Brownie's Marine Group Files Q3 2024 10-Q

TL;DR

BWMG Q3 10-Q filed. Financials and ops update.

AI Summary

Brownie's Marine Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Specific financial figures and operational highlights are provided within the report.

Why It Matters

This filing provides investors with a crucial update on Brownie's Marine Group's financial health and operational progress during the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-11-20 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Brownie's Marine Group, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241120 (date) — Filing date
• 3001 NW 25TH AVENUE, SUITE 1, POMPANO BEACH, FL 33069 (location) — Company's business and mailing address

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1047KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32.htm (EX-32) — 9KB
• form10-q_001.jpg (GRAPHIC) — 14KB
• 0001493152-24-046900.txt ( ) — 6458KB
• bwmg-20240930.xsd (EX-101.SCH) — 43KB
• bwmg-20240930_cal.xml (EX-101.CAL) — 60KB
• bwmg-20240930_def.xml (EX-101.DEF) — 234KB
• bwmg-20240930_lab.xml (EX-101.LAB) — 431KB
• bwmg-20240930_pre.xml (EX-101.PRE) — 350KB
• form10-q_htm.xml (XML) — 1054KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS. 4 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 24 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 28 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 28

– OTHER INFORMATION

PART II – OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. 30 ITEM 1A. RISK FACTORS. 30 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 30 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 30 ITEM 4. MINE SAFETY DISCLOSURES. 30 ITEM 5. OTHER INFORMATION. 30 ITEM 6. EXHIBITS. 31 2 NOTE REGARDING FORWARD-LOOKING INFORMATION This Quarterly Report includes forward-looking statements that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking "intend," "plan," "targets," "likely," "aim," "will," "would," "could," and similar expressions or phrases identify forward- looking statements. We have based these forward-looking statements largely on our current expectations and future events and financial trends that we believe may affect our financial condition, results of operation, business strategy and financial needs. You should read thoroughly this Quarterly Report with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by risk factors included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 9, 2024, which risk factors could adversely impact our business and financial performance. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking st

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2024

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2024 (UNAUDITED) Note 1. Company Overview Brownie's Marine Group, Inc. (the "Company") designs, tests, manufactures and distributes recreational hookah diving, scuba, and water safety products through its wholly owned subsidiary, Trebor Industries, Inc., a Florida corporation, incorporated in 1981 ("Trebor" or "BTL"), manufactures and sells high pressure air and industrial compressor packages, yacht based scuba air compressor and nitrox generation systems through its wholly owned subsidiary, Brownie's High Pressure Compressor Services, Inc., a Florida corporation incorporated in 2017 ("BHP") and doing business as LW Americas ("LWA") and develops and markets portable battery powered surface supplied air dive systems through its wholly owned subsidiary BLU3, Inc., a Florida corporation ("BLU3"). On September 3, 2021, the Company, entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") with Submersible Acquisition, Inc., a Florida corporation and wholly owned subsidiary of the Company ("Acquisition Sub"), Submersible Systems, Inc., a Florida corporation ("Submersible" or "SSI"), and Summit Holdings V, LLC, a Florida limited liability company ("Summit") and Tierra Vista Group, LLC, a Florida limited liability company ("Tierra Vista" and, together with Summit, the "Sellers"), the owners of all of the capital stock of Submersible, pursuant to which Acquisition Sub merged with and into Submersible (the "Merger"), and Submersible, the surviving corporation, became a wholly owned subsidiary of the Company. Submersible is a manufacturer of high pressure tanks and redundant air systems for the military and recreational diving industries, based in Huntington Beach, California and sells its products to governments, militaries, private companies and the dive industry throughout the world. On February 13, 2022 the Company filed with the Florida Department of State, the articles of i

View Full Filing

View this 10-Q filing on SEC EDGAR