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CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 154,340 $ 338,676
Accounts receivable, net 3,130,092 4,226,948
Inventories 22,569,545 22,201,499
Prepaid expenses and other current assets 595,440 454,085
Income tax receivable 818,732 557,224
Total current assets 27,268,149 27,778,432
Other assets 13,824 13,824
Vineyard development costs, net 8,427,327 8,448,925
Property and equipment, net 53,014,612 53,547,245
Operating lease right of use assets 9,385,346 8,895,556
TOTAL ASSETS 98,109,258 98,683,982
CURRENT LIABILITIES    
Accounts payable 1,493,759 3,067,886
Accrued expenses 1,326,933 1,428,380
Investor deposits for preferred stock 147,511
Bank overdraft 316,339
Line of credit 1,178,078 166,617
Current portion of note payable 1,176,519 1,201,038
Current portion of long-term debt 503,304 496,970
Current portion of lease liabilities 824,973 768,818
Unearned revenue 1,381,986 1,442,401
Grapes payable 1,208,673
Total current liabilities 8,201,891 9,928,294
Long-term debt, net of current portion and debt issuance costs 7,333,173 6,446,447
Lease liabilities, net of current portion 8,966,352 8,506,830
Deferred income taxes 3,440,477 3,440,477
Total liabilities 27,941,893 28,322,048
SHAREHOLDERS’ EQUITY    
Redeemable preferred stock, no par value, 10,000,000 shares authorized, 9,303,988 shares issued and outstanding, liquidation preference $39,123,269, at March 31, 2023 and 9,185,666 shares issued and outstanding, liquidation preference $38,120,514, at December 31, 2022. 39,931,048 38,869,075
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively. 8,512,489 8,512,489
Retained earnings 21,723,828 22,980,370
Total shareholders' equity $ 70,167,365 $ 70,361,934