v3.5.0.2

Restatement | 3 Months Ended
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Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract] |
Restatement |
NOTE 17 | RESTATEMENT
The Company has restated its results for the three months ended March 31, 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 18, Acquisitions, below), and combine common stock to be issued in the amount of $131,376 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-Q for the period ended March 31, 2015:
|  | Original |  |  | Adjustments |  |  | As Restated |
Balance Sheet for Three Months Ended 3/31/15: |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expense |  | $ | 456,203 |  |  | $ | (416,628 | ) |  | $ | 39,575 |
Total current assets |  |  | 708,266 |  |  |  | (416,628 | ) |  |  | 291,638 |
Total assets |  |  | 1,504,481 |  |  |  | (416,628 | ) |  |  | 1,379,491 |
Additional paid in capital |  |  | 18368,569 |  |  |  | (285,252 | ) |  |  | 18,083,317 |
Stock to be issued |  |  | 131,376 |  |  |  | (131,376 | ) |  |  | -- |
Total stockholders’ deficit, Bitzio |  |  | (3,019,231 | ) |  |  | (416,628 | ) |  |  | (3,435,859 | )
Total stockholders’ deficit |  |  | (3,028,100 | ) |  |  | (416,628 | ) |  |  | (3,444,728 | )
Total liabilities and stockholders’ deficit |  |  | 1,504,481 |  |  |  | (416,628 | ) |  |  | 1,087,853 |

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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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