Willamette Valley Vineyards, Inc. Files Quarterly Report

TL;DR

<b>Willamette Valley Vineyards, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

WILLAMETTE VALLEY VINEYARDS INC (WVVIP) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Filing is a 10-Q for the period ending March 31, 2024. Company name is Willamette Valley Vineyards Inc. Central Index Key is 0000838875. Standard Industrial Classification is Beverages [2080]. Incorporated in Oregon.

Why It Matters

For investors and stakeholders tracking WILLAMETTE VALLEY VINEYARDS INC, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and stakeholders can review the latest financial data, including revenue, assets, and debt, to assess the company's current standing.

Risk Assessment

Risk Level: — WILLAMETTE VALLEY VINEYARDS INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new information that would alter the company's risk profile based on the provided header data.

Analyst Insight

Review the detailed financial statements and management discussion within the full 10-Q filing to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-13 — Filing Date (Filed as of Date)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• WILLAMETTE VALLEY VINEYARDS INC (company) — Filer name
• 0000838875 (company) — Central Index Key
• 2080 (industry) — Standard Industrial Classification
• OR (location) — State of Incorporation
• 97392 (location) — Business Address Zip Code
• 5035889463 (phone) — Business Phone

FAQ

Industry Context

The company operates within the beverages industry, specifically focusing on wine production and sales.

Regulatory Implications

The filing is made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements for Q1 2024.
2. Review any management discussion and analysis (MD&A) for insights into performance drivers.
3. Compare Q1 2024 results with prior periods to identify trends.

Year-Over-Year Comparison

This is the initial header information for the 10-Q filing for the period ending March 31, 2024. Detailed comparative data will be available within the full document.

Key Financial Figures

• $42,534, b — note payable with quarterly payments of $42,534, bearing interest at 6%. The note may be c
• $62,067 — thly principal and interest payments of $62,067 for the life of the loans, at annual fi
• $9,008,334 — eferred Stock for aggregate proceeds of $9,008,334 net of acquisition costs. On July 1,
• $20,000,000 — the June 2022 Form S-3 is not to exceed $20,000,000. On August 1, 2022 and September 1 2022
• $1,097,765 — red Stock having proceeds not to exceed $1,097,765 and up to 284,995 shares of Series A Re
• $1,467,729 — red Stock having proceeds not to exceed $1,467,729, respectively. Each of these Prospectus
• $5.15 — ces beginning with an offering price of $5.15 per share and concluding with an offeri
• $5.35 — hare and concluding with an offering of $5.35 per share. On October 3, 2022, the Comp
• $1,226,211 — red Stock having proceeds not to exceed $1,226,211. This Prospectus Supplement established
• $5.25 — ces beginning with an offering price of $5.25 per share and concluding with an offeri
• $1,845,009 — red Stock having proceeds not to exceed $1,845,009. This Prospectus Supplement established
• $3,558,807 — ice of $5.35 per share. Net proceeds of $3,558,807 have been received under these offering
• $3,530,000 — red Stock having proceeds not to exceed $3,530,000. This Prospectus Supplement established
• $4.85 — ces beginning with an offering price of $4.85 per share and concluding with an offeri
• $1,400,000 — red Stock having proceeds not to exceed $1,400,000. This Prospectus Supplement established

Filing Documents

• wvvi-10q.htm (10-Q) — 479KB
• wvvi-ex31_1.htm (EX-31.1) — 9KB
• wvvi-ex31_2.htm (EX-31.2) — 9KB
• wvvi-ex32_1.htm (EX-32.1) — 7KB
• wvvi-ex32_2.htm (EX-32.2) — 7KB
• 0001199835-24-000188.txt (&nbsp;) — 2940KB
• wvvi-20240331.xsd (EX-101.SCH) — 22KB
• wvvi-20240331_cal.xml (EX-101.CAL) — 45KB
• wvvi-20240331_def.xml (EX-101.DEF) — 63KB
• wvvi-20240331_lab.xml (EX-101.LAB) — 192KB
• wvvi-20240331_pre.xml (EX-101.PRE) — 144KB
• wvvi-10q_htm.xml (XML) — 370KB

- Financial Information

Part I - Financial Information 3

- Financial Statements (unaudited)

Item 1 - Financial Statements (unaudited) 3 Condensed Balance Sheets 3 Condensed Statements of Operations 4 Condensed Statements of Shareholders Equity 5 Condensed 6 Notes to Unaudited Interim Financial Statements 7

- Managements Discussion and Analysis of Financial Condition and Results of Operations

Item 2 - Managements Discussion and Analysis of Financial Condition and Results of Operations 14

- Quantitative and Qualitative Disclosures about Market Risk

Item 3 - Quantitative and Qualitative Disclosures about Market Risk 18

- Controls and Procedures

Item 4 - Controls and Procedures 18

- Other Information

Part II - Other Information 18

- Legal Proceedings

Item 1 - Legal Proceedings 18

- Risk Factors

Item 1A - Risk Factors 18

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 18

- Defaults Upon Senior Securities

Item 3 - Defaults Upon Senior Securities 18

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 18

- Other Information

Item 5 - Other Information 18

- Exhibits

Item 6 - Exhibits 19

Signatures

Signatures 20 2 PART I: FINANCIAL INFORMATION Item 1 – Financial Statements WILLAMETTE VALLEY VINEYARDS, INC. CONDENSED BALANCE SHEETS (Unaudited) March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 256,472 $ 238,482 Accounts receivable, net 3,211,644 2,994,829 Inventories 28,881,664 28,314,779 Prepaid expenses and other current assets 507,758 522,854 Income tax receivable 333,359 121,959 Total current assets 33,190,897 32,192,903 Other assets 13,824 13,824 Vineyard development costs, net 8,686,472 8,704,352 Property and equipment, net 53,009,801 53,369,637 Operating lease right of use assets 11,287,131 11,427,433 TOTAL ASSETS $ 106,188,125 $ 105,708,149 LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES Accounts payable $ 1,953,128 $ 2,026,352 Accrued expenses 1,779,337 1,482,254 Investor deposits for preferred stock - 718,857 Bank overdraft 522,521 393,416 Line of credit 3,320,928 2,684,982 Note payable 1,074,712 1,100,735 Current portion of long-term debt 529,463 522,798 Current portion of lease liabilities 459,290 450,452 Unearned revenue 1,939,956 1,970,661 Grapes payable - 2,446,233 Total current liabilities 11,579,335 13,796,740 Long-term debt, net of current portion and debt issuance costs 9,330,046 6,961,872 Lease liabilities, net of current portion 11,284,367 11,402,714 Deferred income taxes 2,911,618 2,911,618 Total liabilities 35,105,366 35,072,944 COMMITMENTS AND CONTINGENCIES (NOTE 9) SHAREHOLDERS EQUITY Redeemable preferred stock, no par value, 100,000,000 shares authorized, 10,239,573 shares issued and outstanding, liquidation preference $ 43,057,405 , at March 31, 2024 and 10,046,833 shares issued and outstanding, liquidation preference $ 41,694,357 , at December 31, 2023. 43,920,572 42,388,036 Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued an

View Full Filing

View this 10-Q filing on SEC EDGAR