v3.4.0.3

Restatement | 12 Months Ended
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Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract] |
Restatement |
NOTE 18 | RESTATEMENT
The Company has restated its results for the year ended December 31, 2014, and three months ended March 31, 2015, six months ended June 30, 2015 and nine months ended September 30, 2015 to correct erroneously capitalized share-based payments to our former CFO and CEO related to the business combination between Bitzio Inc., Lexi Luu Designs and E-motion Apparel (see Note 17, Acquisitions), and combine common stock to be issued in the amount of $120,438 into additional paid in capital. The table below summarizes the impact of the restatement described above on financial information previously reported on the Company’s Form 10-K for the period ended December 31, 2014:
|  | Original |  |  | Adjustments |  |  | As Restated |
Balance Sheet for Year Ended 12/31/14: |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expense |  | $ | 560,631 |  |  | $ | (528,224 | ) |  | $ | 32,407 |
Total current assets |  |  | 808,414 |  |  |  | (528,224 | ) |  |  | 280,190 |
Total assets |  |  | 1,427,353 |  |  |  | (528,224 | ) |  |  | 899,129 |
Additional paid in capital |  |  | 19,199,481 |  |  |  | (407,786 | ) |  |  | 18,791,695 |
Stock to be issued |  |  | 120,438 |  |  |  | (120,438 | ) |  |  | — |
Total stockholders’ deficit, Bitzio |  |  | (4,573,479 | ) |  |  | (528,224 | ) |  |  | (5,101,683 | )
Total stockholders’ deficit |  |  | (4,574,978 | ) |  |  | (528,224 | ) |  |  | (5,103,202 | )
Total liabilities and stockholders’ deficit |  |  | 1,427,353 |  |  |  | (528,224 | ) |  |  | 899,129 |
Statement of Stockholders’ Equity for Year Ended 12/31/14: |  |  |  |  |  |  |  |  |  |  |  |
Additional Paid in Capital |  | $ | 19,199,481 |  |  | $ | (407,786 | ) |  | $ | 18,791,695 |
Stock to be issued |  |  | 120,438 |  |  |  | (120,438 | ) |  |  | — |
Total stockholders’ equity |  |  | (4,574,978 | ) |  |  | (528,224 | ) |  |  | (5,103,202 | )

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 6.G.2.b(b)(1)) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e31034-122693 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22595-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 + Details
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