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CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 256,472 $ 238,482
Accounts receivable, net 3,211,644 2,994,829
Inventories 28,881,664 28,314,779
Prepaid expenses and other current assets 507,758 522,854
Income tax receivable 333,359 121,959
Total current assets 33,190,897 32,192,903
Other assets 13,824 13,824
Vineyard development costs, net 8,686,472 8,704,352
Property and equipment, net 53,009,801 53,369,637
Operating lease right of use assets 11,287,131 11,427,433
TOTAL ASSETS 106,188,125 105,708,149
CURRENT LIABILITIES    
Accounts payable 1,953,128 2,026,352
Accrued expenses 1,779,337 1,482,254
Investor deposits for preferred stock 718,857
Bank overdraft 522,521 393,416
Line of credit 3,320,928 2,684,982
Note payable 1,074,712 1,100,735
Current portion of long-term debt 529,463 522,798
Current portion of lease liabilities 459,290 450,452
Unearned revenue 1,939,956 1,970,661
Grapes payable 2,446,233
Total current liabilities 11,579,335 13,796,740
Long-term debt, net of current portion and debt issuance costs 9,330,046 6,961,872
Lease liabilities, net of current portion 11,284,367 11,402,714
Deferred income taxes 2,911,618 2,911,618
Total liabilities 35,105,366 35,072,944
SHAREHOLDERS’ EQUITY    
Redeemable preferred stock, no par value, 100,000,000 shares authorized, 10,239,573 shares issued and outstanding, liquidation preference $43,057,405, at March 31, 2024 and 10,046,833 shares issued and outstanding, liquidation preference $41,694,357, at December 31, 2023. 43,920,572 42,388,036
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively. 8,512,489 8,512,489
Retained earnings 18,649,698 19,734,680
Total shareholders’ equity 71,082,759 70,635,205
LIABILITIES AND SHAREHOLDERS’ EQUITY $ 106,188,125 $ 105,708,149