XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.22.1

LONG-TERM DEBT | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
LONG-TERM DEBT | NOTE 7 – LONG-TERM DEBT Long-term debt consists of the following at December 31, 2021 and 2020: Schedule of Long-term Debt
|  | December 31, |
|  | 2021 |  |  | 2020 |
Northwest Farm Credit Services Loan #4 |  | $ | 1,109,860 |  |  | $ | 1,240,453 |
Northwest Farm Credit Services Loan #5 |  |  | 4,425,236 |  |  |  | 4,743,819 |
Toyota Credit Corporation |  |  | - |  |  |  | 956 |
Long-Term Debt, Gross |  |  | 5,535,096 |  |  |  | 5,985,228 |
Debt issuance costs |  |  | (132,483 | ) |  |  | (145,731 | )
Current portion of long-term debt |  |  | (472,420 | ) |  |  | (450,040 | )
Long-Term Debt |  | $ | 4,930,193 |  |  | $ | 5,389,457 |
The Company has two long term debt agreements with Farm Credit Services (“FCS”) with an aggregate outstanding balance of $5,535,096 and $5,984,272 as of December 31, 2021 and 2020, respectively. The outstanding loans require monthly principal and interest payments of $62,067 for the life of the loans, at annual fixed interest rates of 4.75% and 5.21%, and with maturity dates of 2028 and 2032. The general purposes of these loans were to make capital improvements to the winery and vineyard facilities. The loan agreements contain covenants, which require the Company to maintain certain financial ratios and balances. At December 31, 2021, the Company was in compliance with these covenants. In the event of future noncompliance with the Company’s debt covenants, FCS would have the right to declare the Company in default, and at FCS’ option without notice or demand, the unpaid principal balance of the loan, plus all accrued unpaid interest thereon and all other amounts due shall immediately become due and payable. The Company had an outstanding loan with Toyota Credit Corporation which matured and was paid in full in February 2021, at zero interest, with an outstanding balance of $0 and $956 as of December 31, 2021 and 2020, respectively. Future minimum principal payments of long-term debt mature as follows for the years ending December 31: Schedule of Future Minimum Long-term Debt Payment
2022 |  | $ | 472,420 |
2023 |  |  | 496,970 |
2024 |  |  | 522,798 |
2025 |  |  | 549,971 |
2026 |  |  | 578,559 |
Thereafter |  |  | 2,914,378 |
Future minimum principal payments of long-term debt total |  | $ | 5,535,096 |
The weighted-average interest rates on the aforementioned borrowings for the fiscal years ended December 31, 2021 and 2020 was 5.12% and 5.11% respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration