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CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
CURRENT ASSETS    
Cash and cash equivalents $ 13,117,492 $ 13,999,755
Accounts receivable, net 2,523,074 2,671,576
Inventories (Note 2) 16,496,297 17,687,973
Prepaid expenses and other current assets 249,911 182,266
Income tax receivable 71,977 484,560
Total current assets 32,458,751 35,026,130
Other assets 13,824 13,824
Vineyard development costs, net 8,262,377 8,020,074
Property and equipment, net (Note 3) 33,997,210 31,486,856
Operating lease right of use assets 4,634,594 4,943,463
TOTAL ASSETS 79,366,756 79,490,347
CURRENT LIABILITIES    
Accounts payable 1,660,255 1,416,210
Accrued expenses 1,100,755 1,335,125
Investor deposits for preferred stock 110,477 510,636
Current portion of note payable 1,340,724 1,384,581
Current portion of long-term debt 460,604 450,040
Current portion of lease liabilities 310,428 277,686
Unearned revenue 546,176 622,077
Grapes payable 1,307,165
Total current liabilities 5,529,419 7,303,520
Long-term debt, net of current portion and debt issuance costs 5,162,375 5,389,457
Lease liabilities, net of current portion 4,389,731 4,724,344
Deferred income taxes 3,251,099 3,251,099
Total liabilities 18,332,624 20,668,420
SHAREHOLDERS’ EQUITY    
Redeemable preferred stock, no par value, 10,000,000 shares authorized, 6,564,923 shares issued and outstanding, liquidation preference $27,966,572, at June 30, 2021 and 6,309,508 shares issued and outstanding, liquidation preference $26,184,458, at December 31, 2020. 27,551,416 25,817,305
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively. 8,512,489 8,512,489
Retained earnings 24,970,227 24,492,133
Total shareholders’ equity $ 61,034,132 $ 58,821,927