Mulholland Distilling Inc., Los Angeles, launched a crowdfunding campaign on StartEngine.com seeking to raise a minimum of $9998.04 and a maximum of $1,234,992.20 in common store at a price of $8.84 a share, with a minimum purchase of 27 shares for a total of $238.68.
People who invest within the first 72 hours get a 20% bonus shares; within the first wee, 15% bonus shares; first two weeks, 10% bonus shares. In addition, those who invest at least $2,500 will get free shipping on all spirits from Mulholland's store and a special investor discount of 10%; those who invest $10,000 get free shipping and an investor discount of 50% plus 5% bonus shares.
The company has been in business since XXXX. It produces 100 proof American Whiskey, 96 proof New World Gin and 86 proof gluten-free Corn Vodka. Its products can be found in bars and restaurants in nine states and purchased online for shipment to 27 states. Net profit "hovers" in the 26% to 27% range, the company says.
The company had sales of $526,975, up 82% from a year earlier. Increased raw material costs resulted in gross margins declinig to 31% in fiscal 2021 from 35% in 2020. Mulholland recorded a net loss of $561,330 in 2021. A year earlier its net loss was $407,375.
The company hopes to grow to the point that it is an attractive takeover target for a larger company.