Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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 ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 75,764 | $ 112,809 |
Marketable securities | 113,599 | 107,912 |
Total Current Assets | 189,363 | 220,721 |
Total Assets | 189,363 | 220,721 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,464,600 | 1,381,849 |
Total Current Liabilities | 4,849,189 | 4,763,604 |
Total Liabilities | 4,849,189 | 4,763,604 |
Stockholders’ Deficit | ||
Common stock, $0.0001 par value: authorized 500,000,000, 21,674,000 and 21,674,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 2,167 | 2,167 |
Additional paid-in capital | 810,048 | 810,048 |
Accumulated deficit | (5,472,041) | (5,355,098) |
Total Stockholders’ Deficit | (4,659,826) | (4,542,883) |
Total Liabilities and Stockholders’ Deficit | 189,363 | 220,721 |
Related Party [Member] | ||
Current Liabilities | ||
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 note payable, net of debt discount of $5,670 and $8,504 as March 31, 2024 and December 31, 2023 | 173,192 | 173,192 |
Notes payable - related party - net of debt discount of $0 and $0 as of March 31, 2024 and December 31, 2023 | 106,850 | 106,850 |
Nonrelated Party [Member] | ||
Current Liabilities | ||
Convertible note payable, net of debt discount of $5,670 and $8,504 as March 31, 2024 and December 31, 2023 | $ 494,330 | $ 491,496 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
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 |
Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt instrument, unamortized discount, current | $ 0 | $ 0 |
Notes payable - related party, debt discount - current | 0 | 0 |
Nonrelated Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt instrument, unamortized discount, current | $ 5,670 | $ 8,504 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues - related party | ||
Costs and expenses | ||
General and administrative expenses | 4,040 | 3,806 |
Professional fees | 16,000 | 18,782 |
Salaries and wages | 45,678 | 13,689 |
Total operating expenses | 65,718 | 36,277 |
Loss from operations | (65,718) | (36,277) |
Other income (expense) | ||
Unrealized gain on available for sale securities | 5,687 | 5,315 |
Interest expense (includes amortization of debt discount) | (56,912) | (56,318) |
Total other expense | (51,225) | (51,003) |
Net loss | $ (116,943) | $ (87,280) |
Net Loss per share - basic | $ 0 | $ 0 |
Net Loss per share - diluted | $ 0 | $ 0 |
Weighted average number of shares - basic | 21,674,000 | 21,674,000 |
Weighted average number of shares - diluted | 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 |
Balance at Dec. 31, 2022 | $ 2,167 | $ 810,048 | $ (4,973,527) | $ (4,161,312) |
Balance, shares at Dec. 31, 2022 | 21,674,000 | |||
Net loss | (87,280) | (87,280) | ||
Balance at Mar. 31, 2023 | $ 2,167 | 810,048 | (5,060,807) | (4,248,592) |
Balance, shares at Mar. 31, 2023 | 21,674,000 | |||
Balance at Dec. 31, 2023 | $ 2,167 | 810,048 | (5,355,098) | (4,542,883) |
Balance, shares at Dec. 31, 2023 | 21,674,000 | |||
Net loss | (116,943) | (116,943) | ||
Balance at Mar. 31, 2024 | $ 2,167 | $ 810,048 | $ (5,472,041) | $ (4,659,826) |
Balance, shares at Mar. 31, 2024 | 21,674,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net loss | $ (116,943) | $ (87,280) |
Adjustments to reconcile net loss to net cash used in operations | ||
Amortization of debt discount | 2,834 | 2,835 |
Unrealized (gain) loss on available - for - sale securities | (5,687) | (5,315) |
Decrease (Increase) in | ||
Accounts receivable – related party | 45,000 | |
Increase in | ||
Accounts payable and accrued expenses | 82,751 | 30,514 |
Net cash used in operating activities | (37,045) | (14,246) |
Net decrease in cash | (37,045) | (14,246) |
Cash and cash equivalents - beginning of period | 112,809 | 235,311 |
Cash and cash equivalents - end of period | 75,764 | 221,065 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | ||
Cash paid for income tax |
Business Organization and Natur
Business Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2024 | |
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 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 March 31, 2024, and the unaudited consolidated results of its operations and cash flows for the three months ended March 31, 2024. The unaudited consolidated results of operations for the three months ended March 31, 2024, 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, 2023, which was filed with the Securities and Exchange Commission on April 15, 2024. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 37,045 75,764 5,472,041 4,659,826 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 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, and December 31, 2023, the Company has $ 2,000 BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of March 31, 2024 (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 The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts pursuant to the guidance of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326) as codified in Accounts Standards Codification (ASC) 326, Financial Instruments – Credit Losses. Under ASC 326, the Company utilizes a current and expected credit loss (CECL) impairment model. ASU 2016-13 became effective for us on January 1, 2023. The Company’s estimate is based on historical collection experience and a review of the current status of trade accounts receivable. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Accounts receivable are presented net of an allowance for doubtful accounts of $ 0 0 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 March 31, 2024 (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 March 31, 2024. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s, 2021, 2022, and 2023 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 three months ended March 31, 2024, and 2023 has been recorded in Other Income. At March 31, 2024, the Company owned 66,432 113,599 1.71 5,687 1 share for 8 share reverse stock split BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of March 31, 2024 (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 March 31, 2024, and one investment as of December 31, 2023. 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 March 31, 2024, and December 31, 2023, the carrying value of marketable securities was $ 113,599 107,912 Principles of Consolidation The consolidated financial statements include the Company and its wholly owned corporate subsidiaries, Balance Labs LLC. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of March 31, 2024 (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 3,698,494 and 3,698,494 shares from convertible notes payable for the three months ended March 31, 2024, and 2023, respectively. 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 March 31, 2024 (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 March 31, 2024. Schedule of Fair Value of Assets on Recurring Basis Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 113,599 $ 113,599 $ - $ - Total Assets measured at fair value $ 113,599 $ 113,599 $ - $ - 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, 2023. Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 107,912 $ 107,912 $ - $ - Total Assets measured at fair value $ 107,912 $ 107,912 $ - $ - 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 segment and therefore segment information is not presented. 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 three months ended March 31, 2024, and March 31, 2023, advertising, marketing, and promotion expense was $ 1,379 1,197 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 March 31, 2024 (Unaudited) Property and equipment as of March 31, 2024, and December 31, 2023 consisted of the following: Schedule of Property and Equipment March 31, 2024 December 31, 2023 (unaudited) 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 March 31, 2024, and 2023 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. 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, 2023, and interim periods within those fiscal years, with early adoption permitted, but only at the beginning of the fiscal year. The Company evaluated the impact of this standard on its financial statements and no adjustment is necessary. |
Stockholders_ Deficit
Stockholders’ Deficit | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders’ Deficit | Note 4 – Stockholders’ Deficit Authorized Capital The Company is authorized to issue 500,000,000 shares of common stock, $ 0.0001 par value, and 50,000,000 shares of preferred stock, $ 0.0001 par value. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of March 31, 2024 (Unaudited) |
Note Receivable
Note Receivable | 3 Months Ended |
Mar. 31, 2024 | |
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 | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 – Related Party Transactions The Company’s CEO earns $ 10,000 30,000 30,000 60,000 30,000 On April 1, 2016, the Company received $ 500,000 10 .25 500,000 500,000 5,670 8,504 494,330 491,496 Schedule of Convertible Note Payable - Long Term March 31, 2024 December 31, 2023 (unaudited) 16 th $ 500,000 $ 500,000 Debt discount (5,670 ) (8,504 ) Convertible note payable – long term $ 494,330 $ 491,496 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 2,834 2,835 During 2016, 2017, and 2019 Balance Group LLC loaned an additional $ 66,850 38,459 66,850 BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of March 31, 2024 (Unaudited) On October 3, 2019, the Company received $ 40,000 12 500,000 24,434 40,000 The promissory note comes with a warrant to purchase 40,000 1.00 8,283 Schedule of Note Payable - Related Party March 31, 2024 December 31, 2023 (unaudited) 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 12 250,000 53,192 0 0 3,192 17,610 On September 30, 2016, Balance Group LLC loaned $ 120,000 10 600,000 1 90,049 Schedule of Convertible Note Payable - Related Party March 31, 2024 December 31, 2023 (unaudited) Balance Group LLC $ 120,000 $ 120,000 Note Payable from CEO 53,192 53,192 Convertible note payable- related party $ 173,192 $ 173,192 BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of March 31, 2024 (Unaudited) As of March 31, 2024 and December 31, 2023, 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 $ 644,665 are in default as of March 31, 2024. 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 March 31, 2024 and December 31, 2023. |
Convertible Notes and Notes Pay
Convertible Notes and Notes Payable | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Convertible Notes and Notes Payable | Note 7 – Convertible Notes and Notes Payable Convertible Notes Payable On April 1, 2016, the Company received $ 500,000 April 2, 2017 10 .25 500,000 500,000 October 10, 2024 54,000 56,700 th 2,835 11,340 5,670 8,504 494,330 491,496 Schedule of Convertible Note Payable - Long Term March 31, 2024 December 31, 2023 (unaudited) Newell Trading Group $ 500,000 $ 500,000 Convertible note payable – long term, gross $ 500,000 $ 500,000 Debt discount (5,670 ) (8,504 ) Convertible note payable – long term $ 494,330 $ 491,496 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, and December 31, 2023, the Company has $ 2,000 BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of March 31, 2024 (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 The Company provides an allowance for doubtful accounts equal to the estimated uncollectible amounts pursuant to the guidance of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326) as codified in Accounts Standards Codification (ASC) 326, Financial Instruments – Credit Losses. Under ASC 326, the Company utilizes a current and expected credit loss (CECL) impairment model. ASU 2016-13 became effective for us on January 1, 2023. The Company’s estimate is based on historical collection experience and a review of the current status of trade accounts receivable. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change. Accounts receivable are presented net of an allowance for doubtful accounts of $ 0 0 |
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 March 31, 2024 (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 March 31, 2024. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date. The Company’s, 2021, 2022, and 2023 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 three months ended March 31, 2024, and 2023 has been recorded in Other Income. At March 31, 2024, the Company owned 66,432 113,599 1.71 5,687 1 share for 8 share reverse stock split BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of March 31, 2024 (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 March 31, 2024, and one investment as of December 31, 2023. |
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 March 31, 2024, and December 31, 2023, the carrying value of marketable securities was $ 113,599 107,912 |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the Company and its wholly owned corporate subsidiaries, Balance Labs LLC. BALANCE LABS, INC. Condensed Notes to Consolidated Financial Statements As of March 31, 2024 (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 3,698,494 and 3,698,494 shares from convertible notes payable for the three months ended March 31, 2024, and 2023, respectively. |
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 March 31, 2024 (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 March 31, 2024. Schedule of Fair Value of Assets on Recurring Basis Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 113,599 $ 113,599 $ - $ - Total Assets measured at fair value $ 113,599 $ 113,599 $ - $ - 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, 2023. Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 107,912 $ 107,912 $ - $ - Total Assets measured at fair value $ 107,912 $ 107,912 $ - $ - 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 segment and therefore segment information is not presented. |
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 three months ended March 31, 2024, and March 31, 2023, advertising, marketing, and promotion expense was $ 1,379 1,197 |
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 March 31, 2024 (Unaudited) Property and equipment as of March 31, 2024, and December 31, 2023 consisted of the following: Schedule of Property and Equipment March 31, 2024 December 31, 2023 (unaudited) 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 March 31, 2024, and 2023 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) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024. Schedule of Fair Value of Assets on Recurring Basis Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 113,599 $ 113,599 $ - $ - Total Assets measured at fair value $ 113,599 $ 113,599 $ - $ - 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, 2023. Total (Level 1) (Level 2) (Level 3) Fair-value – equity securities $ 107,912 $ 107,912 $ - $ - Total Assets measured at fair value $ 107,912 $ 107,912 $ - $ - |
Schedule of Property and Equipment | Property and equipment as of March 31, 2024, and December 31, 2023 consisted of the following: Schedule of Property and Equipment March 31, 2024 December 31, 2023 (unaudited) 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) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Convertible Note Payable - Long Term | Schedule of Convertible Note Payable - Long Term March 31, 2024 December 31, 2023 (unaudited) 16 th $ 500,000 $ 500,000 Debt discount (5,670 ) (8,504 ) Convertible note payable – long term $ 494,330 $ 491,496 |
Schedule of Note Payable - Related Party | Schedule of Note Payable - Related Party March 31, 2024 December 31, 2023 (unaudited) 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 March 31, 2024 December 31, 2023 (unaudited) Balance Group LLC $ 120,000 $ 120,000 Note Payable from CEO 53,192 53,192 Convertible note payable- related party $ 173,192 $ 173,192 |
Convertible Notes and Notes P_2
Convertible Notes and Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Convertible Note Payable - Long Term | Schedule of Convertible Note Payable - Long Term March 31, 2024 December 31, 2023 (unaudited) 16 th $ 500,000 $ 500,000 Debt discount (5,670 ) (8,504 ) Convertible note payable – long term $ 494,330 $ 491,496 |
Newell Trading Group [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Convertible Note Payable - Long Term | Schedule of Convertible Note Payable - Long Term March 31, 2024 December 31, 2023 (unaudited) Newell Trading Group $ 500,000 $ 500,000 Convertible note payable – long term, gross $ 500,000 $ 500,000 Debt discount (5,670 ) (8,504 ) Convertible note payable – long term $ 494,330 $ 491,496 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cash in operating activities | $ 37,045 | $ 14,246 | |
Cash | 75,764 | $ 112,809 | |
Accumulated deficit | 5,472,041 | $ 5,355,098 | |
Working capital | $ 4,659,826 |
Schedule of Fair Value of Asset
Schedule of Fair Value of Assets on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | $ 113,599 | $ 107,912 |
Total Assets measured at fair value | 113,599 | 107,912 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair-value - equity securities | 113,599 | 107,912 |
Total Assets measured at fair value | 113,599 | 107,912 |
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 ($) | Mar. 31, 2024 | Dec. 31, 2023 |
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) - USD ($) | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jan. 29, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Cash equivalents | $ 2,000 | $ 2,000 | ||
Allowance for doubtful accounts receivable | $ 0 | 0 | ||
Fair value of investment cost | 66,432 | |||
Investment owned at cost | $ 113,599 | |||
Shares issued price, per share | $ 1.71 | |||
Unrealized loss on securities | $ 5,687 | |||
Reverse stock split description | 1 share for 8 share reverse stock split | |||
Marketable securities | $ 113,599 | $ 107,912 | ||
Advertising, marketing and promotion expense | 1,379 | $ 1,197 | ||
Depreciation | ||||
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, estimated useful life | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, estimated useful life | 5 years | |||
Convertible Notes Payable [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,698,494 | 3,698,494 | ||
Pharmacy No 27 Ltd [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Ownership percentage | 20% | |||
Unrealized loss on investments | $ 0 | |||
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 | |||
Nonrelated Party [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Investments | $ 0 |
Stockholders_ Deficit (Details
Stockholders’ Deficit (Details Narrative) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Equity [Abstract] | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Note Receivable (Details Narrat
Note Receivable (Details Narrative) - USD ($) | 3 Months Ended | ||||
Sep. 30, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | 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 ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party Transactions [Abstract] | ||
Convertible note payable – long term, gross | $ 500,000 | $ 500,000 |
Debt discount | (5,670) | (8,504) |
Convertible note payable – long term | $ 494,330 | $ 491,496 |
Schedule of Note Payable - Rela
Schedule of Note Payable - Related Party (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
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 ($) | Mar. 31, 2024 | Dec. 31, 2023 |
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 ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 27, 2021 | Oct. 03, 2019 | Apr. 01, 2016 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2021 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Related Party Transaction [Line Items] | |||||||||||
Convertible notes payable - related party | $ 2,835 | $ 11,340 | |||||||||
Long term debt | 494,330 | 491,496 | |||||||||
Debt discount amortized | 5,670 | 8,504 | |||||||||
Debt instrument, face amount | 500,000 | 500,000 | |||||||||
Amortization of debt discount | 2,834 | $ 2,835 | |||||||||
Balance Group LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt instrument interest rate percentage | 10% | ||||||||||
Convertible notes payable | $ 66,850 | $ 66,850 | $ 66,850 | $ 120,000 | |||||||
Interest payable | 38,459 | ||||||||||
Convertible notes payable, related party | 66,850 | 66,850 | |||||||||
Warrants exercise price per share | $ 1 | ||||||||||
Number of warrants issued to related party | 600,000 | ||||||||||
Accrued interest | 90,049 | ||||||||||
Sammy Farkas Foundation Inc. [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt instrument interest rate percentage | 12% | ||||||||||
Debt instrument, increase (decrease), net | $ 500,000 | ||||||||||
Interest payable | 24,434 | ||||||||||
Convertible notes payable, related party | 40,000 | 40,000 | |||||||||
Debt instrument, face amount | 40,000 | ||||||||||
Due to related parties | $ 500,000 | ||||||||||
Convertible Debenture [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Proceeds from convertible debt | $ 500,000 | ||||||||||
Debt instrument interest rate percentage | 10% | ||||||||||
Debt instrument convertible conversion price | $ 0.25 | ||||||||||
Debt instrument, convertible, beneficial conversion feature | $ 500,000 | ||||||||||
Long term debt | 494,330 | 491,496 | |||||||||
Maturity date | Oct. 10, 2024 | ||||||||||
Exchange shares | 54,000 | ||||||||||
Debt discount amortized | $ 56,700 | ||||||||||
Amortization of debt discount | 2,834 | 2,835 | |||||||||
Convertible Debenture [Member] | Related Party [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Convertible notes payable - related party | 5,670 | 8,504 | |||||||||
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 | 30,000 | $ 30,000 | |||||||||
Accounts payable related party | 60,000 | 30,000 | |||||||||
Debt instrument interest rate percentage | 12% | ||||||||||
Debt instrument, increase (decrease), net | $ 250,000 | ||||||||||
Convertible notes payable - related party | 0 | 0 | |||||||||
Interest payable | $ 17,610 | ||||||||||
Convertible notes payable, related party | 53,192 | ||||||||||
Debt instrument, face amount | 53,192 | ||||||||||
Due to related parties | 50,000 | ||||||||||
Amortization of debt discount | $ 3,192 | ||||||||||
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 percentage | 8% | ||||||||||
Interest payable | $ 644,665 | ||||||||||
Due to related parties | $ 1,673,558 | 1,673,558 | |||||||||
Short-Term Debt | $ 1,673,558 |
Convertible Notes and Notes P_3
Convertible Notes and Notes Payable (Details Narrative) - USD ($) | Oct. 03, 2019 | Apr. 01, 2016 | Mar. 31, 2024 | Dec. 31, 2023 |
Short-Term Debt [Line Items] | ||||
Debt instrument unamortized discount noncurrent | $ 5,670 | $ 8,504 | ||
Debt instrument, unamortized discount | 2,835 | 11,340 | ||
Convertible note payable - long term | 494,330 | 491,496 | ||
Convertible Notes Payable [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, unamortized discount | 5,670 | 8,504 | ||
Sammy Farkas Foundation Inc. [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 12% | |||
Debt instrument interest convertible debenture | $ 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 | |||
Debt instrument, extended maturity date | Oct. 10, 2024 | |||
Number of shares exchange | 54,000 | |||
Debt instrument unamortized discount noncurrent | $ 56,700 | |||
Convertible note payable - long term | $ 494,330 | $ 491,496 |