Algodon Wines & Luxury Development Group, Inc.
CIK:0001559998|SEC Filings
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Income Statement [Abstract] | ||||
| Sales | $ 422,691 | $ 464,004 | $ 1,437,296 | $ 1,622,746 |
| Cost of sales | (353,266) | (321,054) | (1,172,475) | (1,282,972) |
| Gross profit | 69,425 | 142,950 | 264,821 | 339,774 |
| Operating Expenses | ||||
| Selling and marketing | 4,768 | 204,938 | 227,788 | 652,674 |
| General and administrative | 2,273,514 | 1,267,399 | 6,694,433 | 4,734,592 |
| Depreciation and amortization | 106,447 | 114,370 | 331,307 | 327,857 |
| Loss on termination of lease | 566,278 | 566,278 | ||
| Total operating expenses | 2,951,007 | 1,586,707 | 7,819,806 | 5,715,123 |
| Loss from Operations | (2,881,582) | (1,443,757) | (7,554,985) | (5,375,349) |
| Other Expense (Income) | ||||
| Change in fair value of derivative liability | 75,861 | 95,727 | 231,488 | 2,236,844 |
| Loss on extinguishment of debt | 416,081 | |||
| Gains from foreign currency remeasurement, net | (32,229) | (132,493) | (65,814) | (347,201) |
| Interest income | (1,643) | (52,810) | (17,043) | (167,529) |
| Interest expense | 210,083 | 1,156,616 | 793,733 | 2,824,528 |
| Other income, related party | (212,222) | (362,222) | ||
| Total other expense | 252,072 | 854,818 | 942,364 | 4,600,501 |
| Net Loss | (3,133,654) | (2,298,575) | (8,497,349) | (9,975,850) |
| Deemed dividend | (36,854) | (36,854) | ||
| Net loss attributable to common stockholders | $ (3,170,508) | $ (2,298,575) | $ (8,534,203) | $ (9,975,850) |
| Net Loss per Common Share | ||||
| Basic | $ (3.52) | $ (3.04) | $ (10.84) | $ (10.72) |
| Diluted | $ (3.52) | $ (3.04) | $ (10.84) | $ (10.72) |
| Weighted Average Number of Common Shares Outstanding: | ||||
| Basic | 901,608 | 757,036 | 787,026 | 930,160 |
| Diluted | 901,608 | 757,036 | 787,026 | 930,160 |
Condensed Consolidated Balance Sheets - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Current Assets | ||
| Cash | $ 213,383 | $ 427,961 |
| Inventory, net of allowance of $277,223 and $186,736 at September 30, 2024 and December 31, 2023, respectively | 2,040,176 | 2,031,880 |
| Inventory deposits | 161,531 | |
| Real estate lots held for sale | 560,869 | 615,585 |
| Prepaid expenses and other current assets | 816,012 | 343,199 |
| Total Current Assets | 4,521,167 | 4,296,929 |
| Long Term Assets | ||
| Advances to employees, net of allowance of $434,984 at September 30, 2024 and December 31, 2023 | 281,783 | 281,783 |
| Property and equipment, net | 6,668,434 | 7,806,370 |
| Operating lease right-of-use asset | 1,218,408 | |
| Finance lease right-of-use asset | 70,696 | |
| Prepaid foreign taxes, net | 1,010,213 | 953,570 |
| Intangible assets, net | 81,917 | 98,147 |
| Deposits, non-current | 21,553 | 54,713 |
| Total Assets | 14,092,115 | 16,560,325 |
| Current Liabilities | ||
| Accounts payable | 889,067 | 925,422 |
| Accrued expenses, current portion | 3,713,428 | 3,719,339 |
| Finance lease liability, current portion | 9,698 | |
| Operating lease liabilities, current portion | 250,711 | |
| Derivative liability | 969,628 | 738,140 |
| Other current liabilities | 88,185 | 254,768 |
| Total Current Liabilities | 9,521,460 | 9,660,750 |
| Long Term Liabilities | ||
| Accrued expenses, non-current portion | 30,394 | 35,527 |
| Deferred revenue, non current portion | 1,242,958 | |
| Finance lease liability, non-current portion | 59,781 | |
| Operating lease liabilities, non-current portion | 1,077,697 | |
| Loans payable, non-current portion | 90,372 | |
| Total Liabilities | 10,854,593 | 10,864,346 |
| Commitments and Contingencies (Note 15) | ||
| Temporary Equity | ||
| Total Temporary Equity | 3,767,761 | |
| Stockholders’ Equity | ||
| Preferred Stock, 902,670 shares authorized; no shares issued and outstanding | ||
| Common stock, par value $0.01 per share; 150,000,000 shares authorized; 915,118 and 480,794 shares issued and 915,115 and 480,791 shares outstanding at September 30, 2024 and December 31, 2023, respectively | 9,151 | 4,808 |
| Additional paid-in capital | 152,798,337 | 150,631,395 |
| Accumulated other comprehensive loss | (11,004,860) | (11,104,706) |
| Accumulated deficit | (142,286,512) | (133,789,163) |
| Treasury stock, at cost, 3 shares at September 30, 2024 and December 31, 2023 | (46,355) | (46,355) |
| Total Stockholders’ Equity | (530,239) | 5,695,979 |
| Total Liabilities, Temporary Equity and Stockholders’ Equity | 14,092,115 | 16,560,325 |
| Series B Convertible Redeemable Preferred Stock [Member] | ||
| Temporary Equity | ||
| Total Temporary Equity | 3,767,761 | |
| Nonrelated Party [Member] | ||
| Current Assets | ||
| Accounts receivable, net of allowance | 76,310 | 41,261 |
| Mortgages receivable, related party, net of allowance of $18,781 and $12,044 at September 30, 2024 and December 31, 2023, respectively | 777,314 | 653,496 |
| Long Term Assets | ||
| Mortgages receivable, related party, non-current portion, net of allowance of $45,964 and $42,872 at September 30, 2024 and December 31, 2023, respectively | 1,379,165 | 1,776,086 |
| Current Liabilities | ||
| Deferred revenue | 142,146 | 1,471,813 |
| Loans payable | 295,460 | 188,628 |
| Lot sale obligation, net | 527,998 | 541,027 |
| Convertible debt obligations, net | 1,595,697 | 1,320,902 |
| Long Term Liabilities | ||
| Deferred revenue, non current portion | 1,242,958 | |
| Loans payable, non-current portion | 90,372 | |
| Related Party [Member] | ||
| Current Assets | ||
| Accounts receivable, net of allowance | ||
| Mortgages receivable, related party, net of allowance of $18,781 and $12,044 at September 30, 2024 and December 31, 2023, respectively | 37,103 | 22,016 |
| Long Term Assets | ||
| Mortgages receivable, related party, non-current portion, net of allowance of $45,964 and $42,872 at September 30, 2024 and December 31, 2023, respectively | 57,187 | 74,319 |
| Current Liabilities | ||
| Deferred revenue | 250,000 | 250,000 |
| Loans payable | $ 1,040,153 |