Basis of Presentation |
6 Months Ended | ||
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Jun. 30, 2016 | |||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Basis of Presentation |
REFERENCES TO THE COMPANY
In this Quarterly Report on Form 10-Q, the terms “we,” “our,” “us,” “Bitzio,” or the “Company” refer to Bitzio, Inc., and its subsidiaries on a consolidated basis. The term “Bitzio, Inc.” refers to Bitzio, Inc. on a standalone basis only, and not its subsidiaries. References to “GreenShift Corporation” or “GreenShift” in the consolidated financial statements and in these notes to the consolidated financial statements refer to GreenShift Corporation and its subsidiaries.
The balance sheet at December 31, 2015 was derived from audited financial statements (see Note 4, Significant Accounting Policies, below) but does not include all disclosures required by accounting principles generally accepted in the United States of America. The other information in these financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for a fair presentation of the results for the periods covered. All such adjustments are of a normal recurring nature unless disclosed otherwise. These financial statements, including notes, have been prepared in accordance with the applicable rules of the Securities and Exchange Commission and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. These financial statements should be read in conjunction with the financial statements and additional information as contained in our Annual Report on Form 10-K for the year ended December 31, 2015.
CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements include all accounts of the Company, including its wholly-owned subsidiaries, its 51% interest in Cleo VII, Inc. and its 80% interest in GreenShift Corporation and its subsidiaries. All significant intercompany balances and transactions have been eliminated on a consolidated basis for reporting purposes.
USE OF ESTIMATES IN THE PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |