secwatch.observer — SEC 8-K summary
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Issuer:     Brownie's Marine Group, Inc (BWMG)
CIK:        0001166708
Form:       8-K/A
Filed at:   2021-12-15T23:59:59+00:00
Accession:  0001493152-21-031589
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 9.01, 1.01, 2.01, 2.03, 3.02, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1166708/000149315221031589/0001493152-21-031589-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1166708/000149315221031589/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-21-031589

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