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Related Party Transactions
12 Months Ended
Dec. 31, 2014
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 8 – RELATED PARTY TRANSACTIONS

 

Related party payables

 

At December 31, 2014 $10,665 was due to chief financial officer for an advance loan.

 

At December 31, 2013, $123,000 was due for services rendered by a company owned by Bitzio’s chief executive officer. During 2013, the Company borrowed $150,000 from related party through a convertible promissory note bearing interest at 10% with a maturity date of January 1, 2014. The note contains a conversion feature wherein the note may be converted to shares of the Company’s common stock at the lower of $0.05 per common share or 20% discount to market for last 30 trading days prior to the conversion. As of December 31, 2013, the Company had principal outstanding in the note of $150,000, and accrued interest of $15,000.