DEBT OBLIGATIONS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT OBLIGATIONS |
13. DEBT OBLIGATIONS
There are no outstanding balances in connection with the Company’s debt obligations as of December 31, 2022. The Company’s debt obligations as of December 31, 2021 are summarized below: SCHEDULE OF DEBT OBLIGATIONS
2010 Debt Obligations
During 2022, the Company repaid the $13,416 interest payable in connection with 2010 Debt Obligations. No principal or interest remained outstanding on the 2010 Debt Obligations as of December 31, 2022.
2017 Notes
On January 8, 2021, $1,163,354 in principal and $258,714 in interest owed in connection with the 2017 Notes was exchanged for 19,751 Units. Each Unit consists of one share of common stock and a one-year warrant exercisable at a price equal to the purchase of the Unit (“Unit”). On September 16, 2022, the Company repaid the remaining principal balance of $7,000 outstanding on the 2017 Notes, such that no principal or interest remained outstanding on the 2017 Notes as of December 31, 2022.
Gaucho Notes
During 2018 and 2019, the Company’s subsidiary, Gaucho Group, Inc., sold convertible promissory notes in the aggregate principal amount of $2,266,800 to accredited investors (the “Gaucho Notes”). During the year ended December 31, 2021, the Company repaid all remaining principal and interest outstanding under the Gaucho Notes of $100,000 and $14,993, respectively, such that no amounts remain outstanding under the Gaucho Notes as of December 31, 2021. The Company incurred interest expense of $0 and $1,724 related to the Gaucho Notes during the years ended December 31, 2022 and 2021, respectively.
GAUCHO GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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