General form of registration statement for all companies including face-amount certificate companies

Property and Equipment

v3.19.3.a.u2
Property and Equipment
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment

6. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    December 31,  
    2018     2017  
Buildings   $ 1,971,057     $ 2,793,972  
Real estate development     606,757       1,057,002  
Land     502,949       881,035  
Furniture and fixtures     337,048       448,432  
Vineyards     200,217       308,204  
Machinery and equipment     492,205       617,907  
Leasehold improvements     164,375       164,375  
Computer hardware and software     216,082       161,788  
      4,490,690       6,432,715  
Less: Accumulated depreciation and amortization     (1,518,326 )     (1,899,825 )
Property and equipment, net   $ 2,972,364     $ 4,532,890  

 

Depreciation and amortization of property and equipment was $197,729 and $286,695 for the years ended December 31, 2018 and 2017, respectively, of which $171,749 and $193,065 was recorded as expense in the accompanying statement of operations, and $25,980 and $93,630 was capitalized to inventory, respectively. Most of the Company’s property and equipment is located in Argentina and gross asset costs and accumulated depreciation reported in US dollars are impacted by the devaluation of the Argentine peso relative to the U.S. dollar.

 

As of December 31, 2018, real estate development costs in the aggregate of $123,060, incurred in connection with twelve real estate lots that were completed during the period were transferred from property and equipment to real estate lots held for sale on the accompanying consolidated balance sheets.