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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2022
OR
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____________ to ___________________.
Commission
file number: 000-55209
Gaucho
Group Holdings, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
52-2158952 |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
Identification
No.) |
112
NE 41st Street, Suite
106
Miami,
FL 33137
(Address
of principal executive offices)
212-739-7700
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
Common
Stock |
|
VINO |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
Non-accelerated
filer |
☒
|
Smaller
reporting company |
☒
|
|
|
|
Emerging
growth company |
☒
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of August 12, 2022, there were 25,145,125 shares of common stock outstanding.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
Item
1. Financial Statements
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
June
30, | | |
December
31, | |
| |
2022 | | |
2021 | |
| |
(unaudited) | | |
| |
Assets | |
| | | |
| | |
Current
Assets | |
| | | |
| | |
Cash | |
$ | 254,685 | | |
$ | 3,649,407 | |
Accounts
receivable, net of allowance of $237,161 and $229,768 at June 30, 2022 and December 31, 2021, respectively | |
| 507,082 | | |
| 658,091 | |
Accounts
receivable - related parties, net of allowance of $339,503 at June 30, 2022 and December 31, 2021 | |
| 675,366 | | |
| 927,874 | |
Advances to employees, current | |
| - | | |
| 290,915 | |
Inventory | |
| 1,571,853 | | |
| 1,490,639 | |
Real
estate lots held for sale | |
| 546,588 | | |
| 542,885 | |
Prepaid
expenses and other current assets | |
| 590,820 | | |
| 422,129 | |
Total
Current Assets | |
| 4,146,394 | | |
| 7,981,940 | |
Long
Term Assets | |
| | | |
| | |
Accounts
receivable, non-current portion, net | |
| 3,440,283 | | |
| 3,027,247 | |
Advances
to employees, non-current | |
| 282,022 | | |
| - | |
Property
and equipment, net | |
| 7,524,311 | | |
| 3,776,941 | |
Operating
lease right-of-use asset | |
| 1,559,866 | | |
| 1,667,209 | |
Prepaid
foreign taxes, net | |
| 925,820 | | |
| 804,265 | |
Intangible
assets | |
| 72,527 | | |
| - | |
Investment
- related parties | |
| 7,000,000 | | |
| 7,000,000 | |
Deposits | |
| 56,130 | | |
| 56,130 | |
Total
Assets | |
$ | 25,007,353 | | |
$ | 24,313,732 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS, continued
| |
June
30, | | |
December
31, | |
| |
2022 | | |
2021 | |
| |
(unaudited) | | |
| |
Liabilities
and Stockholders’ Equity | |
| | | |
| | |
Current
Liabilities | |
| | | |
| | |
Accounts
payable | |
$ | 879,213 | | |
$ | 507,734 | |
Accrued
expenses, current portion | |
| 1,016,299 | | |
| 965,411 | |
Deferred
revenue | |
| 1,237,382 | | |
| 713,616 | |
Operating
lease liabilities, current portion | |
| 184,618 | | |
| 175,316 | |
Loans
payable, current portion | |
| 170,255 | | |
| 223,356 | |
Debt
obligations | |
| 7,000 | | |
| 7,000 | |
Convertible
debt obligations, net | |
| 5,032,486 | | |
| 5,728,348 | |
Other
current liabilities | |
| 91,945 | | |
| 160,578 | |
Total
Current Liabilities | |
| 8,619,198 | | |
| 8,481,359 | |
Long
Term Liabilities | |
| | | |
| | |
Accrued
expenses, non-current portion | |
| 102,679 | | |
| 115,346 | |
Operating
lease liabilities, non-current portion | |
| 1,439,585 | | |
| 1,531,183 | |
Loans
payable, non-current portion | |
| 92,481 | | |
| 94,000 | |
Total
Liabilities | |
| 10,253,943 | | |
| 10,221,888 | |
Commitments
and Contingencies (Note 16) | |
| - | | |
| | |
Stockholders’
Equity | |
| | | |
| | |
Preferred
stock, 11,000,000 shares authorized, none issued and outstanding | |
| - | | |
| - | |
Common
stock, par value $0.01 per share; 150,000,000 shares authorized; 16,589,668 and 9,881,955 shares issued and 16,586,299 and
9,878,586 shares outstanding as of June 30, 2022 and December 31, 2021, respectively | |
| 165,897 | | |
| 98,820 | |
Additional
paid-in capital | |
| 128,839,025 | | |
| 121,543,241 | |
Accumulated
other comprehensive loss | |
| (10,985,984 | ) | |
| (11,607,446 | ) |
Accumulated
deficit | |
| (103,219,173 | ) | |
| (95,726,534 | ) |
Treasury
stock, at cost, 3,369 shares at June 30, 2022 and December 31, 2021 | |
| (46,355 | ) | |
| (46,355 | ) |
Total
Gaucho Group Holdings, Inc. Stockholders’ Equity | |
| 14,753,410 | | |
| 14,261,726 | |
Non-controlling
interest | |
| - | | |
| (169,882 | ) |
Total
Stockholders’ Equity | |
| 14,753,410 | | |
| 14,091,844 | |
Total
Liabilities and Stockholders’ Equity | |
$ | 25,007,353 | | |
$ | 24,313,732 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
For
the Three Months Ended | | |
For
the Six Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
| | |
| | |
| | |
| |
Sales | |
$ | 405,335 | | |
$ | 340,360 | | |
$ | 830,932 | | |
$ | 615,399 | |
Cost
of sales | |
| (533,466 | ) | |
| (280,100 | ) | |
| (771,593 | ) | |
| (439,566 | ) |
Gross
(loss) profit | |
| (128,131 | ) | |
| 60,260 | | |
| 59,339 | | |
| 175,833 | |
Operating
Expenses | |
| | | |
| | | |
| | | |
| | |
Selling
and marketing | |
| 333,410 | | |
| 118,695 | | |
| 505,230 | | |
| 235,211 | |
General
and administrative | |
| 1,928,892 | | |
| 1,205,633 | | |
| 3,674,126 | | |
| 2,563,630 | |
Depreciation
and amortization | |
| 49,000 | | |
| 30,992 | | |
| 95,219 | | |
| 67,922 | |
Total
operating expenses | |
| 2,311,302 | | |
| 1,355,320 | | |
| 4,274,575 | | |
| 2,866,763 | |
Loss
from Operations | |
| (2,439,433 | ) | |
| (1,295,060 | ) | |
| (4,215,236 | ) | |
| (2,690,930 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
Expense (Income) | |
| | | |
| | | |
| | | |
| | |
Interest
expense, net | |
| 668,156 | | |
| 32,584 | | |
| 1,422,376 | | |
| 38,563 | |
Forgiveness
of PPP Loan | |
| - | | |
| - | | |
| - | | |
| (242,486 | ) |
Other
income | |
| (75,000 | ) | |
| - | | |
| (150,000 | ) | |
| - | |
Losses
(gains) from foreign currency translation | |
| (43,005 | ) | |
| (9,858 | ) | |
| (225,927 | ) | |
| (28,861 | ) |
Loss
on extinguishment of debt | |
| 2,105,119 | | |
| - | | |
| 2,105,119 | | |
| - | |
Inducement
expense | |
| 198,096 | | |
| - | | |
| 198,096 | | |
| - | |
Total
other expense (income) | |
| 2,853,366 | | |
| 22,726 | | |
| 3,349,664 | | |
| (232,784 | ) |
Net
Loss | |
| (5,292,799 | ) | |
| (1,317,786 | ) | |
| (7,564,900 | ) | |
| (2,458,146 | ) |
Net
loss attributable to non-controlling interest | |
| - | | |
| 70,052 | | |
| 72,261 | | |
| 97,561 | |
Net
Loss Attributable to Common Stockholders | |
$ | (5,292,799 | ) | |
$ | (1,247,734 | ) | |
$ | (7,492,639 | ) | |
$ | (2,360,585 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
Loss per Common Share | |
$ | (0.40 | ) | |
$ | (0.16 | ) | |
$ | (0.63 | ) | |
$ | (0.34 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
Average Number of Common Shares Outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic
and Diluted | |
| 13,237,562 | | |
| 7,565,530 | | |
| 11,845,307 | | |
| 6,957,709 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| |
For
the Three Months Ended | | |
For
the Six Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2022 | | |
2021 | | |
2022 | | |
2021 | |
Net
loss | |
$ | (5,292,799 | ) | |
$ | (1,317,786 | ) | |
$ | (7,564,900 | ) | |
$ | (2,458,146 | ) |
Other
comprehensive income : | |
| | | |
| | | |
| | | |
| | |
Foreign
currency translation adjustments | |
| 358,056 | | |
| 136,660 | | |
| 621,462 | | |
| 235,640 | |
Comprehensive
loss | |
| (4,934,743 | ) | |
| (1,181,126 | ) | |
| (6,943,438 | ) | |
| (2,222,506 | ) |
Comprehensive
loss attributable to non-controlling interests | |
| - | | |
| 70,052 | | |
| - | | |
| 97,561 | |
Comprehensive
loss attributable to controlling interests | |
$ | (4,934,743 | ) | |
$ | (1,111,074 | ) | |
$ | (6,943,438 | ) | |
$ | (2,124,945 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR
THE THREE AMD SIX MONTHS ENDED JUNE 30, 2022
(unaudited)
| |
|
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Comprehensive | | |
Deficit | | |
Stockholders’ | | |
Interest
| | |
Equity | |
| |
|
Common
Stock | | |
Treasury
Stock | | |
Additional
Paid-In | | |
Accumulated
Other | | |
Accumulated | | |
Gaucho
Group
Holdings | | |
Non-controlling | | |
Total
Stockholders’ | |
| |
|
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Comprehensive | | |
Deficit | | |
Stockholders’ | | |
Interest
| | |
Equity | |
Balance
- January 1, 2022 | - |
|
| 9,881,955 | | |
$ | 98,820 | | |
| 3,369 | | |
$ | (46,355 | ) | |
$ | 121,543,241 | | |
$ | (11,607,446 | ) | |
$ | (95,726,534 | ) | |
$ | 14,261,726 | | |
$ | (169,882 | ) | |
$ | 14,091,844 | |
Stock-based
compensation: | - |
|
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Options | |
|
| - | | |
| - | | |
| - | | |
| - | | |
| 72,700 | | |
| - | | |
| - | | |
| 72,700 | | |
| 10,354 | | |
| 83,054 | |
Common
stock issued for 401(k) employer matching | |
|
| 12,476 | | |
| 125 | | |
| - | | |
| - | | |
| 27,696 | | |
| - | | |
| - | | |
| 27,821 | | |
| - | | |
| 27,821 | |
Common
stock issued for purchase of minority interest | |
|
| 1,042,788 | | |
| 10,427 | | |
| - | | |
| - | | |
| (242,216 | ) | |
| - | | |
| - | | |
| (231,789 | ) | |
| 231,789 | | |
| - | |
Common
stock issued for acquisition of GDS | |
|
| 1,283,423 | | |
| 12,834 | | |
| - | | |
| - | | |
| 2,181,819 | | |
| - | | |
| - | | |
| 2,194,653 | | |
| - | | |
| 2,194,653 | |
Common
stock issued for purchase of domain name | - |
|
| 15,000 | | |
| 150 | | |
| - | | |
| - | | |
| 39,450 | | |
| - | | |
| - | | |
| 39,600 | | |
| - | | |
| 39,600 | |
Warrants
issued for modification of convertible debt principal | |
|
| - | | |
| - | | |
| - | | |
| - | | |
| 731,856 | | |
| - | | |
| - | | |
| 731,856 | | |
| - | | |
| 731,856 | |
Comprehensive
loss: | |
|
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
|
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,199,840 | ) | |
| (2,199,840 | ) | |
| (72,261 | ) | |
| (2,272,101 | ) |
Other
comprehensive loss | |
|
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 263,406 | | |
| - | | |
| 263,406 | | |
| - | | |
| 263,406 | |
Balance
- March 31, 2022 | - |
|
| 12,235,642 | | |
$ | 122,356 | | |
| 3,369 | | |
$ | (46,355 | ) | |
$ | 124,354,546 | | |
$ | (11,344,040 | ) | |
$ | (97,926,374 | ) | |
$ | 15,160,133 | | |
$ | - | | |
$ | 15,160,133 | |
Stock-based
compensation: | - |
|
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Options | |
|
| - | | |
| - | | |
| - | | |
| - | | |
| 87,134 | | |
| - | | |
| - | | |
| 87,134 | | |
| - | | |
| 87,134 | |
Common
stock | |
|
| 650,562 | | |
| 6,506 | | |
| - | | |
| - | | |
| 518,494 | | |
| - | | |
| - | | |
| 525,000 | | |
| - | | |
| 525,000 | |
Shares
issued upon conversion of debt and interest | |
|
| 895,068 | | |
| 8,951 | | |
| - | | |
| - | | |
| 1,513,646 | | |
| - | | |
| - | | |
| 1,522,597 | | |
| - | | |
| 1,522,597 | |
Inducement
loss on debt conversions | |
|
| - | | |
| - | | |
| - | | |
| - | | |
| 198,096 | | |
| - | | |
| - | | |
| 198,096 | | |
| - | | |
| 198,096 | |
Substantial
premium on convertible debt | |
|
| - | | |
| - | | |
| - | | |
| - | | |
| 1,683,847 | | |
| - | | |
| - | | |
| 1,683,847 | | |
| - | | |
| 1,683,847 | |
Common
stock issued for cash, net of offering costs | |
|
| 600,592 | | |
| 6,006 | | |
| - | | |
| - | | |
| 505,340 | | |
| - | | |
| - | | |
| 511,346 | | |
| - | | |
| 511,346 | |
Common
stock issued upon exchange of subsidiary stock options | |
|
| 2,207,309 | | |
| 22,073 | | |
| - | | |
| - | | |
| (22,073 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
True
up adjustment | |
|
| 495 | | |
| 5 | | |
| - | | |
| - | | |
| (5 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net
loss | |
|
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,292,799 | ) | |
| (5,292,799 | ) | |
| - | | |
| (5,292,799 | ) |
Other
comprehensive loss | - |
|
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 358,056 | | |
| - | | |
| 358,056 | | |
| - | | |
| 358,056 | |
Balance
-
June 30, 2022 | - |
|
| 16,589,668 | | |
$ | 165,897 | | |
| 3,369 | | |
$ | (46,355 | ) | |
$ | 128,839,025 | | |
$ | (10,985,984 | ) | |
$ | (103,219,173 | ) | |
$ | 14,753,410 | | |
$ | - | | |
$ | 14,753,410 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIENCY) EQUITY
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2021
(unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Loss | | |
Deficit | | |
Equity | | |
Interest | | |
Equity | |
| |
Series
B Convertible Redeemable Preferred Stock | | |
Common
Stock | | |
Treasury
Stock | | |
Additional
Paid-In | | |
Accumulated
Other Comprehensive | | |
Accumulated | | |
Gaucho
Group Holdings Stockholders’
(Deficiency) | | |
Non-
controlling | | |
Total
Stockholders’
(Deficiency) | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Loss | | |
Deficit | | |
Equity | | |
Interest | | |
Equity | |
Balance
-
January 1, 2021 | |
| 901,070 | | |
$ | 9,010,824 | | |
| 5,234,406 | | |
$ | 52,344 | | |
| 3,369 | | |
$ | (46,355 | ) | |
$ | 96,951,440 | | |
$ | (11,932,801 | ) | |
$ | (93,534,828 | ) | |
$ | (8,510,200 | ) | |
$ | (106,798 | ) | |
$ | (8,616,998 | ) |
Stock-based
compensation: | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Options
and warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 101,453 | | |
| - | | |
| - | | |
| 101,453 | | |
| 67,196 | | |
| 168,649 | |
Common
stock and warrants issued for cash, in public offering, net of offering costs [1] | |
| - | | |
| - | | |
| 1,333,334 | | |
| 13,333 | | |
| - | | |
| - | | |
| 6,589,008 | | |
| - | | |
| - | | |
| 6,602,341 | | |
| - | | |
| 6,602,341 | |
Common
stock and warrants issued for cash | |
| - | | |
| - | | |
| 73,167 | | |
| 732 | | |
| - | | |
| - | | |
| 438,268 | | |
| - | | |
| - | | |
| 439,000 | | |
| - | | |
| 439,000 | |
Common
stock and warrants issued to underwriter in public offering | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 297,963 | | |
| - | | |
| - | | |
| 297,963 | | |
| - | | |
| 297,963 | |
Common
stock and warrants issued upon exchange of debt and accrued interest | |
| - | | |
| - | | |
| 237,012 | | |
| 2,370 | | |
| - | | |
| - | | |
| 1,419,698 | | |
| - | | |
| - | | |
| 1,422,068 | | |
| - | | |
| 1,422,068 | |
Common
stock issued upon conversion of Series B Convertible Preferred Stock | |
| (901,070 | ) | |
| (9,010,824 | ) | |
| 600,713 | | |
| 6,007 | | |
| - | | |
| - | | |
| 9,004,817 | | |
| - | | |
| - | | |
| 9,010,824 | | |
| - | | |
| 9,010,824 | |
Effect
of reverse stocksplit | |
| - | | |
| - | | |
| 495 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Comprehensive
loss: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,112,851 | ) | |
| (1,112,851 | ) | |
| (27,509 | ) | |
| (1,140,360 | ) |
Other
comprehensive income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 98,980 | | |
| - | | |
| 98,980 | | |
| - | | |
| 98,980 | |
Balance
- March 31, 2021 | |
| - | | |
$ | - | | |
| 7,479,127 | | |
$ | 74,786 | | |
| 3,369 | | |
$ | (46,355 | ) | |
$ | 114,802,647 | | |
$ | (11,833,821 | ) | |
$ | (94,647,679 | ) | |
$ | 8,349,578 | | |
$ | (67,111 | ) | |
$ | 8,282,467 | |
Stock-based
compensation: | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Options
and warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 101,453 | | |
| - | | |
| - | | |
| 101,453 | | |
| 44,610 | | |
| 146,063 | |
Common
stock issued to placement agent as commitment fees | |
| - | | |
| - | | |
| 120,337 | | |
| 1,208 | | |
| - | | |
| - | | |
| 498,792 | | |
| - | | |
| - | | |
| 500,000 | | |
| - | | |
| 500,000 | |
Common
stock issued for cash, net of offering costs [2] | |
| - | | |
| - | | |
| 489,400 | | |
| 4,894 | | |
| - | | |
| - | | |
| 1,582,066 | | |
| - | | |
| - | | |
| 1,586,960 | | |
| - | | |
| 1,586,960 | |
Comprehensive
loss: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,247,734 | ) | |
| (1,247,734 | ) | |
| (70,052 | ) | |
| (1,317,786 | ) |
Other
comprehensive income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 136,660 | | |
| - | | |
| 136,660 | | |
| - | | |
| 136,660 | |
Balance
- June 30, 2021 | |
| - | | |
$ | - | | |
| 8,088,864 | | |
$ | 80,888 | | |
| 3,369 | | |
$ | (46,355 | ) | |
$ | 116,984,958 | | |
$ | (11,697,161 | ) | |
$ | (95,895,413 | ) | |
$ | 9,426,917 | | |
$ | (92,553 | ) | |
$ | 9,334,364 | |
Balance, value | |
| - | | |
$ | - | | |
| 8,088,864 | | |
$ | 80,888 | | |
| 3,369 | | |
$ | (46,355 | ) | |
$ | 116,984,958 | | |
$ | (11,697,161 | ) | |
$ | (95,895,413 | ) | |
$ | 9,426,917 | | |
$ | (92,553 | ) | |
$ | 9,334,364 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements
GAUCHO
GROUP HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| |
2022 | | |
2021 | |
| |
For
the Six Months Ended | |
| |
June
30, | |
| |
2022 | | |
2021 | |
Cash
Flows from Operating Activities | |
| | | |
| | |
Net
loss | |
$ | (7,564,900 | ) | |
$ | (2,458,146 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Stock-based
compensation: | |
| | | |
| | |
401(k)
stock | |
| 22,384 | | |
| 20,437 | |
Options
and warrants | |
| 170,188 | | |
| 314,712 | |
Common
stock | |
| 525,000 | | |
| - | |
Noncash
lease expense | |
| 107,343 | | |
| 53,704 | |
Gain
on foreign currency translation | |
| (225,927 | ) | |
| (28,861 | ) |
Unrealized
investment losses | |
| - | | |
| 457 | |
Depreciation
and amortization | |
| 95,219 | | |
| 67,922 | |
Amortization
of debt discount | |
| 1,061,936 | | |
| - | |
Provision
for (recovery of) uncollectible assets | |
| 28,848 | | |
| 9,338 | |
Forgiveness
of PPP Loan | |
| - | | |
| (242,486 | ) |
Loss
on extinguishment of debt | |
| 2,105,119 | | |
| - | |
Inducement
expense | |
| 198,096 | | |
| - | |
Decrease
(increase) in assets: | |
| | | |
| | |
Accounts
receivable | |
| (137,652 | ) | |
| (420,996 | ) |
Employee
advances | |
| 4,964 | | |
| | |
Inventory | |
| (84,917 | ) | |
| (10,107 | ) |
Deposits | |
| - | | |
| (35,545 | ) |
Prepaid
expenses and other current assets | |
| (201,778 | ) | |
| (206,396 | ) |
Increase
(decrease) in liabilities: | |
| | | |
| | |
Accounts
payable and accrued expenses | |
| 774,709 | | |
| (1,017,085 | ) |
Operating
lease liabilities | |
| (82,296 | ) | |
| (43,882 | ) |
Deferred
revenue | |
| 517,741 | | |
| 33,492 | |
Other
liabilities | |
| (68,633 | ) | |
| (1,261 | ) |
Total
Adjustments | |
| 4,810,344 | | |
| (1,506,557 | ) |
Net
Cash Used in Operating Activities | |
| (2,754,556 | ) | |
| (3,964,703 | ) |
Cash
Used in Investing Activities | |
| | | |
| | |
Cash
paid to acquire GDS, net of cash acquired | |
| (7,560 | ) | |
| - | |
Purchase
of property and equipment | |
| (1,677,082 | ) | |
| (223,651 | ) |
Purchase
of intangible asset | |
| (34,999 | ) | |
| - | |
Purchase
of investment - related parties | |
| - | | |
| (1,000,000 | ) |
Net
Cash Used in Investing Activities | |
| (1,719,641 | ) | |
| (1,223,651 | ) |
Cash
Provided by Financing Activities | |
| | | |
| | |
Repayments
of loans payable | |
| (53,333 | ) | |
| (127,573 | ) |
Proceeds
from common stock issued for cash | |
| 511,346 | | |
| - | |
Repayments
of debt obligations | |
| - | | |
| (100,000 | ) |
Proceeds
from underwritten public offering, net of offering costs (1) | |
| - | | |
| 7,287,004 | |
Cash
offering costs paid for underwritten public offering | |
| - | | |
| (390,684 | ) |
Proceeds
from common stock issued for cash | |
| - | | |
| 926,061 | |
Proceeds
from sale of common stock and warrants | |
| - | | |
| 439,000 | |
Net
Cash Provided by Financing Activities | |
| 458,013 | | |
| 8,033,808 | |
Effect
of Exchange Rate Changes on Cash | |
| 621,462 | | |
| 235,590 | |
Net
(Decrease) Increase in Cash | |
| (3,394,722 | ) | |
| 3,081,044 | |
Cash
- Beginning of Period | |
| 3,649,407 | | |
| 134,536 | |
Cash
- End of Period | |
$ | 254,685 | | |
$ | 3,215,580 | |