Brownie's Marine Group, Inc Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported
Liquid Liquidation Value
- Accounts Receivable: not reported in this period (annual-only)
- Finance Lease Liability: not reported
Operating Liquidation Value
- Accounts Receivable: not reported in this period (annual-only)
- Finance Lease Liability: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-2.67M | $-0.01 |
| Liquid Liquidation Value | $-2.67M | $-0.01 |
| Operating Liquidation Value | $-331,392 | $-0.00 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $615,772 |
| Accounts Receivable | N/A |
| Inventory | $2.34M |
| Current Liabilities | $2.46M |
| Long-term Debt (?) | $31,198 |
| Op. Lease Liability (?) | $794,857 |
| Finance Lease (?) | N/A |
| Shares Outstanding | 503.3M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $615,772 | N/A | $2.34M | N/A | $2.46M | $31,198 | $794,857 | N/A |
| 2025-09-30 | $959,086 | N/A | $2.25M | N/A | $2.74M | $33,999 | $924,627 | N/A |
| 2025-06-30 | $907,094 | N/A | $2.23M | N/A | $3.03M | $41,486 | $1.04M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2025-12-31 | 10-K | 2026-04-10 | View |
| 2025-09-30 | 10-Q | 2025-11-14 | View |
| 2025-06-30 | 10-Q/A | 2025-08-18 | View |
| 2025-06-30 | 10-Q | 2025-08-14 | View |
| 2025-03-31 | 10-Q | 2025-07-02 | View |
| 2024-12-31 | 10-K | 2025-06-16 | View |
| 2024-09-30 | 10-Q | 2024-11-20 | View |
| 2024-06-30 | 10-Q | 2024-08-30 | View |
AI Insights
Brownie's Marine Group, Inc. (BWMG) is a micro-cap recreational diving equipment manufacturer and distributor operating through five subsidiaries. Under a liquidation lens at December 31, 2025, equity recovery is deeply negative. MFFAIS-reported CLV and LLV are both ($2.67M), with OLV at ($0.33M), consistent with this analysis.
Asset side: Total assets of $5.22M consist primarily of inventory ($2.34M gross, subject to 60% haircut = ~$1.40M recoverable), cash ($0.31M at 100%), accounts receivable embedded in current assets (not separately tagged but implied at ~$0.23M net after allowance, ~90-95% recovery), PP&E net $0.24M (50-70% haircut = ~$0.12-0.17M), operating lease ROU asset $1.20M (zero liquidation value), intangibles net $0.44M (zero), goodwill $0.25M (zero), and prepaid/other ~$0.24M (partial recovery). Rough liquidation asset pool: cash $0.31M + AR ~$0.21M + inventory ~$1.40M + PP&E ~$0.14M + deposits/other ~$0.05M = approximately $2.1M.
Liability side at face value: Total liabilities $3.29M, including current liabilities of $2.46M (accounts payable and accrued $0.59M, deferred/unearned revenue $0.16M, accrued payroll $0.10M, accrued taxes $0.05M, operating lease current $0.48M, notes/loans current $0.17M, other current $0.16M) plus non-current liabilities of $0.83M (operating lease non-current $0.79M, long-term loans $0.03M, other). Operating lease obligations total $1.28M on the balance sheet and $1.50M undiscounted future payments — these do not extinguish on windup without penalty.
Liquidation recovery to equity: ~$2.1M recoverable assets minus $3.29M liabilities = approximately ($1.2M) negative equity under liquidation. Book stockholders' equity is $1.93M, but that includes $0.69M of goodwill and intangibles (zero liquidation value) and ROU assets ($1.20M, zero value). Stripping those gives a tangible book closer to $0.04M before lease liabilities, which quickly turns negative when the full liability stack is applied.
Year-over-year context vs. the prior 10-Q (period ending September 30, 2025): The annual filing shows a net loss of $105K for FY2025, revenue of $7.52M, and accumulated deficit widening to $18.03M from roughly $17.6M at the Q3 2025 interim period. A notable development in the current 10-K is the issuance of approximately 48.1M shares in November-December 2025 primarily as non-cash compensation to insiders (Robert Carmichael ~24.7M shares, $198K; Charles Hyatt ~23.4M shares, $187K), together with a $17K current income tax provision — the first non-zero current tax in at least two years, reflecting a modest taxable income position at the consolidated level. The filing discusses related-party demand notes of $560K total (two notes to director Hyatt, each $280K, both past original maturity and extended through November 2025) but does not separately XBRL-tag the aggregate related-party note balance as a distinct balance sheet line; these amounts are captured within LoansPayableCurrent.
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