FORM 10-Q

0001493152-12-001600.txt : 20121113 0001493152-12-001600.hdr.sgml : 20121112 20121113155837 ACCESSION NUMBER: 0001493152-12-001600 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MENDOCINO BREWING CO INC CENTRAL INDEX KEY: 0000919134 STANDARD INDUSTRIAL CLASSIFICATION: MALT BEVERAGES [2082] IRS NUMBER: 680318293 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13636 FILM NUMBER: 121198665 BUSINESS ADDRESS: STREET 1: 1601 AIRPORT ROAD CITY: UKIAH, STATE: CA ZIP: 95482 BUSINESS PHONE: 7077441015 MAIL ADDRESS: STREET 1: 1601 AIRPORT ROAD CITY: UKIAH, STATE: CA ZIP: 95482 10-Q 1 form10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to ________________

Commission file number 1-13636

Mendocino Brewing Company, Inc.

(Exact Name of Registrant as Specified in Its Charter)

California		68-0318293
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)

1601 Airport Road, Ukiah, California		95482
(Address of Principal Executive Offices)		(Zip Code)

(707) 463-2087

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year,

if Changed Since Last Report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

[ ]

Accelerated filer

[ ]

Non-accelerated filer

[ ]

Smaller reporting company

[X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: The number of shares of the issuer’s common stock outstanding as of November 13, 2012 is 12,611,133.

Table of Contents

PART I

Item 1.	Financial Statements	F-1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	11
Item 4.	Controls and Procedures	11

PART II OTHER INFORMATION

Item 6.	Exhibits	12

SIGNATURES		13

PART I

Item 1. Financial Statements.

MENDOCINO BREWING COMPANY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2012			December 31, 2011
	(Unaudited)
ASSETS
Current Assets
Cash	$	139,000		$	312,200
Accounts receivable, net		5,160,500			5,338,700
Inventories		1,694,700			1,799,600
Prepaid expenses		582,700			412,800

Total Current Assets		7,576,900			7,863,300

Property and Equipment, net		11,237,900			11,391,900
Deposits and other assets		706,000			462,500

Total Assets	$	19,520,800		$	19,717,700

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Secured lines of credit	$	2,202,300		$	1,749,800
Accounts payable		5,905,600			6,705,900
Accrued liabilities		1,572,900			1,618,700
Current maturities of notes to related parties		-			93,200
Current maturities of long-term debt		450,000			423,600
Current maturities of obligations under capital leases		14,000			67,500
Total Current Liabilities		10,144,800			10,658,700

Long-Term Liabilities
Notes to related parties less current maturities		3,384,000			3,315,700
Long term debts, less current maturities		4,094,900			4,280,900
Total Long-Term Liabilities		7,478,900			7,596,600

Total Liabilities		17,623,700			18,255,300

Stockholders’ Equity
Preferred stock, Series A, no par value, with liquidation preference of $1 per share; 10,000,000 shares authorized, 227,600 shares issued and outstanding		227,600			227,600
Common stock, no par value; 30,000,000 shares authorized, 12,611,133 shares issued and outstanding		15,100,300			15,100,300
Accumulated comprehensive income		415,900			523,600
Accumulated deficit		(13,846,700	)		(14,389,100	)

Total Stockholders’ Equity		1,897,100			1,462,400

Total Liabilities and Stockholders’ Equity	$	19,520,800		$	19,717,700

See accompanying notes to these condensed financial statements.

F-1

MENDOCINO BREWING COMPANY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	THREE MONTHS ENDED September 30						NINE MONTHS ENDED September 30
	2012			2011			2012			2011
Sales	$	10,277,700		$	10,700,100		$	30,495,500		$	30,824,600
Excise taxes		236,100			268,500			753,800			726,200
Net sales		10,041,600			10,431,600			29,741,700			30,098,400
Cost of goods sold		7,315,200			7,496,400			21,459,800			21,673,200
Gross profit		2,726,400			2,935,200			8,281,900			8,425,200
Operating expenses
Marketing		1,425,200			1,416,200			4,267,600			4,336,700
General and administrative		1,088,200			1,022,000			3,156,300			3,173,100
Total operating expenses		2,513,400			2,438,200			7,423,900			7,509,800
Income from operations		213,000			497,000			858,000			915,400
Other income (expense)
Other income		3,900			9,000			14,000			16,800
Profit on sale of asset		-			-			9,400			-
Interest expense		(112,200	)		(115,500	)		(337,300	)		(358,500	)
Total other expenses		(108,300	)		(106,500	)		(313,900	)		(341,700	)
Income before income taxes		104,700			390,500			544,100			573,700
Provision for income taxes		900			-			1,700			7,100
Net income	$	103,800		$	390,500		$	542,400		$	566,600
Foreign currency translation income (loss)		(74,100	)		80,900			(107,700	)		(32,000	)
Comprehensive income	$	29,700		$	471,400		$	434,700		$	534,600
Net income per common share –
Basic	$	0.01		$	0.03		$	0.04		$	0.05
Diluted	$	0.01		$	0.03		$	0.04		$	0.04
Weighted average common shares outstanding –
Basic		12,611,133			12,461,993			12,611,133			12,438,839
Diluted		14,883,814			14,673,325			14,883,814			14,650,171

See accompanying notes to these condensed financial statements.

F-2

MENDOCINO BREWING COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	September 30,
	2012			2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	542,400		$	566,600
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		771,200			889,000
Provision for doubtful accounts		(32,200	)		(357,300	)
Interest accrued on related party debt		68,300			68,000
(Profit) on sale of assets		(9,400	)		-
Changes in:
Accounts receivable		330,400			(57,200	)
Inventories		104,900			(440,200	)
Prepaid expenses		(155,600	)		99,300
Deposits and other assets		(296,600	)		(221,500	)
Accounts payable		(977,000	)		229,200
Accrued liabilities		(72,100	)		358,100
Net cash provided by operating activities		274,300			1,134,000

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(546,200	)		(680,500	)
Proceeds from sale of fixed assets		12,200			-
Net cash used in investing activities		(534,000	)		(680,500	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowing (repayment) on line of credit		415,900			(1,494,300	)
Borrowing on long-term debt		184,700			4,881,000
Repayment on long-term debt		(439,000	)		(3,685,200	)
Payments on obligations under long term leases		(53,800	)		(71,500	)
Net cash provided by (used in) financing activities		107,800			(370,000	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH		(21,300	)		10,300

NET CHANGE IN CASH		(173,200	)		93,800

CASH, beginning of period		312,200			69,200

CASH, end of period	$	139,000		$	163,000

SUPPLEMENTARY CASH FLOW INFORMATION
Cash paid during the period for:
Income taxes	$	1,700		$	7,100
Interest	$	269,000		$	290,500

See accompanying notes to these condensed financial statements.

F-3

MENDOCINO BREWING COMPANY, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Description of Operations and Summary of Significant Accounting Policies

Description of Operations

Mendocino Brewing Company, Inc. (the “Company” or “MBC”), was formed in 1983 in California, has operating subsidiaries, Releta Brewing Company, LLC (“Releta”), and United Breweries International (UK) Limited (“UBIUK”). In the United States (the “US”), MBC and its subsidiary, Releta, operate two breweries that produce beer and malt beverages for the specialty “craft” segment of the beer market. The breweries are located in Ukiah, California and Saratoga Springs, New York. The majority of sales for MBC in the US are in California. The Company brews several brands, of which Red Tail Ale is the flagship brand. In addition, the Company performs contract brewing for several other brands, and MBC holds the license to distribute Kingfisher Premium Lager in the US. Generally, product shipments are made directly from the breweries to the wholesalers or distributors in accordance with state and local laws.

The Company’s United Kingdom (“UK”) subsidiary, UBIUK, is a holding company for Kingfisher Beer Europe, Limited (“KBEL”), a distributor of alcoholic beverages, mainly Kingfisher Premium Lager, in the UK and Europe. The distributorship is located in Maidstone, Kent in the UK.

Principles of Consolidation

The consolidated financial statements present the accounts of Mendocino Brewing Company, Inc., and its wholly-owned subsidiaries, Releta and UBIUK. All inter-company balances, profits and transactions have been eliminated.

Basis of Presentation and Organization

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with US generally accepted accounting principles. These condensed financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the “SEC”), which contains additional financial and operating information and information concerning the significant accounting policies followed by the Company. The financial statements and notes are representations of the Company’s management (“Management”) and its board of directors (the “Board of Directors”), who are responsible for their integrity and objectivity.

Operating results for the nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012 or any future period.

SIGNIFICANT ACCOUNTING POLICIES

There have been no significant changes in the Company’s significant accounting policies during the nine months ended September 30, 2012 compared to what was previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

Cash and Cash Equivalents, Short and Long-Term Investments

For purposes of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

F-4

Revenue Recognition

The Company recognizes revenue from brewing and distribution operations through product sales, net of discounts.

Revenue is recognized only when all of the following criteria have been met:

●

Persuasive evidence of an arrangement exists;

●

Delivery has occurred or services have been rendered;

●

The fee for the arrangement is fixed or determinable; and

●

Collectability is reasonably assured.

“Persuasive Evidence of an Arrangement” – The Company documents all terms of an arrangement in a written contract or purchase order signed by the customer prior to recognizing revenue.

“Delivery Has Occurred or Services Have Been Performed” – The Company delivers the products prior to recognizing revenue or performs services as per contractual terms. Product is considered delivered upon delivery to a customer’s designated carrier or location and services are considered performed upon completion of Company’s contractual obligations.

“The Fee for the Arrangement is Fixed or Determinable” – Prior to recognizing revenue, an amount is either fixed or determinable under the terms of the written contract. The price is negotiated at the outset of the arrangement and is not subject to refund or adjustment during the initial term of the arrangement.

“Collectability is Reasonably Assured” – The Company determines that collectability is reasonably assured prior to recognizing revenue. Collectability is assessed on a customer-by-customer basis based on criteria outlined by Management. The Company does not enter into arrangements unless collectability is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured, revenue is recognized on a cash basis.

The Company records certain consideration paid to customers for services or placement fees as a reduction in revenue rather than as an expense. The Company reports these items on the income statement as a reduction in revenue and as a corresponding reduction in marketing and selling expenses.

Revenues from the Company’s brewpub and gift store are recognized when sales have been completed.

Allowance for Doubtful Accounts

The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. Balances over 90 days past due and other higher risk amounts are reviewed individually for collectability. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Based on Management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.

Inventories

Inventories are stated at the lower of average cost, which approximates the first-in, first-out method, or market (net realizable value). The Company regularly reviews its inventories for the presence of obsolete product attributed to age, seasonality and quality. Inventories that are considered obsolete are written off or adjusted to carrying value.

F-5

Deferred Financing Costs

Costs relating to obtaining financing are capitalized and amortized over the term of the related debt. When a loan is paid in full, any unamortized financing costs are removed from the related accounts and charged to operations. Deferred financing costs related to borrowing made in June 2011 were $225,000. Amortization of deferred financing costs charged to operations was $33,800 and $43,900 for the nine months ended September 30, 2012 and 2011, respectively. Amortization of deferred financing costs charged to operations was $11,300 for the three months ended September 30, 2012 and 2011.

Concentration of Credit Risks

Financial instruments that potentially subject the Company to credit risk consist principally of trade receivables, cash deposits in excess of FDIC limits, and assets located in the UK. Substantially all of the Company’s cash deposits are deposited with commercial banks in the US and the UK.

Wholesale distributors account for substantially all accounts receivable; therefore, this risk concentration is limited due to the number of distributors and the laws regulating the financial affairs of distributors of alcoholic beverages. The Company has approximately $14,900 in cash deposits in the UK and $2,426,500 of accounts receivable due from customers located in the UK as of September 30, 2012.

Income Taxes

The Company accounts for income taxes using the asset and liability approach. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards. A valuation allowance is established to reduce the deferred tax asset if it is “more likely than not” that the related tax benefits will not be realized. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at September 30, 2012 and December 31, 2011.

Basic and Diluted Earnings (Loss) per Share

The basic earnings (loss) per share is computed by dividing the earnings (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. The computations for basic and dilutive net earnings per share are as follows:

	Three months ended				Nine months ended
	9/30/2012		9/30/2011		9/30/2012		9/30/2011
Net income	$	103,800		390,500	$	542,400		566,600
Weighted average common shares outstanding		12,611,133		12,461,993		12,611,133		12,438,839
Basic net income per share	$	0.01		0.03	$	0.04		0.05
Interest expense on convertible notes	$	22,900		22,900	$	68,300		68,000
Income for computing diluted net income per share	$	126,700		413,400	$	610,700		634,600
Incremental shares from assumed exercise of dilutive securities		2,272,681		2,211,332		2,272,681		2,211,332
Dilutive potential common shares		14,883,814		14,673,325		14,883,814		14,650,171
Diluted net earnings per share	$	0.01		0.03	$	0.04		0.04

F-6

Foreign Currency Translation

The Company has subsidiaries located in the UK, where the local currency, UK Pound Sterling, is the functional currency. Financial statements of these subsidiaries are translated into US dollars using period-end exchange rates for assets and liabilities and average exchange rates during the period for revenues and expenses. Cumulative translation adjustments associated with net assets or liabilities are reported in non-owner changes in equity. Any exchange rate gains or losses related to foreign currency transactions are recognized in the income statement as incurred, in the same financial statement caption as the underlying transaction, and are not material for any period.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the US includes having the Company make estimates and assumptions affecting the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. The amounts estimated could differ from actual results. Significant estimates include the allowance for bad debts, depreciation and amortization periods, and the future utilization of deferred tax assets.

Comprehensive Income (Loss)

Comprehensive income (loss) is composed of the Company’s net income and changes in equity from non-stockholder sources. The accumulated balances of these non-stockholder sources are reflected as a separate item in the equity section of the balance sheet.

Reportable Segments

The Company manages its operations through two business segments: (i) brewing operations and tasting room operations in the US and distributor operations in Canada (the “North American Territory”) and (ii) distributor operations in Europe, including the UK (the “Foreign Territory”). The Company evaluates performance based on net operating profit. Where applicable, portions of the administrative function expenses are allocated between the operating segments. The operating segments do not share manufacturing or distribution facilities. In the event any materials and/or services are provided to one operating segment by the other, the transaction is valued according to the Company’s transfer policy, which approximates market price. The costs of operating the manufacturing plants are captured discretely within each segment. The Company’s property, plant and equipment, inventory, and accounts receivable are captured and reported discretely within each operating segment.

2. Liquidity and Management Plans

On June 23, 2011, MBC and Releta entered into a Credit and Security Agreement (the “Agreement”) with Cole Taylor Bank, an Illinois banking corporation (“Cole Taylor”). The Agreement provides a credit facility with a maturity date of June 23, 2016 of up to $10,000,000 consisting of a $4,119,000 revolving facility, a $1,934,000 machinery and equipment term loan, a $2,947,000 real estate term loan and a $1,000,000 capital expenditure line of credit. Convertible promissory notes issued to United Breweries of America, Inc. (“UBA”), one of the Company’s principal shareholders, are subordinated to the Cole Taylor facility.

At September 30, 2012, the Company had cash and cash equivalents of $139,000, an accumulated deficit of $13,846,700 and a working capital deficit of $2,567,900 due to losses incurred since 2005 in connection with KBEL’s operations in the UK. (For additional information, see Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.”)

F-7

On March 2, 2012, United Breweries (Holdings) Limited (“UBHL”), MBC’s indirect majority shareholder, issued a letter of financial support on behalf of KBEL (the “Letter of Support”), to KBEL’s accountants, to confirm that UBHL had agreed to provide funding on an as needed basis to KBEL to ensure that KBEL is able to meet its financial obligations as and when they become due. There is no maximum dollar limit on the amount of funds which UBHL will provide to KBEL specified in the Letter of Support. The type of financial support provided by UBHL and the terms of such financial support are not specified in the Letter of Support. UBHL’s financial support to KBEL is contingent upon compliance with any applicable exchange control requirements and other applicable laws and regulations relating to the transfer of funds from India to the UK. The Letter of Support dated March 2, 2012 was issued for a 12 month minimum period. Management intends to seek UBHL’s consent to keep the current Letter of Support in force beyond the minimum period, if necessary, or request that UBHL issue a new letter of support for periods after such minimum period. UBHL controls the Company’s two largest shareholders, UBA and Inversiones Mirabel S.A., and as such, UBHL is the Company’s indirect majority shareholder. UBHL represented in the Letter of Support that it has the requisite financial resources to meet its commitment to KBEL under the Letter of Support. The Chairman of the Company’s Board of Directors, Dr. Vijay Mallya, is also the chairman of the board of directors of UBHL.

Management has taken several actions to enable the Company to meet its working capital needs through September 30, 2013, including reducing discretionary expenditures, exploring expansion of business in new territories and pursuing additional brewing contracts in an effort to utilize a portion of excess production capacity. The Company may also seek additional capital infusions to support its operations.

If it becomes necessary to seek UBHL’s financial assistance under the current Letter of Support and UBHL is either unable or unwilling to fulfill its commitment to KBEL under the current Letter of Support or to extend the time period of such commitment if necessary, it may result in a material adverse effect on KBEL’s, UBIUK’s and the Company’s financial position and on their ability to continue operations. In addition, if the Company is in default under its secured credit facilities, its lenders may seek to satisfy any outstanding obligations through recourse against the applicable pledged collateral which may include the Company’s real property and fixed and current assets. The loss of any material pledged asset would likely have a material adverse effect on the Company’s financial position and results of operations.

UBIUK and KBEL hold the exclusive brewing and distribution rights for Kingfisher Premium Lager in the UK, Ireland, continental Europe, and Canada through a licensing agreement with United Breweries Limited, an Indian corporation (“UB”). Under its terms, this licensing agreement is currently scheduled to expire in October 2013. We are in discussions with UB to renew this agreement. If we are unable to renew this licensing agreement on commercially reasonable terms, our results of operations, cash flows and financial position may be materially adversely affected.

In July 2001, we entered into the Kingfisher Trademark and Trade Name License Agreement with Kingfisher America, Inc., pursuant to which we obtained a royalty-free, exclusive license to use the Kingfisher trademark and trade name in connection with the brewing and distribution of beer in the US. Under its terms, this agreement is currently scheduled to expire in October 2013. If we are unable to renew this license agreement on commercially reasonable terms, our results of operations, cash flows and financial position may be materially adversely affected.

Since 1998, UBIUK and KBEL have licensed to Shepherd Neame the exclusive right to brew, keg, bottle, can, label, and package all beers and related products sold under the Kingfisher trademark in the UK, Ireland, and continental Europe. This agreement will expire in October 2013. We are in discussion with Shepherd Neame and other potential parties to negotiate a new agreement. If we are unable to renew this agreement on commercially reasonable terms or enter into a new agreement for brewing for distribution in the Foreign Territory, our results of operations, cash flows and financial position may be materially adversely affected.

3. Inventories

Inventory is stated at the lower of cost or market using the average-cost method. Cost includes the acquisition cost of raw materials and components, direct labor, and manufacturing overhead.

F-8

Inventories consist of the following:

	September 30, 2012		December 31, 2011
Raw Materials	$	772,000	$	851,000
Beer-in-process		343,800		325,100
Finished Goods		517,300		582,200
Merchandise		61,600		41,300
TOTAL	$	1,694,700	$	1,799,600

4. Secured Lines of Credit

In June 2011, Cole Taylor provided a line of credit, from which may be drawn up to 85% of eligible receivables and 60% of eligible inventory for a period up to June 2016. The borrowings are collateralized, with recourse, by MBC’s and Releta’s trade receivables and inventory located in the US. This facility carries interest at a rate of prime plus 1% and is secured by substantially all of the assets of Releta and MBC. The amount outstanding on this line of credit as of September 30, 2012 was $1,131,000. Included in the Company’s balance sheet as at September 30, 2012 are account balances totaling $2,734,000 of accounts receivable and $1,694,700 of inventory collateralized to Cole Taylor under this facility.

On April 26, 2005, Royal Bank of Scotland Commercial Services Limited (“RBS”) provided an invoice discounting facility to KBEL for a maximum amount of £1,750,000 based on 80% prepayment against qualified accounts receivable related to KBEL’s UK customers. The initial term of the facility was one year, after which time the facility could be terminated by either party upon six months’ notice. The facility carries an interest rate of 1.38% above the RBS base rate and a service charge of 0.10% of each invoice discounted. The amount outstanding on this line of credit as of September 30, 2012 was $1,071,300. Included in the Company’s balance sheet at September 30, 2012 are account balances totaling $2,426,500 of accounts receivable collateralized to RBS under this facility.

5. Long-Term Debt

Maturities of long-term debt for succeeding years are as follows:

	September 30, 2012		December 31, 2011
Loans from Cole Taylor, payable in monthly installments of $12,300, including interest at prime plus 2% with a balloon payment of approximately $2,202,500 in June 2016; secured by real property at Ukiah, California		2,755,100		2,885,600

Loans from Cole Taylor, payable in monthly installments of $25,200, including interest at prime plus 1.5% with a balloon payment of approximately $654,800 in June 2016; secured by all assets of Releta and MBC		1,789,800		1,818,900
		4,544,900		4,704,500

Less current maturities		450,000		423,600
	$	4,094,900	$	4,280,900

Payments due during –
Three months ending December 31, 2012	$	112,500
Year ending December 31, 2013		450,000
Year ending December 31, 2014		450,000
Year ending December 31, 2015		450,000
Year ending December 31, 2016		3,082,400
	$	4,544,900

F-9

6. Notes to Related Parties

Subordinated Convertible Notes Payable

Notes payable to related parties includes unsecured convertible notes to UBA of a total value, including interest at the prime rate plus 1.5%, but not to exceed 10% per year, of $3,384,000 as of September 30, 2012. Thirteen of the UBA notes are convertible into shares of the Company’s common stock at a conversion price of $1.50 per share and one UBA note is convertible into shares of the Company’s common stock at a conversion price of $1.44 per share. The issuance of shares of the Company’s common stock to non-employee directors on September 14, 2011 triggered an adjustment to the conversion price with respect to the UBA note that now converts at a conversion price of $1.44 per share from $1.50 per share to $1.44 per share. As of September 30, 2012, the outstanding principal and interest on the notes issued to UBA were convertible into 2,272,681 shares of the Company’s common stock.

The UBA notes were automatically extended until June 2012 with automatic renewals after such maturity date for successive one year terms, provided that either the Company or UBA may elect not to extend the term upon written notice given to the other party no more than 60 days and no fewer than 30 days prior to the expiration of the applicable term. Under the terms of the UBA notes, UBA may demand payment within 60 days following the end of the extension period, but UBA has agreed to subordinate the UBA notes to the Company’s long-term debt agreements with Cole Taylor. Therefore, the Company will not require the use of working capital to repay any of the UBA notes until the Cole Taylor facilities are repaid. The UBA notes include $1,468,600 and $1,400,300 of accrued interest at September 30, 2012 and December 31, 2011, respectively.

5% Notes Payable

Included in current maturities of notes payable to related parties as of December 31, 2011 was $93,200 related to a note bearing annual interest at 5% issued by Shepherd Neame in favor of KBEL, which was paid in full as of June 30, 2012.

7. Commitments and Contingencies

Purchase of raw materials

Production of the Company’s beverages requires quantities of various processed agricultural products, including malt and hops for beer. The Company fulfills its commodities requirements through purchases from various sources, some through contractual arrangements and others on the open market. Future payments under existing contractual arrangements are as follows:

Three months ending December 31, 2012	$	745,300
Year ending December 31, 2013		801,700
Year ending December 31, 2014		126,200
Year ending December 31, 2015		126,200
Year ending December 31, 2016		64,700
	$	1,864,100

Legal

The Company is periodically involved in legal actions and claims that arise as a result of events that occur in the normal course of operations. Management and the Company’s legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment.

The Company is not currently aware of any legal proceedings or claims that the Company believes will have, individually or in the aggregate, a material adverse effect on the Company’s financial position or results of operations.

F-10

Operating Leases

The Company leases some of its operating and office facilities for various terms under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2015 and provide for renewal options ranging from month-to-month to five years. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on similar properties. The leases provide for increases in future minimum annual rental payments based on defined increases which are generally meant to correlate with the Consumer Price Index, subject to certain minimum increases. Also, the agreements generally require the Company to pay certain costs (real estate taxes, insurance and repairs).

MBC and its subsidiaries have various lease agreements for the brewpub and gift store in Ukiah, California, the brewery at Releta’s Saratoga Springs, New York facility, a building in the UK, and certain equipment. The New York lease includes a renewal option for three additional five-year periods, which Releta intends to exercise, and some leases are adjusted annually for changes in the consumer price index. The leases begin expiring in 2014.

Keg Management Agreement

In September 2009, the Company renewed the keg management agreement with MicroStar Keg Management LLC. Under this arrangement, MicroStar provides all kegs for which the Company pays a service fee depending on the applicable territory. The agreement is effective for five years ending in September 2014. If the agreement is terminated, the Company is required to purchase four times the average monthly keg usage for the preceding six-month period from MicroStar. The Company expects to continue this relationship.

8. Related-Party Transactions

The Company and its subsidiaries have entered into or amended several agreements with affiliated and related entities. Among these are a Market Development Agreement, a Distribution Agreement and a Trademark Licensing Agreement between MBC and Kingfisher of America, Inc., and a License Agreement between UBIUK and UBHL. KBEL is a party to a brewing agreement with Shepherd Neame, which is discussed in Note 2, and has issued a note in favor of Shepherd Neame, which is discussed in Note 6.

The following tables reflect the value of the transactions during the nine months ended September 30, 2012 and 2011 and the balances outstanding as of September 30, 2012 and December 31, 2011.

TRANSACTIONS	Nine months ended September 30, 2012		Nine months ended September 30, 2011
Sales to Shepherd Neame	$	2,846,100	$	3,989,300
Purchases from Shepherd Neame	$	11,953,000	$	12,837,800
Expense reimbursement to Shepherd Neame	$	797,500	$	849,800
Interest expense related to UBA convertible notes	$	68,300	$	68,000

ACCOUNT BALANCES	September 30, 2012		December 31, 2011
Accounts payable to Shepherd Neame	$	3,924,100	$	4,856,900
Accounts receivable from Shepherd Neame	$	501,100	$	344,700

F-11

9. Segment Information

Our business presently consists of two segments. The first is brewing for wholesale to distributors and other retailers, which includes beer and merchandise sales at the Company’s ale house in Ukiah, California and the brewery in Saratoga Springs, New York. The second consists of distributing alcoholic beverages to retail establishments and restaurants in the UK and Europe. A summary of the first segment is provided in the column labeled “North American Territory Operations” in the tables below and a summary of the second segment is provided in the column labeled “Foreign Territory Operations” below:

Nine months ended September 30, 2012
	North American Territory Operations		Foreign Territory Operations		Corporate and Others		Total

Net Sales	$	12,816,800	$	16,924,900	$	-	$	29,741,700
Operating Income	$	486,600	$	371,400	$	-	$	858,000
Identifiable Assets	$	11,843,700	$	3,984,400	$	3,692,700	$	19,520,800
Depreciation & Amortization	$	457,500	$	313,700	$	-	$	771,200
Capital Expenditures	$	223,700	$	322,500	$	-	$	546,200

Nine months ended September 30, 2011
	North American Territory Operations		Foreign Territory Operations		Corporate and Others		Total

Net Sales	$	12,349,900	$	17,748,500	$	-	$	30,098,400
Operating Income	$	854,100	$	61,300	$	-	$	915,400
Identifiable Assets	$	12,492,300	$	3,967,500	$	3,012,000	$	19,471,800
Depreciation & Amortization	$	484,600	$	404,400	$	-	$	889,000
Capital Expenditures	$	316,700	$	363,800	$	-	$	680,500

10. Unrestricted Net Assets

The Company’s wholly-owned subsidiary, UBIUK, has undistributed losses of $2,622,800 as of September 30, 2012. Under KBEL’s line of credit agreement with RBS, distributions and other payments to MBC from KBEL are not permitted if retained earnings drop below $1,613,200. Condensed financial information of the parent company, MBC, together with its other subsidiary, Releta is as follows:

F-12

	September 30, 2012			December 31, 2011
	(unaudited)			(audited)
Assets
Cash	$	124,100		$	187,200
Accounts receivable, net		2,734,000			2,308,400
Inventories		1,694,700			1,799,600
Prepaid expenses		128,600			126,800
Total current assets		4,681,400			4,422,000

Investment in UBIUK		1,225,000			1,225,000
Property and equipment		10,149,000			10,349,000
Intercompany receivable		409,100			231,400
Other assets		706,000			462,500
Total assets	$	17,170,500		$	16,689,900

Liabilities and Stockholders’ Equity
Line of credit	$	1,131,000		$	895,300
Accounts payable		1,555,300			1,511,400
Accrued liabilities		943,500			824,300
Current maturities of debt and leases		461,700			473,100
Total current liabilities		4,091,500			3,704,100

Long-term debt and capital leases		4,094,900			4,280,900
Notes to related parties		3,384,000			3,315,700
Total liabilities	$	11,570,400		$	11,300,700

Stockholders’ equity
Preferred stock		227,600			227,600
Common stock		15,100,300			15,100,300
Accumulated deficit		(9,727,800	)		(9,938,700	)
Total stockholders’ equity		5,600,100			5,389,200
Total liabilities and stockholders’ equity	$	17,170,500		$	16,689,900

Statements of Operations	Three months ended September 30						Nine months ended September 30
	2012			2011			2012			2011
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net sales	$	4,247,700		$	4,385,800		$	12,816,800		$	12,349,900
Cost of goods sold		3,252,000			3,141,300			9,609,700			8,927,900
Sales, marketing, and retail expenses		433,400			440,300			1,305,500			1,202,700
General and administrative expenses		549,300			475,300			1,517,900			1,457,700
Income from operations		13,000			328,900			383,700			761,600

Other (income)		(35,100	)		(40,200	)		(112,700	)		(110,500	)
Interest expense		94,700			90,400			283,800			289,300
Provision for taxes		900			—			1,700			7,100
Net income (loss)	$	(47,500	)	$	278,700		$	210,900		$	575,700

F-13

Statements of Cash Flows	Nine months ended September 30
	2012			2011
	(unaudited)			(unaudited)
Cash flows from operating activities	$	295,000		$	693,600
Purchase of property and equipment		(223,700	)		(316,700	)
Proceed from sale of assets		5,000			—
Net borrowing (repayment) on line of credit		235,700			(1,391,700	)
Borrowing on long term debt		184,700			4,881,000
Repayment on long term debt		(344,300	)		(3,588,300	)
Payment on obligation under capital lease		(37,800	)		(35,200	)
Net change in payable to UBIUK		(177,700	)		(188,000	)
(Decrease) increase in cash		(63,100	)		54,700
Cash, beginning of period		187,200			64,900
Cash, end of period	$	124,100		$	119,600

11. Income Taxes

In the nine months ended September 30, 2012 and 2011, the Company only recorded tax expense related to state franchise taxes and the Company did not report income tax expense due to the availability of deferred tax assets to offset any taxable income in the US and the UK. The Company has established a full valuation allowance against the Company’s deferred tax assets based on an assessment that the criteria that deferred tax assets will more likely than not be realized is not yet met. During the nine months ended September 30, 2012 and 2011, the Company’s effective tax rates were de minimus. The difference between the Company’s effective tax rates and the 35% US federal statutory tax rate and the UK’s statutory tax rate resulted primarily from a tax benefit related to a reduction in the federal and state deferred tax asset valuation allowance.

Our major tax jurisdictions are (i) US (federal), (ii) California (state), (iii) New York (state) and (iv) UK. Tax returns remain open to examination by the applicable governmental authorities for tax years 2006 through 2011. The federal and state taxing authorities may choose to audit tax returns for prior years due to significant tax attribute carryforwards for those prior years. However, such audits will be limited to adjustments to such carryforward tax attributes. The Company is not currently being audited in any major tax jurisdiction.

12. Subsequent Events

The Company evaluates events that occur subsequent to the balance sheet date of periodic reports, but before financial statements are issued for periods ending on such balance sheet dates, for possible adjustment to such financial statements or other disclosure. This evaluation generally occurs through the date at which the Company’s financial statements are electronically prepared for filing with the SEC.

F-14

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion summarizes the significant factors affecting our consolidated operating results, financial condition and cash flows for the three and nine months ended September 30, 2012, compared to the three and nine months ended September 30, 2011. This discussion should be read in conjunction with the Consolidated Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended December 31, 2011.

The terms “we”, “us”, “our”, and “the Company” and its variants are generally used to refer to Mendocino Brewing Company, Inc. and its subsidiaries, while the term “MBC” is used to refer to Mendocino Brewing Company, Inc. as an individual entity standing alone.

Forward Looking Statements

Various portions of this Quarterly Report, including but not limited to the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contain forward-looking information. Such information involves risks and uncertainties that are based on current expectations, estimates and projections about the Company’s business, Management’s beliefs, and assumptions made by Management. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and variations of those and similar words are intended to identify such forward-looking information. Any forward-looking statements made by the Company are intended to provide investors with additional information with which they may assess the Company’s future potential. All forward-looking statements are based on assumptions about an uncertain future and are based on information available at the date such statements are issued. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking information due to numerous factors, including but not limited to: changes in the pricing environment for the Company’s products; changes in demand for malt beverage products in different Company markets; changes in distributor relationships or performance; changes in customer preference for the Company’s malt beverage products; regulatory or legislative changes; the impact of competition; changes in the prices of raw materials; availability of financing for operations; changes in interest rates; changes in the company’s European beer and/or restaurant business, and other risks discussed elsewhere in this Quarterly Report and from time to time in the Company’s SEC filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general North American and European economic and political conditions. The Company undertakes no obligation to update these forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made or to publicly release the results of any revisions to these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Segment Information

Prior to 2001, the Company’s business operations were exclusively located in the US, and consisted of the manufacture and distribution of beer. With the Company’s acquisition of United Breweries International (UK), Ltd. (“UBIUK”) in August 2001, however, the Company gained a new business segment, distribution of beer outside the US, primarily in the UK and continental Europe, (collectively, the “Foreign Territory”). This segment accounted for 55% and 58% of the Company’s gross sales during the first nine months of the years 2012 and 2011, respectively, with the US and Canada (the “North American Territory”) accounting for the remaining 45% and 42% during the first nine months of the years 2012 and 2011, respectively.

Seasonality

Sales of the Company’s products are somewhat seasonal. Historically, sales volumes in all geographic areas have been comparatively low during the first quarter of the calendar year in both the Company’s North American and Foreign Territories. In the North American Territory, sales volumes have generally been higher during the second and third quarters and slower during the fourth quarter. In the Foreign Territory, the fourth quarter has generally generated higher sales volume compared to the other three quarters. The volume of sales in any given area may also be affected by local weather conditions. Because of the seasonality of the Company’s business, results for any one quarter are not necessarily indicative of the results that may be achieved for the full fiscal year.

Summary of Financial Results

The Company ended the first nine months of 2012 with net income of $542,400, as compared to $566,600 for the same period in 2011. As set forth more fully under “Results of Operations” below, the decrease in net income during the first nine months of the year 2012 was mainly attributable to a reduction in sales volume.

Results of Operations

Three months ended September 30, 2012 Compared To
Three months ended September 30, 2011

Net Sales

Our overall net sales for the third quarter of 2012 were $10,041,600, a decrease of $390,000, or 3.7%, compared to $10,431,600 for the third quarter of 2011. The decrease was due to reduced sales volume.

North American Territory: Our net sales for the third quarter of 2012 were $4,247,700 compared to $4,385,800 for the same period in 2011, a decrease of $138,100, or 3.1%, mainly due to reduced sales volume. The sales volume decreased to 21,500 barrels in the third quarter of 2012 from 22,200 barrels in the third quarter of 2011; a net decrease of 700 barrels, or 3.3%, due to lower sales of MBC brands.

Foreign Territory: Net sales for the third quarter of 2012 were $5,793,900 compared to $6,045,800 during the corresponding period of 2011, a decrease of $251,900, or 4.2%, when measured in US Dollars, mainly due to reduced sales volume as a result of fewer sales in supermarkets and chain stores in 2012 compared to 2011.

Cost of Goods Sold

Cost of goods sold as a percentage of net sales during the third quarter of 2012 was 72.8%, as compared to 71.9% during the corresponding period of 2011.

North American Territory: Cost of goods sold as a percentage of net sales in the North American Territory during the third quarter of 2012 was 76.6%, compared to 71.6% during the corresponding period of 2011 mainly due to increases in the prices of malt and glass.

Foreign Territory: Cost of goods sold as a percentage of net sales in the Foreign Territory during the third quarter of 2012 was 70.7%, as compared to 72.6% during the corresponding period in 2011 due to increases in the prices at which we sell our products.

Gross Profit

Lower sales volumes and increases in the cost of goods in the North American Territory resulted in gross profit for the third quarter of 2012 of $2,726,400 compared to $2,935,200 during the corresponding period of 2011, a decrease of $208,800, or 7.1%. As a percentage of net sales, gross profit during the third quarter of 2012 decreased to 27.2% from 28.1% for the third quarter of 2011.

Operating Expenses

Operating expenses for the third quarter of 2012 were $2,513,400, an increase of $75,200, or 3.1%, as compared to $2,438,200 for the corresponding period of 2011. Operating expenses consist of marketing and distribution expenses and general and administrative expenses.

Marketing and Distribution Expenses: Our marketing and distribution related expenses for the third quarter of 2012 were $1,425,200, as compared to $1,416,200 for the third quarter of 2011, representing an increase of $9,000, or 0.6%.

North American Territory: Marketing and distribution related expenses for the third quarter of 2012 were $433,400 compared to $440,300 during the corresponding period of 2011, representing a decrease of $6,900, or 1.6%. As a percentage of net sales in the US, such expenses increased to 10.2% during the third quarter of 2012, compared to 10.0% during the corresponding period of 2011.

Foreign Territory: Marketing and distribution related expenses, as calculated in US dollars after taking into account the effects of the exchange rate calculation, for the third quarter of 2012 were $991,800 compared to $975,900 during the corresponding period of 2011, representing an increase of $15,900, or 1.6%. As a percentage of net sales in the UK, marketing and distribution related expenses increased to 17.1% during the third quarter of 2012 compared to 16.1% during the corresponding period of 2011.

General And Administrative Expenses: Our general and administrative expenses were $1,088,200 for the third quarter of 2012, representing an increase of $66,200, or 6.5%, from $1,022,000 for the corresponding period in 2011.

North American Territory: General and administrative expenses related to the North American Territory were $549,300 for the third quarter of 2012, representing an increase of $74,000, or 15.6%, compared to $475,300 for the third quarter of 2011 mainly due to increase in manpower and salary costs.

Foreign Territory: General and administrative expenses related to the Foreign Territory were $538,900 for the third quarter of 2012, representing a decrease of $7,800, or 1.4%, when compared to $546,700 for the third quarter of 2011.

Other Expenses

Net other expenses for the third quarter of 2012 totaled $108,300, representing an increase of $1,800, or 1.7%, when compared to $106,500 for the third quarter of 2011.

Income Taxes

Provision for taxes made during the third quarter of 2012 was $900. We made no income tax provisions for the third quarter of 2011.

Net Income

Our net income for the third quarter of 2012 was $103,800, compared to $390,500 for the third quarter of 2011. After providing for a negative foreign currency translation adjustment of $74,100 during the third quarter of 2012 (as compared to a positive adjustment of $80,900 for the same period in 2011), our comprehensive income for the third quarter of 2012 was $29,700, compared to $471,400 for the same period in 2011.

Nine months ended September 30, 2012 Compared To
Nine months ended September 30, 2011

Net Sales

Our overall net sales for the first nine months of 2012 were $29,741,700, a decrease of $356,700, or 1.2%, compared to net sales of $30,098,400 for the same period in 2011.

North American Territory: Net sales for the first nine months of 2012 were $12,816,800 compared to $12,349,900 for the same period in 2011, an increase of $466,900, or 3.8%, due to higher sales volume. Our North American sales volumes increased to 65,800 barrels during the first nine months of 2012 from 62,600 barrels in the first nine months of 2011, representing an increase of 3,200 barrels, or 5.1%. Sales of MBC’s brands decreased by 800 barrels, sales of Kingfisher brands increased by 1,700 barrels and sales of contract brands increased by 2,300 barrels during the first nine months of 2012 compared to the same period in 2011.

Foreign Territory: Net sales for the first nine months of 2012 were $16,924,900, compared to $17,748,500 during the corresponding period of 2011, a decrease of $823,600, or 4.6%. KBEL increased product prices during the first quarter of 2012 due to an increase in excise duty. KBEL sold 49,000 barrels during the first nine months of 2012 compared to 52,900 barrels in the first nine months of 2011 due to fewer sales in supermarkets and chain stores in 2012 compared to 2011.

Cost of Goods Sold

Cost of goods sold as a percentage of net sales during the first nine months of 2012 was 72.2%, as compared to 72.0% during the corresponding period of 2011.

North American Territory: Cost of goods sold as a percentage of net sales in the North American Territory during the first nine months of 2012 was 75.0%, as compared to 72.3% during the corresponding period of 2011 mainly due to an increase in prices of malt and glass.

Foreign Territory: Cost of goods sold as a percentage of net sales in the Foreign Territory during the first nine months of 2012 was 70.6%, as compared to 72.3% during the corresponding period in 2011 due to increases in the prices charged by the Company for its products without a corresponding increase in the cost of goods.

Gross Profit

As a result of a decrease in sales in Foreign Territory and increase in cost of goods in the North American Territory, gross profit for the first nine months of 2012 decreased to $8,281,900, from $8,425,200 during the corresponding period of 2011. As a percentage of net sales, the gross profit during the first nine months of 2012 decreased to 27.8% from 28.0% during the corresponding period in 2011.

Operating Expenses

Operating expenses for the first nine months of 2012 were $7,423,900, a decrease of $85,900, or 1.1%, as compared to $7,509,800 for the corresponding period of 2011. Operating expenses consist of marketing and distribution expenses and general and administrative expenses.

Marketing and Distribution Expenses: Our marketing and distribution expenses for the first nine months of 2012 were $4,267,600, as compared to $4,336,700 for the same period in 2011, representing a decrease of $69,100, or 1.6%.

North American Territory: Marketing and distribution related expenses for the first nine months of 2012 were $1,305,500 compared to $1,202,700 during the corresponding period of 2011, representing an increase of $102,800, or 8.5%. As a percentage of net sales in the US, these expenses increased to 10.2% during the first nine months of 2012, compared to 9.7% during the corresponding period of 2011. The increase was mainly due to higher freight and travel costs and the operational expenses of the Company’s alehouse located in Ukiah, California, which opened in June 2011.

Foreign Territory: Marketing and distribution related expenses for the first nine months of 2012 were $2,962,100 compared to $3,134,000 during the corresponding period of 2011, representing a decrease of $171,900, or 5.5%. As a percentage of net sales in the UK, marketing and distribution expenses decreased to 17.5% during the first nine months of 2012 compared to 17.7% during the corresponding period of 2011 (in each case as calculated in US dollars, after taking into account the effects of exchange rate fluctuations). The decrease in expenses was mainly due to a decrease in sales commissions paid by the Company (as a result of fewer commissionable sales), and a decrease in advertising and promotion costs in 2012 compared to 2011.

General And Administrative Expenses: Our general and administrative expenses were $3,156,300 for the first nine months of 2012, representing a decrease of $16,800, or 0.5%, from $3,173,100 for the corresponding period in 2011.

North American Territory: General and administrative expenses related to the North American Territory were $1,517,900 for the first nine months of 2012, representing an increase of $60,200, or 4.1%, from $1,457,700 for the same period in 2011 due to increase in manpower and salary costs.

Foreign Territory: General and administrative expenses related to the Foreign Territory were $1,638,400 for the first nine months of 2012, representing a decrease of $77,000, or 4.5%, as compared to $1,715,400 for the same period in 2011 (in each case as calculated in US dollars, after taking into account the effect of exchange rate fluctuations). The decreases were mainly due to a reduction in depreciation of beer dispensing equipment and a decline in other miscellaneous administrative costs.

Other Expenses

Net other expenses for the first nine months of 2012 totaled $313,900, representing a decrease of $27,800, or 8.1%, when compared to $341,700 for the same period in 2011 due to reduced interest expenses and profit on sale of fixed assets.

Income Taxes

We have a provision for income taxes of $1,700 for the first nine months of 2012 compared to a provision of $7,100 for the corresponding period in 2011. The provision for taxes is related to the estimated amount of taxes that will be imposed on us by tax authorities in the US.

Net Income

Our net income for the first nine months of 2012 was $542,400, as compared to $566,600 for the first nine months of 2011. After providing for a negative foreign currency translation adjustment of $107,700 during the first nine months of 2012 (as compared to $32,000 for the same period in 2011), comprehensive income for the first nine months of 2012 was $434,700, compared to $534,600 for the same period in 2011.

LIQUIDITY AND CAPITAL RESOURCES

Unused capacity at our Ukiah, California and Saratoga Springs, New York facilities has continued to place demands on our working capital. Beginning approximately in the second quarter of 1997, the time at which our Ukiah brewery commenced operations, proceeds from our operations have not been able to provide us with sufficient working capital.

At September 30, 2012, we had cash and cash equivalents of $139,000, an accumulated deficit of $13,846,700 and a working capital deficit of $2,567,900 due to losses incurred since 2005 in connection with the operation of our indirect subsidiary, KBEL, in the UK. In response to the losses incurred in connection with KBEL’s international operations, UBHL, our indirect majority shareholder, issued a letter of financial support on KBEL’s behalf on March 2, 2012 (the “Letter of Support”) in replacement of a prior letter of support issued on February 15, 2011. Under the terms of the Letter of Support, UBHL has agreed to provide funding to KBEL on an as needed basis to enable KBEL to meet its financial obligations as they become due. There is no maximum limit on the amount of funding to be provided by UBHL to KBEL under the terms of the Letter of Support, however, such funding is subject to compliance with applicable exchange control regulations and other applicable laws and regulations regarding the transfer of funds from India to the UK. The Letter of Support issued on March 2, 2012 was issued for a twelve month minimum period. The type of financial support to be provided by UBHL and the terms of such financial support is not specified in the Letter of Support. Our Management intends to seek UBHL’s consent to keep the current Letter of Support in force beyond the minimum period, if necessary, or request that UBHL issue a new letter of support for periods after such minimum period. If UBHL were unable or unwilling to meet its current obligations under the Letter of Support or, if requested, UBHL does not agree to keep the Letter of Support in force following the minimum specified period, it could result in a material adverse effect on KBEL’s and UBIUK’s financial condition and thus on our consolidated results of operations and could affect KBEL’s, UBIUK’s and potentially our ability to continue operations. Our Chairman of the Board of Directors, Dr. Vijay Mallya, is also the Chairman of the board of directors of UBHL.

Our Management has taken several actions to enable us to meet our working capital needs through September 30, 2013, including a policy of reducing discretionary expenditures to the extent feasible and optimizing pricing and discounts to increase margins where possible. Further, we have secured and will continue to pursue additional brewing contract opportunities in an effort to utilize a portion of our excess production capacity. We may also seek additional capital infusions to support our operations.

We have several loans, lines of credit, other credit facilities and lease agreements which are currently outstanding (collectively, “Indebtedness”). Certain of the agreements governing our Indebtedness contain cross-default provisions which may cause an event of default under one agreement to result in an event of default under a separate agreement. In addition, certain of the agreements governing our Indebtedness contain provisions pursuant to which a material adverse change in our financial condition may result in an event of default under such agreements. In case of an event of default, the agreements provide the lenders with several rights and remedies, including, but not limited to, acceleration and termination of the facility, implementation of default interest rates, and secured party rights with respect to the collateral (including the power to sell such collateral). Substantially all of our assets, including real property in Ukiah, are pledged as collateral pursuant to the terms of the agreements governing our Indebtedness. If we are in default under our secured credit facilities, our lenders may seek to satisfy any outstanding obligations through recourse against the applicable pledged collateral which may include our real property, fixed and current assets. The loss of any material pledged asset would likely have a material adverse effect on our financial position and results of operations.

We are currently making timely payments of principal and interest relating to our Indebtedness as such Indebtedness becomes due and anticipate that we will continue to make such timely payments in the immediate future. However, if we fail to maintain any of the financial covenants under the various agreements governing our Indebtedness, fail to make timely payments of amounts due under our Indebtedness, or commit any other breach resulting in an event of default under the agreements governing our Indebtedness, such events of default (including cross-defaults) could have a material adverse effect on our financial condition. In case of the acceleration and termination of our existing Indebtedness, we will need to obtain replacement financing. If we are unable to obtain such replacement financing, it will result in a material adverse effect on our financial condition and our ability to continue operations.

We continue to explore new contract brewing opportunities in the North American Territory to increase revenue. However, there can be no assurance that we will be able to increase sales to provide cash for operating activities. Our future working capital requirements will depend on many factors, including the rates of our revenue growth, our introduction of new products and our expansion of sales and marketing activities. To the extent our cash and cash equivalents and cash flow from operating activities are insufficient to fund our future activities, we may need to raise additional funds through bank credit arrangements or public or private equity or debt financings. We also may want to raise additional funds to acquire other businesses or products. If additional funding is required, we may not be able to obtain bank credit arrangements or to effect an equity or debt financing on terms acceptable to us or at all.

Cash Flow Results:

Net cash provided by operating activities for the nine months ended September 30, 2012 was $274,300, compared to $1,134,000 for the nine months ended September 30, 2011. We generally do not require significant cash on hand to meet our operating needs.

During the first nine months of 2012 improved collection in Foreign Territory increased cash flow from accounts receivable which was used to pay down accounts payable in that territory. Our inventory decreased by $104,900 between December 31, 2011 and September 30, 2012. Fluctuations in inventory are normal for our operations and industry and are typically not indicators of any material contributing cause. Our accrued liabilities consisted primarily of payroll costs, excise taxes, future payments of credits extended on our insurance premiums, estimated allowances for customer rebates, and deposits from customers to secure the return of kegs. Our accrued liabilities for the first nine months of 2012 decreased by $72,100 mainly due to decreases in future payments of credits extended on our insurance premiums, and a decrease in provisions for customer rebates associated with decreased sales.

Net cash used in investing activities totaled $534,000 for the first nine months of 2012 compared to $680,500 for the first nine months of 2011. Net cash used for investing activities consists of purchases of machinery and equipment in the North American and Foreign Territories.

Net cash provided by financing activities totaled $107,800 during the first nine months of 2012, compared to cash used in financing activities of $370,000 during the first nine months of 2011. Financing activities principally consisted of a temporary increase or decrease in the Company’s use of a revolving line of credit and borrowing on long term debt and payments on other debt and lease payments.

DESCRIPTION OF OUR INDEBTEDNESS:

Cole Taylor Facility

On June 23, 2011, MBC and Releta entered into a Credit and Security Agreement (the “Agreement”) with Cole Taylor. The Agreement provides a credit facility of up to $10,000,000 with a maturity date of June 23, 2016, consisting of a $4,119,000 revolving facility, a $1,934,000 machinery and equipment term loan, a $2,947,000 real estate term loan and a $1,000,000 capital expenditure term loan. At the time that any applicable loan or advance is made, the Company may choose, subject to certain contingencies, an interest rate based on either LIBOR or the Wall Street Journal prime rate as follows: (a) with respect to the revolving facility, either LIBOR plus a margin of 3.50% or the Wall Street Journal prime rate plus a margin of 1.00%, (b) with respect to the machinery and equipment term loan or the capital expenditure term loan, either LIBOR plus a margin of 4.25% or the Wall Street Journal prime rate plus a margin of 1.50%, and (c) with respect to the real estate term loan, either LIBOR plus a margin of 4.75% or the Wall Street Journal prime rate plus a margin of 2.00%. The Agreement binds us to certain financial covenants including maintaining prescribed minimum tangible net worth and prescribed minimum fixed charges coverage. There is a prepayment penalty if we prepay all of our obligations prior to the maturity. The credit facility is secured by a first priority interest in all of MBC’s and Releta’s personal property and a first mortgage on our Ukiah, California property, among other MBC and Releta assets. Our obligations under the Agreement are subject to acceleration upon the occurrence of an event of default under the Agreement.

Master Line of Credit

On August 31, 1999, MBC and UBA, one of our principal shareholders, entered into a Master Line of Credit Agreement, which was subsequently amended in April 2000 and February 2001 (the “Credit Agreement”). The terms of the Credit Agreement provide us with a line of credit in the principal amount of up to $1,600,000. As of September 30, 2012, UBA has made thirteen separate advances to us under the Credit Agreement and one additional advance on March 2, 2005 on substantially the same terms as those under the Credit Agreement, pursuant to a series of individual eighteen-month promissory notes issued by us to UBA (the “UBA Notes”). UBA has executed an Extension of Term of Notes under Master Line of Credit Agreement and an amendment to the March 2, 2005 note (together, the “Extension Agreements”). The Extension Agreements, as amended, confirm UBA’s extension of the terms of the UBA Notes for a period ending on June 30, 2012, with automatic renewals after such maturity date for successive one year terms, provided that either MBC or UBA may elect not to extend a term upon written notice given to the other party no more than 60 days and no fewer than 30 days prior to the expiration of the applicable term. Neither the Company nor UBA issued a notice of election not to extend the term of the UBA Notes prior to June 2012 and hence the maturity dates of the UBA Notes have been automatically extended until June 30, 2013.

The aggregate outstanding principal amount of the UBA Notes as of September 30, 2012 was $1,915,400, and the accrued but unpaid interest thereon was equal to approximately $1,468,600, for a total amount outstanding of $3,384,000.

The outstanding principal amount of the UBA Notes and the unpaid interest thereon may be converted, at UBA’s discretion, into shares of our unregistered common stock at a conversion price of approximately $1.50 per share for the UBA Notes issued pursuant to the Credit Agreement. On December 28, 2001, we entered into a Confirmation of Waiver with UBA which confirmed that as of August 13, 2001, UBA waived its rights with regard to all conversion rate protection as set forth in the UBA Notes issued by us up to that date.

On September 14, 2011, the Company’s Board of Directors approved the issuance (the “Issuance”) of our unregistered common stock to certain of our independent non-employee directors as compensation. The Issuance triggered an adjustment in the conversion rate of the convertible promissory note dated March 2, 2005 (the “Note”) issued by us in favor of UBA which was not covered by the Confirmation of Waiver. Prior to the Issuance, the principal and interest owed pursuant to the Note would have converted into shares of our Common Stock at a per share price of $1.50. After the Issuance, the principal and interest outstanding under the Note will convert at a per share price of approximately $1.44. As of September 30, 2012, the outstanding principal and interest on the UBA Notes was convertible into 2,272,681 shares of our common stock.

The UBA Notes require us to make quarterly interest payments to UBA on the first day of April, July, October, and January. To date, UBA has permitted us to capitalize all accrued interest; therefore, we have borrowed the maximum amount available under the facility. Upon maturity of any of the UBA Notes, unless UBA has given us prior instructions to commence repayment of the outstanding principal balance, the outstanding principal and accrued but unpaid interest on such Notes may be converted, at the option of UBA, into shares of our Common Stock. During the extended term of the UBA Notes, UBA has the right to require us to repay the outstanding principal balance, along with the accrued and unpaid interest thereon, to UBA within sixty (60) days.

The UBA Notes are subordinated to credit facilities extended to us by Cole Taylor pursuant to a subordination agreement executed by UBA. Per the terms of the subordination agreement, UBA is precluded from demanding repayment of the UBA Notes unless the Cole Taylor facilities are repaid in full.

OTHER LOANS, CREDIT FACILITIES AND COMMITMENTS

Royal Bank of Scotland Facility

Royal Bank of Scotland (“RBS”) provided KBEL with a revolving line of credit up to a maximum of £1,750,000 on April 26, 2005 with an advance rate based on 80% of KBEL’s qualified accounts receivable. This facility originally had a maturity of twelve months, but has been automatically extended and will continue in place unless terminated by either party upon six months’ written notice.

Shepherd Neame Loan

Shepherd Neame has a contract with KBEL to brew Kingfisher Premium Lager for the European and Canadian markets. As consideration for extending the brewing contract, Shepherd Neame advanced a loan of £600,000 to KBEL, repayable in annual installments of £60,000 per year, ending in June 2012. The loan carried a fixed interest rate of 5% per year. This loan was paid in full as of June 30, 2012.

Keg Management Arrangement

Effective September 1, 2009, we entered into a five-year keg management agreement with MicroStar Keg Management, LLC (“MicroStar”). Under this arrangement, MicroStar provides us with half-barrel kegs for which we pay filling and usage fees. Distributors return the kegs directly to MicroStar. MicroStar then supplies us with additional kegs. If the agreement is not extended and terminates, we are required to purchase a certain number of kegs from MicroStar. We anticipate that we would finance such purchase through debt or lease financing, if available. However, there can be no assurance that we will be able to finance the purchase of the required kegs. Our failure to purchase the required kegs from MicroStar upon termination of the agreement would likely have a material adverse effect on our operations.

Weighted Average Interest

The weighted average annual interest rate paid on our US debts was 5% for the first nine months of 2012 and 5.4% for the corresponding period in 2011. For loans primarily associated with our Foreign Territory, the weighted average annual rate paid was 3% for the first nine months of 2012 and 2011.

Current Ratio

Our ratio of current assets to current liabilities on September 30, 2012 was 0.75 to 1.0 and our ratio of total assets to total liabilities was 1.1 to 1.0. Our ratio of current assets to current liabilities on September 30, 2011 was 0.76 to 1.0 and our ratio of total assets to total liabilities was 1.1 to 1.0.

Restricted Net Assets

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required for smaller reporting companies.

Item 4. Controls and Procedures

Disclosure Controls And Procedures

Our Management team, under the supervision and with the participation of our chief executive officer (our principal executive officer) and our chief financial officer (our principal financial officer), evaluated the effectiveness of the design and operation of our disclosure controls and procedures as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the last day of the quarter ended September 30, 2012. The term disclosure controls and procedures means our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to Management, including our chief executive officer and chief financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, our chief executive officer and our chief financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2012.

Changes In Internal Control Over Financial Reporting

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter (the three months ending September 30, 2012) that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

OTHER INFORMATION

Item 6. Exhibits

Exhibit Number		Description
31.1		Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.*
31.2		Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.*
32.1		Certification of Principal Executive Officer Pursuant to Rule 13a-14(b)/15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.**
32.2		Certification of Principal Financial Officer Pursuant to Rule 13a-14(b)/15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350.**
101.INS		XBRL Instance Document†
101.SCH		XBRL Taxonomy Extension Schema Document†
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document†
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document†
101.LAB		XBRL Taxonomy Extension Label Linkbase Document†
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document†

______________________

* Filed herewith.

** Furnished herewith.

† Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under these sections.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MENDOCINO BREWING COMPANY, INC.

Dated: November 13, 2012	By:	/s/ Yashpal Singh
		Yashpal Singh
		President and Chief Executive Officer
		(Principal Executive Officer)

Dated: November 13, 2012	By:	/s/ Mahadevan Narayanan
		Mahadevan Narayanan
		Chief Financial Officer and Secretary
		(Principal Financial and Accounting Officer)

EX-31.1 2 ex31-1.htm EXHIBIT 31.1

CERTIFICATION

I, Yashpal Singh, certify that:

I have reviewed this quarterly report on Form 10-Q of Mendocino Brewing Company, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2012

	/s/ Yashpal Singh
	Yashpal Singh,
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 ex31-2.htm EXHIBIT 31.2

CERTIFICATION

I, Mahadevan Narayanan, certify that:

I have reviewed this quarterly report on Form 10-Q of Mendocino Brewing Company, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2012

	/s/ Mahadevan Narayanan
	Mahadevan Narayanan,
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-32.1 4 ex32-1.htm Exhibit 32.1

CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Mendocino Brewing Company, Inc. (the “Company”) hereby certifies that the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 13, 2012

	/s/ Yashpal Singh
	Yashpal Singh
	Title: Chief Executive Officer
	(Principal Executive Officer)

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2 5 ex32-2.htm Exhibit 32.2

CERTIFICATION

Date: November 13, 2012

	/s/ Mahadevan Narayanan
	Mahadevan Narayanan
	Title: Chief Financial Officer
	(Principal Financial and Accounting Officer)

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

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7.         Commitments and Contingencies   Purchase of raw materials   Production of the Companys beverages requires quantities of various processed agricultural products, including malt and hops for beer. The Company fulfills its commodities requirements through purchases from various sources, some through contractual arrangements and others on the open market. Future payments under existing contractual arrangements are as follows:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 1%; text-align: left"> </td> <td style="width: 78%; text-align: left">Three months ending December 31, 2012</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">745,300</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left">Year ending December 31, 2013</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">801,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left"> </td> <td style="text-align: left">Year ending December 31, 2014</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">126,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left">Year ending December 31, 2015</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">126,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt; text-align: left">Year ending December 31, 2016</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">64,700</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,864,100</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Legal   The Company is periodically involved in legal actions and claims that arise as a result of events that occur in the normal course of operations. Management and the Companys legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment.   The Company is not currently aware of any legal proceedings or claims that the Company believes will have, individually or in the aggregate, a material adverse effect on the Companys financial position or results of operations.   Operating Leases   The Company leases some of its operating and office facilities for various terms under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2015 and provide for renewal options ranging from month-to-month to five years. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on similar properties. The leases provide for increases in future minimum annual rental payments based on defined increases which are generally meant to correlate with the Consumer Price Index, subject to certain minimum increases. Also, the agreements generally require the Company to pay certain costs (real estate taxes, insurance and repairs).   MBC and its subsidiaries have various lease agreements for the brewpub and gift store in Ukiah, California, the brewery at Reletas Saratoga Springs, New York facility, a building in the UK, and certain equipment. The New York lease includes a renewal option for three additional five-year periods, which Releta intends to exercise, and some leases are adjusted annually for changes in the consumer price index. The leases begin expiring in 2014.   Keg Management Agreement   In September 2009, the Company renewed the keg management agreement with MicroStar Keg Management LLC. Under this arrangement, MicroStar provides all kegs for which the Company pays a service fee depending on the applicable territory. The agreement is effective for five years ending in September 2014. If the agreement is terminated, the Company is required to purchase four times the average monthly keg usage for the preceding six-month period from MicroStar. The Company expects to continue this relationship.

Future payments under existing contractual arrangements are as follows:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 1%; text-align: left"> </td> <td style="width: 78%; text-align: left">Three months ending December 31, 2012</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">745,300</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left">Year ending December 31, 2013</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">801,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left"> </td> <td style="text-align: left">Year ending December 31, 2014</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">126,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left">Year ending December 31, 2015</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">126,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt; text-align: left">Year ending December 31, 2016</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">64,700</td> <td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,864,100</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

8.         Related-Party Transactions   The Company and its subsidiaries have entered into or amended several agreements with affiliated and related entities. Among these are a Market Development Agreement, a Distribution Agreement and a Trademark Licensing Agreement between MBC and Kingfisher of America, Inc., and a License Agreement between UBIUK and UBHL. KBEL is a party to a brewing agreement with Shepherd Neame, which is discussed in Note 2, and has issued a note in favor of Shepherd Neame, which is discussed in Note 6.   The following tables reflect the value of the transactions during the nine months ended September 30, 2012 and 2011 and the balances outstanding as of September 30, 2012 and December 31, 2011.   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">TRANSACTIONS</td> <td style="text-align: left; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; font-weight: bold">Nine months ended September 30, 2012</td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; font-weight: bold">Nine months ended September 30, 2011</td> <td style="text-align: left; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 52%; text-align: justify">Sales to Shepherd Neame</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">2,846,100</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">3,989,300</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Purchases from Shepherd Neame</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">11,953,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">12,837,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Expense reimbursement to Shepherd Neame</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">797,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">849,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Interest expense related to UBA convertible notes</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">68,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">68,000</td> <td style="text-align: left"> </td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">ACCOUNT BALANCES</td> <td style="text-align: left; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; font-weight: bold">September 30, 2012</td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2011</td> <td style="text-align: left; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 52%; text-align: justify">Accounts payable to Shepherd Neame</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">3,924,100</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">4,856,900</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Accounts receivable from Shepherd Neame</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">501,100</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">344,700</td> <td style="text-align: left"> </td></tr> </table>

The following tables reflect the value of the transactions during the nine months ended September 30, 2012 and 2011 and the balances outstanding as of September 30, 2012 and December 31, 2011.   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">TRANSACTIONS</td> <td style="text-align: left; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; font-weight: bold">Nine months ended September 30, 2012</td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; font-weight: bold">Nine months ended September 30, 2011</td> <td style="text-align: left; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 52%; text-align: justify">Sales to Shepherd Neame</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">2,846,100</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">3,989,300</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Purchases from Shepherd Neame</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">11,953,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">12,837,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Expense reimbursement to Shepherd Neame</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">797,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">849,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Interest expense related to UBA convertible notes</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">68,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">68,000</td> <td style="text-align: left"> </td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify">ACCOUNT BALANCES</td> <td style="text-align: left; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; font-weight: bold">September 30, 2012</td> <td style="text-align: left; font-weight: bold"> </td> <td style="text-align: left; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; font-weight: bold">December 31, 2011</td> <td style="text-align: left; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 52%; text-align: justify">Accounts payable to Shepherd Neame</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">3,924,100</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">4,856,900</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Accounts receivable from Shepherd Neame</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">501,100</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">344,700</td> <td style="text-align: left"> </td></tr> </table>

Condensed financial information of the parent company, MBC, together with its other subsidiary, Releta is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2012</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2011</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">(unaudited)</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">(audited)</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: center">Assets</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 60%; text-align: left">Cash</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">124,100</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">187,200</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Accounts receivable, net</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,734,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,308,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Inventories</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,694,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,799,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Prepaid expenses</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">128,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">126,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 16pt; text-align: left">Total current assets</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,681,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,422,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Investment in UBIUK</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,225,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,225,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Property and equipment</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,149,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,349,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Intercompany receivable</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">409,100</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">231,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Other assets</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">706,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">462,500</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 32pt; text-align: left">Total assets</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,170,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">16,689,900</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">Liabilities and Stockholders Equity</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Line of credit  </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,131,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">895,300</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accounts payable</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,555,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,511,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Accrued liabilities</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">943,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">824,300</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Current maturities of debt and leases</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">461,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">473,100</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 16pt; text-align: left">Total current liabilities</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,091,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,704,100</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Long-term debt and capital leases</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,094,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,280,900</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Notes to related parties</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,384,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,315,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 16pt; text-align: left">Total liabilities</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,570,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,300,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 16pt; text-align: left">Stockholders equity</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Preferred stock</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">227,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">227,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Common stock</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,100,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,100,300</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accumulated deficit</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(9,727,800</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(9,938,700</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 16pt; text-align: left">Total stockholders equity</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,600,100</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,389,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 32pt; text-align: left">Total liabilities and stockholders equity</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,170,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">16,689,900</td> <td style="text-align: left"> </td></tr> </table>

11.         Income Taxes   In the nine months ended September 30, 2012 and 2011, the Company only recorded tax expense related to state franchise taxes and the Company did not report income tax expense due to the availability of deferred tax assets to offset any taxable income in the US and the UK. The Company has established a full valuation allowance against the Companys deferred tax assets based on an assessment that the criteria that deferred tax assets will more likely than not be realized is not yet met. During the nine months ended September 30, 2012 and 2011, the Companys effective tax rates were de minimus. The difference between the Companys effective tax rates and the 35% US federal statutory tax rate and the UKs statutory tax rate resulted primarily from a tax benefit related to a reduction in the federal and state deferred tax asset valuation allowance.   Our major tax jurisdictions are (i) US (federal), (ii) California (state), (iii) New York (state) and (iv) UK. Tax returns remain open to examination by the applicable governmental authorities for tax years 2006 through 2011. The federal and state taxing authorities may choose to audit tax returns for prior years due to significant tax attribute carryforwards for those prior years. However, such audits will be limited to adjustments to such carryforward tax attributes. The Company is not currently being audited in any major tax jurisdiction.

12.         Subsequent Events   The Company evaluates events that occur subsequent to the balance sheet date of periodic reports, but before financial statements are issued for periods ending on such balance sheet dates, for possible adjustment to such financial statements or other disclosure. This evaluation generally occurs through the date at which the Companys financial statements are electronically prepared for filing with the SEC.

10658700

10144800

1462400

1897100

858000

213000

497000

915400

-313900

-108300

-106500

-341700

4.         Secured Lines of Credit   In June 2011, Cole Taylor provided a line of credit, from which may be drawn up to 85% of eligible receivables and 60% of eligible inventory for a period up to June 2016. The borrowings are collateralized, with recourse, by MBCs and Reletas trade receivables and inventory located in the US. This facility carries interest at a rate of prime plus 1% and is secured by substantially all of the assets of Releta and MBC. The amount outstanding on this line of credit as of September 30, 2012 was $1,131,000. Included in the Companys balance sheet as at September 30, 2012 are account balances totaling $2,734,000 of accounts receivable and $1,694,700 of inventory collateralized to Cole Taylor under this facility.   On April 26, 2005, Royal Bank of Scotland Commercial Services Limited (RBS) provided an invoice discounting facility to KBEL for a maximum amount of £1,750,000 based on 80% prepayment against qualified accounts receivable related to KBELs UK customers. The initial term of the facility was one year, after which time the facility could be terminated by either party upon six months notice. The facility carries an interest rate of 1.38% above the RBS base rate and a service charge of 0.10% of each invoice discounted. The amount outstanding on this line of credit as of September 30, 2012 was $1,071,300. Included in the Companys balance sheet at September 30, 2012 are account balances totaling $2,426,500 of accounts receivable collateralized to RBS under this facility.

9.       Segment Information   Our business presently consists of two segments. The first is brewing for wholesale to distributors and other retailers, which includes beer and merchandise sales at the Companys ale house in Ukiah, California and the brewery in Saratoga Springs, New York. The second consists of distributing alcoholic beverages to retail establishments and restaurants in the UK and Europe. A summary of the first segment is provided in the column labeled North American Territory Operations in the tables below and a summary of the second segment is provided in the column labeled Foreign Territory Operations below:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="17" style="border-bottom: black 1.5pt solid; text-align: center">Nine months ended September 30, 2012</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">North American Territory Operations</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Foreign Territory Operations</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Corporate and Others</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 28%; text-align: justify"> Net Sales</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">12,816,800</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">16,924,900</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">-</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">29,741,700</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> Operating Income</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">486,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">371,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">858,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> Identifiable Assets</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">11,843,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,984,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,692,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">19,520,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> Depreciation & Amortization</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">457,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">313,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">771,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> Capital Expenditures</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">223,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">322,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">546,200</td> <td style="text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="17" style="border-bottom: black 1.5pt solid; text-align: center">Nine months ended September 30, 2011</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">North American Territory Operations</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Foreign Territory Operations</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Corporate and Others</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 28%; text-align: justify"> Net Sales</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">12,349,900</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">17,748,500</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">-</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">30,098,400</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> Operating Income</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">854,100</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">61,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">915,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> Identifiable Assets</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">12,492,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,967,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,012,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">19,471,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> Depreciation & Amortization</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">484,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">404,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">889,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> Capital Expenditures</td> <td style="text-align: left"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>

10.         Unrestricted Net Assets   The Companys wholly-owned subsidiary, UBIUK, has undistributed losses of $2,622,800 as of September 30, 2012. Under KBELs line of credit agreement with RBS, distributions and other payments to MBC from KBEL are not permitted if retained earnings drop below $1,613,200. Condensed financial information of the parent company, MBC, together with its other subsidiary, Releta is as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2012</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2011</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">(unaudited)</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">(audited)</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: center">Assets</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 60%; text-align: left">Cash</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">124,100</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">187,200</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Accounts receivable, net</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,734,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,308,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Inventories</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,694,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,799,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Prepaid expenses</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">128,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">126,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 16pt; text-align: left">Total current assets</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,681,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,422,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Investment in UBIUK</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,225,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,225,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Property and equipment</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,149,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,349,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Intercompany receivable</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">409,100</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">231,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Other assets</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">706,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">462,500</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 32pt; text-align: left">Total assets</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,170,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">16,689,900</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center">Liabilities and Stockholders Equity</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Line of credit </td> <td style="text-align: left"> </td> <td style="text-align: left"> $</td> <td style="text-align: right">1,131,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">895,300</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accounts payable</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,555,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,511,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Accrued liabilities</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">943,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">824,300</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Current maturities of debt and leases</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">461,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">473,100</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 16pt; text-align: left">Total current liabilities</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,091,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,704,100</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Long-term debt and capital leases</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,094,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,280,900</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Notes to related parties</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,384,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,315,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 16pt; text-align: left">Total liabilities</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,570,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,300,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 16pt; text-align: left">Stockholders equity</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Preferred stock</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">227,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">227,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: left">Common stock</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,100,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,100,300</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accumulated deficit</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(9,727,800</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(9,938,700</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 16pt; text-align: left">Total stockholders equity</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,600,100</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">5,389,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 32pt; text-align: left">Total liabilities and stockholders equity</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,170,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">16,689,900</td> <td style="text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">Statements of Operations</td> <td style="text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three months ended September 30</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine months ended September 30</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; font-weight: bold"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 36%; text-align: justify">Net sales</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,247,700</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,385,800</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">12,816,800</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">12,349,900</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Cost of goods sold</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,252,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">3,141,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,609,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,927,900</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Sales, marketing, and retail expenses</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">433,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">440,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,305,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,202,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">General and administrative expenses</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">549,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">475,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,517,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,457,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Income from operations</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">13,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">328,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">383,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">761,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Other (income)</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(35,100</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(40,200</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(112,700</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(110,500</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Interest expense</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">94,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">90,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">283,800</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">289,300</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Provision for taxes</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"></td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">7,100</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Net income (loss)</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(47,500</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">278,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">210,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">575,700</td> <td style="text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center">Statements of Cash Flows</td> <td style="text-align: left"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine months ended September 30</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: center">(unaudited)</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 60%; text-align: justify">Cash flows from operating activities</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">295,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">693,600</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Purchase of property and equipment</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(223,700</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(316,700</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Proceed from sale of assets</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"></td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Net borrowing (repayment) on line of credit</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">235,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(1,391,700</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Borrowing on long term debt</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">184,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,881,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Repayment on long term debt</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(344,300</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(3,588,300</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Payment on obligation under capital lease</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(37,800</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(35,200</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Net change in payable to UBIUK</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(177,700</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(188,000</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">(Decrease) increase in cash</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(63,100</td> <td style="text-align: left">)</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">54,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Cash, beginning of period</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">187,200</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">64,900</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Cash, end of period</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">124,100</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">119,600</td> <td style="text-align: left"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="17" style="border-bottom: black 1.5pt solid; text-align: center">Nine months ended September 30, 2012</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">North American Territory Operations</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Foreign Territory Operations</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Corporate and Others</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 28%; text-align: justify"> Net Sales</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">12,816,800</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">16,924,900</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">-</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">29,741,700</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> Operating Income</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">486,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">371,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">858,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> Identifiable Assets</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">11,843,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,984,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,692,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">19,520,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> Depreciation & Amortization</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">457,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">313,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">771,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> Capital Expenditures</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">223,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">322,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">546,200</td> <td style="text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="17" style="border-bottom: black 1.5pt solid; text-align: center">Nine months ended September 30, 2011</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">North American Territory Operations</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Foreign Territory Operations</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Corporate and Others</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Total</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 28%; text-align: justify"> Net Sales</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">12,349,900</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">17,748,500</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">-</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">30,098,400</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> Operating Income</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">854,100</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">61,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">915,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> Identifiable Assets</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">12,492,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,967,500</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">3,012,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">19,471,800</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> Depreciation & Amortization</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">484,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">404,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">-</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">889,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> Capital Expenditures</td> <td style="text-align: left"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>

33800

11300

43900

2734000

2426500

2734000

2308400

461700

473100

4094900

4280900

3384000

1400300

1468600

6.         Notes to Related Parties   Subordinated Convertible Notes Payable   Notes payable to related parties includes unsecured convertible notes to UBA of a total value, including interest at the prime rate plus 1.5%, but not to exceed 10% per year, of $3,384,000 as of September 30, 2012. Thirteen of the UBA notes are convertible into shares of the Companys common stock at a conversion price of $1.50 per share and one UBA note is convertible into shares of the Companys common stock at a conversion price of $1.44 per share. The issuance of shares of the Companys common stock to non-employee directors on September 14, 2011 triggered an adjustment to the conversion price with respect to the UBA note that now converts at a conversion price of $1.44 per share from $1.50 per share to $1.44 per share. As of September 30, 2012, the outstanding principal and interest on the notes issued to UBA were convertible into 2,272,681 shares of the Companys common stock.   The UBA notes were automatically extended until June 2012 with automatic renewals after such maturity date for successive one year terms, provided that either the Company or UBA may elect not to extend the term upon written notice given to the other party no more than 60 days and no fewer than 30 days prior to the expiration of the applicable term. Under the terms of the UBA notes, UBA may demand payment within 60 days following the end of the extension period, but UBA has agreed to subordinate the UBA notes to the Companys long-term debt agreements with Cole Taylor. Therefore, the Company will not require the use of working capital to repay any of the UBA notes until the Cole Taylor facilities are repaid. The UBA notes include $1,468,600 and $1,400,300 of accrued interest at September 30, 2012 and December 31, 2011, respectively.   5% Notes Payable   Included in current maturities of notes payable to related parties as of December 31, 2011 was $93,200 related to a note bearing annual interest at 5% issued by Shepherd Neame in favor of KBEL, which was paid in full as of June 30, 2012.

523600

415900

7596600

7478900

67500

14000

93200

462500

706000

8281900

2726400

2935200

8425200

29741700

10041600

10431600

30098400

753800

236100

268500

726200

30495500

10277700

10700100

30824600

7423900

2513400

2438200

7509800

4267600

1425200

1416200

4336700

434700

29700

471400

534600

544100

104700

390500

573700

9400

14000

3900

9000

16800

-72100

358100

-977000

229200

-296600

-221500

-155600

99300

104900

-440200

330400

-57200

-9400

-32200

-357300

771200

889000

-21300

10300

107800

-370000

-534000

-680500

12200

269000

290500

1700

7100

184700

4881000

-107700

-74100

80900

-32000

1.      Description of Operations and Summary of Significant Accounting Policies   Description of Operations   Mendocino Brewing Company, Inc. (the Company or MBC), was formed in 1983 in California, has operating subsidiaries, Releta Brewing Company, LLC (Releta), and United Breweries International (UK) Limited (UBIUK). In the United States (the US), MBC and its subsidiary, Releta, operate two breweries that produce beer and malt beverages for the specialty craft segment of the beer market. The breweries are located in Ukiah, California and Saratoga Springs, New York. The majority of sales for MBC in the US are in California. The Company brews several brands, of which Red Tail Ale is the flagship brand. In addition, the Company performs contract brewing for several other brands, and MBC holds the license to distribute Kingfisher Premium Lager in the US. Generally, product shipments are made directly from the breweries to the wholesalers or distributors in accordance with state and local laws.   The Companys United Kingdom (UK) subsidiary, UBIUK, is a holding company for Kingfisher Beer Europe, Limited (KBEL), a distributor of alcoholic beverages, mainly Kingfisher Premium Lager, in the UK and Europe. The distributorship is located in Maidstone, Kent in the UK.   Principles of Consolidation   The consolidated financial statements present the accounts of Mendocino Brewing Company, Inc., and its wholly-owned subsidiaries, Releta and UBIUK. All inter-company balances, profits and transactions have been eliminated.   Basis of Presentation and Organization   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with US generally accepted accounting principles. These condensed financial statements should be read in conjunction with the audited consolidated financial statements included in the Companys most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the SEC), which contains additional financial and operating information and information concerning the significant accounting policies followed by the Company. The financial statements and notes are representations of the Companys management (Management) and its board of directors (the Board of Directors), who are responsible for their integrity and objectivity.   Operating results for the nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012 or any future period.   SIGNIFICANT ACCOUNTING POLICIES   There have been no significant changes in the Companys significant accounting policies during the nine months ended September 30, 2012 compared to what was previously disclosed in the Companys Annual Report on Form 10-K for the year ended December 31, 2011.   Cash and Cash Equivalents, Short and Long-Term Investments   For purposes of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.    Revenue Recognition   The Company recognizes revenue from brewing and distribution operations through product sales, net of discounts.   Revenue is recognized only when all of the following criteria have been met:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Persuasive evidence of an arrangement exists;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font: 10pt Bookman Old Style, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Delivery has occurred or services have been rendered;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font: 10pt Bookman Old Style, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The fee for the arrangement is fixed or determinable; and</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font: 10pt Bookman Old Style, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Collectability is reasonably assured.</td></tr> </table>   Persuasive Evidence of an Arrangement The Company documents all terms of an arrangement in a written contract or purchase order signed by the customer prior to recognizing revenue.   Delivery Has Occurred or Services Have Been Performed The Company delivers the products prior to recognizing revenue or performs services as per contractual terms. Product is considered delivered upon delivery to a customers designated carrier or location and services are considered performed upon completion of Companys contractual obligations.   The Fee for the Arrangement is Fixed or Determinable Prior to recognizing revenue, an amount is either fixed or determinable under the terms of the written contract. The price is negotiated at the outset of the arrangement and is not subject to refund or adjustment during the initial term of the arrangement.   Collectability is Reasonably Assured The Company determines that collectability is reasonably assured prior to recognizing revenue. Collectability is assessed on a customer-by-customer basis based on criteria outlined by Management. The Company does not enter into arrangements unless collectability is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured, revenue is recognized on a cash basis.   The Company records certain consideration paid to customers for services or placement fees as a reduction in revenue rather than as an expense. The Company reports these items on the income statement as a reduction in revenue and as a corresponding reduction in marketing and selling expenses.   Revenues from the Companys brewpub and gift store are recognized when sales have been completed.   Allowance for Doubtful Accounts   The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. Balances over 90 days past due and other higher risk amounts are reviewed individually for collectability. If the financial condition of the Companys customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Based on Managements assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.   Inventories   Inventories are stated at the lower of average cost, which approximates the first-in, first-out method, or market (net realizable value). The Company regularly reviews its inventories for the presence of obsolete product attributed to age, seasonality and quality. Inventories that are considered obsolete are written off or adjusted to carrying value.   Deferred Financing Costs   Costs relating to obtaining financing are capitalized and amortized over the term of the related debt. When a loan is paid in full, any unamortized financing costs are removed from the related accounts and charged to operations. Deferred financing costs related to borrowing made in June 2011 were $225,000. Amortization of deferred financing costs charged to operations was $33,800 and $43,900 for the nine months ended September 30, 2012 and 2011, respectively. Amortization of deferred financing costs charged to operations was $11,300 for the three months ended September 30, 2012 and 2011.   Concentration of Credit Risks   Financial instruments that potentially subject the Company to credit risk consist principally of trade receivables, cash deposits in excess of FDIC limits, and assets located in the UK. Substantially all of the Companys cash deposits are deposited with commercial banks in the US and the UK.   Wholesale distributors account for substantially all accounts receivable; therefore, this risk concentration is limited due to the number of distributors and the laws regulating the financial affairs of distributors of alcoholic beverages. The Company has approximately $14,900 in cash deposits in the UK and $2,426,500 of accounts receivable due from customers located in the UK as of September 30, 2012.   Income Taxes   The Company accounts for income taxes using the asset and liability approach. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards. A valuation allowance is established to reduce the deferred tax asset if it is more likely than not that the related tax benefits will not be realized. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at September 30, 2012 and December 31, 2011.   Basic and Diluted Earnings (Loss) per Share   The basic earnings (loss) per share is computed by dividing the earnings (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. The computations for basic and dilutive net earnings per share are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2012</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2011</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2012</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2011</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 40%; text-align: justify">Net income</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">103,800</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">390,500</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">542,400</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">566,600</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Weighted average common shares outstanding</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,611,133</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,461,993</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,611,133</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,438,839</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Basic net income per share</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.03</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.04</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.05</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Interest expense on convertible notes</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">22,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">68,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">68,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Income for computing diluted net income per share</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">126,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">413,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">610,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">634,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Incremental shares from assumed exercise of dilutive securities</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,272,681</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,211,332</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,272,681</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,211,332</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Dilutive potential common shares</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,883,814</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,673,325</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,883,814</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,650,171</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Diluted net earnings per share</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.03</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.04</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.04</td> <td style="text-align: left"> </td></tr> </table>   Foreign Currency Translation   The Company has subsidiaries located in the UK, where the local currency, UK Pound Sterling, is the functional currency. Financial statements of these subsidiaries are translated into US dollars using period-end exchange rates for assets and liabilities and average exchange rates during the period for revenues and expenses. Cumulative translation adjustments associated with net assets or liabilities are reported in non-owner changes in equity. Any exchange rate gains or losses related to foreign currency transactions are recognized in the income statement as incurred, in the same financial statement caption as the underlying transaction, and are not material for any period.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the US includes having the Company make estimates and assumptions affecting the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. The amounts estimated could differ from actual results. Significant estimates include the allowance for bad debts, depreciation and amortization periods, and the future utilization of deferred tax assets.   Comprehensive Income (Loss)   Comprehensive income (loss) is composed of the Companys net income and changes in equity from non-stockholder sources. The accumulated balances of these non-stockholder sources are reflected as a separate item in the equity section of the balance sheet.   Reportable Segments   The Company manages its operations through two business segments: (i) brewing operations and tasting room operations in the US and distributor operations in Canada (the North American Territory) and (ii) distributor operations in Europe, including the UK (the Foreign Territory). The Company evaluates performance based on net operating profit. Where applicable, portions of the administrative function expenses are allocated between the operating segments. The operating segments do not share manufacturing or distribution facilities. In the event any materials and/or services are provided to one operating segment by the other, the transaction is valued according to the Companys transfer policy, which approximates market price. The costs of operating the manufacturing plants are captured discretely within each segment. The Companys property, plant and equipment, inventory, and accounts receivable are captured and reported discretely within each operating segment.

The computations for basic and dilutive net earnings per share are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2012</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2011</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2012</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2011</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 40%; text-align: justify">Net income</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">103,800</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">390,500</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">542,400</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">566,600</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Weighted average common shares outstanding</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,611,133</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,461,993</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,611,133</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,438,839</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Basic net income per share</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.03</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.04</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.05</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Interest expense on convertible notes</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">22,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">68,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">68,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Income for computing diluted net income per share</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">126,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">413,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">610,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">634,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Incremental shares from assumed exercise of dilutive securities</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,272,681</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,211,332</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,272,681</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,211,332</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Dilutive potential common shares</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,883,814</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,673,325</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,883,814</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,650,171</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Diluted net earnings per share</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.03</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.04</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.04</td> <td style="text-align: left"> </td></tr> </table>

4119000

1934000

2947000

1000000

10000000

1750000

10000000

2567900

1131000

1071300

0.01

0.0138

2622800 1613200

0.35

4091500 3704100 11570400 11300700 5600100 5389200 17170500 16689900 2.         Liquidity and Management Plans   On June 23, 2011, MBC and Releta entered into a Credit and Security Agreement (the Agreement) with Cole Taylor Bank, an Illinois banking corporation (Cole Taylor). The Agreement provides a credit facility with a maturity date of June 23, 2016 of up to $10,000,000 consisting of a $4,119,000 revolving facility, a $1,934,000 machinery and equipment term loan, a $2,947,000 real estate term loan and a $1,000,000 capital expenditure line of credit. Convertible promissory notes issued to United Breweries of America, Inc. (UBA), one of the Companys principal shareholders, are subordinated to the Cole Taylor facility.   At September 30, 2012, the Company had cash and cash equivalents of $139,000, an accumulated deficit of $13,846,700 and a working capital deficit of $2,567,900 due to losses incurred since 2005 in connection with KBELs operations in the UK. (For additional information, see Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources.)   On March 2, 2012, United Breweries (Holdings) Limited (UBHL), MBCs indirect majority shareholder, issued a letter of financial support on behalf of KBEL (the Letter of Support), to KBELs accountants, to confirm that UBHL had agreed to provide funding on an as needed basis to KBEL to ensure that KBEL is able to meet its financial obligations as and when they become due. There is no maximum dollar limit on the amount of funds which UBHL will provide to KBEL specified in the Letter of Support. The type of financial support provided by UBHL and the terms of such financial support are not specified in the Letter of Support. UBHLs financial support to KBEL is contingent upon compliance with any applicable exchange control requirements and other applicable laws and regulations relating to the transfer of funds from India to the UK. The Letter of Support dated March 2, 2012 was issued for a 12 month minimum period. Management intends to seek UBHLs consent to keep the current Letter of Support in force beyond the minimum period, if necessary, or request that UBHL issue a new letter of support for periods after such minimum period. UBHL controls the Companys two largest shareholders, UBA and Inversiones Mirabel S.A., and as such, UBHL is the Companys indirect majority shareholder. UBHL represented in the Letter of Support that it has the requisite financial resources to meet its commitment to KBEL under the Letter of Support. The Chairman of the Companys Board of Directors, Dr. Vijay Mallya, is also the chairman of the board of directors of UBHL.   Management has taken several actions to enable the Company to meet its working capital needs through September 30, 2013, including reducing discretionary expenditures, exploring expansion of business in new territories and pursuing additional brewing contracts in an effort to utilize a portion of excess production capacity. The Company may also seek additional capital infusions to support its operations.   If it becomes necessary to seek UBHLs financial assistance under the current Letter of Support and UBHL is either unable or unwilling to fulfill its commitment to KBEL under the current Letter of Support or to extend the time period of such commitment if necessary, it may result in a material adverse effect on KBELs, UBIUKs and the Companys financial position and on their ability to continue operations. In addition, if the Company is in default under its secured credit facilities, its lenders may seek to satisfy any outstanding obligations through recourse against the applicable pledged collateral which may include the Companys real property and fixed and current assets. The loss of any material pledged asset would likely have a material adverse effect on the Companys financial position and results of operations.   UBIUK and KBEL hold the exclusive brewing and distribution rights for Kingfisher Premium Lager in the UK, Ireland, continental Europe, and Canada through a licensing agreement with United Breweries Limited, an Indian corporation (UB). Under its terms, this licensing agreement is currently scheduled to expire in October 2013. We are in discussions with UB to renew this agreement. If we are unable to renew this licensing agreement on commercially reasonable terms, our results of operations, cash flows and financial position may be materially adversely affected.   In July 2001, we entered into the Kingfisher Trademark and Trade Name License Agreement with Kingfisher America, Inc., pursuant to which we obtained a royalty-free, exclusive license to use the Kingfisher trademark and trade name in connection with the brewing and distribution of beer in the US. Under its terms, this agreement is currently scheduled to expire in October 2013. If we are unable to renew this license agreement on commercially reasonable terms, our results of operations, cash flows and financial position may be materially adversely affected.   Since 1998, UBIUK and KBEL have licensed to Shepherd Neame the exclusive right to brew, keg, bottle, can, label, and package all beers and related products sold under the Kingfisher trademark in the UK, Ireland, and continental Europe. This agreement will expire in October 2013. We are in discussion with Shepherd Neame and other potential parties to negotiate a new agreement. If we are unable to renew this agreement on commercially reasonable terms or enter into a new agreement for brewing for distribution in the Foreign Territory, our results of operations, cash flows and financial position may be materially adversely affected.

3.         Inventories   Inventory is stated at the lower of cost or market using the average-cost method. Cost includes the acquisition cost of raw materials and components, direct labor, and manufacturing overhead.   Inventories consist of the following:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2012</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2011</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 56%; text-align: justify">Raw Materials</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">772,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">851,000</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Beer-in-process</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">343,800</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">325,100</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Finished Goods</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">517,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">582,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Merchandise</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">61,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">41,300</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">TOTAL</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,694,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,799,600</td> <td style="text-align: left"> </td></tr> </table>

2272681

Description of Operations   Mendocino Brewing Company, Inc. (the Company or MBC), was formed in 1983 in California, has operating subsidiaries, Releta Brewing Company, LLC (Releta), and United Breweries International (UK) Limited (UBIUK). In the United States (the US), MBC and its subsidiary, Releta, operate two breweries that produce beer and malt beverages for the specialty craft segment of the beer market. The breweries are located in Ukiah, California and Saratoga Springs, New York. The majority of sales for MBC in the US are in California. The Company brews several brands, of which Red Tail Ale is the flagship brand. In addition, the Company performs contract brewing for several other brands, and MBC holds the license to distribute Kingfisher Premium Lager in the US. Generally, product shipments are made directly from the breweries to the wholesalers or distributors in accordance with state and local laws.   The Companys United Kingdom (UK) subsidiary, UBIUK, is a holding company for Kingfisher Beer Europe, Limited (KBEL), a distributor of alcoholic beverages, mainly Kingfisher Premium Lager, in the UK and Europe. The distributorship is located in Maidstone, Kent in the UK.

Principles of Consolidation   The consolidated financial statements present the accounts of Mendocino Brewing Company, Inc., and its wholly-owned subsidiaries, Releta and UBIUK. All inter-company balances, profits and transactions have been eliminated.

Basis of Presentation and Organization   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with US generally accepted accounting principles. These condensed financial statements should be read in conjunction with the audited consolidated financial statements included in the Companys most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission (the SEC), which contains additional financial and operating information and information concerning the significant accounting policies followed by the Company. The financial statements and notes are representations of the Companys management (Management) and its board of directors (the Board of Directors), who are responsible for their integrity and objectivity.   Operating results for the nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012 or any future period.

Cash and Cash Equivalents, Short and Long-Term Investments   For purposes of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

Revenue Recognition   The Company recognizes revenue from brewing and distribution operations through product sales, net of discounts.   Revenue is recognized only when all of the following criteria have been met:   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Persuasive evidence of an arrangement exists;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font: 10pt Bookman Old Style, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Delivery has occurred or services have been rendered;</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font: 10pt Bookman Old Style, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The fee for the arrangement is fixed or determinable; and</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font: 10pt Bookman Old Style, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Collectability is reasonably assured.</td></tr> </table>   Persuasive Evidence of an Arrangement The Company documents all terms of an arrangement in a written contract or purchase order signed by the customer prior to recognizing revenue.   Delivery Has Occurred or Services Have Been Performed The Company delivers the products prior to recognizing revenue or performs services as per contractual terms. Product is considered delivered upon delivery to a customers designated carrier or location and services are considered performed upon completion of Companys contractual obligations.   The Fee for the Arrangement is Fixed or Determinable Prior to recognizing revenue, an amount is either fixed or determinable under the terms of the written contract. The price is negotiated at the outset of the arrangement and is not subject to refund or adjustment during the initial term of the arrangement.   Collectability is Reasonably Assured The Company determines that collectability is reasonably assured prior to recognizing revenue. Collectability is assessed on a customer-by-customer basis based on criteria outlined by Management. The Company does not enter into arrangements unless collectability is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured, revenue is recognized on a cash basis.   The Company records certain consideration paid to customers for services or placement fees as a reduction in revenue rather than as an expense. The Company reports these items on the income statement as a reduction in revenue and as a corresponding reduction in marketing and selling expenses.   Revenues from the Companys brewpub and gift store are recognized when sales have been completed.

Deferred Financing Costs   Costs relating to obtaining financing are capitalized and amortized over the term of the related debt. When a loan is paid in full, any unamortized financing costs are removed from the related accounts and charged to operations. Deferred financing costs related to borrowing made in June 2011 were $225,000. Amortization of deferred financing costs charged to operations was $33,800 and $43,900 for the nine months ended September 30, 2012 and 2011, respectively. Amortization of deferred financing costs charged to operations was $11,300 for the three months ended September 30, 2012 and 2011.

Concentration of Credit Risks   Financial instruments that potentially subject the Company to credit risk consist principally of trade receivables, cash deposits in excess of FDIC limits, and assets located in the UK. Substantially all of the Companys cash deposits are deposited with commercial banks in the US and the UK.   Wholesale distributors account for substantially all accounts receivable; therefore, this risk concentration is limited due to the number of distributors and the laws regulating the financial affairs of distributors of alcoholic beverages. The Company has approximately $14,900 in cash deposits in the UK and $2,426,500 of accounts receivable due from customers located in the UK as of September 30, 2012.

Income Taxes   The Company accounts for income taxes using the asset and liability approach. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards. A valuation allowance is established to reduce the deferred tax asset if it is more likely than not that the related tax benefits will not be realized. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at September 30, 2012 and December 31, 2011.

Basic and Diluted Earnings (Loss) per Share   The basic earnings (loss) per share is computed by dividing the earnings (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. The computations for basic and dilutive net earnings per share are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Three months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center">Nine months ended</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2012</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2011</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2012</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">9/30/2011</td> <td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 40%; text-align: justify">Net income</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">103,800</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">390,500</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">542,400</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">566,600</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Weighted average common shares outstanding</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,611,133</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,461,993</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,611,133</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">12,438,839</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Basic net income per share</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.03</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.04</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.05</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Interest expense on convertible notes</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">22,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">68,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">68,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Income for computing diluted net income per share</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">126,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">413,400</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">610,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">634,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Incremental shares from assumed exercise of dilutive securities</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,272,681</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,211,332</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,272,681</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,211,332</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Dilutive potential common shares</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,883,814</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,673,325</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,883,814</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,650,171</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Diluted net earnings per share</td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.01</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.03</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.04</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">0.04</td> <td style="text-align: left"> </td></tr> </table>

Foreign Currency Translation   The Company has subsidiaries located in the UK, where the local currency, UK Pound Sterling, is the functional currency. Financial statements of these subsidiaries are translated into US dollars using period-end exchange rates for assets and liabilities and average exchange rates during the period for revenues and expenses. Cumulative translation adjustments associated with net assets or liabilities are reported in non-owner changes in equity. Any exchange rate gains or losses related to foreign currency transactions are recognized in the income statement as incurred, in the same financial statement caption as the underlying transaction, and are not material for any period.

Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the US includes having the Company make estimates and assumptions affecting the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. The amounts estimated could differ from actual results. Significant estimates include the allowance for bad debts, depreciation and amortization periods, and the future utilization of deferred tax assets.

Comprehensive Income (Loss)   Comprehensive income (loss) is composed of the Companys net income and changes in equity from non-stockholder sources. The accumulated balances of these non-stockholder sources are reflected as a separate item in the equity section of the balance sheet.

Reportable Segments   The Company manages its operations through two business segments: (i) brewing operations and tasting room operations in the US and distributor operations in Canada (the North American Territory) and (ii) distributor operations in Europe, including the UK (the Foreign Territory). The Company evaluates performance based on net operating profit. Where applicable, portions of the administrative function expenses are allocated between the operating segments. The operating segments do not share manufacturing or distribution facilities. In the event any materials and/or services are provided to one operating segment by the other, the transaction is valued according to the Companys transfer policy, which approximates market price. The costs of operating the manufacturing plants are captured discretely within each segment. The Companys property, plant and equipment, inventory, and accounts receivable are captured and reported discretely within each operating segment.

2846100 3989300

11953000

12837800

797500 849800 4681400 4422000

1225000

409100 231400

706000

462500

17170500 16689900

29741700

30098400

12816800

12349900

16924900

17748500

433400 440300 1202700 1305500

225000

2426500

1.50

1.44

.05

0.85 0.80 0.60

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2012</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2011</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 60%; text-align: justify">  Loans from Cole Taylor, payable in monthly installments of $12,300, including interest at prime plus 2% with a balloon payment of approximately $2,202,500 in June 2016; secured by real property at Ukiah, California</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right">2,755,100</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right">2,885,600</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Loans from Cole Taylor, payable in monthly installments of $25,200, including interest at prime plus 1.5% with a balloon payment of approximately $654,800 in June 2016; secured by all assets of Releta and MBC</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,789,800</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,818,900</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,544,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,704,500</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Less current maturities</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">450,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">423,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,094,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,280,900</td> <td style="text-align: left"> </td></tr> </table>

Maturities of long-term debt for succeeding years are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Payments due during </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%; text-align: justify">Three months ending December 31, 2012</td> <td style="width: 9%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 17%; text-align: right">112,500</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Year ending December 31, 2013</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">450,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Year ending December 31, 2014</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">450,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Year ending December 31, 2015</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">450,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Year ending December 31, 2016</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,082,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,544,900</td> <td style="text-align: left"> </td></tr> </table>

4280900

4094900

423600

450000

12300

25200

.02

.015

2202500 2202500 654800 654800

771200

889000

457500

484600

313700

404400

5.         Long-Term Debt   Maturities of long-term debt for succeeding years are as follows:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2012</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2011</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 60%; text-align: justify">  Loans from Cole Taylor, payable in monthly installments of $12,300, including interest at prime plus 2% with a balloon payment of approximately $2,202,500 in June 2016; secured by real property at Ukiah, California</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right">2,755,100</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 16%; text-align: right">2,885,600</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Loans from Cole Taylor, payable in monthly installments of $25,200, including interest at prime plus 1.5% with a balloon payment of approximately $654,800 in June 2016; secured by all assets of Releta and MBC</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,789,800</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">1,818,900</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,544,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">4,704,500</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Less current maturities</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">450,000</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">423,600</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,094,900</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,280,900</td> <td style="text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Payments due during </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 70%; text-align: justify">Three months ending December 31, 2012</td> <td style="width: 10%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">112,500</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Year ending December 31, 2013</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">450,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Year ending December 31, 2014</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">450,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Year ending December 31, 2015</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">450,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Year ending December 31, 2016</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,082,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,544,900</td> <td style="text-align: left"> </td></tr> </table>

Allowance for Doubtful Accounts   The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. Balances over 90 days past due and other higher risk amounts are reviewed individually for collectability. If the financial condition of the Companys customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. Based on Managements assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.

14900

Inventories consist of the following:   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2012</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2011</td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 56%; text-align: justify">Raw Materials</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">772,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%; text-align: left"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">851,000</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Beer-in-process</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">343,800</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">325,100</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">Finished Goods</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">517,300</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">582,200</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Merchandise</td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">61,600</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: left"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">41,300</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="text-align: justify">TOTAL</td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,694,700</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,799,600</td> <td style="text-align: left"> </td></tr> </table>

P1Y

4704500

4544900

2755100

2885600

1789800

1818900

19520800 19471800 11843700 12492300 3984400 3967500 3692700 3012000 858000 915400 486600 854100 371400 61300

124100

187200

1694700 1799600 128600 126800 10149000 10349000

1131000

895300

1555300 1511400 943500 824300 3384000 3315700 227600 227600 15100300 15100300 -9727800 -9938700

4247700

4385800

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-35100

-40200

-110500

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94700 90400 289300 283800 900 7100 1700 -47500 278700 575700 210900

93200

12611133

Inventories   Inventories are stated at the lower of average cost, which approximates the first-in, first-out method, or market (net realizable value). The Company regularly reviews its inventories for the presence of obsolete product attributed to age, seasonality and quality. Inventories that are considered obsolete are written off or adjusted to carrying value.

14883814

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October 2013 41300 61600

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343800

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344700

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124100

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119600

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0.03

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Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current Assets Cash Accounts receivable, net Inventories Prepaid expenses Total Current Assets Property and Equipment, net Deposits and other assets Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Secured lines of credit Accounts payable Accrued liabilities Current maturities of notes to related parties Current maturities of long-term debt Current maturities of obligations under capital leases Total Current Liabilities Long-Term Liabilities Notes to related parties less current maturities Long term debts, less current maturities Total Long-Term Liabilities Total Liabilities Stockholders' Equity Preferred stock, Series A, no par value, with liquidation preference of $1 per share; 10,000,000 shares authorized, 227,600 shares issued and outstanding Common stock, no par value; 30,000,000 shares authorized, 12,611,133 shares issued and outstanding Accumulated comprehensive income Accumulated deficit Total Stockholders' Equity Total Liabilities and Stockholders' Equity Preferred stock, Series A, liquidation preference per share Preferred stock, no par value Preferred stock, Series A, shares authorized Preferred stock, Series A, shares issued Preferred stock, Series A, shares outstanding Common stock, no par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Sales Excise taxes Net Sales Cost of goods sold Gross Profit Operating Expenses Marketing General and administrative Total operating expenses Income from operations Other income (expense) Other income Profit on sale of asset Interest expense Total other expenses Income before income taxes Provision for income taxes Net income Foreign currency translation income (loss) Comprehensive income Net income per common share – Basic Diluted Weighted average common shares outstanding – Basic Diluted Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net loss to net cash from operating activities: Depreciation and amortization Provision for doubtful accounts Interest accrued on related party debt (Profit) on sale of assets Changes in Accounts receivable Inventories Prepaid expenses Deposits and other assets Accounts payable Accrued liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment Proceeds from sale of fixed assets Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowing (repayment) on line of credit Borrowing on long-term debt Repayment on long-term debt Payments on obligations under long term leases Net cash provided by (used in) financing activities EFFECT OF EXCHANGE RATE CHANGES ON CASH NET CHANGE IN CASH CASH, beginning of period CASH, end of period SUPPLEMENTARY CASH FLOW INFORMATION Cash paid during the period for: Income taxes Interest Accounting Policies [Abstract] Description of Operations and Summary of Significant Accounting Policies Liquidity And Management Plans Liquidity and Management Plans Inventory Disclosure [Abstract] Inventories Line of Credit Facility [Abstract] Secured Lines of Credit Long-term Debt, Unclassified [Abstract] Long-Term Debt Due from Related Parties, Unclassified [Abstract] Notes to Related Parties Commitments and Contingencies Disclosure [Abstract] Commitments And Contingencies Related Party Transactions [Abstract] Related-Party Transactions Segment Reporting [Abstract] Segment Information Unrestricted Net Assets Unrestricted Net Assets Income Tax Disclosure [Abstract] Income Taxes Subsequent Events [Abstract] Subsequent Events Description of Operations Principles of Consolidation Basis of Presentation and Organization Cash and Cash Equivalents, Short and Long-Term Investments Revenue Recognition Allowance for Doubtful Accounts Inventories Deferred Financing Costs Concentration of Credit Risks Income Taxes Basic and Diluted Earnings (Loss) Per Share Foreign Currency Translation Use of Estimates Comprehensive Income (Loss) Reportable Segments Schedule of Basic and Dilutive Net Loss Per Share Schedule of Inventories Summary of long-term debt Summary of Maturities of long-term debt for succeeding years Schedule of Future Payments Under Existing Contractual Agreements Schedule of Related-Party Transactions Schedule Of Segment Information Unrestricted Net Assets Tables EX-101.PRE 11 menb-20120630_pre.xml XBRL PRESENTATION FILE XML 12 R39.htm IDEA: XBRL DOCUMENT

Balance Sheets (Details) (Mendocino, MBC And Releta Company [Member], USD $)	Sep. 30, 2012	Dec. 31, 2011
Mendocino, MBC And Releta Company [Member]
Cash	$ 124,100	$ 187,200
Accounts receivable, net	2,734,000	2,308,400
Inventories	1,694,700	1,799,600
Prepaid expenses	128,600	126,800
Total current assets	4,681,400	4,422,000
Investment in UBIUK	1,225,000	1,225,000
Property and equipment	10,149,000	10,349,000
Intercompany receivable	409,100	231,400
Other assets	706,000	462,500
Total assets	17,170,500	16,689,900
Line of credit	1,131,000	895,300
Accounts payable	1,555,300	1,511,400
Accrued liabilities	943,500	824,300
Current maturities of debt and leases	461,700	473,100
Total current liabilities	4,091,500	3,704,100
Long-term debt and capital leases	4,094,900	4,280,900
Notes to related parties	3,384,000	3,315,700
Total liabilities	11,570,400	11,300,700
Preferred stock	227,600	227,600
Common stock	15,100,300	15,100,300
Accumulated deficit	(9,727,800)	(9,938,700)
Total stockholders' equity	5,600,100	5,389,200
Total liabilities and stockholders' equity	$ 17,170,500	$ 16,689,900

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Summary of Maturities of Long-Term Debt for Succeeding Years (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Long-term Debt, Unclassified [Abstract]
Three months ending December 31,2012	$ 112,500
Year ending December 31, 2013	450,000
Year ending December 31, 2014	450,000
Year ending December 31,2015	450,000
Year ending December 31,2016	3,082,400
Maturities of long-term debt, total	$ 4,544,900	$ 4,704,500

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Unrestricted Net Assets (Tables)

9 Months Ended

Sep. 30, 2012

Unrestricted Net Assets

Balance Sheets

Condensed financial information of the parent company, MBC, together with its other subsidiary, Releta is as follows:

	September 30, 2012			December 31, 2011
	(unaudited)			(audited)
Assets
Cash	$	124,100		$	187,200
Accounts receivable, net		2,734,000			2,308,400
Inventories		1,694,700			1,799,600
Prepaid expenses		128,600			126,800
Total current assets		4,681,400			4,422,000

Investment in UBIUK		1,225,000			1,225,000
Property and equipment		10,149,000			10,349,000
Intercompany receivable		409,100			231,400
Other assets		706,000			462,500
Total assets	$	17,170,500		$	16,689,900

Liabilities and Stockholders’ Equity
Line of credit	$	1,131,000		$	895,300
Accounts payable		1,555,300			1,511,400
Accrued liabilities		943,500			824,300
Current maturities of debt and leases		461,700			473,100
Total current liabilities		4,091,500			3,704,100

Long-term debt and capital leases		4,094,900			4,280,900
Notes to related parties		3,384,000			3,315,700
Total liabilities	$	11,570,400		$	11,300,700

Stockholders’ equity
Preferred stock		227,600			227,600
Common stock		15,100,300			15,100,300
Accumulated deficit		(9,727,800	)		(9,938,700	)
Total stockholders’ equity		5,600,100			5,389,200
Total liabilities and stockholders’ equity	$	17,170,500		$	16,689,900

Statements of Operations

Condensed financial information of the parent company, MBC, together with its other subsidiary, Releta is as follows:

Statements of Operations	Three months ended September 30						Nine months ended September 30
	2012			2011			2012			2011
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net sales	$	4,247,700		$	4,385,800		$	12,816,800		$	12,349,900
Cost of goods sold		3,252,000			3,141,300			9,609,700			8,927,900
Sales, marketing, and retail expenses		433,400			440,300			1,305,500			1,202,700
General and administrative expenses		549,300			475,300			1,517,900			1,457,700
Income from operations		13,000			328,900			383,700			761,600

Other (income)		(35,100	)		(40,200	)		(112,700	)		(110,500	)
Interest expense		94,700			90,400			283,800			289,300
Provision for taxes		900			—			1,700			7,100
Net income (loss)	$	(47,500	)	$	278,700		$	210,900		$	575,700

Statements of Cash Flows

Condensed financial information of the parent company, MBC, together with its other subsidiary, Releta is as follows:

Statements of Cash Flows	Nine months ended September 30
	2012			2011
	(unaudited)			(unaudited)
Cash flows from operating activities	$	295,000		$	693,600
Purchase of property and equipment		(223,700	)		(316,700	)
Proceed from sale of assets		5,000			—
Net borrowing (repayment) on line of credit		235,700			(1,391,700	)
Borrowing on long term debt		184,700			4,881,000
Repayment on long term debt		(344,300	)		(3,588,300	)
Payment on obligation under capital lease		(37,800	)		(35,200	)
Net change in payable to UBIUK		(177,700	)		(188,000	)
(Decrease) increase in cash		(63,100	)		54,700
Cash, beginning of period		187,200			64,900
Cash, end of period	$	124,100		$	119,600

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Income Taxes (Details Narrative)	9 Months Ended
Income Taxes (Details Narrative)	Sep. 30, 2012
Income Tax Disclosure [Abstract]
Federal statutory tax rate	35.00%

- Definition

The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems.

+ References+ Details

XML 17 R37.htm IDEA: XBRL DOCUMENT

Schedule of Segment Information (Details) (USD $)	9 Months Ended
Schedule of Segment Information (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011
Net Sales	$ 29,741,700	$ 30,098,400
Operating Income	858,000	915,400
Identifiable Assets	19,520,800	19,471,800
Depreciation & Amortization	771,200	889,000
Capital Expenditures	546,200	680,500
North American Territory Operations [Member]
Net Sales	12,816,800	12,349,900
Operating Income	486,600	854,100
Identifiable Assets	11,843,700	12,492,300
Depreciation & Amortization	457,500	484,600
Capital Expenditures	223,700	316,700
Foreign Territory Operations [Member]
Net Sales	16,924,900	17,748,500
Operating Income	371,400	61,300
Identifiable Assets	3,984,400	3,967,500
Depreciation & Amortization	313,700	404,400
Capital Expenditures	322,500	363,800
Corporate And Others [Member]
Net Sales
Operating Income
Identifiable Assets	3,692,700	3,012,000
Depreciation & Amortization
Capital Expenditures

- Definition

The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.

+ References+ Details

XML 18 R9.htm IDEA: XBRL DOCUMENT

Secured Lines of Credit

9 Months Ended

Sep. 30, 2012

Line of Credit Facility [Abstract]

Secured Lines of Credit

4. Secured Lines of Credit

- Definition

The entire disclosure for short-term debt.

+ References+ Details

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Schedule of Inventories (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Inventory Disclosure [Abstract]
Raw Materials	$ 772,000	$ 851,000
Beer-in-process	343,800	325,100
Finished Goods	517,300	582,200
Merchandise	61,600	41,300
TOTAL	$ 1,694,700	$ 1,799,600

XML 21 R28.htm IDEA: XBRL DOCUMENT

Liquidity and Management Plans (Details Narrative) (USD $)	9 Months Ended
	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 23, 2011	Dec. 31, 2010
Credit facility, agreement amount				$ 10,000,000
Credit facility maturity date	Jun. 23, 2016
Cash and cash equivalents	139,000	312,200	163,000		69,200
Accumulated deficit	(13,846,700)	(14,389,100)
Working capital deficit	2,567,900
Expiration date of licensing agreement	October 2013
Revolving Credit Facility [Member]
Credit facility, agreement amount				4,119,000
Machinery And Equipment Term Loan [Member]
Credit facility, agreement amount				1,934,000
Real Estate Term Loan [Member]
Credit facility, agreement amount				2,947,000
Capital Expenditure Line Of Credit [Member]
Credit facility, agreement amount				$ 1,000,000

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 8, 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

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-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Section S99

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-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

+ Details

XML 22 R30.htm IDEA: XBRL DOCUMENT

Secured Lines of Credit (Details Narrative)				1 Months Ended		0 Months Ended
Secured Lines of Credit (Details Narrative)	Sep. 30, 2012 USD ($)	Dec. 31, 2011 USD ($)	Jun. 23, 2011 USD ($)	Jun. 23, 2011 Cole Taylor [Member]	Sep. 30, 2012 Cole Taylor [Member] USD ($)	Apr. 26, 2005 RBS [Member]	Jun. 30, 2012 RBS [Member] USD ($)	Jun. 30, 2012 RBS [Member] GBP (£)
Percentage of line of credit drawn on receivables				85.00%		80.00%
Percentage of line of credit drawn on inventory				60.00%
Facility interest rate above prime lending rate				1.00%		1.38%
Line of credit, outstanding amount					$ 1,131,000		$ 1,071,300
Initial term of facility						1 year
Inventory	1,694,700	1,799,600			1,694,700
Account receivables					2,734,000		2,426,500
Maximum amount of facility			$ 10,000,000		$ 10,000,000			£ 1,750,000

XML 23 R31.htm IDEA: XBRL DOCUMENT

Summary of Long-Term Debt (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Long term debt total	$ 4,544,900	$ 4,704,500
Less current maturities	450,000	423,600
Long-term debt non-current	4,094,900	4,280,900
Loans from Cole Taylor, payable in monthly installments of $12,300, including interest at prime plus 2% with a balloon payment of approximately $2,202,500 in June 2016; secured by real property at Ukiah California [Member]
Long term debt total	2,755,100	2,885,600
Loans from Cole Taylor, payable in monthly installments of $25,200 including interest at prime plus 1.5% with a balloon payment of approximately $654,800 in June 2016; secured by all assets of Releta and MBC [Member]
Long term debt total	$ 1,789,800	$ 1,818,900

XML 24 R8.htm IDEA: XBRL DOCUMENT

Inventories

9 Months Ended

Sep. 30, 2012

Inventory Disclosure [Abstract]

Inventories

3. Inventories

Inventory is stated at the lower of cost or market using the average-cost method. Cost includes the acquisition cost of raw materials and components, direct labor, and manufacturing overhead.

Inventories consist of the following:

	September 30, 2012		December 31, 2011
Raw Materials	$	772,000	$	851,000
Beer-in-process		343,800		325,100
Finished Goods		517,300		582,200
Merchandise		61,600		41,300
TOTAL	$	1,694,700	$	1,799,600

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details

XML 25 R32.htm IDEA: XBRL DOCUMENT

Summary of Long-Term Debt (Details) (Parenthetical) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Loans from Cole Taylor, payable in monthly installments of $12,300, including interest at prime plus 2% with a balloon payment of approximately $2,202,500 in June 2016; secured by real property at Ukiah California [Member]
Loans payable in monthly installments	$ 12,300	$ 12,300
Loans payable, interest rate above prime rate	2.00%	2.00%
Balloon payment of loans	2,202,500	2,202,500
Loans from Cole Taylor, payable in monthly installments of $25,200 including interest at prime plus 1.5% with a balloon payment of approximately $654,800 in June 2016; secured by all assets of Releta and MBC [Member]
Loans payable in monthly installments	25,200	25,200
Loans payable, interest rate above prime rate	1.50%	1.50%
Balloon payment of loans	$ 654,800	$ 654,800

XML 26 R40.htm IDEA: XBRL DOCUMENT

Statements of Operations (Details) (Mendocino, MBC And Releta Company [Member], USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Mendocino, MBC And Releta Company [Member]
Net sales	$ 4,247,700	$ 4,385,800	$ 12,816,800	$ 12,349,900
Cost of goods sold	3,252,000	3,141,300	9,609,700	8,927,900
Selling, marketing, and retail expenses	433,400	440,300	1,305,500	1,202,700
General and administrative expenses	549,300	475,300	1,517,900	1,457,700
Income from operations	13,000	328,900	383,700	761,600
Other	(35,100)	(40,200)	(112,700)	(110,500)
Interest expense	94,700	90,400	283,800	289,300
Provision for taxes	900		1,700	7,100
Net income	$ (47,500)	$ 278,700	$ 210,900	$ 575,700

XML 27 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2012	Dec. 31, 2011
Current Assets
Cash	$ 139,000	$ 312,200
Accounts receivable, net	5,160,500	5,338,700
Inventories	1,694,700	1,799,600
Prepaid expenses	582,700	412,800
Total Current Assets	7,576,900	7,863,300
Property and Equipment, net	11,237,900	11,391,900
Deposits and other assets	706,000	462,500
Total Assets	19,520,800	19,717,700
Current Liabilities
Secured lines of credit	2,202,300	1,749,800
Accounts payable	5,905,600	6,705,900
Accrued liabilities	1,572,900	1,618,700
Current maturities of notes to related parties		93,200
Current maturities of long-term debt	450,000	423,600
Current maturities of obligations under capital leases	14,000	67,500
Total Current Liabilities	10,144,800	10,658,700
Long-Term Liabilities
Notes to related parties less current maturities	3,384,000	3,315,700
Long term debts, less current maturities	4,094,900	4,280,900
Total Long-Term Liabilities	7,478,900	7,596,600
Total Liabilities	17,623,700	18,255,300
Stockholders' Equity
Preferred stock, Series A, no par value, with liquidation preference of $1 per share; 10,000,000 shares authorized, 227,600 shares issued and outstanding	227,600	227,600
Common stock, no par value; 30,000,000 shares authorized, 12,611,133 shares issued and outstanding	15,100,300	15,100,300
Accumulated comprehensive income	415,900	523,600
Accumulated deficit	(13,846,700)	(14,389,100)
Total Stockholders' Equity	1,897,100	1,462,400
Total Liabilities and Stockholders' Equity	$ 19,520,800	$ 19,717,700

XML 28 R6.htm IDEA: XBRL DOCUMENT

Description of Operations and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Description of Operations and Summary of Significant Accounting Policies

1. Description of Operations and Summary of Significant Accounting Policies

Description of Operations

Principles of Consolidation

Basis of Presentation and Organization

Operating results for the nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012 or any future period.

SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents, Short and Long-Term Investments

For purposes of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

Revenue Recognition

The Company recognizes revenue from brewing and distribution operations through product sales, net of discounts.

Revenue is recognized only when all of the following criteria have been met:

●

Persuasive evidence of an arrangement exists;

●

Delivery has occurred or services have been rendered;

●

The fee for the arrangement is fixed or determinable; and

●

Collectability is reasonably assured.

“Persuasive Evidence of an Arrangement” – The Company documents all terms of an arrangement in a written contract or purchase order signed by the customer prior to recognizing revenue.

Revenues from the Company’s brewpub and gift store are recognized when sales have been completed.

Allowance for Doubtful Accounts

Inventories

Deferred Financing Costs

Concentration of Credit Risks

Income Taxes

Basic and Diluted Earnings (Loss) per Share

	Three months ended				Nine months ended
	9/30/2012		9/30/2011		9/30/2012		9/30/2011
Net income	$	103,800		390,500	$	542,400		566,600
Weighted average common shares outstanding		12,611,133		12,461,993		12,611,133		12,438,839
Basic net income per share	$	0.01		0.03	$	0.04		0.05
Interest expense on convertible notes	$	22,900		22,900	$	68,300		68,000
Income for computing diluted net income per share	$	126,700		413,400	$	610,700		634,600
Incremental shares from assumed exercise of dilutive securities		2,272,681		2,211,332		2,272,681		2,211,332
Dilutive potential common shares		14,883,814		14,673,325		14,883,814		14,650,171
Diluted net earnings per share	$	0.01		0.03	$	0.04		0.04

Foreign Currency Translation

Use of Estimates

Comprehensive Income (Loss)

Reportable Segments

XML 29 R35.htm IDEA: XBRL DOCUMENT

Schedule of Future Payments Under Existing Contractual Agreements (Details) (USD $)	Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]
Three months ending December 31,2012	$ 745,300
Year ending December 31,2013	801,700
Year ending December 31,2014	126,200
Year ending December 31,2015	126,200
Year ending December 31,2016	64,700
Total payments	$ 1,864,100

XML 30 R22.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Payments Under Existing Contractual Agreements

Future payments under existing contractual arrangements are as follows:

Three months ending December 31, 2012	$	745,300
Year ending December 31, 2013		801,700
Year ending December 31, 2014		126,200
Year ending December 31, 2015		126,200
Year ending December 31, 2016		64,700
	$	1,864,100

XML 31 R36.htm IDEA: XBRL DOCUMENT

Related-Party Transactions (Details) (USD $)	9 Months Ended
Related-Party Transactions (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Related Party Transactions [Abstract]
Sales to Shepherd Neame	$ 2,846,100	$ 3,989,300
Purchases from Shepherd Neame	11,953,000	12,837,800
Expense reimbursement to Shepherd Neame	797,500	849,800
Interest expense related to UBA convertible notes	68,300	68,000
Accounts payable to Shepherd Neame	3,924,100		4,856,900
Accounts receivable from Shepherd Neame	$ 501,100		$ 344,700

- Definition

Amount for accounts payable to related parties.

+ References+ Details

- Definition

For an unclassified balance sheet, amount of receivables arising from transactions with related parties.

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XML 32 R24.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

9 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Schedule Of Segment Information

Nine months ended September 30, 2012
	North American Territory Operations		Foreign Territory Operations		Corporate and Others		Total

Net Sales	$	12,816,800	$	16,924,900	$	-	$	29,741,700
Operating Income	$	486,600	$	371,400	$	-	$	858,000
Identifiable Assets	$	11,843,700	$	3,984,400	$	3,692,700	$	19,520,800
Depreciation & Amortization	$	457,500	$	313,700	$	-	$	771,200
Capital Expenditures	$	223,000	$	322,500	$	-	$	546,200

Nine months ended September 30, 2011
	North American Territory Operations		Foreign Territory Operations		Corporate and Others		Total

Net Sales	$	12,349,900	$	17,748,500	$	-	$	30,098,400
Operating Income	$	854,100	$	61,300	$	-	$	915,400
Identifiable Assets	$	12,492,300	$	3,967,500	$	3,012,000	$	19,471,800
Depreciation & Amortization	$	484,600	$	404,400	$	-	$	889,000
Capital Expenditures

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References+ Details

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Liquidity and Management Plans

9 Months Ended

Sep. 30, 2012

Liquidity And Management Plans

Liquidity and Management Plans

2. Liquidity and Management Plans

XML 35 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Statement of Financial Position [Abstract]
Preferred stock, Series A, liquidation preference per share	$ 1	$ 1
Preferred stock, no par value	$ 0	$ 0
Preferred stock, Series A, shares authorized	10,000,000	10,000,000
Preferred stock, Series A, shares issued	227,600	227,600
Preferred stock, Series A, shares outstanding	227,600	227,600
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	12,611,133	12,611,133
Common stock, shares outstanding	12,611,133	12,611,133

XML 36 R17.htm IDEA: XBRL DOCUMENT

Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

XML 37 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2012	Nov. 13, 2012
Document And Entity Information
Entity Registrant Name	MENDOCINO BREWING CO INC
Entity Central Index Key	0000919134
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		12,611,133
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

XML 38 R18.htm IDEA: XBRL DOCUMENT

Description of Operations and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Description of Operations

Principles of Consolidation

Basis of Presentation and Organization

Operating results for the nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012 or any future period.

Cash and Cash Equivalents, Short and Long-Term Investments

For purposes of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents.

Revenue Recognition

The Company recognizes revenue from brewing and distribution operations through product sales, net of discounts.

Revenue is recognized only when all of the following criteria have been met:

●

Persuasive evidence of an arrangement exists;

●

Delivery has occurred or services have been rendered;

●

The fee for the arrangement is fixed or determinable; and

●

Collectability is reasonably assured.

“Persuasive Evidence of an Arrangement” – The Company documents all terms of an arrangement in a written contract or purchase order signed by the customer prior to recognizing revenue.

Revenues from the Company’s brewpub and gift store are recognized when sales have been completed.

Allowance for Doubtful Accounts

Inventories

Deferred Financing Costs

Concentration of Credit Risks

Income Taxes

Basic and Diluted Earnings (Loss) Per Share

Basic and Diluted Earnings (Loss) per Share

	Three months ended				Nine months ended
	9/30/2012		9/30/2011		9/30/2012		9/30/2011
Net income	$	103,800		390,500	$	542,400		566,600
Weighted average common shares outstanding		12,611,133		12,461,993		12,611,133		12,438,839
Basic net income per share	$	0.01		0.03	$	0.04		0.05
Interest expense on convertible notes	$	22,900		22,900	$	68,300		68,000
Income for computing diluted net income per share	$	126,700		413,400	$	610,700		634,600
Incremental shares from assumed exercise of dilutive securities		2,272,681		2,211,332		2,272,681		2,211,332
Dilutive potential common shares		14,883,814		14,673,325		14,883,814		14,650,171
Diluted net earnings per share	$	0.01		0.03	$	0.04		0.04

Foreign Currency Translation

Use of Estimates

Comprehensive Income (Loss)

Reportable Segments

XML 39 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Statement [Abstract]
Sales	$ 10,277,700	$ 10,700,100	$ 30,495,500	$ 30,824,600
Excise taxes	236,100	268,500	753,800	726,200
Net Sales	10,041,600	10,431,600	29,741,700	30,098,400
Cost of goods sold	7,315,200	7,496,400	21,459,800	21,673,200
Gross Profit	2,726,400	2,935,200	8,281,900	8,425,200
Marketing	1,425,200	1,416,200	4,267,600	4,336,700
General and administrative	1,088,200	1,022,000	3,156,300	3,173,100
Total operating expenses	2,513,400	2,438,200	7,423,900	7,509,800
Income from operations	213,000	497,000	858,000	915,400
Other income (expense)
Other income	3,900	9,000	14,000	16,800
Profit on sale of asset			9,400
Interest expense	(112,200)	(115,500)	(337,300)	(358,500)
Total other expenses	(108,300)	(106,500)	(313,900)	(341,700)
Income before income taxes	104,700	390,500	544,100	573,700
Provision for income taxes	900		1,700	7,100
Net income	103,800	390,500	542,400	566,600
Foreign currency translation income (loss)	(74,100)	80,900	(107,700)	(32,000)
Comprehensive income	$ 29,700	$ 471,400	$ 434,700	$ 534,600
Net income per common share –
Basic	$ 0.01	$ 0.03	$ 0.04	$ 0.05
Diluted	$ 0.01	$ 0.03	$ 0.04	$ 0.04
Weighted average common shares outstanding –
Basic	12,611,133	12,461,993	12,611,133	12,438,839
Diluted	14,883,814	14,673,325	14,883,814	14,650,171

XML 40 R12.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

7. Commitments and Contingencies

Purchase of raw materials

Three months ending December 31, 2012	$	745,300
Year ending December 31, 2013		801,700
Year ending December 31, 2014		126,200
Year ending December 31, 2015		126,200
Year ending December 31, 2016		64,700
	$	1,864,100

Legal

Operating Leases

Keg Management Agreement

- Definition

The entire disclosure for commitments and contingencies.

+ References

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Notes to Related Parties

9 Months Ended

Sep. 30, 2012

Notes to Related Parties

6. Notes to Related Parties

Subordinated Convertible Notes Payable

5% Notes Payable

XML 42 R23.htm IDEA: XBRL DOCUMENT

Related-Party Transactions (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Related-Party Transactions

The following tables reflect the value of the transactions during the nine months ended September 30, 2012 and 2011 and the balances outstanding as of September 30, 2012 and December 31, 2011.

TRANSACTIONS	Nine months ended September 30, 2012		Nine months ended September 30, 2011
Sales to Shepherd Neame	$	2,846,100	$	3,989,300
Purchases from Shepherd Neame	$	11,953,000	$	12,837,800
Expense reimbursement to Shepherd Neame	$	797,500	$	849,800
Interest expense related to UBA convertible notes	$	68,300	$	68,000

ACCOUNT BALANCES	September 30, 2012		December 31, 2011
Accounts payable to Shepherd Neame	$	3,924,100	$	4,856,900
Accounts receivable from Shepherd Neame	$	501,100	$	344,700

XML 43 R19.htm IDEA: XBRL DOCUMENT

Description of Operations and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Schedule of Basic and Dilutive Net Loss Per Share

The computations for basic and dilutive net earnings per share are as follows:

	Three months ended				Nine months ended
	9/30/2012		9/30/2011		9/30/2012		9/30/2011
Net income	$	103,800		390,500	$	542,400		566,600
Weighted average common shares outstanding		12,611,133		12,461,993		12,611,133		12,438,839
Basic net income per share	$	0.01		0.03	$	0.04		0.05
Interest expense on convertible notes	$	22,900		22,900	$	68,300		68,000
Income for computing diluted net income per share	$	126,700		413,400	$	610,700		634,600
Incremental shares from assumed exercise of dilutive securities		2,272,681		2,211,332		2,272,681		2,211,332
Dilutive potential common shares		14,883,814		14,673,325		14,883,814		14,650,171
Diluted net earnings per share	$	0.01		0.03	$	0.04		0.04

XML 44 R15.htm IDEA: XBRL DOCUMENT

Unrestricted Net Assets

9 Months Ended

Sep. 30, 2012

Unrestricted Net Assets

Unrestricted Net Assets

10. Unrestricted Net Assets

	September 30, 2012			December 31, 2011
	(unaudited)			(audited)
Assets
Cash	$	124,100		$	187,200
Accounts receivable, net		2,734,000			2,308,400
Inventories		1,694,700			1,799,600
Prepaid expenses		128,600			126,800
Total current assets		4,681,400			4,422,000

Investment in UBIUK		1,225,000			1,225,000
Property and equipment		10,149,000			10,349,000
Intercompany receivable		409,100			231,400
Other assets		706,000			462,500
Total assets	$	17,170,500		$	16,689,900

Liabilities and Stockholders’ Equity
Line of credit	$	1,131,000		$	895,300
Accounts payable		1,555,300			1,511,400
Accrued liabilities		943,500			824,300
Current maturities of debt and leases		461,700			473,100
Total current liabilities		4,091,500			3,704,100

Long-term debt and capital leases		4,094,900			4,280,900
Notes to related parties		3,384,000			3,315,700
Total liabilities	$	11,570,400		$	11,300,700

Stockholders’ equity
Preferred stock		227,600			227,600
Common stock		15,100,300			15,100,300
Accumulated deficit		(9,727,800	)		(9,938,700	)
Total stockholders’ equity		5,600,100			5,389,200
Total liabilities and stockholders’ equity	$	17,170,500		$	16,689,900

Statements of Operations	Three months ended September 30						Nine months ended September 30
	2012			2011			2012			2011
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net sales	$	4,247,700		$	4,385,800		$	12,816,800		$	12,349,900
Cost of goods sold		3,252,000			3,141,300			9,609,700			8,927,900
Sales, marketing, and retail expenses		433,400			440,300			1,305,500			1,202,700
General and administrative expenses		549,300			475,300			1,517,900			1,457,700
Income from operations		13,000			328,900			383,700			761,600

Other (income)		(35,100	)		(40,200	)		(112,700	)		(110,500	)
Interest expense		94,700			90,400			283,800			289,300
Provision for taxes		900			—			1,700			7,100
Net income (loss)	$	(47,500	)	$	278,700		$	210,900		$	575,700

Statements of Cash Flows	Nine months ended September 30
	2012			2011
	(unaudited)			(unaudited)
Cash flows from operating activities	$	295,000		$	693,600
Purchase of property and equipment		(223,700	)		(316,700	)
Proceed from sale of assets		5,000			—
Net borrowing (repayment) on line of credit		235,700			(1,391,700	)
Borrowing on long term debt		184,700			4,881,000
Repayment on long term debt		(344,300	)		(3,588,300	)
Payment on obligation under capital lease		(37,800	)		(35,200	)
Net change in payable to UBIUK		(177,700	)		(188,000	)
(Decrease) increase in cash		(63,100	)		54,700
Cash, beginning of period		187,200			64,900
Cash, end of period	$	124,100		$	119,600

XML 45 R13.htm IDEA: XBRL DOCUMENT

Related-Party Transactions

9 Months Ended

Sep. 30, 2012

Related-Party Transactions

8. Related-Party Transactions

The following tables reflect the value of the transactions during the nine months ended September 30, 2012 and 2011 and the balances outstanding as of September 30, 2012 and December 31, 2011.

TRANSACTIONS	Nine months ended September 30, 2012		Nine months ended September 30, 2011
Sales to Shepherd Neame	$	2,846,100	$	3,989,300
Purchases from Shepherd Neame	$	11,953,000	$	12,837,800
Expense reimbursement to Shepherd Neame	$	797,500	$	849,800
Interest expense related to UBA convertible notes	$	68,300	$	68,000

ACCOUNT BALANCES	September 30, 2012		December 31, 2011
Accounts payable to Shepherd Neame	$	3,924,100	$	4,856,900
Accounts receivable from Shepherd Neame	$	501,100	$	344,700

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Segment Information

9 Months Ended

Sep. 30, 2012

Segment Reporting [Abstract]

Segment Information

9. Segment Information

Nine months ended September 30, 2012
	North American Territory Operations		Foreign Territory Operations		Corporate and Others		Total

Net Sales	$	12,816,800	$	16,924,900	$	-	$	29,741,700
Operating Income	$	486,600	$	371,400	$	-	$	858,000
Identifiable Assets	$	11,843,700	$	3,984,400	$	3,692,700	$	19,520,800
Depreciation & Amortization	$	457,500	$	313,700	$	-	$	771,200
Capital Expenditures	$	223,700	$	322,500	$	-	$	546,200

Nine months ended September 30, 2011
	North American Territory Operations		Foreign Territory Operations		Corporate and Others		Total

Net Sales	$	12,349,900	$	17,748,500	$	-	$	30,098,400
Operating Income	$	854,100	$	61,300	$	-	$	915,400
Identifiable Assets	$	12,492,300	$	3,967,500	$	3,012,000	$	19,471,800
Depreciation & Amortization	$	484,600	$	404,400	$	-	$	889,000
Capital Expenditures

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Income Taxes

9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Notes to Related Parties (Details Narrative) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Unsecured convertible notes	$ 3,384,000
Outstanding principal and interest notes converted into shares	2,272,681
Accrued interest	1,468,600	1,400,300
Thirteen UBA Note [Member]
Debt instruments conversion price per share	$ 1.50
One UBA Note [Member]
Debt instruments conversion price per share	$ 1.44
5% Notes Payable [Member]
Interest rate of notes payable		5.00%
Notes payable to related parties include current maturities		$ 93,200

- Definition

The amount for notes payable (written promise to pay), due to related parties.

+ References+ Details

XML 49 R21.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2012

Long-term Debt, Unclassified [Abstract]

Summary of long-term debt

	September 30, 2012		December 31, 2011
Loans from Cole Taylor, payable in monthly installments of $12,300, including interest at prime plus 2% with a balloon payment of approximately $2,202,500 in June 2016; secured by real property at Ukiah, California		2,755,100		2,885,600

Loans from Cole Taylor, payable in monthly installments of $25,200, including interest at prime plus 1.5% with a balloon payment of approximately $654,800 in June 2016; secured by all assets of Releta and MBC		1,789,800		1,818,900
		4,544,900		4,704,500

Less current maturities		450,000		423,600
	$	4,094,900	$	4,280,900

Summary of Maturities of long-term debt for succeeding years

Maturities of long-term debt for succeeding years are as follows:

Payments due during –
Three months ending December 31, 2012	$	112,500
Year ending December 31, 2013		450,000
Year ending December 31, 2014		450,000
Year ending December 31, 2015		450,000
Year ending December 31, 2016		3,082,400
	$	4,544,900

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Description of Operations and Summary of Significant Accounting Policies (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2011
Accounting Policies [Abstract]
Deferred financing costs related to borrowing made in June 2011					$ 225,000
Amortization of deferred financing costs	11,300	11,300	33,800	43,900
Cash deposits in UK	14,900		14,900
Accounts receivable due from customers in UK	$ 2,426,500		$ 2,426,500

- Definition

For an unclassified balance sheet, the carrying amount (net of accumulated amortization) as of the balance sheet date of capitalized costs associated with the issuance of debt instruments (for example, legal, accounting, underwriting, printing, and registration costs) that will be charged against earnings over the life of the debt instruments to which such costs pertain.

+ References+ Details

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Statements of Cash Flows (Details) (Mendocino, MBC And Releta Company [Member], USD $)
9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Mendocino, MBC And Releta Company [Member]

Cash flows from operating activities $ 295,000 $ 693,600

Purchase of property and equipment (223,700) (316,700)

Proceed from sale of assets 5,000

Net (repayment) on line of credit 235,700 (1,391,700)

Borrowing on long term debt 184,700 4,881,000

Repayment on long term debt (344,300) (3,588,300)

Payment on obligation under capital lease (37,800) (35,200)

Net change in payable to UBIUK (177,700) (188,000)

(Decrease) increase in cash (63,100) 54,700

CASH, beginning of period 187,200 64,900

CASH, end of period $ 124,100 $ 119,600

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 542,400 $ 566,600

Adjustments to reconcile net loss to net cash from operating activities:

Depreciation and amortization 771,200 889,000

Provision for doubtful accounts (32,200) (357,300)

Interest accrued on related party debt 68,300 68,000

(Profit) on sale of assets (9,400)

Changes in

Accounts receivable 330,400 (57,200)

Inventories 104,900 (440,200)

Prepaid expenses (155,600) 99,300

Deposits and other assets (296,600) (221,500)

Accounts payable (977,000) 229,200

Accrued liabilities (72,100) 358,100

Net cash provided by operating activities 274,300 1,134,000

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property and equipment (546,200) (680,500)

Proceeds from sale of fixed assets 12,200

Net cash used in investing activities (534,000) (680,500)

CASH FLOWS FROM FINANCING ACTIVITIES:

Net borrowing (repayment) on line of credit 415,900 (1,494,300)

Borrowing on long-term debt 184,700 4,881,000

Repayment on long-term debt (439,000) (3,685,200)

Payments on obligations under long term leases (53,800) (71,500)

Net cash provided by (used in) financing activities 107,800 (370,000)

EFFECT OF EXCHANGE RATE CHANGES ON CASH (21,300) 10,300

NET CHANGE IN CASH (173,200) 93,800

CASH, beginning of period 312,200 69,200

CASH, end of period 139,000 163,000

Cash paid during the period for:

Income taxes 1,700 7,100

Interest $ 269,000 $ 290,500

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Long-Term Debt
9 Months Ended

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Long-term Debt, Unclassified [Abstract]

Long-Term Debt

5. Long-Term Debt

Maturities of long-term debt for succeeding years are as follows:

September 30, 2012 December 31, 2011

Loans from Cole Taylor, payable in monthly installments of $12,300, including interest at prime plus 2% with a balloon payment of approximately $2,202,500 in June 2016; secured by real property at Ukiah, California 2,755,100 2,885,600

Loans from Cole Taylor, payable in monthly installments of $25,200, including interest at prime plus 1.5% with a balloon payment of approximately $654,800 in June 2016; secured by all assets of Releta and MBC 1,789,800 1,818,900

4,544,900 4,704,500

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Year ending December 31, 2013 450,000

Year ending December 31, 2014 450,000

Year ending December 31, 2015 450,000

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Schedule of Basic and Dilutive Net Loss Per Share (Details) (USD $)
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Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Accounting Policies [Abstract]

Net income $ 103,800 $ 390,500 $ 542,400 $ 566,600

Weighted average common shares outstanding 12,611,133 12,461,993 12,611,133 12,438,839

Basic net income per share $ 0.01 $ 0.03 $ 0.04 $ 0.05

Interest expense on convertible notes 22,900 22,900 68,300 68,000

Income for computing diluted net income per share $ 126,700 $ 413,400 $ 610,700 $ 634,600

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Inventories (Tables)
9 Months Ended

Sep. 30, 2012

Inventory Disclosure [Abstract]

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Inventories consist of the following:

September 30, 2012 December 31, 2011

Raw Materials $ 772,000 $ 851,000

Beer-in-process 343,800 325,100

Finished Goods 517,300 582,200

Merchandise 61,600 41,300

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 542,400	$ 566,600
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	771,200	889,000
Provision for doubtful accounts	(32,200)	(357,300)
Interest accrued on related party debt	68,300	68,000
(Profit) on sale of assets	(9,400)
Changes in
Accounts receivable	330,400	(57,200)
Inventories	104,900	(440,200)
Prepaid expenses	(155,600)	99,300
Deposits and other assets	(296,600)	(221,500)
Accounts payable	(977,000)	229,200
Accrued liabilities	(72,100)	358,100
Net cash provided by operating activities	274,300	1,134,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(546,200)	(680,500)
Proceeds from sale of fixed assets	12,200
Net cash used in investing activities	(534,000)	(680,500)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowing (repayment) on line of credit	415,900	(1,494,300)
Borrowing on long-term debt	184,700	4,881,000
Repayment on long-term debt	(439,000)	(3,685,200)
Payments on obligations under long term leases	(53,800)	(71,500)
Net cash provided by (used in) financing activities	107,800	(370,000)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(21,300)	10,300
NET CHANGE IN CASH	(173,200)	93,800
CASH, beginning of period	312,200	69,200
CASH, end of period	139,000	163,000
Cash paid during the period for:
Income taxes	1,700	7,100
Interest	$ 269,000	$ 290,500

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Unrestricted Net Assets
Undistributed losses from subsidiaries	$ 2,622,800
Minimum retained earnings for distributions and other payments to MBC from KBEL	$ 1,613,200