XML 13 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
BALANCE SHEETS (unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 6,527,533 $ 4,010,664
Restricted cash (Note 1) 1,266,728 1,476,232
Accounts receivable, net 1,134,574 1,684,502
Inventories (Note 2) 10,406,014 10,632,462
Prepaid expenses and other current assets 416,689 131,173
Income tax receivable 62,158 204,513
Total current assets 19,813,696 18,139,546
Investment in Kore Wine Company 59,186 60,000
Vineyard development costs, net 4,236,634 3,699,947
Property and equipment, net (Note 3) 17,801,004 16,729,162
Debt issuance costs, net 48,030 50,221
TOTAL ASSETS 41,958,550 38,678,876
CURRENT LIABILITIES    
Accounts payable 516,745 386,137
Accrued expenses 483,891 604,580
Investor deposits for preferred stock (Note1) 1,266,728 1,476,232
Current portion of note payable 245,417 245,417
Current portion of long term debt 359,325 349,003
Current portion of deferred revenue-distribution agreement 142,857 142,857
Unearned revenue 74,975 73,200
Grapes payable 0 816,879
Total current liabilities 3,089,938 4,094,305
Note payable, net of current portion 0 245,417
Long-term debt, net of current portion 4,641,808 4,824,015
Deferred rent liability 127,162 140,756
Deferred revenue-distribution agreement, net of current portion 166,653 238,083
Deferred gain 105,220 121,267
Deferred income taxes 1,848,000 1,848,000
Total liabilities 9,978,781 11,511,843
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY    
Redeemable preferred stock, no par value, 10,000,000 shares authorized, 2,085,288 shares, liquidation preference $8,847,531, issued and outstanding at June 30, 2016 and 1,074,338 shares issued and outstanding at December 31, 2015 respectively. $ 7,923,875 $ 3,735,437
Common stock, no par value, 10,000,000 shares authorized, 5,199,177 and 5,139,177 shares issued at June 30, 2016 and December 31, 2015, respectively, 5,002,369 and 4,989,216 shares outstanding at June 30, 2016 and December 31, 2015, respectively. $ 9,869,158 $ 9,674,362
Retained earnings 15,204,312 14,432,836
Less: Common stock held in treasury, at cost, 196,808 and 149,961 shares at June 30, 2016 and December 31, 2015, respectively (1,017,576) (675,602)
Total shareholders' equity 31,979,769 27,167,033
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 41,958,550 $ 38,678,876