non-controlling interest in iGrow Systems Inc. This investment is recorded on our consolidated balance sheet using the equity method as of June 30, 2022 and December 31, 2021. On November 18, 2020, the Company executed a two (2) year, consulting agreement for various corporate services with EZFill Holdings, Inc., a related party. In connection with this agreement, and with the effectiveness of the Company’s Form S-1 registration statement, the Company was entitled to compensation as follows: ● 1,000,000 ● $ 200,000 ● During the first year of the agreement, $ 25,000 st ● During the second year of the agreement, $ 22,500 ● On each anniversary of the agreement, 500,000 On December 2, 2020, the Company received 1,000,000 1 On September 14, 2021, the S-1 Registration Statement for EZFill Holdings, Inc. was declared effective by the U.S. Securities and Exchange Commission. As a result of becoming a publicly traded company, our investment is now recorded at fair value as available-for-sale securities on June 30, 2022, with the gains and losses being recorded through other income (expense) on the consolidated statements of operations. In September 2021, EZFill Holdings, Inc. approved a one for 3.763243 265,728 On November 18, 2021, on the anniversary of the agreement, the Company received 132,864 352,090 2.65 At June 30, 2022, the Company owned 398,592 shares and the fair value of the investment in EZFill Holdings, Inc. was $ 318,874 0.80 Summary information on Ezfill Holdings, Inc. at June 30, 2022 and December 31, 2021 as follows: Schedule of Related Party Transactions June 30, 2022 December 31, 2021 (Unaudited) Total Assets $ 20,709,349 $ 22,924,118 Total Liabilities 5,121,831 1,055,672 Stockholders’ Equity 15,687,518 21,868,446 For the six For the six (Unaudited) (Unaudited) Income 6,094,499 3,372,417 Expenses 13,233,679 6,728,507 Net Income (Loss) $ (7,139,180 ) $ (3,356,090 ) All of the Company’s revenues were earned from EZFill Holdings, Inc, a related party, totaling $ 67,500 0 All of the Company’s revenues were earned from EZFill Holdings, Inc, a related party, totaling $ 135,000 0 Investments The Company owned a majority interest in Descrypto Holdings, Inc. formerly known as Krypto Ventures, and KryptoBank Co. On July 29, 2021, the Company exchanged 52,500,000 119,584,736 83,709,315 84 Following the November Redemption Agreement, the Company owned 35,875,421 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) On February 18, 2022, the Company entered into a redemption agreement (the “February Redemption Agreement”) pursuant to which the Company agreed to sell, and Descrypto agreed to purchase, an aggregate of 28,700,337 287 7,175,084 shares of Descrypto’s Common Stock In addition, on April 1, 2022, the full principal balance of note receivable of $ 25,000 2,218 68,045 7,243,129 27,218 of unrealized loss from investment. As of June 30, 2022, the investment in Descrypto has a fair value of $ 0 On January 29, 2021, the Company received 20% 0 13,271 18,812 Summary information on Pharmacy No, 27 Ltd at June 30, 2022 and December 31, 2021 as follows: Schedule of Related Party Transactions June 30, 2022 December 31, 2021 (Unaudited) (Unaudited) Total Assets $ 288,360 $ 200,474 Total Liabilities 245,461 137,459 Stockholders’ Equity 42,899 63,015 For the six For the six (Unaudited) (Unaudited) Income 17,778 9,638 Expenses 125,353 76,667 Net Income (Loss) $ (107,575 ) $ (67,029 ) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents and marketable securities. As of June 30, 2022 and December 31, 2021, the carrying value of marketable securities was $ 318,874 550,057 Principles of Consolidation The consolidated financial statements include the Company and its wholly owned corporate subsidiaries, Balance Labs LLC., from October 12, 2015, Balance AgroTech Co., from July 11, 2016, Advanced Auto Tech Co., from May 10, 2016, Balance Cannabis Co., from May 13, 2016, and Balance Medical Marijuana Co from December 22, 2015, and our former 51% The Company has a non-controlling interest of 43.15% Net Income (Loss) Per Common Share Basic and diluted income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares and warrants from convertible debentures outstanding during the periods. The effect of 40,000 3,640,491 640,000 3,279,236 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Awards granted to directors are treated on the same basis as awards granted to employees. The Company has computed the fair value of warrants granted using the Black-Scholes option pricing model. The expected term used for warrants is the contractual life. Since the Company’s stock has not been publicly traded for a sufficiently long period, the Company is utilizing an expected volatility figure based on a review of the historical volatilities, over a period of time, equivalent to the expected life of the instrument being valued, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. Fair Value of Financial Instruments The Company measures its financial assets and liabilities in accordance with GAAP. For certain of our financial instruments, including cash, accounts payable, and the short-term portion of long-term debt, the carrying amounts approximate fair value due to their short maturities. We adopted accounting guidance for financial and non-financial assets and liabilities (ASC 820). This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: ● Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. ● Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. 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, 2022. Schedule of Fair Value of Assets on Recurring Basis Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 318,874 $ 318,874 $ - $ - Total fair - value – equity securities $ 318,874 $ 318,874 $ - $ - 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. BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 550,057 $ 550,057 $ - $ - Total fair – value – equity securities $ 550,057 $ 550,057 $ - $ - The Company accounts for its investment in EzFill Holdings, Inc. (“EzFill”) as available-for-sale securities. As of June 30, 2022 and December 31, 2021, the Company classified its EzFill investment of $ 318,874 550,057 Business Segments The Company operates in one Advertising, Marketing and Promotional Costs Advertising, marketing, and promotional expenses are expensed as incurred and are included in selling, general and administrative expenses on the accompanying consolidated statement of operations. For the three months ended June 30, 2022 and June 30, 2021, advertising, marketing, and promotion expense was $ 466 1,373 514 3,329 Property and equipment Property and equipment consist of furniture and office equipment and is stated at cost less accumulated depreciation. Depreciation is determined by using the straight-line method for furniture and office equipment, over the estimated useful lives of the related assets, generally three to five years. Expenditures for repairs and maintenance of equipment are charged to expense as incurred. Major replacements and betterments are capitalized and depreciated over the remaining useful lives of the related assets. Property and equipment as of June 30, 2022 and December 31, 2021 consisted of the following: Schedule of Property and Equipment June 30, December 31, 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 ) (11,316 ) Property and Equipment, net $ - $ - Depreciation expense for the three months ended June 30, 2022 and 2021 totaled $ 0 40 Depreciation expense for the six months ended June 30, 2022 and 2021 totaled $ 0 80 During the six months ended June 30, 2022 and 2021, the company incurred $ 0 9,500 During the three and six months ended June 30, 2021, the company recorded $ 1,336 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) Recently Issued Accounting Pronouncements Changes to accounting principles are established by the FASB in the form of ASUs to the FASB’s Codification. We consider the applicability and impact of all ASUs on our financial position, results of operations, stockholders’ deficit, cash flows, or presentation thereof. Management has evaluated all recent accounting pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”) through the date these financial statements were available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements, when adopted, will have a material impact on the financial statements of the Company. In August 2020, FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity; Own Equity (“ASU 2020-06”), as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Among other changes, the new guidance removes from GAAP separation models for convertible debt that require the convertible debt to be separated into a debt and equity component, unless the conversion feature is required to be bifurcated and accounted for as a derivative or the debt is issued at a substantial premium. As a result, after adopting the guidance, entities will no longer separately present such embedded conversion features in equity and will instead account for the convertible debt wholly as debt. The new guidance also requires use of the “if-converted” method when calculating the dilutive impact of convertible debt on earnings per share, which is consistent with the Company’s current accounting treatment under the current guidance. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, but only at the beginning of the fiscal year. The Company adopted the guidance under ASU 2020-06 on January 1, 2022. The adoption of this guidance and had no material impact on the Company’s financial statements. |
Revision of Prior Year Immateri
Revision of Prior Year Immaterial Misstatement | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Revision of Prior Year Immaterial Misstatement | Note 4 – Revision of Prior Year Immaterial Misstatement During the quarter ended March 31, 2022, the Company identified a certain error in recording its majority interest for Krypto Ventures, Inc. during the year ended December 31, 2021. This error resulted in decreasing its non-controlling interest and retained earnings by $ 66,650 The Company assessed the materiality of this error considering both qualitative and quantitative factors and determined that for both the respective quarters and fiscal year ended December 31, 2021, the error was immaterial. The Company has decided to correct this error as revisions to our previously issued financial statements and will adjust the Form 10-K when filed in succeeding periods of this fiscal year. The table below present the impact of the revision in the Company’s condensed consolidated financial statements. Schedule of Revision in Financial Statements As Previously Reported Adjustment As Revised December 31, 2021 As Previously Reported Adjustment As Revised Consolidated Balance Sheet / Statement of Changes in Stockholders’ Equity Accumulated deficit $ (4,138,526 ) $ (66,650 ) $ (4,205,176 ) Non-controlling interest $ (66,650 ) $ 66,650 $ - Total Stockholders’ Deficit $ (3,392,961 ) $ - $ (3,392,961 ) Total Liabilities and Stockholders’ Deficit $ 1,014,551 $ - $ 1,014,551 Consolidated Statement of Operations Gain on deconsolidation of Krypto Ventures, Inc. $ 153,907 $ (66,650 ) $ 87,257 Total other expense $ (1,033,830 ) $ (66,650 ) $ (1,100,480 ) Net (Loss) Income $ (809,404 ) $ (66,650 ) $ (876,054 ) Net (Loss) Income attributable to the Company $ (796,696 ) $ (66,650 ) $ (863,346 ) Net (Loss) Income per share - basic $ (0.04 ) $ - $ (0.04 ) Net (Loss) Income per share - diluted $ (0.04 ) $ - $ (0.04 ) Consolidated Statement of Cash Flows Operating activities Net (Loss) Income - including non-controlling interest $ (809,404 ) $ (66,650 ) $ (876,054 ) Gain on deconsolidation of subsidiary (Krypto Ventures, Inc.) $ 153,907 $ (66,650 ) $ 87,257 Net cash used in operating activities $ (56,896 ) $ - $ (56,896 ) |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 5 – Stockholders’ Equity Authorized Capital The Company is authorized to issue 500,000,000 0.0001 50,000,000 0.0001 Non-Controlling Interest The Company owned a majority interest in Krypto Ventures Inc, formerly known as KryptoBank Co. On July 29, 2021, the Company exchanged 52,500,000 119,584,736 On November 18, 2021, the Company entered into a redemption agreement (the “November Redemption Agreement”) pursuant to which the Company agreed to sell, and Descrypto agreed to purchase, an aggregate of 83,709,315 84 35,875,421 On February 18, 2022, the Company entered into a redemption agreement (the “February Redemption Agreement”) pursuant to which the Company agreed to sell, and Descrypto agreed to purchase, an aggregate of 28,700,337 287 7,175,084 On April 1, 2022, the note receivable and interest receivable totalling $ 27,218 68,045 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) Warrants During 2016, Balance Group LLC loaned the Company $ 120,000 10% 600,000 1.00 September 30, 2021 On October 3, 2019, the Company received $ 40,000 12% October 10, 2020 500,000 40,000 1.00 October 10, 2022 The following tables summarize warrants outstanding as of June 30, 2022 and 2021 and the related changes during the years are presented below. Summary of Warrants Outstanding Number of Warrants Weighted Average Exercise Price Balance at December 31, 2021 40,000 $ 1.00 Granted - - Exercised - - Expired - - Balance at June 30, 2022 (Unaudited) 40,000 $ 1.00 Number of Warrants Weighted Average Exercise Price Balance at December 31, 2020 640,000 $ 1.00 Granted - - Exercised - - Expired - - Balance at June 30, 2021 (Unaudited) 640,000 $ 1.00 As of June 30, 2022 and June 30, 2021, the warrants had no |
Note Receivable
Note Receivable | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Note Receivable | Note 6 – Note Receivable On September 30, 2021, Balance Labs Inc. made a loan to Four Acquisition, Ltd., an unrelated party in the principal amount of $ 22,000 which loan has an interest rate of 10% per annum and a maturity date of September 30, 2022 . For the three and six months ended June 30, 2022, the Company recorded $549 and $ 1,091 of interest income in relation to this note. On June 29, 2021, Balance Labs Inc. made a loan to Descrypto Holdings, Inc. formerly known as Krypto Ventures, Inc, and KryptoBank Co., a related party in the principal amount of $ 25,000 12% June 28, 2022 698 27,218 68,045 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) On January 29, 2021, Balance Labs Inc. made a loan to Four Acquisitions Ltd., an unrelated party in the principal amount of $ 119,000 10% 20% 43,000 For the three and six months ended June 30, 2022, the Company recorded $ 0 3,308 0 $2,967 5,901 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 7 – Related Party Transactions The Company’s CEO earns $ 10,000 60,000 60,000 30,000 30,000 911,659 851,659 On September 30, 2016, Balance Group LLC loaned $ 120,000 10% 600,000 1 69,009 During 2016, 2017, and 2019 Balance Group LLC loaned an additional $ 66,850 29,081 On June 27, 2021, the Company received $ 50,000 53,192 12% June 27, 2022 250,000 3,192 3,799 1,705 17 3,428 17 0 6,418 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) As of June 30, 2022, the CEO and companies controlled by the CEO have loaned the Company a total of $ 1,673,558 53,192 8% 411,628 1,711,091 On July 27, 2016, the Company signed a sublease (the “Master Lease”) with an entity partially owned by a related party to sub-lease approximately 2200 7,741 7,973 8,212 50% 16,725 99.75 0 300 0 599 On October 3, 2019, the Company received $ 40,000 12% October 10, 2020 500,000 16,018 40,000 1.00 October 10, 2022 8,283 On December 2, 2020, the Company received 1,000,000 1 1 For the three months ended June 30, 2022 and 2021, the Company generated $ 67,500 0 For the six months ended June 30, 2022 and 2021, the Company generated $ 135,000 0 As of June 30, 2022 and December 31, 2021, there was $ 45,000 22,500 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 – Commitments and Contingencies Litigation, Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position or results of operations. Consulting Fees The Company will continue to accrue its CEO $ 10,000 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) |
Convertible Notes and Notes Pay
Convertible Notes and Notes Payable | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Notes and Notes Payable | Note 9 – Convertible Notes and Notes Payable Notes Payable As of June 30, 2022, the CEO and companies controlled by the CEO have loaned the Company a total of $ 1,673,558 53,192 8% 411,628 1,711,091 During 2016, 2017, and 2019, Balance Group loaned an additional $ 66,850 8% 29,081 On October 3, 2019, The Company received $ 40,000 12% 500,000 16,018 40,000 1.00 October 10, 2022 8,283 Convertible Notes Payable On December 23, 2015, the Company issued a secured convertible promissory note in the amount of $ 25,000 8% 0.50 100,000 0.50 December 23, 2020 18% 33,232 On April 1, 2016, the Company received $ 500,000 from Newell Trading Group in exchange for a convertible debenture due April 2, 2017 bearing interest at 10% and convertible into common stock at $ .25 per share unless the note is paid by the Company prior to the election of the holder to convert. The Company recognized a beneficial conversion feature expense of $ 500,000 that has been fully amortized. As of June 30, 2022, accrued interest on the note is $ 312,466 . On October 3, 2019, Newell Trading Group assigned its rights and interests in its $ 500,000 convertible debenture to the Sammy Farkas Foundation Inc., (the “Foundation”), a related party. The Foundation then entered into an agreement with the Company to extend the maturity date of the convertible debenture to October 10, 2024 in exchange for 54,000 shares of the Company’s stock. The shares have a fair value of $ 56,700 which was recorded as a debt discount and amortized over the life of the extension. On November 11, 2019, The Sammy Farkas Foundation transferred all the rights and interests of the note to another party, 16th Avenue Associates. The terms remain the same and the transfer has no effect on the financial statements. During the three months ended June 30, 2021 and 2022, the Company amortized $ 2,835 and $ 2,835 , respectively of debt discount. During the six months ended June 30, 2021 and 2022, the Company amortized $ 5,670 and $ 5,670 , respectively of debt discount. As of June 30, 2022, the remaining debt discount was $ 25,515 . On September 30, 2016, Balance Group LLC loaned the Company $ 120,000 10% 1.00 600,000 111,428 514% 1.14% 0% 85,714 69,009 On June 27, 2021, the Company received $ 50,000 from the CEO in exchange for a convertible promissory note with a face value of $ 53,192 which bears 12% interest per annum and matures on June 27, 2022 or upon the Company raising $ 250,000 from investors, whichever occurs first. The difference between the amount received and the face value of $ 3,192 was recorded as a discount and is being amortized over the life of the note. Additionally, the note comes with a beneficial conversion feature of $ 3,799 which was also recorded as a discount and is being amortized over the life of the note. For the three months ended June 30, 2022 and 2021, the Company recorded $ 1,705 and $ 17 of amortization of debt discount. For the six months ended June 30, 2022 and 2021, the Company recorded $ 3,428 and $ 17 of amortization of debt discount. As of June 30, 2022, the remaining discount on the note is $ 0 and the Company has accrued interest of $ 6,418 . |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 10 - Subsequent Event On July 18, 2022, the Board of Directors of the Company appointed Ari Feldman to serve as the Company’s CFO, effective July 18, 2022. In connection with the appointment, Mr. Feldman will receive $ 21,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of 90 days or less to be cash equivalents. At June 30, 2022 and December 31, 2021, the Company has $ 2,000 2,000 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) |
Use of Estimates | Use of Estimates The preparation of the unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Estimates may include those pertaining to stock-based compensation, depreciable lives of fixed assets and deferred tax assets. Actual results could materially differ from those estimates. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at fair value on the date revenue is recognized. The Company provides allowances for doubtful accounts by specific customer identification. If market conditions decline, actual collections may not meet expectations and may result in decreased cash flow and increased bad debt expense. Once collection efforts by the Company and its collection agency are exhausted, the determination for charging off uncollectible receivables is made. |
Joint Venture | Joint Venture The Company uses the equity method to account for their financial interest in the following company: Schedule of Equity Method Investments June 30, 2022 December 31, 2021 (Unaudited) iGrow Systems Inc. (a) $ - $ - Total $ - $ - a) The Company is a 43.15% 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 at June 30, 2022 and December 31, 2021 is as follows: Schedule of Joint Venture of Financial Information June 30, 2022 December 31, 2021 (Unaudited) Total Assets $ - $ - Total Liabilities 242,513 239,671 Shareholders’ Deficit (242,513 ) (239,671 ) For the six For the six June 30, 2021 (Unaudited) (Unaudited) Income - - Expenses 2,842 92,102 Net Income (Loss) $ (2,842 ) $ (92,102 ) The Company’s portion of the net loss for the three and six months ended June 30, 2022 was $ 613 and $ 1,226 which exceeded its investment in the joint venture by $ 103,064 as of June 30, 2022 which is recorded as accumulated losses of unconsolidated investees in excess of investment on the condensed consolidated balance sheets. BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) |
Revenue Recognition | Revenue Recognition The Company accounts for its revenues under FASB ASC 606, which is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company considers revenue realized or realizable and earned when all the five following criteria are met: (1) Identify the Contract with a Customer, (2) Identify the Performance Obligations in the Contract, (3) Determine the Transaction Price, (4) Allocate the Transaction Price to the Performance Obligations in the Contract, and (5) Recognize Revenue When (or As) the Entity Satisfies a Performance Obligation. The Company recognizes consulting income when the services are performed, which occurs at a point in time. Additionally, at the time services are performed, the Company has satisfied its single performance obligation. |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company adopted the provisions of Accounting Standards Codification (“ASC”) Topic 740-10, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there are no material tax positions requiring recognition in the Company’s unaudited condensed consolidated financial statements as of June 30, 2022. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s 2019, 2020, and 2021 tax returns remain open for audit for Federal and State taxing authorities. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the statement of operations. |
Marketable Securities | Marketable Securities The Company accounts for marketable and available-for-sale securities under ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The Company accounts for its investment in Bang Holdings, Corp as available-for-sale securities, therefore, the unrealized (gain) loss on the available-for-sale securities has been recorded in other income (expenses) on the consolidated statements of operations. The Company accounts for its investment in EZFill Holdings, Inc. as available-for-sale securities pursuant to the S-1 Registration Statement declared effective on September 14, 2021, therefore, the unrealized (gain) loss on the available-for-sale securities during the three and six months ended June 30, 2022 and 2021, has been recorded in Other Income (Expense) on the consolidated statement of operations. BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) |
Investments – Related Parties | Investments – Related Parties When the fair value of an investment is indeterminable, the Company accounts for its investments that are under 20% of the total equity outstanding using the cost method. For investments in which the Company holds between 20-50% equity and is non-controlling are accounted for using the equity method. For any investments in which the Company holds over 50% of the outstanding stock, the Company consolidates those entities into their consolidated financial statements herein The Company held one investments on its consolidated Balance Sheet as of June 30, 2022 and two investments as of December 31, 2021. During the year ended December 31, 2021, our investment in Bang Holdings Corp., was fully impaired due to the Company being delisted from OTC Pink Sheets and not having a liquid trading market at that time. The Company recorded an impairment expense of $ 195,000 On November 9, 2018, the Company acquired a non-controlling interest in iGrow Systems Inc. This investment is recorded on our consolidated balance sheet using the equity method as of June 30, 2022 and December 31, 2021. On November 18, 2020, the Company executed a two (2) year, consulting agreement for various corporate services with EZFill Holdings, Inc., a related party. In connection with this agreement, and with the effectiveness of the Company’s Form S-1 registration statement, the Company was entitled to compensation as follows: ● 1,000,000 ● $ 200,000 ● During the first year of the agreement, $ 25,000 st ● During the second year of the agreement, $ 22,500 ● On each anniversary of the agreement, 500,000 On December 2, 2020, the Company received 1,000,000 1 On September 14, 2021, the S-1 Registration Statement for EZFill Holdings, Inc. was declared effective by the U.S. Securities and Exchange Commission. As a result of becoming a publicly traded company, our investment is now recorded at fair value as available-for-sale securities on June 30, 2022, with the gains and losses being recorded through other income (expense) on the consolidated statements of operations. In September 2021, EZFill Holdings, Inc. approved a one for 3.763243 265,728 On November 18, 2021, on the anniversary of the agreement, the Company received 132,864 352,090 2.65 At June 30, 2022, the Company owned 398,592 shares and the fair value of the investment in EZFill Holdings, Inc. was $ 318,874 0.80 Summary information on Ezfill Holdings, Inc. at June 30, 2022 and December 31, 2021 as follows: Schedule of Related Party Transactions June 30, 2022 December 31, 2021 (Unaudited) Total Assets $ 20,709,349 $ 22,924,118 Total Liabilities 5,121,831 1,055,672 Stockholders’ Equity 15,687,518 21,868,446 For the six For the six (Unaudited) (Unaudited) Income 6,094,499 3,372,417 Expenses 13,233,679 6,728,507 Net Income (Loss) $ (7,139,180 ) $ (3,356,090 ) All of the Company’s revenues were earned from EZFill Holdings, Inc, a related party, totaling $ 67,500 0 All of the Company’s revenues were earned from EZFill Holdings, Inc, a related party, totaling $ 135,000 0 |
Investments | Investments The Company owned a majority interest in Descrypto Holdings, Inc. formerly known as Krypto Ventures, and KryptoBank Co. On July 29, 2021, the Company exchanged 52,500,000 119,584,736 83,709,315 84 Following the November Redemption Agreement, the Company owned 35,875,421 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) On February 18, 2022, the Company entered into a redemption agreement (the “February Redemption Agreement”) pursuant to which the Company agreed to sell, and Descrypto agreed to purchase, an aggregate of 28,700,337 287 7,175,084 shares of Descrypto’s Common Stock In addition, on April 1, 2022, the full principal balance of note receivable of $ 25,000 2,218 68,045 7,243,129 27,218 of unrealized loss from investment. As of June 30, 2022, the investment in Descrypto has a fair value of $ 0 On January 29, 2021, the Company received 20% 0 13,271 18,812 Summary information on Pharmacy No, 27 Ltd at June 30, 2022 and December 31, 2021 as follows: Schedule of Related Party Transactions June 30, 2022 December 31, 2021 (Unaudited) (Unaudited) Total Assets $ 288,360 $ 200,474 Total Liabilities 245,461 137,459 Stockholders’ Equity 42,899 63,015 For the six For the six (Unaudited) (Unaudited) Income 17,778 9,638 Expenses 125,353 76,667 Net Income (Loss) $ (107,575 ) $ (67,029 ) |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents and marketable securities. As of June 30, 2022 and December 31, 2021, the carrying value of marketable securities was $ 318,874 550,057 |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the Company and its wholly owned corporate subsidiaries, Balance Labs LLC., from October 12, 2015, Balance AgroTech Co., from July 11, 2016, Advanced Auto Tech Co., from May 10, 2016, Balance Cannabis Co., from May 13, 2016, and Balance Medical Marijuana Co from December 22, 2015, and our former 51% The Company has a non-controlling interest of 43.15% |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Basic and diluted income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares and warrants from convertible debentures outstanding during the periods. The effect of 40,000 3,640,491 640,000 3,279,236 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) |
Stock-Based Compensation | Stock-Based Compensation The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on vesting dates and financial reporting dates until the service period is complete. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Awards granted to directors are treated on the same basis as awards granted to employees. The Company has computed the fair value of warrants granted using the Black-Scholes option pricing model. The expected term used for warrants is the contractual life. Since the Company’s stock has not been publicly traded for a sufficiently long period, the Company is utilizing an expected volatility figure based on a review of the historical volatilities, over a period of time, equivalent to the expected life of the instrument being valued, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures its financial assets and liabilities in accordance with GAAP. For certain of our financial instruments, including cash, accounts payable, and the short-term portion of long-term debt, the carrying amounts approximate fair value due to their short maturities. We adopted accounting guidance for financial and non-financial assets and liabilities (ASC 820). This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: ● Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. ● Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. 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, 2022. Schedule of Fair Value of Assets on Recurring Basis Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 318,874 $ 318,874 $ - $ - Total fair - value – equity securities $ 318,874 $ 318,874 $ - $ - 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. BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 550,057 $ 550,057 $ - $ - Total fair – value – equity securities $ 550,057 $ 550,057 $ - $ - The Company accounts for its investment in EzFill Holdings, Inc. (“EzFill”) as available-for-sale securities. As of June 30, 2022 and December 31, 2021, the Company classified its EzFill investment of $ 318,874 550,057 |
Business Segments | Business Segments The Company operates in one |
Advertising, Marketing and Promotional Costs | Advertising, Marketing and Promotional Costs Advertising, marketing, and promotional expenses are expensed as incurred and are included in selling, general and administrative expenses on the accompanying consolidated statement of operations. For the three months ended June 30, 2022 and June 30, 2021, advertising, marketing, and promotion expense was $ 466 1,373 514 3,329 |
Property and equipment | Property and equipment Property and equipment consist of furniture and office equipment and is stated at cost less accumulated depreciation. Depreciation is determined by using the straight-line method for furniture and office equipment, over the estimated useful lives of the related assets, generally three to five years. Expenditures for repairs and maintenance of equipment are charged to expense as incurred. Major replacements and betterments are capitalized and depreciated over the remaining useful lives of the related assets. Property and equipment as of June 30, 2022 and December 31, 2021 consisted of the following: Schedule of Property and Equipment June 30, December 31, 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 ) (11,316 ) Property and Equipment, net $ - $ - Depreciation expense for the three months ended June 30, 2022 and 2021 totaled $ 0 40 Depreciation expense for the six months ended June 30, 2022 and 2021 totaled $ 0 80 During the six months ended June 30, 2022 and 2021, the company incurred $ 0 9,500 During the three and six months ended June 30, 2021, the company recorded $ 1,336 BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Changes to accounting principles are established by the FASB in the form of ASUs to the FASB’s Codification. We consider the applicability and impact of all ASUs on our financial position, results of operations, stockholders’ deficit, cash flows, or presentation thereof. Management has evaluated all recent accounting pronouncements as issued by the FASB in the form of Accounting Standards Updates (“ASU”) through the date these financial statements were available to be issued and found no recent accounting pronouncements issued, but not yet effective accounting pronouncements, when adopted, will have a material impact on the financial statements of the Company. In August 2020, FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity; Own Equity (“ASU 2020-06”), as part of its overall simplification initiative to reduce costs and complexity of applying accounting standards while maintaining or improving the usefulness of the information provided to users of financial statements. Among other changes, the new guidance removes from GAAP separation models for convertible debt that require the convertible debt to be separated into a debt and equity component, unless the conversion feature is required to be bifurcated and accounted for as a derivative or the debt is issued at a substantial premium. As a result, after adopting the guidance, entities will no longer separately present such embedded conversion features in equity and will instead account for the convertible debt wholly as debt. The new guidance also requires use of the “if-converted” method when calculating the dilutive impact of convertible debt on earnings per share, which is consistent with the Company’s current accounting treatment under the current guidance. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted, but only at the beginning of the fiscal year. The Company adopted the guidance under ASU 2020-06 on January 1, 2022. The adoption of this guidance and had no material impact on the Company’s financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Equity Method Investments | The Company uses the equity method to account for their financial interest in the following company: Schedule of Equity Method Investments June 30, 2022 December 31, 2021 (Unaudited) iGrow Systems Inc. (a) $ - $ - Total $ - $ - a) The Company is a 43.15% |
Schedule of Joint Venture of Financial Information | Summary information on the joint venture at June 30, 2022 and December 31, 2021 is as follows: Schedule of Joint Venture of Financial Information June 30, 2022 December 31, 2021 (Unaudited) Total Assets $ - $ - Total Liabilities 242,513 239,671 Shareholders’ Deficit (242,513 ) (239,671 ) For the six For the six June 30, 2021 (Unaudited) (Unaudited) Income - - Expenses 2,842 92,102 Net Income (Loss) $ (2,842 ) $ (92,102 ) |
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, 2022. Schedule of Fair Value of Assets on Recurring Basis Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 318,874 $ 318,874 $ - $ - Total fair - value – equity securities $ 318,874 $ 318,874 $ - $ - 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. BALANCE LABS, INC. and Subsidiaries Notes to Condensed Consolidated Financial Statements As of June 30, 2022 (Unaudited) Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 550,057 $ 550,057 $ - $ - Total fair – value – equity securities $ 550,057 $ 550,057 $ - $ - |
Schedule of Property and Equipment | Property and equipment as of June 30, 2022 and December 31, 2021 consisted of the following: Schedule of Property and Equipment June 30, December 31, 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 ) (11,316 ) Property and Equipment, net $ - $ - |
EZFill Holdings, Inc, [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Related Party Transactions | Summary information on Ezfill Holdings, Inc. at June 30, 2022 and December 31, 2021 as follows: Schedule of Related Party Transactions June 30, 2022 December 31, 2021 (Unaudited) Total Assets $ 20,709,349 $ 22,924,118 Total Liabilities 5,121,831 1,055,672 Stockholders’ Equity 15,687,518 21,868,446 For the six For the six (Unaudited) (Unaudited) Income 6,094,499 3,372,417 Expenses 13,233,679 6,728,507 Net Income (Loss) $ (7,139,180 ) $ (3,356,090 ) |
Pharmacy No, 27 Ltd [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Related Party Transactions | Summary information on Pharmacy No, 27 Ltd at June 30, 2022 and December 31, 2021 as follows: Schedule of Related Party Transactions June 30, 2022 December 31, 2021 (Unaudited) (Unaudited) Total Assets $ 288,360 $ 200,474 Total Liabilities 245,461 137,459 Stockholders’ Equity 42,899 63,015 For the six For the six (Unaudited) (Unaudited) Income 17,778 9,638 Expenses 125,353 76,667 Net Income (Loss) $ (107,575 ) $ (67,029 ) |
Revision of Prior Year Immate_2
Revision of Prior Year Immaterial Misstatement (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Revision in Financial Statements | The table below present the impact of the revision in the Company’s condensed consolidated financial statements. Schedule of Revision in Financial Statements As Previously Reported Adjustment As Revised December 31, 2021 As Previously Reported Adjustment As Revised Consolidated Balance Sheet / Statement of Changes in Stockholders’ Equity Accumulated deficit $ (4,138,526 ) $ (66,650 ) $ (4,205,176 ) Non-controlling interest $ (66,650 ) $ 66,650 $ - Total Stockholders’ Deficit $ (3,392,961 ) $ - $ (3,392,961 ) Total Liabilities and Stockholders’ Deficit $ 1,014,551 $ - $ 1,014,551 Consolidated Statement of Operations Gain on deconsolidation of Krypto Ventures, Inc. $ 153,907 $ (66,650 ) $ 87,257 Total other expense $ (1,033,830 ) $ (66,650 ) $ (1,100,480 ) Net (Loss) Income $ (809,404 ) $ (66,650 ) $ (876,054 ) Net (Loss) Income attributable to the Company $ (796,696 ) $ (66,650 ) $ (863,346 ) Net (Loss) Income per share - basic $ (0.04 ) $ - $ (0.04 ) Net (Loss) Income per share - diluted $ (0.04 ) $ - $ (0.04 ) Consolidated Statement of Cash Flows Operating activities Net (Loss) Income - including non-controlling interest $ (809,404 ) $ (66,650 ) $ (876,054 ) Gain on deconsolidation of subsidiary (Krypto Ventures, Inc.) $ 153,907 $ (66,650 ) $ 87,257 Net cash used in operating activities $ (56,896 ) $ - $ (56,896 ) |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Summary of Warrants Outstanding | The following tables summarize warrants outstanding as of June 30, 2022 and 2021 and the related changes during the years are presented below. Summary of Warrants Outstanding Number of Warrants Weighted Average Exercise Price Balance at December 31, 2021 40,000 $ 1.00 Granted - - Exercised - - Expired - - Balance at June 30, 2022 (Unaudited) 40,000 $ 1.00 Number of Warrants Weighted Average Exercise Price Balance at December 31, 2020 640,000 $ 1.00 Granted - - Exercised - - Expired - - Balance at June 30, 2021 (Unaudited) 640,000 $ 1.00 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net cash provided (used in) operating activities | $ 211 | $ (185,053) | |
Cash and cash equivalents | 227,769 | $ 227,558 | |
Accumulated deficit | 4,634,565 | $ 4,205,176 | |
Working capital | $ 3,686,739 |
Schedule of Equity Method Inves
Schedule of Equity Method Investments (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | |
Total | |||
iGrow Systems Inc [Member] | |||
Total | [1] | ||
[1]The Company is a 43.15% |
Schedule of Equity Method Inv_2
Schedule of Equity Method Investments (Details) (Parenthetical) | Jun. 30, 2022 | Dec. 31, 2021 |
iGrow Systems Inc [Member] | iGrow Systems Inc. [Member] | ||
Ownership percentage | 43.15% | 43.15% |
Schedule of Joint Venture of Fi
Schedule of Joint Venture of Financial Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Total Assets | |||
Total Liabilities | 242,513 | 239,671 | |
Shareholders’ Deficit | (242,513) | $ (239,671) | |
Income | |||
Expenses | 2,842 | 92,102 | |
Net (Loss) | $ (2,842) | $ (92,102) |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | $ 771,047 | $ 771,047 | $ 1,014,551 | ||
Total Liabilities | 4,593,397 | 4,593,397 | 4,407,512 | ||
Stockholders’ Equity | (3,392,961) | ||||
Income | (11,533) | $ (95,633) | (45,576) | $ (190,954) | |
Expenses | (195,894) | (89,557) | (383,813) | (177,409) | |
Net Income (Loss) | (207,427) | $ (185,190) | (429,389) | (368,363) | |
EZFill Holdings, Inc, [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 20,709,349 | 20,709,349 | 22,924,118 | ||
Total Liabilities | 5,121,831 | 5,121,831 | 1,055,672 | ||
Stockholders’ Equity | 15,687,518 | 15,687,518 | 21,868,446 | ||
Income | 6,094,499 | 3,372,417 | |||
Expenses | 13,233,679 | 6,728,507 | |||
Net Income (Loss) | (7,139,180) | $ (3,356,090) | |||
Pharmacy No, 27 Ltd [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Assets | 288,360 | 288,360 | 200,474 | ||
Total Liabilities | 245,461 | 245,461 | 137,459 | ||
Stockholders’ Equity | $ 42,899 | $ 42,899 | $ 63,015 |
Schedule of Fair Value of Asset
Schedule of Fair Value of Assets on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | $ 318,874 | $ 550,057 |
Total fair - value - equity securities | 318,874 | 550,057 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | 318,874 | 550,057 |
Total fair - value - equity securities | 318,874 | 550,057 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | ||
Total fair - value - equity securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | ||
Total fair - value - equity securities |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 11,316 | $ 11,316 |
Less Accumulated Depreciation | (11,316) | (11,316) |
Property and Equipment, net | ||
Website [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,336 | 1,336 |
Computer Equipment And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 5,358 | 5,358 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 4,622 | $ 4,622 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Apr. 02, 2022 USD ($) shares | Feb. 18, 2022 USD ($) shares | Nov. 18, 2021 USD ($) $ / shares shares | Jul. 29, 2021 shares | Jul. 29, 2021 shares | Dec. 02, 2020 $ / shares shares | Nov. 18, 2020 USD ($) shares | Sep. 30, 2021 shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Segment $ / shares shares | Jun. 30, 2021 USD ($) shares | Dec. 31, 2021 USD ($) | Jan. 29, 2021 | Dec. 28, 2017 | |
Cash equivalents | $ 2,000 | $ 2,000 | $ 2,000 | ||||||||||||
Equity method investment percentage, description | When the fair value of an investment is indeterminable, the Company accounts for its investments that are under 20% of the total equity outstanding using the cost method. For investments in which the Company holds between 20-50% equity and is non-controlling are accounted for using the equity method. For any investments in which the Company holds over 50% of the outstanding stock, the Company consolidates those entities into their consolidated financial statements herein | ||||||||||||||
Impairment of investment | 195,000 | ||||||||||||||
Issuance of shares | shares | 1,000,000 | ||||||||||||||
Second year agreement | $ 10,529 | $ 38,105 | $ 33,821 | $ 72,496 | |||||||||||
Price per share | $ / shares | $ 0.80 | $ 0.80 | |||||||||||||
Fair value of investment cost | $ 318,874 | $ 318,874 | |||||||||||||
Notes receivable | $ 25,000 | ||||||||||||||
Interest receivable | $ 2,218 | ||||||||||||||
Unrealized loss on investments | 27,218 | 27,218 | |||||||||||||
Investment Owned, at Fair Value | 318,874 | 318,874 | 550,057 | ||||||||||||
Equity method investments | 18,812 | ||||||||||||||
Marketable securities | 318,874 | $ 318,874 | 550,057 | ||||||||||||
Number of operating segment | Segment | 1 | ||||||||||||||
Advertising, marketing and promotion expense | 466 | 1,373 | $ 514 | 3,329 | |||||||||||
Property, plant and equipment, estimated useful lives | three to five years. | ||||||||||||||
Depreciation | 40 | 80 | |||||||||||||
Capitalized costs of webiste | 0 | 9,500 | |||||||||||||
Amortization on website development costs | $ 1,336 | $ 1,336 | |||||||||||||
Fair Value, Recurring [Member] | |||||||||||||||
Assets, fair value disclosure | 318,874 | 318,874 | 550,057 | ||||||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | |||||||||||||||
Assets, fair value disclosure | 318,874 | $ 318,874 | $ 550,057 | ||||||||||||
Convertible Notes Payable [Member] | |||||||||||||||
Antidilutive securities excluded from earnings per share amount | shares | 3,640,491 | 3,279,236 | |||||||||||||
AgroTech Co., [Member] | KryptoBank Co., [Member] | |||||||||||||||
Ownership percentage | 51% | ||||||||||||||
Krypto Ventures Inc [Member] | |||||||||||||||
Issuance of shares | shares | 52,500,000 | 52,500,000 | |||||||||||||
Descrypto Holdings, Inc [Member] | |||||||||||||||
Issuance of shares | shares | 119,584,736 | ||||||||||||||
Exchange of shares | shares | 68,045 | ||||||||||||||
Investment Owned, at Fair Value | 0 | $ 0 | |||||||||||||
Pharmacy No, 27, Ltd [Member] | Descrypto [Member] | |||||||||||||||
Unrealized loss on investments | $ 13,271 | $ 18,812 | |||||||||||||
Ownership percentage | 20% | ||||||||||||||
iGrow Systems Inc [Member] | IGrow System [Member] | |||||||||||||||
Ownership percentage | 43.15% | 43.15% | 43.15% | 43.15% | |||||||||||
Warrant [Member] | |||||||||||||||
Antidilutive securities excluded from earnings per share amount | shares | 40,000 | 640,000 | |||||||||||||
EZFill Holdings, Inc, [Member] | Common Stock [Member] | |||||||||||||||
Revenue from related parties | $ 67,500 | $ 0 | $ 135,000 | $ 0 | |||||||||||
Anniversary of the Agreement [Member] | |||||||||||||||
Issuance of shares | shares | 132,864 | ||||||||||||||
Issuance of stock | $ 352,090 | ||||||||||||||
Price per share | $ / shares | $ 2.65 | ||||||||||||||
November Redemption Agreement [Member] | Descrypto Holdings, Inc [Member] | |||||||||||||||
Number of shares issued | shares | 83,709,315 | ||||||||||||||
Proceeds from issuance of common stock | $ 84 | ||||||||||||||
Number of shares owned | shares | 35,875,421 | ||||||||||||||
February Redemption Agreement [Member] | Descrypto Holdings, Inc [Member] | |||||||||||||||
Number of shares issued | shares | 28,700,337 | 83,709,315 | |||||||||||||
Proceeds from issuance of common stock | $ 287 | $ 84 | |||||||||||||
Number of shares owned | shares | 7,243,129 | 7,175,084 | 35,875,421 | ||||||||||||
Each Anniversary [Member] | |||||||||||||||
Issuance of shares | shares | 500,000 | ||||||||||||||
IPO [Member] | |||||||||||||||
Second year agreement | $ 200,000 | ||||||||||||||
IPO [Member] | First Year [Member] | Monthly [Member] | |||||||||||||||
Second year agreement | 25,000 | ||||||||||||||
IPO [Member] | Second Year [Member] | Monthly [Member] | |||||||||||||||
Second year agreement | $ 22,500 | ||||||||||||||
Joint Venture [Member] | |||||||||||||||
Equity method investments, net loss | $ 613 | 1,226 | |||||||||||||
Payments to Acquire Interest in Joint Venture | $ 103,064 | ||||||||||||||
EZFill Holdings, Inc, [Member] | |||||||||||||||
Received for shares | shares | 1,000,000 | ||||||||||||||
Share price | $ / shares | $ 1 | ||||||||||||||
Reverse stock split | shares | 3.763243 | ||||||||||||||
Issuance of shares | shares | 265,728 |
Schedule of Revision in Financi
Schedule of Revision in Financial Statements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | $ (4,634,565) | $ (4,634,565) | $ (4,205,176) | ||
Stockholders' Equity Attributable to Noncontrolling Interest | |||||
Stockholders' Equity Attributable to Parent | (3,392,961) | ||||
Liabilities and Equity | 771,047 | 771,047 | 1,014,551 | ||
Total other expense | 79,033 | $ 95,633 | 180,576 | $ 190,954 | |
Net loss | (207,427) | (185,190) | (429,389) | (368,363) | |
Net (Loss) Income attributable to the Company | $ (207,427) | $ (182,461) | $ (429,389) | $ (363,859) | |
Net (Loss) Income per share - basic | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) | |
Net cash used in operating activities | $ 211 | $ (185,053) | |||
Previously Reported [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | (4,138,526) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | (66,650) | ||||
Stockholders' Equity Attributable to Parent | (3,392,961) | ||||
Liabilities and Equity | 1,014,551 | ||||
Gain on deconsolidation of subsidiary (Krypto Ventures, Inc.) | 153,907 | ||||
Total other expense | (1,033,830) | ||||
Net loss | (809,404) | ||||
Net (Loss) Income attributable to the Company | $ (796,696) | ||||
Net (Loss) Income per share - basic | $ (0.04) | ||||
Net (Loss) Income per share - diluted | $ (0.04) | ||||
Net cash used in operating activities | $ (56,896) | ||||
Revision of Prior Period, Adjustment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | (66,650) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 66,650 | ||||
Stockholders' Equity Attributable to Parent | |||||
Liabilities and Equity | |||||
Gain on deconsolidation of subsidiary (Krypto Ventures, Inc.) | (66,650) | ||||
Total other expense | (66,650) | ||||
Net loss | (66,650) | ||||
Net (Loss) Income attributable to the Company | $ (66,650) | ||||
Net (Loss) Income per share - basic | |||||
Net (Loss) Income per share - diluted | |||||
Net cash used in operating activities |
Revision of Prior Year Immate_3
Revision of Prior Year Immaterial Misstatement (Details Narrative) | Jun. 30, 2022 USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
Retained earnings | $ 66,650 |
Summary of Warrants Outstanding
Summary of Warrants Outstanding (Details) - Warrant [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants, Beginning Balance | 40,000 | 640,000 |
Weighted Average Exercise Price, Beginning Balance | $ 1 | $ 1 |
Number of Warrants, Granted | ||
Weighted Average Exercise Price, Granted | ||
Number of Warrants, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Warrants, Expired | ||
Weighted Average Exercise Price, Expired | ||
Number of Warrants, Ending Balance | 40,000 | 640,000 |
Weighted Average Exercise Price, Ending Balance | $ 1 | $ 1 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Apr. 02, 2022 | Apr. 01, 2022 | Feb. 18, 2022 | Nov. 18, 2021 | Jul. 29, 2021 | Jul. 29, 2021 | Oct. 03, 2019 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2019 | Oct. 10, 2019 | Dec. 31, 2016 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |||||||||||
Sammy Farkas Foundation Inc. [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Interest rate of related party loan | 12% | ||||||||||||
Warrants exercise price per share | $ 1 | ||||||||||||
Warrants expire date | Oct. 10, 2022 | ||||||||||||
Debt instrument, face amount | $ 40,000 | ||||||||||||
Debt maturity date | Oct. 10, 2020 | ||||||||||||
Due to related parties | $ 500,000 | $ 500,000 | |||||||||||
Warrants issued to purchase of common stock shares | 40,000 | ||||||||||||
Warrant [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Loans payable | $ 120,000 | ||||||||||||
Interest rate of related party loan | 10% | ||||||||||||
Number of warrants issued to related party | 600,000 | ||||||||||||
Warrants exercise price per share | $ 1 | ||||||||||||
Warrants expire date | Sep. 30, 2021 | ||||||||||||
Intrinsic value | $ 0 | $ 0 | |||||||||||
Krypto Ventures Inc [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Issuance of stock, shares | 52,500,000 | 52,500,000 | |||||||||||
Descrypto Holdings, Inc [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Issuance of stock, shares | 119,584,736 | ||||||||||||
Conversion of stock, amount converted | $ 27,218 | ||||||||||||
Conversion of stock, shares converted | 68,045 | ||||||||||||
Descrypto Holdings, Inc [Member] | February Redemption Agreement [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Number of shares issued | 28,700,337 | 83,709,315 | |||||||||||
Common stock owned total proceeds | $ 287 | $ 84 | |||||||||||
Number of shares owned | 7,243,129 | 7,175,084 | 35,875,421 |
Note Receivable (Details Narrat
Note Receivable (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 01, 2022 | Sep. 30, 2021 | Jun. 29, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Jan. 29, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Interest income | $ 2,967 | $ 5,901 | ||||
Interest payable | $ 27,218 | |||||
Conversion of stock, shares issued | 68,045 | |||||
Accreted interest | 0 | 3,308 | ||||
Unamortized discount | 0 | 0 | ||||
Krypto Ventures Inc [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Debt stated percentage | 12% | |||||
Debt maturity date | Jun. 28, 2022 | |||||
Interest income | 698 | |||||
Notes receivable, related parties | $ 25,000 | |||||
Four Acquisitions Ltd [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Debt instrument, face amount | $ 22,000 | $ 119,000 | ||||
Debt stated percentage | 10% | 10% | ||||
Debt maturity date | Sep. 30, 2022 | |||||
Interest income | $ 549 | $ 1,091 | ||||
Debt stated percentage | 20% | |||||
Investment | $ 43,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 27, 2021 USD ($) | Dec. 02, 2020 $ / shares shares | Oct. 01, 2020 USD ($) | Oct. 03, 2019 USD ($) $ / shares shares | Jul. 31, 2017 USD ($) | Sep. 30, 2016 USD ($) $ / shares shares | Jul. 27, 2016 USD ($) ft² | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2018 USD ($) | Apr. 01, 2022 USD ($) | Dec. 31, 2019 | Oct. 10, 2019 USD ($) | Jun. 30, 2019 USD ($) | Jun. 30, 2017 USD ($) | Dec. 31, 2016 $ / shares shares | Jun. 30, 2016 USD ($) | |
Related Party Transaction [Line Items] | ||||||||||||||||||||
General and administrative expenses - related party | $ 30,000 | $ 30,000 | $ 60,000 | $ 60,000 | ||||||||||||||||
Accounts payable related party | 911,659 | 911,659 | $ 851,659 | |||||||||||||||||
Interest payable | $ 27,218 | |||||||||||||||||||
Amortization of debt discount | 9,098 | 5,688 | ||||||||||||||||||
Unamortization discount | 0 | 0 | ||||||||||||||||||
Area of land | ft² | 2,200 | |||||||||||||||||||
Rent | $ 7,741 | $ 7,973 | ||||||||||||||||||
Additional base rent | 50% | |||||||||||||||||||
Lease cost | $ 16,725 | |||||||||||||||||||
Revenues, related party | 67,500 | 135,000 | ||||||||||||||||||
Accounts receivable, related parties, current | 45,000 | 45,000 | 22,500 | |||||||||||||||||
Warrant [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Debt stated percentage | 10% | |||||||||||||||||||
Number of warrants issued to related party | shares | 600,000 | |||||||||||||||||||
Exercise price | $ / shares | $ 1 | |||||||||||||||||||
Maturity date | Sep. 30, 2021 | |||||||||||||||||||
Sammy Farkas Foundation Inc. [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Debt stated percentage | 12% | |||||||||||||||||||
Exercise price | $ / shares | $ 1 | |||||||||||||||||||
Interest payable | 16,018 | 16,018 | ||||||||||||||||||
Due to related parties | $ 500,000 | $ 500,000 | ||||||||||||||||||
Face amount | $ 40,000 | |||||||||||||||||||
Maturity date | Oct. 10, 2020 | |||||||||||||||||||
Convertible debenture | $ 500,000 | |||||||||||||||||||
Maturity date | Oct. 10, 2022 | |||||||||||||||||||
EZFill Holdings, Inc, [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Stock repurchased during period, shares | shares | 1,000,000 | |||||||||||||||||||
Share price | $ / shares | $ 1 | |||||||||||||||||||
Virtual Office [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Rent | $ 99.75 | |||||||||||||||||||
Rent expense | 0 | 300 | 0 | 599 | ||||||||||||||||
August 1, 2018 To sublease Termination Date [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Rent | 8,212 | |||||||||||||||||||
Promissory Note [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Interest payable | 16,018 | 16,018 | ||||||||||||||||||
Maturity date | Oct. 10, 2020 | |||||||||||||||||||
Promissory Note [Member] | Warrant [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Exercise price | $ / shares | $ 1 | |||||||||||||||||||
Class of warrants | shares | 40,000 | |||||||||||||||||||
Maturity date | Oct. 10, 2022 | |||||||||||||||||||
Fair value fo warrants | 8,283 | |||||||||||||||||||
Balance Group LLC [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Convertible notes payable | $ 120,000 | $ 66,850 | $ 66,850 | $ 66,850 | ||||||||||||||||
Debt stated percentage | 10% | |||||||||||||||||||
Number of warrants issued to related party | shares | 600,000 | |||||||||||||||||||
Exercise price | $ / shares | $ 1 | |||||||||||||||||||
Interest payable | $ 69,009 | $ 29,081 | $ 29,081 | $ 29,081 | ||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Officers compensation | 10,000 | |||||||||||||||||||
General and administrative expenses - related party | 30,000 | 30,000 | 60,000 | 60,000 | ||||||||||||||||
Accounts payable related party | 911,659 | 911,659 | $ 851,659 | |||||||||||||||||
Debt stated percentage | 12% | |||||||||||||||||||
Number of warrants issued to related party | shares | 600,000 | |||||||||||||||||||
Interest payable | 6,418 | 6,418 | ||||||||||||||||||
Due to related parties | $ 50,000 | |||||||||||||||||||
Face amount | $ 53,192 | |||||||||||||||||||
Maturity date | Jun. 27, 2022 | |||||||||||||||||||
Convertible debenture | $ 250,000 | |||||||||||||||||||
Amortization of debt discount | 3,192 | 1,705 | $ 17 | 3,428 | $ 17 | |||||||||||||||
Convertible beneficial conversion | $ 3,799 | |||||||||||||||||||
Unamortization discount | 0 | 0 | ||||||||||||||||||
Chief Executive Officer [Member] | Convertible Notes Payable [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Interest payable | $ 69,009 | 69,009 | ||||||||||||||||||
Amortization of debt discount | $ 111,428 | |||||||||||||||||||
Fair value fo warrants | $ 85,714 | |||||||||||||||||||
Chief Executive Officer and Company's Controlled By Chief Executive Officer [Member] | Convertible Notes Payable [Member] | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Debt stated percentage | 8% | 8% | ||||||||||||||||||
Interest payable | $ 411,628 | $ 411,628 | ||||||||||||||||||
Due to related parties | 1,673,558 | 1,673,558 | ||||||||||||||||||
Convertible notes | 53,192 | 53,192 | ||||||||||||||||||
Debt instrument, amount | $ 1,711,091 | $ 1,711,091 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Chief Executive Officer [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |
Officers compensation | $ 10,000 |
Convertible Notes and Notes P_2
Convertible Notes and Notes Payable (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||
Jun. 27, 2021 | Oct. 03, 2019 | Sep. 30, 2016 | Apr. 01, 2016 | Mar. 23, 2016 | Jun. 27, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Apr. 01, 2022 | Dec. 31, 2021 | Oct. 10, 2019 | Jun. 30, 2019 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 23, 2015 | |
Short-Term Debt [Line Items] | |||||||||||||||||
Accrued interest | $ 27,218 | ||||||||||||||||
Unamortized Discount | $ 25,515 | $ 25,515 | $ 31,185 | ||||||||||||||
Shares issued price, per share | $ 0.80 | $ 0.80 | |||||||||||||||
Amortization of debt discount | $ 9,098 | $ 5,688 | |||||||||||||||
Debt Instrument, Unamortized Discount | $ 0 | 0 | |||||||||||||||
Sammy Farkas Foundation Inc. [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Due to related party | $ 500,000 | $ 500,000 | |||||||||||||||
Interest rate of related party loan | 12% | ||||||||||||||||
Accrued interest | 16,018 | 16,018 | |||||||||||||||
Debt face amount | $ 40,000 | ||||||||||||||||
Warrants issued to purchase of common stock shares | 40,000 | ||||||||||||||||
Warrants exercise price per share | $ 1 | ||||||||||||||||
Warrants expire date | Oct. 10, 2022 | ||||||||||||||||
Unamortized Discount | 8,283 | 8,283 | |||||||||||||||
Debt Instrument, Maturity Date | Oct. 10, 2020 | ||||||||||||||||
Debt Instrument, Increase (Decrease), Net | $ 500,000 | ||||||||||||||||
Balance Group LLC [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Interest rate of related party loan | 10% | ||||||||||||||||
Accrued interest | $ 69,009 | $ 29,081 | $ 29,081 | $ 29,081 | |||||||||||||
Convertible notes payable | $ 120,000 | $ 66,850 | $ 66,850 | $ 66,850 | |||||||||||||
Warrants exercise price per share | $ 1 | ||||||||||||||||
Number of warrants issued to related party | 600,000 | ||||||||||||||||
Balance Group LLC [Member] | Notes Payable [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Interest rate of related party loan | 8% | 8% | 8% | ||||||||||||||
Accrued interest | $ 29,081 | $ 29,081 | $ 29,081 | ||||||||||||||
Convertible notes payable | $ 66,850 | $ 66,850 | $ 66,850 | ||||||||||||||
Secured Convertible Promissory Note [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Interest rate of related party loan | 8% | ||||||||||||||||
Accrued interest | 33,232 | 33,232 | |||||||||||||||
Convertible notes payable | $ 25,000 | ||||||||||||||||
Warrants issued to purchase of common stock shares | 100,000 | ||||||||||||||||
Warrants exercise price per share | $ 0.50 | ||||||||||||||||
Warrants expire date | Dec. 23, 2020 | ||||||||||||||||
Shares issued price, per share | $ 0.50 | ||||||||||||||||
Increase in interest rate | 18% | ||||||||||||||||
Convertible Debenture [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Interest rate of related party loan | 10% | ||||||||||||||||
Accrued interest | 312,466 | 312,466 | |||||||||||||||
Proceeds from Convertible Debt | $ 500,000 | ||||||||||||||||
Debt Instrument, Maturity Date | Apr. 02, 2017 | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.25 | ||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 500,000 | ||||||||||||||||
Amortization of debt discount | 2,835 | $ 2,835 | 5,670 | 5,670 | |||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 25,515 | 25,515 | |||||||||||||||
Convertible Debenture [Member] | Sammy Farkas Foundation Inc. [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Unamortized Discount | $ 56,700 | ||||||||||||||||
Number of shares exchange | 54,000 | ||||||||||||||||
Chief Executive Officer and Company's Controlled By Chief Executive Officer [Member] | Convertible Notes Payable [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Due to related party | 1,673,558 | 1,673,558 | |||||||||||||||
Convertible notes | $ 53,192 | $ 53,192 | |||||||||||||||
Interest rate of related party loan | 8% | 8% | |||||||||||||||
Accrued interest | $ 411,628 | $ 411,628 | |||||||||||||||
Debt instrument, amount | 1,711,091 | 1,711,091 | |||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Due to related party | $ 50,000 | $ 50,000 | |||||||||||||||
Interest rate of related party loan | 12% | 12% | |||||||||||||||
Accrued interest | 6,418 | 6,418 | |||||||||||||||
Debt face amount | $ 53,192 | $ 53,192 | |||||||||||||||
Debt Instrument, Maturity Date | Jun. 27, 2022 | ||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 3,799 | ||||||||||||||||
Debt Instrument, Increase (Decrease), Net | 250,000 | ||||||||||||||||
Amortization of debt discount | $ 3,192 | 1,705 | 17 | 3,428 | 17 | ||||||||||||
Number of warrants issued to related party | 600,000 | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 0 | $ 0 | |||||||||||||||
Chief Executive Officer [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Warrants, measurement input | 5.14 | 5.14 | |||||||||||||||
Chief Executive Officer [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Warrants, measurement input | 0.0114 | 0.0114 | |||||||||||||||
Chief Executive Officer [Member] | Measurement Input, Expected Dividend Rate [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Warrants, measurement input | 0 | 0 | |||||||||||||||
Chief Executive Officer [Member] | Convertible Notes Payable [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Accrued interest | $ 69,009 | $ 69,009 | |||||||||||||||
Amortization of debt discount | $ 111,428 | ||||||||||||||||
Fair value of warrants | 85,714 | ||||||||||||||||
Chief Executive Officer [Member] | Convertible Promissory Notes [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Interest rate of related party loan | 12% | 12% | |||||||||||||||
Accrued interest | 6,418 | 6,418 | |||||||||||||||
Debt face amount | $ 53,192 | $ 53,192 | |||||||||||||||
Proceeds from Convertible Debt | $ 50,000 | ||||||||||||||||
Debt Instrument, Maturity Date | Jun. 27, 2022 | ||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 3,799 | ||||||||||||||||
Amortization of debt discount | 1,705 | $ 17 | 3,428 | $ 17 | |||||||||||||
Debt Instrument, Unamortized Discount | $ 3,192 | 3,192 | $ 0 | $ 0 | |||||||||||||
Investor [Member] | Convertible Promissory Notes [Member] | |||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||
Proceeds from Convertible Debt | $ 250,000 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) | Jul. 18, 2022 USD ($) |
Subsequent Event [Member] | Ari Feldman [Member] | |
Subsequent Event [Line Items] | |
Officers compensation | $ 21,000 |