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

Segment Data

v3.20.2
Segment Data
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Segment Reporting [Abstract]    
Segment Data

14. SEGMENT DATA

 

Prior to the commencement of GGI operations, the Company’s chief operating decision-maker (CODM) reviewed the operating results of the Company on an aggregate basis and managed the Company’s operations as a single operating segment. As a result of the commencement of GGI operations in the fourth quarter of 2019, the Company’s financial position and results of operations are classified into three reportable segments, consistent with how the CODM makes decisions about resource allocation and assesses the Company’s performance.

 

  ● Real Estate Development, through AWE and TAR, including hospitality and winery operations, which support the ALGODON® brand.
  ● Fashion (e-commerce), through GGI, including the manufacture and sale of high-end fashion and accessories sold through an e-commerce platform.
  ● Corporate, consisting of general corporate overhead expenses not directly attributable to any one of the business segments.

  

The Company has recast its financial information and disclosures for the prior period to reflect the segment disclosures as if the current presentation had been in effect throughout all periods presented. The following tables present segment information for the three and nine months ended September 30, 2020 and 2019:

 

    For the Three Months Ended September 30, 2020     For the Nine Months Ended September 30, 2020  
    Real Estate Development     Fashion
(e-commerce)		     Corporate(1)     TOTAL     Real Estate Development     Fashion
(e-commerce)		     Corporate(1)     TOTAL  
Revenues   $ 60,228     $ -     $                       -     $ 60,228     $ 473,797     $ 749     $                      -     $ 474,546  
Revenues from Foreign Operations   $ 60,228     $ -     $ -     $ 60,228     $ 473,797     $ -     $ -     $ 473,797  
Loss from Operations   $ (48,463 )   $ (154,612 )   $ (804,012 )   $ (1,007,087 )   $ (894,842 )   $ (723,921 )   $ (2,089,407 )   $ (3,708,170 )

 

    For the Three Months Ended September 30, 2019     For the Nine Months Ended September 30, 2019  
    Real Estate Development     Fashion
(e-commerce)		     Corporate(1)     TOTAL     Real Estate Development     Fashion
(e-commerce)		     Corporate(1)     TOTAL  
Revenues   $ 231,231     $ -     $                       -     $ 231,231     $ 940,459     $ -     $                       -     $ 940,459  
Revenues from Foreign Operations   $ 231,231     $ -     $ -     $ 231,231     $ 940,459     $ -     $ -     $ 940,459  
Loss from Operations   $ (361,267 )   $ (180,414 )   $ (928,968 )   $ (1,470,649 )   $ (951,975 )   $ (695,275 )   $ (3,022,679 )   $ (4,669,929 )

 

(1) Unallocated corporate operating losses resulting from general corporate overhead expenses not directly attributable to any one of the business segments.

13. SEGMENT DATA

 

Prior to the commencement of GGI operations, the Company’s chief operating decision-maker (CODM) reviewed the operating results of the Company on an aggregate basis and managed the Company’s operations as a single operating segment. As a result of the commencement of GGI operations in the fourth quarter of 2019, the Company’s financial position and results of operations are classified into three reportable segments, consistent with how the CODM makes decisions about resource allocation and assesses the Company’s performance. :

 

  ● Real Estate Development, through AWE and TAR, including hospitality and winery operations, which support the ALGODON® brand.
  ● Fashion (e-commerce), through GGI, including the manufacture and sale of high-end fashion and accessories sold through an e-commerce platform.
  ● Corporate, consisting of general corporate overhead expenses not directly attributable to any one of the business segments.

  

The Company has recast its financial information and disclosures for the prior period to reflect the segment disclosures as if the current presentation had been in effect throughout all periods presented. The following tables present segment information for the year ended December 31, 2019 and 2018:

 

    For the Year ended December 31, 2019     For the Year ended December 31, 2018  
    Real Estate Development    

Fashion

(e-commerce)

     Corporate(1)     TOTAL     Real Estate Development    

Fashion

(e-commerce)

     Corporate(1)     TOTAL  
Revenues   $ 1,272,772     $ 11,665     $ -     $ 1,284,437     $ 3,099,608     $ -     $ -     $ 3,099,608  
Revenues from Foreign Operations   $ 1,272,772     $ -     $ -     $ 1,272,772     $ 3,099,608     $ -     $ -     $ 3,099,608  

Depreciation and

Amortization

   $ 146,398     $ 1,901     $ 48,139     $ 196,438     $ 133,251     $ -     $ 38,498     $ 171,749  

Loss from

Operations

   $ (1,469,438 )   $ (1,230,285 )   $ (3,998,411 )   $ (6,698,134 )   $ 349,252     $ (767,006 )   $ (4,837,027 )   $ (5,254,781 )
Interest Expense, net   $ 192,060     $ 47,034     $ 121,319     $ 360,413     $ 252,898     $ 18,786     $ 339,613     $ 611,297  
Net Loss   $ (1,559,766 )    $ (1,277,319 )    $ (4,119,730 )    $ (6,956,815 )    $ 284,014     $ (785,792 )    $ (5,176,640 )    $ (5,678,418 ) 
Capital Expenditures   $ 129,325     $ 9,946     $ -     $ 139,271     $ 237,222     $ -     $ 54,991     $ 292,213  
Total Property and Equipment, net   $ 2,866,861     $ 8,044     $ 39,810     $ 2,914,715     $ 2,884,415     $ -     $ 87,949     $ 2,972,364  
Total Property and Equipment, net in Foreign Countries   $ 2,866,861     $ -     $ -     $ 2,866,861     $ 2,884,415     $ -     $ -     $ 2,884,415  
Total Assets   $ 5,020,788     $ 286,658     $ 612,914     $ 5,920,360     $ 5,132,705     $ 18,921     $ 495,865     $ 5,647,491  

 

  (1) - Unallocated corporate assets not directly attributable to any one of the business segments.