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

Summary of Significant Accounting Policies (Tables)

v3.20.4
Summary of Significant Accounting Policies (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Accounting Policies [Abstract]    
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,  
    2019     2018  
Assets - Argentina   $ 5,020,787     $ 5,151,626  
Assets - U.S.     899,573       495,865  
Total Assets   $ 5,920,360     $ 5,647,491  
                 
Liabilities - Argentina   $ 2,373,203     $ 4,440,345  
Liabilities - U.S.     3,547,731       2,277,569  
Total Liabilities   $ 5,920,934     $ 6,717,914  
Schedule of Revenue from External Customers by Geographic Areas  
    For the Years Ended  
    December 31,  
    2019     2018  
Revenues - Argentina   $ 1,272,772     $ 3,099,608  
Revenues - U.S.     11,665       -  
Total Revenues   $ 1,284,437     $ 3,099,608  
                 
Net loss - Argentina   $ (1,559,766 )   $ (499,101 )
Net loss - U.S.     (5,397,049 )     (5,179,317 )
Total Net Loss   $ (6,956,815 )   $ (5,678,418 )
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,  
    2020     2019     2020     2019  
                         
Hotel rooms and events   $ 2,946     $ 140,778     $ 212,708     $ 508,134  
Restaurants     22,331       38,954       87,711       136,735  
Winemaking     23,212       29,069       45,099       131,949  
Golf, tennis and other     11,739       13,870       128,279       155,081  
Clothes and accessories     -       -       749       -  
Real estate sales     -       8,560       -       8,560  
Total revenues   $ 60,228     $ 231,231     $ 474,546     $ 940,459  

The following table summarizes the revenue recognized in the Company’s consolidated statements of operations:

 

    For the Years Ended  
    December 31,  
    2019     2018  
Real estate sales   $ -     $ 1,467,714  
Hotel rooms and events     740,284       882,213  
Restaurants     169,600       277,652  
Winemaking     180,692       315,741  
Golf, tennis and other     182,196       156,288  
Clothes and accessories     11,665       -  
Total revenues   $ 1,284,437     $ 3,099,608  
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,  
    2020     2019  
             
Options     9,209,586       9,631,890  
Warrants     8,061,227       627,404  
Series B convertible preferred stock     9,010,700       9,026,700  
Convertible debt     3,785,047 [1]     - [2]
Total potentially dilutive shares     30,066,560       19,285,994  

 

[1] As of September 30, 2020, certain of the convertible notes had variable conversion prices and the potentially dilutive shares were estimated based on market conditions. See Note 9 – Convertible Debt Obligations.

 

[2] As of September 30, 2019, all notes are past their maturity date and no longer convertible. See Note 8 – Debt Obligations.

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,  
    2019     2018  
Options     9,550,640       9,499,265  
Warrants     566,742       1,229,630  
Series B convertible preferred stock     9,026,700       9,026,700  
Convertible debt     -       4,631,356  
Total potentially dilutive shares     19,144,082       24,386,951