v3.5.0.2
Restatement
 3 Months Ended
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