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BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 8,157,578 $ 9,737,467
Accounts receivable, net 2,486,571 2,352,890
Inventories (Note 2) 16,328,575 16,247,109
Prepaid expenses and other current assets 224,476 219,800
Income tax receivable 0 77,063
Total current assets 27,197,200 28,634,329
Other assets 34,836 34,836
Vineyard development costs, net 7,147,811 7,028,920
Property and equipment, net (Note 3) 25,805,720 25,784,451
Operating lease right of use assets 5,025,536 0
TOTAL ASSETS 65,211,103 61,482,536
CURRENT LIABILITIES    
Accounts payable 591,519 844,820
Accrued expenses 700,060 911,129
Current portion of note payable 1,528,193 1,685,181
Current portion of long-term debt 422,464 417,293
Current portion of lease liabilities 185,333 0
Income taxes payable 72,939 0
Unearned revenue 468,742 517,710
Grapes payable 0 1,019,129
Total current liabilities 3,969,250 5,395,262
Long-term debt, net of current portion and debt issuance costs 6,145,825 6,251,316
Lease liabilities, net of current portion 4,892,098 0
Deferred rent liability 0 50,480
Deferred gain 16,959 24,983
Deferred income taxes 2,200,227 2,200,227
Total liabilities 17,224,359 13,922,268
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY    
Redeemable preferred stock, no par value, 10,000,000 shares authorized, 4,662,768 shares issued and outstanding, liquidation preference $19,606,939 at March 31, 2019 and 4,662,768 shares issued and outstanding, liquidation preference $19,350,487, at December 31, 2018, respectively. 18,575,554 18,319,102
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively. 8,512,489 8,512,489
Retained earnings 20,898,701 20,728,677
Total shareholder's equity 47,986,744 47,560,268
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 65,211,103 $ 61,482,536