Hi all,
This is a very overdue update. First, I need to apologize for the lengthy delay with the update as I promised I would provide an update sooner. The problem is that there have been a lot of changes in the last 15-18 months since the last update.
Let me break it down to a more comprehensive approach.
- Expansion: We expanded into the next door suite adding another 3,000sf of space. This expands our taproom from the former 750 sf area with 8 tables, mostly 4-tops and 10 bar seats to a total of 1800sf of tap room area with 8 more tables, mostly 4-tops and one 6-top and 18 more bar seats.
Certificate of Occupancy: We are currently going through the approval process for our Certificate of Occupancy with the City of Mesa. This has been a bit of a tedious process because of a lot of regulations have updated over the last few years. A lot to do with ADA and bathroom standards for gender diversification. This has taken us a long time to complete. We started the process in late 2024. All of 2025 has been nothing but a lot of work put into the renovation of the next door suite and connecting the suite to the original space.
Food: We have partnered with Mozzeria (https://mozzeria.com) to incorporate Neapolitan pizza in our shop as a quick serve – made fresh and to order. We put in a Marra Forni electric oven that should be able to cook a pizza in single digit minutes and have fast turnovers to hungry patrons.
Capacity: We will have an overall capacity of 110-120 in our taproom. A big bump up from what we originally had.
Coffee: We’ll be introducing a whole line of beverages along with Coffee. We’ve chosen to use Whiting Coffee of Albuquerque, NM. They’re a small roasting shop that has been around since 1986 and going on strong. We’re going with their roasted coffee beans in a blend of our own that is immensely delicious. We look to upend the coffee scene in this area as the are very few options that include Starbucks, and unfortunately, the majority of the options within the 5-mile radius. - As far as the SEC goes, we have had very little luck in securing our account with the SEC and as a result, we have not been able to file anything related to the crowdfunding and this is the main reason why the re-payments have not resumed. Since DOGE came around, the SEC has been reduced in manpower and this CF matter is apparently low priority to them.
- Repayments, please allow myself to remind that contractually, we still have until January of 2028 to pay this off. We are allowed to make no repayments in the meantime unless we pay the balance in full. However, I’m not intentionally trying to exploit this, but trying to work within the bounds of the contracts provided our current financial state with the expansion and everything related. We’ve had a very expensive 2025 with the expansion. It’s been hundreds of thousands of dollars into the expansion effort.
- Finances: We’re doing fine, but starting to feel the crunch of the inability to open up the new expanded space due to the City of Mesa demanding a significant amount of information to finalize the TI paperwork to clear for final inspection. But we will prevail as we still have lifelines if a push comes to a shove.
- Repayments, continued: I’m actively getting some consultation on how we can legally start repayments without reporting to the SEC (we can’t report anything without knowing our access credentials. Mainvest used an arbitrary code for usernames and passwords) as we’re getting closer to 2028 and I figure it’d be the wisest thing to start closing out these notes ASAP.
In sum, we’re moving toward a much higher revenue model so we can get our notes paid off and this whole nightmare to go away as soon as possible.
Thank you,
Ian Cameron