Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net loss $ (7,677,275) $ (7,564,900)
Stock-based compensation:    
401(k) stock 5,908 22,384
Common stock 525,000
Stock options and warrants 77,668 170,188
Restricted stock units 154,400
Noncash lease expense 113,744 107,343
Gain on foreign currency translation (214,708) (225,927)
Depreciation and amortization 213,487 95,219
Amortization of debt discount 1,079,034 1,061,936
Provision for credit losses 57,104 28,848
Provision for obsolete inventory 99,323
Change in fair value of derivative liability 2,141,117
Loss on extinguishment of debt 416,081 2,105,119
Inducement expense 198,096
Decrease (increase) in assets:    
Accounts receivable and mortgages receivable (126,017) (137,652)
Employee advances (571) 4,964
Inventory (57,274) (84,917)
Deposits 1,417
Prepaid expenses and other current assets (30,668) (201,778)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses (162,671) 774,709
Operating lease liabilities (98,126) (82,296)
Deferred revenue (4,985) 517,741
Other liabilities (20,131) (68,633)
Total Adjustments 3,644,132 4,810,344
Net Cash Used in Operating Activities (4,033,143) (2,754,556)
Cash Flow from Investing Activities    
Cash paid to acquire Gaucho Development S.R.L., net of cash acquired (7,560)
Purchase of property and equipment (438,895) (1,677,082)
Purchase of intangible asset (50,000) (34,999)
Net Cash Used in Investing Activities (488,895) (1,719,641)
Cash Flow from Financing Activities    
Proceeds from loans payable 185,000
Repayments of loans payable (58,718) (53,333)
Proceeds from common stock issued for cash 591,000 511,346
Proceeds from the issuance of convertible debt 5,000,000
Financing costs in connection with the issuance of convertible debt (321,803)
Repayments of convertible debt obligations (862,541)
Redemption premiums paid on convertible debt obligations (156,160)
Proceeds from issuance of shares under the New ELOC, net of offering costs [1] 733,006
Net Cash Provided by Financing Activities 5,109,784 458,013
Effect of Exchange Rate Changes on Cash (77,792) 621,462
Net (Decrease) Increase in Cash 509,954 (3,394,722)
Cash - Beginning of Period 300,185 3,649,407
Cash - End of Period 810,139 254,685
Supplemental Disclosures of Cash Flow Information:    
Interest paid 561,876 140,355
Income taxes paid
Non-Cash Investing and Financing Activity    
Equity issued to satisfy accrued stock-based compensation obligation 32,617 27,821
Equity issued as consideration for intangible assets 39,600
Equity issued for purchase of non-controlling interest 231,789
Equity issued for acquisition of Gaucho Development, S.R.L. 2,194,653
Warrants issued and debt principal exchanged upon modification of convertible debt 731,856
Shares issued upon conversion of debt and interest 2,146,809 1,522,597
Common stock and restricted stock units in GGH issued upon exchange of GGI options 1,576,648
Cashless warrant exercise 513
Relative fair value of warrants issued with 2023 Note, net of allocable issuance costs [2] 1,506,319
Warrants issued and debt principal exchanged upon modification of convertible debt $ 63,502
[1] Gross proceeds of $797,623, less offering costs of $64,617
[2] Represents $1,609,935 relative fair value of warrants, less $103,616 in allocable issuance costs