Annual report pursuant to Section 13 and 15(d)

DEFERRED REVENUE

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DEFERRED REVENUE
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
DEFERRED REVENUE

11. DEFERRED REVENUE

 

Deferred revenue is comprised of the following:

 

    2023     2022  
    December 31,  
    2023     2022  
Real estate lot sales deposits   $ 1,436,758     $ 1,179,654  
Hotel deposits     32,657       44,252  
Prepaid management fees     -       150,000  
Other     2,398       -  
Total   1,471,813     1,373,906  
Real estate lot sales deposits from related party     250,000       -  
Deferred revenue   $ 1,721,813     $ 1,373,906  

 

 

GAUCHO GROUP HOLDINGS, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

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. The Company received deposits for seventeen additional lots and recorded deferred revenues in the amount of $662,063 during the year ended December 31, 2023 (of which $250,000 for the purchase of five lots was received from a related party in connection with a Lot Deposit Agreement; see Note 12 – Lot Sale Obligations, below). The Company executed new agreements for the sale of five additional lots during the year ended December 31, 2022 and recorded deferred revenues in the amount of $557,201. Revenue is recorded when the sale closes, and the deeds are issued. The Company recorded revenue upon the closing of the sale of real estate lots in the amount of $154,959 and $184,658 during the years ended December 31, 2023 and 2022, respectively.