Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v3.21.1
Property and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipmrnt

4. PROPERTY AND EQUIPMENT

 

Property and equipment consist of the following:

 

    December 31,  
    2020     2019  
Buildings and improvements   $ 1,915,965     $ 2,026,657  
Real estate development     748,764       669,167  
Land     660,315       522,225  
Furniture and fixtures     349,729       347,819  
Vineyards     204,636       199,816  
Machinery and equipment     490,169       487,618  
Leasehold improvements     -       164,375  
Computer hardware and software     230,648       231,228  
      4,600,226       4,648,905  
Less: Accumulated depreciation and amortization     (1,740,004 )     (1,734,190 )
Property and equipment, net   $ 2,860,222     $ 2,914,715  

 

During the year ended December 31, 2020, upon terminating its New York City lease, the Company wrote-off approximately $164,000 of fully amortized leasehold improvements.

 

Depreciation and amortization of property and equipment was $170,189 and $196,438 for the years ended December 31, 2020 and 2019, respectively. Most of the Company’s property and equipment is located in Argentina and gross asset costs and accumulated depreciation reported in US dollars are impacted by the devaluation of the Argentine peso relative to the U.S. dollar.