XML 42 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
BALANCE SHEETS (unaudited) (USD $)
Jun. 30, 2013
Dec. 31, 2012
CURRENT ASSETS    
Cash and cash equivalents $ 3,209,299 $ 4,553,113
Accounts receivable, net 1,225,481 1,088,550
Inventories (Note 2) 8,660,642 9,226,884
Prepaid expenses and other current assets 237,039 89,503
Current portion of note receivable    23,231
Current portion of distribution agreement receivable 250,000 250,000
Income tax receivable    8,734
Total current assets 13,582,461 15,240,015
Vineyard development costs, net 2,104,274 1,567,976
Property and equipment, net (Note 3) 9,787,917 8,305,636
Debt issuance costs 60,678 47,369
Distribution agreement receivable, net of current portion 250,000 250,000
TOTAL ASSETS 25,785,330 25,410,996
CURRENT LIABILITIES    
Accounts payable 801,398 728,596
Accrued expenses 430,998 474,776
Current portion of long-term debt 215,823 209,327
Line of credit 5,250   
Income taxes payable 325,083 17,659
Deferred income taxes 254,000 254,000
Current portion of liabilities from discontinued operations, net    4,337
Current portion of deferred revenue-distribution agreement 142,857 142,857
Grapes payable    539,584
Total current liabilities 2,175,409 2,371,136
Long-term debt, net of current portion 3,721,900 3,816,911
Deferred rent liability 189,866 197,241
Deferred revenue-distribution agreement, net of current portion 595,233 666,663
Deferred gain 201,504 217,551
Deferred income taxes 800,000 800,000
Total liabilities 7,683,912 8,069,502
SHAREHOLDERS' EQUITY    
Common stock, no par value, 10,000,000 shares authorized, 4,893,979 shares issued at June 30, 2013 and December 31, 2012, 4,788,916 and 4,803,710 shares outstanding at June 30, 2013 and December 31, 2012, respectively. 8,665,126 8,656,926
Retained earnings 9,821,501 9,003,783
Less: Common stock held in treasury, at cost, 105,063 and 90,269 shares at June 30, 2013 and December 31, 2012, respectively (385,209) (319,215)
Total shareholder's equity 18,101,418 17,341,494
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,785,330 $ 25,410,996