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BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents $ 5,667,393 $ 7,050,176
Accounts receivable, net 2,347,998 1,814,004
Inventories (Note 2) 16,604,638 17,075,080
Prepaid expenses and other current assets 288,803 202,981
Income tax receivable 329,335 623,568
Total current assets 25,238,167 26,765,809
Other assets 13,824 13,824
Vineyard development costs, net 7,731,687 7,624,646
Property and equipment, net (Note 3) 30,343,776 28,648,301
Operating lease right of use assets 5,162,980 4,862,907
TOTAL ASSETS 68,490,434 67,915,487
CURRENT LIABILITIES    
Accounts payable 1,411,056 859,215
Accrued expenses 804,331 1,004,281
Current portion of note payable 1,447,966 1,468,473
Current portion of long-term debt 441,906 438,378
Current portion of lease liabilities 273,670 203,482
Unearned revenue 580,598 604,777
Grapes payable 80,472 792,595
Total current liabilities 5,039,999 5,371,201
Long-term debt, net of current portion and debt issuance costs 5,718,016 5,826,161
Lease liabilities, net of current portion 4,941,625 4,714,413
Deferred income taxes 2,958,606 2,958,606
Total liabilities 18,658,246 18,870,381
COMMITMENTS AND CONTINGENCIES (Notes 8 and 9)
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, and $19,350,487, at March 31, 2020 and December 31, 2019, 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, 2020 and December 31, 2019, respectively. 8,512,489 8,512,489
Retained earnings 22,744,145 22,213,515
Total shareholder's equity 49,832,188 49,045,106
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 68,490,434 $ 67,915,487