Willamette Valley Vineyards Files Q3 2024 10-Q

TL;DR

WVVI 10-Q filed: Q3 2024 financials are in. Check for performance updates.

AI Summary

Willamette Valley Vineyards, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the year-to-date. Specific financial figures and comparative data from previous periods are presented, offering insight into the company's financial health and trends.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Willamette Valley Vineyards, crucial for understanding the company's current standing and future prospects in the beverage industry.

Risk Assessment

Risk Level: medium — The company operates in the competitive wine industry, which can be subject to economic downturns, changing consumer preferences, and agricultural risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-12 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• WILLAMETTE VALLEY VINEYARDS INC (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241112 (date) — Date the filing was made
• 0000838875 (company) — Central Index Key for Willamette Valley Vineyards Inc.

FAQ

Key Financial Figures

• $42,534, b — note payable with quarterly payments of $42,534, bearing interest at 6.0%. The note may be
• $1,022,778 — 30, 2024, the Company had a balance of $1,022,778 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
• $10,0000,000 — Company replaced the third loan with a $10,0000,000 loan with monthly principal and interes
• $10,000 — ine months ended September 30, 2024 and $10,000 of bulk wine sales included in direct s
• $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 an 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

Filing Documents

• wvvi-10q.htm (10-Q) — 566KB
• wvvi-ex31_1.htm (EX-31.1) — 12KB
• wvvi-ex31_2.htm (EX-31.2) — 12KB
• wvvi-ex32_1.htm (EX-32.1) — 9KB
• wvvi-ex32_2.htm (EX-32.2) — 9KB
• 0001199835-24-000492.txt ( ) — 3105KB
• wvvi-20240930.xsd (EX-101.SCH) — 21KB
• wvvi-20240930_cal.xml (EX-101.CAL) — 46KB
• wvvi-20240930_def.xml (EX-101.DEF) — 56KB
• wvvi-20240930_lab.xml (EX-101.LAB) — 189KB
• wvvi-20240930_pre.xml (EX-101.PRE) — 138KB
• wvvi-10q_htm.xml (XML) — 431KB

- 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 Statements of Cash Flows 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) September 30, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 303,195 $ 238,482 Accounts receivable, net 2,562,875 2,994,829 Inventories 31,361,008 28,314,779 Prepaid expenses and other current assets 231,368 522,854 Income tax receivable 400,760 121,959 Total current assets 34,859,206 32,192,903 Other assets 13,824 13,824 Vineyard development costs, net 8,747,248 8,704,352 Property and equipment, net 52,628,428 53,369,637 Operating lease right of use assets 11,009,960 11,427,433 TOTAL ASSETS $ 107,258,666 $ 105,708,149 LIABILITIES AND SHAREHOLDERS EQUITY CURRENT LIABILITIES Accounts payable $ 1,961,007 $ 2,026,352 Accrued expenses 2,292,453 1,482,254 Investor deposits for preferred stock - 718,857 Bank overdraft 214,796 393,416 Line of credit 3,460,004 2,684,982 Note payable 1,022,778 1,100,735 Current portion of long-term debt 543,048 522,798 Current portion of lease liabilities 471,642 450,452 Unearned revenue 1,716,433 1,970,661 Grapes payable 560,007 2,446,233 Total current liabilities 12,242,168 13,796,740 Long-term debt, net of current portion and debt issuance costs 10,062,303 6,961,872 Lease liabilities, net of current portion 11,046,785 11,402,714 Deferred income taxes 2,911,618 2,911,618 Total liabilities 36,262,874 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 $ 44,183,904 , at September 30, 2024 and 10,046,833 shares issued and outstanding, liquidation preference $ 41,694,357 , at December 31, 2023. 45,047,071 42,388,036 Common stock, no par value, 10,000,000 shares authorized, 4,964,529 s

View Full Filing

View this 10-Q filing on SEC EDGAR