Quarterly report pursuant to Section 13 or 15(d)

INVENTORY

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INVENTORY
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
INVENTORY

4. INVENTORY

 

Inventory at September 30, 2024 and December 31, 2023 was comprised of the following:

  

    September 30,     December 31,  
    2024     2023  
             
Vineyard in process   $ 853,085     $ 713,104  
Wine in process     497,551       622,167  
Finished wine     136,091       37,636  
Clothes and accessories     557,495       638,023  
Other     273,177       207,686  
 Inventory gross     2,317,399       2,218,616  
Less: Reserve for obsolescence     (277,223 )     (186,736 )
Total   $ 2,040,176     $ 2,031,880  

 

The Company had deposits for inventory purchases in the amount of $0 and $161,531 as of September 30, 2024 and December 31, 2023, respectively.

 

The Company recorded a provision for obsolete inventory in the amount of $7,288 and $187,908 during the three and nine months ended September 30, 2024, respectively, related to its clothing and accessories inventory. The Company recorded a provision for obsolete inventory in the amount of $23,902 and $123,225 during the three and nine months ended September 30, 2023, respectively.