DEFERRED REVENUE |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEFERRED REVENUE |
7. DEFERRED REVENUE
Deferred revenue is comprised of the following:
The Company accepts deposits in conjunction with agreements to sell real estate building lots at Algodon Wine Estates in the Mendoza wine region of Argentina. These lot sale deposits are generally denominated in U.S. dollars. Revenue is recorded when the sale closes, and the deeds are issued. No lot sale deposits were recorded during the six months ended June 30, 2024. The Company recorded revenue upon the closing of the sale of real estate lots in the amount of $0 and $104,143 during the three and six months ended June 30, 2024, and recorded the sale of one lot and recorded revenue in the amount of $154,959 during the three and six months ended June 30, 2023.
Deferred revenue, related party represents $250,000 received from a greater than 10% holder of the Company’s common stock, for the purchase of five real estate lots. The Company recorded interest expense of $5,294 and $10,589 during the three and six months ended June 30, 2024, respectively, in connection with the deferred revenue received from the related party. As of June 30, 2024 and December 31, 2023, there is accrued interest of $14,194 and $3,605, respectively, related to the deferred revenue received from the related party.
GAUCHO GROUP HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
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