---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-21-031589"
form_type: "8-K/A"
ticker: "BWMG"
cik: "0001166708"
company_name: "Brownie's Marine Group, Inc"
filed_at: "2021-12-15T23:59:59+00:00"
generated_at: "2026-06-28T00:47:26.597909+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-21-031589
- form_type: 8-K/A
- ticker: BWMG
- cik: 0001166708
- company_name: Brownie's Marine Group, Inc
- filed_at: 2021-12-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 9.01, 1.01, 2.01, 2.03, 3.02, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1166708/000149315221031589/0001493152-21-031589-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1166708/000149315221031589/form8-ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-21-031589
- JSON: https://secwatch.observer/filing/0001493152-21-031589.json
- Plain text: https://secwatch.observer/filing/0001493152-21-031589.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.