v3.25.1
CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 332,889 $ 320,883
Accounts receivable, net 2,323,815 3,151,810
Inventories 33,598,355 32,907,489
Prepaid expenses and other current assets 453,541 519,608
Income tax receivable 316,009 19,267
Total current assets 37,024,609 36,919,057
Other assets 13,824 13,824
Vineyard development costs, net 8,735,052 8,769,542
Property and equipment, net 51,342,018 52,012,151
Operating lease right of use assets 11,129,070 11,302,566
TOTAL ASSETS 108,244,573 109,017,140
CURRENT LIABILITIES    
Accounts payable 2,125,472 1,584,466
Accrued expenses 1,802,698 2,097,736
Bank overdraft 391,394 473,016
Line of credit 1,203,983 2,405,815
Note payable 968,348 995,968
Current portion of long-term debt 965,668 952,171
Current portion of lease liabilities 477,060 481,801
Unearned revenue 2,351,336 2,470,125
Grapes payable 1,519,087
Total current liabilities 10,285,959 12,980,185
Long-term debt, net of current portion and debt issuance costs 15,679,848 12,911,831
Lease liabilities, net of current portion 11,237,369 11,354,746
Deferred income taxes 2,536,648 2,536,648
Total liabilities 39,739,824 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 $43,057,405, at March 31, 2025 and 10,239,573 shares issued and outstanding, liquidation preference $42,494,228, at December 31, 2024. 43,920,573 43,357,396
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively. 8,512,489 8,512,489
Retained earnings 16,071,687 17,363,845
Total shareholders’ equity $ 68,504,749 $ 69,233,730