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Willamette Valley Vineyards, Inc.(WVVIP) - 2025 Q4 - Annual Report
2026-03-24 20:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or Washington, D.C. 20549 FORM 10-K o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _______________________ Commission file number: 000-21522 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in its char ...
Willamette Valley Vineyards, Inc.(WVVIP) - 2025 Q3 - Quarterly Report
2025-11-13 22:20
Financial Performance - For the three months ended September 30, 2025, net sales were $8,353,200, a decrease of 10.8% compared to $9,370,713 for the same period in 2024[13] - Gross profit for the nine months ended September 30, 2025, was $15,979,698, down 9.0% from $17,552,526 in the prior year[13] - The company reported a net loss of $1,092,450 for the three months ended September 30, 2025, compared to a net loss of $282,945 for the same period in 2024, representing a 286.5% increase in losses[13] - For the nine months ended September 30, 2025, the company reported a net loss of $1,728,636 compared to a net loss of $608,772 for the same period in 2024[18] - The company reported a loss applicable to common shareholders of $(1,655,627) for the three months ended September 30, 2025, compared to $(846,195) for the same period in 2024, representing a 95.6% increase in losses[13] - Gross profit for the three months ended September 30, 2025, was $5,003,972, down 13.9% from $5,808,114 in the prior year[36] - For the nine months ended September 30, 2025, net sales totaled $26,090,546, a decrease of 8.5% from $28,506,151 in the same period of 2024[36] - The company reported a loss per common share after preferred dividends of $(0.69) for the nine months ended September 30, 2025, compared to $(0.46) for the same period in 2024[22] Assets and Liabilities - Total current assets increased to $37,979,155 as of September 30, 2025, from $36,919,057 at December 31, 2024, reflecting a growth of 2.9%[8] - Total liabilities rose to $40,003,821 as of September 30, 2025, compared to $39,783,410 at December 31, 2024, indicating a 0.6% increase[10] - Shareholders' equity decreased to $67,594,226 as of September 30, 2025, down from $69,233,730 at December 31, 2024, a decline of 2.4%[11] - The current portion of long-term debt was $993,875 as of September 30, 2025, compared to $952,171 at December 31, 2024, reflecting a 4.4% increase[10] - The company’s long-term debt increased to $15,428,093 as of September 30, 2025, compared to $14,042,910 as of December 31, 2024[28] - The company has lease liabilities totaling $11,010,791, net of current portion, as of September 30, 2025[61] Cash Flow and Expenses - The company had a net cash from operating activities of $(1,445,702) for the nine months ended September 30, 2025, an improvement from $(2,159,828) in the same period of 2024[18] - The company paid $723,311 in interest on debt and the line of credit for the nine months ended September 30, 2025, compared to $391,962 for the same period in 2024[32] - The company paid $62,500 in income taxes for the nine months ended September 30, 2025, compared to $27,000 for the same period in 2024, indicating a significant increase[30] - The company’s depreciation expense for the nine months ended September 30, 2025, was $2,289,716, slightly down from $2,368,537 for the same period in 2024[24] - The company recognized $89,132 in stock-based compensation expense during the three months ended September 30, 2025, related to the 2025 Omnibus Equity Incentive Plan[45] Inventory and Sales - The company's total inventories increased to $34,267,179 as of September 30, 2025, up from $32,907,489 as of December 31, 2024, reflecting a rise in finished goods and work-in-process[23] - The contribution margin for the three months ended September 30, 2025, was $(105,308), compared to a positive contribution margin of $41,582 in the same period of 2024[36] - Selling expenses increased to $4,444,433 for the three months ended September 30, 2025, from $4,326,851 in the prior year, reflecting a rise of 2.7%[36] Lease Agreements - The weighted-average remaining lease term for operating leases was 14.25 years as of September 30, 2025[60] - The company has entered into long-term grape purchase agreements, but cannot calculate minimum or maximum payments due to variable factors[63] - The Company has long-term grape purchase agreements with Willamette Valley wine grape growers, but cannot determine minimum or maximum payments due to variable factors[63] - The Company extended the lease for the Peter Michael Vineyard until January 2030, with options to extend through January 2035[49] - The Company has entered into multiple leases for retail wine facilities, with terms ranging from 10 years to 34 years, and various escalation provisions tied to CPI[54][55][56][57][58][59]
Willamette Valley Vineyards, Inc.(WVVIP) - 2025 Q2 - Quarterly Report
2025-08-12 20:16
Financial Performance - Net sales for the three months ended June 30, 2025, were $10,195,763, a decrease of 1.3% compared to $10,332,358 for the same period in 2024[11] - Gross profit for the six months ended June 30, 2025, was $10,975,726, down 6.6% from $11,744,412 in 2024[11] - The company reported a net loss of $636,186 for the six months ended June 30, 2025, compared to a net loss of $325,827 for the same period in 2024[17] - For the three months ended June 30, 2025, the company reported a net income of $92,795, compared to a net income of $195,978 for the same period in 2024, resulting in a loss applicable to common shares of $(470,381) for 2025 versus $(367,271) in 2024[21] - The company’s total revenues for the six months ended June 30, 2025, were $17,737,346, a decrease from $19,135,438 in the same period of 2024[34] Assets and Liabilities - Total current liabilities decreased to $8,912,638 as of June 30, 2025, from $12,980,185 at December 31, 2024, representing a reduction of 31.5%[8] - The company’s total assets decreased to $106,600,616 as of June 30, 2025, from $109,017,140 at December 31, 2024, a decline of 2.3%[9] - Retained earnings decreased to $15,601,306 as of June 30, 2025, down from $17,363,845 at December 31, 2024, a reduction of 10.1%[9] - The company’s long-term debt increased to $15,436,053 as of June 30, 2025, compared to $12,911,831 at December 31, 2024, an increase of 19.5%[8] - The outstanding balance of long-term debt increased to $16,584,054 as of June 30, 2025, from $14,042,910 as of December 31, 2024[27] Cash Flow and Expenses - Cash and cash equivalents increased to $350,643 as of June 30, 2025, from $320,883 at the beginning of the period, reflecting a growth of 9.5%[8] - Operating expenses for the six months ended June 30, 2025, totaled $11,447,540, a slight decrease of 3.1% from $11,810,083 in 2024[11] - Interest paid for the three months ended June 30, 2025, was $267,696, significantly higher than $129,539 for the same period in 2024[30] - The company paid $45,000 in income taxes for the three and six months ended June 30, 2025, compared to zero income taxes for the same periods in 2024[29] Inventory and Sales - The company’s total inventories as of June 30, 2025, amounted to $32,946,595, slightly up from $32,907,489 as of December 31, 2024[22] - The contribution margin for direct sales in the three months ended June 30, 2025, was $791,055, while for distributor sales it was $1,516,909[34] - The gross profit for the six months ended June 30, 2025, was $10,975,726, compared to $11,744,412 for the same period in 2024, indicating a decline in profitability[34] Shareholder Information - The company’s weighted-average number of common shares outstanding remained constant at 4,964,529 for both the three and six months ended June 30, 2025, and 2024[21] - The company accrued preferred stock dividends of $563,176 for the six months ended June 30, 2025[14] - Shareholders have the option to receive dividends as cash or gift cards, with unused dividend gift cards amounting to $1,457,927 as of June 30, 2025[38] Lease and Operating Agreements - The Company has a total minimal lease payment liability of $19,947,582 as of June 30, 2025, with a net present value of operating lease liabilities amounting to $11,117,733[55] - Operating lease costs for vineyards amounted to $250,363 for the six months ended June 30, 2025, compared to $229,564 for the same period in 2024[54] - The weighted-average remaining lease term for operating leases is 14.37 years, with a weighted-average discount rate of 7.66%[54] - The Company has entered into long-term grape purchase agreements with Willamette Valley wine grape growers, but cannot calculate minimum or maximum payments due to variable factors[57] Securities and Offerings - The Company filed a Prospectus Supplement on June 30, 2023, proposing to sell up to 727,835 shares of Series A Redeemable Preferred Stock with proceeds not to exceed $3,530,000, with offering prices ranging from $4.85 to $5.35 per share[36] - As of June 30, 2025, net proceeds of $3,938,066 have been received from previous offerings of Preferred Stock[36] - The Company filed a new shelf Registration Statement on Form S-3 on June 17, 2025, for potential future issuance of securities not to exceed $20,000,000[37]
Willamette Valley Vineyards, Inc.(WVVIP) - 2025 Q1 - Quarterly Report
2025-05-13 20:31
Part I - Financial Information [Item 1 - Financial Statements](index=4&type=section&id=Item%201%20-%20Financial%20Statements) This section presents the unaudited condensed financial statements for the three months ended March 31, 2025, covering balance sheets, operations, equity, and cash flows, with accompanying notes [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Total assets slightly decreased to $108.2 million as of March 31, 2025, with stable liabilities and a decline in shareholders' equity due to the net loss Condensed Balance Sheet Summary (as of March 31, 2025 vs. December 31, 2024) | Account | March 31, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | **Total Current Assets** | $37,024,609 | $36,919,057 | | **Total Assets** | **$108,244,573** | **$109,017,140** | | **Total Current Liabilities** | $10,285,959 | $12,980,185 | | **Total Liabilities** | **$39,739,824** | **$39,783,410** | | **Total Shareholders' Equity** | **$68,504,749** | **$69,233,730** | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) Net sales decreased by 14.3% to $7.5 million for Q1 2025, resulting in a widened net loss and increased loss per common share Q1 2025 vs. Q1 2024 Statement of Operations | Metric | Three months ended March 31, 2025 (USD) | Three months ended March 31, 2024 (USD) | | :--- | :--- | :--- | | **Sales, Net** | $7,541,583 | $8,803,080 | | **Gross Profit** | $4,759,108 | $5,272,722 | | **Loss from Operations** | ($869,978) | ($602,577) | | **Net Loss** | ($728,981) | ($521,805) | | **Loss per common share** | ($0.26) | ($0.22) | [Condensed Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Statements%20of%20Shareholders'%20Equity) Total shareholders' equity decreased by approximately $0.7 million in Q1 2025, primarily due to the net loss and accrued preferred stock dividends - The decrease in retained earnings for Q1 2025 was a result of the net loss (**$728,981**) and accrued preferred stock dividends (**$563,177**)[12](index=12&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $1.3 million in Q1 2025, offset by $1.5 million from financing activities, resulting in a slight increase in cash and cash equivalents Q1 2025 vs. Q1 2024 Cash Flow Summary | Cash Flow Activity | Three months ended March 31, 2025 (USD) | Three months ended March 31, 2024 (USD) | | :--- | :--- | :--- | | **Net cash from operating activities** | ($1,337,263) | ($3,012,769) | | **Net cash from investing activities** | ($115,344) | ($330,298) | | **Net cash from financing activities** | $1,464,613 | $3,361,057 | | **Net change in cash** | $12,006 | $17,990 | [Notes to Unaudited Interim Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Interim%20Financial%20Statements) These notes provide additional details on financial statements, including inventory, debt, segment performance, preferred stock, and lease obligations, highlighting a significant decline in Distributor Sales Inventory Breakdown (as of March 31, 2025) | Inventory Type | Value (USD) | | :--- | :--- | | Winemaking and packaging materials | $1,587,348 | | Work-in-process (unbottled wine) | $14,147,911 | | Finished goods (bottled wine) | $17,863,096 | | **Total Inventories** | **$33,598,355** | - The company has four long-term debt agreements with AgWest, with an aggregate outstanding balance of **$16.8 million** as of March 31, 2025[24](index=24&type=chunk) Segment Performance (Q1 2025 vs. Q1 2024) | Segment | Sales (Q1 2025, USD) | Sales (Q1 2024, USD) | Gross Profit (Q1 2025, USD) | Gross Profit (Q1 2024, USD) | | :--- | :--- | :--- | :--- | :--- | | **Direct Sales** | $4,310,474 | $4,286,156 | $3,124,881 | $2,991,011 | | **Distributor Sales** | $3,231,109 | $4,516,924 | $1,634,227 | $2,281,711 | [Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial performance, attributing the 14.3% revenue decrease to lower distributor sales and an increased net loss, while affirming sufficient liquidity for long-term needs [Overview](index=14&type=section&id=Overview) The company's strategy focuses on producing high-quality Oregon wines, building brand recognition, and growing direct-to-consumer sales, though near-term results may be impacted by strategic growth costs - The company's success is dependent on its ability to: (1) **grow high-quality grapes**, (2) **produce premium wine**, (3) **achieve brand recognition**, (4) **effectively distribute products**, and (5) **grow direct-to-consumer sales**[57](index=57&type=chunk) - Wine case sales decreased by **23.5%** in Q1 2025 compared to Q1 2024, falling from **43,208 cases** to **33,080 cases**, primarily due to lower wholesale case sales[62](index=62&type=chunk) [Results of Operations](index=15&type=section&id=Results%20of%20Operations) Sales revenue decreased by $1.3 million (14.3%) in Q1 2025, primarily due to lower distributor sales, while gross profit margin improved and net loss widened - The decrease in sales revenue was caused by a **$1,285,815** decline in distributor sales, partially offset by a **$24,318** increase in direct sales to consumers[67](index=67&type=chunk) - Gross profit as a percentage of net sales increased to **63.1%** in Q1 2025 from **59.9%** in Q1 2024, attributed to higher prices for products sold through retail locations[70](index=70&type=chunk) - The increase in net loss for Q1 2025 was primarily the result of lower case sales to distributors compared to the same period in 2024[74](index=74&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company maintained $26.7 million in working capital, with financing activities offsetting operational cash usage, and management believes current resources are sufficient for long-term needs Key Liquidity Metrics (as of March 31, 2025) | Metric | Value | | :--- | :--- | | Working Capital | $26.7 million | | Current Ratio | 3.60:1 | | Cash Balance | $332,889 | - Cash generated from financing activities in Q1 2025 was **$1,464,613**, mainly from long-term debt proceeds, which offset repayments on the line of credit[79](index=79&type=chunk) - The company believes that cash flow from operations, existing credit facilities, and preferred stock sales will be **sufficient** to meet its long-term needs[84](index=84&type=chunk) [Item 3 - Quantitative and Qualitative Disclosures about Market Risk](index=17&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk - The Company is not required to provide information for this item as it qualifies as a smaller reporting company[85](index=85&type=chunk) [Item 4 - Controls and Procedures](index=17&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the CEO and CFO concluded that the Company's disclosure controls and procedures are **effective**[86](index=86&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[87](index=87&type=chunk) Part II - Other Information [Item 1 - Legal Proceedings](index=17&type=section&id=Item%201%20-%20Legal%20Proceedings) The company is occasionally involved in ordinary course legal proceedings, which management believes will not materially adversely affect its financial position or results of operations - Management believes that any potential liability from legal proceedings is **not likely to have a material effect** on the Company's liquidity, financial condition, or results from operations[88](index=88&type=chunk) [Item 1A - Risk Factors](index=17&type=section&id=Item%201A%20-%20Risk%20Factors) This section refers investors to the detailed discussion of risk factors in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - The report refers readers to the risk factors discussed in Part I, "Item 1A. Risk Factors" in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[89](index=89&type=chunk) [Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds](index=17&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - None[91](index=91&type=chunk) [Item 3 - Defaults Upon Senior Securities](index=18&type=section&id=Item%203%20-%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[92](index=92&type=chunk) [Item 5 - Other Information](index=18&type=section&id=Item%205%20-%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the first quarter of 2025 - **No director or officer adopted or terminated** a "Rule 10b5-1 trading arrangement" or "Non-Rule 10b5-1 trading arrangement" during the three months ended March 31, 2025[94](index=94&type=chunk) [Item 6 - Exhibits](index=19&type=section&id=Item%206%20-%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, CEO and CFO certifications, and iXBRL formatted financial statements - The exhibits filed with this report include: * **Articles of Incorporation and Bylaws** * **Certifications of the CEO and CFO** pursuant to Rule 13a-14(a) * **Certifications of the CEO and CFO** pursuant to Section 906 of the Sarbanes-Oxley Act * **Financial statements formatted in Inline Extensible Business Reporting Language (iXBRL)**[96](index=96&type=chunk)
Willamette Valley Vineyards, Inc.(WVVIP) - 2024 Q2 - Quarterly Report
2024-08-13 20:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 001-37610 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in charter) Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificatio ...
Willamette Valley Vineyards, Inc.(WVVIP) - 2024 Q1 - Quarterly Report
2024-05-13 20:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 001-37610 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in charter) Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificati ...
Willamette Valley Vineyards, Inc.(WVVIP) - 2023 Q4 - Annual Report
2024-03-26 20:23
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _______________________ Commission file number: 000-21522 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in its char ...
Willamette Valley Vineyards, Inc.(WVVIP) - 2023 Q3 - Quarterly Report
2023-11-14 21:02
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 001-37610 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in charter) Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identifi ...
Willamette Valley Vineyards, Inc.(WVVIP) - 2023 Q2 - Quarterly Report
2023-08-14 20:20
Financial Performance - Net sales for Q2 2023 reached $10.73 million, a 23.3% increase from $8.70 million in Q2 2022[12] - Gross profit for the first half of 2023 was $10.73 million, up 25.5% from $8.55 million in the same period last year[12] - For the three months ended June 30, 2023, the net income was $108,453, compared to a net income of $257,401 for the same period in 2022, resulting in a loss applicable to common shares of $(403,267) for 2023[21] - Net sales for the three months ended June 30, 2023, were $10,726,243, an increase of 23.2% compared to $8,700,861 in the same period of 2022[35] - Gross profit for the six months ended June 30, 2023, was $10,729,041, up 25.5% from $8,547,286 in the prior year[35] - The company reported an operating loss of $(666,111) for the six months ended June 30, 2023, compared to an income of $308,211 in the prior year[35] - The company reported an income from operations of $308,839 for the three months ended June 30, 2023, compared to $444,443 in the same period of 2022[35] Expenses and Liabilities - Operating expenses increased to $11.40 million for the first half of 2023, compared to $8.24 million in the first half of 2022, reflecting a 38.5% rise[12] - Selling expenses for the six months ended June 30, 2023, totaled $8,333,623, a significant increase from $5,497,340 in the same period of 2022[35] - Total liabilities rose to $28.72 million as of June 30, 2023, compared to $28.32 million at the end of 2022[9] - Long-term debt increased to $7,841,963 as of June 30, 2023, from $7,062,654 as of December 31, 2022[28] - The Company had an outstanding line of credit balance of $1,505,793 at June 30, 2023, with an interest rate of 7.75%, compared to $166,617 at December 31, 2022[25] - Current lease liabilities are recorded at $844,280, indicating a significant portion of lease obligations is due in the near term[56] Assets and Equity - Total assets as of June 30, 2023, were $98.99 million, slightly up from $98.68 million at the end of 2022[9] - Cash and cash equivalents increased to $553,180 as of June 30, 2023, from $338,676 at the beginning of the year[17] - Total shareholders' equity decreased to $70,275,818 as of June 30, 2023, from $70,361,934 at the end of 2022[10] - The company’s property and equipment, net, was $53,059,803 as of June 30, 2023, slightly down from $53,547,245 as of December 31, 2022[24] Cash Flow - Cash flows from operating activities resulted in a net cash outflow of $147,422 for the six months ended June 30, 2023, an improvement from a net cash outflow of $979,069 in 2022[17] - The company’s net cash from investing activities was a cash outflow of $2,109,897 for the six months ended June 30, 2023, compared to a cash outflow of $10,129,564 in 2022[17] Preferred Stock and Dividends - The company accrued preferred stock dividends of $511,720 in Q2 2023, compared to $466,613 in Q2 2022[15] - Preferred stock dividends accrued for the six months ended June 30, 2023, were $1,023,439, compared to $933,225 in the same period of 2022[12] - The company has received net proceeds of $3,558,807 from the issuance of preferred stock as of June 30, 2023[38] Inventory and Grape Purchases - The total inventories as of June 30, 2023, amounted to $22,751,848, slightly up from $22,201,499 as of December 31, 2022, with finished goods increasing to $10,404,100 from $8,991,070[23] - The company has long-term grape purchase agreements but reported no grape purchases for the three and six months ended June 30, 2023[57] - There were no grape purchases in the specified periods, highlighting potential supply chain risks[57] Lease Obligations - The total lease cost for the six months ended June 30, 2023, was $688,329, with operating lease costs for vineyards at $229,564 and for other properties at $439,965[54] - Right-of-use assets obtained in exchange for new operating lease obligations were $1,090,735 for the six months ended June 30, 2023[55] - The weighted-average remaining lease term for operating leases was 10.52 years, with a weighted-average discount rate of 5.48%[54] - The company has a total operating lease liability of $9,989,914, indicating substantial long-term commitments[56] Legal and Future Considerations - The company believes that ongoing legal proceedings will not materially affect its financial position or cash flows, although outcomes cannot be determined at this time[56] - The company believes cash flow from operations and existing credit facilities will be sufficient to meet short-term needs while evaluating long-term funding mechanisms[29]
Willamette Valley Vineyards, Inc.(WVVIP) - 2023 Q1 - Quarterly Report
2023-05-12 20:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT Commission File Number 001-37610 WILLAMETTE VALLEY VINEYARDS, INC. (Exact name of registrant as specified in charter) Oregon 93-0981021 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identificati ...