Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Cash $ 2,389,882 $ 300,185
Mortgages receivable, net of allowance $42,769 and $46,424  at March 31, 2023 and December 31, 2022, respectively 710,313 586,631
Inventory 1,998,994 1,888,962
Real estate lots held for sale 559,487 559,487
Prepaid expenses and other current assets 651,623 461,637
Total Current Assets 7,545,756 5,018,874
Long Term Assets    
Mortgages receivable, non-current portion, net of allowance of $147,403 and $150,126 at March 31, 2023 and December 31, 2022, respectively 3,185,791 3,278,617
Property and equipment, net 7,563,369 7,621,257
Operating lease right-of-use asset 1,392,993 1,449,442
Prepaid foreign taxes, net 907,962 916,823
Intangible assets, net 68,544 69,787
Deposits, non-current 56,130 56,130
Total Assets 21,009,341 18,692,985
Current Liabilities    
Accounts payable 551,597 917,270
Accrued expenses, current portion 1,214,916 1,664,816
Deferred revenue 1,466,652 1,373,906
Operating lease liabilities, current portion 208,590 202,775
Loans payable, current portion 293,110 164,656
Convertible debt obligations, net, current portion 3,382,509
Other current liabilities 67,190 100,331
Total Current Liabilities 7,184,564 4,423,754
Long Term Liabilities    
Accrued expenses, non-current portion 51,951 66,018
Operating lease liabilities, non-current portion 1,274,698 1,328,408
Loans payable, non-current portion 93,541 91,665
Convertible debt obligations, net, non-current portion 1,991,459
Total Liabilities 8,604,754 7,901,304
Commitments and Contingencies (Note 14)
Series B convertible redeemable preferred stock, par value $0.01 per share; 902,670 shares designated; none issued and outstanding at March 31, 2023 and December 31, 2022; no shares are available for issuance
Stockholders’ Equity    
Preferred stock, 902,670 shares authorized
Common stock, par value $0.01 per share; 150,000,000 shares authorized; 5,521,800 and 3,653,401 shares issued and 5,521,519 and 3,653,120 shares outstanding as of March 31, 2023 and December 31, 2022, respectively 55,215 36,534
Additional paid-in capital 143,564,396 139,123,642
Accumulated other comprehensive loss (10,882,368) (10,842,569)
Accumulated deficit (120,286,301) (117,479,571)
Treasury stock, at cost, 281 shares at March 31, 2023 and December 31, 2022 (46,355) (46,355)
Total Stockholders’ Equity 12,404,587 10,791,681
Total Liabilities, Temporary Equity and Stockholders’ Equity 21,009,341 18,692,985
Nonrelated Party [Member]    
Current Assets    
Accounts receivable 56,336 106,156
Related Party [Member]    
Current Assets    
Accounts receivable 1,179,121 1,115,816
Long Term Assets    
Advances to employees $ 288,796 $ 282,055