XML 13 R2.htm IDEA: XBRL DOCUMENT v3.25.2
CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 350,643 $ 320,883
Accounts receivable, net 2,215,818 3,151,810
Inventories 32,946,595 32,907,489
Prepaid expenses and other current assets 424,427 519,608
Income tax receivable 323,235 19,267
Total current assets 36,260,718 36,919,057
Other assets 13,824 13,824
Vineyard development costs, net 8,711,803 8,769,542
Property and equipment, net 50,643,122 52,012,151
Operating lease right of use assets 10,971,149 11,302,566
TOTAL ASSETS 106,600,616 109,017,140
CURRENT LIABILITIES    
Accounts payable 1,951,957 1,584,466
Accrued expenses 1,747,315 2,097,736
Bank overdraft 213,520 473,016
Line of credit 446,882 2,405,815
Note payable 940,314 995,968
Current portion of long-term debt 979,668 952,171
Current portion of lease liabilities 472,282 481,801
Unearned revenue 2,160,700 2,470,125
Grapes payable 1,519,087
Total current liabilities 8,912,638 12,980,185
Long-term debt, net of current portion and debt issuance costs 15,436,053 12,911,831
Lease liabilities, net of current portion 11,117,733 11,354,746
Deferred income taxes 2,536,648 2,536,648
Total liabilities 38,003,072 39,783,410
SHAREHOLDERS’ EQUITY    
Redeemable preferred stock, no par value, 100,000,000 shares authorized, 10,239,573 shares issued and outstanding, liquidation preference $43,620,581, at June 30, 2025 and 10,239,573 shares issued and outstanding, liquidation preference $42,494,228, at December 31, 2024. 44,483,749 43,357,396
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively. 8,512,489 8,512,489
Retained earnings 15,601,306 17,363,845
Total shareholders’ equity $ 68,597,544 $ 69,233,730