v3.4.0.3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2015 and December 31, 2014 consisted of the following:

		2015				2014
Current provision:
Federal		$	143,957			$	—
State			2,520				—
Total current provision			146,477				—
Deferred provision (benefit) for tax:
Federal			—				—
State			—				—
Total deferred provision (benefit) for tax			—				—
Total provision for tax		$	146,477			$	—

Schedule of Effective Income Tax

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons:

		Bitzio 12/31/15				GreenShift 12/31/15				Total 12/31/15
Book income (loss) before income taxes		$	206,636			$	5,424,623			$	5,631,259
Stock options issued for services			113,560				—				113,560
Interest expense on convertible notes			205,090				345,545				550,635
Interest related to conversion features			—				1,435,664				1,435,664
Amortization of Goodwill			(125,274	)			—				(125,274	)
Change in derivative liability			(977,784	)			(353,762	)			(1,331,546	)
Investee loss			—				218,729				218,729
Utilization of net operating loss carryforwards			—				(2,626,962	)			(2,626,962	)
Gain on extinguishment of debt			—				(4,146,945	)			(4,146,945	)
Other			—				(150,415	)			(150,415	)
Change in valuation allowance			577,772				—				577,772
Income tax expense			—				146,477				146,477

		Bitzio 12/31/14
Book income (loss) from operations			(1,373,641	)
Interest expense on convertible notes			184,198
Amortization of Goodwill			(125,274	)
Change in derivative liability			695,061
Change in valuation allowance			619,656
Income tax expense			—

Schedule of Deferred Tax Assets

Net deferred tax assets consist of the following components as of:

		Bitzio 12/31/15				GreenShift 12/31/15				Total 12/31/15
Net operating loss carry forwards (expire through 2035)		$	6,413,913			$	11,088,465			$	17,502,378
Stock/options issued for services			534,877				—				534,877
Allowance for doubtful accounts			—				41,000				(41,000	)
Total gross deferred tax asset/liabilities			6,948,790				11,047,465				17,996,255
Valuation allowance			(6,948,790	)			(11,047,465	)			(17,996,255	)
Net deferred taxes			—				—				—

		Bitzio 12/31/14
Net operating loss carry forwards (expire through 2034)			5,836,142
Stock/options issued for services			421,317
Total gross deferred tax asset/liabilities			6,257,459
Valuation allowance			(6,257,459	)
Net deferred taxes			—

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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