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CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 279,807 $ 238,482
Accounts receivable, net 3,406,955 2,994,829
Inventories 29,492,568 28,314,779
Prepaid expenses and other current assets 295,961 522,854
Income tax receivable 258,583 121,959
Total current assets 33,733,874 32,192,903
Other assets 13,824 13,824
Vineyard development costs, net 8,748,040 8,704,352
Property and equipment, net 52,868,519 53,369,637
Operating lease right of use assets 11,149,416 11,427,433
TOTAL ASSETS 106,513,673 105,708,149
CURRENT LIABILITIES    
Accounts payable 1,987,373 2,026,352
Accrued expenses 2,010,175 1,482,254
Investor deposits for preferred stock 718,857
Bank overdraft 744,332 393,416
Line of credit 2,334,415 2,684,982
Note payable 1,049,587 1,100,735
Current portion of long-term debt 536,212 522,798
Current portion of lease liabilities 467,839 450,452
Unearned revenue 1,832,168 1,970,661
Grapes payable 2,446,233
Total current liabilities 10,962,101 13,796,740
Long-term debt, net of current portion and debt issuance costs 10,197,052 6,961,872
Lease liabilities, net of current portion 11,164,165 11,402,714
Deferred income taxes 2,911,618 2,911,618
Total liabilities 35,234,936 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 $43,620,654, at June 30, 2024 and 10,046,833 shares issued and outstanding, liquidation preference $41,694,357, at December 31, 2023. 44,483,821 42,388,036
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively. 8,512,489 8,512,489
Retained earnings 18,282,427 19,734,680
Total shareholders’ equity 71,278,737 70,635,205
LIABILITIES AND SHAREHOLDERS’ EQUITY $ 106,513,673 $ 105,708,149