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BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 7,511,913 $ 9,737,467
Accounts receivable, net 2,069,793 2,352,890
Inventories (Note 2) 16,529,308 16,247,109
Prepaid expenses and other current assets 166,333 219,800
Income tax receivable 16,158 77,063
Total current assets 26,293,505 28,634,329
Other assets 13,824 34,836
Vineyard development costs, net 7,517,381 7,028,920
Property and equipment, net (Note 3) 27,868,829 25,784,451
Operating lease right of use assets 4,917,783 0
TOTAL ASSETS 66,611,322 61,482,536
CURRENT LIABILITIES    
Accounts payable 656,155 844,820
Accrued expenses 1,015,168 911,129
Current portion of note payable 1,488,676 1,685,181
Current portion of long-term debt 433,005 417,293
Current portion of lease liabilities 197,338 0
Unearned revenue 426,864 517,710
Grapes payable 285,500 1,019,129
Total current liabilities 4,502,706 5,395,262
Long-term debt, net of current portion and debt issuance costs 5,934,221 6,251,316
Lease liabilities, net of current portion 4,747,578 0
Deferred rent liability 26,823 50,480
Deferred gain 912 24,983
Deferred income taxes 2,200,227 2,200,227
Total liabilities 17,412,467 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 $19,863,392 at September 30, 2019 and 4,662,768 shares issued and outstanding, liquidation preference $19,350,487, at December 31, 2018, respectively. 19,088,459 18,319,102
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively. 8,512,489 8,512,489
Retained earnings 21,597,907 20,728,677
Total shareholder's equity 49,198,855 47,560,268
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 66,611,322 $ 61,482,536