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BALANCE SHEETS (unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 10,998,726 $ 13,776,257
Accounts receivable, net 1,401,826 1,760,039
Inventories (Note 2) 14,945,481 14,793,594
Prepaid expenses and other current assets 151,324 108,102
Total current assets 27,497,357 30,437,992
Other assets 34,836 49,153
Vineyard development costs, net 6,628,717 6,006,250
Property and equipment, net (Note 3) 24,822,323 23,201,876
TOTAL ASSETS 58,983,233 59,695,271
CURRENT LIABILITIES    
Accounts payable 559,871 993,598
Accrued expenses 779,519 871,427
Investor deposits for preferred stock (Note 9) 0 430,305
Current portion of note payable 1,722,971 1,759,652
Current portion of long-term debt 407,144 397,251
Income taxes payable 220,581 125,297
Deferred revenue-distribution agreement 23,790 95,220
Unearned revenue 265,040 306,564
Grapes payable 0 1,455,569
Total current liabilities 3,978,916 6,434,883
Note payable, net of current portion 0 137,667
Long-term debt, net of current portion and debt issuance costs 6,455,427 6,655,384
Deferred rent liability 66,252 82,024
Deferred gain 41,030 57,077
Deferred income taxes 1,587,227 1,587,227
Total liabilities 12,128,852 14,954,262
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY    
Redeemable preferred stock, no par value, 10,000,000 shares authorized, 4,662,518 shares, liquidation preference $19,604,343, issued and outstanding at June 30, 2018 and 4,427,991, liquidation preference $18,375,831 issued and outstanding at December 31, 2017, respectively $ 18,830,502 $ 17,339,508
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 and 4,964,529 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively $ 8,512,489 $ 8,512,489
Retained earnings 19,511,390 18,889,012
Total shareholder's equity 46,854,381 44,741,009
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 58,983,233 $ 59,695,271