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BALANCE SHEETS (unaudited) - USD ($)
Mar. 31, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 4,590,124 $ 4,010,664
Restricted cash (Note 1) 456,326 1,476,232
Accounts receivable, net 1,323,704 1,684,502
Inventories (Note 2) 10,507,796 10,632,462
Prepaid expenses and other current assets 301,749 131,173
Income tax receivable 305,555 204,513
Total current assets 17,485,254 18,139,546
Investment in Kore Wine Company 59,186 60,000
Vineyard development costs, net 3,888,824 3,699,947
Property and equipment, net (Note 3) 16,573,119 16,729,162
Debt issuance costs, net 49,126 50,221
TOTAL ASSETS 38,055,509 38,678,876
CURRENT LIABILITIES    
Accounts payable 203,032 386,137
Accrued expenses 477,648 604,580
Investor deposits for preferred stock (Note1) 456,326 1,476,232
Current portion of note payable 0 245,417
Current portion of long-term debt 354,126 349,003
Current portion of deferred revenue-distribution agreement 142,857 142,857
Unearned revenue 45,024 73,200
Grapes payable 0 816,879
Total current liabilities 1,679,013 4,094,305
Note payable, net of current portion 245,417 245,417
Long-term debt, net of current portion 4,733,219 4,824,015
Deferred rent liability 133,959 140,756
Deferred revenue-distribution agreement, net of current portion 202,368 238,083
Deferred gain 113,243 121,267
Deferred income taxes 1,848,000 1,848,000
Total liabilities $ 8,955,219 $ 11,511,843
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY    
Redeemable preferred stock, no par value, 10,000,000 shares authorized, 1,434,448 shares, liquidation preference $6,031,854, issued and outstanding at March 31, 2016 and 1,074,338 shares, liquidation preference $4,458,710, issued and outstanding at December 31, 2015, respectively. $ 5,260,474 $ 3,735,437
Common stock, no par value, 10,000,000 shares authorized, 5,176,020 and 5,139,177 shares issued at March 31, 2016 and December 31, 2015, respectively, 5,008,885 and 4,989,216 shares outstanding at March 31, 2016 and December 31, 2015, respectively. $ 9,794,271 $ 9,674,362
Retained earnings 14,841,831 14,432,836
Less: Common stock held in treasury, at cost, 167,135 and 149,961 shares at March 31, 2016 and December 31, 2015, respectively (796,286) (675,602)
Total shareholder's equity 29,100,290 27,167,033
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 38,055,509 $ 38,678,876