XML 17 R6.htm IDEA: XBRL DOCUMENT v3.22.1
STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 2,445,463 $ 3,394,996
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,952,093 1,812,394
Gain on disposition of property & equipment (5,905) (8,000)
Preferred stock compensation expense 39,059 69,721
Non-cash lease expense 423,118 280,331
Loan fee amortization 13,248 13,247
Deferred income taxes 345,408 292,493
Change in operating assets and liabilities:    
Accounts receivable, net (491,799) (857,572)
Inventories (1,388,777) (612,893)
Prepaid expenses and other current assets (117,195) 20,715
Income tax receivable 345,574 139,008
Unearned revenue (419,878) (530,387)
Lease liabilities (334,094) (276,752)
Grapes payable 81,436 514,570
Accounts payable (136,741) 290,596
Accrued expenses (178,302) 330,844
Net cash from operating activities 2,572,708 4,873,311
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from disposition of property and equipment 35,510
Additions to vineyard development (288,973) (593,157)
Additions to property and equipment (10,083,442) (4,178,821)
Net cash from investing activities (10,301,395) (4,771,978)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Paycheck Protection Program 1,655,200
Payments on Paycheck Protection Program (1,655,200)
Proceeds from investor deposits held as liability 4,134,422 510,636
Payment on installment note for property purchase (89,040) (83,892)
Payments on long-term debt (450,132) (438,289)
Proceeds from issuance of preferred stock 4,589,192 7,428,482
Payment of preferred stock dividend (708,225) (568,691)
Net cash from financing activities 7,476,217 6,848,246
NET CHANGE IN CASH AND CASH EQUIVALENTS (252,470) 6,949,579
CASH AND CASH EQUIVALENTS, beginning of year 13,999,755 7,050,176
CASH AND CASH EQUIVALENTS, end of year 13,747,285 13,999,755
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Purchases of property and equipment and vineyard development costs included in accounts payable 1,143,735 320,769
Reduction in investor deposits for preferred stock 510,636
Gift cards given in lieu of cash dividends 736,058 547,687
Supplemental disclosure of cash flow information:    
Interest paid (net of capitalized interest) 389,163 413,319
Income tax paid $ 329,898 $ 956,672