Cardinal Spirits

Cardinal Spirits

Growth Stage

Beloved, award-winning craft spirits & canned cocktails

Beloved, award-winning craft spirits & canned cocktails

Overview

Raised this Round: 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    Open SEC Filing

Valuation Cap

$20,000,000

Discount

20%

Year Founded

2011

Industry

Alcohol, Tobacco, & Recreational Drugs

Tech Sector

Non-Tech

Distribution Model

B2B/B2C

Margin

Low

Capital Intensity

High

Location

Bloomington, Indiana

Business Type

Growth

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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Cardinal Spirits on Wefunder 2023
Platform: Wefunder
Security Type: Convertible Note
Valuation: $20,000,000

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