Willamette Valley Vineyards Files Q2 2024 10-Q

TL;DR

**WVVI files Q2 10-Q. Financials and ops update.**

AI Summary

Willamette Valley Vineyards, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Specific financial figures and strategic developments are outlined within the report.

Why It Matters

This filing provides investors with a crucial update on the financial health and operational status of Willamette Valley Vineyards, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded company, Willamette Valley Vineyards is subject to market fluctuations and industry-specific risks, which are detailed in its SEC filings.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting period for this 10-Q filing.)
• 20240813 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• WILLAMETTE VALLEY VINEYARDS INC (company) — Filer
• 0001199835-24-000317 (other) — Accession Number
• 20240630 (date) — Period of Report
• 20240813 (date) — Filing Date
• 0000838875 (company) — Central Index Key
• OR (location) — State of Incorporation
• 97392 (other) — ZIP Code
• 5035889463 (phone) — Business Phone

FAQ

Key Financial Figures

• $42,534, b — note payable with quarterly payments of $42,534, bearing interest at 6%. The note may be c
• $1,049,587 — 30, 2024, the Company had a balance of $1,049,587 due on this note. As of December 31, 20
• $62,067 — thly principal and interest payments of $62,067 for the life of the loans, at annual fi
• $20,000,000 — the June 2022 Form S-3 is not to exceed $20,000,000. From August 1, 2022 to November 1, 202
• $5,636,714 — proceeds not to exceed and aggregate of $5,636,714. Each of these Prospectus Supplements e
• $5.15 — ering periods offering prices including $5.15 per share, $5.25 per share and $5.35 pe
• $5.25 — ering prices including $5.15 per share, $5.25 per share and $5.35 per share. Net proc
• $5.35 — ng $5.15 per share, $5.25 per share and $5.35 per share. Net proceeds of $3,558,807 h
• $3,558,807 — re and $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
• $3,938,066 — ice of $4.85 per share. Net proceeds of $3,938,066 have been received under these offering
• $1,000,000 — with a net book value of approximately $1,000,000 for approximately $ 1,500,000 cash and
• $551,000 — with a net book value of approximately $551,000 for approximately $ 727,000 cash and e

Filing Documents

• wvvi-10q.htm (10-Q) — 545KB
• 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
• 0001199835-24-000317.txt ( ) — 3084KB
• wvvi-20240630.xsd (EX-101.SCH) — 22KB
• wvvi-20240630_cal.xml (EX-101.CAL) — 47KB
• wvvi-20240630_def.xml (EX-101.DEF) — 61KB
• wvvi-20240630_lab.xml (EX-101.LAB) — 191KB
• wvvi-20240630_pre.xml (EX-101.PRE) — 142KB
• wvvi-10q_htm.xml (XML) — 421KB

- 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 19

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 19

- Defaults Upon Senior Securities

Item 3 - Defaults Upon Senior Securities 19

- Mine Safety Disclosures

Item 4 - Mine Safety Disclosures 19

- Other Information

Item 5 - Other Information 19

- Exhibits

Item 6 - Exhibits 20

Signatures

Signatures 21 2 PART I: FINANCIAL INFORMATION Item 1 – Financial Statements WILLAMETTE VALLEY VINEYARDS, INC. CONDENSED BALANCE SHEETS (Unaudited) June 30, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 279,807 $ 238,482 Accounts receivable, net 3,406,955 2,994,829 Inventories 29,492,568 28,314,779 Prepaid expenses and other current assets 295,961 522,854 Income tax receivable 258,583 121,959 Total current assets 33,733,874 32,192,903 Other assets 13,824 13,824 Vineyard development costs, net 8,748,040 8,704,352 Property and equipment, net 52,868,519 53,369,637 Operating lease right of use assets 11,149,416 11,427,433 TOTAL ASSETS $ 106,513,673 $ 105,708,149 LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES Accounts payable $ 1,987,373 $ 2,026,352 Accrued expenses 2,010,175 1,482,254 Investor deposits for preferred stock - 718,857 Bank overdraft 744,332 393,416 Line of credit 2,334,415 2,684,982 Note payable 1,049,587 1,100,735 Current portion of long-term debt 536,212 522,798 Current portion of lease liabilities 467,839 450,452 Unearned revenue 1,832,168 1,970,661 Grapes payable - 2,446,233 Total current liabilities 10,962,101 13,796,740 Long-term debt, net of current portion and debt issuance costs 10,197,052 6,961,872 Lease liabilities, net of current portion 11,164,165 11,402,714 Deferred income taxes 2,911,618 2,911,618 Total liabilities 35,234,936 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 $ 43,620,654 , at June 30, 2024 and 10,046,833 shares issued and outstanding, liquidation preference $ 41,694,357 , at December 31, 2023. 44,483,821 42,388,036 Common stock, no par value, 10,000,000 shares authorized, 4,964,529 shares issued and

financial statements for the year ended December 31, 2023, as presented in the Companys Annual Report on Form 10-K

financial statements for the year ended December 31, 2023, as presented in the Companys Annual Report on Form 10-K. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the entire year ending December 31, 2024, or any portion thereof. The Companys revenues include direct to consumer sales and national sales to distributors. These sales channels utilize shared resources for production, selling, and distribution. Basic loss per share after preferred stock dividends are computed based on the weighted-average number of common shares outstanding each period. The following table presents the earnings per share after preferred stock dividends calculation for the periods shown: Schedule of Earnings Per Share Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Numerator Net income (loss) $ 195,978 $ 108,453 $ ( 325,827 ) $ ( 636,370 ) Accrued preferred stock dividends ( 563,249 ) ( 511,720 ) ( 1,126,426 ) ( 1,023,439 ) Net loss applicable to common shares $ ( 367,271 ) $ ( 403,267 ) $ ( 1,452,253 ) $ ( 1,659,809 ) Denominator Weighted-average number of common shares outstanding basic and diluted 4,964,529 4,964,529 4,964,529 4,964,529 Loss per common share after preferred dividends, basic and diluted $ ( 0.07 ) $ ( 0.08 ) $ ( 0.29 ) $ ( 0.33 ) Subsequent to the filing of the 2023 Report there were no accounting pronouncements issued by the Financial Accounting Standards Board (FASB) that would have a material effect on the Companys unaudited interim condensed financial statements. 7 2) INVENTORIES The Companys inventories, by major classification, are summarized as follows, as of the dates shown: Schedule of Inventories June 30, 2024 December 31, 2023 Winemaking and packaging materials $ 1,832,683 $ 1,113,170 Work-in-process (costs relating to unprocessed and/or unbottled wine products) 14,081,808 1

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View this 10-Q filing on SEC EDGAR