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BWMG on OTC

Brownie's Marine Group, Inc

Brownie's Marine Group, Inc is an exclusive distributor for the USA of the SeaNXT Elite sea scooter.1 It is headquartered in Pompano Beach, Florida.1 Its shares trade on OTC under the symbol BWMG.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBWMG on OTC1
  • IndustrySporting & Athletic Goods, NEC1
  • HeadquartersPompano Beach, Florida1
  • Incorporated inFL2
  • Business address3001 Nw 25Th Avenue,, Suite 1, Pompano Beach, Fl 330692
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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As of January 2024, BLU3 is the exclusive distributor for the USA of the SeaNXT Elite sea scooter, made in France.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

37.4%Gross margin4
-2.0%Operating margin4
-1.4%Net margin4
-8.0%Revenue growth, 20254
-5.4%Return on equity4
0.02×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue61¢$4.7M
  • Research and development0¢$3.6K
  • Selling, general and admin38¢$3.0M
  • Income tax0¢$17.3K

Out of $7.5M in revenue.4 The company lost money this year.

Financial statements

Revenue56784$7.5M in 2025+226% since 2019
0$2.5M$5.0M$7.5M$10.0M2019: $2.3M$2.3M20192020: $3.7M$3.7M2020+61%2021: $5.1M$5.1M2021+37%2022: $7.6M$7.6M2022+49%2023: $7.6M$7.6M2023−0%2024: $8.2M$8.2M2024+8%2025: $7.5M$7.5M2025−8%
Gross profit567984$2.8M in 2025+527% since 2019
0$1.0M$2.0M$3.0M$4.0M2019: $448.4K$448.4K20192020: $1.5M$1.5M2020+227%2021: $1.9M$1.9M2021+29%2022: $2.8M$2.8M2022+48%2023: $2.1M$2.1M2023−25%2024: $3.3M$3.3M2024+57%2025: $2.8M$2.8M2025−15%
Operating income567984-$147.3K in 2025−89% since 2019
-$2.0M-$1.5M-$1.0M-$500.0K02019: -$1.3M-$1.3M20192020: -$1.3M-$1.3M2020+4%2021: -$1.9M-$1.9M2021+39%2022: -$1.9M-$1.9M2022−0%2023: -$1.2M-$1.2M2023−37%2024: -$146.7K-$146.7K2024−87%2025: -$147.3K-$147.3K2025+0%
Net income567984-$105.1K in 2025−93% since 2019
-$2.0M-$1.5M-$1.0M-$500.0K02019: -$1.4M-$1.4M20192020: -$1.4M-$1.4M2020−5%2021: -$1.6M-$1.6M2021+18%2022: -$1.9M-$1.9M2022+19%2023: -$1.2M-$1.2M2023−34%2024: -$240.6K-$240.6K2024−81%2025: -$105.1K-$105.1K2025−56%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Total net revenues$7.5M$8.2M
Total cost of net revenues$4.7M$4.9M
Gross profit$2.8M$3.3M
Selling, general and administrative$3.0M$3.4M
Research and development costs$3.6K$10.0K
Total operating expenses$3.0M$3.5M
Loss from operations-$147.3K-$146.7K
Other income$126.4K-$6.5K
Interest expense-$66.9K-$87.4K
Total other (income) expense - net$59.5K-$93.9K
Loss income before provision for income taxes-$87.8K-$240.6K
Provision for income taxes$17.3K
Net Income (loss)-$105.1K-$240.6K
Comprehensive Income (loss)-$105.1K-$240.6K
Basic Diluted Income (loss) per common share$0.00$0.00
Diluted loss per common share$0.00$0.00
Basic weighted average common shares outstanding474.9M shares438.9M shares
Diluted weighted average common shares outstanding474.9M shares438.9M shares

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What it owns

What Brownie's Marine Group, Inc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$893.5K4 Dec 31, 2025$877.3K4 Dec 31, 2024+1.8%
Accumulated depreciation$655.7K4 Dec 31, 2025$573.8K4 Dec 31, 2024+14.3%
Property and equipment, net$237.8K4 Dec 31, 2025$303.5K4 Dec 31, 2024−21.6%
Operating-lease assets (leased space)$1.2M4 Dec 31, 2025$1.6M4 Dec 31, 2024−26.3%

Investments

ItemLatestA year beforeChange
Deposits held (banks)$156.0K4 Dec 31, 2025$410.6K4 Dec 31, 2024−62.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$250.0K4 Dec 31, 2025$250.0K4 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$441.1K4 Dec 31, 2025$501.5K4 Dec 31, 2024−12.0%
Accumulated amortization-$301.9K4 Dec 31, 2025-$241.5K8 Dec 31, 2024−25.0%
Finite-lived intangibles, net$441.1K4 Dec 31, 2025$501.5K8 Dec 31, 2024−12.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$2.3M4 Dec 31, 2025$2.1M4 Dec 31, 2024+13.5%
Raw materials$1.5M4 Dec 31, 2025$1.4M4 Dec 31, 2024+5.7%
Work in process$60.4K4 Dec 31, 2025$41.0K4 Dec 31, 2024+47.4%
Finished goods$978.5K4 Dec 31, 2025$821.9K4 Dec 31, 2024+19.1%

Properties, in its own words

Davie, Florida

Until November 2024, the Company’s executive offices were located in Pompano Beach, Florida. The Company moved its facilities to Davie, Florida where it leases 19,065 square feet of production, warehouse, showroom and office space under a 45 month sub-lease which commenced on November 1, 2024. The lease provides for an initial base monthly rent of $26,000 through September 30, 2025 and $31,000 thereafter for the balance of the term. The landlord has agreed to a monthly rent abatement of $3,639 per month through October 2026. The lease is considered a triple-net lease and is subject to “additional rent” which is comprised of the landlord’s operating costs, real estate taxes and insurance in accordance with the terms of the master lease. The Company paid a security deposit of $26,000 upon entering the sub-lease agreement.

The rest of Item 2

Huntington Beach, California

The Company’s Huntington Beach, California facility is comprised of a leased 13,000 square foot free standing building of which the bulk of the square footage is warehouse and manufacturing space. The initial lease, signed in January, 2013 was for five years with a base rent of $7,410.

On January 4, 2018, the Company entered into a sixty-one month term lease renewal for its facility in Huntington Beach, California, commencing on February 1, 2018. Base rent is approximately $9,300 per month for the first 12 months with a 2.5% annual escalation throughout the term. The Company paid a security deposit of $8,450 with the initial lease that the landlord continues to hold.

On September 14, 2022, SSI entered into a sixty-month lease renewal for its facility in Huntington Beach, California commencing on February 1, 2023. Base rent is approximately $17,550 per month for the first 24 months with an annual escalation clause of 3.0% thereafter. Obligations under the lease are guaranteed by the Company. The Company paid an additional security deposit of $10,727 upon entering into the lease.

On September 30, 2022, SSI entered into a sublease of its facility in Huntington Beach, California with Camburg Engineering, Inc.(“Tenant”). The term of the sublease is through December 31, 2023 with a base monthly rent of $2,247 for the first twelve months and 3% annual escalation thereafter. The Tenant also pays a monthly common area maintenance of $112. The Tenant provided a security deposit of $2,426 upon entering into the sublease. Currently, this sub-lease is continuing on a month to month basis.

Item 2 of the 10-K filed Apr 10, 2026.3

Leadership

Who has led Brownie's Marine Group, Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert M. Carmichael2007–2013
  2. Grant Wesley Armstrong Jr.2012

President

  1. Robert M. Carmichael2007–2012
  2. Grant Wesley Armstrong Jr.2012
2010201520202025
Board members and other officers (3)

Former names

  • UNITED COMPANIES CORPSep 10, 2002 to Aug 16, 20072

Timeline

  1. Aug 24, 20268-K Earlier financial statements no longer reliable16
  2. Jul 24, 20268-K Executive or director change17
  3. Jul 8, 20268-K Entered a material agreement; Unregistered sale of shares18
  4. Dec 1, 20258-K Unregistered sale of shares; Executive or director change19
  5. Nov 20, 20258-K Entered a material agreement; New debt or obligation20
  6. Nov 3, 20258-K Executive or director change21
  7. Jun 16, 20258-K Entered a material agreement; New debt or obligation22
  8. Nov 19, 20248-K Entered a material agreement; New debt or obligation23
  9. Oct 9, 20248-K Change of auditor24
  10. May 29, 20248-K Executive or director change25
  11. Feb 13, 20248-K Entered a material agreement; New debt or obligation26
  12. Jun 29, 20238-K Executive or director change27
  13. Feb 15, 2012New chief executive Grant Wesley Armstrong Jr. becomes CEO12
  14. Mar 23, 2007New chief executive Robert M. Carmichael becomes CEO13

Filings

65 filings to the SEC since October 2021: 5 annual reports, 18 quarterly reports, 30 major events, 12 other. The latest 20:

  1. Sep 10, 202610-Q/A EDGAR
  2. Aug 24, 202610-Q/A EDGAR
  3. Aug 24, 20268-K EDGAR
  4. Aug 4, 202610-Q EDGAR
  5. Jul 24, 20268-K EDGAR
  6. Jul 8, 20268-K EDGAR
  7. May 15, 202610-Q EDGAR
  8. Apr 10, 202610-K EDGAR
  9. Mar 31, 2026NT 10-K EDGAR
  10. Dec 1, 20258-K EDGAR
  11. Nov 20, 20258-K EDGAR
  12. Nov 14, 202510-Q EDGAR
  13. Nov 3, 20258-K EDGAR
  14. Aug 18, 202510-Q/A EDGAR
  15. Aug 14, 202510-Q EDGAR
  16. Jul 2, 202510-Q EDGAR
  17. Jun 16, 20258-K EDGAR
  18. Jun 16, 202510-K EDGAR
  19. May 13, 2025NT 10-Q EDGAR
  20. Mar 31, 2025NT 10-K EDGAR

The 65 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Brownie's Marine Group, Inc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBrownie's Marine Group, Inc1
  • CIK0001166708
  • Employer ID (EIN)90-02261813
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company3
  • Incorporated inFlorida3
  • Fiscal year endsDecember 311
  • Industry code (SIC)3949 Sporting & Athletic Goods, NEC1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address3001 Nw 25Th Avenue,, Suite 1, Pompano Beach, FL 330691
  • Phone954-462-55701
  • Shares outstanding557,213,413 as of Sep 10, 202611
  • Public float$5.3M as of Jun 27, 20253
  • AuditorBush and Associates CPA LLC, Las Vegas, Nevada PCAOB ID 6797; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceSep 10, 20021
  • Filings307 in all: 8-K (102), 10-Q (56), NT 10-Q (24), 4 (20), 10-K (18), 10QSB (14), NT 10-K (11), 10-Q/A (6)1
    All 30 form types

    3 (6), 10KSB (5), SC 13D/A (5), 8-K/A (4), DEF 14C (4), PRE 14C (4), S-4/A (4), UPLOAD (4), 5 (3), SC 13D (3), CORRESP (2), D (2), 10QSB/A (1), PRER14C (1), REGDEX (1), S-4 (1), S-8 (1), S-8 POS (1), SB-2 (1), SB-2/A (1), SC 13G (1), SC 14F1 (1)

  • Latest filingsAnnual report (10-K) Apr 10, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Latest 8-K (8-K) Aug 24, 2026

Risk factors and legal proceedings

The risks Brownie's Marine Group, Inc names in Item 1A of its 10-K filed Apr 10, 2026: 23 risks under these headings, as written.3

  • FINANCIAL RISKS
  • We have a history of losses.
  • Our auditors have disclosed substantial doubt as to our ability to continue as a going concern.
  • Our common stock is currently traded on the OTCID Market and is only eligible for unsolicited quotes.
  • We rely on revenues from related parties.
  • We depend on licenses with Robert Carmichael, our Chairman and Chief Executive Officer, who owns much of our intellectual property.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results. As a result, current and potential shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of our stock.
  • The U.S. Consumer Products Safety Commission (“CPSC”) has issued a voluntary recall for one of our products.
  • BUSINESS AND OPERATIONAL RISKS
  • We are dependent upon certain key members of management and qualified employees and consultants.
  • Our failure to obtain and enforce intellectual property protection may have a material adverse effect on our business.
  • Our intellectual property rights are valuable, and any inability to adequately protect, or uncertainty regarding validity, enforceability or scope of them could undermine our competitive position and reduce the value of our products and brand, and litigation to protect our intellectual property rights may be costly.
The other 13 risks
  • We may be exposed to infringement or misappropriation claims by third parties, which, if determined against us, could adversely affect our business and subject us to significant liability to third parties.
  • We may not be able to enforce our intellectual property rights throughout the world.
  • We rely on third party vendors and manufacturers.
  • We are dependent on consumer discretionary spending.
  • Government regulations may impact us.
  • Our failure to adequately protect personal information that is collected on our website and our third-party payment platforms could have a material adverse effect on our business.
  • Bad weather could have an adverse effect on operating results.
  • The manufacture and distribution of recreational diving equipment could result in product liability claims.
  • SHAREHOLDER RISKS
  • The issuance of shares of our common stock upon exercise of our outstanding options, warrants, convertible debt and Series A Convertible Preferred Stock may cause immediate and substantial dilution to our existing shareholders.
  • Our common stock may be affected by limited trading volume and may fluctuate significantly.
  • Our company is a voluntary filer with the SEC and in the event that we cease reporting under the Exchange Act, investors would have limited information available to them about the company.
  • Our common stock is deemed to be “penny stock,” which may make it more difficult for investors to sell their shares due to suitability requirements.
  • Our officers and directors are able to control the Company.

Legal proceedings

There are no pending legal proceedings to which we are a party or in which any director, officer or affiliate of ours, any owner of record or beneficially of more than 5% of any class of our voting securities, or security holder is a party adverse to us or has a material interest adverse to us.

The opening of Item 3, Legal Proceedings.3

Sources

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