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15. SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
NOTE 15. SUBSEQUENT EVENTS

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued.  The Company recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing the financial statements.  The Company’s financial statements do not recognize subsequent events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after the balance sheet date and before financial statements are issued.

 

In March of 2015, the Company signed a Purchase and Sale agreement to purchase approximately 44 acres of undeveloped farmland in the Walla Walla Valley AVA for $736,250, with an option to purchase an additional 45 acres for $433,000.  The Company expects the purchase to close in April 2015.  This purchase is part of the Company’s plan to broaden its product and brand line of premium wines.