Cardinal Spirits
Growth Stage
Beloved, award-winning craft spirits & canned cocktails
Overview
Raised: $283,810
Total Commitments ($USD)
Platform
Wefunder
Start Date
03/26/2023
Close Date
09/01/2023
Min. Goal
$50,000
Max. Goal
$1,235,000
Min. Investment
$100
Security Type
Convertible Note
Series
Pre-Seed
SEC Filing Type
RegCF
Valuation Cap
$20,000,000
Discount
20%
Rolling Commitments ($USD)
Status
Funded
Reporting Date
09/29/2023
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$1,796
# of Investors
339
Momentum
Funded
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Year Founded
2011
Industry
Alcohol, Tobacco, & Recreational Drugs
Tech Sector
Non-Tech
Distribution Model
B2B/B2C
Margin
Low
Capital Intensity
High
Cardinal Spirits, with a valuation of $20 million, is raising funds on Wefunder. The business makes delicious and award-winning craft spirits and canned cocktails at its facility in Bloomington, Indiana. The company generates revenue through own-brand sales, contract bottling, and its tasting room. Cardinal Spirits products are sold in 8,400 retail outlets, with annual revenue of $6.3 million and a gross margin of 39% in 2022. Adam Quirk founded Cardinal Spirits in March 2011. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1.24 million. The campaign proceeds will be used for salespeople, marketing, whiskey production, and additional equipment.
Summary Profit and Loss Statement
| FY 2022 | FY 2021 | |
|---|---|---|
|
Revenue |
$6,338,046 |
$7,554,795 |
|
COGS |
$4,983,598 |
$7,223,245 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-1,831,123 |
$-2,157,615 |
Summary Balance Sheet
| FY 2022 | FY 2021 | |
|---|---|---|
|
Cash |
$274,785 |
$128,586 |
|
Accounts Receivable |
$420,554 |
$1,004,825 |
|
Total Assets |
$1,984,880 |
$2,721,604 |
|
Short-Term Debt |
$2,481,734 |
$2,210,823 |
|
Long-Term Debt |
$2,411,692 |
$1,104,325 |
|
Total Liabilities |
$4,893,426 |
$3,315,148 |
Financials as of: 03/26/2023
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