$BLNC
Balance Labs, Inc.

2023 Q1 Form 10-Q Financial Statement

#000149315223018303 Filed on May 19, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q1
Revenue $45.00K $67.50K
YoY Change -89.4%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $36.28K $64.90K $101.5K
YoY Change -64.27% -40.67% 6.53%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $36.28K $64.90K $101.5K
YoY Change -64.27% -40.67% 6.53%
Operating Profit -$36.28K -$34.04K
YoY Change 6.56%
Interest Expense $56.32K -$165.8K -$187.9K
YoY Change -129.97% -95.72% 113.91%
% of Operating Profit
Other Income/Expense, Net -$51.00K -$10.71K -$187.9K
YoY Change -72.86%
Pretax Income -$87.28K -$196.4K -$222.0K
YoY Change -60.68% -94.49% 21.18%
Income Tax
% Of Pretax Income
Net Earnings -$87.28K -$196.4K -$222.0K
YoY Change -60.68% -94.49% 22.36%
Net Earnings / Revenue -436.4% -328.83%
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.00 -$0.01 -$10.24K
COMMON SHARES
Basic Shares Outstanding 21.67M shares 21.67M shares
Diluted Shares Outstanding 21.67M shares 21.67M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $375.2K $384.1K $213.9K
YoY Change 75.4% -50.6% 2696.08%
Cash & Equivalents $221.1K $235.3K $213.9K
Short-Term Investments $154.1K $148.8K
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $45.00K $45.00K
Other Receivables $0.00 $0.00 $183.1K
Total Short-Term Assets $375.2K $429.1K $442.1K
YoY Change -15.13% 0.81% 275.13%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $431.8K
YoY Change -65.54%
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $451.8K
YoY Change -100.0% -100.0% -64.63%
TOTAL ASSETS
Total Short-Term Assets $375.2K $429.1K $442.1K
Total Long-Term Assets $0.00 $0.00 $451.8K
Total Assets $375.2K $429.1K $893.8K
YoY Change -58.03% -57.7% -35.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.162M $2.132M $881.7K
YoY Change 145.24% 150.3% 15.76%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.699M $1.699M $1.699M
YoY Change 0.0% 0.0% 1.49%
Long-Term Debt Due $280.0K $280.0K $278.3K
YoY Change 0.61% 1.24% 22.7%
Total Short-Term Liabilities $4.141M $4.110M $4.037M
YoY Change 2.57% 4.36% 9.33%
LONG-TERM LIABILITIES
Long-Term Debt $483.0K $480.2K $471.7K
YoY Change 2.4% 2.42% -0.26%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $483.0K $480.2K $471.7K
YoY Change 2.4% 2.42% -0.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.141M $4.110M $4.037M
Total Long-Term Liabilities $483.0K $480.2K $471.7K
Total Liabilities $4.624M $4.590M $4.509M
YoY Change 2.55% 4.15% 9.71%
SHAREHOLDERS EQUITY
Retained Earnings -$5.061M -$4.974M
YoY Change 18.27%
Common Stock $2.167K $2.167K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.249M -$4.161M -$3.615M
YoY Change
Total Liabilities & Shareholders Equity $375.2K $429.1K $893.8K
YoY Change -58.03% -57.7% -35.93%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q1
OPERATING ACTIVITIES
Net Income -$87.28K -$196.4K -$222.0K
YoY Change -60.68% -94.49% 22.36%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$14.25K -$43.46K -$13.66K
YoY Change 4.29% 1393.47% -89.29%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $9.030K $0.00
YoY Change -153.56% -100.0%
Cash From Investing Activities $9.030K
YoY Change -153.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$14.25K -43.46K -13.66K
Cash From Investing Activities 9.030K
Cash From Financing Activities 0.000
Net Change In Cash -$14.25K -34.43K $0.00
YoY Change -758.32% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$14.25K -$43.46K -$13.66K
Capital Expenditures $0.00
Free Cash Flow -$43.46K
YoY Change 1393.47%

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_840_eus-gaap--UseOfEstimates_zHUSdpQRpufj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86B_zPSfCnkwodKc">Use of Estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
1000000 shares
CY2022Q4 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
1000000 usd
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.00
CY2023Q1 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
66432 shares
CY2023Q1 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
154122 usd
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.32
CY2023Q1 us-gaap Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
5315 usd
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 share for 8 share reverse stock split
CY2023Q1 us-gaap Investments
Investments
0 usd
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_zzWBQ0jUMesk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_867_zWovnAzMi7Zd">Concentration of Credit Risk</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 2023, and December 31, 2022, the carrying value of marketable securities was $<span id="xdx_907_eus-gaap--MarketableSecurities_iI_pp0p0_c20230331_z3RCURUPPZH1">154,123 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_906_eus-gaap--MarketableSecurities_iI_pp0p0_c20221231_zVeyI4CC5hcl">148,808</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, respectively. The securities are included in the Investment at Fair Value – Related Party on the consolidated balance sheets, which consist of common shares held in one (1) investment which currently is trading on the Over-the-Counter Bulletin Board (OTCBB).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Marketable Securities
MarketableSecurities
154123 usd
CY2022Q4 us-gaap Marketable Securities
MarketableSecurities
148808 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11316 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11316 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11316 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1197 usd
CY2022 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
48 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11316 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 BLNC Notes Receivable Unamortized Allowance Current
NotesReceivableUnamortizedAllowanceCurrent
141000 usd
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
17010 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
19845 usd
CY2023Q1 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
482990 usd
CY2022Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
480155 usd
CY2023Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2835 usd
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2835 usd
CY2023Q1 BLNC Due To Related Parties Current Exclude Notes Payable Related Parties Classified
DueToRelatedPartiesCurrentExcludeNotesPayableRelatedPartiesClassified
1673558 usd
CY2022Q4 BLNC Due To Related Parties Current Exclude Notes Payable Related Parties Classified
DueToRelatedPartiesCurrentExcludeNotesPayableRelatedPartiesClassified
1673558 usd
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
17010 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
19845 usd
CY2023Q1 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
482990 usd
CY2022Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
480155 usd

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