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Brownie’s Marine Group, Inc. reported that it has extended the maturity dates on two existing promissory notes held by director Charles Hyatt. A note with a principal amount of $150,000 originally issued on November 7, 2023 now matures on May 7, 2026, instead of November 7, 2025. A second note with a principal amount of $280,000 originally issued on February 5, 2024 now matures on May 5, 2026, instead of November 5, 2025.
The company states that, aside from the revised maturity dates, all other terms and conditions of both notes remain in effect. The amendments are attached as exhibits to the report for reference.
Brownie’s Marine Group (BWMG) filed its Q3 2025 report, showing lower sales but improved profitability. Total revenues were $2,071,164 for the quarter, down from $2,468,905 a year ago, while gross margin rose to 46.4%. The company generated operating income of $132,938 and net income of $191,666 in Q3.
For the first nine months, Total revenues were $6,119,257 versus $6,466,053 last year, with net income of $277,574 compared to a prior-year loss. The balance sheet lists cash of $479,543, total assets of $5,629,896, total liabilities of $3,725,863, and stockholders’ equity of $1,904,034. As of November 14, 2025, shares outstanding were 453,494,622.
The filing includes a going concern note citing historical losses and liquidity needs despite year-to-date profitability. Related party sales represented 8.4% of net revenues for the nine months ended September 30, 2025.
Brownie’s Marine Group (BWMG) updated CEO compensation. The Board approved a revised pay package for Chief Executive Officer Robert Carmichael, effective November 1, 2025. His annual base salary will be $246,000, and he will be eligible for an annual bonus of $98,400, representing 40% of base salary, tied to revenue, profitability and compliance metrics.
Equity incentives will be granted under the Company’s 2021 Equity Compensation Plan, including performance-based restricted stock units with a target value of $150,000 and cashless stock options with a target value of $350,000, with terms to be set by the Board in accordance with the Plan.