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CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
CURRENT ASSETS    
Cash and cash equivalents $ 3,128,407 $ 13,747,285
Accounts receivable, net 2,273,138 3,163,375
Inventories 20,432,556 19,076,750
Prepaid expenses and other current assets 305,139 299,461
Income tax receivable 593,401 138,986
Total current assets 26,732,641 36,425,857
Other assets 13,824 13,824
Vineyard development costs, net 8,290,864 8,088,968
Property and equipment, net 49,584,002 40,596,135
Operating lease right of use assets 9,283,357 6,250,326
TOTAL ASSETS 93,904,688 91,375,110
CURRENT LIABILITIES    
Accounts payable 2,230,254 2,102,435
Accrued expenses 1,247,179 1,156,823
Investor deposits for preferred stock 4,134,422
Current portion of note payable 1,248,993 1,295,541
Current portion of long-term debt 484,539 472,420
Current portion of lease liabilities 684,220 443,484
Unearned revenue 800,090 938,257
Grapes payable 1,388,601
Total current liabilities 6,695,275 11,931,983
Long-term debt, net of current portion and debt issuance costs 4,691,093 4,930,193
Lease liabilities, net of current portion 8,897,030 5,954,433
Deferred income taxes 3,596,507 3,596,507
Total liabilities 23,879,905 26,413,116
SHAREHOLDERS’ EQUITY    
Redeemable preferred stock, no par value, 10,000,000 shares authorized, 8,483,862 shares issued and outstanding, liquidation preference of $36,141,252, at June 30, 2022 and 7,523,539 shares issued and outstanding, liquidation preference of $31,222,687, at December 31, 2021. 36,793,747 30,956,192
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively. 8,512,489 8,512,489
Retained earnings 24,718,547 25,493,313
Total shareholders’ equity 70,024,783 64,961,994
LIABILITIES AND SHAREHOLDERS’ EQUITY $ 93,904,688 $ 91,375,110