Quarterly report pursuant to Section 13 or 15(d)

DEFERRED REVENUE

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DEFERRED REVENUE
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
DEFERRED REVENUE

8. DEFERRED REVENUE

 

Deferred revenue is comprised of the following:

 

    September 30, 2023     December 31, 2022  
             
Real estate lot sales deposits   $ 1,440,336     $ 1,179,654  
Hotel deposits     73,534       40,454  
Prepaid management fees     -       150,000  
Other     10,895       3,798  
Total   $ 1,524,765     $ 1,373,906  

 

 

GAUCHO GROUP HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED 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 twelve additional lots and recorded deferred revenues in the amount of $415,641 during the nine months ended September 30, 2023. Revenue is recorded when the sale closes, and the deeds are issued. The Company recorded the sale of one lot and recorded revenue in the amount of $0 and $154,959 during the three and nine months ended September 30, 2023.