$VINE
Fresh Vine Wine, Inc.

2024 Q2 Form 10-Q Financial Statement

#000121390024043012 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $70.48K $104.6K
YoY Change -78.65% -74.41%
Cost Of Revenue $114.2K $215.8K
YoY Change -95.1% -47.62%
Gross Profit -$43.68K -$111.2K
YoY Change -97.82% 3208.98%
Gross Profit Margin -61.97% -106.39%
Selling, General & Admin $834.3K $1.099M
YoY Change -57.66% -34.27%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $834.3K $1.099M
YoY Change -57.66% -34.27%
Operating Profit -$879.6K -$1.212M
YoY Change -80.11% -39.75%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $39.00
YoY Change -96.82%
Pretax Income -$879.6K -$1.212M
YoY Change -80.11% -39.71%
Income Tax
% Of Pretax Income
Net Earnings -$879.6K -$1.212M
YoY Change -80.11% -39.71%
Net Earnings / Revenue -1247.9% -1159.36%
Basic Earnings Per Share -$0.06 -$0.08
Diluted Earnings Per Share -$0.06 -$0.08
COMMON SHARES
Basic Shares Outstanding 15.98M shares 15.98M shares
Diluted Shares Outstanding 15.98M shares 15.98M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $144.8K $58.81K
YoY Change -69.63% -97.74%
Cash & Equivalents $145.0K $59.00K
Short-Term Investments
Other Short-Term Assets $72.96K $104.8K
YoY Change -93.88% -89.9%
Inventory $101.5K $172.3K
Prepaid Expenses $22.92K $3.871K
Receivables $37.51K $48.98K
Other Receivables $0.00 $0.00
Total Short-Term Assets $356.7K $384.9K
YoY Change -89.19% -94.77%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $500.0K $500.0K
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $500.0K $500.0K
YoY Change -4.15% -16.66%
TOTAL ASSETS
Total Short-Term Assets $356.7K $384.9K
Total Long-Term Assets $500.0K $500.0K
Total Assets $856.7K $884.9K
YoY Change -77.57% -88.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.113M $1.101M
YoY Change 65.22% 41.62%
Accrued Expenses $1.015M $847.6K
YoY Change 79.18% 61.03%
Deferred Revenue $3.268K
YoY Change
Short-Term Debt $0.00 $15.00K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.026M $2.865M
YoY Change 107.11% 84.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.026M $2.865M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.026M $2.865M
YoY Change 107.11% 84.27%
SHAREHOLDERS EQUITY
Retained Earnings -$28.62M -$27.70M
YoY Change 28.63% 55.35%
Common Stock $15.98K $15.98K
YoY Change -6.12% 0.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.169M -$1.980M
YoY Change
Total Liabilities & Shareholders Equity $856.7K $884.9K
YoY Change -77.57% -88.89%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$879.6K -$1.212M
YoY Change -80.11% -39.71%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$613.8K -$332.8K
YoY Change -71.14% -84.09%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $678.5K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 699.7K $105.3K
YoY Change -95.97%
NET CHANGE
Cash From Operating Activities -613.8K -$332.8K
Cash From Investing Activities
Cash From Financing Activities 699.7K $105.3K
Net Change In Cash 85.94K -$227.5K
YoY Change -104.04% -143.48%
FREE CASH FLOW
Cash From Operating Activities -$613.8K -$332.8K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration:underline">Accounting Estimates</span></i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management uses estimates and assumptions in preparing these financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include allowance for doubtful accounts, allowance for inventory obsolescence, equity-based compensation for employees and non-employees, and the valuation of deferred tax assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2024Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
110000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
112000 usd
CY2024Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3871 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9871 usd
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
27994 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
33072 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
31865 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
42943 usd
CY2024Q1 vine Sponsorship Agreements Current
SponsorshipAgreementsCurrent
691194 usd
CY2023Q4 vine Sponsorship Agreements Current
SponsorshipAgreementsCurrent
608818 usd
CY2024Q1 vine Accrued Credit Card Charges Current
AccruedCreditCardChargesCurrent
5526 usd
CY2023Q4 vine Accrued Credit Card Charges Current
AccruedCreditCardChargesCurrent
7275 usd
CY2024Q1 vine Series A Stock Dividendsin Shares
SeriesAStockDividendsinShares
71866 usd
CY2023Q4 vine Series A Stock Dividendsin Shares
SeriesAStockDividendsinShares
41867 usd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
48081 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
125704 usd
CY2024Q1 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
26524 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4410 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
27059 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
847601 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
810723 usd
CY2024Q1 vine Expenses Related To Sponsorship Agreements
ExpensesRelatedToSponsorshipAgreements
123376 usd
CY2023Q1 vine Expenses Related To Sponsorship Agreements
ExpensesRelatedToSponsorshipAgreements
52664 usd
CY2024Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
15000 usd
CY2023Q1 us-gaap Temporary Equity Shares Subscribed But Unissued
TemporaryEquitySharesSubscribedButUnissued
6366129 shares
CY2023Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.25
CY2023Q1 us-gaap Financial Instrument Subject To Mandatory Redemption Par Value Per Share
FinancialInstrumentSubjectToMandatoryRedemptionParValuePerShare
0.5
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1
CY2023Q1 us-gaap Demutualization By Insurance Entity Securities Issued Gross Cash Proceeds
DemutualizationByInsuranceEntitySecuritiesIssuedGrossCashProceeds
3140000 usd
CY2024Q1 us-gaap Proceeds From Fees Received
ProceedsFromFeesReceived
2600000 usd
CY2024Q1 vine Sale Leaseback Transaction Gross Proceed Investing Activities
SaleLeasebackTransactionGrossProceedInvestingActivities
3930000 usd
CY2024Q1 vine Aggregate Share Purchase
AggregateSharePurchase
10000 shares
CY2023Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
400000 usd
CY2024Q1 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
0.05
CY2024Q1 vine Capital Or Surplus Of Percentage
CapitalOrSurplusOfPercentage
1.50 pure
CY2024Q1 vine Stock Issued And Outstanding
StockIssuedAndOutstanding
0.50 pure
CY2024Q1 vine Per Share Percentage
PerSharePercentage
2 pure
CY2024Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.12 pure
CY2024Q1 us-gaap Investment Company Purchase Premium Per Share
InvestmentCompanyPurchasePremiumPerShare
0.47
CY2024Q1 us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
71867 usd
CY2023Q4 us-gaap Dividends Preferred Stock Stock
DividendsPreferredStockStock
41867 usd
CY2024Q1 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0.001
CY2024Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
100
CY2024Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
940 shares
CY2024Q1 vine Gross Proceeds
GrossProceeds
94000 usd
CY2024Q1 us-gaap Common Stock Convertible Conversion Price Decrease
CommonStockConvertibleConversionPriceDecrease
0.05
CY2024Q1 vine Percentage Of Stock Issued
PercentageOfStockIssued
0.75 pure
CY2024Q1 vine Percentage Of Stock Outstanding
PercentageOfStockOutstanding
0.75 pure
CY2024Q1 vine Percentage Of Preferred Shares Issued
PercentageOfPreferredSharesIssued
0.50 pure
CY2024Q1 vine Percentage Of Preferred Shares Outstanding
PercentageOfPreferredSharesOutstanding
0.50 pure
CY2024Q1 vine Percentage Of Stated Value
PercentageOfStatedValue
2 pure
CY2024Q1 vine Percentage Of Gross Proceed
PercentageOfGrossProceed
0.08 pure
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
300000 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.5
CY2022 us-gaap Stockholders Equity Note Changes In Capital Structure Subsequent Changes To Number Of Common Shares
StockholdersEquityNoteChangesInCapitalStructureSubsequentChangesToNumberOfCommonShares
970000 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
1030000 shares
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
25000 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
25000 shares
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation Forfeited
StockIssuedDuringPeriodValueShareBasedCompensationForfeited
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CY2023Q1 us-gaap Inventory Write Down
InventoryWriteDown
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CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2024Q1 us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
usd
CY2023Q1 us-gaap Increase Decrease In Deferred Charges
IncreaseDecreaseInDeferredCharges
usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1626 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
53672 usd
CY2024Q1 vine Unrecognized Equitybased Compensation Expense
UnrecognizedEquitybasedCompensationExpense
7046 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.75 pure
CY2024Q1 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
137357 usd
CY2024Q2 us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
6785 shares
CY2024Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
678500 usd
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
usd
CY2024Q1 vine Increase Decrease In Accrued Compensation
IncreaseDecreaseInAccruedCompensation
usd
CY2024Q1 us-gaap Increase Decrease In Insurance Liabilities
IncreaseDecreaseInInsuranceLiabilities
usd
CY2024Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
usd
CY2023Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
usd
CY2023Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
usd
CY2024Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
CY2023Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
usd
CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
usd
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
CY2024Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
usd
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001880343

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