Cleveland Whiskey

The technology-driven future of American whiskey, anchored in Cleveland’s rising riverfront.

https://wefunder.com/clevelandwhiskey

Total raised on Wefunder: 3388465

Total investors: 2126

Quick facts

  • 1 million bottles sold, through 3,000+ retail outlets.
  • 400%+ valuation growth since 2016, from $8.5M to $43.2M.
  • Disrupting a whiskey industry worth $68B.
  • 175+ medals won globally, and awarded "Whiskey Innovator of the Year".
  • Patented tech transforms whiskey with unique woods in hours vs years.
  • New 45,000 sqft riverfront facility increases production 4X immediately with infrastructure for 20X.
  • Positioned for acquisition in market where craft distillery exits reached 11-16X (not guaranteed).
  • Led by serial entrepreneur with proven exits, backed by veteran industry team and strategic board.

Team profiles

Cleveland Whiskey

The technology-driven future of American whiskey, anchored in Cleveland’s rising riverfront

Funded badge
Last Funded March 2026

$662,217

raised from 2,126 investors

Investment Terms

Financials

We have financial statements ending December 31, 2024. Our cash in hand is $105,000, as of October 2025. Over the three months prior, revenues averaged $58,000/month, cost of goods sold has averaged $40,000/month, and operational expenses have averaged $80,000/month.

At a Glance

Jan 1 – Dec 31, 2024
Revenue icon
$1,650,799
-35%
Revenue
Net loss icon
-$2,194,085
Net Loss
Short-term debt icon
$3,853,747
+28%
Short-Term Liabilities
Valuation icon
$142,800
Raised in 2024
Cash in bank icon
$105,000
Cash on Hand
Net Margin:
-133%
Gross Margin:
10%
Return on Assets:
-32%
Earnings per Share:
-$0.66
Revenue per Employee:
$0
Cash to Assets:
3%
Revenue to Receivables:
6,371%
Debt Ratio:
129%
Cleveland Whiskey Inc- 2024 Annual Financial Statements - Final executed.pdf

Management's Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.


Overview

Vispiri Inc. (dba Cleveland Whiskey) is a company specializing in the production and innovation of whiskey, operating within the beverage industry.



Milestones

Vispri Inc (dba Cleveland Whiskey) was formerly incorporated on July 8, 2009 as an Ohio Limited Liability Company named Cleveland Whiskey, LLC. On December 13, 2019, the Company changed its corporate structure, domicile state and name to Vispri Inc. (dba Cleveland Whiskey), which is a Delaware Corporation

Since then, we have:

  • Innovative & disruptive tech providing strong competitive advantage in domestic AND exports markets.
  • 175+ medals won globally, as well as "Whiskey Innovator of the Year"
  • 512% valuation growth since 2016, from $8.5M to $43.2M.
  • Sold 1M+ bottles through 3,100+ retail outlets in 20 states & global markets, proving market demand.
  • Patented tech transforms whiskey w/ unique woods in hours vs years; eliminates traditional 40% loss.
  • New 45,000 sqft riverfront facility increases production 4X immediately with infrastructure for 20X.
  • Positioned for acquisition in market where craft distillery exits reached 11-16X (not guaranteed).

Historical Results of Operations

  • Revenues & Gross Margin. For the period ended December 31, 2024, the Company had revenues of $1,650,799 compared to the year ended December 31, 2023, when the Company had revenues of $2,570,934. Our gross margin was 9.91% in fiscal year 2024, and 30.78% in 2023.
  • Assets. As of December 31, 2024, the Company had total assets of $6,796,336, including $192,945 in cash. As of December 31, 2023, the Company had $8,115,509 in total assets, including $208,131 in cash.
  • Net Loss. The Company has had net losses of $2,194,085 and net losses of $1,499,836 for the fiscal years ended December 31, 2024 and December 31, 2023, respectively.
  • Liabilities. The Company's liabilities totaled $8,752,500 for the fiscal year ended December 31, 2024 and $7,886,265 for the fiscal year ended December 31, 2023.

Related Party Transaction

Refer to Question 26 of this Form C for disclosure of all related party transactions.

Liquidity & Capital Resources

To-date, the company has been financed with $3,495,818 in equity, $13,135,112 in debt, $95,375 in grants, and $500,000 in convertibles.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 4 months before we need to raise further capital.

We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don't have any other sources of capital in the immediate future.

We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 1 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.

Runway & Short/Mid Term Expenses

VISPIRI Inc. cash in hand is $105,000, as of October 2025. Over the last three months, revenues have averaged $58,000/month, cost of goods sold has averaged $40,000/month, and operational expenses have averaged $80,000/month, for an average burn rate of $62,000 per month. Our intent is to be profitable in 12 months.

Since the date our financials cover, we have fully moved into a new, larger facility and boosted our production capacity.  The joint venture we have in India is moving forward with the CEO meeting both investors and customers during a planned trip in Q4 of 2025

We fully expect India revenues to be approximately $50,000 per month by the end of Q1 2026.  Over the next 3-6 months, we anticipate monthly revenues and expenses to be approximately $85,000 each. 

We are seeking investment to continue building revenue generating capacity, both in terms of product production (including India concentrates) and experiential on-site capacity. We expect to reach profitability without any additional investment, but the investment will allow us to grow faster. 

Besides funds raised through Wefunder, other sources of capital to cover short-term burn throughout the campaign includes short term loans from related parties. 

All projections in the above narrative are forward-looking and not guaranteed.

Risks

1
One of the potential risks we face in the distribution of our products is liability resulting from counterfeit or tainted products infiltrating the supply chain. Because we source ingredients from various sources, we rely on various suppliers , and their quality control measures. While we have procedures to maintain the highest quality levels in our products, we may be subject to faulty, spoiled or tainted ingredients or components in our products, which would negatively affect our products and our customers' experience with them and could decrease customer demand for our products. 
2
We rely on various intellectual property rights, including two patents in order to operate our business. Such intellectual property rights, however, may not be sufficiently broad or otherwise may not provide us a significant competitive advantage. In addition, the steps that we have taken to maintain and protect our intellectual property may not prevent it from being challenged, invalidated, circumvented or designed-around, particularly in countries where intellectual property rights are not highly developed or protected. In some circumstances, enforcement may not be available to us because an infringer has a dominant intellectual property position or for other business reasons, or countries may require compulsory licensing of our intellectual property. Our failure to obtain or maintain intellectual property rights that convey competitive advantage, adequately protect our intellectual property or detect or prevent circumvention or unauthorized use of such property, could adversely impact our competitive position and results of operations. We also rely on nondisclosure and noncompetition agreements with employees, consultants and other parties to protect, in part, trade secrets and other proprietary rights. There can be no assurance that these agreements will adequately protect our trade secrets and other proprietary rights and will not be breached, that we will have adequate remedies for any breach, that others will not independently develop substantially equivalent proprietary information or that third parties will not otherwise gain access to our trade secrets or other proprietary rights.As we expand our business, protecting our intellectual property will become increasingly important. The protective steps we have taken may be inadequate to deter our competitors from using our proprietary information. In order to protect or enforce our patent rights, we may be required to initiate litigation against third parties, such as infringement lawsuits. Also, these third parties may assert claims against us with or without provocation. These lawsuits could be expensive, take significant time and could divert management's attention from other business concerns. The law relating to the scope and validity of claims in the technology field in which we operate is still evolving and, consequently, intellectual property positions in our industry are generally uncertain. We cannot assure you that we will prevail in any of these potential suits or that the damages or other remedies awarded, if any, would be commercially valuable. 
3
We are not subject to Sarbanes-Oxley regulations and lack the financial controls and safeguards required of public companies.We do not have the internal infrastructure necessary, and are not required, to complete an attestation about our financial controls that would be required under Section 404 of the Sarbanes-Oxley Act of 2002. There can be no assurance that there are no significant deficiencies or material weaknesses in the quality of our financial controls. We expect to incur additional expenses and diversion of management's time if and when it becomes necessary to perform the system and process evaluation, testing and remediation required in order to comply with the management certification and auditor attestation requirements.

Other Disclosures

The Board of Directors

Director Occupation Joined
Tom Lix CEO @ Cleveland Whiskey 2009
Kevin Cash Chief Financial Officer @ Benesch, Friedlander, Coplan & Aronoff LLP 2016
Don Coffey Chief Science Officer @ Cleveland Whiskey 2019
Laura Hudak Accountant and Human Relations @ Team Neo 2022
Sue Stabe Marketing Consultant @ Long and Short of It 2022
Matthew Fish Owner @ Melt Bar & Grilled 2025

Officers

Officer Title Joined
Tom Lix CEO 2009
Kevin Cash Chairman 2016
Don Coffey Chief Science Officer 2019

Voting Power

Holder Securities Held Power
Tom Lix 1,382,892 Class A Shares 52.6%
Cara Zale, LLC 721,546 Preferred Shares 27.4%

Past Fundraises

Date Security Amount
Priced Round $268,317
5/2025 Priced Round $303,786
4/2025 Priced Round $303,786
3/2025 Loan $25,000
3/2025 Loan $20,382
3/2025 Loan $2,857,000
2/2025 Loan $104,685
2/2025 Loan $104,685
10/2024 Loan $17,800
10/2024 Loan $25,000
9/2024 Loan $100,000
12/2023 Other $70,375
3/2023 Loan $2,601,317
3/2023 Loan $488,498
3/2023 Loan $3,480,000
5/2022 Loan $500,000
5/2022 Loan $9,015
9/2021 Loan $200,000
4/2021 Custom $158,000
3/2021 Custom $1,042,000
7/2020 Loan $20,000
5/2020 Loan $150,000
4/2020 Loan $193,100
3/2019 Loan $140,000
9/2018 Priced Round $814,852
6/2018 Loan $20,000
6/2018 Loan $149,307
3/2018 Loan $160,000
3/2017 Loan $122,400
10/2016 Priced Round $711,787
10/2016 Priced Round $10,760
5/2016 Loan $34,750
4/2016 Loan $10,000
1/2016 Priced Round $415,000
1/2015 Loan $13,673
1/2015 Convertible Note $250,000
1/2015 Convertible Note $250,000
12/2013 Priced Round $250,000
11/2013 Loan $50,000
10/2013 Loan $100,000
12/2012 Priced Round $400,000
12/2012 Priced Round $517,500
12/2012 Priced Round $72,133
10/2011 Loan $100,000
5/2011 Loan $123,500
8/2010 Loan $15,000
3/2010 Other $25,000

Convertible Notes Outstanding

Issued Amount Valuation Cap
1/1/15
$250,000
$2,500,000
1/1/15
$250,000
$2,500,000

Outstanding Debts

Lender Outstanding
Lorain County Community College
$33,500
David A. Camiener
$12,538
ECDI
$440
ECDI
$2,771
Don Coffey
$278,195
Newtek
$4,356,721
Newtek
$462,650
Kevin Cash
$107,350
Don Coffey
$26,838
Square
$15,759
10405 Solon LLC
$104,685
Cara Zale LLC
$104,685
SBA
$2,828,542
Tom Lix
$21,450
Don Coffey
$25,919

Related Party Transactions

Name David A. Camiener
Amount Invested $13,673
Transaction Type Loan
Issued 1/2/15
Outstanding Principal Plus Interest $12,538 as of 2/3/25
Interest 4% per annum
Maturity 1/1/40
Outstanding Yes
Current with Payments Yes
Relationship Individual investor, former board member, previous CEO and owner of 30405 Solon Spec
 
Name Don Coffey
Amount Invested $200,000
Transaction Type Loan
Issued 9/21/21
Outstanding Principal Plus Interest $278,195 as of 4/3/25
Interest 8.60% per annum
Outstanding Yes
Current with Payments Yes
Relationship Chief Science Officer
 
Name Don Coffey
Amount Invested $25,000
Transaction Type Loan
Issued 10/20/24
Outstanding Principal Plus Interest $26,838 as of 4/3/25
Interest 7.35% per annum
Outstanding Yes
Current with Payments Yes
Relationship Chief Science Officer
 
Name Don Coffey
Amount Invested $25,000
Transaction Type Loan
Issued 3/25/25
Outstanding Principal Plus Interest $25,919 as of 4/3/25
Interest 7.35% per annum
Outstanding Yes
Current with Payments Yes
Relationship Chief Science Officer
 
Name Cara Zale LLC
Amount Invested $250,000
Transaction Type Convertible Note
Issued 1/1/15
Interest 4% per annum
Discount Rate 0%
Maturity 2/28/26
Valuation Cap $2,500,000
Relationship Partners are former company officers
 
Name 30405 Solon Spec, LLC
Amount Invested $250,000
Transaction Type Convertible Note
Issued 1/1/15
Interest 4% per annum
Discount Rate 0%
Maturity 3/1/26
Valuation Cap $2,500,000
Relationship Partners are former company officers
 
Name Tom Lix
Amount Invested $20,382
Transaction Type Loan
Issued 3/15/25
Outstanding Principal Plus Interest $21,450 as of 4/3/25
Interest 4% per annum
Outstanding Yes
Current with Payments Yes
Relationship CEO
 
Name Kevin Cash
Amount Invested $100,000
Transaction Type Loan
Issued 9/30/24
Outstanding Principal Plus Interest $107,350 as of 4/3/25
Interest 7.35% per annum
Outstanding Yes
Current with Payments Yes
Relationship Chairman
 
Name Cara Zale LLC
Amount Invested $104,685
Transaction Type Loan
Issued 2/28/25
Outstanding Principal Plus Interest $104,685 as of 10/17/25
Interest 4% per annum
Outstanding Yes
Current with Payments Yes
Relationship Partners are former company officers
 

Use of Funds

$50,000 PRODUCTION EXPANSION PLANNING.  85% to add additional support infrastructure including tank storage. SUPPORT.  15% for relevant accounting, legal support and platform processing costs (including 5% to Wefunder).
$2,500,000 PRODUCTION EXPANSION. 40% for increases in production capacity, as well as a technology improvement. Includes construction of multiple additional modular reactor systems, and associated support infrastructure, as well as necessary fermentation, blending/filtration, tank storage and ancillary equipment ranging from pumps, piping to forklifts. INFRASTRUCTURE. 30% to continue repairs and improvements at both 601 and 501 Stones Levee (Distillery Campus) for building materials and construction costs. Specifics include engineering, architect and permit costs, window installations, and masonry (both buildings), flooring, roofing, signage, upgraded security and network systems, expanded restroom capacity, stairs and elevator installation, landscaping, and kitchen buildout. OPERATING CAPITAL. 16% for production material inventory including grains, distillate, flavorings, barrels/storage, and packaging. Additional operating capital to be used for the recruitment, training, and deployment of additional staff in sales, marketing, finance, and administration and contingency reserves. MARKETING AND SALES. 7% for forward leaning marketing and sales initiatives at both a domestic and international level. FUNDING ADMINISTRATION AND SUPPORT.  7% to legal, accounting review, specialty consulting and relevant marketing and platform processing costs (including 5% to Wefunder). 
$4,600,000 PRODUCTION EXPANSION. 36% for increases in production capacity, as well as a new layer of automation and systematic technological improvements. Includes construction of multiple modular reactor systems, column still, and associated support infrastructure, as well as necessary fermentation, blending/filtration, tank storage and ancillary equipment ranging from pumps, piping to forklifts, and bottling co-bots. INFRASTRUCTURE. 26% to continue repairs and improvements at both 601 and 501 Stones Levee (Distillery Campus) for building materials and construction costs. Specifics include engineering, architect and permit costs, window installations, tuck-pointing and masonry (both buildings), flooring, roofing, solar installations, signage, upgraded security and network systems, expanded restroom capacity, stairs and elevator installation, landscaping, and kitchen buildout.  This budget includes the design and construction of a concrete block out-building, storage silos, spent grain centrifuge and conveyor for grain processing. OPERATING CAPITAL. 22% for production material inventory including grains, distillate, flavorings, barrels/storage, and packaging. Additional operating capital is to be used for the recruitment, training, and deployment of additional staff in sales, marketing, finance, and administration. Operating Capital includes a set-aside for select debt repayment and contingency reserves. MARKETING AND SALES. 9% for forward leaning marketing and sales initiatives at both a domestic and international level. FUNDING ADMINISTRATION AND SUPPORT.  7% to legal, accounting review, specialty consulting and relevant marketing and platform processing costs (including 5% to Wefunder). With the exception of some short-term working capital and accounts payable, the use of proceeds from this offering is not intended to be used to retire any long term debt.

Capital Structure

Class of Security Securities (or Amount) Authorized Securities (or Amount) Outstanding
Preferred Shares 1,139,989 1,139,989
Class A Shares 1,488,009 1,488,009
Class E Shares 189,061 189,061
Class B Shares 1,415,539 46,500
Class C Shares 166,000 166,000
Class D Shares 268,605 268,605
Class F Shares 1,347,398 36,398

Form C Filing on EDGAR

The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.

Offering Updates

Cleveland Whiskey raised 50% of their target offering amount on Oct 26 2025

Cleveland Whiskey raised 100% of their target offering amount on Nov 1 2025

Details