{"data":{"type":"company_profile","id":35197,"entity_id":"wefunder:company:35197","attributes":{"canonical_url":"https://wefunder.com/modern.times.beer","generated_at":"2026-06-13T03:55:30Z","updated_at":"2026-04-16T05:00:14Z","entity_ids":{"company":"wefunder:company:35197","slug":"wefunder:company_slug:modern.times.beer"},"profile_visibility":{"owner_published":true,"public_search_results":true,"site_search_listed":true,"privacy_mode":"promote","invite_only":false},"provenance":{"source":"wefunder_public_company_profile","as_of":"2026-06-13T03:55:30Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-04-16T05:00:14Z","as_of":"2026-06-13T03:55:30Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-04-16T05:00:14Z","as_of":"2026-06-13T03:55:30Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2026-03-04T01:12:09Z","as_of":"2026-06-13T03:55:30Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2026-03-04T01:12:09Z","as_of":"2026-06-13T03:55:30Z","confidence":"medium"}}},"company":{"id":35197,"entity_id":"wefunder:company:35197","slug":"modern.times.beer","name":"Modern Times","tagline":"We'd like to formally invite you to the party.","elevator_pitch":"In 2013, we opened a 30bbl production brewery and tasting room in San Diego. Since then, we’ve posted high double-digit growth every year, pulling in $30.5M in revenue in 2018, with $37M projected for 2019. We’re one of the most successful \u0026amp; fastest growing breweries in the nation, with an avid following in 7 states. We currently have 5 tasting rooms in San Diego, LA, and Portland, with 3 more CA locations in construction. This raise will help take us through this next critical stage of growth.","story":"Modern Times is an intrepid cadre of brewers, coffee roasters, and culinary wizards that began as a 30bbl production brewery and tasting room in the Point Loma neighborhood of San Diego. It was founded by Jacob McKean, a Stone Brewing alum, who raised $1.25m to open a full-scale production brewery on day one.Since then, we have enormously exceeded our business plan targets. Modern Times has become one of the most successful breweries in the nation, with full distribution on the West Coast and a fervent following in seven states.We've had double-digit growth each of the last four years. This year we're on track for $37 million in revenue.We project our revenues will increase in 2019 via organic growth and the opening of multiple new locations. See our Investor Q\u0026amp;A for more details.We have 5 tasting rooms now. By year's end, we'll have at least 7.\u0026nbsp;We currently operate five tasting rooms: 3 in San Diego, 1 in the L.A. area, and 1 in Portland, OR. This year, we anticipate opening three new locations in Santa Barbara, Oakland, and Anaheim. Tasting rooms allow us to give our customers the full-spectrum Modern Times experience while simultaneously boosting sales for surrounding wholesale accounts, and expanded production facilities will allow us to meet robust and steadily increasing demands for our beer \u0026amp; coffee.Our five current tasting rooms.Floor plan for our Santa Barbara tasting room opening later this year.Our beer \u0026amp; coffee can be found in over 7,000 retail stores and bars around the country.Our beer \u0026amp; coffee can be found in over 7,000 retail stores and bars around the country. Wholesale accounts include the likes of Whole Foods, Trader Joe's, Costco, Disneyland, Angel Stadium, and Petco Park (the San Diego Padres stadium). Our retail accounts work in concert with our own properties, creating a lift effect for both sides of the business that neither could achieve alone. We are partnered with 25+ distributors, each of whom we work with closely to ensure that our beverages consistently reach our fans at peak radness.This year, we'll release 6 core beers, 10 seasonal beers, and a slew of one-offs and monthly special releases in can \u0026amp; draft formats–we're driven to constantly innovate.Our blended, single-origin, and barrel-aged coffees have garnered high ratings and coveted awards from leading coffee industry publications like Coffee Review.Today, our company is 30% employee-owned. Now we're inviting\u0026nbsp;our customers and fans to be owners too. Our employees are part-owners of Modern Times and currently hold 30% of the company. We hope you'll join us!We’ve accomplished a truly exceptional feat in the brewing world: we're a successful distribution brand and a boutique producer of highly sought-after special releases, all while remaining independently owned. We now have the infrastructure, senior leadership and brewing team, and physical space to take this already-substantial accomplishment to the next level.\u0026nbsp;But it's not just the employees building this company; it's our fans too.\u0026nbsp;The people who drink our beer and coffee have been instrumental in fundamentally shaping us as a company and have played a key role in our success. We’re thrilled to give our fans the opportunity to benefit from the growth they’ve been such an integral part of creating.\u0026nbsp;We hope you'll join us.","location":"San Diego","website":"https://www.moderntimesbeer.com","total_amount_raised":1224431,"total_investors":1189,"is_funded":true,"is_active":true,"quality_score":5,"related_urls":["https://wefunder.com/modern.times.beer","https://www.moderntimesbeer.com"]},"media":{"share_image_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/35197/xxl_cropped_Screen_Shot_2019-04-04_at_11.30.15_AM.jpg","logo_url":"https://uploads.wefunder.com/uploads/company/logo/35197/large_cropped_unnamed.jpg","header_media_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/35197/standard_cropped_Screen_Shot_2019-04-04_at_11.30.15_AM.jpg","cover_photo_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/35197/standard_cropped_Screen_Shot_2019-04-04_at_11.30.15_AM.jpg","profile_video_url":"https://wefunder.wistia.com/medias/9mm899lft3"},"links":{"company_url":"https://www.moderntimesbeer.com","twitter_url":"http://twitter.com/ModernTimesBeer","facebook_url":"https://www.facebook.com/ModernTimesIsYourFriend","instagram_url":"https://www.instagram.com/moderntimesbeer/","blog_url":"https://www.moderntimesbeer.com/blog"},"highlights":[],"quick_facts":[{"index":1,"claim_id":"claim-fact-1","value":"~$30.5M in revenue in 2018. Up 59% from 2017."},{"index":2,"claim_id":"claim-fact-2","value":"Top-performing beer brand in Stone Distributing portfolio in both dollars and volume."},{"index":3,"claim_id":"claim-fact-3","value":"30% increase in 2018 wholesale distribution in our home market of Southern California."},{"index":4,"claim_id":"claim-fact-4","value":"Top 1% of craft breweries in the nation by volume."},{"index":5,"claim_id":"claim-fact-5","value":"30% employee-owned. Now opening our ownership up to fans!"},{"index":6,"claim_id":"claim-fact-6","value":"No money spent on advertising. Garnered the 6th-largest social media following in independent craft beer through organic growth."},{"index":7,"claim_id":"claim-fact-7","value":"Currently operate 5 tasting rooms, 3 breweries, 3 kitchens, and 1 coffee roastery. Planning to open 3 new locations in 2019."}],"team":[{"id":435984,"entity_id":"wefunder:company_role:435984","user_entity_id":"wefunder:user:210089","role":"founder","name":"Jacob J McKean","title":"Founder/CEO","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/435984/square_cropped_JacobMcKean2.jpg?1562204136","profile_url":"https://wefunder.com/jacobjmckean","related_urls":["https://wefunder.com/jacobjmckean"]},{"id":435978,"entity_id":"wefunder:company_role:435978","role":"employee","name":"Colleen Mims","title":"Director of People Operations ","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/435978/square_cropped_col.jpg?1555436692","linkedin_url":"https://www.linkedin.com/in/colleen-mims-5725a438/","related_urls":[]},{"id":435980,"entity_id":"wefunder:company_role:435980","role":"employee","name":"Phil MacNitt","title":"Director of Sales and Marketing","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/435980/square_cropped_ph.jpg?1555436694","linkedin_url":"https://www.linkedin.com/in/phil-macnitt-898229aa/","related_urls":[]},{"id":435995,"entity_id":"wefunder:company_role:435995","role":"employee","name":"Timothy Kamolz","title":"Director of Brewing Operations","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/435995/square_cropped_tim.jpg?1555436697","linkedin_url":"https://www.linkedin.com/in/timothy-kamolz-3805b718/","related_urls":[]},{"id":435983,"entity_id":"wefunder:company_role:435983","user_entity_id":"wefunder:user:234321","role":"employee","name":"Frank Jaime","title":"Director of Finance","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/435983/square_cropped_frank.jpg?1555358894","profile_url":"https://wefunder.com/frankjaime","linkedin_url":"https://www.linkedin.com/in/frank-jaime-42271199/","related_urls":["https://wefunder.com/frankjaime"]},{"id":435988,"entity_id":"wefunder:company_role:435988","role":"employee","name":"Nic Pelaez","title":"Director of Hospitality","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/435988/square_cropped_nic.jpg?1555436702","linkedin_url":"https://www.linkedin.com/in/nic-pelaez-19503621/","related_urls":[]},{"id":443293,"entity_id":"wefunder:company_role:443293","role":"employee","name":"Amy Krone","title":"Director of Arts \u0026 Crafts","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/443293/square_cropped_amy.jpg?1555361012","related_urls":[]},{"id":443294,"entity_id":"wefunder:company_role:443294","role":"employee","name":"Jeremy Danenhauer","title":"Director of General Operations","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/443294/square_cropped_image__2_.jpg?1554753111","related_urls":[]},{"id":447367,"entity_id":"wefunder:company_role:447367","user_entity_id":"wefunder:user:219852","role":"employee","name":"Chris Sarette","title":"Chief Operations Officer","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/447367/square_cropped_chrissarette.jpg?1555436704","profile_url":"https://wefunder.com/chris.sarette","linkedin_url":"https://www.linkedin.com/in/chris-sarette-2417997/","related_urls":["https://wefunder.com/chris.sarette"]},{"id":2576990,"entity_id":"wefunder:company_role:2576990","user_entity_id":"wefunder:user:2550590","role":"founder","name":"Jennifer Briggs","title":"CEO","avatar_url":"https://uploads.wefunder.com/2021/user_default_icon_circle.png?1692905373","profile_url":"https://wefunder.com/jennifer.briggs","related_urls":["https://wefunder.com/jennifer.briggs"]}],"featured_investors":[],"investor_memos":[],"tab_counts":{"posts":0,"ask_questions":139,"featured_investors":0,"faq_entries":5},"active_fundraises":[{"id":25095,"entity_id":"wefunder:fundraise:25095","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"equity","security_type":"equity","currency":"USD","testing_the_waters":false,"min_purchase":253,"max_purchase":9,"funding_target":50187.0,"funding_started_at":"2019-04-05T22:52:29Z","funding_closed_at":"2019-05-01T04:01:05Z","auto_close_at":"2019-05-01T03:59:59Z"}],"latest_fundraise":{"id":25095,"entity_id":"wefunder:fundraise:25095","state":"successful","offering_type":"4(a)(6)","structure":"equity","testing_the_waters":false,"can_invest_now":false,"funding_started_at":"2019-04-05T22:52:29Z","funding_closed_at":"2019-05-01T04:01:05Z","terms":{"eb":null,"nb":"$264.2M","txt":"pre-money valuation"}},"recent_posts":[],"q_and_a":[{"id":56640,"entity_id":"wefunder:comment:56640","question":"If our application was not accepted what do we need to do to get a refund?","author_name":"Shawn Bennage","votes":5,"created_at":"2019-07-05T23:14:37Z","canonical_url":"https://wefunder.com/modern.times.beer#question-56640","answers":[{"id":58707,"entity_id":"wefunder:comment:58707","answer":"This should be complete now. Please feel free to email us directly if it wasn't resolved for any reason!","author_name":"Dan Reed","votes":0,"created_at":"2019-08-02T18:55:36Z"}]},{"id":56659,"entity_id":"wefunder:comment:56659","question":"Hello if my application was not accepted when will the funds sent to escrow be refunded?","author_name":"Silvia Aguirre","votes":4,"created_at":"2019-07-06T02:53:54Z","canonical_url":"https://wefunder.com/modern.times.beer#question-56659","answers":[{"id":58708,"entity_id":"wefunder:comment:58708","answer":"This should be all set, but feel free to hit us up if it hasn't been refunded yet. Thanks!","author_name":"Dan Reed","votes":0,"created_at":"2019-08-02T18:55:55Z"}]},{"id":55991,"entity_id":"wefunder:comment:55991","question":"I received the email that my investment would move forward :) What are the next steps? How do we track how that investment is doing?","author_name":"Eric Hernandez","votes":4,"created_at":"2019-06-24T21:50:54Z","canonical_url":"https://wefunder.com/modern.times.beer#question-55991","answers":[{"id":58706,"entity_id":"wefunder:comment:58706","answer":"Hey Eric, We'll be sending a more detailed breakdown of your investment by the end of next week, followed by some more info on reporting and updates very soon!","author_name":"Dan Reed","votes":1,"created_at":"2019-08-02T18:55:08Z"}]},{"id":209075,"entity_id":"wefunder:comment:209075","question":"Modern Times was sold at auction on 6/17/22, however even with the sale there is drama. The court appointed receiver in consultation with the creditors decided to accept a lower than highest bid. The high bid was $20,100,00, but a bid of $20,000,000 was determined to be the winner, after the receiver and creditors met to discuss the bids. I am not sure it really matters to us as investors, but the high bidder submitted a complaint to the court challenging their loss. Either way, I do not think we as investors (shareholders) will see any of the proceeds from the sale.","author_name":"Not Public","votes":3,"created_at":"2022-06-21T22:12:26Z","canonical_url":"https://wefunder.com/modern.times.beer#question-209075","answers":[]},{"id":75327,"entity_id":"wefunder:comment:75327","question":"How can I find details about returns on my investment?","author_name":"Mitchell Mandell","votes":3,"created_at":"2020-01-24T03:18:10Z","canonical_url":"https://wefunder.com/modern.times.beer#question-75327","answers":[]},{"id":57585,"entity_id":"wefunder:comment:57585","question":"Would really like to know what is going on regarding my investment. It is now almost 2 months since the offering and there are little to no updates. Can I get an updated status on my investment please??","author_name":"IRA Kelson","votes":3,"created_at":"2019-07-21T16:01:35Z","canonical_url":"https://wefunder.com/modern.times.beer#question-57585","answers":[{"id":58711,"entity_id":"wefunder:comment:58711","answer":"Hey IRA, We answered this in your question from 7/31. Our apologies for the delay!","author_name":"Dan Reed","votes":0,"created_at":"2019-08-02T18:57:21Z"}]},{"id":56351,"entity_id":"wefunder:comment:56351","question":"It is now July, what is happening?? Where are the updates?","author_name":"IRA Kelson","votes":3,"created_at":"2019-07-02T17:07:38Z","canonical_url":"https://wefunder.com/modern.times.beer#question-56351","answers":[{"id":58710,"entity_id":"wefunder:comment:58710","answer":"Hey IRA, Please reference our answer to your July 31st question. Sorry for the wait!","author_name":"Dan Reed","votes":0,"created_at":"2019-08-02T18:56:53Z"}]},{"id":55478,"entity_id":"wefunder:comment:55478","question":"What is going on with the investment that was made and is in escrow? You posted about 2 weeks ago that you were going to be informing everyone in the next few days, now it is weeks. What's up??","author_name":"IRA Kelson","votes":3,"created_at":"2019-06-17T22:33:44Z","canonical_url":"https://wefunder.com/modern.times.beer#question-55478","answers":[{"id":55692,"entity_id":"wefunder:comment:55692","answer":"Hey, IRA! Apologies for the delay! We are currently still waiting on the folks from WeFunder to finish finalizing the list, which we've been told is imminent. We did send out an email to all potential investors a couple weeks back stating we'd have the final word in mid to late June. If you aren't receiving those newsletters, please feel free to shoot an email over to info@moderntimesbeer.com and we'll get that taken care of for you. Thank you, and sorry again for the wait!","author_name":"Dan Reed","votes":0,"created_at":"2019-06-20T17:03:22Z"}]},{"id":54636,"entity_id":"wefunder:comment:54636","question":"Hi, I noticed in another response it was mentioned that the investor could cancel as long as the money is still in escrow. How would one go about doing this? Would one receive their entire investment back upon cancelling?","author_name":"Richard Dunning","votes":3,"created_at":"2019-06-05T23:24:27Z","canonical_url":"https://wefunder.com/modern.times.beer#question-54636","answers":[{"id":55699,"entity_id":"wefunder:comment:55699","answer":"Hey, Richard. I think you're going to want to give support@wefunder.com a shout with this one, as they handle all the payment portal \u0026amp; refund side of things. If that doesn't work, feel free to email us at info@moderntimesbeer.com!","author_name":"Dan Reed","votes":0,"created_at":"2019-06-20T17:30:15Z"}]},{"id":50743,"entity_id":"wefunder:comment:50743","question":"Jacob, thanks for addressing my concerns earlier but I think you are missing the point. I saw on Reddit you said you based the valuation off projected barrels sold in 2021 and used the same multiple as Ballast Point (which was unprecedented and universally considered a rich valuation). First, their valuation was based on the trailing twelve months production while yours is based on projected production. There is risk you won't get to that level of production and also simple time-value of money. Second, the Ballast Point valuation was for a 100% controlling interest in the brewery. This is a tiny sliver. There are necessary discounts for lack of control and liquidity. I'm sure this is well documented in your ESOP valuation. This level of value is absolutely unprecedented and completely unjustified. At this valuation any upside is almost completely non-existent. If you took this valuation to a PE investor (or even to Shark Tank) they would laugh you out of the room. This valuation wouldn't be worth the paper its written on. This is either negligence on your part or intentionally deceptive in an effort to get \"free\" money. Neither is acceptable. This is not an attack on your product (I just bought some of your Gose beer), but this valuation is simply wrong. The only people who would invest at this valuation would have to be completely financially ignorant. I don't think it is right to take advantage of these people.","author_name":"Ralph Feller","votes":3,"created_at":"2019-04-21T20:21:14Z","canonical_url":"https://wefunder.com/modern.times.beer#question-50743","answers":[{"id":50888,"entity_id":"wefunder:comment:50888","answer":"Hey, Ralph. We appreciate the feedback and your concern for investors. However, we firmly disagree, for reasons previously stated, with both your characterization of the offering as well as your characterization of our investors. We feel that we’ve addressed your concerns in previous questions and would refer you to the Q\u0026amp;A and available materials for any additional questions. Thank you.","author_name":"Dan Reed","votes":0,"created_at":"2019-04-23T16:12:11Z"}]},{"id":50342,"entity_id":"wefunder:comment:50342","question":"Hi Guys, love the beer and the brand, but like others have some questions on how you’ve priced this round, even more so after reading your 2017 audit report. A couple of things I noted: - In June 2017 the ESOP purchased shares off employees at $30.33/share (Note 8) - As at 31 Dec the fair value of shares was $21.95/share I would be interested to know how pricing was determined for both the ESOP transaction, as well as the fair value as per the 2017 audit report. Based on the information above, as well as the financial performance of the company since 2017, I find it hard understand on what basis you would in good faith believe that the shares are now worth more than $250. While I love the story of being an ‘employee and customer owned brewery’, it seems to me that this is disingenuous. Yes, you might be able to raise money from a ’strategic’ or VC, but not at $250/share, not even close. It would have been nice to see you price this round fairly for the little guy, and if you need some serious equity funding in the future, give them a chance to see an increase in share price rather than suffer the significant dilution that’ll inevitably happen with a down round. I’m also not aware of anything with US securities law that prohibit you from giving transparent answers and additional information to questions regarding your current valuation - to me it looks like you’re dodging the question. Unfortunately the best investment for me is keeping the cash in my pocket to buy beers, and not shares.","author_name":"Peter Thomson","votes":3,"created_at":"2019-04-19T06:02:37Z","canonical_url":"https://wefunder.com/modern.times.beer#question-50342","answers":[{"id":50379,"entity_id":"wefunder:comment:50379","answer":"Thanks for the feedback, Peter. For the ESOP transaction on 6/21/17, pricing was determined using enterprise value. Following the transaction and after taking on debt to purchase 30% of the company on notes that amortize and mature over 7 years, the ending 12/31 price was also determined using enterprise value (which immediately includes the additional debt from the ESOP transaction). Again, we can’t legally speak to the specifics of the CF valuation. We used equity value and unit multipliers that we’ve seen historically in our industry for fast growing breweries. We feel this is a fair representation for a company that has grown 833% in the last 5 years with 59% growth in 2018 alone and 5 new projects (already funded) opening in mid 2019. We realize the nature of a long-term investment contains speculation. We have presented a great deal of information that we feel represents our performance and shows execution over the last several years in growing the business. Again, we appreciate the feedback and respect all investment decisions.","author_name":"Dan Reed","votes":0,"created_at":"2019-04-19T16:18:36Z"}]},{"id":50313,"entity_id":"wefunder:comment:50313","question":"Will there be a dividend?","author_name":"Connor Cox","votes":3,"created_at":"2019-04-19T03:58:23Z","canonical_url":"https://wefunder.com/modern.times.beer#question-50313","answers":[{"id":50385,"entity_id":"wefunder:comment:50385","answer":"It's not out of the question, but it's also not the most likely scenario. The ESOP buying your shares is a much more likely potential mechanism of return.","author_name":"Dan Reed","votes":1,"created_at":"2019-04-19T16:34:30Z"}]},{"id":261924,"entity_id":"wefunder:comment:261924","question":"Did they delete some conversation here? Just received a PDF from Sullivan Hill: 30-2022-01251243-CU-CO-CJC - Zions Bancorporation, N.A. vs. Modern Times Drinks, Inc. Good Afternoon, Attached please find a copy of the following document(s) in the above-referenced case: NOTICE OF HEARING RE MOTION FOR ORDER (1) APPROVING RECEIVER’S FINAL ACCOUNTING AND REPORT; (2) AWARDING FINAL FEES; (3) TERMINATING RECEIVERSHIP; (4) DISCHARGING RECEIVER; AND (5) EXONERATING BOND","author_name":"Got Screweed By Wefunder","votes":2,"created_at":"2023-09-12T19:34:52Z","canonical_url":"https://wefunder.com/modern.times.beer#question-261924","answers":[]},{"id":211216,"entity_id":"wefunder:comment:211216","question":"The drama continues, Brewery X elected to not go through with the purchase. It appears the sale will now happen at a price point well below $20,000,000 figure, per the recent news. Not sure why the Modern Times CEO does not keep investors updated on the process. Here is link to the latest news as of 7/7/22 from the San Diego Beer News: https://www.sandiegobeer.news/blog/beer-news/mauibrewingtoacquiremoderntimesafterall","author_name":"Not Public","votes":2,"created_at":"2022-07-11T16:09:09Z","canonical_url":"https://wefunder.com/modern.times.beer#question-211216","answers":[]},{"id":73846,"entity_id":"wefunder:comment:73846","question":"Where can I monitor the values of my shares? I haven’t got any emails since that q \u0026amp; a/update vid months ago. Is there a blog or page I can go to?","author_name":"Eugene Lee","votes":2,"created_at":"2020-01-10T03:37:16Z","canonical_url":"https://wefunder.com/modern.times.beer#question-73846","answers":[]},{"id":58430,"entity_id":"wefunder:comment:58430","question":"We are now almost at the 4 month mark and NO communication regarding our investments!! What is going on ?? Seriously thinking about getting my money back. Understand that this is a big undertaking, but the lack of communication is worrisome.","author_name":"IRA Kelson","votes":2,"created_at":"2019-07-31T15:25:02Z","canonical_url":"https://wefunder.com/modern.times.beer#question-58430","answers":[{"id":58704,"entity_id":"wefunder:comment:58704","answer":"Hey IRA, Apologies for the delay and lack of communication! You should have received an initial \"Welcome\" email with some news and notes, but it appears that the initial list of emails for confirmed investors that we were sent was missing some names. Please feel free to hit us up at info@moderntimesbeer.com and we'll send that along. We'll also be sending an official notice with your individual investment details by the end of next week. Thank you for your patience!","author_name":"Dan Reed","votes":0,"created_at":"2019-08-02T18:54:09Z"}]},{"id":57709,"entity_id":"wefunder:comment:57709","question":"Hi Modern Times! I too would like and update on the investment. There are several of use that have asked the same question.","author_name":"Jacob Brothers","votes":2,"created_at":"2019-07-23T18:23:58Z","canonical_url":"https://wefunder.com/modern.times.beer#question-57709","answers":[{"id":58703,"entity_id":"wefunder:comment:58703","answer":"Hey there, Totally understand, and we'll be sending out official investment details by the end of next week. Apologies for the delay; finalizing investments took much longer than we initially forecasted due to the volume of responses.","author_name":"Dan Reed","votes":0,"created_at":"2019-08-02T18:48:26Z"}]},{"id":55567,"entity_id":"wefunder:comment:55567","question":"I believe that I am joining the chorus with a question about the investment. When can we expect to hear from you folks?","author_name":"Robert Klug","votes":2,"created_at":"2019-06-18T22:41:58Z","canonical_url":"https://wefunder.com/modern.times.beer#question-55567","answers":[{"id":55700,"entity_id":"wefunder:comment:55700","answer":"Hey, Robert. Our apologies for the wait; WeFunder is still working on finalizing the list, but we should have it very soon and should be emailing everyone this week if what we've heard regarding the timeline is correct.","author_name":"Dan Reed","votes":1,"created_at":"2019-06-20T17:32:20Z"}]},{"id":53120,"entity_id":"wefunder:comment:53120","question":"Am I able to invest still?","author_name":"Jozannah Nicklaus","votes":2,"created_at":"2019-05-16T03:10:44Z","canonical_url":"https://wefunder.com/modern.times.beer#question-53120","answers":[]},{"id":51927,"entity_id":"wefunder:comment:51927","question":"Is this fully funded or can folks still buy in?","author_name":"Joel Gelman","votes":2,"created_at":"2019-05-03T19:45:12Z","canonical_url":"https://wefunder.com/modern.times.beer#question-51927","answers":[]},{"id":50317,"entity_id":"wefunder:comment:50317","question":"Is your future plan to be 100% EMPLOYEE owned? (Not talking about fans) It seems like the ROI is extremely unlikely and you are essentially just asking us for money to pay your debts. The inventive to own a piece of modern times might be enough for the fan boys but for serious investors it seems were just giving you money with no perks in return. Apart from \"high fives\". Why not go to a venture capital firm instead?","author_name":"Peter Warleggan","votes":2,"created_at":"2019-04-19T04:26:09Z","canonical_url":"https://wefunder.com/modern.times.beer#question-50317","answers":[{"id":50397,"entity_id":"wefunder:comment:50397","answer":"100% Employee-Owned is what we are working towards as a business. Referencing one of our previous answers -- It must be noted that past results are no guarantee of future performance here, and that this number was achieved during an early growth stage for the company on a much smaller base than we have today. All that said, the first round of buybacks, which occurred on June 21s, 2017, saw a 1,155% increase in share value from our initial equity raise. One of the attractive elements of creating an ESOP is that it establishes a permanent buyer for shares and that ESOPs will buy in whatever increment is available, unlike other traditional acquisitions.","author_name":"Dan Reed","votes":0,"created_at":"2019-04-19T18:17:27Z"}]},{"id":50305,"entity_id":"wefunder:comment:50305","question":"What would trigger a share buyback to provide a return in the long run? Outside of the traditional sale or IPO.","author_name":"Sean Pippin","votes":2,"created_at":"2019-04-19T02:28:37Z","canonical_url":"https://wefunder.com/modern.times.beer#question-50305","answers":[{"id":50380,"entity_id":"wefunder:comment:50380","answer":"In addition to a traditional sale or IPO, our Employee Stock Ownership Plan is committed to purchasing outstanding shares once it is reasonably financially possible with operating cash, financing, or a combination of both.","author_name":"Dan Reed","votes":0,"created_at":"2019-04-19T16:19:45Z"}]},{"id":50291,"entity_id":"wefunder:comment:50291","question":"Hi Dan, thanks for the response. EBITDAE can be used as a standard to measure operating performance as you stated. However, my question pertained to the valuation of the company, where I believe most would take EBITA to be the more accurate indicator of financial health. You can’t simply disregard depreciation in regards to valuation because it causes a “significant amount of loss” every year on your books. That makes no sense. Neither does it make sense to use projected sales (two years from now) as a sole valuation indicator. It can be considered, but it should not be a primary metric. A basic reason for this is you can increase your marketing budget to reach a projected sales total, but that does not mean you will make up those additional marketing costs. Also, most companies struggle to accurately forecast sales, so it is unlikely these metrics will be accurate in even a few months. I just want people to be aware that they are essentially donating money to you based on the information you have provided here. Or giving money for the novelty of owning part of a brewery. A bank, VC, or an independent investor would not come close to considering the terms you have provided, and I think it is unethical for you to frame this request to your customers in their stead. $253 per share is a lot of money to most people.","author_name":"Ricky H","votes":2,"created_at":"2019-04-19T00:50:01Z","canonical_url":"https://wefunder.com/modern.times.beer#question-50291","answers":[{"id":50381,"entity_id":"wefunder:comment:50381","answer":"Thank you for your response, Ricky. We have undergone multiple rounds of financing and a transaction to repurchase shares to formulate our ESOP. In both cases, EBITDAE has been the metric of choice and continues to be how we communicate with our financing partners, including a recent financing deal we closed in April, 2019. With the ESOP, we actually don’t pay any tax because of the share value released to eligible employees each calendar year. We would then only be looking at EBI if we were to exclude depreciation, amortization and non-cash ESOP related items. We used equity value and unit multipliers that we’ve seen historically in our industry for fast growing breweries. We feel this is a fair representation for a company that has grown 833% in the last 5 years with 59% growth in 2018 alone and 5 new projects (already funded) opening in mid 2019. We agree, forecasting sales is difficult. As you can see from data we’ve provided on the home page, we’ve continued to exceed our revenue projections each year for both our wholesale and retail business. This has been done by leveraging our amazing internal teams with $0 spent on marketing. We realize the nature of a long-term investment contains speculation. We have presented a great deal of information that we feel represents our performance and shows execution over the last several years in growing the business. We appreciate the feedback and respect all investment decisions.","author_name":"Dan Reed","votes":0,"created_at":"2019-04-19T16:22:47Z"}]},{"id":50258,"entity_id":"wefunder:comment:50258","question":"Hi Dan, Hi from New Zealand! (heard about you guys via Garage Project). First up well done on the growth of your business in such a short space of time. My question follows a similar theme to others which relates pricing of this round. Am I right that your pre money of $264m is an equity value rather than an enterprise value (EV)? Assuming this to be true, your EV is more than 9x historical (2018) sales for this round. What I don't have context for is whether this is fair relative to other US based craft brewing capital raises. A quick Google search indicates that Lagunitas sold to Heineken for ~5x revenue. I'm also curious as to why you'd only get a valuation done when you were aiming to buy back shares? So, in summary, I'm a bit unclear on the basis for the valuation in this round (it feels very high), and the chances of an acceptable return seems limited given exit is most likely through a company buyback (which will naturally suppress price).","author_name":"Simeon Burnett","votes":2,"created_at":"2019-04-18T21:22:51Z","canonical_url":"https://wefunder.com/modern.times.beer#question-50258","answers":[{"id":50276,"entity_id":"wefunder:comment:50276","answer":"Hello, NZ! Again, the valuation is one thing the lawyers won't let us talk about in great detail, but we can say the following: Valuation methodology of a barrels-sold multiplier is consistent with industry practice. To establish the valuation, we have multiplied our projected barrels sold in 2021 of 76,629 by $3,448, for a valuation of $264,216,729. We still have a lot of headroom for growth (59% revenue growth in 2018). By leveraging our current infrastructure to open the 5 projects currently under construction in the second half of 2019, we project revenue to increase by 19% and gross margins to increase by 37% in 2019.","author_name":"Dan Reed","votes":0,"created_at":"2019-04-18T22:56:18Z"}]},{"id":50215,"entity_id":"wefunder:comment:50215","question":"Thank you for the explanation to my question earlier. So for a company that’s making a loss on paper, no commitments on ROIs, Dividends and even the basic perks (free/discounted priced beers, etc), No successful public track record of utilizing capital to increase profits which can be used to pay dividends to shareholders. Why should I invest money on MT stock vs. put it on S\u0026amp;P 500 and earn at least 10% YoY return. To me I see this as the easiest and least expensive way to raise capital for MT while absolutely risking nothing.","author_name":"David Pete","votes":2,"created_at":"2019-04-18T20:45:06Z","canonical_url":"https://wefunder.com/modern.times.beer#question-50215","answers":[{"id":50263,"entity_id":"wefunder:comment:50263","answer":"It must be noted that past results are no guarantee of future performance here, and that this number was achieved during an early growth stage for the company on a much smaller base than we have today. All that said, the first round of buybacks, which occurred on June 21s, 2017, saw a 1,155% increase in share value from our initial equity raise.","author_name":"Jacob J McKean","votes":0,"created_at":"2019-04-18T21:41:56Z"}]}],"faq":[{"question":"what is the minimum amount we can invest?","answer":"Hey, Aaron! The minimum is one share at $253."},{"question":"What is your net profit on 30.5 Million in sales last year? Can you provide historical profit margin/ revenue growth over the last 5 years? How is the capital going to be deployed?","answer":"Thanks for the question, James! This data is also on our Wefunder homepage, but here’s a quick recap. While generating 30.5m in revenue, we had a Net Loss of 2.95m and EBITDAE of 2.9m. Revenue grew 59% in 2018, 29% in 2017, and 100% in 2016. Gross Margins grew 3% in 2018, 4% in 2017, and 109% in 2016. 2017 and 2018 were building years where we invested in physical infrastructure, information systems, and people to execute on the 5 projects we have under construction today. By leveraging our c..."},{"question":"Could you explain the promisory notes to you and your family members in a little more detail? Are they loans? Deferred compensation?","answer":"Hey, Russell! The Promissory Notes are loans related to the sale of shares to our ESOP trust in order to form the 30% Employee Stock Ownership Plan that was created in June of 2017."},{"question":"What are the proceeds for and why is this request the best path forward? Do you have an independent valuation agent?","answer":"Regarding use of proceeds: At $50,188: 62.5% towards uncommitted funds to be used for business operations as necessary such as payroll, overhead, production expenses, location acquisitions, and buildouts; 30% towards offering expenses; 7.5% towards platform fees. At $250,000: 20% towards minor efficiency projects/equipment; 66.5% towards uncommitted funds to be used for business operations as necessary such as payroll, overhead, production expenses, location acquisitions, and buildouts; 6% to..."},{"question":"Are you open to getting bought by a macro?","answer":"Selling to a macrobrewery is not currently part of our business plan. Furthermore, structuring our company as employee and fan-owned would likely make such a sale more complicated, thus much less plausible."}]}}}