v3.4.0.3

Going Concern | 12 Months Ended
--- | ---
Dec. 31, 2015
Going Concern |
Going Concern |
NOTE 2 | GOING CONCERN
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company recorded a loss from operations of $1,682,010 for the year ended December 31, 2015. As of December 31, 2015, the Company had $1.9 million in cash, and current liabilities exceeded current assets by about $17.3 million, which included derivative liabilities of $11.2 million and $7.7 million in convertible debentures and notes. None of these items are required to be serviced out of the Company’s regular cash flows. The $2.5 million paid by Bitzio, Inc. (“Bitzio”), to GreenShift Corporation (“GreenShift”) was drawn from a loan of $2.9 million made to Bitzio by TCA Global Credit Master Fund, LP (“TCA”). The loan was made on December 31, 2015, pursuant to a Senior Secured Revolving Credit Facility Agreement (the “Credit Agreement”), under which TCA may lend to Bitzio up to $5.0 million. GreenShift and each of its subsidiaries, as well as each of the other subsidiaries of Bitzio, has executed a Guaranty Agreement dated December 31, 2015, in favor of TCA. In the Guaranty Agreement, GreenShift and each of its subsidiaries as well as each of the other subsidiaries of Bitzio, guaranteed payment of all amounts due to TCA under the Credit Agreement. By separate agreements, GreenShift and each subsidiary pledged all of its assets to secure the guaranty to TCA. These matters raise substantial doubt about the Company’s ability to continue as a going concern. Our ability to satisfy our obligations will depend on our success in obtaining financing, our success in preserving current revenue sources and developing new revenue sources, and our success in negotiating with the creditors. Management’s plans to resolve the Company’s working capital deficit by increasing revenue, reducing debt and exploring new financing options. There can be no assurances that the Company will be able to eliminate its working capital deficit and that the Company’s historical operating losses will not recur. The accompanying financial statements do not contain any adjustments which may be required as a result of this uncertainty.

X
- References No definition available. + Details
Name: | BTZO_GoingConcernAbstract
Namespace Prefix: | BTZO_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Going concern disclosure. + References No definition available. + Details
Name: | BTZO_GoingConcernDisclosureTextBlock
Namespace Prefix: | BTZO_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration