Brownie's Marine Group, Inc Just Filed Its Quarterly Report: 22. SUBSEQUEN...
On May 2, 2015, Mr. Purdon, related party employee, was issued 1,483,160 shares of restricted common stock in lieu of cash for $4,500, employee compensation for the month ended April 30, 2015. The number of shares issued was based on the weighted average share price during the month.
Effective April 22, 2015, the Company issued Mr. Carmichael, Chief Executive Officer of the Company, an unsecured promissory note in exchange for $27,000. Terms of the note are twelve monthly principal payments of $2,250 beginning June 15, 2015. Interest is 10% per annum, payable monthly in shares of stock, based on the weighted average price per share during the monthly period from the historical data as quoted on www.quotemedia.com for the Company’s common stock. Interest shall be calculated as the unpaid principal balance times the daily rate for the number of the days in the period times the average weighted price per share for the monthly period. The Company borrowed and is using the proceeds for tooling and inventory of new product it plans to offer in time for its local summer diving and boating season.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
To receive a free e-mail notification whenever Brownie's Marine Group, Inc
makes a similar move, sign up!
Other recent filings from the company include the following: