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

Property and Equipment

v3.20.2
Property and Equipment
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment

5. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    December 31,  
    2019     2018  
Buildings and improvements   $ 2,026,657     $ 1,971,057  
Real estate development     669,167       587,481  
Land     522,225       522,225  
Furniture and fixtures     347,819       337,048  
Vineyards     199,816       200,217  
Machinery and equipment     487,618       492,205  
Leasehold improvements     164,375       164,375  
Computer hardware and software     231,228       216,082  
      4,648,905       4,490,690  
Less: Accumulated depreciation and amortization     (1,734,190 )     (1,518,326 )
Property and equipment, net   $ 2,914,715     $ 2,972,364  

 

Depreciation and amortization of property and equipment was $196,438 and $197,729 for the years ended December 31, 2019 and 2018, respectively, of which $196,438 and $171,749 was recorded as expense in the accompanying statement of operations, and $0 and $25,980 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.

 

During 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.