Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
SCHEDULE OF DISAGGREGATION OF REVENUE

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

  

    2024     2023     2024     2023  
    For the Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2024     2023     2024     2023  
                         
Real estate sales   $ -     $ -     $ 104,143     $ 154,959  
Hotel rooms and events     175,187       249,873       634,748       714,398  
Clothes and accessories     14,964       62,450       101,882       170,213  
Restaurants     55,953       49,382       152,423       185,389  
Winemaking     148,071       74,530       280,040       150,271  
Agricultural sales     -       -       81,537       162,764  
Golf, tennis and other     28,516       27,769       82,523       84,752  
Total Revenues   $ 422,691     $ 464,004     $ 1,437,296     $ 1,622,746  
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:

 

    2024     2023  
    As of September 30,  
    2024     2023  
             
Options     103       280  
Warrants     39,627       45,647  
Unvested restricted stock units     19,866       5,163  
Senior Secured Convertible Notes     442,372 [1]     309,384 [2]
Senior Convertible Preferred Stock     934,250 [3]     -  
Total potentially dilutive shares     1,436,218       360,474  

 

[1] Represents shares issuable upon conversion of $1,595,707 in convertible debt, $287,302 of redemption premium and $319,648 of related accrued interest outstanding as of September 30, 2024, at a conversion price of $4.9792 per share, which represents the conversion price in effect as of September 30, 2024. The conversion price of such debt is variable and is subject to a floor price of $4.00 per share (see Note 10, Convertible Debt Obligations).
     
[2] Represents shares issuable upon conversion of $4,335,137 of convertible debt, $676,986 of redemption premium and $178,104 of related accrued interest outstanding as of September 30, 2023, at a conversion price of $16.776 per share, which represents the conversion price in effect as of September 30, 2023. The conversion price of such debt is variable. (see Note 10, Convertible Debt Obligations).
     
  [3] Represents common shares issuable upon conversion of 37,370 shares of convertible preferred stock outstanding at September 30, 2024. Each share of Senior Convertible Preferred Stock is convertible into 25 shares of common stock. (See Note 14, Temporary Equity and Stockholders Equity).