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BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS    
Cash and cash equivalents $ 338,676 $ 13,747,285
Accounts receivable, net 4,226,948 3,163,375
Inventories 22,201,499 19,076,750
Prepaid expenses and other current assets 454,085 299,461
Income tax receivable 557,224 138,986
Total current assets 27,778,432 36,425,857
Other assets 13,824 13,824
Vineyard development costs, net 8,448,925 8,088,968
Property and equipment, net 53,547,245 40,596,135
Operating lease right of use assets 8,895,556 6,250,326
TOTAL ASSETS 98,683,982 91,375,110
CURRENT LIABILITIES    
Accounts payable 3,067,886 2,102,435
Accrued expenses 1,428,380 1,156,823
Investor deposits for preferred stock 147,511 4,134,422
Line of credit 166,617
Current portion of note payable 1,201,038 1,295,541
Current portion of long-term debt 496,970 472,420
Current portion of lease liabilities 768,818 443,484
Unearned revenue 1,442,401 938,257
Grapes payable 1,208,673 1,388,601
Total current liabilities 9,928,294 11,931,983
Long-term debt, net of current portion and debt issuance costs 6,446,447 4,930,193
Lease liabilities, net of current portion 8,506,830 5,954,433
Deferred income taxes 3,440,477 3,596,507
Total liabilities 28,322,048 26,413,116
SHAREHOLDERS’ EQUITY    
Redeemable preferred stock, no par value, 100,000,000 shares authorized, 9,185,666 shares issued and outstanding, liquidation preference $38,120,514 at December 31, 2022 and 7,523,539 shares issued and outstanding, liquidation preference $31,222,687, at December 31, 2021. 38,869,075 30,956,192
Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and outstanding at December 31, 2022 and December 31, 2021. 8,512,489 8,512,489
Retained earnings 22,980,370 25,493,313
Total shareholders’ equity 70,361,934 64,961,994
LIABILITIES AND SHAREHOLDERS’ EQUITY $ 98,683,982 $ 91,375,110