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BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 7,050,176 $ 9,737,467
Accounts receivable, net (Note 2) 1,814,004 2,352,890
Inventories (Note 3) 17,075,080 16,247,109
Prepaid expenses and other current assets 202,981 219,800
Income tax receivable 623,568 77,063
Total current assets 26,765,809 28,634,329
Other assets 13,824 34,836
Vineyard development costs, net 7,624,646 7,028,920
Property and equipment, net (Note 4) 28,648,301 25,784,451
Operating lease right of use assets 4,862,907 0
TOTAL ASSETS 67,915,487 61,482,536
CURRENT LIABILITIES    
Accounts payable 859,215 844,820
Accrued expenses 1,004,281 911,129
Current portion of note payable 1,468,473 1,685,181
Current portion of long-term debt 438,378 417,293
Current portion of lease liabilities 203,482 0
Unearned revenue 604,777 517,710
Grapes payable 792,595 1,019,129
Total current liabilities 5,371,201 5,395,262
Long-term debt, net of current portion and debt issuance costs 5,826,161 6,251,316
Lease liabilities, net of current portion 4,714,413 0
Deferred rent liability 0 50,480
Deferred gain 0 24,983
Deferred income taxes 2,958,606 2,200,227
Total liabilities 18,870,381 13,922,268
COMMITMENTS AND CONTINGENCIES (Note 12)
SHAREHOLDERS' EQUITY    
Redeemable preferred stock, no par value, 10,000,000 shares authorized, 4,662,768 shares issued and outstanding, liquidation preference $19,350,487, at December 31, 2019 and December 31, 2018, respectively 18,319,102 18,319,102
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively 8,512,489 8,512,489
Retained earnings 22,213,515 20,728,677
Total shareholder's equity 49,045,106 47,560,268
LIABILITIES AND SHAREHOLDERS' EQUITY $ 67,915,487 $ 61,482,536