Details
1 | More than six years of successful operation with increased annual revenue and sales volume. Best year ever in 2019 with $915,000 in revenue. |
2 | A seasoned industry professional directs the company. Experienced, trained staff and high-capacity equipment allow quick growth. |
3 | Stunning showpiece distillery and tasting room in highly visible waterfront location; 30K+ visitors to the distillery in 2019. |
4 | Located in tourist district: 6.7 million visitors to the Seattle waterfront in 2019; expected to surpass 20 million by 2024. |
5 | Internationally recognized products: Copperworks whiskey and gins have won double-gold medals and scored 94 - 96 points in competitions. |
6 | Thorough distribution in WA State: Placed in 340+ bar/restaurant accounts and 130+ retailer accounts. |
7 | More than 260 barrels of whiskey aging in inventory. Demand exceeds our supply of mature whiskey. |
At Copperworks Distilling, we started with what we know: brewing beer. We brewed a Pale Ale, and a Scotch Ale, and then then we distilled the alcohol out of them to turn them into Whiskey, Vodka, and Gin.
We built our distillery in the heart of the Seattle Waterfront, where millions (~10 million in 2019) visitors go each year. Our stills were hand-hammered in the highlands of Scotland, and are visible right behind our floor-to-ceiling windows in the tasting room.
Our products have won dozens of awards and accolades, and in 2018, we were named Distillery Of The Year by the American Distilling Institute!
Every year, we sell everything we can make, with some releases selling out in just a few days.
Vodka and gin can be sold in the same year they are made, but whiskey takes 3-6 years to mature before it's ready to sell. We've proven that our whiskey is delicious. Now is the time to make more so we can continue to grow our sales in the future.
1 | Small Business: Copperworks’ future success depends on the efforts and relationships of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business. |
2 | Industry: The current distilled spirits market growth could slow or stop in the future which may adversely affect the company. |
3 |
Distribution: The spirits industry has seen a large amount of consolidation in the companies that handle distribution in recent years. As a result of the three-tier distribution system mandated by law in the U.S., Copperworks is substantively reliant on distribution companies. Further consolidation may make it difficult to expand distribution and lack of expanded distribution may have an adverse effect on the company. |
4 | Suppliers: A portion of our future success is attributable to our relationships with key vendors and suppliers. Events related to such vendor and supplier relationships, such as loss of goods or services from such key vendors and suppliers, could adversely affect the company. |
5 | Political: A shift in the U.S. and international political climate could make it more challenging to sell our products in various markets and/or obtain the materials needed to create our products. |
6 | Competition: The distilled spirits industry is fiercely competitive. The company will continue to face competition from other craft distillers as well as mass market distilleries and conglomerates with much larger marketing budgets. |
7 | COGS: Cost of ingredients and raw materials used to create our products may fluctuate. Increased costs for packaging materials and ingredients could negatively impact our margins, cash flow, financial projections, and reduce our overall revenues. |
8 | Regulatory: Most aspects of our business and our products are regulated at the local, state, and federal levels. The nature and scope of future legislation and regulations cannot be predicted. We anticipate that the company and our products will be in compliance with all applicable laws, rules, and regulations, but there still may be risks and costs that such laws, rules, and regulations may change with respect to present or future operations. Such changes and additional costs may increase the cost of investments and operations and may decrease the demand for products and services. |
9 | Real Estate: A portion of our future success is attributable to our location. If we are unable to negotiate reasonable renewals of the lease on our current location, there may be an adverse effect on the company. |
10 | Tourism: |
11 | Federal Excise Tax: The U.S. Government could fail to extend or make permanent the Federal Excise Tax reduction, which lowered the $13.50 per proof gallon Federal Excise Tax rate to $2.70 per proof gallon. This tax is set to expire at the end of 2020. Legislation is currently being sponsored to extend it and make it permanent. If it fails to be extended or made permanent, our cash flow and profitability will be adversely affected. |
12 | Profitability: We are not yet profitable and we believe we will continue to incur net losses for several more years due to expansion and growth. We may require additional capital in the future which we may not be able to obtain on acceptable terms, or at all. Our inability to raise such needed capital could restrict our future growth, severely limit our operations, or cause us to curtail or terminate our operations. |
13 | Past Performance/Future Results: Copperworks has been in operations for more than six years and has had revenue growth every year, but past performance is not a guarantee of future results. |
14 | Natural Disaster: An earthquake, flood, or other natural disaster could occur that would destroy our stocks of aging spirits and/or our entire facility. |
15 | Dilution: |
16 | Loss of Value: Investing in a business through this investment model is a decision with inherent risks. Be aware that you could potentially lose a part or all of your investment. There are no guarantees that the company will succeed. Do not invest what you cannot afford to lose. |
17 | Founder Retirement: |
18 | Micah Nutt is a part-time officer. As such, it is likely that the company will not make the same progress as it would if that were not the case. |
Director | Occupation | Joined |
---|---|---|
Jason Parker | President @ Copperworks Distilling Co. | 2011 |
Micah Nutt | Vice President, Production @ Copperworks Distilling Co. | 2011 |
Jeff Kanof | Vice President, Sales @ Copperworks Distilling Co. | 2019 |
Officer | Title | Joined |
---|---|---|
Jason Parker | President Secretary | 2011 |
Micah Nutt | Vice President | 2011 |
Holder | Securities Held | Voting Power |
---|---|---|
Jason Parker | 8,474,547 Common shares | 38.3% |
Micah Nutt | 8,474,547 Common shares | 38.3% |
Date | Amount | Security |
---|---|---|
05/2020 | $60,215 | Loan |
04/2020 | $776,480 | Priced Round |
08/2016 | $346,388 | Priced Round |
08/2016 | $8,000 | Priced Round |
08/2016 | $346,388 | Priced Round |
11/2011 | $100,000 | Priced Round |
01/2011 | $100,000 | Priced Round |
06/2019 | $105,938 | Priced Round |
12/2016 | $52,677 | Priced Round |
11/2019 | $60,000 | Loan |
11/2014 | $1,677,387 | Loan |
Lender | Issued | Amount | Oustanding | Interest | Maturity | Current? |
---|---|---|---|---|---|---|
Micah Nutt | 11/17/2014 | $1,677,387 | $1,677,388 | 1.9% | 11/09/2023 | Yes |
John Parker | 11/03/2019 | $60,000 | $56,368 | 1.59% | 12/20/2020 | Yes |
Harvest Small Business Finance, LLC | 05/08/2020 | $60,215 | $61,215 | 1.0% | 05/08/2022 | Yes |
Name | John Parker |
Amount Invested | $60,000 |
Transaction type | Loan |
Issued | 11/02/2019 |
Outstanding principal plus interest | $56,368 as of 02/2020 |
Interest | 1.59 per annum |
Maturity | 12/20/2020 |
Outstanding | Yes |
Current with payments | Yes |
Relationship | Relative |
Name | Jeffrey C Kanof |
Amount Invested | $105,938 |
Transaction type | Priced Round |
Issued | 06/19/2019 |
Relationship | Director |
2,118,767 shares were sold for $0.05 each. | |
$250,000 | 92.5% towards whiskey production, and 7.5% towards Wefunder fees |
$400,000 | 57.8% towards increased whiskey production, 34.7% towards additional production equipment and warehouse space rental, and 7.5% towards Wefunder fees |
$550,000 |
42% towards increased whiskey production, 25.3% towards additional production equipment and warehouse space rental, 25.2% towards sales staff and support for WA market, and 7.5% towards Wefunder fees
|
$700,000 | 33% towards increased whiskey production, 19.9% towards additional production equipment and warehouse space rental, 19.8% towards sales staff and support for WA market, 19.8% towards sales staff and support for 3-4 new markets, and 7.5% towards Wefunder fees |
$925,000 |
25% towards increased whiskey production, 15% towards additional production equipment and warehouse space rental, 15% towards sales staff and support for WA market, 15% towards sales staff and support for 3-4 new markets, 22.5% staff and support for events, and 7.5% towards Wefunder fees
|
$1,070,000 |
21.5% towards increased whiskey production, 13% towards additional production equipment and warehouse space rental, 13% towards sales staff and support for WA market, 13% towards sales staff and support for 3-4 new markets, 19.5% staff and support for events, 12.5% additional PR, advertising, design work, and new site planning, and 7.5% towards Wefunder fees
|
Class of Security | Securities (or Amount) Authorized |
Securities (or Amount) Outstanding |
Voting Rights |
---|---|---|---|
Non Voting Common | 3,000,000 | 0 | No |
Voting Common | 37,000,000 | 20,128,339 | Yes |
The Securities and Exchange Commission hosts the official Form C on their EDGAR web site.
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