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BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 238,482 $ 338,676
Accounts receivable, net 2,994,829 4,226,948
Inventories 28,314,779 22,201,499
Prepaid expenses and other current assets 522,854 454,085
Income tax receivable 121,959 557,224
Total current assets 32,192,903 27,778,432
Other assets 13,824 13,824
Vineyard development costs, net 8,704,352 8,448,925
Property and equipment, net 53,369,637 53,547,245
Operating lease right of use assets 11,427,433 8,895,556
TOTAL ASSETS 105,708,149 98,683,982
CURRENT LIABILITIES    
Accounts payable 2,026,352 3,067,886
Accrued expenses 1,482,254 1,428,380
Investor deposits for preferred stock 718,857 147,511
Bank overdraft 393,416
Line of credit 2,684,982 166,617
Note payable 1,100,735 1,201,038
Current portion of long-term debt 522,798 496,970
Current portion of lease liabilities 450,452 768,818
Unearned revenue 1,970,661 1,442,401
Grapes payable 2,446,233 1,208,673
Total current liabilities 13,796,740 9,928,294
Long-term debt, net of current portion and debt issuance costs 6,961,872 6,446,447
Lease liabilities, net of current portion 11,402,714 8,506,830
Deferred income taxes 2,911,618 3,440,477
Total liabilities 35,072,944 28,322,048
SHAREHOLDERS’ EQUITY    
Redeemable preferred stock, no par value, 100,000,000 shares authorized, 10,046,833 shares issued and outstanding, liquidation preference $41,694,357 at December 31, 2023 and 9,185,666 shares issued and outstanding, liquidation preference $38,120,514 at December 31, 2022 42,388,036 38,869,075
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at December 31, 2023 and December 31, 2022 8,512,489 8,512,489
Retained earnings 19,734,680 22,980,370
Total shareholders’ equity 70,635,205 70,361,934
LIABILITIES AND SHAREHOLDERS’ EQUITY $ 105,708,149 $ 98,683,982