0001493152-16-015054.txt : 20161121 0001493152-16-015054.hdr.sgml : 20161121 20161115131146 ACCESSION NUMBER: 0001493152-16-015054 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161114 DATE AS OF CHANGE: 20161121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Algodon Wines & Luxury Development Group, Inc. CENTRAL INDEX KEY: 0001559998 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 522158952 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55209 FILM NUMBER: 161998891 BUSINESS ADDRESS: STREET 1: 135 FIFTH AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 212-739-7650 MAIL ADDRESS: STREET 1: 135 FIFTH AVENUE STREET 2: 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10010 10-Q 1 form10-q.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2016

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ___________________.

Commission file number: 000-55209

Algodon Wines & Luxury Development Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware		52-2158952
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

135 Fifth Avenue, 10th Floor

New York, NY 10010

(Address of principal executive offices)

212-739-7677

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]		Accelerated filer [ ]
Non-accelerated filer [ ]	(Do not check if a smaller reporting company)	Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

As of November 11, 2016, there were 42,452,743 shares of Algodon Wines & Luxury Development Group, Inc. common stock, $0.01 par value issued and 42,448,332 outstanding.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

ITEM 1. Financial Statements

Condensed Consolidated Balance Sheets as of September 30, 2016 (unaudited) and December 31, 2015	1

Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2016 and 2015	2

Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2016 and 2015	3

Unaudited Condensed Consolidated Statement of Changes in Stockholders’ Equity for the Nine Months Ended September 30, 2016	4

Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2016 and 2015	5

Notes to Unaudited Condensed Consolidated Financial Statements	6

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk	34

ITEM 4. Controls and Procedures	34

PART II

OTHER INFORMATION	35

ITEM 1. Legal Proceedings	35

ITEM 1A. Risk Factors	35

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds	35

ITEM 3. Defaults Upon Senior Securities	36

ITEM 4. Mine Safety Disclosures	36

ITEM 5. Other Information	36

ITEM 6. Exhibits	37

Signatures	38

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2016			December 31, 2015
	(unaudited)
Assets
Current Assets
Cash	$	589,935		$	110,645
Accounts receivables, net		185,269			232,789
Accounts receivables - related parties, net		504,578			333,911
Advances and loans to registered representatives, net		470,786			189,612
Inventory		1,182,668			1,184,268
Prepaid expenses and other current assets, net		518,813			602,800
Total Current Assets		3,452,049			2,654,025
Property and equipment, net		3,901,443			4,454,969
Prepaid foreign taxes, net		224,042			360,015
Investment - related parties		59,944			127,202
Deposits		61,284			61,284
Total Assets	$	7,698,762		$	7,657,495

Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable	$	401,228		$	585,095
Accrued expenses		1,767,209			1,869,808
Deferred revenue		1,653,217			1,384,317
Convertible and non-convertible debt obligations		187,500			287,500
Other liabilities		12,954			4,488
Total Current Liabilities		4,022,108			4,131,208
Accrued expenses, non-current portion		344,770			399,119
Total Liabilities		4,366,878			4,530,327

Commitments and Contingencies

Stockholders' Equity
Series A convertible preferred stock, par value $0.01 per share; 11,000,000 shares authorized; 902,670 shares available for issuance; 0 shares issued and outstanding at September 30, 2016 and December 31, 2015		-			-
Common stock, par value $0.01 per share; 80,000,000 shares authorized; 42,140,243 and 38,879,333 shares issued and 42,135,832 and 38,874,922 shares outstanding as of September 30, 2016 and December 31, 2015		421,402			388,793
Additional paid-in capital		78,221,255			69,933,147
Accumulated other comprehensive loss		(10,269,639	)		(9,591,274	)
Accumulated deficit		(65,027,064	)		(57,589,428	)
Treasury stock, at cost, 4,411 shares at September 30, 2016 and December 31, 2015		(14,070	)		(14,070	)
Total Stockholders' Equity		3,331,884			3,127,168
Total Liabilities and Stockholders' Equity	$	7,698,762		$	7,657,495

See Notes to the Condensed Consolidated Financial Statements

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2016			2015			2016			2015

Sales	$	327,336		$	593,114		$	1,109,796		$	1,434,352
Cost of sales		(535,944	)		(444,814	)		(1,275,191	)		(1,565,485	)
Gross (loss) profit		(208,608	)		148,300			(165,395	)		(131,133	)

Operating Expenses
Selling and marketing		2,347			39,820			85,225			176,674
General and administrative		1,871,448			1,673,925			5,969,582			5,854,367
Depreciation and amortization		11,274			53,594			63,347			185,262
Total operating expenses		1,885,069			1,767,339			6,118,154			6,216,303
Loss from Operations		(2,093,677	)		(1,619,039	)		(6,283,549	)		(6,347,436	)

Other Expenses
Interest expense, net		53,025			34,388			144,009			187,924
Common stock price modification		-			-			941,530			-
Warrant modification expense		-			-			68,548			-
Total other expenses		53,025			34,388			1,154,087			187,924

Net Loss	$	(2,146,702	)	$	(1,653,427	)	$	(7,437,636	)	$	(6,535,360	)

Net Loss Per Share:
Basic and Diluted	$	(0.05	)	$	(0.04	)	$	(0.18	)	$	(0.18	)

Weighted Average Number of Common Shares Outstanding:
Basic and Diluted		41,708,005			38,592,564			40,597,215			37,342,916

See Notes to the Condensed Consolidated Financial Statements

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(unaudited)

	For the three months ended						For the nine months ended
	September 30,						September 30,
	2016			2015			2016			2015

Net Loss	$	(2,146,702	)	$	(1,653,427	)	$	(7,437,636	)	$	(6,535,360	)
Other Comprehensive Loss
Foreign currency translation adjustments		(142,900	)		(115,931	)		(678,365	)		(133,344	)
Total Comprehensive Loss	$	(2,289,602	)	$	(1,769,358	)	$	(8,116,001	)	$	(6,668,704	)

See Notes to the Condensed Consolidated Financial Statements

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016

(unaudited)

										Accumulated
	Common Stock			Treasury Stock					Additional Paid-In		Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Amount	Shares		Amount			Capital		Loss			Deficit			Equity
Balance - December 31, 2015	38,879,333	$	388,793	4,411	$	(14,070	)	$	69,933,147	$	(9,591,274	)	$	(57,589,428	)	$	3,127,168
Common stock issued for cash	2,371,739		23,717	-		-			5,523,873		-			-			5,547,590
Common stock issued for price modification	470,771		4,708	-		-			936,822		-			-			941,530
Exchange of 12.5% notes and accrued interest for common stock	37,700		377	-		-			75,056		-			-			75,433
Stock-based compensation:
Common stock issued under 401(k) profit sharing plan	30,700		307	-		-			76,443		-			-			76,750
Options and warrants	-		-	-		-			813,644		-			-			813,644
Vesting of restricted stock	350,000		3,500	-		-			793,722		-			-			797,222
Warrant modification expense	-		-	-		-			68,548		-			-			68,548
Comprehensive loss:
Net loss	-		-	-		-			-		-			(7,437,636	)		(7,437,636	)
Other comprehensive loss	-		-	-		-			-		(678,365	)		-			(678,365	)
Balance - September 30, 2016	42,140,243	$	421,402	4,411	$	(14,070	)	$	78,221,255	$	(10,269,639	)	$	(65,027,064	)	$	3,331,884

See Notes to the Condensed Consolidated Financial Statements

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	For the nine months ended
	September 30,
	2016			2015

Cash Flows from Operating Activities
Net loss	$	(7,437,636	)	$	(6,535,360	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation:
401(k) expense		60,175			71,843
Options and warrants		813,644			865,474
Vesting of restricted stock		797,222			-
Common stock price modification expense		941,530			-
Warrant modification expense		68,548			-
Net realized and unrealized investment losses		75,568			170,210
Depreciation and amortization		101,758			185,262
Provision for uncollectible assets		(21,584	)		80,401
Prepaid compensation amortization		2,250			3,083
Other non-cash income, net		(8,310	)		(15,876	)
Decrease (increase) in assets:
Accounts receivable		(191,883	)		(292,076	)
Inventory		(185,825	)		(18,727	)
Prepaid expenses and other current assets		(169,405	)		(139,714	)
Deposits		-			(22,284	)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses		(122,196	)		(359,577	)
Deferred revenue		483,895			275,136
Other liabilities		6,896			(4,762	)
Total Adjustments		2,652,283			798,393
Net Cash Used in Operating Activities		(4,785,353	)		(5,736,967	)
Cash Used in Investing Activities
Purchase of property and equipment		(260,338	)		(369,873	)
Net Cash Used in Investing Activities		(260,338	)		(369,873	)
Cash Provided by Financing Activities
Repayments of loans payable		-			(100,000	)
Repayments of convertible debt obligations		(50,000	)		(50,000	)
Proceeds from common stock offering		5,547,590			5,643,884
Net Cash Provided by Financing Activities		5,497,590			5,493,884
Effect of Exchange Rate Changes on Cash		27,391			542,322
Net Increase in Cash		479,290			(70,634	)
Cash - Beginning of Period		110,645			442,725
Cash - End of Period	$	589,935		$	372,091

Supplemental Disclosures of Cash Flow Information:
Interest paid	$	70,513	$	128,171
Income taxes paid	$	88	$	20,550

Non-Cash Investing and Financing Activity
Accrued stock based compensation converted to equity	$	76,750	$	73,401
Debt and interest converted to equity	$	75,433	$	-

See Notes to the Condensed Consolidated Financial Statements

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1.	ORGANIZATION

Through its wholly-owned subsidiaries, Algodon Wines & Luxury Development Group, Inc. (the “Company”, “Algodon Partners”, “AWLD”), a Delaware corporation that was incorporated on April 5, 1999, currently invests in, develops and operates international real estate projects. The Company’s wholly-owned subsidiaries are InvestProperty Group, LLC, Algodon Global Properties, LLC, DPEC Capital, Inc. (“CAP”), and Algodon Europe, Ltd. AWLD also owns approximately 96.5% of Mercari Communications Group, Ltd. (“Mercari”), a public shell corporation that is current in its SEC reporting obligations and is a ready target for merger or sale. Mercari is a consolidated subsidiary of the Company and the noncontrolling interest is negligible.

Through its subsidiaries, the Company currently operates Algodon Mansion (“TAR”), a Buenos Aires-based luxury boutique hotel property and has redeveloped, expanded and repositioned a winery and golf resort property called Algodon Wine Estates (“AWE”) for subdivision of a portion of this property for residential development.

2.	GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company incurred losses of $2,146,702 and $7,437,636 during the three and nine months ended September 30, 2016, respectively, and $1,653,427 and $6,535,360 during the three and nine months ended September 30, 2015, respectively. The Company has an accumulated deficit of $65,027,064 at September 30, 2016. Cash used in operating activities was $4,785,353 and $5,736,967 for the nine months ended September 30, 2016 and 2015, respectively. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern.

The Company needs to raise additional capital in order to expand its business objectives. The Company funded its operations for the nine months ended September 30, 2016 and 2015 primarily through a private placement offering of common stock for proceeds of $5,547,590 and $5,643,884, respectively. The Company presently has only enough cash on hand to sustain its operations through February 2017. Historically, the Company has been successful in raising funds to support our capital needs. Management believes that it will be successful in obtaining additional financing; however, no assurance can be provided that the Company will be able to do so. There is no assurance that these funds will be sufficient to enable the Company to attain profitable operations or continue as a going concern. To the extent that the Company is unsuccessful, the Company may need to curtail its operations and implement a plan to extend payables and reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. Such a plan could have a material adverse effect on the Company’s business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations, liquidate and/or seek reorganization in bankruptcy. These condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

3.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of September 30, 2016, and for the three and nine months ended September 30, 2016 and 2015. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the operating results for the full year. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2016, as amended on March 31, 2016. The condensed consolidated balance sheet as of December 31, 2015 has been derived from the Company’s audited consolidated financial statements.

Use of Estimates

To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, the Company must make estimates and assumptions. These estimates and assumptions affect the reported amounts in the financial statements, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and related assumptions made by the Company relate to the valuation of equity instruments, the useful lives of property and equipment and reserves associated with the realizability of certain assets.

Segment Information

The Financial Accounting Standards Board (“FASB”) has established standards for reporting information on operating segments of an enterprise in interim and annual financial statements. The Company operates in one segment which is the business of real estate development in Argentina. The Company’s chief operating decision-maker reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating segment. Certain activities of the Company such as the U.S. Broker Dealer Operations, are considered a service or support division to the Company, by providing capital raising efforts, substantially to support the AWLD real estate development activities, and are not considered a business for segment purposes.

Reclassifications

Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications have no effect on previously reported results of operations or loss per share.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

3.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Foreign Currency Translation

The Company’s functional and reporting currency is the United States dollar. The functional currencies of the Company’s operating subsidiaries are their local currencies (United States dollar, Argentine peso and British pound). There has been a steady devaluation of the Argentine peso relative to the United States dollar in recent years. Assets and liabilities are translated into U.S. dollars at the balance sheet date (15.3338 and 12.9441 at September 30, 2016 and December 31, 2015, respectively) and revenue and expense accounts are translated at a weighted average exchange rate for the period or for the year then ended (14.5245 and 8.9612 for the nine months ended September 30, 2016 and 2015, respectively). Resulting translation adjustments are made directly to accumulated other comprehensive income. The Company engages in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies.

A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the functional currency of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The official cumulative inflation rate for Argentina over the last three calendar years approximated 61.4%, although the International Monetary Fund has concerns regarding the accuracy of the official data.

Property and Equipment

Investments in property and equipment are recorded at cost. These assets are depreciated using the straight-line method over their estimated useful lives. Most of the Company’s assets are located in Argentina and are subject to variation as a result of foreign currency translation.

The Company capitalizes internal vineyard improvement costs when developing new vineyards or replacing or improving existing vineyards. These costs consist primarily of the costs of the vines and expenditures related to labor and materials to prepare the land and construct vine trellises. Expenditures for repairs and maintenance are charged to operating expense as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts at the time of disposal and resulting gains and losses are included as a component of operating income. Real estate development consists of costs incurred to ready the land for sale, including primarily costs of infrastructure as well as master plan development and associated professional fees. Given that they are not currently in service, the assets are currently not being depreciated.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

3.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Stock-Based Compensation

The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on financial reporting dates and vesting dates until the service period is complete. The fair value amount of the shares expected to ultimately vest is then recognized over the period services are required to be provided in exchange for the award, usually the vesting period. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience.

Concentrations

The Company maintains cash with major financial institutions. Cash held in US bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. No similar insurance or guarantee exists for cash held in Argentina bank accounts. There were aggregate uninsured cash balances of $255,745 and $45,055 at September 30, 2016 and December 31, 2015, respectively.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. The guidance requires other comprehensive income (loss) to include foreign currency translation adjustments.

Revenue Recognition

The Company earns revenues from its real estate, hospitality, food & beverage, broker-dealer and other related services. Revenues from rooms, food, and beverage and other operating departments are recognized as earned at the time of sale or rendering of service. Cash received in advance of the sale or rendering of services is recorded as advance deposits or deferred revenue on the condensed consolidated balance sheets. Deferred revenues associated with real estate lot sale deposits are recognized as revenues (along with any outstanding balance) when the lot sale closes and the deed is provided to the purchaser. Other deferred revenues primarily consist of deposits accepted by the Company in connection with agreements to sell barrels of wine. These wine barrel deposits are recognized as revenues (along with any outstanding balance) when the barrel of wine is shipped to the purchaser. Sales taxes and value added (“VAT”) taxes collected from customers and remitted to governmental authorities are presented on a net basis within revenues in the condensed consolidated statements of operations.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

3.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Net Loss per Common Share

Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options and warrants and the conversion of convertible instruments.

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	September 30,
	2016		2015
Options		7,524,265		8,956,311
Warrants		1,755,216		1,350,895
Total potentially dilutive shares		9,279,481		10,307,206

New Accounting Pronouncements

In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements or disclosures.

In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this update clarify the following two aspects to Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The entity first identifies the promised goods or services in the contract and reduce the cost and complexity. An entity evaluates whether promised goods and services are distinct. Topic 606 includes implementation guidance on determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The Company is currently evaluating the impact of the adoption of ASU 2016-10 on its consolidated financial statements or disclosures.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

3.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

New Accounting Pronouncements, continued

In May 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“Update 2016-12”), amending Update 2014-09. The amendments do not change the core principles of Update 2014-09, but clarify matters related to assessment of a collectability criterion, presentation of sales and other taxes collected from customers, non-cash consideration, contract modifications at transition and completed contracts at transition. The requirements for these standards relating to Topic 606 will be effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of the updated requirements on its consolidated financial statements.

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-15, “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230)” which provides guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows in order to reduce diversity in practice. The ASU is effective for interim and annual periods beginning after December 15, 2017 with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.

The Company has implemented all new accounting standards that are in effect and may impact its condensed consolidated financial statements and does not believe that there are any other new accounting standards that have been issued that might have a material impact on its financial position or results of operations.

4.	INVENTORY

Inventory at September 30, 2016 and December 31, 2015 is comprised of the following:

	September 30, 2016		December 31, 2015
Vineyard in process	$	170,469	$	180,582
Wine in process		705,127	.	826,851
Finished wine		210,285		104,159
Other		96,787		72,676
	$	1,182,668	$	1,184,268

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

5.	NET CAPITAL REQUIREMENTS

The Company’s subsidiary, CAP, as a registered broker-dealer, is subject to the SEC’s Uniform Net Capital Rule 15c3-1 that requires the maintenance of minimum net capital. This requires that CAP maintain minimum net capital of $5,000 and requires that the ratio of aggregate indebtedness, as defined, to net capital, shall not exceed 15 to 1.

As of September 30, 2016 and December 31, 2015, CAP’s net capital exceeded the requirement by $65,705 and $32,078, respectively.

The Company had a percentage of aggregate indebtedness to net capital of approximately 11.82 % and 95.8% as of September 30, 2016 and December 31, 2015, respectively.

Advances, dividend payments and other equity withdrawals are restricted by the regulations of the SEC, and other regulatory agencies are subject to certain notification and other provisions of the net capital rules of the SEC. The Company qualifies under the exemptive provisions of Rule 15c3-3 as the Company does not carry security accounts for customers or perform custodial functions related to customer securities.

6.	INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or developed by the Company. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

Level 1 - Valued based on quoted prices at the measurement date for identical assets or liabilities trading in active markets. Financial instruments in this category generally include actively traded equity securities.

Level 2 - Valued based on (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) from market corroborated inputs. Financial instruments in this category include certain corporate equities that are not actively traded or are otherwise restricted.

Level 3 - Valued based on valuation techniques in which one or more significant inputs is not readily observable. Included in this category are certain corporate debt instruments, certain private equity investments, and certain commitments and guarantees.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

6.	INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS, continued

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:

Investments – Related Parties at Fair Value

As of September 30, 2016	Level 1		Level 2		Level 3		Total
Warrants- Affiliates	$	-	$	-	$	59,944	$	59,944

As of December 31, 2015		Level 1		Level 2		Level 3		Total
Warrants- Affiliates	$	-	$	-	$	127,202	$	127,202

A reconciliation of Level 3 assets is as follows:

	Warrants

Balance - December 31, 2015	$	127,202
Received		27,703
Allocated to employees as compensation		(19,393	)
Unrealized loss		(75,568	)
Balance - September 30, 2016	$	59,944

	September 30,2016			December 31,2015

Accumulated unrealized (losses) gains related to investments at fair value	$	(58,349	)	$	(33,058	)

It is the Company’s policy to distribute part or all of the warrants CAP earns through serving as placement agent on various private placement offerings for a related but independent entity under common management, to registered representatives or other employees who provided investment banking services. The Company recorded $1,809 and $19,393 of compensation expense (fair value) related to these distributed warrants for the three and nine months ended September 30, 2016, respectively. The Company recorded $37,052 compensation expense (fair value) related to these distributed warrants for the three and nine months ended September 30, 2015. Warrants retained by the Company’s broker-dealer subsidiary are marked to market at each reporting date using the Black-Scholes option pricing model. Unrealized losses on affiliate warrants of $28,079 and $75,568 recorded during the three and nine months ended September 30, 2016 and $29,772 and $170,210 for the three and nine months ended September 30, 2015, respectively, are included in revenues on the accompanying condensed consolidated statements of operations.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

6.	INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS, continued

The fair value of the warrants was determined based on the Black-Scholes option pricing model, which requires the input of highly subjective assumptions, including the expected share price volatility. Given that such shares were not publicly-traded through September 30, 2016, the Company developed an expected volatility figure based on a review of the historical volatilities, over a period of time, of similarly positioned public companies within the industry.

The Company’s short term financial instruments include cash, accounts receivable, advances and loans to registered representatives, accounts payable, accrued expenses, deferred revenue, other liabilities, loans payable and debt obligations. The carrying value of these instruments approximate fair value, as they bear terms and conditions comparable to market, for obligations with similar terms and maturities.

7.	ACCRUED EXPENSES

Accrued expenses are comprised of the following:

	September 30, 2016		December 31, 2015

Accrued compensation and payroll taxes		1,181,503		1,400,498
Accrued taxes payable		127,476		97,428
Accrued interest		261,133		255,497
Other accrued expenses		197,097		116,385
Accrued expenses, current		1,767,209		1,869,808
Accrued payroll tax obligations, non-current		344,770		399,119
Total accrued expenses		2,111,979		2,268,927

LOANS PAYABLE

On March 6, 2016 the Company entered into a short-term loan payable in exchange for proceeds of $34,701 which was used to pay certain payroll and payroll tax obligations. The loan matured on May 6, 2016 and bore interest of 10% over term of the loan.

All principal and interest due under the loan payable was repaid in full on May 6, 2016.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

9.	DEBT OBLIGATIONS

On January 1, 2016, principal and interest of $50,000 and $25,433, respectively, related to the 12.5% Notes were exchanged for 37,700 shares of the Company’s common stock at $2.00 per share, in connection with a one-time offer that was not pursuant to the original terms of the note. An additional $9,180 of accrued interest related to the 12.5% Notes was derecognized during the period.

For the three and nine months ended September 30, 2016, the Company repaid $25,000 and $50,000, respectively, of principal related to the 8% Notes.

The Company accrued interest expense of $8,294 and $24,457 during the three and nine months ended September 30, 2016 and $9,943 and $31,317 during the three and nine months ended September 30, 2015, respectively, in connection with its convertible notes.

The Company’s debt obligations consist of the following:

	September 30, 2016						December 31, 2015
	Principal		Interest [1]		Total		Principal		Interest [1]		Total

8% Convertible Notes	$	187,500	$	245,341	$	432,841	$	237,500	$	220,884	$	458,384
12.5% Convertible Notes		-		-		-		50,000		34,613		84,613
Total	$	187,500	$	245,341	$	432,841	$	287,500	$	255,497	$	542,997

^[1]Accrued interest is included as a component of accrued expenses on the condensed consolidated balance sheets.

10.

RELATED PARTY TRANSACTIONS

Assets

Accounts receivable – related parties, net of $504,578 and $333,911 at September 30, 2016 and December 31, 2015, respectively, represents the net realizable value of advances made to related, but independent, entities under common management, of which $260,080 and $182,227, respectively, represents amounts owed to the Company in connection with expense sharing agreements as described below.

Investments

See Note 6 – Investments and Fair Value of Financial Instruments, for information related to investments in related parties.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

10.

RELATED PARTY TRANSACTIONS, continued

Revenues

For the three and nine months ended September 30, 2016, the Company recorded $1,511 and $88,344 of private equity and venture capital fees arising from private placement transactions on behalf of a related, but independent, entity under common management. The Company recorded an accrual reversal during the three months ended September 30, 2016, such that, of the total fees earned, $(6,815) and $60,641 respectively, represent cash fees earned during the three and nine months ended September 30, 2016, and $5,304 and $27,703 respectively, represent fees in the form of warrants for the three and nine months ended September 30, 2016. Fees in the form of warrants were recorded at fair value as of the grant date using the Black-Scholes option pricing model. For both the three and nine months ended September 30, 2015, CAP recorded $238,517 of private equity and venture capital fees arising from private placement transactions on behalf of a related, but independent, entity under common management. Of this amount, $185,589 represent cash fees and $52,928 represent fees in the form of warrants, which were recorded at fair value as of the grant date using the Black-Scholes option pricing model.

Expense Sharing

On April 1, 2010, the Company entered into an agreement with a related entity of which AWLD’s CEO is Chairman and Chief Executive Officer, and AWLD’s CFO is an executive officer, to share expenses such as office space, support staff and other operating expenses. General and administrative expenses were reduced by $14,138 and $82,528 during the three and nine months ended September 30, 2016 and $39,196 and $124,133 during the three and nine months ended September 30, 2015, respectively. The entity owed $245,003 and $177,755 to the Company under the expense sharing agreement as of September 30, 2016 and December 31, 2015, respectively, which is included in accounts receivable – related parties, net on the accompanying condensed consolidated balance sheets.

In addition, the Company has an expense sharing agreement with a related, but independent entity to share expenses such as office space and other clerical services. The owners of more than 5% of that entity include (i) AWLD’s chairman, and (ii) a more than 5% owner of AWLD. General and administrative expenses were reduced by $3,990 and $11,970 during the three and nine months ended September 30, 2016, respectively and $3,990 and $11,970 during the three and nine months ended September 30, 2015, respectively. The entity owed $392,077 and $380,472 to the Company under the expense sharing agreement as of September 30, 2016 and December 31, 2015, respectively, of which $377,000 and $376,000, respectively, is deemed unrecoverable and written off.

11.

BENEFIT CONTRIBUTION PLAN

The Company sponsors a 401(k) profit-sharing plan (“401(k) Plan”) that covers substantially all of its employees in the United States. The 401(k) Plan provides for a discretionary annual contribution, which is allocated in proportion to compensation. In addition, each participant may elect to contribute to the 401(k) Plan by way of a salary deduction.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

11.

BENEFIT CONTRIBUTION PLAN, continued

A participant is always fully vested in their account, including the Company’s contribution. For the three and nine months ended September 30, 2016, the Company recorded a charge associated with its contribution of $17,668 and $60,175 and for the three and nine months ended September 30, 2015, the Company recorded a charge associated with its contribution of $6,108 and $71,842, respectively. This charge has been included as a component of general and administrative expenses in the accompanying condensed consolidated statements of operations. The Company issues shares of its common stock to settle prior year’s obligations based on the fair market value of its common stock on the date the shares are issued. During the nine months ended September 30, 2016, the Company issued 30,700 shares of common stock at $2.50 per share in connection with its 401(k) obligation for the year ended December 31, 2015.

12.

STOCKHOLDERS’ EQUITY

Common Stock

During the nine months ended September 30, 2016, the Company issued 1,608,200 shares of common stock at $2.50 per share and 763,539 shares of common stock at $2.00 per share for aggregate cash proceeds of $5,547,590.

On June 1, 2016, the Company issued an additional 470,771 common shares for no consideration, to investors who had purchased shares between December 2015 and May 2016 at a price of $2.50 per share, in order to effectively reduce the per share price to $2.00 per share. The Company recorded a charge of $941,530 related to the issuance of these shares during the three and nine months ended September 30, 2016, which is recorded as common stock price modification expense in the accompanying condensed consolidated statements of operations.

Restricted Stock Awards

On January 11, 2016, the Company issued 350,000 shares of restricted stock with a grant date value of $875,000 to Maxim Group, LLC (“Maxim”), in connection with entering into an agreement with Maxim for general financial advisory and investment banking services. The shares vested 11.11% in connection with the execution of the agreement, and vest 11.11% monthly thereafter. The shares are marked to market when they vest, and unvested shares are marked to market at each reporting period, with the current fair value expensed over the vesting period. During the three and nine months ended September 30, 2016, the Company recognized $233,333 and $797,222 of stock-based compensation expense related to the vesting of this award, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. The shares are fully vested and there is no unrecognized stock based-compensation related to these shares as of as of September 30, 2016.

On or about October 28, 2016, the Company terminated its agreement with Maxim. In connection with the termination, the Company is currently in negotiations with Maxim for a return of a portion of the 350,000 shares of common stock valued at $2.50 per share previously issued to Maxim but there can be no assurance that any shares will be returned.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

12.

STOCKHOLDERS’ EQUITY, continued

Application for Quotation on OTC Bulletin Board

On January 20, 2016 FINRA cleared the Company’s request to submit quotations on the OTC Bulletin Board and in OTC Link. In addition, the Company submitted its application for quotation on the OTCQB marketplace which was approved on March 7, 2016. The Company’s common stock began trading in the over-the-counter market on September 23, 2016.

Accumulated Other Comprehensive Loss

For three and nine months ended September 30, 2016, the Company recorded $(142,900) and $(678,365), respectively, of foreign currency translation adjustments as accumulated other comprehensive loss, and for the three and nine months ended September 30, 2015, the Company recorded $(115,931) and $(133,344), respectively, of foreign currency translation adjustments as accumulated other comprehensive loss.

Warrants

Pursuant to the Company’s Investor Relations Consulting Agreement (see Note 13 – Commitments and Contingencies – Commitments), the Company granted five-year warrants for the purchase of 75,000 shares of the Company’s common stock to MZCHI on April 18, 2016 and will grant five-year warrants for the purchase of an additional 75,000 shares of the Company’s common stock on October 18, 2016 (collectively, the “IR Warrants”). (See Note 14 – Subsequent Events). The warrants have an exercise price of $2.50 per share, and vest three months from the date of grant. As of the effective date of the agreement, the IR Warrants had an aggregate value of $103,500, and the unvested warrants are subject to mark to market adjustments at each reporting and vest date, and which is amortized through the vesting period for each respective grant. During the three and nine months ended September 30, 2016, the Company recorded $20,730 and $78,927 of stock-based compensation related to the amortization of the IR Warrants, which is recorded within general and administrative expense in the condensed consolidated statements of operations.

During the three and nine months ended September 30, 2016, in connection with the sale of its equity securities, the Company issued five-year warrants (the “CAP Warrants”) to its subsidiary CAP, who acted as placement agent, to purchase 65,854 and 250,954 shares of its common stock, with a weighted average grant date value of $0.82 and $0.96 per share, respectively. Warrants granted between January 1, 2016 and May 31, 2016 were granted with an exercise price of $2.50 per share and warrants granted between June 1, 2016 and September 30, 2016 had an exercise price of $2.00 per share. On June 1, 2016, the exercise price of warrants granted from December 2015 through May 2016 was reduced to $2.00 per share and the quantity of shares available to be issued pursuant to the warrants was increased, in the aggregate, by 47,076 shares (See Modification of Warrants, below). During the three and nine months ended September 30, 2015, in connection with the sale of its equity securities, the Company issued five-year warrants to its subsidiary CAP, who acted as placement agent, to purchase 112,407 and 327,351 shares, respectively, of its common stock with an exercise price of $2.00 per share, which had a weighted average grant date value per share of $0.84 and $0.84, respectively.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

12.

STOCKHOLDERS’ EQUITY, continued

Warrants, continued

CAP, in turn, awarded the above-mentioned warrants to its registered representatives and recorded $45,900 and $203,425, of stock-based compensation expense for three and nine months ended September 30, 2016, and $80,259 and $235,105, of stock-based compensation expense for the three and nine months ended September 30, 2015, respectively, within general and administrative expense in the condensed consolidated statements of operations.

In applying the Black-Scholes option price model to value the warrants, the Company used the following weighted average assumptions:

	For the three months ended September 30,					For the nine months ended September 30,
		2016		2015			2016		2015
Risk free interest rate		1.14	%	1.37	%		1.16	%	1.50	%
Expected term (years)		5.00		5.00			5.00		5.00
Expected volatility		46.0	%	47.0	%		46.0	%	46.8	%
Expected dividends		0.0	%	0.00	%		0.0	%	0.0	%
Forfeiture rate		5	%	5	%		4	%	5	%

A summary of warrant activity during the nine months ended September 30, 2016 is presented below:

	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value
Outstanding, December 31, 2015		1,382,186	$	2.21
Issued		373,030		2.10
Exercised		-		-
Cancelled		-		-
Outstanding, September 30, 2016		1,755,216	$	2.19		2.87	$	-

Exercisable, September 30, 2016		1,755,216	$	2.19		2.87	$	-

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

12.

STOCKHOLDERS’ EQUITY, continued

Warrants, continued

A summary of outstanding and exercisable warrants as of September 30, 2016 is presented below:

Warrants Oustanding					Warrants Exercisable
Exercise Price		Exercisable Info	Outstanding Number of Warrants		Weighted Average Remaining Life In Years		Exercisable Number of Warrants
$	2.00	Common Stock		706,672		4.1		706,672
$	2.50	Common Stock		75,000		4.5		75,000
$	2.30	Preferred Stock		973,544		1.8		973,544
		Total		1,755,216				1,755,216

Modification of Warrants

On June 1, 2016, in connection with the issuance of common stock for the purpose of modifying the investor price per share (see Common Stock, above), the Company modified CAP Warrants granted between December 2015 and May 2016, such that the exercise price was adjusted from $2.50 per share to $2.00 per share, and the aggregate number of shares available to be purchased in connection with the warrants was increased from 198,807 to 245,883 shares. The Company recorded warrant modification expense of $68,548 related to the modification of the CAP Warrants.

Equity Compensation Plan

On July 11, 2016, the Board of Directors of Algodon Wines & Luxury Development Group, Inc. (the “Company”) adopted the 2016 Stock Option Plan (the “2016 Plan”). Under the 2016 Plan, 1,224,308 shares of common stock of the Company are authorized for issuance, with an automatic annual increase on January 1 of each year equal to 2.5% of the total number of shares of common stock outstanding on such date, on a fully diluted basis.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

12.

STOCKHOLDERS’ EQUITY, continued

Stock Options

The Company has computed the fair value of options granted using the Black-Scholes option pricing model. Until September 23, 2016, there was no public trading market for the shares of AWLD common stock underlying the Company’s 2008 Equity Incentive Plan (the “2008 Plan”) and the 2016 Plan. Accordingly, the fair value of the AWLD common stock was estimated by management based on observations of the cash sales prices of AWLD equity securities. Forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate will be adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate, when it is material. The expected term of options granted to consultants represents the contractual term, whereas the expected term of options granted to employees and directors was estimated based upon the “simplified” method for “plain-vanilla” options. Given that the Company’s shares were not publicly traded through September 23, 2016, the Company developed an expected volatility figure based on a review of the historical volatilities, over a period of time, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the options. The Company estimated forfeitures related to options at an annual rate of 5% for options outstanding at September 30, 2016

On June 15, 2015, the Company granted five-year options to purchase an aggregate of 2,211,890 shares of common stock to employees, officers, directors and consultants of the Company, pursuant to the 2008 Plan. Options to purchase an aggregate of 2,201,890 shares had an exercise price of $2.20 per share and an option to purchase 10,000 shares of common stock had an exercise price of $3.30 per share. The options vest over a four year period with one-fourth vesting on June 8, 2016 and the remainder vesting quarterly thereafter and had an aggregate grant date value of $1,409,900 ($0.64 per share), of which options granted to employees, officers and directors had an aggregate grant date fair value of $1,251,384, which will be recognized ratably over the vesting period, while options granted to consultants had an aggregate grant date value of $158,516, which will be re-measured on financial reporting dates and vesting dates until the service period is complete.

On July 19, 2016, the Company granted five-year options to purchase a total of 400,000 shares of common stock at an exercise price of $2.20 to two members of the Company’s Board of Directors pursuant to the 2016 Plan. The options vested one-third on the date of grant and one-third on each of the two anniversaries subsequent to the date of grant. The options had a grant date value of $0.60 per share, representing an aggregate grant date value of $239,421.

In applying the Black-Scholes option pricing model, the Company used the following weighted average assumptions:

	For The Three Months Ended					For The Nine Months Ended
	September 30,					September 30, 2016
	2016			2015		2016			2015
Risk free interest rate		0.84	%		N/A		0.84	%		1.10	%
Expected term (years)		3.25			N/A		3.25			3.59
Expected volatility		46.1	%		N/A		46.1	%		46.1	%
Expected dividends		0	%		N/A		0	%		0.0	%
Forfeiture rate		5.0	%		N/A		5.0	%		5.0	%

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

12.

STOCKHOLDERS’ EQUITY, continued

Stock Options, continued

During the three and nine months ended September 30, 2016 the Company recorded stock-based compensation expense of $253,856 and $531,292 respectively, and during the three and nine months ended September 30, 2015, the Company recorded stock-based compensation expense of $178,946 and $630,372, respectively, related to stock option grants, which is reflected as general and administrative expenses in the condensed consolidated statements of operations. As of September 30, 2016, there was $1,587,644 of unrecognized stock-based compensation expense related to stock option grants that will be amortized over a weighted average period of 2.4 years, of which $263,594 of unrecognized expense is subject to non-employee mark-to-market adjustments.

A summary of options activity during the nine months ended September 30, 2016 is presented below:

						Weighted
				Weighted		Average
				Average		Remaining
	Number of			Exercise		Life		Intrinsic
	Options			Price		In Years		Value
Outstanding, December 31, 2015		8,939,436			2.70
Granted		400,000			2.20
Exercised		-			-
Expired		(1,771,421	)		3.85
Forfeited		(43,750	)		2.32
Outstanding, September 30, 2016		7,524,265		$	2.40		2.8	$	-

Exercisable, September 30, 2016		4,797,292		$	2.46		2.4	$	-

The following table presents information related to stock options at September 30, 2016:

Options Outstanding				Options Exercisable
				Weighted
		Outstanding		Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Options		In Years		Options
$	2.20		2,566,890		3.9		810,526
	2.48		4,847,375		2.1		3,883,641
	3.30		10,000		3.7		3,125
	3.50		25,000		1.7		25,000
	3.85		75,000		0.5		75,000
			7,524,265		2.4		4,797,292

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

13.

COMMITMENTS AND CONTINGENCIES

Legal Matters

The Company is involved in litigation and arbitrations from time to time in the ordinary course of business. The Company does not believe that the outcome of any such pending or threatened litigation will have a material adverse effect on its financial condition or results of operations. However, as is inherent in legal proceedings, there is a risk that an unpredictable decision adverse to the company could be reached. The Company records legal costs associated with loss contingencies as incurred. Settlements are accrued when, and if, they become probable and estimable.

Consulting Agreements

On or about January 11, 2016, the Company entered into an agreement with Maxim Group LLC (“Maxim”) to provide general financial advisory and investment banking services to the Company. Pursuant to the terms of this agreement, Maxim will receive a monthly cash fee of $7,500 for the duration of the agreement, which may be terminated by either party at any time after nine months, or upon 30 days prior written notice to the other party. In connection with the agreement, the Company issued 350,000 shares of restricted common stock valued at $2.50 per share to Maxim (see Note 12 – Stockholders’ Equity), which vest 11.1% upon execution of the agreement, and 11.1% monthly thereafter. An additional 100,000 shares of restricted stock will be issued to Maxim upon the uplisting of the Company’s common stock to a national exchange.

The Company entered into an Investor Relations Consulting Agreement effective April 8, 2016 (the “IR Agreement”) with MZHCI LLC (“MZHCI”) to provide consulting services with respect to financial markets and exchanges, competitors, business acquisitions and other related matters in exchange for consideration of $6,500 of cash per month plus five-year warrants for the purchase of up to 150,000 shares of the Company’s common stock at an exercise price of $2.50 per share, of which warrants for the purchase of 75,000 share of common stock were granted on April 18, 2016 (see Note 12 – Stockholders’ Equity – Warrants) and warrants for the purchase of additional 75,000 shares of common stock were granted on October 18, 2016. (See Note 14 – Subsequent Events).

Importer Agreement

The Company entered into an agreement (the “Importer Agreement”) with an importer (the “Importer”) effective June 1, 2016, pursuant to which the Company has engaged the Importer as its sole and exclusive importer, distributor and marketing agent of wine in the United States at prices mutually agreed upon by the Company and the Importer. The Importer Agreement terminates on December 31, 2020, and is renewable for an indefinite number of successive three year terms. The Importer Agreement may be terminated by the Company or the Importer for cause, as defined in the Importer Agreement.

ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

14.

SUBSEQUENT EVENTS

Management has evaluated all subsequent events to determine if events or transactions occurring through the date the condensed consolidated financial statements were issued, require adjustment to or disclosure in the condensed consolidated financial statements.

Foreign Currency Exchange Rates

The Argentine peso to United States dollar exchange rate was 14.9749, 15.3338 and 12.9441 at November 10, 2016, September 30, 2016 and December 31, 2015, respectively.

Issuance of Common Stock

On October 31, 2016, the Company issued 50,000 shares of its common stock for cash proceeds of $100,000.

Warrants

On October 18, 2016, the Company granted five-year warrants for the purchase of 75,000 shares of its common stock to MZHCI, pursuant to the Investor Relations Consulting Agreement.

Stock Options

On October 20, 2016, options for the purchase of 100,000 shares of the Company’s common stock were granted to an employee of the Company and options for the purchase of an aggregate 400,000 shares of the Company’s common stock were granted to Company consultants, under the 2016 Plan.

Termination of Consulting Agreement

On or about October 28, 2016, the Company terminated its agreement with Maxim for general advisory and investment banking services. In connection with the termination, the Company is currently in negotiations with Maxim for a return of a portion of the 350,000 shares of common stock valued at $2.50 per share previously issued to Maxim but there can be no assurance that any shares will be returned.

Item 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto included herein. In connection with, and because we desire to take advantage of, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward looking statements in the following discussion and elsewhere in this report and in any other statement made by us, or on our behalf, whether or not in future filings with the Securities and Exchange Commission. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward looking statements made by, or on our behalf. Words such as “anticipate,” “estimate,” “plan,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions are used to identify forward-looking statements. We disclaim any obligation to update forward-looking statements.

The independent registered public accounting firm’s report on the Company’s consolidated financial statements as of December 31, 2015, and for each of the years in the two-year period then ended, includes a “going concern” explanatory paragraph, that describes substantial doubt about the Company’s ability to continue as a going concern.

Unless the context requires otherwise, references in this document to “AWLD”, “we”, “our”, “us” or the “Company” are to Algodon Wines & Luxury Development Group, Inc. and its subsidiaries.

Overview

We are an integrated, lifestyle related real estate development company, capitalizing on our unique brand of affordable luxury, branded as “Algodon”, to create a diverse set of interrelated products and services. Our wines, hotels and real estate ventures, currently concentrated in Argentina, offer a blend of high-end, luxury and adventures products. We hope to further broaden the reach and depth of our services to strengthen and cement the reach of our brand. Ultimately, we intend to further expand and grow our business by combining unique and promising opportunities with our brand and clientele.

Through our subsidiaries, we currently operate Algodon Mansion, a Buenos Aires-based luxury boutique hotel property, and we have redeveloped, expanded and repositioned a winery and golf resort property called Algodon Wine Estates for subdivision of a portion of this property for residential development.

Investment in foreign real estate requires consideration of certain risks typically not associated with investing in the United States. Such risks include trade balances and imbalances and related economic policies, unfavorable currency exchange rate fluctuations, imposition of exchange control regulation by the United States or foreign governments, United States and foreign withholding taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, political difficulties including expropriation of assets, confiscatory taxation and economic or political instability in foreign nations or changes in laws which affect foreign investors.

Recent Developments and Trends

Financings

During the three and nine months ended September 30, 2016, we raised approximately $1.3 and $5.5 million, respectively, of new capital from the issuance of common stock for cash.

Initiatives

We have implemented a number of initiatives designed to expand revenues and control costs. Revenue enhancement initiatives include expanding marketing, investment in additional winery capacity and developing new real estate development revenue sources. Cost reduction initiatives include investment in equipment that will decrease our reliance on subcontractors, as well as outsourcing and restructuring of certain functions. Our goal is to become more self-sufficient and less dependent on outside financing.

Liquidity

As reflected in our condensed consolidated financial statements, we have generated significant losses which have resulted in a total accumulated deficit of approximately $65 million, raising substantial doubt that we will be able to continue operations as a going concern. Our independent registered public accounting firm included an explanatory paragraph in their report for the years ended December 31, 2015 and 2014, stating that we have incurred significant losses and need to raise additional funds to meet our obligations and sustain our operations. Our ability to execute our business plan is dependent upon our generating cash flow and obtaining additional debt or equity capital sufficient to fund operations. If we are able to obtain additional debt or equity capital (of which there can be no assurance), we hope to acquire additional management, as well as increase the marketing of our products and continue the development of our real estate holdings.

Our business strategy may not be successful in addressing these issues, and there can be no assurance that we will be able to obtain any additional capital. If we cannot execute our business plan on a timely basis (including acquiring additional capital), our stockholders may lose their entire investment in us, because we may have to delay vendor payments and/or initiate cost reductions, which would have a material adverse effect on our business, financial condition and results of operations, and ultimately we could be forced to discontinue our operations, liquidate and/or seek reorganization under the U.S. bankruptcy code.

Consolidated Results of Operations

Three months ended September 30, 2016 compared to three months ended September 30, 2015

Overview

We reported net losses of approximately $2.1 million and $1.7 million for the three months ended September 30, 2016 and 2015, respectively. This increase in net loss of $0.4 million is primarily due to a decrease in gross profit during the period.

Revenues

Revenues were approximately $327,000 and $593,000 during the three months ended September 30, 2016 and 2015, respectively, representing a decrease of $266,000 or 45%. Increases in hotel and wine revenues of approximately $356,000 were offset by $227,000 decreases in broker-dealer revenues and a $395,000 decrease in revenues resulting from the impact of the decline in the value of the Argentine peso vis-à-vis the U.S. dollar in the third quarter of 2016 compared to the same quarter in 2015.

Gross loss

We generated a gross loss of approximately $209,000 for the three months ended September 30, 2016 as compared to the gross income of $148,000 for the three months ended September 30, 2015, representing a decrease of $357,000 or 241%. The unfavorable variance results primarily from the aforementioned decrease in broker-dealer revenues, for which costs of sales are relatively fixed, and from the impact of the decline in the value of the Argentine peso vis-à-vis the U.S. dollar in the third quarter of 2016 compared to the same quarter in 2015.

Cost of sales, which consists of raw materials, direct labor and indirect labor associated with our business activities, increased by approximately $91,000 from $445,000 for the three months ended September 30, 2015 to $536,000 for the three months ended September 30, 2016. The $450,000 increase in wine and hotel cost of sales results was partially offset by a $359,000 decrease in cost of sales resulting from the impact of the decline in the value of the Argentine peso vis-à-vis the U.S. dollar in the third quarter of 2016 compared to the same quarter in 2015.

Selling and marketing expenses

Selling and marketing expenses were approximately $2,000 and $40,000 for the three months ended September 30, 2016 and 2015, respectively, representing a decrease of $38,000 or 94% primarily due to a decrease in marketing costs resulting from the renegotiation of pricing with certain marketing providers and consultants, and the reduction in public relations and marketing campaigns from the prior period.

General and administrative expenses

General and administrative expenses were approximately $1.9 million for the three months ended September 30, 2016, as compared to $1.7 million for the three months ended September 30, 2015, representing an increase of $0.2 million or 12%. Significant variations in general and administrative expense included a $0.3 million increase in stock based compensation resulting from the vesting of restricted stock and warrants issued to consultants in connection with the Company’s entry into agreements for financial advisory and investor relations services, a $0.1 million increase in professional fees, and a $0.1 million increase in occupancy costs and office expenses, which were offset by a $0.1 million decrease from the impact of the fluctuations in exchange rate the Argentine peso to the United States dollar; and $0.2 million decreases in commissions and stock based compensation to registered representatives due to reduced capital raises.

Depreciation and amortization expense

Depreciation and amortization expense was approximately $11,000 and $54,000 during the three months ended September 30, 2016 and 2015, respectively, representing a decrease of $43,000 or 79%. The decrease in depreciation charges is attributable to fully depreciated hotel assets, as well as to the decline of in value of the Argentine peso vis-à-vis the U.S. dollar as most of our property and equipment is located in Argentina.

Interest expense, net

Interest expense was approximately $53,000 and $34,000 during the three months ended September 30, 2016 and 2015, respectively, representing an increase of $19,000 or 56% resulting from interest accrued related to deferred salary obligations.

Nine months ended September 30, 2016 compared to nine months ended September 30, 2015

Overview

We reported net losses of approximately $7.4 million and $6.5 million for the nine months ended September 30, 2016 and 2015, respectively, reflecting an increase in net losses of $0.9 million or 14%. The increase in net loss is primarily due to an approximately $0.9 million non-cash charge resulting from the issuance of stock for no consideration to our existing stockholders, in order to effectively reduce the price of shares previously purchased for $2.50 per share, to $2.00 per share.

Revenues

Revenues were approximately $1.1 million and $1.4 million during the nine months ended September 30, 2016 and 2015, respectively, reflecting a decrease of $0.3 million or 21%. Decreases of $0.8 million resulting from the decline in the value of the Argentine peso vis-à-vis the U.S. dollar and a $0.1 decrease in broker-dealer revenues were partially offset by increases of $0.3 million in hotel revenues and $0.3 million in wine and agricultural sales.

Gross loss

We generated a gross loss of approximately $165,000 and $131,000, for the nine months ended September 30, 2016 and 2015, respectively, representing an increase in gross loss of $34,000. The unfavorable variance results primarily from the aforementioned decrease in broker-dealer revenues, for which costs of sales are relatively fixed, and from the impact of the decline in the value of the Argentine peso vis-à-vis the U.S. dollar i n the first nine months of 2016 compared to the comparable period in 2015.

Cost of sales, which consists of raw materials, direct labor and indirect labor associated with our business activities, decreased by approximately $290,000, from $1,565,000 for the nine months ended September 30, 2015 to approximately $1,275,000 for the nine months ended September 30, 2016. Increases in (i) costs of hotel revenues of $280,000; (ii) cost of wine sales of $231,000, and (iii) other costs of sales of $8,000 were offset by a $809,000 decrease in costs of sales resulting from the impact of the decline in the value of the Argentine peso vis-à-vis the U.S. dollar in the first nine months of 2016 compared to the comparable period in 2015.

Selling and marketing expenses

Selling and marketing expenses were approximately $85,000 and $177,000, for the nine months ended September 30, 2016 and 2015, respectively, representing a decrease of $92,000 or 52%. The decrease is primarily attributable to a decrease in marketing costs resulting from the renegotiation of pricing with certain marketing providers and consultants, and the reduction in public relations and marketing campaigns as compared to the same period in 2015.

General and administrative expenses

General and administrative expenses were approximately $6.0 million and $5.9 million for the nine months ended September 30, 2016 and 2015, respectively, representing an increase of $0.1 million or 1%. Significant variances in general and administrative expense included a $0.7 million increase in stock-based compensation resulting from the vesting of restricted stock and warrants issued to consultants and $0.3 million increase in consulting expenses in connection with the Company’s entry into agreements for financial advisory and investor relations services, as well as an increase in severance costs during the period of $0.3 million. These increases were offset by a $0.6 million decrease resulting from the impact of the decline in the value of the Argentine peso vis-à-vis the U.S. dollar for the nine months ended September 30, 2016 as compared to the same period in 201, as well as a $0.3 million decrease in administrative compensation expense, primarily due to staff reductions during the period and a $0.3 million decrease in commissions and stock-based compensation to registered representatives.

Depreciation and amortization expense

Depreciation and amortization expense was approximately $63,000 and $185,000 during the nine months ended September 30, 2016 and 2015, respectively, representing a decrease of $122,000 or 66%. It should be noted that an additional $38,000 and $132,000 of depreciation and amortization expense was capitalized to inventory during the nine months ended September 30, 2016 and 2015, respectively. The decrease in depreciation charges is attributable to fully depreciated hotel assets, as well as to the decline of in value of the Argentine peso vis-à-vis the U.S. dollar as most of our property and equipment is located in Argentina.

Interest expense, net

Interest expense was approximately $144,000 and $188,000 during the nine months ended September 30, 2016 and 2015, respectively, representing a decrease of $44,000 or 23% resulting primarily from the impact of the decline in the value of the Argentine peso vis-à-vis the U.S. dollar for the nine months ended September 30, 2016 as compared to the same period in 2015.

Common stock price modification

We recognized common stock price modification expense of approximately $942,000 during the nine months ended September 30, 2016, related to the issuance of 470,771 shares of our common stock for no consideration, to investors who had previously purchased shares at a price of $2.50 per share, in order to effectively reduce their per share price to $2.00 per share.

Warrant modification expense

Warrant modification expense of approximately of $69,000 during the nine months ended September 30, 2016 is related to the modification of the warrants (the “CAP Warrants”) previously issued to registered representatives of our subsidiary DPEC Capital, Inc. (“CAP”) who acted as the Company’s placement agent. On June 1, 2016, the Company modified CAP Warrants granted between December 2015 and May 2016, such that the exercise price was adjusted from $2.50 per share to $2.00 per share, and the aggregate number of shares available to be purchased in connection with the warrants was increased from 198,807 to 245,883 shares.

Liquidity and Capital Resources

We measure our liquidity a variety of ways, including the following:

	September 30, 2016			December 31, 2015

Cash	$	589,935		$	110,645

Working Capital Deficiency	$	(570,059	)	$	(1,477,183	)

Based upon our working capital situation as of September 30, 2016, we require additional equity and/or debt financing in order to sustain operations. These conditions raise substantial doubt about our ability to continue as a going concern.

We have relied primarily on debt and equity private placement offerings to third party independent, accredited investors to sustain operations. These offerings were conducted by our wholly-owned subsidiary DPEC Capital, Inc. Additionally, from time to time, we secured individual, direct loans from our CEO and other shareholders.

During the nine months ended September 30, 2016, we issued common stock to accredited investors in a private placement transaction for gross proceeds of $5,547,590. The proceeds from these financing activities were used to fund our existing operating deficits, legal and accounting expenses associated with being a public company, capital expenditures associated with our real estate development projects, enhanced marketing efforts to increase revenues and the general working capital needs of the business.

Availability of Additional Funds

As a result of the above developments, we have been able to sustain operations. However, we will need to raise additional capital in order to meet our future liquidity needs for operating expenses, additional capital expenditures for the winery expansion and to further invest in our real estate development. If we are unable to obtain adequate funds on reasonable terms, we may be required to significantly curtail or discontinue operations.

Sources and Uses of Cash for the Nine Months Ended September 30, 2016 and 2015

Net Cash Used in Operating Activities

Net cash used in operating activities for the nine months ended September 30, 2016 and 2015 amounted to approximately $4,785,000 and $5,737,000, respectively. During the nine months ended September 30, 2016, the net cash used in operating activities was primarily attributable to the net loss of approximately $7,438,000 adjusted for approximately $2,831,000 of net non-cash expenses, and approximately $178,000 of cash used by changes in the levels of operating assets and liabilities. During the nine months ended September 30, 2015, the net cash used in operating activities was primarily attributable to the net loss of approximately $6,535,000 adjusted for approximately $1,360,000 of non-cash expenses, and approximately $562,000 of cash used in by changes in the levels of operating assets and liabilities.

Net Cash Used in Investing Activities

Net cash used in investing activities for the nine months ended September 30, 2016 and 2015 amounted to approximately $260,000 and $370,000, respectively, and was primarily related to the purchase of property and equipment.

Net Cash Provided by Financing Activities

Net cash provided by financing activities for the nine months ended September 30, 2016 and 2015 amounted to approximately $5,498,000 and $5,494,000, respectively. For the nine months ended September 30, 2016, the net cash provided by financing activities resulted primarily from the offering of equity securities for proceeds of approximately $5,548,000, partially offset by the repayments of debt of $50,000. For the nine months ended September 30, 2015, the net cash provided by financing activities resulted primarily from the offering of equity securities for proceeds of approximately $5,644,000, partially offset by the repayment of debt of $150,000.

Going Concern and Management’s Liquidity Plans

The accompanying condensed consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. As discussed in Note 2 to the accompanying condensed consolidated financial statements, we have not achieved a sufficient level of revenues to support our business and development activities and have suffered substantial recurring losses from operations since our inception, which conditions raise substantial doubt that we will be able to continue operations as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if we were unable to continue as a going concern.

Based on current cash on hand and subsequent activity as described herein, our cash-on-hand only allows us to operate our business operations through January 2017. While we are exploring opportunities with third parties and related parties to provide some or all of the capital we need over the short and long terms, we have not entered into any external agreement to provide us with the necessary capital. Historically, the Company has been successful in raising funds to support our capital needs. If we are unable to obtain additional financing on a timely basis, we may have to delay vendor payments and/or initiate cost reductions, which would have a material adverse effect on our business, financial condition and results of operations, and ultimately we could be forced to discontinue our operations, liquidate and/or seek reorganization under the U.S. bankruptcy code. As a result, our auditors have issued a going concern opinion in conjunction with their audit of our December 31, 2015 and 2014 consolidated financial statements.

Off-Balance Sheet Arrangements

None.

Contractual Obligations

As a smaller reporting company, we are not required to provide the information requested by paragraph (a)(5) of this Item.

Critical Accounting Policies and Estimates

There are no material changes from the critical accounting policies set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our Annual Report on Form 10-K filed with the SEC on March 30, 2016, as amended on March 31, 2016. Please refer to that document for disclosures regarding the critical accounting policies related to our business.

New Accounting Pronouncements

We have implemented all new accounting standards that are in effect and may impact our condensed consolidated financial statements and we do not believe that there are any other new accounting standards that have been issued that might have a material impact on our financial position or results of operations, except as disclosed below.

In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. We are currently evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements or disclosures.

In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this update clarify the following two aspects to Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The entity first identifies the promised goods or services in the contract and reduce the cost and complexity. An entity evaluates whether promised goods and services are distinct. Topic 606 includes implementation guidance on determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). We are currently evaluating the impact of the adoption of ASU 2016-10 on its consolidated financial statements or disclosures.

In May 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“Update 2016-12”), amending Update 2014-09. The amendments do not change the core principles of Update 2014-09, but clarify matters related to assessment of a collectability criterion, presentation of sales and other taxes collected from customers, non-cash consideration, contract modifications at transition and completed contracts at transition. The requirements for these standards relating to Topic 606 will be effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. We are currently evaluating the impact of the updated requirements on its consolidated financial statements.

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-15, “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230)” which provides guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows in order to reduce diversity in practice. The ASU is effective for interim and annual periods beginning after December 15, 2017 with early adoption permitted. We are currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosure About Market Risk

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

Item 4: Controls and Procedures

Disclosure Controls and Procedures

Our management carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer (who is our Principal Executive Officer) and our Chief Financial Officer (who is our Principal Financial Officer and Principal Accounting Officer), of the effectiveness of the design of our disclosure controls and procedures (as defined by Exchange Act Rules 13a-15(e) or 15d-15(e)) as of September 30, 2016, pursuant to Exchange Act Rule 13a-15(b). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2016.

Changes in Internal Control over Financial Reporting

During the nine months ended September 30, 2016, there were no changes in our internal controls over financial reporting, or in other factors that could significantly affect these controls, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations of Controls

Management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and all fraud. Controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or deterioration in the degree of compliance with the policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

From time to time AWLD and its subsidiaries and affiliates are subject to litigation and arbitration claims incidental to its business. Such claims may not be covered by its insurance coverage, and even if they are, if claims against AWLD and its subsidiaries are successful, they may exceed the limits of applicable insurance coverage. Additionally, as participants in the heavily-regulated securities industry, CAP and its associated persons have been named as respondents in certain regulatory proceedings.

Certain Regulatory Matters and Customer Arbitrations

Customer Arbitrations and Complaints

There are no pending customer arbitrations or complaints pertaining to DPEC Capital or any of its associated persons.

Item 1A. Risk Factors

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item. However, our current risk factors are set forth in our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 30, 2016, as amended on March 31, 2016.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuances of Shares, Options and Warrants

Between September 1, 2016 and November 11, 2016, Algodon Wines & Luxury Development Group, Inc. (the “Company”) issued 763,289 shares of its common stock at a price of $2.00 per share to accredited investors in a private placement transaction for gross proceeds of $1,526,577. Commissions in the form of cash of $152,657 and 76,329 warrants to purchase common stock at $2.00 per share were paid to DPEC Capital, Inc., the Company’s registered broker dealer subsidiary in connection with these share issuances. DPEC Capital, Inc., in turn, awarded such warrants to its registered representatives. The investors and registered representatives all had sufficient knowledge and experience in financial, investment and business matters to be capable of evaluating the merits and risks of investment in the Company and able to bear the risk of loss. For this sale of securities, the Company relied on the exemption from registration available under Section 4(a)(2) and Rule 506(b) of Regulation D promulgated under the Securities Act with respect to transactions by an issuer not involving any public offering. No general solicitation was used in this offering. A Form D was filed on October 8, 2015.

On July 11, 2016, the Board of Directors of the Company adopted the 2016 Stock Option Plan (the “2016 Plan”). On July 19, 2016, options to purchase a total of 400,000 shares were granted to two directors at an exercise price of $2.20 per share. On October 20, 2016, the Board adopted amendments to the 2016 Plan to clarify certain items in Section 2—Definitions and Section 4—Shares Available for Awards. On or about October 20, 2016, the Company granted options to purchase a total of 500,000 shares of common stock at an exercise price of $2.20 to certain employees of the Company pursuant to the 2016 Stock Option Plan, as amended.

Other than previously reported, there have been no unregistered sales of equity securities during the nine month period ended September 30, 2016.

Quotation on OTC Bulletin Board and OTC Link

On January 20, 2016 FINRA cleared the Company’s request to submit quotations on the OTC Bulletin Board and in OTC Link. In addition, the Company submitted its application for quotation on the OTCQB marketplace which was approved on March 7, 2016. The first trade on the over-the-counter market occurred on September 23, 2016.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine and Safety Disclosure

Not applicable.

Item 5. Other Information

On or about October 28, 2016, the Company terminated its agreement with Maxim Group LLC (“Maxim”) to provide general financial advisory and investment banking services to the Company. In connection with the termination, the Company is currently in negotiations with Maxim for a return of a portion of the 350,000 shares of common stock valued at $2.50 per share previously issued to Maxim but there can be no assurance that any shares will be returned.

Item 6. Exhibits

The following is a complete list of exhibits filed as part of this Form 10-Q. Exhibit numbers correspond to the numbers in the Exhibit Table of Item 601 of Regulation S-K.

Exhibit		Description

3.1		Amended and Restated Certificate of Incorporation filed September 30, 2013 ⁽¹⁾
3.2		Amended and Restated Bylaws ⁽¹⁾
3.3		Amended and Restated Certificate of Designation of the Series A Preferred filed September 30, 2013 ⁽¹⁾
4.1		2016 Stock Option Plan as adopted by the Board of Directors on July 11, 2016.^*
4.2		First Amendment to 2016 Stock Option Plan as adopted by the Board of Directors on October 20, 2016.^*
10.1		Investor Relations Consulting Agreement between MZHCI, LLC and the Company, dated April 8, 2016 ⁽³⁾
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act.*
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act.*
32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S. C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.**

101.INS		XBRL Instance Document*
101.SCH		XBRL Taxonomy Extension Schema Document*
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document*

	(1)	Incorporated by reference from the Company’s Registration of Securities Pursuant to Section 12(g) on Form 10 dated May 14, 2014.
	(2)	Incorporated by reference to the Company’s Annual Report on Form 10-K dated March 30, 2016, as amended on March 31, 2016.
	(3)	Incorporate by reference to the Company’s Form 10-Q filed on May 16, 2016.
	*	Filed herewith.
	**	Furnished and not filed herewith.

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 14, 2016	ALGODON WINES & LUXURY DEVELOPMENT GROUP, INC.

	By:	/s/ Scott L. Mathis
		Scott L. Mathis
		Chief Executive Officer

	By:	/s/ Maria Echevarria
		Maria Echevarria
		Chief Financial Officer and Chief Operating Officer

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934

I, Scott L. Mathis, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Algodon Wines & Luxury Development Group, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 14, 2016	By:	/s/ Scott L. Mathis
	Name:	Scott L. Mathis
	Title:	Chief Executive Officer
		(Principal Executive Officer)

EX-31.2 3 ex31-2.htm

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934

I, Maria Echevarria, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Algodon Wines & Luxury Development Group, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

November 14, 2016	By:	/s/ Maria Echevarria
	Name:	Maria I. Echevarria
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-32 4 ex32.htm

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Algodon Wines & Luxury Development Group, Inc. (the “Company’s Quarterly Report”) on Form 10-Q for the period ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Scott L. Mathis, as Chief Executive Officer and principal executive officer and Maria I. Echevarria, as Chief Financial Officer and principal financial officer of the Company hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of the undersigned’s knowledge and belief, that:

	1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

	2.	Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

	/s/ Scott L. Mathis
	Scott L. Mathis
	Chief Executive Officer and Principal Executive Officer

	Dated: November 14, 2016

	/s/ Maria I. Echevarria
	Maria I. Echevarria
	Chief Financial Officer and Principal Financial Officer

	Dated: November 14, 2016

This certification accompanies this Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

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400000

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30,</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 115%">Options</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">7,524,265</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">8,956,311</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Warrants</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,350,895</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total potentially dilutive shares</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,279,481</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">10,307,206</td> <td style="line-height: 115%"> </td></tr> </table>

Investments – Related Parties at Fair Value     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%">As of September 30, 2016</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 1</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 2</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 3</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; line-height: 115%">Warrants- Affiliates</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">59,944</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">59,944</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; line-height: 115%">As of December 31, 2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 1</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 2</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 3</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Warrants- Affiliates</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">127,202</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">127,202</td> <td style="line-height: 115%"> </td></tr> </table>

A reconciliation of Level 3 assets is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Warrants</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%; line-height: 115%">Balance - December 31, 2015</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">127,202</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Received</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">27,703</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Allocated to employees as compensation</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(19,393</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Unrealized loss</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(75,568</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Balance - September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">59,944</td> <td style="line-height: 115%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30,2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31,2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accumulated unrealized (losses) gains related to investments at fair value</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(58,349</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(33,058</td> <td style="line-height: 115%">)</td></tr> </table>

Accrued expenses are comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 46%; line-height: 115%">Accrued compensation and payroll taxes</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 24%; text-align: right; line-height: 115%">1,181,503</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 24%; text-align: right; line-height: 115%">1,400,498</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Accrued taxes payable</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">127,476</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">97,428</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accrued interest</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">261,133</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">255,497</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Other accrued expenses</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">197,097</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">116,385</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Accrued expenses, current</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,767,209</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1,869,808</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Accrued payroll tax obligations, non-current</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">344,770</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">399,119</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 20pt; line-height: 115%">Total accrued expenses</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,111,979</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2,268,927</td> <td> </td></tr> </table>

The Company’s debt obligations consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Principal</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Interest [1]</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Principal</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Interest [1]</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 30%; line-height: 115%">8% Convertible Notes</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 8%; text-align: right; line-height: 115%">187,500</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">245,341</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 8%; text-align: right; line-height: 115%">432,841</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 8%; text-align: right; line-height: 115%">237,500</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">220,884</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 8%; text-align: right; line-height: 115%">458,384</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">12.5% Convertible Notes</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">50,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">34,613</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">84,613</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">187,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">245,341</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">432,841</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">287,500</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">255,497</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">542,997</td> <td style="line-height: 115%"> </td></tr> </table>   [1] Accrued interest is included as a component of accrued expenses on the condensed consolidated balance sheets.

A summary of warrant activity during the nine months ended September 30, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Remaining Life in Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Intrinsic Value</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 25%; line-height: 115%">Outstanding, December 31, 2015</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">1,382,186</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 16%; text-align: right; line-height: 115%">2.21</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Issued</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">373,030</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.10</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Exercised </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Cancelled</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding, September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.19</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.87</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercisable, September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.19</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.87</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> </table>

A summary of outstanding and exercisable warrants as of September 30, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="8" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Warrants Oustanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Warrants Exercisable</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exercisable Info</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Outstanding Number of Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Remaining Life In Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exercisable Number of Warrants</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">2.00</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 44%; padding-left: 5.4pt; text-align: center; line-height: 115%">Common Stock</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">706,672</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">4.1</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">706,672</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">2.50</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">Common Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">75,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.5</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">75,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">2.30</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">Preferred Stock</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">973,544</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.8</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">973,544</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td></tr> </table>

A summary of options activity during the nine months ended September 30, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Weighted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Weighted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Average</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Average</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Remaining</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Number of</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Exercise</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Intrinsic</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">In Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Value</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 25%; line-height: 115%">Outstanding, December 31, 2015</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">8,939,436</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">2.70</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">400,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.20</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Expired</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(1,771,421</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.85</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Forfeited</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(43,750</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">2.32</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Outstanding, September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,524,265</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.40</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.8</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Exercisable, September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4,797,292</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.46</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.4</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> </table>

The following table presents information related to stock options at September 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options Exercisable</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Weighted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Average</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Exercisable</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; line-height: 115%">Exercise</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Number of</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Remaining Life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Number of</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">In Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">2.20</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 25%; text-align: right; line-height: 115%">2,566,890</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 22%; text-align: right; line-height: 115%">3.9</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 22%; text-align: right; line-height: 115%">810,526</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.48</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4,847,375</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.1</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,883,641</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.30</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">10,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.7</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,125</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.50</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">25,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.7</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">25,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.85</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">75,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.5</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">75,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,524,265</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.4</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4,797,292</td> <td style="line-height: 115%"> </td></tr> </table>

11970

3990

2.50

2.00

2.50

76750

307

76443

30700

260338

369873

34701

0.1182 0.958 941530 68548 68548 68548 470771 941530 4708 936822

100000

37052

19393

1809

37052

500000 25000

88344

1511

238517

60641

52928

27703

185589

-6815

185589

5304

52928

The owners of more than 5% of that entity include (i) AWLD’s chairman, and (ii) a more than 5% owner of AWLD.

380472

392077

377000

376000

2.50

150000 75000 75000 250954 65854 47076 112407 327351 198807 245883 2020-12-31 763539 2.00 2.00 2.00 2211890 2201890 10000 400000 400000 100000

P5Y

2.20

3.30

0.64

2.20

0.64

P4Y

P2Y4M24D

0.04 0.05 0.05 0.05

0.000

0.460

0.468

0.460

0.470

P5Y

0.0116

0.0150

0.0114

0.0137

2.20

3.85

In applying the Black-Scholes option price model to value the warrants, the Company used the following weighted average assumptions:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">For the three months ended September 30,</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">For the nine months ended September 30,</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; line-height: 115%">Risk free interest rate</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">1.14</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">1.37</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">1.16</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">1.50</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected term (years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Expected volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">47.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.8</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected dividends</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.00</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.0</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Forfeiture rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5</td> <td style="line-height: 115%">%</td></tr> </table> 542997 84613 458384 432841 432841

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font: 11pt/115% Calibri, Helvetica, Sans-Serif">3.</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td></tr> </table>   Basis of Presentation   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of September 30, 2016, and for the three and nine months ended September 30, 2016 and 2015. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the operating results for the full year. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2016, as amended on March 31, 2016. The condensed consolidated balance sheet as of December 31, 2015 has been derived from the Company’s audited consolidated financial statements.   Use of Estimates   To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, the Company must make estimates and assumptions. These estimates and assumptions affect the reported amounts in the financial statements, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and related assumptions made by the Company relate to the valuation of equity instruments, the useful lives of property and equipment and reserves associated with the realizability of certain assets.   Segment Information   The Financial Accounting Standards Board (“FASB”) has established standards for reporting information on operating segments of an enterprise in interim and annual financial statements. The Company operates in one segment which is the business of real estate development in Argentina. The Company’s chief operating decision-maker reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating segment. Certain activities of the Company such as the U.S. Broker Dealer Operations, are considered a service or support division to the Company, by providing capital raising efforts, substantially to support the AWLD real estate development activities, and are not considered a business for segment purposes.   Reclassifications   Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications have no effect on previously reported results of operations or loss per share.   Foreign Currency Translation   The Company’s functional and reporting currency is the United States dollar. The functional currencies of the Company’s operating subsidiaries are their local currencies (United States dollar, Argentine peso and British pound). There has been a steady devaluation of the Argentine peso relative to the United States dollar in recent years. Assets and liabilities are translated into U.S. dollars at the balance sheet date (15.3338 and 12.9441 at September 30, 2016 and December 31, 2015, respectively) and revenue and expense accounts are translated at a weighted average exchange rate for the period or for the year then ended (14.5245 and 8.9612 for the nine months ended September 30, 2016 and 2015, respectively). Resulting translation adjustments are made directly to accumulated other comprehensive income. The Company engages in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies.   A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the functional currency of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The official cumulative inflation rate for Argentina over the last three calendar years approximated 61.4%, although the International Monetary Fund has concerns regarding the accuracy of the official data.   Property and Equipment   Investments in property and equipment are recorded at cost. These assets are depreciated using the straight-line method over their estimated useful lives. Most of the Company’s assets are located in Argentina and are subject to variation as a result of foreign currency translation.   The Company capitalizes internal vineyard improvement costs when developing new vineyards or replacing or improving existing vineyards. These costs consist primarily of the costs of the vines and expenditures related to labor and materials to prepare the land and construct vine trellises. Expenditures for repairs and maintenance are charged to operating expense as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts at the time of disposal and resulting gains and losses are included as a component of operating income. Real estate development consists of costs incurred to ready the land for sale, including primarily costs of infrastructure as well as master plan development and associated professional fees. Given that they are not currently in service, the assets are currently not being depreciated.   Stock-Based Compensation   The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on financial reporting dates and vesting dates until the service period is complete. The fair value amount of the shares expected to ultimately vest is then recognized over the period services are required to be provided in exchange for the award, usually the vesting period. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience.   Concentrations   The Company maintains cash with major financial institutions. Cash held in US bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. No similar insurance or guarantee exists for cash held in Argentina bank accounts. There were aggregate uninsured cash balances of $255,745 and $45,055 at September 30, 2016 and December 31, 2015, respectively.   Comprehensive Income (Loss)   Comprehensive income (loss) is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. The guidance requires other comprehensive income (loss) to include foreign currency translation adjustments.   Revenue Recognition   The Company earns revenues from its real estate, hospitality, food & beverage, broker-dealer and other related services. Revenues from rooms, food, and beverage and other operating departments are recognized as earned at the time of sale or rendering of service. Cash received in advance of the sale or rendering of services is recorded as advance deposits or deferred revenue on the condensed consolidated balance sheets. Deferred revenues associated with real estate lot sale deposits are recognized as revenues (along with any outstanding balance) when the lot sale closes and the deed is provided to the purchaser. Other deferred revenues primarily consist of deposits accepted by the Company in connection with agreements to sell barrels of wine. These wine barrel deposits are recognized as revenues (along with any outstanding balance) when the barrel of wine is shipped to the purchaser. Sales taxes and value added (“VAT”) taxes collected from customers and remitted to governmental authorities are presented on a net basis within revenues in the condensed consolidated statements of operations.   Net Loss per Common Share   Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options and warrants and the conversion of convertible instruments.   The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30,</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 115%">Options</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">7,524,265</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">8,956,311</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Warrants</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,350,895</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total potentially dilutive shares</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,279,481</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">10,307,206</td> <td style="line-height: 115%"> </td></tr> </table>   New Accounting Pronouncements   In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements or disclosures.   In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this update clarify the following two aspects to Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The entity first identifies the promised goods or services in the contract and reduce the cost and complexity. An entity evaluates whether promised goods and services are distinct. Topic 606 includes implementation guidance on determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The Company is currently evaluating the impact of the adoption of ASU 2016-10 on its consolidated financial statements or disclosures.   In May 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“Update 2016-12”), amending Update 2014-09. The amendments do not change the core principles of Update 2014-09, but clarify matters related to assessment of a collectability criterion, presentation of sales and other taxes collected from customers, non-cash consideration, contract modifications at transition and completed contracts at transition. The requirements for these standards relating to Topic 606 will be effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of the updated requirements on its consolidated financial statements.   In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-15, “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230)” which provides guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows in order to reduce diversity in practice. The ASU is effective for interim and annual periods beginning after December 15, 2017 with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.   The Company has implemented all new accounting standards that are in effect and may impact its condensed consolidated financial statements and does not believe that there are any other new accounting standards that have been issued that might have a material impact on its financial position or results of operations.

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; font: 11pt/115% Calibri, Helvetica, Sans-Serif">6.</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif">INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS</td></tr> </table>   Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or developed by the Company. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:   Level 1 - Valued based on quoted prices at the measurement date for identical assets or liabilities trading in active markets. Financial instruments in this category generally include actively traded equity securities.   Level 2 - Valued based on (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) from market corroborated inputs. Financial instruments in this category include certain corporate equities that are not actively traded or are otherwise restricted.   Level 3 - Valued based on valuation techniques in which one or more significant inputs is not readily observable. Included in this category are certain corporate debt instruments, certain private equity investments, and certain commitments and guarantees.   The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:   Investments – Related Parties at Fair Value     <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 115%">As of September 30, 2016</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 1</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 2</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 3</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; line-height: 115%">Warrants- Affiliates</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">-</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">59,944</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">59,944</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; line-height: 115%">As of December 31, 2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 1</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 2</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Level 3</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Warrants- Affiliates</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">127,202</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">127,202</td> <td style="line-height: 115%"> </td></tr> </table>   A reconciliation of Level 3 assets is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Warrants</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%; line-height: 115%">Balance - December 31, 2015</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 18%; text-align: right; line-height: 115%">127,202</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Received</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">27,703</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Allocated to employees as compensation</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(19,393</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Unrealized loss</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(75,568</td> <td style="line-height: 115%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Balance - September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">59,944</td> <td style="line-height: 115%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30,2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31,2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Accumulated unrealized (losses) gains related to investments at fair value</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(58,349</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">(33,058</td> <td style="line-height: 115%">)</td></tr> </table>   It is the Company’s policy to distribute part or all of the warrants CAP earns through serving as placement agent on various private placement offerings for a related but independent entity under common management, to registered representatives or other employees who provided investment banking services. The Company recorded $1,809 and $19,393 of compensation expense (fair value) related to these distributed warrants for the three and nine months ended September 30, 2016, respectively. The Company recorded $37,052 compensation expense (fair value) related to these distributed warrants for the three and nine months ended September 30, 2015. Warrants retained by the Company’s broker-dealer subsidiary are marked to market at each reporting date using the Black-Scholes option pricing model. Unrealized losses on affiliate warrants of $28,079 and $75,568 recorded during the three and nine months ended September 30, 2016 and $29,772 and $170,210 for the three and nine months ended September 30, 2015, respectively, are included in revenues on the accompanying condensed consolidated statements of operations.   The fair value of the warrants was determined based on the Black-Scholes option pricing model, which requires the input of highly subjective assumptions, including the expected share price volatility. Given that such shares were not publicly-traded through September 30, 2016, the Company developed an expected volatility figure based on a review of the historical volatilities, over a period of time, of similarly positioned public companies within the industry.   The Company’s short term financial instruments include cash, accounts receivable, advances and loans to registered representatives, accounts payable, accrued expenses, deferred revenue, other liabilities, loans payable and debt obligations. The carrying value of these instruments approximate fair value, as they bear terms and conditions comparable to market, for obligations with similar terms and maturities.

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 11pt/115% Calibri, Helvetica, Sans-Serif">12.</td> <td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif">STOCKHOLDERS EQUITY</td></tr> </table>   Common Stock   During the nine months ended September 30, 2016, the Company issued 1,608,200 shares of common stock at $2.50 per share and 763,539 shares of common stock at $2.00 per share for aggregate cash proceeds of $5,547,590.   On June 1, 2016, the Company issued an additional 470,771 common shares for no consideration, to investors who had purchased shares between December 2015 and May 2016 at a price of $2.50 per share, in order to effectively reduce the per share price to $2.00 per share. The Company recorded a charge of $941,530 related to the issuance of these shares during the three and nine months ended September 30, 2016, which is recorded as common stock price modification expense in the accompanying condensed consolidated statements of operations.   Restricted Stock Awards   On January 11, 2016, the Company issued 350,000 shares of restricted stock with a grant date value of $875,000 to Maxim Group, LLC (Maxim), in connection with entering into an agreement with Maxim for general financial advisory and investment banking services. The shares vested 11.11% in connection with the execution of the agreement, and vest 11.11% monthly thereafter. The shares are marked to market when they vest, and unvested shares are marked to market at each reporting period, with the current fair value expensed over the vesting period. During the three and nine months ended September 30, 2016, the Company recognized $233,333 and $797,222 of stock-based compensation expense related to the vesting of this award, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. The shares are fully vested and there is no unrecognized stock based-compensation related to these shares as of as of September 30, 2016.   On or about October 28, 2016, the Company terminated its agreement with Maxim. In connection with the termination, the Company is currently in negotiations with Maxim for a return of a portion of the 350,000 shares of common stock valued at $2.50 per share previously issued to Maxim but there can be no assurance that any shares will be returned.   Application for Quotation on OTC Bulletin Board   On January 20, 2016 FINRA cleared the Companys request to submit quotations on the OTC Bulletin Board and in OTC Link. In addition, the Company submitted its application for quotation on the OTCQB marketplace which was approved on March 7, 2016. The Companys common stock began trading in the over-the-counter market on September 23, 2016.   Accumulated Other Comprehensive Loss   For three and nine months ended September 30, 2016, the Company recorded $(142,900) and $(678,365), respectively, of foreign currency translation adjustments as accumulated other comprehensive loss, and for the three and nine months ended September 30, 2015, the Company recorded $(115,931) and $(133,344), respectively, of foreign currency translation adjustments as accumulated other comprehensive loss.   Warrants   Pursuant to the Companys Investor Relations Consulting Agreement (see Note 13 Commitments and Contingencies Commitments), the Company granted five-year warrants for the purchase of 75,000 shares of the Companys common stock to MZCHI on April 18, 2016 and will grant five-year warrants for the purchase of an additional 75,000 shares of the Companys common stock on October 18, 2016 (collectively, the IR Warrants). (See Note 14 Subsequent Events). The warrants have an exercise price of $2.50 per share, and vest three months from the date of grant. As of the effective date of the agreement, the IR Warrants had an aggregate value of $103,500, and the unvested warrants are subject to mark to market adjustments at each reporting and vest date, and which is amortized through the vesting period for each respective grant. During the three and nine months ended September 30, 2016, the Company recorded $20,730 and $78,927 of stock-based compensation related to the amortization of the IR Warrants, which is recorded within general and administrative expense in the condensed consolidated statements of operations.   During the three and nine months ended September 30, 2016, in connection with the sale of its equity securities, the Company issued five-year warrants (the CAP Warrants) to its subsidiary CAP, who acted as placement agent, to purchase 65,854 and 250,954 shares of its common stock, with a weighted average grant date value of $0.82 and $0.96 per share, respectively. Warrants granted between January 1, 2016 and May 31, 2016 were granted with an exercise price of $2.50 per share and warrants granted between June 1, 2016 and September 30, 2016 had an exercise price of $2.00 per share. On June 1, 2016, the exercise price of warrants granted from December 2015 through May 2016 was reduced to $2.00 per share and the quantity of shares available to be issued pursuant to the warrants was increased, in the aggregate, by 47,076 shares (See Modification of Warrants, below). During the three and nine months ended September 30, 2015, in connection with the sale of its equity securities, the Company issued five-year warrants to its subsidiary CAP, who acted as placement agent, to purchase 112,407 and 327,351 shares, respectively, of its common stock with an exercise price of $2.00 per share, which had a weighted average grant date value per share of $0.84 and $0.84, respectively.   CAP, in turn, awarded the above-mentioned warrants to its registered representatives and recorded $45,900 and $203,425, of stock-based compensation expense for three and nine months ended September 30, 2016, and $80,259 and $235,105, of stock-based compensation expense for the three and nine months ended September 30, 2015, respectively, within general and administrative expense in the condensed consolidated statements of operations.   In applying the Black-Scholes option price model to value the warrants, the Company used the following weighted average assumptions:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">For the three months ended September 30,</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">For the nine months ended September 30,</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="text-align: center; line-height: 115%"> </td> <td style="text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="text-align: center; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 48%; line-height: 115%">Risk free interest rate</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">1.14</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">1.37</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">1.16</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">1.50</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected term (years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.00</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Expected volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">47.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.8</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected dividends</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.00</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.0</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Forfeiture rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5</td> <td style="line-height: 115%">%</td></tr> </table>   A summary of warrant activity during the nine months ended September 30, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Number of Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Remaining Life in Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Intrinsic Value</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 25%; line-height: 115%">Outstanding, December 31, 2015</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">1,382,186</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 16%; text-align: right; line-height: 115%">2.21</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Issued</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">373,030</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.10</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Exercised </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Cancelled</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Outstanding, September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.19</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.87</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Exercisable, September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.19</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.87</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> </table>   A summary of outstanding and exercisable warrants as of September 30, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="8" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Warrants Oustanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Warrants Exercisable</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exercise Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exercisable Info</td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Outstanding Number of Warrants</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Weighted Average Remaining Life In Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Exercisable Number of Warrants</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 10%; text-align: right; line-height: 115%">2.00</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 44%; padding-left: 5.4pt; text-align: center; line-height: 115%">Common Stock</td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">706,672</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">4.1</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 2%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 10%; text-align: right; line-height: 115%">706,672</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">2.50</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">Common Stock</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">75,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4.5</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">75,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">$</td> <td style="text-align: right; line-height: 115%">2.30</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">Preferred Stock</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">973,544</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.8</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">973,544</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="padding-left: 5.4pt; text-align: center; line-height: 115%">Total</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td></tr> </table>   Modification of Warrants   On June 1, 2016, in connection with the issuance of common stock for the purpose of modifying the investor price per share (see Common Stock, above), the Company modified CAP Warrants granted between December 2015 and May 2016, such that the exercise price was adjusted from $2.50 per share to $2.00 per share, and the aggregate number of shares available to be purchased in connection with the warrants was increased from 198,807 to 245,883 shares. The Company recorded warrant modification expense of $68,548 related to the modification of the CAP Warrants.   Equity Compensation Plan   On July 11, 2016, the Board of Directors of Algodon Wines & Luxury Development Group, Inc. (the Company) adopted the 2016 Stock Option Plan (the 2016 Plan). Under the 2016 Plan, 1,224,308 shares of common stock of the Company are authorized for issuance, with an automatic annual increase on January 1 of each year equal to 2.5% of the total number of shares of common stock outstanding on such date, on a fully diluted basis.   Stock Options   The Company has computed the fair value of options granted using the Black-Scholes option pricing model. Until September 23, 2016, there was no public trading market for the shares of AWLD common stock underlying the Companys 2008 Equity Incentive Plan (the 2008 Plan) and the 2016 Plan. Accordingly, the fair value of the AWLD common stock was estimated by management based on observations of the cash sales prices of AWLD equity securities. Forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate will be adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate, when it is material. The expected term of options granted to consultants represents the contractual term, whereas the expected term of options granted to employees and directors was estimated based upon the simplified method for plain-vanilla options. Given that the Companys shares were not publicly traded through September 23, 2016, the Company developed an expected volatility figure based on a review of the historical volatilities, over a period of time, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the options. The Company estimated forfeitures related to options at an annual rate of 5% for options outstanding at September 30, 2016   On June 15, 2015, the Company granted five-year options to purchase an aggregate of 2,211,890 shares of common stock to employees, officers, directors and consultants of the Company, pursuant to the 2008 Plan. Options to purchase an aggregate of 2,201,890 shares had an exercise price of $2.20 per share and an option to purchase 10,000 shares of common stock had an exercise price of $3.30 per share. The options vest over a four year period with one-fourth vesting on June 8, 2016 and the remainder vesting quarterly thereafter and had an aggregate grant date value of $1,409,900 ($0.64 per share), of which options granted to employees, officers and directors had an aggregate grant date fair value of $1,251,384, which will be recognized ratably over the vesting period, while options granted to consultants had an aggregate grant date value of $158,516, which will be re-measured on financial reporting dates and vesting dates until the service period is complete.   On July 19, 2016, the Company granted five-year options to purchase a total of 400,000 shares of common stock at an exercise price of $2.20 to two members of the Companys Board of Directors pursuant to the 2016 Plan. The options vested one-third on the date of grant and one-third on each of the two anniversaries subsequent to the date of grant. The options had a grant date value of $0.60 per share, representing an aggregate grant date value of $239,421.   In applying the Black-Scholes option pricing model, the Company used the following weighted average assumptions:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">For The Three Months Ended</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">For The Nine  Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30,</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 115%">Risk free interest rate</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">0.84</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">N/A</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">0.84</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">1.10</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected term (years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.25</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.25</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.59</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Expected volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.1</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.1</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.1</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected dividends</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.0</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Forfeiture rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.0</td> <td style="line-height: 115%">%</td></tr> </table>   During the three and nine months ended September 30, 2016 the Company recorded stock-based compensation expense of $253,856 and $531,292 respectively, and during the three and nine months ended September 30, 2015, the Company recorded stock-based compensation expense of $178,946 and $630,372, respectively, related to stock option grants, which is reflected as general and administrative expenses in the condensed consolidated statements of operations. As of September 30, 2016, there was $1,587,644 of unrecognized stock-based compensation expense related to stock option grants that will be amortized over a weighted average period of 2.4 years, of which $263,594 of unrecognized expense is subject to non-employee mark-to-market adjustments.   A summary of options activity during the nine months ended September 30, 2016 is presented below:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Weighted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Weighted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Average</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Average</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Remaining</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Number of</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Exercise</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Intrinsic</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">In Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Value</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 25%; line-height: 115%">Outstanding, December 31, 2015</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">8,939,436</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">2.70</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 15%; text-align: right; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Granted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">400,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.20</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Exercised</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 115%">Expired</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">(1,771,421</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.85</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 115%">Forfeited</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">(43,750</td> <td style="line-height: 115%">)</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">2.32</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Outstanding, September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,524,265</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.40</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.8</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Exercisable, September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4,797,292</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.46</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">2.4</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">-</td> <td style="line-height: 115%"> </td></tr> </table>   The following table presents information related to stock options at September 30, 2016:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options Exercisable</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Weighted</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Outstanding</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Average</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Exercisable</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center; line-height: 115%">Exercise</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Number of</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Remaining Life</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="text-align: center; line-height: 115%">Number of</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Price</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">In Years</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">Options</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 20%; text-align: right; line-height: 115%">2.20</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 25%; text-align: right; line-height: 115%">2,566,890</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 22%; text-align: right; line-height: 115%">3.9</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 22%; text-align: right; line-height: 115%">810,526</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.48</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">4,847,375</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.1</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,883,641</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.30</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">10,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.7</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3,125</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.50</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">25,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">1.7</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">25,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.85</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">75,000</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.5</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">75,000</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">7,524,265</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">2.4</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">4,797,292</td> <td> </td></tr> </table>

Basis of Presentation   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of September 30, 2016, and for the three and nine months ended September 30, 2016 and 2015. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the operating results for the full year. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2016, as amended on March 31, 2016. The condensed consolidated balance sheet as of December 31, 2015 has been derived from the Company’s audited consolidated financial statements.

Use of Estimates   To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, the Company must make estimates and assumptions. These estimates and assumptions affect the reported amounts in the financial statements, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and related assumptions made by the Company relate to the valuation of equity instruments, the useful lives of property and equipment and reserves associated with the realizability of certain assets.

Segment Information   The Financial Accounting Standards Board (“FASB”) has established standards for reporting information on operating segments of an enterprise in interim and annual financial statements. The Company operates in one segment which is the business of real estate development in Argentina. The Company’s chief operating decision-maker reviews the Company’s operating results on an aggregate basis and manages the Company’s operations as a single operating segment. Certain activities of the Company such as the U.S. Broker Dealer Operations, are considered a service or support division to the Company, by providing capital raising efforts, substantially to support the AWLD real estate development activities, and are not considered a business for segment purposes.

Reclassifications   Certain prior year balances have been reclassified in order to conform to current year presentation. These reclassifications have no effect on previously reported results of operations or loss per share.

Foreign Currency Translation   The Company’s functional and reporting currency is the United States dollar. The functional currencies of the Company’s operating subsidiaries are their local currencies (United States dollar, Argentine peso and British pound). There has been a steady devaluation of the Argentine peso relative to the United States dollar in recent years. Assets and liabilities are translated into U.S. dollars at the balance sheet date (15.3338 and 12.9441 at September 30, 2016 and December 31, 2015, respectively) and revenue and expense accounts are translated at a weighted average exchange rate for the period or for the year then ended (14.5245 and 8.9612 for the nine months ended September 30, 2016 and 2015, respectively). Resulting translation adjustments are made directly to accumulated other comprehensive income. The Company engages in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies.   A highly inflationary economy is defined as an economy with a cumulative inflation rate of approximately 100 percent or more over a three-year period. If a country’s economy is classified as highly inflationary, the functional currency of the foreign entity operating in that country must be remeasured to the functional currency of the reporting entity. The official cumulative inflation rate for Argentina over the last three calendar years approximated 61.4%, although the International Monetary Fund has concerns regarding the accuracy of the official data.

Property and Equipment   Investments in property and equipment are recorded at cost. These assets are depreciated using the straight-line method over their estimated useful lives. Most of the Company’s assets are located in Argentina and are subject to variation as a result of foreign currency translation.   The Company capitalizes internal vineyard improvement costs when developing new vineyards or replacing or improving existing vineyards. These costs consist primarily of the costs of the vines and expenditures related to labor and materials to prepare the land and construct vine trellises. Expenditures for repairs and maintenance are charged to operating expense as incurred. The cost of properties sold or otherwise disposed of and the related accumulated depreciation are eliminated from the accounts at the time of disposal and resulting gains and losses are included as a component of operating income. Real estate development consists of costs incurred to ready the land for sale, including primarily costs of infrastructure as well as master plan development and associated professional fees. Given that they are not currently in service, the assets are currently not being depreciated.

Stock-Based Compensation   The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. For employees and directors, the fair value of the award is measured on the grant date and for non-employees, the fair value of the award is generally re-measured on financial reporting dates and vesting dates until the service period is complete. The fair value amount of the shares expected to ultimately vest is then recognized over the period services are required to be provided in exchange for the award, usually the vesting period. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. The Company considers many factors when estimating expected forfeitures, including types of awards, employee class, and historical experience.

Concentrations   The Company maintains cash with major financial institutions. Cash held in US bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. No similar insurance or guarantee exists for cash held in Argentina bank accounts. There were aggregate uninsured cash balances of $255,745 and $45,055 at September 30, 2016 and December 31, 2015, respectively.

Comprehensive Income (Loss)   Comprehensive income (loss) is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. The guidance requires other comprehensive income (loss) to include foreign currency translation adjustments.

Revenue Recognition   The Company earns revenues from its real estate, hospitality, food & beverage, broker-dealer and other related services. Revenues from rooms, food, and beverage and other operating departments are recognized as earned at the time of sale or rendering of service. Cash received in advance of the sale or rendering of services is recorded as advance deposits or deferred revenue on the condensed consolidated balance sheets. Deferred revenues associated with real estate lot sale deposits are recognized as revenues (along with any outstanding balance) when the lot sale closes and the deed is provided to the purchaser. Other deferred revenues primarily consist of deposits accepted by the Company in connection with agreements to sell barrels of wine. These wine barrel deposits are recognized as revenues (along with any outstanding balance) when the barrel of wine is shipped to the purchaser. Sales taxes and value added (“VAT”) taxes collected from customers and remitted to governmental authorities are presented on a net basis within revenues in the condensed consolidated statements of operations.

Net Loss per Common Share   Basic loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus the impact of common shares, if dilutive, resulting from the exercise of outstanding stock options and warrants and the conversion of convertible instruments.   The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30,</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 115%">Options</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">7,524,265</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 16%; text-align: right; line-height: 115%">8,956,311</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Warrants</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,755,216</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">1,350,895</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Total potentially dilutive shares</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">9,279,481</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">10,307,206</td> <td style="line-height: 115%"> </td></tr> </table>

New Accounting Pronouncements   In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements or disclosures.   In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this update clarify the following two aspects to Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. The entity first identifies the promised goods or services in the contract and reduce the cost and complexity. An entity evaluates whether promised goods and services are distinct. Topic 606 includes implementation guidance on determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The Company is currently evaluating the impact of the adoption of ASU 2016-10 on its consolidated financial statements or disclosures.   In May 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“Update 2016-12”), amending Update 2014-09. The amendments do not change the core principles of Update 2014-09, but clarify matters related to assessment of a collectability criterion, presentation of sales and other taxes collected from customers, non-cash consideration, contract modifications at transition and completed contracts at transition. The requirements for these standards relating to Topic 606 will be effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of the updated requirements on its consolidated financial statements.   In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-15, “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments (Topic 230)” which provides guidance on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows in order to reduce diversity in practice. The ASU is effective for interim and annual periods beginning after December 15, 2017 with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.   The Company has implemented all new accounting standards that are in effect and may impact its condensed consolidated financial statements and does not believe that there are any other new accounting standards that have been issued that might have a material impact on its financial position or results of operations.

Inventory at September 30, 2016 and December 31, 2015 is comprised of the following:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30, 2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">December 31, 2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 27%; line-height: 115%">Vineyard in process</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 37%; text-align: right; line-height: 115%">170,469</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%">$</td> <td style="width: 30%; text-align: right; line-height: 115%">180,582</td> <td style="width: 1%; line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Wine in process</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">705,127</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%">.</td> <td style="text-align: right; line-height: 115%">826,851</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Finished wine</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">210,285</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">104,159</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Other</td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">96,787</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 115%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 115%">72,676</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,182,668</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 115%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%">1,184,268</td> <td style="line-height: 115%"> </td></tr> </table>

Q3 AWLD 42448332 --12-31 false 2016-09-30

797222

3500

793722

350000

In applying the Black-Scholes option pricing model, the Company used the following weighted average assumptions:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">For The Three Months Ended</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="text-align: center; line-height: 115%">For The Nine  Months Ended</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30,</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">September 30, 2016</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2016</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%">2015</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 40%; line-height: 115%">Risk free interest rate</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">0.84</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">N/A</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">0.84</td> <td style="width: 1%; line-height: 115%">%</td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 1%; line-height: 115%"> </td> <td style="width: 12%; text-align: right; line-height: 115%">1.10</td> <td style="width: 1%; line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected term (years)</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.25</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.25</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">3.59</td> <td style="line-height: 115%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Expected volatility</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.1</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.1</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">46.1</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 115%">Expected dividends</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">0.0</td> <td style="line-height: 115%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 115%">Forfeiture rate</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">N/A</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.0</td> <td style="line-height: 115%">%</td> <td style="line-height: 115%"> </td> <td style="line-height: 115%"> </td> <td style="text-align: right; line-height: 115%">5.0</td> <td style="line-height: 115%">%</td></tr> </table>

P5Y P5Y 0.025

0.60

0.0084

0.0110

0.0084

0.00

P3Y3M

P3Y7M2D

P3Y3M

P0Y

0.461

0.00

0.050 0.050 0.050 0.00

1224308

P5Y

75000

2016

350000

22284

30700

103500

239421

1409900

1251384

158516

0001559998 1608200 350000 470771 Accrued interest is included as a component of accrued expenses on the condensed consolidated balance sheets.

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Disclosure - Stockholders' Equity - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) link:presentationLink link:calculationLink link:definitionLink 00000049 - Disclosure - Stockholders' Equity - Schedule of Share-based Compensation, Equity Instruments Other than Options, by Exercise Price Range (Details) link:presentationLink link:calculationLink link:definitionLink 00000050 - Disclosure - Stockholders' Equity - Schedule of Fair Value Assumptions of Stock Option (Details) link:presentationLink link:calculationLink link:definitionLink 00000051 - Disclosure - Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) link:presentationLink link:calculationLink link:definitionLink 00000052 - Disclosure - Stockholders' Equity - Schedule of Share-based Compensation, Shares Outstanding under Stock Option Plans, by Exercise Price Range (Details) link:presentationLink link:calculationLink link:definitionLink 00000053 - Disclosure - Commitments and Contingencies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000054 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 awld-20160930_cal.xml XBRL CALCULATION FILE EX-101.DEF 8 awld-20160930_def.xml XBRL DEFINITION FILE EX-101.LAB 9 awld-20160930_lab.xml XBRL LABEL FILE Options [Member] Option Indexed to Issuer's Equity [Axis] Warrants [Member] Equity Components [Axis] Fair Value, Inputs, Level 1 [Member] Fair Value, Hierarchy [Axis] Investment [Axis] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 3 [Member] 12.5% Convertible Notes [Member] Long-term Debt, Type [Axis] 8% Convertible Notes [Member] 12.5% Convertible Notes [Member] Common Stock [Member] Treasury Stock [Member] Additional Paid-in Capital [Member] Accumulated Other Comprehensive Loss [Member] Accumulated Deficit [Member] Range of Exercise Price 2.00 [Member] Exercise Price Range [Axis] Class of Stock [Axis] Range of Exercise Price 2.30 [Member] Preferred Stock [Member] Range of Exercise Price 2.50 [Member] Common Stock One [Member] Exercise Price Range 2.20 [Member] Exercise Price Range 2.48 [Member] Exercise Price Range 3.30 [Member] Exercise Price Range 3.50 [Member] Exercise Price Range 2.20 [Member] Exercise Price Range 2.48 [Member] Exercise Price Range 3.30 [Member] Exercise Price Range 3.50 [Member] Exercise Price Range 3.85 [Member] Convertible Notes 12.5 Percent [Member] Argentina [Member] Geographical [Axis] Accounting Purposes [Member] Maxim Group LLC [Member] Legal Entity [Axis] Restricted Stock [Member] Subsequent Event [Member] Subsequent Event Type [Axis] 8% Convertible Notes [Member] Expense Sharing Agreement [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Investor Relations Consulting Agreement [Member] MZHCI LLC [Member] Related Party [Axis] Maximum [Member] Range [Axis] October 18, 2016 [Member] Report Date [Axis] Importer Agreement [Member] Importer [Member] Investors [Member] CAP Warrants [Member] Minimum [Member] Employees, Officers, Directors and Consultants [Member] Title of Individual [Axis] 2008 Equity Incentive Plan [Member] Plan Name [Axis] Option One [Member] Option Two [Member] Non-Employee Mark-To-Market Adjustments [Member] 2016 Stock Option Plan [Member] Private Placement [Member] Sale of Stock [Axis] 2016 Plan [Member] 5 Year [Member] Vesting [Axis] Board of Directors [Member] Employee [Member] October 28, 2016 [Member] Consultants [Member] Employees, Officers And Directors [Member] Warrants [Member] Document And Entity Information [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current Assets Cash Accounts receivables, net Accounts receivables - related parties, net Advances and loans to registered representatives, net Inventory Prepaid expenses and other current assets, net Total Current Assets Property and equipment, net Prepaid foreign taxes, net Investment - related parties Deposits Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts payable Accrued expenses Deferred revenue Convertible and non-convertible debt obligations Other liabilities Total Current Liabilities Accrued expenses, non-current portion Total Liabilities Commitments and Contingencies Stockholders' Equity Series A convertible preferred stock, par value $0.01 per share; 11,000,000 shares authorized; 902,670 shares available for issuance; 0 shares issued and outstanding at September 30, 2016 and December 31, 2015 Common stock, par value $0.01 per share; 80,000,000 shares authorized; 42,140,243 and 38,879,333 shares issued and 42,135,832 and 38,874,922 shares outstanding as of September 30, 2016 and December 31, 2015 Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Treasury stock, at cost, 4,411 shares at September 30, 2016 and December 31, 2015 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Preferred stock,, par value Preferred stock, shares authorized Convertible preferred stock, shares reserved for future issuance Preferred stock, shares issued Preferred stock, shares outstanding Common stock, , par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Treasury stock, shares Income Statement [Abstract] Sales Cost of sales Gross (loss) profit Operating Expenses Selling and marketing General and administrative Depreciation and amortization Total operating expenses Loss from Operations Other Expenses Interest expense, net Common stock price modification Warrant modification expense Total other expenses Net Loss Net Loss Per Share: Basic and Diluted Weighted Average Number of Common Shares Outstanding: Basic and Diluted Statement of Comprehensive Income [Abstract] Net Loss Other Comprehensive Loss Foreign currency translation adjustments Total Comprehensive Loss Statement [Table] Statement [Line Items] Balance beginning Balance beginning, shares Common stock issued for cash Common stock issued for cash, shares Common stock issued for price modification Common stock issued for price modification, shares Exchange of 12.5% notes and accrued interest for common stock Exchange of 12.5% notes and accrued interest for common stock, shares Stock-based compensation: Common stock issued under 401(k) profit sharing plan Stock-based compensation: Common stock issued under 401(k) profit sharing plan, shares Options and warrants Vesting of restricted stock Vesting of restricted stock, shares Net loss Other comprehensive loss Balance ending Balance ending, shares Statement of Stockholders' Equity [Abstract] Convertible notes, stated interest rate Statement of Cash Flows [Abstract] Cash Flows from Operating Activities Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation: 401(k) expense Stock-based compensation: Options and warrants Stock-based compensation: Vesting of restricted stock Common stock price modification expense Net realized and unrealized investment losses Depreciation and amortization Provision for uncollectible assets Prepaid compensation amortization Other non-cash income, net Decrease (increase) in assets: Accounts receivable EX-101.PRE 10 awld-20160930_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2016	Nov. 11, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Algodon Wines & Luxury Development Group, Inc.
Entity Central Index Key	0001559998
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		42,448,332
Trading Symbol	AWLD
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2016

XML 12 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current Assets
Cash	$ 589,935	$ 110,645
Accounts receivables, net	185,269	232,789
Accounts receivables - related parties, net	504,578	333,911
Advances and loans to registered representatives, net	470,786	189,612
Inventory	1,182,668	1,184,268
Prepaid expenses and other current assets, net	518,813	602,800
Total Current Assets	3,452,049	2,654,025
Property and equipment, net	3,901,443	4,454,969
Prepaid foreign taxes, net	224,042	360,015
Investment - related parties	59,944	127,202
Deposits	61,284	61,284
Total Assets	7,698,762	7,657,495
Current Liabilities
Accounts payable	401,228	585,095
Accrued expenses	1,767,209	1,869,808
Deferred revenue	1,653,217	1,384,317
Convertible and non-convertible debt obligations	187,500	287,500
Other liabilities	12,954	4,488
Total Current Liabilities	4,022,108	4,131,208
Accrued expenses, non-current portion	344,770	399,119
Total Liabilities	4,366,878	4,530,327
Stockholders' Equity
Series A convertible preferred stock, par value $0.01 per share; 11,000,000 shares authorized; 902,670 shares available for issuance; 0 shares issued and outstanding at September 30, 2016 and December 31, 2015
Common stock, par value $0.01 per share; 80,000,000 shares authorized; 42,140,243 and 38,879,333 shares issued and 42,135,832 and 38,874,922 shares outstanding as of September 30, 2016 and December 31, 2015	421,402	388,793
Additional paid-in capital	78,221,255	69,933,147
Accumulated other comprehensive loss	(10,269,639)	(9,591,274)
Accumulated deficit	(65,027,064)	(57,589,428)
Treasury stock, at cost, 4,411 shares at September 30, 2016 and December 31, 2015	(14,070)	(14,070)
Total Stockholders' Equity	3,331,884	3,127,168
Total Liabilities and Stockholders' Equity	$ 7,698,762	$ 7,657,495

XML 13 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock,, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	11,000,000	11,000,000
Convertible preferred stock, shares reserved for future issuance	902,670	902,670
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, , par value	$ 0.01	$ 0.01
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	42,140,243	38,879,333
Common stock, shares outstanding	42,135,832	38,874,922
Treasury stock, shares	4,411	4,411

XML 14 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Sales	$ 327,336	$ 593,114	$ 1,109,796	$ 1,434,352
Cost of sales	(535,944)	(444,814)	(1,275,191)	(1,565,485)
Gross (loss) profit	(208,608)	148,300	(165,395)	(131,133)
Operating Expenses
Selling and marketing	2,347	39,820	85,225	176,674
General and administrative	1,871,448	1,673,925	5,969,582	5,854,367
Depreciation and amortization	11,274	53,594	63,347	185,262
Total operating expenses	1,885,069	1,767,339	6,118,154	6,216,303
Loss from Operations	(2,093,677)	(1,619,039)	(6,283,549)	(6,347,436)
Other Expenses
Interest expense, net	53,025	34,388	144,009	187,924
Common stock price modification			941,530
Warrant modification expense			68,548
Total other expenses	53,025	34,388	1,154,087	187,924
Net Loss	$ (2,146,702)	$ (1,653,427)	$ (7,437,636)	$ (6,535,360)
Net Loss Per Share:
Basic and Diluted	$ (0.05)	$ (0.04)	$ (0.18)	$ (0.18)
Weighted Average Number of Common Shares Outstanding:
Basic and Diluted	41,708,005	38,592,564	40,597,215	37,342,916

XML 15 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net Loss	$ (2,146,702)	$ (1,653,427)	$ (7,437,636)	$ (6,535,360)
Other Comprehensive Loss
Foreign currency translation adjustments	(142,900)	(115,931)	(678,365)	(133,344)
Total Comprehensive Loss	$ (2,289,602)	$ (1,769,358)	$ (8,116,001)	$ (6,668,704)

XML 16 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total
Balance beginning at Dec. 31, 2015	$ 388,793	$ (14,070)	$ 69,933,147	$ (9,591,274)	$ (57,589,428)	$ 3,127,168
Balance beginning, shares at Dec. 31, 2015	38,879,333	4,411
Common stock issued for cash	$ 23,717		5,523,873			5,547,590
Common stock issued for cash, shares	2,371,739
Common stock issued for price modification	$ 4,708		936,822			941,530
Common stock issued for price modification, shares	470,771
Exchange of 12.5% notes and accrued interest for common stock	$ 377		75,056			75,433
Exchange of 12.5% notes and accrued interest for common stock, shares	37,700
Stock-based compensation: Common stock issued under 401(k) profit sharing plan	$ 307		76,443			76,750
Stock-based compensation: Common stock issued under 401(k) profit sharing plan, shares	30,700
Options and warrants			813,644			813,644
Vesting of restricted stock	$ 3,500		793,722			797,222
Vesting of restricted stock, shares	350,000
Warrant modification expense			68,548			68,548
Net loss					(7,437,636)	(7,437,636)
Other comprehensive loss				(678,365)		(678,365)
Balance ending at Sep. 30, 2016	$ 421,402	$ (14,070)	$ 78,221,255	$ (10,269,639)	$ (65,027,064)	$ 3,331,884
Balance ending, shares at Sep. 30, 2016	42,140,243	4,411

XML 17 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical)	9 Months Ended
	Sep. 30, 2016
Statement of Stockholders' Equity [Abstract]
Convertible notes, stated interest rate	12.50%

XML 18 R8.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows from Operating Activities
Net loss	$ (7,437,636)	$ (6,535,360)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation: 401(k) expense	60,175	71,843
Stock-based compensation: Options and warrants	813,644	865,474
Stock-based compensation: Vesting of restricted stock	797,222
Common stock price modification expense	941,530
Warrant modification expense	68,548
Net realized and unrealized investment losses	75,568	170,210
Depreciation and amortization	101,758	185,262
Provision for uncollectible assets	(21,584)	80,401
Prepaid compensation amortization	2,250	3,083
Other non-cash income, net	(8,310)	(15,876)
Decrease (increase) in assets:
Accounts receivable	(191,883)	(292,076)
Inventory	(185,825)	(18,727)
Prepaid expenses and other current assets	(169,405)	(139,714)
Deposits		(22,284)
Increase (decrease) in liabilities:
Accounts payable and accrued expenses	(122,196)	(359,577)
Deferred revenue	483,895	275,136
Other liabilities	6,896	(4,762)
Total Adjustments	2,652,283	798,393
Net Cash Used in Operating Activities	(4,785,353)	(5,736,967)
Cash Used in Investing Activities
Purchase of property and equipment	(260,338)	(369,873)
Net Cash Used in Investing Activities	(260,338)	(369,873)
Cash Provided by Financing Activities
Repayments of loans payable		(100,000)
Repayments of convertible debt obligations	(50,000)	(50,000)
Proceeds from common stock offering	5,547,590	5,643,884
Net Cash Provided by Financing Activities	5,497,590	5,493,884
Effect of Exchange Rate Changes on Cash	27,391	542,322
Net Increase in Cash	479,290	(70,634)
Cash - Beginning of Period	110,645	442,725
Cash - End of Period	589,935	372,091
Supplemental Disclosures of Cash Flow Information:
Interest paid	70,513	128,171
Income taxes paid	88	20,550
Non-Cash Investing and Financing Activity
Accrued stock based compensation converted to equity	76,750	73,401
Debt and interest converted to equity	$ 75,433

XML 19 R9.htm IDEA: XBRL DOCUMENT

Organization

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1.	ORGANIZATION

XML 20 R10.htm IDEA: XBRL DOCUMENT

Going Concern and Management's Liquidity Plans

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern and Management's Liquidity Plans

2.	GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

XML 21 R11.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Use of Estimates

Segment Information

Reclassifications

Foreign Currency Translation

Property and Equipment

Stock-Based Compensation

Concentrations

Comprehensive Income (Loss)

Revenue Recognition

Net Loss per Common Share

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	September 30,
	2016		2015
Options		7,524,265		8,956,311
Warrants		1,755,216		1,350,895
Total potentially dilutive shares		9,279,481		10,307,206

New Accounting Pronouncements

XML 22 R12.htm IDEA: XBRL DOCUMENT

Inventory

9 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Inventory

4.	INVENTORY

Inventory at September 30, 2016 and December 31, 2015 is comprised of the following:

	September 30, 2016		December 31, 2015
Vineyard in process	$	170,469	$	180,582
Wine in process		705,127	.	826,851
Finished wine		210,285		104,159
Other		96,787		72,676
	$	1,182,668	$	1,184,268

XML 23 R13.htm IDEA: XBRL DOCUMENT

Net Capital Requirements

9 Months Ended

Sep. 30, 2016

Regulatory Capital Requirements [Abstract]

Net Capital Requirements

5.	NET CAPITAL REQUIREMENTS

As of September 30, 2016 and December 31, 2015, CAP’s net capital exceeded the requirement by $65,705 and $32,078, respectively.

The Company had a percentage of aggregate indebtedness to net capital of approximately 11.82 % and 95.8% as of September 30, 2016 and December 31, 2015, respectively.

XML 24 R14.htm IDEA: XBRL DOCUMENT

Investments and Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Investments and Fair Value of Financial Instruments

6.	INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:

Investments – Related Parties at Fair Value

As of September 30, 2016	Level 1		Level 2		Level 3		Total
Warrants- Affiliates	$	-	$	-	$	59,944	$	59,944

As of December 31, 2015		Level 1		Level 2		Level 3		Total
Warrants- Affiliates	$	-	$	-	$	127,202	$	127,202

A reconciliation of Level 3 assets is as follows:

	Warrants

Balance - December 31, 2015	$	127,202
Received		27,703
Allocated to employees as compensation		(19,393	)
Unrealized loss		(75,568	)
Balance - September 30, 2016	$	59,944

	September 30,2016			December 31,2015

Accumulated unrealized (losses) gains related to investments at fair value	$	(58,349	)	$	(33,058	)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

XML 25 R15.htm IDEA: XBRL DOCUMENT

Accrued Expenses

9 Months Ended

Sep. 30, 2016

Accrued Liabilities [Abstract]

Accrued Expenses

7.	ACCRUED EXPENSES

Accrued expenses are comprised of the following:

	September 30, 2016		December 31, 2015

Accrued compensation and payroll taxes		1,181,503		1,400,498
Accrued taxes payable		127,476		97,428
Accrued interest		261,133		255,497
Other accrued expenses		197,097		116,385
Accrued expenses, current		1,767,209		1,869,808
Accrued payroll tax obligations, non-current		344,770		399,119
Total accrued expenses		2,111,979		2,268,927

XML 26 R16.htm IDEA: XBRL DOCUMENT

Loans Payable

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Loans Payable

LOANS PAYABLE

All principal and interest due under the loan payable was repaid in full on May 6, 2016.

XML 27 R17.htm IDEA: XBRL DOCUMENT

Debt Obligations

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt Obligations

9.	DEBT OBLIGATIONS

For the three and nine months ended September 30, 2016, the Company repaid $25,000 and $50,000, respectively, of principal related to the 8% Notes.

The Company’s debt obligations consist of the following:

	September 30, 2016						December 31, 2015
	Principal		Interest [1]		Total		Principal		Interest [1]		Total

8% Convertible Notes	$	187,500	$	245,341	$	432,841	$	237,500	$	220,884	$	458,384
12.5% Convertible Notes		-		-		-		50,000		34,613		84,613
Total	$	187,500	$	245,341	$	432,841	$	287,500	$	255,497	$	542,997

^[1]Accrued interest is included as a component of accrued expenses on the condensed consolidated balance sheets.

XML 28 R18.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Sep. 30, 2016

Related Party Transactions

10.

RELATED PARTY TRANSACTIONS

Assets

Investments

See Note 6 – Investments and Fair Value of Financial Instruments, for information related to investments in related parties.

Revenues

Expense Sharing

XML 29 R19.htm IDEA: XBRL DOCUMENT

Benefit Contribution Plan

9 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Benefit Contribution Plan

11.

BENEFIT CONTRIBUTION PLAN

XML 30 R20.htm IDEA: XBRL DOCUMENT

Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

12.

STOCKHOLDERS’ EQUITY

Common Stock

Restricted Stock Awards

Application for Quotation on OTC Bulletin Board

Accumulated Other Comprehensive Loss

Warrants

In applying the Black-Scholes option price model to value the warrants, the Company used the following weighted average assumptions:

	For the three months ended September 30,					For the nine months ended September 30,
		2016		2015			2016		2015
Risk free interest rate		1.14	%	1.37	%		1.16	%	1.50	%
Expected term (years)		5.00		5.00			5.00		5.00
Expected volatility		46.0	%	47.0	%		46.0	%	46.8	%
Expected dividends		0.0	%	0.00	%		0.0	%	0.0	%
Forfeiture rate		5	%	5	%		4	%	5	%

A summary of warrant activity during the nine months ended September 30, 2016 is presented below:

	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value
Outstanding, December 31, 2015		1,382,186	$	2.21
Issued		373,030		2.10
Exercised		-		-
Cancelled		-		-
Outstanding, September 30, 2016		1,755,216	$	2.19		2.87	$	-

Exercisable, September 30, 2016		1,755,216	$	2.19		2.87	$	-

A summary of outstanding and exercisable warrants as of September 30, 2016 is presented below:

Warrants Oustanding					Warrants Exercisable
Exercise Price		Exercisable Info	Outstanding Number of Warrants		Weighted Average Remaining Life In Years		Exercisable Number of Warrants
$	2.00	Common Stock		706,672		4.1		706,672
$	2.50	Common Stock		75,000		4.5		75,000
$	2.30	Preferred Stock		973,544		1.8		973,544
		Total		1,755,216				1,755,216

Modification of Warrants

Equity Compensation Plan

Stock Options

In applying the Black-Scholes option pricing model, the Company used the following weighted average assumptions:

	For The Three Months Ended					For The Nine Months Ended
	September 30,					September 30, 2016
	2016			2015		2016			2015
Risk free interest rate		0.84	%		N/A		0.84	%		1.10	%
Expected term (years)		3.25			N/A		3.25			3.59
Expected volatility		46.1	%		N/A		46.1	%		46.1	%
Expected dividends		0	%		N/A		0	%		0.0	%
Forfeiture rate		5.0	%		N/A		5.0	%		5.0	%

A summary of options activity during the nine months ended September 30, 2016 is presented below:

						Weighted
				Weighted		Average
				Average		Remaining
	Number of			Exercise		Life		Intrinsic
	Options			Price		In Years		Value
Outstanding, December 31, 2015		8,939,436			2.70
Granted		400,000			2.20
Exercised		-			-
Expired		(1,771,421	)		3.85
Forfeited		(43,750	)		2.32
Outstanding, September 30, 2016		7,524,265		$	2.40		2.8	$	-

Exercisable, September 30, 2016		4,797,292		$	2.46		2.4	$	-

The following table presents information related to stock options at September 30, 2016:

Options Outstanding				Options Exercisable
				Weighted
		Outstanding		Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Options		In Years		Options
$	2.20		2,566,890		3.9		810,526
	2.48		4,847,375		2.1		3,883,641
	3.30		10,000		3.7		3,125
	3.50		25,000		1.7		25,000
	3.85		75,000		0.5		75,000
			7,524,265		2.4		4,797,292

XML 31 R21.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13.

COMMITMENTS AND CONTINGENCIES

Legal Matters

Consulting Agreements

Importer Agreement

XML 32 R22.htm IDEA: XBRL DOCUMENT

Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

14.

SUBSEQUENT EVENTS

Foreign Currency Exchange Rates

The Argentine peso to United States dollar exchange rate was 14.9749, 15.3338 and 12.9441 at November 10, 2016, September 30, 2016 and December 31, 2015, respectively.

Issuance of Common Stock

On October 31, 2016, the Company issued 50,000 shares of its common stock for cash proceeds of $100,000.

Warrants

On October 18, 2016, the Company granted five-year warrants for the purchase of 75,000 shares of its common stock to MZHCI, pursuant to the Investor Relations Consulting Agreement.

Stock Options

Termination of Consulting Agreement

XML 33 R23.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Segment Information

Segment Information

Reclassifications

Reclassifications

Foreign Currency Translation

Foreign Currency Translation

Property and Equipment

Property and Equipment

Stock-Based Compensation

Stock-Based Compensation

Concentrations

Concentrations

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Revenue Recognition

Revenue Recognition

Net Loss per Common Share

Net Loss per Common Share

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	September 30,
	2016		2015
Options		7,524,265		8,956,311
Warrants		1,755,216		1,350,895
Total potentially dilutive shares		9,279,481		10,307,206

New Accounting Pronouncements

New Accounting Pronouncements

XML 34 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	September 30,
	2016		2015
Options		7,524,265		8,956,311
Warrants		1,755,216		1,350,895
Total potentially dilutive shares		9,279,481		10,307,206

XML 35 R25.htm IDEA: XBRL DOCUMENT

Inventory (Tables)

9 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory at September 30, 2016 and December 31, 2015 is comprised of the following:

	September 30, 2016		December 31, 2015
Vineyard in process	$	170,469	$	180,582
Wine in process		705,127	.	826,851
Finished wine		210,285		104,159
Other		96,787		72,676
	$	1,182,668	$	1,184,268

XML 36 R26.htm IDEA: XBRL DOCUMENT

Investments and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Investments in and Advances to Affiliates

Investments – Related Parties at Fair Value

As of September 30, 2016	Level 1		Level 2		Level 3		Total
Warrants- Affiliates	$	-	$	-	$	59,944	$	59,944

As of December 31, 2015		Level 1		Level 2		Level 3		Total
Warrants- Affiliates	$	-	$	-	$	127,202	$	127,202

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

A reconciliation of Level 3 assets is as follows:

	Warrants

Balance - December 31, 2015	$	127,202
Received		27,703
Allocated to employees as compensation		(19,393	)
Unrealized loss		(75,568	)
Balance - September 30, 2016	$	59,944

Available-for-sale Securities

	September 30,2016			December 31,2015

Accumulated unrealized (losses) gains related to investments at fair value	$	(58,349	)	$	(33,058	)

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References+ Details

XML 37 R27.htm IDEA: XBRL DOCUMENT

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2016

Accrued Liabilities [Abstract]

Schedule of Accrued Expenses

Accrued expenses are comprised of the following:

	September 30, 2016		December 31, 2015

Accrued compensation and payroll taxes		1,181,503		1,400,498
Accrued taxes payable		127,476		97,428
Accrued interest		261,133		255,497
Other accrued expenses		197,097		116,385
Accrued expenses, current		1,767,209		1,869,808
Accrued payroll tax obligations, non-current		344,770		399,119
Total accrued expenses		2,111,979		2,268,927

XML 38 R28.htm IDEA: XBRL DOCUMENT

Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of Convertible Debt

The Company’s debt obligations consist of the following:

	September 30, 2016						December 31, 2015
	Principal		Interest [1]		Total		Principal		Interest [1]		Total

8% Convertible Notes	$	187,500	$	245,341	$	432,841	$	237,500	$	220,884	$	458,384
12.5% Convertible Notes		-		-		-		50,000		34,613		84,613
Total	$	187,500	$	245,341	$	432,841	$	287,500	$	255,497	$	542,997

^[1]Accrued interest is included as a component of accrued expenses on the condensed consolidated balance sheets.

XML 39 R29.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Schedule of Fair Value Assumption of Warrants

In applying the Black-Scholes option price model to value the warrants, the Company used the following weighted average assumptions:

	For the three months ended September 30,					For the nine months ended September 30,
		2016		2015			2016		2015
Risk free interest rate		1.14	%	1.37	%		1.16	%	1.50	%
Expected term (years)		5.00		5.00			5.00		5.00
Expected volatility		46.0	%	47.0	%		46.0	%	46.8	%
Expected dividends		0.0	%	0.00	%		0.0	%	0.0	%
Forfeiture rate		5	%	5	%		4	%	5	%

Schedule of Stockholders' Equity Note, Warrants or Rights

A summary of warrant activity during the nine months ended September 30, 2016 is presented below:

	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value
Outstanding, December 31, 2015		1,382,186	$	2.21
Issued		373,030		2.10
Exercised		-		-
Cancelled		-		-
Outstanding, September 30, 2016		1,755,216	$	2.19		2.87	$	-

Exercisable, September 30, 2016		1,755,216	$	2.19		2.87	$	-

Schedule of Share-based Compensation, Equity Instruments Other than Options, by Exercise Price Range

A summary of outstanding and exercisable warrants as of September 30, 2016 is presented below:

Warrants Oustanding					Warrants Exercisable
Exercise Price		Exercisable Info	Outstanding Number of Warrants		Weighted Average Remaining Life In Years		Exercisable Number of Warrants
$	2.00	Common Stock		706,672		4.1		706,672
$	2.50	Common Stock		75,000		4.5		75,000
$	2.30	Preferred Stock		973,544		1.8		973,544
		Total		1,755,216				1,755,216

Schedule of Fair Value Assumptions of Stock option

In applying the Black-Scholes option pricing model, the Company used the following weighted average assumptions:

	For The Three Months Ended					For The Nine Months Ended
	September 30,					September 30, 2016
	2016			2015		2016			2015
Risk free interest rate		0.84	%		N/A		0.84	%		1.10	%
Expected term (years)		3.25			N/A		3.25			3.59
Expected volatility		46.1	%		N/A		46.1	%		46.1	%
Expected dividends		0	%		N/A		0	%		0.0	%
Forfeiture rate		5.0	%		N/A		5.0	%		5.0	%

Schedule of Share-based Compensation, Stock Options, Activity

A summary of options activity during the nine months ended September 30, 2016 is presented below:

						Weighted
				Weighted		Average
				Average		Remaining
	Number of			Exercise		Life		Intrinsic
	Options			Price		In Years		Value
Outstanding, December 31, 2015		8,939,436			2.70
Granted		400,000			2.20
Exercised		-			-
Expired		(1,771,421	)		3.85
Forfeited		(43,750	)		2.32
Outstanding, September 30, 2016		7,524,265		$	2.40		2.8	$	-

Exercisable, September 30, 2016		4,797,292		$	2.46		2.4	$	-

Schedule of Share-based Compensation, Shares Outstanding under Stock Option Plans, by Exercise Price Range

The following table presents information related to stock options at September 30, 2016:

Options Outstanding				Options Exercisable
				Weighted
		Outstanding		Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Options		In Years		Options
$	2.20		2,566,890		3.9		810,526
	2.48		4,847,375		2.1		3,883,641
	3.30		10,000		3.7		3,125
	3.50		25,000		1.7		25,000
	3.85		75,000		0.5		75,000
			7,524,265		2.4		4,797,292

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details

XML 40 R30.htm IDEA: XBRL DOCUMENT

Organization (Details Narrative)	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Noncontrolling interest, ownership percentage by parent	96.50%

XML 41 R31.htm IDEA: XBRL DOCUMENT

Going Concern and Management's Liquidity Plans (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Loss	$ 2,146,702	$ 1,653,427	$ 7,437,636	$ 6,535,360
Accumulated deficit	$ 65,027,064		65,027,064		$ 57,589,428
Net cash used in operating activities			4,785,353	5,736,967
Proceeds from issuance of common stock			$ 5,547,590	$ 5,643,884

XML 42 R32.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Narrative)	9 Months Ended
	Sep. 30, 2016 USD ($) Segment	Sep. 30, 2015	Dec. 31, 2015 USD ($)
Property, Plant and Equipment [Line Items]
Number of operating segment \| Segment	1
Foreign currency exchange rate, translation, assets and liabilities	15.3338		12.9441
Foreign currency exchange rate, revenues and expenses	14.5245	8.9612
Cash, fdic insured amount	$ 250,000
Cash, uninsured amount	$ 255,745		$ 45,055
Accounting Purposes [Member]
Property, Plant and Equipment [Line Items]
Cumulative inflationary rate	100.00%
Inflation period	3 years
Argentina [Member]
Property, Plant and Equipment [Line Items]
Cumulative inflationary rate	61.40%
Inflation period	3 years

XML 43 R33.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	9,279,481	10,307,206
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,755,216	1,350,895
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	7,524,265	8,956,311

XML 44 R34.htm IDEA: XBRL DOCUMENT

Inventory - Schedule of Inventory (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Vineyard in Process	$ 170,469	$ 180,582
Wine in Process	705,127	826,851
Finished Wine	210,285	104,159
Other	96,787	72,676
Total	$ 1,182,668	$ 1,184,268

XML 45 R35.htm IDEA: XBRL DOCUMENT

Net Capital Requirements (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
Net Capital Requirements (Details Narrative) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Regulatory Capital Requirements [Abstract]
Minimum net capital required for broker-dealer subsidiary	$ 5,000
Ratio of aggregate indebtedness to net capital	15 to 1
Excess net capital	$ 65,705	$ 32,078
Percentage of aggregate indebtedness to net capital	11.82%	95.80%

XML 46 R36.htm IDEA: XBRL DOCUMENT

Investments and Fair Value of Financial Instruments (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investments in and Advances to Affiliates [Line Items]
Unrealized losses on affiliate warrants			$ 75,568	$ 170,210
Warrants [Member]
Investments in and Advances to Affiliates [Line Items]
Allocated share-based compensation expense	$ 1,809	$ 37,052	19,393	37,052
Unrealized losses on affiliate warrants	$ 28,079	$ 29,772	$ 75,568	$ 170,210

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References+ Details

XML 47 R37.htm IDEA: XBRL DOCUMENT

Investments and Fair Value of Financial Instruments - Investments in and Advances to Affiliates (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Warrants - Affiliates	$ 59,944	$ 127,202
Fair Value, Inputs, Level 1 [Member] \| Warrants [Member]
Investments in and Advances to Affiliates [Line Items]
Warrants - Affiliates
Fair Value, Inputs, Level 2 [Member] \| Warrants [Member]
Investments in and Advances to Affiliates [Line Items]
Warrants - Affiliates
Fair Value, Inputs, Level 3 [Member] \| Warrants [Member]
Investments in and Advances to Affiliates [Line Items]
Warrants - Affiliates	$ 59,944	$ 127,202

XML 48 R38.htm IDEA: XBRL DOCUMENT

Investments and Fair Value of Financial Instruments - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Warrants [Member]	9 Months Ended
	Sep. 30, 2016 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance beginning	$ 127,202
Received	27,703
Allocated to employees as compensation	(19,393)
Unrealized loss	(75,568)
Balance ending	$ 59,944

XML 49 R39.htm IDEA: XBRL DOCUMENT

Investments and Fair Value of Financial Instruments - Available-for-sale Securities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Accumulated unrealized (losses) gains related to investments at fair value	$ (58,349)	$ (33,058)

XML 50 R40.htm IDEA: XBRL DOCUMENT

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accrued Liabilities [Abstract]
Accrued compensation and payroll taxes	$ 1,181,503	$ 1,400,498
Accrued taxes payable	127,476	97,428
Accrued interest	261,133	255,497
Other accrued expenses	197,097	116,385
Accrued expenses, current	1,767,209	1,869,808
Accrued payroll tax obligations, non-current	344,770	399,119
Total accrued expenses	$ 2,111,979	$ 2,268,927

XML 51 R41.htm IDEA: XBRL DOCUMENT

Loans Payable (Details Narrative)	Mar. 06, 2016 USD ($)
Debt Disclosure [Abstract]
Proceeds from loans payable	$ 34,701
Debt instrument interest rate	10.00%
Debt maturity date	May 06, 2016

XML 52 R42.htm IDEA: XBRL DOCUMENT

Debt Obligations (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended
Debt Obligations (Details Narrative) - USD ($)	Jan. 02, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 06, 2016
Convertible Debt Obligations [Line Items]
Debt instrument interest rate						10.00%
Convertible Notes 12.5 Percent [Member]
Convertible Debt Obligations [Line Items]
Debt principal	$ 50,000
Debt interest	$ 25,433
Debt instrument interest rate	12.50%
Debt conversion converted instrument shares issued	37,700
Debt conversion converted instrument shares issued per shares	$ 2.00
Debt instrument accrued interest	$ 9,180
8% Convertible Notes [Member]
Convertible Debt Obligations [Line Items]
Debt instrument interest rate		8.00%		8.00%
8% Convertible Notes [Member]
Convertible Debt Obligations [Line Items]
Debt instrument accrued interest		$ 8,294	$ 9,943	$ 24,457	$ 31,317
Repayments of notes payable, principal amount		$ 25,000		$ 500,000

XML 53 R43.htm IDEA: XBRL DOCUMENT

Debt Obligations - Schedule of Convertible Debt (Details) - USD ($)

Sep. 30, 2016

Dec. 31, 2015

Convertible Debt Obligations [Line Items]

Principal

$ 187,500

$ 287,500

Interest

^[1]

245,341

255,497

Total

432,841

542,997

8% Convertible Notes [Member]

Convertible Debt Obligations [Line Items]

Principal

187,500

237,500

Interest

^[1]

245,341

220,884

Total

432,841

458,384

12.5% Convertible Notes [Member]

Convertible Debt Obligations [Line Items]

Principal

Interest

^[1]

Total

12.5% Convertible Notes [Member]

Convertible Debt Obligations [Line Items]

Principal

50,000

Interest

^[1]

34,613

Total

$ 84,613

[1]	Accrued interest is included as a component of accrued expenses on the condensed consolidated balance sheets.

XML 54 R44.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Accounts receivable related parties	$ 504,578		$ 504,578		$ 333,911
Due from related parties	260,080		260,080		182,227
Private equity and venture capital fees	1,511		88,344
Cash fees	(6,815)	$ 185,589	60,641	$ 185,589
General and administrative expense, reduced	14,138	39,196	82,528	124,133
General and administrative expense	3,990	3,990	$ 11,970	11,970
Related party transaction description of transaction			The owners of more than 5% of that entity include (i) AWLD’s chairman, and (ii) a more than 5% owner of AWLD.
Allowance for doubtful accounts receivable, write-offs	392,077		$ 392,077		380,472
Expense Sharing Agreement [Member]
Related Party Transaction [Line Items]
Accounts receivable related parties	245,003		245,003		177,755
Allowance for doubtful accounts receivable, write-offs	377,000		377,000		$ 376,000
Private Placement [Member]
Related Party Transaction [Line Items]
Private equity and venture capital fees		238,517		238,517
Warrants [Member]
Related Party Transaction [Line Items]
Cash fees	$ 5,304	$ 52,928	$ 27,703	$ 52,928

XML 55 R45.htm IDEA: XBRL DOCUMENT

Benefit Contribution Plan (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Benefit Contribution Plan (Details Narrative) - USD ($)	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Defined contribution plan cost recognized	$ 17,668	$ 6,108	$ 60,175	$ 71,842
Common stock shares issued			$ 30,700
Share price	$ 2.50		$ 2.50

XML 56 R46.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details Narrative) - USD ($)								3 Months Ended		6 Months Ended	9 Months Ended
Stockholders' Equity (Details Narrative) - USD ($)	Jul. 18, 2016	Jun. 08, 2016	Jun. 01, 2016	Apr. 18, 2016	Apr. 08, 2016	Jan. 11, 2016	Jun. 15, 2015	Sep. 30, 2016	Sep. 30, 2015	May 31, 2016	Sep. 30, 2016	Sep. 30, 2015	Jul. 19, 2016	Jul. 11, 2016	Dec. 31, 2015
Stock issued during period, shares											1,608,200
Shares issued, price per share								$ 2.50			$ 2.50
Number of common stock shares reduced during the period											763,539
Reduction of price per share								$ 2.00			$ 2.00
Proceeds from issuance of common stock											$ 5,547,590	$ 5,643,884
Share based compensation arrangement by share based payment award fair value assumptions forfeiture rate											5.00%
Other comprehensive loss, foreign currency transaction and translation adjustment, net of tax, portion attributable to parent								$ (142,900)	$ (115,931)		$ (678,365)	(133,344)
Warrant modification expense											68,548
Options [Member]
Allocated share-based compensation expense								253,856	178,946		531,292	630,372
Grant date fair value								1,587,644			$ 1,587,644
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition											2 years 4 months 24 days
Options [Member] \| Non-Employee Mark-To-Market Adjustments [Member]
Grant date fair value								263,594			$ 263,594
Option One [Member]
Option to purchase of common stock							$ 2,201,890
Option exercise price per share		$ 0.64					$ 2.20
Stock option granted during the period		$ 1,409,900
Option One [Member] \| 5 Year [Member]
Option exercise price per share							$ 0.64
Option Two [Member]
Option to purchase of common stock							$ 10,000
Option exercise price per share							$ 3.30
2016 Plan [Member]
Number of common stock shares authorized														1,224,308
Increased percentage of common stock shares outstanding														2.50%
2016 Plan [Member] \| Options [Member] \| Board of Directors [Member]
Option to purchase of common stock	$ 400,000
Option term	5 years
Option exercise price per share													$ 2.20
Stock option granted during the period	$ 239,421
Grant date fair value of options price per share													$ 0.60
2008 Equity Incentive Plan [Member] \| Options [Member] \| Employees, Officers, Directors and Consultants [Member]
Option to purchase of common stock							$ 2,211,890
Option term							5 years
Option vested term							4 years
Maxim Group LLC [Member] \| Restricted Stock [Member]
Stock issued during period, shares						350,000
Shares issued, price per share						$ 2.50
Proceeds from issuance of common stock						$ 875,000
Share based compensation arrangement by share based payment award fair value assumptions forfeiture rate						11.11%
Allocated share-based compensation expense								$ 233,333			$ 797,222
Maxim Group LLC [Member] \| Restricted Stock [Member] \| October 28, 2016 [Member]
Shares issued, price per share								$ 2.50			$ 2.50
Number of common stock shares return											350,000
Investors [Member]
Stock issued during period, shares			470,771
Shares issued, price per share			$ 2.50
Reduction of price per share			$ 2.00
Proceeds from issuance of common stock								$ 941,530			$ 941,530
MZHCI LLC [Member] \| Investor Relations Consulting Agreement [Member]
Allocated share-based compensation expense								$ 20,730			$ 78,927
Warrants term				5 years	5 years
Warrants issued to purchase of common stock shares				75,000
Warrants exercise price					$ 2.50
MZHCI LLC [Member] \| Investor Relations Consulting Agreement [Member] \| Maximum [Member]
Warrants issued to purchase of common stock shares					150,000
MZHCI LLC [Member] \| Investor Relations Consulting Agreement [Member] \| October 18, 2016 [Member]
Warrants issued to purchase of common stock shares											75,000
Warrants exercise price								$ 2.50			$ 2.50
Warrants value											$ 103,500
CAP Warrants [Member]
Reduction of price per share										$ 2.00
Allocated share-based compensation expense								$ 45,900	$ 80,259		$ 203,425	$ 235,105
Warrants issued to purchase of common stock shares								65,854	112,407	47,076	250,954	327,351
Warrants exercise price								$ 2.00		$ 2.50	$ 2.00				$ 2.50
Common stock exercise price per share								$ 0.82	$ 0.84		$ 0.96	$ 0.84
Warrant modification expense										$ 68,548
CAP Warrants [Member] \| Minimum [Member]
Warrants issued to purchase of common stock shares										198,807
CAP Warrants [Member] \| Maximum [Member]
Warrants issued to purchase of common stock shares										245,883
Consultants [Member]
Stock option granted during the period							$ 1,251,384
Employees, Officers And Directors [Member]
Stock option granted during the period							$ 158,516

XML 57 R47.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Fair Value Assumption of Warrants (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity [Abstract]
Risk free interest rate	1.14%	1.37%	1.16%	1.50%
Expected term (years)	5 years	5 years	5 years	5 years
Expected volatility	46.00%	47.00%	46.00%	46.80%
Expected dividends	0.00%	0.00%	0.00%	0.00%
Forfeiture rate	5.00%	5.00%	4.00%	5.00%

XML 58 R48.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - Warrants [Member]	9 Months Ended
	Sep. 30, 2016 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Warrants, Outstanding, Beginning \| shares	1,382,186
Number of Warrants, Issued \| shares	373,030
Number of Warrants, Exercised \| shares
Number of Warrants, Cancelled \| shares
Number of Warrants, Exercisable \| shares	1,755,216
Weighted Average Exercise Price, Outstanding, Beginning	$ 2.21
Weighted Average Exercise Price, Issued	2.10
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Cancelled
Weighted Average Exercise Price, Outstanding, Ending	2.19
Weighted Average Exercise Price, Exercisable	$ 2.19
Weighted Average Remaining Life In Years, Outstanding	2 years 10 months 13 days
Weighted Average Remaining Life In Years, Exercisable	2 years 10 months 13 days
Intrinsic Value, Outstanding, Ending \| $
Intrinsic Value, Exercisable, Ending \| $

XML 59 R49.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Share-based Compensation, Equity Instruments Other than Options, by Exercise Price Range (Details)	9 Months Ended
	Sep. 30, 2016 $ / shares shares
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Outstanding, Number of Warrants	1,755,216
Warrants Exercisable, Number of Warrants	1,755,216
Range of Exercise Price 2.00 [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 2.00
Warrants Outstanding, Number of Warrants	706,672
Warrants Exercisable, Weighted Average Remaining Life In Years	4 years 1 month 6 days
Warrants Exercisable, Number of Warrants	706,672
Range of Exercise Price 2.50 [Member] \| Common Stock One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 2.50
Warrants Outstanding, Number of Warrants	75,000
Warrants Exercisable, Weighted Average Remaining Life In Years	4 years 6 months
Warrants Exercisable, Number of Warrants	75,000
Range of Exercise Price 2.30 [Member] \| Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Outstanding, Exercise Price \| $ / shares	$ 2.30
Warrants Outstanding, Number of Warrants	973,544
Warrants Exercisable, Weighted Average Remaining Life In Years	1 year 9 months 18 days
Warrants Exercisable, Number of Warrants	973,544

XML 60 R50.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Fair Value Assumptions of Stock Option (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity [Abstract]
Risk free interest rate	0.84%	0.00%	0.84%	1.10%
Expected term (years)	3 years 3 months	0 years	3 years 3 months	3 years 7 months 2 days
Expected volatility	46.10%	0.00%	46.10%	46.10%
Expected dividends	0.00%	0.00%	0.00%	0.00%
Forfeiture rate	5.00%	0.00%	5.00%	5.00%

XML 61 R51.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Share-based Compensation, Stock Options, Activity (Details) - Options [Member]	9 Months Ended
	Sep. 30, 2016 USD ($) $ / shares shares
Number of Options, Outstanding, Beginning \| shares	8,939,436
Number of Options, Granted \| shares	400,000
Number of Options, Exercised \| shares
Number of Options, Expired \| shares	(1,771,421)
Number of Options, Forfeited \| shares	(43,750)
Number of Options, Outstanding, Ending \| shares	7,524,265
Number of Options, Exercisable, Ending \| shares	4,747,292
Weighted Average Exercise Price, Outstanding, Beginning \| $ / shares	$ 2.70
Weighted Average Exercise Price, Granted \| $ / shares	2.20
Weighted Average Exercise Price, Exercised \| $ / shares
Weighted Average Exercise Price, Expired \| $ / shares	3.85
Weighted Average Exercise Price, Forfeited \| $ / shares	2.32
Weighted Average Exercise Price, Outstanding, Ending \| $ / shares	2.40
Weighted Average Exercise Price, Exercisable, Ending \| $ / shares	$ 2.46
Weighted Average Remaining Life In Years, Outstanding	2 years 9 months 18 days
Weighted Average Remaining Life In Years, Exercisable	2 years 4 months 24 days
Intrinsic Value, Outstanding \| $
Intrinsic Value, Exercisable \| $

XML 62 R52.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Schedule of Share-based Compensation, Shares Outstanding under Stock Option Plans, by Exercise Price Range (Details)	9 Months Ended
	Sep. 30, 2016 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Outstanding Number of Options	7,524,265
Options Exercisable, Weighted Exercise Average Remaining Life In Years	2 years 4 months 24 days
Options Exercisable, Exercisable Number of Options	4,797,292
Exercise Price Range 2.20 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Weighted Exercise Average Price \| $ / shares	$ 2.20
Options Outstanding, Outstanding Number of Options	2,566,890
Options Exercisable, Exercisable Number of Options	810,526
Exercise Price Range 2.20 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Exercisable, Weighted Exercise Average Remaining Life In Years	3 years 10 months 24 days
Exercise Price Range 2.48 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Weighted Exercise Average Price \| $ / shares	$ 2.48
Options Outstanding, Outstanding Number of Options	4,847,375
Options Exercisable, Exercisable Number of Options	3,883,641
Exercise Price Range 2.48 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Exercisable, Weighted Exercise Average Remaining Life In Years	2 years 1 month 6 days
Exercise Price Range 3.30 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Weighted Exercise Average Price \| $ / shares	$ 3.30
Options Outstanding, Outstanding Number of Options	10,000
Options Exercisable, Exercisable Number of Options	3,125
Exercise Price Range 3.30 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Exercisable, Weighted Exercise Average Remaining Life In Years	3 years 8 months 12 days
Exercise Price Range 3.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Weighted Exercise Average Price \| $ / shares	$ 3.50
Options Outstanding, Outstanding Number of Options	25,000
Options Exercisable, Exercisable Number of Options	25,000
Exercise Price Range 3.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Exercisable, Weighted Exercise Average Remaining Life In Years	1 year 8 months 12 days
Exercise Price Range 3.85 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Weighted Exercise Average Price \| $ / shares	$ 3.85
Options Outstanding, Outstanding Number of Options	75,000
Options Exercisable, Weighted Exercise Average Remaining Life In Years	6 months
Options Exercisable, Exercisable Number of Options	75,000

XML 63 R53.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative) - USD ($)					9 Months Ended
	Jun. 01, 2016	Apr. 18, 2016	Apr. 08, 2016	Jan. 11, 2016	Sep. 30, 2016
Commitments And Contingencies [Line Items]
Shares issued, price per share					$ 2.50
Share based compensation arrangement by share based payment award fair value assumptions forfeiture rate					5.00%
Investor Relations Consulting Agreement [Member] \| MZHCI LLC [Member]
Commitments And Contingencies [Line Items]
Consulting fee			$ 6,500
Warrants term		5 years	5 years
Warrants issued to purchase of common stock shares		75,000
Warrants exercise price			$ 2.50
Investor Relations Consulting Agreement [Member] \| MZHCI LLC [Member] \| October 18, 2016 [Member]
Commitments And Contingencies [Line Items]
Warrants issued to purchase of common stock shares					75,000
Warrants exercise price					$ 2.50
Investor Relations Consulting Agreement [Member] \| MZHCI LLC [Member] \| Maximum [Member]
Commitments And Contingencies [Line Items]
Warrants issued to purchase of common stock shares			150,000
Importer Agreement [Member] \| Importer [Member]
Commitments And Contingencies [Line Items]
Importer agreement termination date	Dec. 31, 2020
Maxim Group LLC [Member] \| Restricted Stock [Member]
Commitments And Contingencies [Line Items]
Consulting fee				$ 7,500
Stock issued during period, shares, new issues				350,000
Shares issued, price per share				$ 2.50
Share based compensation arrangement by share based payment award fair value assumptions forfeiture rate				11.11%
Additional number of shares issued				100,000

XML 64 R54.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative)					9 Months Ended
Subsequent Events (Details Narrative)	Oct. 31, 2016 USD ($) shares	Oct. 28, 2016 $ / shares shares	Oct. 20, 2016 USD ($)	Oct. 18, 2016 shares	Sep. 30, 2016 USD ($) $ / shares	Sep. 30, 2015 USD ($)	Nov. 10, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Proceeds from issuance of common stock					$ 5,547,590	$ 5,643,884
Common stock price per share \| $ / shares					$ 2.50
Subsequent Event [Member]
Subsequent Event [Line Items]
Foreign currency exchange rate, translation					15.3338		14.9749	12.9441
Number of common stock shares during the period \| shares	50,000
Proceeds from issuance of common stock	$ 100,000
Number of warrant to purchare shares of common stock \| shares				75,000
Warrant term				5 years
Number of common stock shares return \| shares		350,000
Common stock price per share \| $ / shares		$ 2.50
Subsequent Event [Member] \| 2016 Stock Option Plan [Member]
Subsequent Event [Line Items]
Option to purchase of common stock			$ 400,000
Subsequent Event [Member] \| Employee [Member]
Subsequent Event [Line Items]
Option to purchase of common stock			$ 100,000

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