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CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 303,195 $ 238,482
Accounts receivable, net 2,562,875 2,994,829
Inventories 31,361,008 28,314,779
Prepaid expenses and other current assets 231,368 522,854
Income tax receivable 400,760 121,959
Total current assets 34,859,206 32,192,903
Other assets 13,824 13,824
Vineyard development costs, net 8,747,248 8,704,352
Property and equipment, net 52,628,428 53,369,637
Operating lease right of use assets 11,009,960 11,427,433
TOTAL ASSETS 107,258,666 105,708,149
CURRENT LIABILITIES    
Accounts payable 1,961,007 2,026,352
Accrued expenses 2,292,453 1,482,254
Investor deposits for preferred stock 718,857
Bank overdraft 214,796 393,416
Line of credit 3,460,004 2,684,982
Note payable 1,022,778 1,100,735
Current portion of long-term debt 543,048 522,798
Current portion of lease liabilities 471,642 450,452
Unearned revenue 1,716,433 1,970,661
Grapes payable 560,007 2,446,233
Total current liabilities 12,242,168 13,796,740
Long-term debt, net of current portion and debt issuance costs 10,062,303 6,961,872
Lease liabilities, net of current portion 11,046,785 11,402,714
Deferred income taxes 2,911,618 2,911,618
Total liabilities 36,262,874 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 $44,183,904, at September 30, 2024 and 10,046,833 shares issued and outstanding, liquidation preference $41,694,357, at December 31, 2023. 45,047,071 42,388,036
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively. 8,512,489 8,512,489
Retained earnings 17,436,232 19,734,680
Total shareholders’ equity $ 70,995,792 $ 70,635,205