Brownie's Marine Group Files 8-K
Ticker: BWMG · Form: 8-K · Filed: Nov 19, 2024 · CIK: 1166708
| Field | Detail |
|---|---|
| Company | Brownie'S Marine Group, INC (BWMG) |
| Form Type | 8-K |
| Filed Date | Nov 19, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $150,000, $280,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation, 8-K
Related Tickers: BWMG
TL;DR
BWMG filed an 8-K on Nov 13, 2024, indicating a material definitive agreement and a new financial obligation.
AI Summary
On November 13, 2024, Brownie's Marine Group, Inc. entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The filing includes financial statements and exhibits.
Why It Matters
This 8-K filing signals a significant financial event or obligation for Brownie's Marine Group, Inc., potentially impacting its financial standing and future operations.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement and a new financial obligation, which could introduce financial risks or opportunities that are not yet fully detailed.
Key Players & Entities
- Brownie's Marine Group, Inc. (company) — Registrant
- November 13, 2024 (date) — Date of earliest event reported
FAQ
What type of material definitive agreement did Brownie's Marine Group, Inc. enter into?
The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on November 13, 2024.
What is the nature of the direct financial obligation or off-balance sheet arrangement?
The filing states that a direct financial obligation or an obligation under an off-balance sheet arrangement was created, but does not provide specific details about its terms or amount.
What are the key exhibits included in this 8-K filing?
The filing indicates that financial statements and exhibits are included, but their specific content is not detailed in the provided text.
When was Brownie's Marine Group, Inc. incorporated?
Brownie's Marine Group, Inc. was incorporated in Florida.
What was the former name of Brownie's Marine Group, Inc. and when did the name change occur?
The former name was UNITED COMPANIES CORP, and the name change occurred on February 7, 2002.
Filing Stats: 628 words · 3 min read · ~2 pages · Grade level 12 · Accepted 2024-11-19 17:23:58
Key Financial Figures
- $150,000 — missory note in the principal amount of $150,000, which was originally issued by the Com
- $280,000 — missory note in the principal amount of $280,000, which was originally issued by the Com
Filing Documents
- form8-k.htm (8-K) — 39KB
- ex4-1.htm (EX-4.1) — 29KB
- ex4-2.htm (EX-4.2) — 30KB
- 0001493152-24-046878.txt ( ) — 275KB
- bwmg-20241113.xsd (EX-101.SCH) — 3KB
- bwmg-20241113_lab.xml (EX-101.LAB) — 33KB
- bwmg-20241113_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 3KB
01
Item 1.01 Entry into a Material Definitive Agreement. On November 13, 2024, Brownie's Marine Group, Inc., a Florida corporation (the "Company"), and Charles Hyatt, a member of the Company's board of directors ("Hyatt"), executed (a) an amendment to a promissory note in the principal amount of $150,000, which was originally issued by the Company to Hyatt on November 7, 2023 (the "2023 Note"), to extend the 2023 Note's maturity date from May 7, 2024 to May 7, 2025, and (b) an amendment to a promissory note in the principal amount of $280,000, which was originally issued by the Company to Hyatt on February 5, 2024 (the "2024 Note"), to extend the 2024 Note's maturity date from August 5, 2024 to May 5, 2025. Except as specifically amended by the amendments, the terms and conditions of the 2023 Note and 2024 Note remain in full force and effect. The foregoing descriptions of the amendments to the 2023 Note and 2024 Note are qualified in their entirety by reference to the full text of such documents, copies of which are attached to this report as Exhibits 4.1 and 4.2, respectively, and are incorporated herein by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. Reference is made to the disclosure set forth under Item 1.01 above, which disclosure is incorporated herein by reference. Item 9.01 Financial (d) Exhibits Exhibit No. Description 4.1 Amendment to Promissory Note, dated November 13, 2024, originally issued on November 7, 2023 4.2 Amendment to Promissory Note, dated November 13, 2024, originally issued on February 5, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BROWNIE'S MARINE GROUP, INC. Date: November 19, 2024 By: /s/ Robert Carmichael Robert Carmichael Chief Executive Officer