v3.4.0.3
Restatement
 12 Months Ended
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 )