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BALANCE SHEETS (unaudited) - USD ($)
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS    
Cash and cash equivalents $ 7,840,400 $ 4,010,664
Restricted cash 0 1,476,232
Accounts receivable, net 1,414,614 1,684,502
Inventories (Note 2) 11,811,464 10,632,462
Prepaid expenses and other current assets 73,705 131,173
Income tax receivable 0 204,513
Total current assets 21,140,183 18,139,546
Investment in Kore Wine Company 59,186 60,000
Vineyard development costs, net 4,395,991 3,699,947
Property and equipment, net (Note 3) 18,192,809 16,729,162
Debt issuance costs, net 46,934 50,221
TOTAL ASSETS 43,835,103 38,678,876
CURRENT LIABILITIES    
Accounts payable 346,719 386,137
Accrued expenses 819,863 604,580
Income taxes payable 284,383 0
Investor deposits for preferred stock 0 1,476,232
Current portion of note payable 245,417 245,417
Current portion of long-term debt 364,601 349,003
Current portion of deferred revenue-distribution agreement 142,857 142,857
Unearned revenue 90,316 73,200
Grapes payable 1,044,848 816,879
Total current liabilities 3,339,004 4,094,305
Note payable, net of current portion 0 245,417
Long-term debt, net of current portion 4,549,039 4,824,015
Deferred rent liability 120,364 140,756
Deferred revenue-distribution agreement, net of current portion 130,938 238,083
Deferred gain 97,196 121,267
Deferred income taxes 1,848,000 1,848,000
Total liabilities 10,084,541 11,511,843
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY    
Redeemable preferred stock, no par value, 10,000,000 shares authorized, 2,396,954 shares, aggregate liquidation preference $10,272,778, issued and outstanding at September 30, 2016 and 1,074,338 shares issued and outstanding at December 31, 2015 respectively. $ 9,387,601 $ 3,735,437
Common stock, no par value, 10,000,000 shares authorized, 5,219,411 and 5,139,177 shares issued at September 30, 2016 and December 31, 2015, respectively, 4,994,061 and 4,989,216 shares outstanding at September 30, 2016 and December 31, 2015, respectively. $ 8,690,670 $ 8,998,760
Retained earnings 15,672,291 14,432,836
Total shareholder's equity 33,750,562 27,167,033
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 43,835,103 $ 38,678,876