Annual report pursuant to Section 13 and 15(d)

SEGMENT DATA

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SEGMENT DATA
12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
SEGMENT DATA

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, 2020 and 2019:

 

 SCHEDULE OF SEGMENT INFORMATION

    For the Year ended December 31, 2020     For the Year ended December 31, 2019  
    Real Estate Development     Fashion
(e-commerce)
    Corporate(1)     TOTAL     Real Estate Development     Fashion
(e-commerce)
    Corporate(1)     TOTAL  
Revenues   $ 632,628     $ 3,161     $ -     $ 635,789     $ 1,272,772     $ 11,665     $ -     $ 1,284,437  
Revenues from Foreign Operations   $ 632,628     $ -     $ -     $ 632,628     $ 1,272,772     $ -     $ -     $ 1,272,772  
Depreciation and Amortization   $ 127,692     $ 2,147     $ 40,350     $ 170,189     $ 146,398     $ 1,901     $ 48,139     $ 196,438  
Loss from Operations   $ (1,162,615 )   $ (745,298 )   $ (3,458,013 )   $ (5,365,926 )   $ (1,469,438 )   $ (1,230,285 )   $ (3,998,411 )   $ (6,698,134 )
Interest Expense, net   $ 60,986     $ 7,010     $ 177,178     $ 245,174     $ 192,060     $ 47,034     $ 121,319     $ 360,413  
Net Loss   $ (1,040,681 )   $ (752,308 )   $ (3,988,694 )   $ (5,781,683 )   $ (1,559,766 )   $ (1,277,319 )   $ (4,119,730 )   $ (6,956,815 )
Capital Expenditures   $ 116,033     $ (1,360 )   $ 781     $ 115,454     $ 129,325     $ 9,946     $ -     $ 139,271  
Total Property and Equipment, net   $ 2,855,444     $ 4,538     $ 240     $ 2,860,222     $ 2,866,861     $ 8,044     $ 39,810     $ 2,914,715  
Total Property and Equipment, net in Foreign Countries   $ 2,855,444     $ -     $ -     $ 2,855,444     $ 2,866,861     $ -     $ -     $ 2,866,861  
Total Assets   $ 5,064,401     $ 238,491     $ 667,644     $ 5,970,536     $ 5,020,788     $ 286,658     $ 612,914     $ 5,920,360