Brownie's Marine completes acquisition of Submersible Systems for $1.75M; discloses 2020 net loss of $12,502

Brownie's Marine Group, Inc

Total cash, stock, and note consideration of $1.75M for Submersible, with $350K 8% convertible notes and 27.3M shares.
Submersible 2020 revenue $1.43M, down from $1.86M in 2019; net loss $12,502 vs prior year net income $79,181.
Submersible designs/sells SpareAir, HEED, Easy Dive breathing systems; assets $982,515, equity $723,610 at Dec 2020.
Notes include quarterly principal payments equal to 50% of Submersible's EBITDA, balloon at maturity Sept 2024.
Leak-out restrictions on merger shares: 12.5% after 6 months, 100% after 36 months.

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