Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
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 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 182,400 | $ 235,311 |
Accounts receivable | 45,000 | |
Marketable securities | 155,452 | 148,808 |
Total Current Assets | 337,852 | 429,119 |
Total Assets | 337,852 | 429,119 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,307,113 | 1,220,017 |
Accounts payable - related party | 911,659 | 911,659 |
Short -term advances - related party | 1,673,558 | 1,673,558 |
Convertible note payable | 25,000 | 25,000 |
Convertible notes payable - related party, net of debt discount of $0 and $0, as of June 30, 2023 and December 31, 2022 | 173,192 | 173,192 |
Notes payable - related party - net of debt discount of $0 and $0 as of June 30, 2023 and December 31, 2022 | 106,850 | 106,850 |
Total Current Liabilities | 4,197,372 | 4,110,276 |
Long Term Liabilities | ||
Convertible note payable, net of debt discount of $14,175 and $19,845 as of June 30, 2023 and December 31, 2022 | 485,825 | 480,155 |
Total Long-Term Liabilities | 485,825 | 480,155 |
Total Liabilities | 4,683,197 | 4,590,431 |
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, 2023 and December 31, 2022 | ||
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, 2023 and December 31, 2022, respectively | 2,167 | 2,167 |
Additional paid-in capital | 810,048 | 810,048 |
Accumulated deficit | (5,157,560) | (4,973,527) |
Total Stockholders’ Deficit | (4,345,345) | (4,161,312) |
Total Liabilities and Stockholders’ Deficit | $ 337,852 | $ 429,119 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Debt instrument, unamortized discount, current | $ 0 | $ 0 |
Notes payable - related party, debt discount - current | 0 | 0 |
Convertible notes payable, debt discount - long term | $ 14,175 | $ 19,845 |
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 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues - related party | $ 67,500 | $ 135,000 | ||
Costs and expenses | ||||
General and administrative expenses | 7,725 | 7,256 | 11,531 | 11,295 |
Professional fees | 20,193 | 31,248 | 38,975 | 75,460 |
Salaries and wages | 13,252 | 10,529 | 26,941 | 33,821 |
General and administrative expenses - related party | 30,000 | 60,000 | ||
Total operating expenses | 41,170 | 79,033 | 77,447 | 180,576 |
Loss from operations | (41,170) | (11,533) | (77,447) | (45,576) |
Other income (expense) | ||||
Unrealized gain (loss) on available for sale securities | 1,329 | (99,649) | 6,644 | (231,184) |
Proceeds from sale of investment | 287 | |||
Net loss allocated from equity method investees | (41,102) | (47,256) | ||
Accreted interest income and interest income on note receivable | 3,473 | 10,997 | ||
Interest expense (includes amortization of debt discount) | (56,912) | (58,616) | (113,230) | (116,657) |
Total other (expense) | (55,583) | (195,894) | (106,586) | (383,813) |
Net loss | $ (96,753) | $ (207,427) | $ (184,033) | $ (429,389) |
Net Loss per share - basic | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
Net Loss per share - diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
Weighted average number of shares - basic | 21,674,000 | 21,674,000 | 21,674,000 | 21,674,000 |
Weighted average number of shares - diluted | 21,674,000 | 21,674,000 | 21,674,000 | 21,674,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 2,167 | $ 810,048 | $ (4,205,176) | $ (3,392,962) |
Beginning 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) |
Beginning 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 | |||
Beginning balance, value at Dec. 31, 2022 | $ 2,167 | 810,048 | (4,973,527) | (4,161,312) |
Beginning balance, shares at Dec. 31, 2022 | 21,674,000 | |||
Net loss | (184,033) | (184,033) | ||
Ending balance, value at Jun. 30, 2023 | $ 2,167 | 810,048 | (5,157,560) | (4,345,345) |
Ending balance, shares at Jun. 30, 2023 | 21,674,000 | |||
Beginning balance, value at Mar. 31, 2023 | $ 2,167 | 810,048 | (5,060,807) | 4,248,592 |
Beginning balance, shares at Mar. 31, 2023 | 21,674,000 | |||
Net loss | (96,753) | (96,753) | ||
Ending balance, value at Jun. 30, 2023 | $ 2,167 | $ 810,048 | $ (5,157,560) | $ (4,345,345) |
Ending balance, shares at Jun. 30, 2023 | 21,674,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Operating activities | |||||
Net loss | $ (96,753) | $ (207,427) | $ (184,033) | $ (429,389) | |
Adjustments to reconcile net loss to net cash used in operations | |||||
Amortization of debt discount | 5,670 | 9,098 | |||
Accreted interest on note receivable | (3,308) | ||||
Net loss from equity method investment | 46,030 | ||||
Unrealized (gain) loss on available - for - sale securities | (6,644) | 231,183 | |||
Decrease (Increase) in | |||||
Accounts receivable – related party | 45,000 | (22,500) | |||
Interest receivable | (7,690) | ||||
Increase in | |||||
Accounts payable and accrued expenses | 87,096 | 115,561 | |||
Accounts payable and accrued expenses - related party | 60,000 | ||||
Accumulated losses on unconsolidated investees in excess of investment | 1,226 | ||||
Net cash used in operating activities | (52,911) | 211 | |||
Net decrease in cash and cash equivalents | (52,911) | 211 | |||
Cash and cash equivalents - beginning of period | 235,311 | 227,558 | $ 227,558 | ||
Cash and cash equivalents - end of period | $ 182,400 | $ 227,769 | 182,400 | 227,769 | $ 235,311 |
Supplemental disclosure of cash flow information | |||||
Cash paid for interest | |||||
Cash paid for income tax | |||||
Supplemental disclosure of non-cash investing and financing activities | |||||
Investment at fair value received from issuance of note receivable |
Business Organization and Natur
Business Organization and Nature of Operations | 6 Months Ended |
Jun. 30, 2023 | |
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 seeks to offer 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 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, 2023, and the unaudited consolidated results of its operations and cash flows for the six months ended June 30, 2023. The unaudited consolidated results of operations for the six months ended June 30, 2023, are not necessarily indicative of the operating results for the full year. It is recommended that these unaudited consolidated financial statements be read in conjunction with the audited financial statements and related disclosures of the Company for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission on April 17, 2023. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 – Going Concern The consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company used $ 52,911 182,400 5,157,560 3,859,520 There is substantial doubt about the Company to continue as a going concern for a period of twelve months from the date of these financial statements were made available. The Company without additional sources of debt or equity capital would potentially need to cease operations. Management plans to seek 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 be successful. The accompanying 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, 2023 | |
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, 2023, and December 31, 2022, the Company has $ 2,000 BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) Use of Estimates The preparation of the 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. 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, and performance obligations are satisfied over time or point of time. 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. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) 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, 2023. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s 2020, 2021, and 2022 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 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 six months ended June 30, 2023, and 2022 has been recorded in Other Income. 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, 2023, with the gains and losses being recorded through other income on the consolidated statements of operations for the three then ended. On November 18, 2020, the Company executed a two (2) year, third-party consulting agreement for various corporate services. The current service agreement has expired effective November 18, 2022. 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 1,000,000 1.00 ● a single payment of $ 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 At June 30, 2023, the Company owned 66,432 155,452 2.34 6,644 1 share for 8 share reverse stock split BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (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 holds one investment as of June 30, 2023, and one investment as of December 31, 2022. Investments On January 29, 2021, the Company received 20 0 0 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, 2023, and December 31, 2022, the carrying value of marketable securities was $ 155,452 148,808 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. All intercompany transactions are eliminated. The Company’s four subsidiaries, Balance AgroTech Co., Advanced AutoTech Co., Balance Cannabis Co., and Balance Medical Marijuana Co. are dormant. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) 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 0 40,000 3,698,494 3,526,378 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. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) ● 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, 2023. Schedule of Fair Value of Assets on Recurring Basis Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 155,452 $ 155,452 $ - $ - Total Assets measured at fair value $ 155,452 $ 155,452 $ - $ - The following table presents certain assets of the Company’s measured and recorded at fair value on the Company’s balance sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2022. Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 148,808 $ 148,808 $ - $ - Total Assets measured at fair value $ 148,808 $ 148,808 $ - $ - The Company accounts for its investment in EzFill Holdings, Inc. (“EzFill”) as available-for-sale securities. Since the investment is valued based on quoted market price using observable inputs. 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 unaudited condensed consolidated statement of operations. For the six months ended June 30, 2023, and June 30, 2022, advertising, marketing, and promotion expense was $ 2,394 48 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 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. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) Property and equipment as of June 30, 2023, and December 31, 2022 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 six months ended June 30, 2023, and 2022 totaled $ 0 0 Recently Issued Accounting Pronouncements The Company has evaluated all new accounting standards that are in effect and may impact its unaudited condensed consolidated financial statements and does not believe that there are any other new accounting standards that have been issued that might have a material impact on its financial position or results of operations. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 4 – Stockholders’ Equity Authorized Capital The Company is authorized to issue 500,000,000 0.0001 50,000,000 0.0001 Warrants On October 3, 2019, the Company received $ 40,000 12 500,000 40,000 1.00 BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) |
Note Receivable
Note Receivable | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Note Receivable | Note 5 – 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 10 September 30, 2022 0 0 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 43,000 100 141,000 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 – Related Party Transactions The Company’s CEO earned $ 10,000 0 30,000 0 30,000 On April 1, 2016, the Company received $ 500,000 10 .25 500,000 350,000 300,000 500,000 14,175 19,845 485,825 480,155 Schedule of Convertible Note Payable - Long Term June 30, December 31, 16 th $ 500,000 $ 500,000 Debt discount (14,175 ) (19,845 ) Convertible note payable – long term $ 485,825 $ 480,155 The Foundation then entered into an agreement with the Company to extend the maturity date of the convertible debenture to October 10, 2024 54,000 56,700 5,670 5,670 During 2016, 2017, and 2019 Balance Group LLC loaned an additional $ 66,850 29,481 66,850 BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) On October 3, 2019, the Company received $ 40,000 12 500,000 20,818 40,000 The promissory note comes with a warrant to purchase 40,000 1.00 8,283 Schedule of Note Payable - Related Party June 30, December 31, Balance Group LLC $ 66,850 $ 66,850 The Foundation 40,000 40,000 Note Payable – related party $ 106,850 $ 106,850 On June 27, 2021, the Company received $ 50,000 53,192 12 June 27, 2022 250,000 53,192 0 3,428 3,192 3,799 12,801 On September 30, 2016, Balance Group LLC loaned $ 120,000 10 600,000 1 81,008 Schedule of Convertible Note Payable - Related Party June 30, December 31, Balance Group LLC $ 120,000 $ 120,000 Note Payable from CEO 53,192 53,192 Convertible note payable- related party $ 173,192 $ 173,192 On July 9, 2021, Krypto Ventures, Inc. formerly known as KryptoBank Co. issued an unsecured promissory note in the amount of $ 25,000 12 200,000 164 On June 29, 2021, Balance Labs Inc. made a loan to Krypto Ventures, Inc, formerly known as KryptoBank Co., a related party in the principal amount of $ 25,000 which loan has an interest rate of 12 % per annum and a maturity date of June 28, 2022 . As of June 30, 2023 and December 31, 2022, the CEO and companies controlled by the CEO have loaned the Company a total of $ 1,673,558 in addition to the convertible notes discussed above. The loans carry an interest rate of 8 % and mature one year and one day from the date of the loan. These loans of $ 1,673,558 and the accrued interest on these loans of $ 418,111 are in default as of June 30, 2023. These loans of $ 1,673,558 are in default and are reported under short -term advances from related party on the balance sheet as of June 30, 2023 and December 31, 2022. |
Convertible Notes and Notes Pay
Convertible Notes and Notes Payable | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Notes and Notes Payable | Note 7 – Convertible Notes and Notes Payable Notes Payable For all information regarding the related party note payable see note 6. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) Convertible Notes Payable 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 December 31, 2021, accrued interest on the note is $ 287,671 . 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, 16 th 14,175 and $ 19,845 as of June 30, 2023 and December 31, 2022 was $ 485,825 and $ 480,155 , respectively, and was recorded under long term liability on the balance sheet. Schedule of Convertible Note Payable - Long Term June 30, December 31, Newell Trading Group $ 500,000 $ 500,000 Convertible note payable – long term, gross $ 500,000 $ 500,000 Debt discount (14,175 ) (19,845 ) Convertible note payable – long term $ 485,825 $ 480,155 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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 condensed consolidated financial position or results of operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023, and December 31, 2022, the Company has $ 2,000 BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) |
Use of Estimates | Use of Estimates The preparation of the 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. |
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, and performance obligations are satisfied over time or point of time. |
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. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) 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, 2023. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s 2020, 2021, and 2022 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 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 six months ended June 30, 2023, and 2022 has been recorded in Other Income. 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, 2023, with the gains and losses being recorded through other income on the consolidated statements of operations for the three then ended. On November 18, 2020, the Company executed a two (2) year, third-party consulting agreement for various corporate services. The current service agreement has expired effective November 18, 2022. 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 1,000,000 1.00 ● a single payment of $ 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 At June 30, 2023, the Company owned 66,432 155,452 2.34 6,644 1 share for 8 share reverse stock split BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (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 holds one investment as of June 30, 2023, and one investment as of December 31, 2022. |
Investments | Investments On January 29, 2021, the Company received 20 0 0 |
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, 2023, and December 31, 2022, the carrying value of marketable securities was $ 155,452 148,808 |
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. All intercompany transactions are eliminated. The Company’s four subsidiaries, Balance AgroTech Co., Advanced AutoTech Co., Balance Cannabis Co., and Balance Medical Marijuana Co. are dormant. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) |
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 0 40,000 3,698,494 3,526,378 |
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. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) ● 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, 2023. Schedule of Fair Value of Assets on Recurring Basis Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 155,452 $ 155,452 $ - $ - Total Assets measured at fair value $ 155,452 $ 155,452 $ - $ - The following table presents certain assets of the Company’s measured and recorded at fair value on the Company’s balance sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2022. Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 148,808 $ 148,808 $ - $ - Total Assets measured at fair value $ 148,808 $ 148,808 $ - $ - The Company accounts for its investment in EzFill Holdings, Inc. (“EzFill”) as available-for-sale securities. Since the investment is valued based on quoted market price using observable inputs. |
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 unaudited condensed consolidated statement of operations. For the six months ended June 30, 2023, and June 30, 2022, advertising, marketing, and promotion expense was $ 2,394 48 |
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 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. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of June 30, 2023 (Unaudited) Property and equipment as of June 30, 2023, and December 31, 2022 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 six months ended June 30, 2023, and 2022 totaled $ 0 0 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company has evaluated all new accounting standards that are in effect and may impact its unaudited condensed consolidated financial statements and does not believe that there are any other new accounting standards that have been issued that might have a material impact on its financial position or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
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, 2023. Schedule of Fair Value of Assets on Recurring Basis Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 155,452 $ 155,452 $ - $ - Total Assets measured at fair value $ 155,452 $ 155,452 $ - $ - The following table presents certain assets of the Company’s measured and recorded at fair value on the Company’s balance sheet on a recurring basis and their level within the fair value hierarchy as of December 31, 2022. Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 148,808 $ 148,808 $ - $ - Total Assets measured at fair value $ 148,808 $ 148,808 $ - $ - |
Schedule of Property and Equipment | Property and equipment as of June 30, 2023, and December 31, 2022 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 $ - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transaction [Line Items] | |
Schedule of Convertible Note Payable - Long Term | Schedule of Convertible Note Payable - Long Term June 30, December 31, Newell Trading Group $ 500,000 $ 500,000 Convertible note payable – long term, gross $ 500,000 $ 500,000 Debt discount (14,175 ) (19,845 ) Convertible note payable – long term $ 485,825 $ 480,155 |
Schedule of Note Payable - Related Party | Schedule of Note Payable - Related Party June 30, December 31, Balance Group LLC $ 66,850 $ 66,850 The Foundation 40,000 40,000 Note Payable – related party $ 106,850 $ 106,850 |
Schedule of Convertible Note Payable - Related Party | Schedule of Convertible Note Payable - Related Party June 30, December 31, Balance Group LLC $ 120,000 $ 120,000 Note Payable from CEO 53,192 53,192 Convertible note payable- related party $ 173,192 $ 173,192 |
Newell Trading Group [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Convertible Note Payable - Long Term | Schedule of Convertible Note Payable - Long Term June 30, December 31, 16 th $ 500,000 $ 500,000 Debt discount (14,175 ) (19,845 ) Convertible note payable – long term $ 485,825 $ 480,155 |
Convertible Notes and Notes P_2
Convertible Notes and Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Note Payable - Long Term | Schedule of Convertible Note Payable - Long Term June 30, December 31, Newell Trading Group $ 500,000 $ 500,000 Convertible note payable – long term, gross $ 500,000 $ 500,000 Debt discount (14,175 ) (19,845 ) Convertible note payable – long term $ 485,825 $ 480,155 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net cash provided (used in) operating activities | $ 52,911 | $ (211) | |
Cash | 182,400 | $ 235,311 | |
Accumulated deficit | 5,157,560 | $ 4,973,527 | |
Working capital | $ 3,859,520 |
Schedule of Fair Value of Asset
Schedule of Fair Value of Assets on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | $ 155,452 | $ 148,808 |
Total Assets measured at fair value | 155,452 | 148,808 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | 155,452 | 148,808 |
Total Assets measured at fair value | 155,452 | 148,808 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | ||
Total Assets measured at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | ||
Total Assets measured at fair value |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
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 & 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) | 3 Months Ended | 6 Months Ended | ||||||
Nov. 18, 2022 USD ($) $ / shares shares | Dec. 02, 2020 $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) integer $ / shares shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) | Jan. 29, 2021 | |
Property, Plant and Equipment [Line Items] | ||||||||
Cash equivalents | $ 2,000 | $ 2,000 | $ 2,000 | |||||
Issuance of shares | shares | 1,000,000 | |||||||
Issuance of value | $ 1,000,000 | |||||||
Shares issued price, per share | $ / shares | $ 1 | $ 2.34 | $ 2.34 | |||||
Salaries and wages | $ 13,252 | $ 10,529 | $ 26,941 | $ 33,821 | ||||
Fair value of investment cost | shares | 66,432 | 66,432 | ||||||
Fair value of investment cost | $ 155,452 | $ 155,452 | ||||||
Unrealized loss on securities | $ 6,644 | |||||||
Reverse stock split description | 1 share for 8 share reverse stock split | |||||||
Investments | 0 | $ 0 | ||||||
Marketable securities | $ 155,452 | $ 155,452 | $ 148,808 | |||||
Number of operating segment | integer | 1 | |||||||
Advertising, marketing and promotion expense | $ 2,394 | 48 | ||||||
Depreciation | ||||||||
Minimum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, estimated useful life | 3 years | 3 years | ||||||
Maximum [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, plant and equipment, estimated useful life | 5 years | 5 years | ||||||
Convertible Notes Payable [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Antidilutive securities excluded from earnings per share amount | shares | 3,698,494 | 3,526,378 | ||||||
Warrant [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Antidilutive securities excluded from earnings per share amount | shares | 0 | 40,000 | ||||||
Pharmacy No 27 Ltd [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Ownership percentage | 20% | |||||||
Unrealized loss on investments | $ 0 | $ 0 | ||||||
Each Anniversary [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Salaries and wages | $ 500,000 | |||||||
IPO [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Salaries and wages | 200,000 | |||||||
IPO [Member] | First Year [Member] | Monthly [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Salaries and wages | 25,000 | |||||||
IPO [Member] | Second Year [Member] | Monthly [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Salaries and wages | $ 22,500 | |||||||
EZFill Holdings, Inc, [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Issuance of shares | shares | 1,000,000 | |||||||
Share price | $ / shares | $ 1 | |||||||
Related Party [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
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 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Oct. 03, 2019 |
Defined Benefit Plan Disclosure [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 | |
Debt instrument, face amount | $ 500,000 | $ 500,000 | |
Sammy Farkas Foundation Inc. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Debt instrument, face amount | $ 40,000 | ||
Interest rate of related party loan | 12% | ||
Due to related parties | $ 500,000 | ||
Warrants issued to purchase of common stock shares | 40,000 | ||
Warrants exercise price per share | $ 1 |
Note Receivable (Details Narrat
Note Receivable (Details Narrative) - USD ($) | 6 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Jan. 29, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||
Debt instrument face amount | $ 500,000 | $ 500,000 | |||
Notes receivable unamortized allowance current, percentage | 100% | ||||
Notes receivable unamortized allowance current | $ 141,000 | ||||
Four Acquisitions Ltd [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Debt instrument face amount | $ 22,000 | $ 119,000 | |||
Debt instrument interest rate stated percentage | 10% | 10% | |||
Debt maturity date | Sep. 30, 2022 | ||||
Interest income related party | $ 0 | $ 0 | |||
Equity interest acquire percentage | 20% | ||||
Investments fair value disclosure | $ 43,000 |
Schedule of Convertible Note Pa
Schedule of Convertible Note Payable - Long Term (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Related Party Transactions [Abstract] | ||
Convertible note payable – long term, gross | $ 500,000 | $ 500,000 |
Debt discount | (14,175) | (19,845) |
Convertible note payable – long term | $ 485,825 | $ 480,155 |
Schedule of Note Payable - Rela
Schedule of Note Payable - Related Party (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Note Payable – related party | $ 106,850 | $ 106,850 |
Balance Group LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Note Payable – related party | 66,850 | 66,850 |
Foundation [Member] | ||
Related Party Transaction [Line Items] | ||
Note Payable – related party | $ 40,000 | $ 40,000 |
Schedule of Convertible Note _2
Schedule of Convertible Note Payable - Related Party (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Convertible note payable- related party | $ 173,192 | $ 173,192 |
Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Convertible note payable- related party | 53,192 | 53,192 |
Balance Group LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Convertible note payable- related party | $ 120,000 | $ 120,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |||||||||||||
Jun. 29, 2021 | Jun. 27, 2021 | Oct. 03, 2019 | Apr. 01, 2016 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jul. 29, 2021 | Jul. 09, 2021 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Related Party Transaction [Line Items] | |||||||||||||||
Debt instrument unamortized discount | $ 14,175 | $ 19,845 | |||||||||||||
Amortization of debt discount | 5,670 | $ 9,098 | |||||||||||||
Convertible notes payable | 25,000 | 25,000 | |||||||||||||
Debt instrument face amount | 500,000 | 500,000 | |||||||||||||
Short-term advances from related party | 1,673,558 | 1,673,558 | |||||||||||||
Balance Group LLC [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Debt instrument interest rate stated percentage | 10% | ||||||||||||||
Interest payable current and noncurrent | 29,481 | ||||||||||||||
Convertible notes payable | $ 66,850 | $ 66,850 | $ 66,850 | $ 120,000 | |||||||||||
Convertible notes payable | 66,850 | 66,850 | |||||||||||||
Warrants exercise price per share | $ 1 | ||||||||||||||
Number of warrants issued to related party | 600,000 | ||||||||||||||
Accrued interest | 81,008 | ||||||||||||||
Sammy Farkas Foundation Inc. [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Debt instrument interest rate stated percentage | 12% | ||||||||||||||
Interest payable current and noncurrent | 20,818 | ||||||||||||||
Debt instrument, increase (decrease), net | $ 500,000 | ||||||||||||||
Convertible notes payable | 40,000 | 40,000 | |||||||||||||
Debt instrument face amount | 40,000 | ||||||||||||||
Due to related parties | $ 500,000 | ||||||||||||||
Warrants exercise price per share | $ 1 | ||||||||||||||
Lyons Capital LLC [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Debt instrument interest rate stated percentage | 12% | 12% | |||||||||||||
Unsecured debt | $ 25,000 | ||||||||||||||
Krypto Ventures Inc [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Interest payable current and noncurrent | $ 164 | ||||||||||||||
Debt instrument face amount | $ 200,000 | ||||||||||||||
Debt instrument maturity date | Jun. 28, 2022 | ||||||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 25,000 | ||||||||||||||
Convertible Debenture [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Proceeds from convertible debt | $ 500,000 | ||||||||||||||
Debt instrument interest rate stated percentage | 10% | ||||||||||||||
Debt instrument convertible conversion price | $ 0.25 | ||||||||||||||
Debt instrument, convertible, beneficial conversion | $ 500,000 | ||||||||||||||
Interest payable current and noncurrent | 350,000 | 300,000 | $ 287,671 | ||||||||||||
Debt instrument discount | 14,175 | 19,845 | |||||||||||||
Long term debt | 485,825 | 480,155 | |||||||||||||
Debt instrument maturity rate | Oct. 10, 2024 | ||||||||||||||
Number of shares exchange | 54,000 | ||||||||||||||
Debt instrument unamortized discount | $ 56,700 | ||||||||||||||
Amortization of debt discount | 5,670 | 5,670 | |||||||||||||
Debt instrument maturity date | Apr. 02, 2017 | ||||||||||||||
Convertible Debenture [Member] | Related Party [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Debt instrument discount | 14,175 | 19,845 | |||||||||||||
Promissory Note [Member] | Warrant [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Class of warrants | 40,000 | ||||||||||||||
Warrants exercise price per share | $ 1 | ||||||||||||||
Fair value of warrants | 8,283 | ||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Officers compensation | 10,000 | ||||||||||||||
General and administrative expenses - related party | 0 | $ 30,000 | |||||||||||||
Accounts payable related party | 0 | 30,000 | |||||||||||||
Debt instrument interest rate stated percentage | 12% | ||||||||||||||
Debt instrument, convertible, beneficial conversion | $ 3,799 | ||||||||||||||
Interest payable current and noncurrent | 12,801 | ||||||||||||||
Debt instrument, increase (decrease), net | 250,000 | ||||||||||||||
Debt instrument discount | 0 | $ 3,428 | |||||||||||||
Amortization of debt discount | 3,192 | ||||||||||||||
Convertible notes payable | 53,192 | ||||||||||||||
Debt instrument face amount | 53,192 | ||||||||||||||
Due to related parties | $ 50,000 | ||||||||||||||
Debt instrument maturity date | Jun. 27, 2022 | ||||||||||||||
Chief Executive Officer and Company's Controlled by Chief Executive Officer [Member] | Convertible Notes Payable [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Debt instrument interest rate stated percentage | 8% | ||||||||||||||
Interest payable current and noncurrent | 418,111 | ||||||||||||||
Due to related parties | $ 1,673,558 | $ 1,673,558 | |||||||||||||
Short-term advances from related party | $ 1,673,558 |
Convertible Notes and Notes P_3
Convertible Notes and Notes Payable (Details Narrative) - USD ($) | Oct. 03, 2019 | Apr. 01, 2016 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | |||||
Debt Instrument, Unamortized Discount, Noncurrent | $ 14,175 | $ 19,845 | |||
Sammy Farkas Foundation Inc. [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | ||||
Interest Payable | 20,818 | ||||
Debt Instrument, Increase (Decrease), Net | $ 500,000 | ||||
Convertible Debenture [Member] | |||||
Short-Term Debt [Line Items] | |||||
Proceeds from Convertible Debt | $ 500,000 | ||||
Debt Instrument, Maturity Date | Apr. 02, 2017 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | ||||
Debt Instrument, Convertible, Conversion Price | $ 0.25 | ||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 500,000 | ||||
Interest Payable | 350,000 | 300,000 | $ 287,671 | ||
Debt instrument, extended maturity date | Oct. 10, 2024 | ||||
Number of shares exchange | 54,000 | ||||
Debt Instrument, Unamortized Discount, Noncurrent | $ 56,700 | ||||
Debt Instrument, Unamortized Discount | 14,175 | 19,845 | |||
Debt Instrument, Unamortized Discount (Premium), Net | $ 485,825 | $ 480,155 |