Quarterly report pursuant to Section 13 or 15(d)

INVENTORY

v3.24.1.1.u2
INVENTORY
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
INVENTORY

4. INVENTORY

 

Inventory at March 31, 2024 and December 31, 2023 was comprised of the following:

 

    March 31,     December 31,  
    2024     2023  
             
Vineyard in process   $ 853,814     $ 713,104  
Wine in process     619,842       622,167  
Finished wine     39,940       37,636  
Clothes and accessories     638,493       638,023  
Other     167,808       207,685  
Inventory gross     2,319,897       2,218,615  
Less: Reserve for obsolescence     (316,520 )     (186,736 )
Total   $ 2,003,377     $ 2,031,880  

 

The Company had deposits for inventory purchases in the amount of $136,449 and $161,531 as of March 31, 2024 and December 31, 2023, respectively.

 

The Company recorded a provision for obsolete inventory in the amount of $129,784 and $0 during the three months ended March 31, 2024 and 2023, respectively, related to its clothing and accessories inventory.