$BWMG
Brownie's Marine Group, Inc

2016 Q2 Form 10-Q Financial Statement

#000114420416102039 Filed on May 16, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q4
Revenue $650.0K $391.4K $480.0K
YoY Change -8.61% -15.74% 0.0%
Cost Of Revenue $450.0K $334.9K $340.0K
YoY Change -5.38% -6.6% -19.05%
Gross Profit $190.0K $56.43K $140.0K
YoY Change -19.36% -46.72% 180.0%
Gross Profit Margin 29.23% 14.42% 29.17%
Selling, General & Admin $160.0K $150.0K $140.0K
YoY Change -5.88% -6.25% 0.0%
% of Gross Profit 84.21% 265.8% 100.0%
Research & Development $0.00 $1.352K $10.00K
YoY Change -100.0% -82.64%
% of Gross Profit 0.0% 2.4% 7.14%
Depreciation & Amortization $10.00K $5.331K $10.00K
YoY Change 0.0% -3.55% 0.0%
% of Gross Profit 5.26% 9.45% 7.14%
Operating Expenses $160.0K $154.2K $140.0K
YoY Change -4.25% -10.5% 0.0%
Operating Profit $30.00K -$97.72K $0.00
YoY Change -56.21% 47.34% -100.0%
Interest Expense -$10.00K $7.759K -$10.00K
YoY Change -208.06% -16.36% 0.0%
% of Operating Profit -33.33% -11453246122666660.0%
Other Income/Expense, Net $10.00K $112.4K $20.00K
YoY Change -229.84% -947.67% 100.0%
Pretax Income $180.0K $14.69K $0.00
YoY Change 195.99% -118.45% -100.0%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $180.0K $14.69K $0.00
YoY Change 196.01% -118.44% -100.0%
Net Earnings / Revenue 27.69% 3.75% 0.0%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $2.617K $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 58.62M shares 86.84M shares 84.76M shares
Diluted Shares Outstanding 92.37M shares

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.0K $140.0K $140.0K
YoY Change 225.0% 100.0% 600.0%
Cash & Equivalents $141.8K
Short-Term Investments
Other Short-Term Assets $100.0K $16.09K $7.117K
YoY Change 16029.03% 2394.57% 1137.74%
Inventory $670.0K $650.0K $654.2K
Prepaid Expenses
Receivables $10.00K $30.00K $59.47K
Other Receivables $90.00K $50.00K $40.00K
Total Short-Term Assets $1.000M $920.0K $958.0K
YoY Change 11.04% 10.47% 23.73%
LONG-TERM ASSETS
Property, Plant & Equipment $70.00K $80.00K $85.71K
YoY Change -28.6% -24.94% -21.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.00K $10.00K $6.649K
YoY Change 50.42% -68.14% -78.59%
Total Long-Term Assets $70.00K $90.00K $94.69K
YoY Change -34.59% -35.85% -33.26%
TOTAL ASSETS
Total Short-Term Assets $1.000M $920.0K $958.0K
Total Long-Term Assets $70.00K $90.00K $94.69K
Total Assets $1.070M $1.010M $1.053M
YoY Change 6.19% 3.79% 14.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $330.0K $360.0K $350.0K
YoY Change -40.0% -36.84% -23.91%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $310.0K $210.8K $215.8K
YoY Change 43.66% -2.68% -0.37%
Long-Term Debt Due $10.00K $10.00K $20.00K
YoY Change -75.0% 0.0% 0.0%
Total Short-Term Liabilities $1.060M $1.170M $1.233M
YoY Change -27.45% -20.42% -9.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.060M $1.170M $1.233M
Total Long-Term Liabilities $0.00 $0.00 $10.00K
Total Liabilities $1.070M $1.180M $1.239M
YoY Change -27.22% -20.32% -9.48%
SHAREHOLDERS EQUITY
Retained Earnings -$8.846M -$8.861M
YoY Change -3.53% -2.53%
Common Stock $8.683K $8.681K
YoY Change 21.17% 43.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.00K -$170.0K -$186.4K
YoY Change
Total Liabilities & Shareholders Equity $1.070M $1.006M $1.053M
YoY Change 6.19% 3.42% 14.9%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income $180.0K $14.69K $0.00
YoY Change 196.01% -118.44% -100.0%
Depreciation, Depletion And Amortization $10.00K $5.331K $10.00K
YoY Change 0.0% -3.55% 0.0%
Cash From Operating Activities -$10.00K $0.00 $0.00
YoY Change -80.0% -100.0% -100.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 0.000 -10.00K
YoY Change -150.0% -100.0% -66.67%
NET CHANGE
Cash From Operating Activities -10.00K 0.000 0.000
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities -10.00K 0.000 -10.00K
Net Change In Cash -20.00K 0.000 -10.00K
YoY Change -33.33% -100.0% -91.67%
FREE CASH FLOW
Cash From Operating Activities -$10.00K $0.00 $0.00
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$10.00K $0.00 $0.00
YoY Change -80.0% -100.0% -100.0%

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u>Definition of fiscal year</u> &#150; The Company&#8217;s fiscal year end is December 31.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 76.4pt; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <u>Use of estimates</u> - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 bwmg Potentially Dilutive Securities Included Earnings Per Share
PotentiallyDilutiveSecuritiesIncludedEarningsPerShare
5529699 shares
CY2015Q1 bwmg Potentially Dilutive Securities Included Earnings Per Share
PotentiallyDilutiveSecuritiesIncludedEarningsPerShare
5529699 shares
CY2016Q1 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
27674 USD
CY2015Q4 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
42076 USD
CY2016Q1 us-gaap Prepaid Insurance
PrepaidInsurance
14466 USD
CY2015Q4 us-gaap Prepaid Insurance
PrepaidInsurance
8819 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
16090 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
7117 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
233653 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
233653 USD
CY2016Q1 bwmg Percentage Of Restrictions On Common Stock
PercentageOfRestrictionsOnCommonStock
0.1 pure
CY2012Q4 bwmg Stock Incentive Bonus
StockIncentiveBonus
75100 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
48000 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
24000 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
0 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
0 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
0 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
72000 USD
CY2015Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
12000 USD
CY2016Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
13206 USD
CY2015Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
17760 USD
CY2016Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.019 pure
CY2015Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.019 pure
CY2016Q1 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2017-12-05
CY2015 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2017-12-05
CY2016Q1 us-gaap Notes Payable
NotesPayable
10718 USD
CY2015Q4 us-gaap Notes Payable
NotesPayable
12232 USD
CY2016Q1 us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
due in monthly principal and interest payments of $523
CY2015 us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
due in monthly principal and interest payments of $523
CY2016Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
94862 USD
CY2015Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
59916 USD
CY2016Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
45000 USD
CY2015Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
45000 USD
CY2016Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
30087 USD
CY2015Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
36520 USD
CY2016Q1 us-gaap Interest Payable Current
InterestPayableCurrent
153657 USD
CY2015Q4 us-gaap Interest Payable Current
InterestPayableCurrent
181265 USD
CY2016Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
39796 USD
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
27245 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
210784 USD
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
215782 USD
CY2016Q1 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
12857 USD
CY2015Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
12857 USD
CY2016Q1 bwmg Online Training Liability
OnlineTrainingLiability
2505 USD
CY2015Q4 bwmg Online Training Liability
OnlineTrainingLiability
2912 USD
CY2016Q1 bwmg Proceeds Towards Settlement Of Convertible Debentures
ProceedsTowardsSettlementOfConvertibleDebentures
200000 USD
CY2016Q1 bwmg Online Training Liability Historical Redemption Rate
OnlineTrainingLiabilityHistoricalRedemptionRate
0.1 pure
CY2016Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
73 USD
CY2016Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
93938 USD
CY2015Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2016Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
472 USD
CY2015Q1 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 USD
CY2016Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
120241 USD
CY2016Q1 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
14970 USD
CY2016Q1 us-gaap Other Expenses
OtherExpenses
528 USD
CY2015Q1 us-gaap Legal Fees
LegalFees
11379 USD
CY2015Q1 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
3471 USD
CY2015Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1800 USD
CY2015Q1 us-gaap Other Income
OtherIncome
2124 USD
CY2016Q1 us-gaap Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
93838 USD
CY2016Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
5723 USD
CY2016Q1 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
153657 USD
CY2015 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
181266 USD
CY2016Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q1 us-gaap Interest Paid
InterestPaid
242 USD
CY2015Q1 us-gaap Interest Paid
InterestPaid
14322 USD
CY2016Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2015Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2016Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0 USD
CY2015Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
92095 USD
CY2016Q1 bwmg Conversion Of Accrued Payroll To Stock
ConversionOfAccruedPayrollToStock
0 USD
CY2015Q1 bwmg Conversion Of Accrued Payroll To Stock
ConversionOfAccruedPayrollToStock
40500 USD
CY2016Q1 bwmg Conversion Of Accrued Interest On Note Payable Related Party To Stock
ConversionOfAccruedInterestOnNotePayableRelatedPartyToStock
73 USD
CY2015Q1 bwmg Conversion Of Accrued Interest On Note Payable Related Party To Stock
ConversionOfAccruedInterestOnNotePayableRelatedPartyToStock
0 USD
CY2016Q1 bwmg Conversion Of Accrued Interest And Fees On To Convertible Debenture
ConversionOfAccruedInterestAndFeesOnToConvertibleDebenture
0 USD
CY2015Q1 bwmg Conversion Of Accrued Interest And Fees On To Convertible Debenture
ConversionOfAccruedInterestAndFeesOnToConvertibleDebenture
4002 USD
CY2016Q1 bwmg Retirement Value Of Shares Returned
RetirementValueOfSharesReturned
0 USD
CY2015Q1 bwmg Retirement Value Of Shares Returned
RetirementValueOfSharesReturned
1383 USD
CY2016Q1 bwmg Gain On Convertible Debt Cancellation
GainOnConvertibleDebtCancellation
93938 USD
CY2015Q1 bwmg Gain On Convertible Debt Cancellation
GainOnConvertibleDebtCancellation
0 USD
CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Reclassifications</u> &#150; Certain reclassifications have been made to the 2015 financial statement amounts and disclosures to conform to the 2016 financial statement presentation.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
250 to 1

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