v3.5.0.2
Restatement
 6 Months Ended
Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]  
Restatement

NOTE 17 RESTATEMENT

 

The Company has restated its results for the three and six months ended June 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 18, Acquisitions, below), and combine common stock to be issued in the amount of $158,564 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 June 30, 2015:

 

    Original     Adjustments     As Restated  
Balance Sheet At 6/30/15:                  
                   
Prepaid Expense   $ 335,909     $ (303,791 )   $ 32,118  
                         
Total current assets     566,474       (303,791 )     262,683  
                         
Total assets     1,234,508       (303,791 )     930,717  
                         
Additional paid in capital     17,028,310       (145,227 )     16,883,083  
                         
Stock to be issued     158,564       (158,564 )     -  
                         
Total Bitzio, Inc. stockholders’ deficit     (3,090,427 )     (303,791 )     (3,235,654 )
                         
Total stockholders’ deficit     (3,106,646 )     (303,791 )     (3,251,873 )
                         
Total Liabilities and Stockholders’ Deficit     1,234,508       (303,791 )     1,089,281