Brownie's Marine Group, Inc (BWMG): debt financing — Brownie's Marine Group issues $280K promissory note to director Charles Hyatt at 9.9% interest

Brownie's Marine Group, Inc

Note principal $280,000 issued to director Charles Hyatt on Feb 8, 2024.
Interest rate 9.9% per annum payable monthly; matures August 7, 2024.
Proceeds used for general working capital; default interest rate 18%.
Note prepayable without penalty; default events include insolvency and non-payment.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Brownie's Marine Group, Inc incurred loan of $280,000 with Charles Hyatt at 9.9% maturing August 7, 2024.

Instrument: loan
Principal: $280,000
Counterparty: Charles Hyatt
Rate: 9.9%
Maturity: August 7, 2024
Event: incurrence

Exact text from the filing

On February 8, 2024, Brownies Marine Group, Inc. (the “Company”), issued a promissory note (the “Note”) to Charles Hyatt, a director of the Company (the “Lender”) in the principal amount of $280,000. The Note bears interest is payable in monthly installments at the rate of 9.9%per annum and matures on August 7, 2024.

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Source: SEC EDGAR

accession 0001493152-24-006052

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