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Restatement of the Consolidated Financial Statements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2018

Dec. 31, 2017

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The effect of the restatement on the Company’s consolidated balance sheet as of June 30, 2018 are as follows:

		June 30, 2018
		As Previously Reported				Restatement Adjustment				As Restated
Digital currencies		$	139,655			$	(42,945	)		$	96,710
Total current assets			240,428				(42,945	)			197,483
Total Assets			243,816				(42,945	)			200,871
Accumulated deficit			(114,855,450	)			(42,945	)			(114,898,395	)
Total stockholders’ equity			174,749				(42,945	)			131,804
Total Liabilities and stockholders’ equity			243,816				(42,945	)			200,871

The effect of the restatement on the Company’s consolidated statement of operations for the three and six months ended June 30, 2018 are as follows:

		For the three months ended June 30, 2018
		As Previously Reported				Restatement Adjustment				As Restated
Total operating expenses			235,616				(2	)			235,614
Net loss from operations			(235,616	)			2				(235,614	)
Revaluation of digital currencies			(12,419	)			12,419				-
Realized gain on sale of digital currencies			11,265				7,661				18,926
Total other expenses (income)			(1,154	)			20,080				18,926
Net loss			(236,770	)			20,082				(216,688	)
Basic and Diluted Loss per Share			(0.00	)			-				(0.00	)
Basic and Diluted Shares			371,326,525				-				371,326,525

		For the six months ended June 30, 2018
		As Previously Reported				Restatement Adjustment				As Restated
Total operating expenses			492,762				-				492,762
Net loss from operations			(492,762	)			-				(492,762	)
Revaluation of digital currencies			(193,235	)			193,235				-
Realized gain (loss) on sale of digital currencies			(51,914	)			163,053				111,139
Total other expenses (income)			(245,149	)			356,288				111,139
Net loss			(737,911	)			356,288				(381,623	)
Basic and Diluted Loss per Share			(0.00	)			-				(0.00	)
Basic and Diluted Shares			369,781,431				-				369,781,431

The effect of the restatement on the Company’s consolidated statement of cash flows for the six months ended June 30, 2018 are as follows:

		For the six months ended June 30, 2018
		As Previously Reported				Restatement Adjustment				As Restated
Net loss		$	(737,911	)		$	356,288			$	(381,623	)
Change in fair value of digital currencies			193,235				(193,235	)			-
Realized loss (gain) on sale of digital currencies			51,914				(163,053	)			(111,139	)
Net cash used in operating activities			(499,844	)			231,548				(268,296	)
Net cash provided by investing activities			231,548				(231,548	)			-

The effect of the restatement on the Company’s consolidated balance sheet as of December 31, 2017 are as follows:

		December 31, 2017
		As Previously Reported				Restatement Adjustment				As Restated
Digital currencies		$	616,352			$	(399,233	)		$	217,119
Total current assets			987,422				(399,233	)			588,189
Total Assets			988,657				(399,233	)			589,424
Accumulated deficit			(114,117,539	)			(399,233	)			(114,516,772	)
Total stockholders’ equity			912,660				(399,233	)			513,427
Total Liabilities and stockholders’ equity			988,657				(399,233	)			589,424

The effect of the restatement on the Company’s consolidated statement of operations for the year ended December 31, 2017 are as follows:

		For the years ended December 31, 2017
		As Previously Reported				Restatement Adjustment				As Restated
Gross profit		$	709,266			$	(704,946	)		$	4,320
Revaluation of digital currencies			704,946				(704,946	)			-
Net loss from operations			(864,827	)			(704,946	)			(1,569,773	)
Realized gain on sale of digital currencies			-				299,092				299,092
Other income			33,022				6,621				39,643
Total other expenses			(44,200,509	)			305,713				(43,894,796	)
Net loss			(45,065,336	)			(399,233	)			(45,464,569	)
Basic and Diluted Loss per Share			(0.36	)			(0.01	)			(0.37	)
Basic and Diluted Shares			123,548,858				-				123,548,858

The effect of the restatement on the Company’s consolidated statement of stockholders’ equity (deficit) as of December 31, 2017 are as follows:

		December 31, 2017
			As Previously Reported				Restatement Adjustment				As Restated
Net loss			(45,065,336	)			(399,233	)			(45,464,569	)
Total stockholders’ equity			912,660				(399,233	)			513,427

The effect of the restatement on the Company’s consolidated statement of cash flows for the year ended December 31, 2017 are as follows:

		For the years ended December 31, 2017
		As Previously Reported				Restatement Adjustment				As Restated
Net loss		$	(45,065,336	)		$	(399,233	)		$	(45,464,569	)
Change in fair value of digital currencies			(704,946	)			704,946				-
Realized gain on sale of digital currencies			-				(299,092	)			(299,092	)
Proceeds from sale of digital currencies			-				332,172				332,172
Decrease in Digital Currencies			338,793				(338,793	)			-
Net cash used in operating activities			(1,488,254	)			-				(1,488,254	)

X

- References

No definition available.

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X

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

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