Balance Labs Inc
For the period ended Sep 30, 2024. Filed Nov 19, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 19, 2024
BLNCStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-12.
0001493152-24-031278
Item 2. Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-19.
0001493152-24-046598
Item 2. Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 58 previous paragraphs and 58 current paragraphs.
40 unchanged; 18 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (18)
Previous wording
We reported a net loss of $100,700 and $96,753 for the three months ended June 30, 2024 and 2023, respectively. This represents a difference of $3,947, or 4%, primarily due to an increase of approximately $30,000 in salary and wages offset by an increase in unrealized gain on available for sale securities of $12,754 and a reduction in professional fees of $11,648.
Current wording
We reported a net loss of $192,837 and $68,735 for the three months ended September 30, 2024 and 2023, respectively. This represents a difference of 124,102, or 4%, primarily due to an increase of approximately $30,000 in salary and an increase in unrealized losson available for sale securities of $24,496.
Previous wording
General and administrative expenses were $3,181 and $7,725 for the three months ended June 30, 2024 and 2023, respectively, an increase of $4,544 or 59% due to a decrease in printing and utilities expenses.
Current wording
General and administrative expenses were $4,557 and $8,005 for the three months ended September 30, 2024 and 2023, respectively, an decrease of $3,448 or 43% due to a decrease in printing and utilities expenses.
Previous wording
Professional fees were $8,545 and $20,193 for the three months ended June 30, 2024 and 2023, respectively, a decrease of $11,648 or 58% due to decrease in accounting and legal fees for the quarter.
Current wording
Professional fees were $32,293 and $11,274 for the three months ended September 30, 2024 and 2023, respectively, a decrease of $21,019 or 286% due to decrease in accounting and legal fees for the quarter.
Previous wording
Other expenses for the three months ended June 30, 2024 was $42,828. Other expense for the three months ended June 30, 2023 was $55,583. This represents a difference of $12,755 which was attributable to an unrealized gain from available for sale securities, offset by accrued interest expense on note payable.
Current wording
Other expenses for the three months ended September 30, 2024 was $109,149. Other expense for the three months ended September 30, 2023 was $34,256. This represents a difference of $74,893 which was attributable to an unrealized loss from available for sale securities, and a slight increase in accrued interest expense on note payable.
Previous wording
Unrealized gain on available for sale securities for the six months ended June 30, 2024 was $19,770. Unrealized gain on available for sale securities for the six months ended June 30, 2023 was $6,644. This represents an increase of $13,126 or 198% attributable to an increase in the stock price of the securities.
Current wording
Unrealized loss on available for sale securities for the three months ended September 30, 2024 was $47,746. Unrealized gain on available for sale securities for the three months ended September 30, 2023 was $23,250. This represents an increase of $70,996 or 305% attributable to an decrease in the stock price of the securities coupled with a reverse stock split of 2.5 to 1.
Previous wording
Six Months Ended June 30, 2024 Compared with Six Months Ended June 30, 2023.
Current wording
Nine Months Ended September 30, 2024 Compared with Nine Months Ended September 30, 2023.
Previous wording
We reported a net loss of $217,643 and of $184,033 for the six months ended June 30, 2024 and 2023, respectively. This represents a difference of $33,610, or 18%, primarily due to an increase in salary and wages offset by an unrealized gain on available for sale securities of $12,754
Current wording
We reported a net loss of $410,480 and of $252,768 for the nine months ended September 30, 2024 and 2023, respectively. This represents a difference of $157,713, or 63%, primarily due to an increase in salary and wages and by an unrealized gain on available for sale securities of $
Previous wording
For the six months ended June 30, 2024 and June 30, 2023, we generated $0 and $0, respectively in revenue.
Current wording
For the nine months ended September 30, 2024 and September 30, 2023, we generated $0 and $0, respectively in revenue.
Previous wording
General and administrative expenses were $7,222 and $11,531 for the six months ended June 30, 2024 and 2023, respectively, a decrease of $4,309 or 37% primarily due to an decrease in office expenses.
Current wording
General and administrative expenses were $11,779 and $19,536 for the nine months ended September 30, 2024 and 2023, respectively, a decrease of $7,757 or 37% primarily due to an decrease in office expenses.
Previous wording
Professional fees were $24,545 and $38,975 for the six months ended June 30, 2024 and 2023, respectively, a decrease of $13,430 or 34% due to decrease in accounting and legal fees for the quarter.
Current wording
Professional fees were $56,838 and $50,249 for the nine months ended September 30, 2024 and 2023, respectively, an increase of $6,589 or 12% due to an increase in accounting and legal fees for the quarter.
Previous wording
Other expenses for the six months ended June 30, 2024 was $94,054. Other expense for the six months ended June 30, 2023 was $106,586. This represents a difference of $12,532 or 12% which was attributable to an unrealized loss from available for sale securities and interest expense, offset by proceeds from sale of investment, accreted interest income and interest income on note receivable.
Current wording
Other expenses for the nine months ended September 30, 2024 was $203,204. Other expense for the nine months ended September 30, 2023 was $140,842. This represents a difference of $62,362 or 31% which was attributable to an unrealized loss from available for sale securities and interest expense,.
Previous wording
Unrealized gain on available for sale securities for the three months ended June 30, 2024 was $14,083. Unrealized loss on available for sale securities for the three months ended June 30, 2023 was $1,329. This represents an increase of $12,754 or 960% attributable to an increase in the stock price of the securities.
Current wording
Unrealized loss on available for sale securities for the nine months ended September 30, 2024 was $27,976. Unrealized gain on available for sale securities for the nine months ended September 30, 2023 was $29,894. This represents an increase of $57,870 or 194% attributable to an increase in the stock price of the securities and a reverse stock split.
Previous wording
Net Loss allocated from Equity Method Investee for the six months ended June 30, 2024 and June 30, 2023 was $0 and $0, respectively.
Current wording
Net Loss allocated from Equity Method Investee for the nine months ended September 30, 2024 and September 30, 2023 was $0 and $0, respectively.
Previous wording
As of June 30, 2024, the Company had a working capital deficiency of $4,760,526 and used cash in operations of $69,015. In addition, the Company is working to manage its current liabilities while it continues to make changes in operations to further improve its cash flow and liquidity position.
Current wording
As of September 30, 2024, the Company had a working capital deficiency of $4,953,363 and used cash in operations of $112,402. In addition, the Company is working to manage its current liabilities while it continues to make changes in operations to further improve its cash flow and liquidity position.
Previous wording
We experienced negative cash flows from operating activities for the six months ended June 30, 2024 and June 30, 2023, in the amount of $69,015 and $52,911, respectively. This was primarily due to a net loss of $217,643 primarily offset by an unrealized gain on the value of an investment by $19,770, change in accounts payable and accrued expenses by $162,729, and amortization of debt discount $5,669.
Current wording
We experienced negative cash flows from operating activities for the nine months ended September 30, 2024 and September 30, 2023, in the amount of $112,402 and $89,693, respectively.
Previous wording
Net cash used in investing activities during the six months ended June 30, 2024 and June 30, 2023 was $0 and $0, respectively.
Current wording
Net cash used in investing activities during the nine months ended September 30, 2024 and September 30, 2023 was $0 and $0, respectively.
Previous wording
Net cash provided by financing activities during the six months ended June 30, 2024 and June 30, 2023 was $0 and $0, respectively.
Current wording
Net cash provided by financing activities during the nine months ended September 30, 2024 and September 30, 2023 was $30,000 and $0, respectively.
Previous wording
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 is still evaluating the impact of this standard on its financial statements
Current wording
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 has adopted this standard.