2.4.0.8119 - Disclosure - EQUITY BASED COMPENSATION FOR CONSULTING, LEGAL, AND OTHER PROFESSIONAL SERVICEStruefalsefalse1falsefalsefalseP01_01_2013To06_30_2013http://www.sec.gov/CIK0001166708duration2013-01-01T00:00:002013-06-30T00:00:001true1bwmgd_StockIssuedForConsultingLegalAndOtherProfessionalServicesAbstractbwmgd_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2bwmgd_StockIssuedForConsultingServicesTextBlockbwmgd_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00 <table border="0" style="clear:both;width:100%; table-layout:fixed;"> <tr> <td></td> </tr> </table> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> <div>13.</div> </td> <td style="TEXT-ALIGN: justify"> <div><u>EQUITY BASED COMPENSATION FOR CONSULTING, LEGAL, AND OTHER PROFESSIONAL SERVICES</u></div> </td> </tr> </table> </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; 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;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> Equity based compensation including bonuses for consulting, legal, and other professional services is presented on the face of the statement of stockholders’ deficit for the three and six months ended June 30, 2013. More information on the significant components of the amounts presented for the three and six months ended June 30, 2013 and 2012, follows:</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; 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;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> Pursuant to a consulting agreement for business advisory services, the Company issued or declared payable for the three months ended June 30, 2013, and 2012, <font style=" FONT-SIZE: 10pt"> 35,236</font> and <font style=" FONT-SIZE: 10pt">668</font>, respectively, for $<font style=" FONT-SIZE: 10pt">7,200</font> and $<font style=" FONT-SIZE: 10pt">20,000</font> services, respectively. Pursuant to a consulting agreement for business advisory services, the Company issued or declared payable for the six months ended June 30, 2013, and 2012, <font style=" FONT-SIZE: 10pt">68,032</font> and <font style=" FONT-SIZE: 10pt">2,333</font>, respectively, for $<font style=" FONT-SIZE: 10pt">26,800</font> and $<font style=" FONT-SIZE: 10pt">34,600</font> services, respectively. The stock conversion price under the agreement is calculated as a weighted average for the month the services were granted at a 30% discount. Up until the end of the first quarter 2012, operating expense was recorded at invoice value due to nominal trading volume. However, beginning in the second quarter of 2012, operating expense was recorded based on full weighted average share price of the market for the period in which the services were rendered.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; 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;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> On March 27, 2013, the Company entered into a consulting agreement for financial strategic advice for a term of twelve months from the date of the agreement and may be terminated by either party within 30 days written notice and any monies owed are due upon termination. As initial fee, the Company paid the consultant $25,000 in restricted stock during the three months ended June 30, 2013. Further, upon obtaining $5,000,000 new capital into the Company, the consultant will be due $500,000, upon successfully obtaining a second $500,000 commitment of new capital, $50,000 will be due to the consultant, upon successfully obtaining a third $500,000 commitment of new capital, and the same arrangement through eleven additional commitment of new capital. Amounts due shall be paid in cash and any brokerage commissions, private placement fees or other fees in connection with obtaining the new capital shall be reduced from the fees due the consultant on a dollar per dollar basis.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> On May 18, 2012, the Company issued restricted shares for business advisory and strategic services. The invoice amount was $<font style=" FONT-SIZE: 10pt">3,400</font> and the number of shares issued was based on a <font style=" FONT-SIZE: 10pt">30</font>% discount to market weighted average share price for period services were performed. However, the Company recorded operating expense at the full market weighted average share price for the period in which services were rendered, or $<font style=" FONT-SIZE: 10pt">4,857</font>.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> On February 2, 2012, the Company entered into a consulting agreement for financial and public relations services. The term of the agreement is for twelve (12) months and either party may cancel the agreement with 30 days written notice. Payment was to be monthly beginning in March 2012, in the form of $<font style=" FONT-SIZE: 10pt">10,000</font> cash, or $<font style=" FONT-SIZE: 10pt">20,000</font> worth of common stock based on the weighted average of the Company’s stock for the month at a <font style=" FONT-SIZE: 10pt">30</font>% discount. Payment in cash or stock was at the option of the Company. In addition, upon signing of the agreement, the Company was to issue <font style=" FONT-SIZE: 10pt">2,500,000</font> shares (pre reverse stock split) for services previously provided during the first quarter of 2012. The Company recognized $<font style=" FONT-SIZE: 10pt">29,750</font> operating expense under this agreement for the first quarter of 2012 and <font style=" FONT-SIZE: 10pt">3,910</font> shares payable. Due to the guarantee stock value clause in the Agreement, the Company compared the value at the time the stock was granted with the value at the end of the quarter, and determined there was no need for accrual of additional shares payable to achieve the $20,000 market value to guarantee. After March 31, 2012, this agreement and compensation under this agreement ceased. Accordingly, no expense related to this agreement was recorded beyond the first quarter of 2012.</div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> On March, 62012, the Company converted $<font style=" FONT-SIZE: 10pt">16,200</font> in design services payable into <font style=" FONT-SIZE: 10pt">445</font> restricted shares of common stock based on the market value of the stock on the date of conversion.</div> </div> falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure relating to issuance of stock in lieu of cash for consulting, legal, and other professional services.No definition available.false0falseEQUITY BASED COMPENSATION FOR CONSULTING, LEGAL, AND OTHER PROFESSIONAL SERVICESUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.browniesmarinegroup.com/role/EquityBasedCompensationForConsultingLegalAndOtherProfessionalServices12