Annual report pursuant to Section 13 and 15(d)

Property and Equipment

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Property and Equipment
 12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment

6. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    December 31,  
    2016     2015  
Buildings   $ 2,911,847     $ 3,305,715  
Real estate development     930,671       939,551  
Land     386,794       481,431  
Furniture and fixtures     441,944       508,642  
Vineyards     358,868       442,707  
Machinery and equipment     563,703       562,551  
Leasehold improvements     164,375       164,375  
Computer hardware and software     75,105       82,043  
      5,833,307       6,487,015  
Less: Accumulated depreciation and amortization                
      (1,861,574 )     (2,032,046 )
Property and equipment, net   $ 3,971,733     $ 4,454,969  

 

Depreciation and amortization of property and equipment was $168,236 and $393,717 for the years ended December 31, 2016 and 2015, respectively, of which $64,853 and $224,580 was recorded as expense in the accompanying statement of operations, and $103,383 and $169,137 was capitalized to inventory, respectively. Most of our property and equipment is located in Argentina and the gross cost being depreciated declined year-over-year due to the devaluation of the Argentine peso relative to the United States dollar.