Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2019 |
Dec. 31, 2018 |
| Accounting Policies [Abstract] |
|
|
| Schedule of Revenue Recognized Multiple-Deliverable Arrangements |
The
following table summarizes the revenue recognized in the Company’s condensed consolidated statements of operations:
| |
|
For The Three Months Ended |
|
|
For The Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Real estate sales |
|
$ |
8,560 |
|
|
$ |
- |
|
|
$ |
8,560 |
|
|
$ |
877,036 |
|
| Hotel room and events |
|
|
140,778 |
|
|
|
194,848 |
|
|
|
508,134 |
|
|
|
582,427 |
|
| Restaurants |
|
|
38,954 |
|
|
|
64,224 |
|
|
|
136,735 |
|
|
|
220,494 |
|
| Winemaking |
|
|
29,069 |
|
|
|
68,055 |
|
|
|
131,949 |
|
|
|
295,226 |
|
| Golf, tennis and other [1] |
|
|
13,870 |
|
|
|
112,855 |
|
|
|
155,081 |
|
|
|
139,114 |
|
| |
|
$ |
231,231 |
|
|
$ |
439,982 |
|
|
$ |
940,459 |
|
|
$ |
2,114,297 |
|
[1] Includes $94,303,
respectively, of agricultural revenues resulting from the sale of grapes during the nine months ended September 30,
2019.
|
The following table summarizes
the revenue recognized in the Company’s consolidated statements of operations:
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Real estate sales |
|
$ |
1,467,714 |
|
|
$ |
- |
|
| Hotel rooms and events |
|
|
882,213 |
|
|
|
850,645 |
|
| Restaurants |
|
|
277,652 |
|
|
|
314,822 |
|
| Winemaking |
|
|
315,741 |
|
|
|
471,374 |
|
| Golf, tennis and other |
|
|
156,288 |
|
|
|
180,461 |
|
| Total revenues |
|
$ |
3,099,608 |
|
|
$ |
1,817,302 |
|
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
The following securities
are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:
| |
|
September 30, |
|
| |
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
| Options |
|
|
9,631,890 |
|
|
|
9,473,593 |
|
| Warrants |
|
|
627,404 |
|
|
|
1,332,045 |
|
| Series B convertible preferred stock |
|
|
9,026,700 |
|
|
|
9,026,700 |
|
| Convertible debt |
|
|
- |
|
|
|
2,532,606 |
|
| Total potentially dilutive shares |
|
|
19,285,994 |
|
|
|
22,364,944 |
|
|
The following securities
are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Options |
|
|
9,499,265 |
|
|
|
9,234,265 |
|
| Warrants |
|
|
1,229,630 |
|
|
|
1,465,296 |
|
| Series B convertible preferred stock |
|
|
9,026,700 |
|
|
|
9,026,700 |
|
| Convertible debt(1) |
|
|
4,631,356 |
|
|
|
- |
|
| Total potentially dilutive shares |
|
|
24,386,951 |
|
|
|
19,726,261 |
|
(1) At
December 31, 2017, $20,000 of convertible debt was convertible into common stock at a 10% discount to the price used for the sale
of the of the Company’s common stock in a future private placement offering.
|
| Schedule of Plant and Equipment, Useful Life |
|
The estimated useful lives
of property and equipment are as follows:
| Buildings |
|
10 - 30 years |
| Furniture and fixtures |
|
3 - 10 years |
| Vineyards |
|
7 - 20 years |
| Machinery and equipment |
|
3 - 20 years |
| Leasehold improvements |
|
3 - 5 years |
| Computer hardware and software |
|
3 - 5 years |
|
| Schedule of Long-lived Assets by Geographic Areas |
|
The following summarizes
key financial metrics associated with the Company’s continuing operations (these financial metrics are immaterial for the
Company’s operations in the United Kingdom):
| |
|
As of |
|
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Assets - Argentina |
|
$ |
5,151,626 |
|
|
$ |
6,781,285 |
|
| Assets - U.S. |
|
|
495,865 |
|
|
|
1,563,521 |
|
| Total Assets |
|
$ |
5,647,491 |
|
|
$ |
8,344,806 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities - Argentina |
|
$ |
4,440,345 |
|
|
$ |
3,743,164 |
|
| Liabilities - U.S. |
|
|
2,277,569 |
|
|
|
595,138 |
|
| Total Liabilities |
|
$ |
6,717,914 |
|
|
$ |
4,338,302 |
|
|
| Schedule of Revenue from External Customers by Geographic Areas |
|
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Revenues - Argentina |
|
$ |
3,099,608 |
|
|
$ |
1,665,568 |
|
| Revenues - U.S. |
|
|
- |
|
|
|
151,734 |
|
| Total Revenues from Continuing Operations |
|
$ |
3,099,608 |
|
|
$ |
1,817,302 |
|
| |
|
|
|
|
|
|
|
|
| Net Income (loss) - Argentina |
|
$ |
(499,101 |
) |
|
$ |
(2,212,286 |
) |
| Net loss - U.S. |
|
|
(5,179,317 |
) |
|
|
(5,594,475 |
) |
| Total Net Loss from Continuing Operations |
|
$ |
(5,678,418 |
) |
|
$ |
(7,806,761 |
) |
|