$BLNC
Balance Labs, Inc.

2024 Q2 Form 10-K Financial Statement

#000149315224014644 Filed on April 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $57.87K $4.370K $116.3K
YoY Change 40.56% -93.27% -56.98%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $57.87K $4.370K $116.3K
YoY Change 40.57% -93.27% -56.98%
Operating Profit -$57.87K -$116.3K
YoY Change 40.57% 409.28%
Interest Expense -$42.83K -$124.4K -$265.3K
YoY Change -175.26% -24.94% -214.51%
% of Operating Profit
Other Income/Expense, Net -$42.83K -$265.3K
YoY Change -22.95% -64.42%
Pretax Income -$100.7K -$128.8K -$381.6K
YoY Change 4.08% -34.41% -50.34%
Income Tax
% Of Pretax Income
Net Earnings -$100.7K -$128.8K -$381.6K
YoY Change 4.08% -34.41% -50.34%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.02
Diluted Earnings Per Share $0.00 -$0.01 -$0.02
COMMON SHARES
Basic Shares Outstanding 21.67M shares 21.67M shares 21.67M shares
Diluted Shares Outstanding 21.67M shares 21.67M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $171.5K $220.7K $220.7K
YoY Change -49.25% -42.54% -42.54%
Cash & Equivalents $43.79K $112.8K $112.8K
Short-Term Investments $127.7K $107.9K $107.9K
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $171.5K $220.7K $220.7K
YoY Change -49.25% -48.56% -48.56%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $171.5K $220.7K $220.7K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $171.5K $220.7K $220.7K
YoY Change -49.25% -48.56% -48.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.953M $2.785M $2.785M
YoY Change 33.11% 30.65% 30.65%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.699M $1.699M $1.699M
YoY Change 0.0% 0.0% 0.0%
Long-Term Debt Due $280.0K $280.0K $280.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $4.932M $4.764M $4.764M
YoY Change 17.5% 15.89% 15.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.932M $4.764M $4.764M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.932M $4.764M $4.764M
YoY Change 5.31% 3.77% 3.77%
SHAREHOLDERS EQUITY
Retained Earnings -$5.573M -$5.355M
YoY Change 8.05% 7.67%
Common Stock $2.167K $2.167K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.761M -$4.543M -$4.543M
YoY Change
Total Liabilities & Shareholders Equity $171.5K $220.7K $220.7K
YoY Change -49.25% -48.56% -48.56%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$100.7K -$128.8K -$381.6K
YoY Change 4.08% -34.41% -50.34%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$69.02K -$32.81K -$122.5K
YoY Change 78.52% -24.51% -1680.03%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -$69.02K -32.81K -122.5K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -$69.02K -32.81K -122.5K
YoY Change 78.52% -4.71% -1680.03%
FREE CASH FLOW
Cash From Operating Activities -$69.02K -$32.81K -$122.5K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_844_eus-gaap--UseOfEstimates_zktsfh8Z1Il1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_861_zoL4GC3OZfQ8">Use of Estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: -0.5pt"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
107912 usd
CY2023Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.62
CY2023 us-gaap Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
40896 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_z4AoVNnR6PV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86C_zZJjjdJtalHk">Concentration of Credit Risk</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; text-indent: -0.5pt"><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 December 31, 2023, the carrying value of marketable securities was $<span id="xdx_907_eus-gaap--MarketableSecurities_iI_pp0p0_c20231231_z7P46B6L9hE6" title="Marketable securities">107,912</span>, 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 0; text-align: justify; text-indent: -0.5pt"><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 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At December 31, 2023, the Company owned <span id="xdx_907_eus-gaap--InvestmentOwnedBalanceShares_iI_c20231231_zkIeJhXVSUW9" title="Fair value of investment cost">66,432</span> shares after a reverse stock split adjustment of <span id="xdx_906_eus-gaap--StockholdersEquityReverseStockSplit_c20230101__20231231_zu59i46pf88l" title="Reverse stock split">1 for 3.763243</span> and the fair value of the investment in EZFill Holdings, Inc. was reported on the balance sheet as Investment at fair value - related party totaling $<span id="xdx_908_eus-gaap--InvestmentOwnedAtCost_iI_c20231231_zhUPqPIzU3R1" title="Investment owned at cost">107,912</span> ($<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_c20231231_z0Qy4cLK2g1f" title="Share issued price per share">1.62</span>/share). Recorded an adjustment of ($<span id="xdx_90B_eus-gaap--DebtSecuritiesUnrealizedGainLoss_c20230101__20231231_zF145A75EG11" title="Unrealized loss on securities">40,896</span>) for the twelve months ending December 31, 2023, as unrealized loss on securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.5pt"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
107912 usd
CY2023Q4 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
66432 shares
CY2023 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 3.763243
CY2023Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
107912 usd
CY2023Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.62
CY2023 us-gaap Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
40896 usd
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 integer
CY2023 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
7983 usd
CY2022 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1740 usd
CY2023 us-gaap Depreciation
Depreciation
0 usd
CY2022 us-gaap Depreciation
Depreciation
0 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
106850 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 usd
CY2023Q4 BLNC Notes Receivable Unamortized Allowance Current Percentage
NotesReceivableUnamortizedAllowanceCurrentPercentage
1 pure
CY2022Q4 BLNC Notes Receivable Unamortized Allowance Current
NotesReceivableUnamortizedAllowanceCurrent
141000 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
8504 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
19845 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
491496 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
480155 usd
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
106850 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
173192 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
173192 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
8504 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
19845 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
491496 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
480155 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 usd
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
500000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
8504 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
19845 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
491496 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
480155 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
255138 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
247534 usd
CY2023Q4 us-gaap Deferred Tax Assets Unrealized Losses On Trading Securities
DeferredTaxAssetsUnrealizedLossesOnTradingSecurities
120135 usd
CY2022Q4 us-gaap Deferred Tax Assets Unrealized Losses On Trading Securities
DeferredTaxAssetsUnrealizedLossesOnTradingSecurities
120135 usd
CY2023Q4 BLNC Deferred Tax Assets Impairment Of Investments
DeferredTaxAssetsImpairmentOfInvestments
313925 usd
CY2022Q4 BLNC Deferred Tax Assets Impairment Of Investments
DeferredTaxAssetsImpairmentOfInvestments
324364 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
383370 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
286626 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1072568 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
978659 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0435 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0435 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.0575 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.0575 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.3110 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.3110 pure
CY2022 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
As of December 31, 2023, the Company had approximately $1,512,000 of federal and state net operating loss carryovers (“NOLs”). From this amount, $711,000 expire after 20 years, and can be carried back 2 years, according to the old tax law, while $627,000 can be carried forward indefinitely and cannot be carried back, in accordance with the new tax rules
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
93909 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
114310 usd

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