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CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 213,432 $ 338,676
Accounts receivable, net 2,553,987 4,226,948
Inventories 26,065,768 22,201,499
Prepaid expenses and other current assets 314,636 454,085
Income tax receivable 901,164 557,224
Total current assets 30,048,987 27,778,432
Other assets 13,824 13,824
Vineyard development costs, net 8,666,132 8,448,925
Property and equipment, net 53,627,608 53,547,245
Operating lease right of use assets 9,369,541 8,895,556
TOTAL ASSETS 101,726,092 98,683,982
CURRENT LIABILITIES    
Accounts payable 1,981,290 3,067,886
Accrued expenses 1,800,811 1,428,380
Investor deposits for preferred stock 1,935,821 147,511
Bank overdraft 909,392
Line of credit 166,617
Current portion of note payable 1,126,374 1,201,038
Current portion of long-term debt 516,218 496,970
Current portion of lease liabilities 858,325 768,818
Unearned revenue 1,285,744 1,442,401
Grapes payable 1,904,736 1,208,673
Total current liabilities 12,318,711 9,928,294
Long-term debt, net of current portion and debt issuance costs 7,091,916 6,446,447
Lease liabilities, net of current portion 8,926,152 8,506,830
Deferred income taxes 3,440,477 3,440,477
Total liabilities 31,777,256 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 of $40,146,708, at September 30, 2023 and 9,185,666 shares issued and outstanding, liquidation preference $38,120,514, at December 31, 2022. 40,954,487 38,869,075
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively. 8,512,489 8,512,489
Retained earnings 20,481,860 22,980,370
Total shareholders’ equity $ 69,948,836 $ 70,361,934