0001493152-19-012810.txt : 20190815 0001493152-19-012810.hdr.sgml : 20190815 20190815172858 ACCESSION NUMBER: 0001493152-19-012810 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 67 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190815 DATE AS OF CHANGE: 20190815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Brownie's Marine Group, Inc CENTRAL INDEX KEY: 0001166708 STANDARD INDUSTRIAL CLASSIFICATION: [3949] IRS NUMBER: 300024898 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-99393 FILM NUMBER: 191031137 BUSINESS ADDRESS: STREET 1: 3001 NW 25TH AVENUE, STREET 2: SUITE 1 CITY: POMPANO BEACH STATE: FL ZIP: 33069 BUSINESS PHONE: 954-462-5570 MAIL ADDRESS: STREET 1: 3001 NW 25TH AVENUE, STREET 2: SUITE 1 CITY: POMPANO BEACH STATE: FL ZIP: 33069 FORMER COMPANY: FORMER CONFORMED NAME: UNITED COMPANIES CORP DATE OF NAME CHANGE: 20020207 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

(Mark One)

 

  [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For the quarterly period ended June 30, 2019

 

or

 

  [  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For the transition period from ___________ to ___________

 

Commission file number 333-99393

 

Brownie’s Marine Group, Inc.

(Exact name of registrant as specified in its charter)

 

Florida   90-0226181

State or other jurisdiction of

incorporation or organization

  

I.R.S. Employer

Identification No.

 

3001 NW 25th Avenue, Suite 1    
Pompano Beach, Florida   33069
Address of principal executive offices   Zip code

 

(954) 462-5570

Registrant’s telephone number, including area code

 

Not applicable

Former name, former address and former fiscal year, if changed since last report

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
none   n/a   n/a

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer [  ]
Non-accelerated filer [X] Smaller reporting company [X]
Emerging growth company [  ]  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes [  ] No [X]

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. There were 183,586,228 shares of common stock outstanding at August 14, 2019.

 

 

 

   
 

 

TABLE OF CONTENTS

 

  PART I - FINANCIAL INFORMATION 3
     
ITEM 1. FINANCIAL STATEMENTS. 3
     
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 20
     
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 23
     
ITEM 4. CONTROLS AND PROCEDURES. 23
     
  PART II - OTHER INFORMATION 24
     
ITEM 1. LEGAL PROCEEDINGS. 24
     
ITEM 1A. RISK FACTORS. 24
     
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 24
     
ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 24
     
ITEM 4. MINE SAFETY DISCLOSURES. 24
     
ITEM 5. OTHER INFORMATION. 24
     
ITEM 6. EXHIBITS. 25

 

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION

 

Various statements in this report contain or may contain forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements were based on various factors and were derived from utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements and readers should carefully review this report, our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission on June 7, 2019 and our other filings with the Securities and Exchange Commission in their entirety. Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. These forward-looking statements speak only as of the date of this report, and you should not rely on these statements without also considering the risks and uncertainties associated with these statements and our business.

 

OTHER PERTINENT INFORMATION

 

Unless specifically set forth to the contrary, when used in this report the terms “Brownie’s”, “BWMG,” the “Company,” “we”, “us”, “our” and similar terms refer to Brownie’s Marine Group, Inc., a Florida corporation, and its subsidiaries. In addition, when used in this report, “second quarter of 2019” refers to the three months ended June 30, 2019, “second quarter of 2018” refers to the three months ended June 30, 2018, “2019” refers to the year ending December 31, 2019 and “2018” refers to the year ended December 31, 2018.

 

Unless specifically set forth to the contrary, the information which appears on our website at www.browniesmarinegroup.com is not part of this report.

 

 2 
 

 

PART I

 

Item 1. Financial Statements

 

BROWNIE’S MARINE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 

   June 30, 2019   December 31, 2018 
   (Unaudited)     
ASSETS        
Current Assets          
Cash  $173,601   $78,784 
Accounts receivable – net   50,094    27,204 
Accounts receivable - related parties   109,610    78,423 
Inventory   704,734    723,170 
Prepaid expenses and other current assets   230,283    58,520 
Total current assets   1,268,322    966,101 
           
Property, equipment and leasehold improvements, net   2,592    3,718 
Right-to-use lease assets   591,408    - 
Other assets   23,149    26,147 
           
Total assets  $1,885,471   $995,966 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
Current liabilities          
Accounts payable and accrued liabilities  $375,588   $325,309 
Accounts payable - related parties   153,458    125,243 
Customer deposits and unearned revenue   234,813    245,907 
Other liabilities   239,651    142,142 
Operating lease liabilities   91,301    - 
Convertible debentures, net   110,000    110,000 
Total current liabilities   1,204,811    948,601 
           
Long-term operating lease liabilities   498,709    - 
Total Liabilities   1,703,520    948,601 
           
Commitments and contingent liabilities          
           
Stockholders’ equity          
Preferred stock; $0.001 par value: 10,000,000 shares authorized; 425,000 issued and outstanding   425    425 
Common stock; $0.0001 par value; 1,000,000,000 shares authorized; 238 ,119,561 and 218,119,561 issued and outstanding at June 30, 2019 and 181,086,228 and 161,086,228 shares issued and outstanding and December 31, 2018, respectively   21,812    16,109 
Common stock payable 138,941 shares and 138,941 shares, respectively as of June 30, 2019 and December 31, 2018   14    14 
Additional paid-in capital   10,856,775    10,213,595 
Accumulated other comprehensive income   (9,946)   - 
Accumulated deficit   (10,687,129)   (10,182,778)
Total stockholders’ equity   181,951    47,365 
Total liabilities and stockholders’ equity  $1,885,471   $995,966 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 3 
 

 

BROWNIE’S MARINE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Three Months Ended June 30,   Six Months Ended June 30, 
   2019   2018   2019   2018 
Net revenues                    
Net revenues  $657,938   $511,737   $1,040,727   $868,520 
Net revenues - related parties   212,782    138,581    351,446    296,413 
Total net revenues   870,720    650,318    1,392,173    1,164,933 
                     
Cost of net revenues                    
Cost of net revenues   548,058    432,912    902,721    811,068 
Cost of net revenues - related parties   103,690    12,352    172,487    78,915 
Royalties expense - related parties   13,894    13,468    24,117    23,395 
Total cost of revenues   665,642    458,732    1,099,325    913,378 
                     
Gross profit   205,078    191,586    292,848    251,555 
                     
Operating expenses                    
Selling, general and administrative   408,950    248,600    729,145    503,709 
Research and development costs   34,676    36,744    64,244    43,176 
Total operating expenses   443,626    285,344    793,389    546,885 
                     
Loss from operations   (238,548)   (93,758)   (500,541)   (295,330)
                     
Other expense, net                    
Interest expense   1,758    15,445    3,810    31,813 
Total other expense   1,758    15,445    3,810    31,813 
                     
Loss before provision for income taxes   (240,306)   (109,203)   (504,351)   (327,143)
                     
Provision for income taxes   -    -    -    - 
                     
Net loss  $(240,306)  $(109,203)  $(504,351)  $(327,143)
                     
Loss on foreign current translation   (3,490)   -    (9,946)   - 
                     
Comprehensive loss  $(243,796)  $(109,203)  $(514,297)  $(327,143)
                     
Diluted loss per common share  $(0.00)  $(0.00)  $(0.00)  $(0.00)
                     
Diluted weighted average common shares outstanding   218,119,561    103,791,321    198,986,228    102,967,609 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 4 
 

 

BROWNIE’S MARINE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)

 

For The Three Months Ended June 30, 2018 And 2019

 

                   Common   Additional   Accumulated other       Total 
   Preferred Stock   Common Stock   Stock Payable   Paid-In   comprehensive   Accumulated   Stockholders’ 
   Shares   Amount   Shares   Amount   Shares   Amount   Capital   income   Deficit   Equity 
                                         
Balance, March 31, 2018   425,000   $425    102,801,412   $10,280    138,941   $14   $9,224,737   $-   $(9,097,733)  $137,723 
Shares issued for services   -    -    342,857    33    -    -    7,753    -    -    7,786 
Shares issued for licensing fee   -    -    759,422    76    -    -    29,924    -    -    30,000 
Net loss   -    -    -    -    -    -    -    -    (109,203)             (109,203)
                                                   
Balance, June 30, 2018   425,000   $425    103,903,691   $10,389    138,941   $14   $9,262,414   $-   $(9,206,936)  $66,306 
                                                   
Balance, March 31, 2019   425,000   $425    218,119,561   $21,812    138,941   $14   $10,799,943   $(6,456)  $(10,446,823)  $368,915 
Shares issued for services   -    -    -    -    -    -    56,832    -    -    56,832 
Foreign currency translation   -    -    -    -    -    -    -    (3,490)   -    (3,490)
Net loss   -    -    -    -    -    -    -    -    (240,306)   (240,306)
                                                   
Balance, June 30, 2019   425,000   $425    218,119,561   $21,812   $138,941   $14   $10,856,775   $(9,946)  $(10,687,129)  $181,951 

 

For The Six Months Ended June 30, 2018 And 2019

 

                   Common   Additional   Accumulated other       Total 
   Preferred Stock   Common Stock   Stock Payable   Paid-In   comprehensive   Accumulated   Stockholders’ 
   Shares   Amount   Shares   Amount   Shares   Amount   Capital   income   Deficit   Equity 
Balance, December 31, 2017   425,000   $425    92,192,717   $9,819    138,941   $14   $9,170,198   $-   $(8,879,793)  $       300,663 
Shares issued for services   -    -    2,342,857    233    -    -    32,553    -    -    32,786 
Unit offering   -    -    2,608,695    261    -    -    29,739    -    -    30,000 
Shares issued for licensing fee   -    -    759,422    76    -    -    29,924    -    -    30,000 
Net loss   -    -    -    -   -    -    -    -    (327,143)   (327,143)
                                                   
Balance, June 30, 2018  $425,000   $425    97,903,691   $10,390    138,941   $14   $9,262,414   $-   $(9,206,936)  $66,306 
                                                   
Balance, December 31, 2018   425,000   $425    161,086,228   $16,109    138,941   $14   $10,213,595   $-   $(10,182,778)  $47,365 
Shares issued for services   -    -    7,033,333    703    -    -    148,180    -    -    148,883 
Unit offering   -    -    50,000,000    5,000    -    -    495,000    -    -    500,000 
Foreign currency translation   -    -    -    -    -    -    -    (9,946)   -    (9,946)
Net loss   -    -    -    -    -    -    -    -    (504,351)   (504,351)
                                                   
Balance, June 30, 2019  $425,000   $425   $218,119,561   $21,812    138,941   $14   $10,856,775   $(9,946)  $(10,687,129)  $181,951 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 5 
 

 

BROWNIE’S MARINE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

 

   Six Months Ended June 30, 
   2019   2018 
Cash flows provided by operating activities:          
Net loss  $(504,351)  $(327,143)
Adjustments to reconcile net loss to cash used in operating activities:          
Depreciation and amortization   1,126    8,656 
Shares issued for services   118,883    32,786 
Shares issued for license fee   30,000    30,000 
Amortization of Operating right of use asset   44,205    0 
Amortization of debt discount   -    12,500 
Change in deferred tax asset, net        2,520 
Forgiveness of debenture debt        (2,744)
Changes in operating assets and liabilities          
Change in accounts receivable, net   (22,890)   (51,773)
Change in accounts receivable - related parties   (31,187)   (6,497)
Change in inventory   18,436    (202,987)
Change in prepaid expenses and other current assets   (168,765)   178,866 
Change in other assets        (22,500)
Change in accounts payable and accrued liabilities   40,333    255,493 
Change in customer deposits and unearned revenue   (11,094)   (26,585)
Change in other liabilities   97,509    (3,365)
Change in accounts payable - related parties   28,215    13,873 
Change in operating lease liabilities   (45,603)   - 
Net cash used in operating activities   (405,183)   (108,900)
           
Cash flows from financing activities:          
Proceeds from unit offering   500,000    30,000 
Net cash provided by financing activities   500,000    30,000 
           
Net change in cash   94,817    (78,900)
           
Cash, beginning balance   78,784    150,898 
Cash, end of period  $173,601   $71,998 
           
Supplemental disclosures of cash flow information:          
Cash paid for interest  $560   $- 
           
Cash paid for income taxes  $-   $- 
           
Supplemental disclosure of non-cash financing activities:          
Operating lease assets obtained in exchange for operating lease liabilities  $635,613   $- 
           
Receipt of prepaid fixed asset  $-   $28,700 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 6 
 

 

BROWNIE’S MARINE GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Description of business –Brownie’s Marine Group, Inc., (hereinafter referred to as the “Company,” or “BWMG”) designs, tests, manufactures and distributes recreational hookah diving, yacht based scuba air compressor and nitrox generation systems, scuba and water safety products through its wholly owned subsidiary Trebor Industries, Inc. and manufactures and sells high pressure air and industrial gas compressor packages through its wholly owned subsidiary Brownie’s High Pressure Compressor Services, Inc. The Company sells its products both on a wholesale and retail basis, and does so from its headquarters and manufacturing facility in Pompano Beach, Florida. The Company does business as (dba) Brownie’s Third Lung, the dba name of Trebor Industries, Inc. and Brownie’s High Pressure Compressor Services, Inc. The Company’s common stock is quoted on the OTC Markets (Pink) under the symbol “BWMG”.

 

On August 7, 2017, Brownie’s Marine Group, Inc. entered into an Exclusive Distribution Agreement with Lenhardt & Wagner GmbH (“L&W”), a German-based company engaged in the development, manufacturing and sales of high pressure air and industrial gas compressor packages. Under the terms of the Exclusive Distribution Agreement, we were appointed the exclusive distributor of L&W’s complete product line in North America and South America, including the Caribbean (the “Territory”). Pursuant to an intercompany assignment, Brownie’s High Pressure Compressor Services, Inc., our wholly-owned subsidiary (“BHPCS”), is party to the agreement. Through BHPCS we expect to conduct business and build the brand name “L&W Americas/LWA”, establishing sales, distribution and service centers for high pressure air and industrial gas systems in the dive, fire, CNG, military, scientific, recreational and aerospace industries. Our goal will be to build a network of jobbers, dealers, installers and high-pressure compressor distributors throughout the Territory by leveraging our know-how, brand awareness, complimentary products and creating sustainable distribution and core product OEM integration relationships.

 

In December 2017, the Company formed a wholly-owned subsidiary BLU3, Inc. The Company was formed to develop and market an innovation electric shallow dive system that is completely portable to the user. As of June 30, 2019 and December 31, 2018 the company has had limited operations.

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments consisting of a normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the six-month period ended June 30, 2019 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2019.

 

For further information, refer to the Company’s consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2018.

 

Definition of fiscal year – The Company’s fiscal year end is December 31.

 

Principles of Consolidation -The consolidated financial statements include the accounts of BWMG and its wholly owned subsidiaries, Trebor Industries, Inc., Brownie’s High Pressure Compressor Services, Inc. and BLU3, Inc. All significant intercompany transactions and balances have been eliminated in consolidation.

 

Use of estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

 7 
 

 

Cash and equivalents – Only highly liquid investments with original maturities of 90 days or less are classified as cash and equivalents. These investments are stated at cost, which approximates market value.

 

Going Concern – The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these consolidated financial statements. We incurred net losses for the six months ended June 30, 2019 and 2018 of $504,351 and $327,143, respectively. The Company had an accumulated deficit as of June 30, 2019 of $10,687,129.

 

Because the Company believes that existing operational cash flow may not be sufficient to fund presently anticipated operations, this raises substantial doubt about our ability to continue as a going concern. Therefore, the Company will continue to raise additional funds as needed and is currently exploring alternative sources of financing. The Company has issued a number of common shares and convertible debentures as an interim measure to finance working capital needs and may continue to raise additional capital through sale of restricted common stock or other securities or obtaining short term loans.

 

If BWMG fails to raise additional funds when needed, or does not have sufficient cash flows from sales, it may be required to scale back or cease operations, liquidate assets and possibly seek bankruptcy protection. The accompanying consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties.

 

Accounts receivable – Accounts receivable consist of amounts due from the sale of all of our products to wholesale and retail customers. The allowance for doubtful accounts are estimated based on historical customer experience and industry knowledge. The allowances for doubtful accounts totaled $9,200 and $9,200 at June 30, 2019 and December 31, 2018, respectively.

 

Inventory – Inventory is stated at the lower of cost or net realizable value. Cost is principally determined by using the average cost method that approximates the First-In, First-Out (FIFO) method of accounting for inventory. Inventory consists of raw materials as well as finished goods held for sale. The Company’s management monitors the inventory for excess and obsolete items and makes necessary valuation adjustments when indicated.

 

Property and equipment and leasehold improvements – Property and equipment and leasehold improvement is stated at cost less accumulated depreciation or amortization. Depreciation and amortization is provided principally on the straight-line method over the estimated useful lives of the assets or term of the lease, which are primarily 3 to 5 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense).

 

The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability.

 

Revenue Recognition

 

On January 1, 2018, we adopted the new accounting standard ASC 606, “Revenue from Contracts with Customers” and all the related amendments. This standards core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to receive. The new revenue standard was applied using the modified retrospective method. As a result of the adoption of this standard, there was no impact on the prior year financial statements.

 

We recognize the sale of products under single performance obligations upon shipment of the units as that is when ownership is transferred and our performance is completed. Revenues from repair and maintenance activities is recognized when the repairs are completed and the units have been shipped.

 

Advertising and marketing costs – The Company expenses the costs of producing advertisements and marketing material at the time production occurs, and expenses the costs of communicating advertisements and participating in trade shows in the period in which they occur. Advertising and trade show expense incurred for the three and six months ended June 30, 2019 and June 30, 2018, totaled $10,352, $3,324, $26,580 and $28,963, respectively.

 

 8 
 

 

Research and development costs – The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and developments costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. During the three and six months ended June 30, 2019 and June 30, 2018 the Company incurred research and development costs of $34,676, $64,244, $36,744 and $43,176, respectively.

 

Customer deposits and unearned revenue and returns policy – The Company typically takes a minimum 50% deposit against custom and large tankfill systems prior to ordering and/or building the systems. The remaining balance due is payable upon delivery, shipment, or installation of the system. There is no provision for cancellation of custom orders once the deposit is accepted, nor return of the custom ordered product. Additionally, returns of all other merchandise are subject to a 15% restocking fee as stated on each sales invoice. Customer deposits and unearned revenue totaled $234,813 and $245,907 at June 30, 2019 and December 31, 2018, respectively.

 

Warranty policy – Under the provisions of FASB ASC 460, Guarantor’s Guarantees, the Company accrues a liability for estimated warranty policy costs based on historical information and experience. The Company provides our customers with an industry standard one year warranty on systems sold and recognizes a warranty reserve based on gross sales multiplied by the historical warranty expense return rate The warranty reserve at March 31, 2019 and December 31, 2018 was charged to cost of net revenues and is included in accrued expenses and is deemed sufficient to absorb any material or labor costs that might be incurred on sales recorded during the period. The Company recognized a reserve for warranty work in 2018 of $8,834. During the six months ended June 30, 2019 the Company increased the reserve by $1,709 to a total of $10,543.

 

Income taxes – The Company accounts for its income taxes under the assets and liabilities method, which requires recognition of deferred tax assets and liabilities for future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

 

The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company were to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, they would make an adjustment to the valuation allowance which would reduce the provision for income taxes.

 

The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also included is guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

 

Stock-based compensation – The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes valuation model to calculate the fair value of options and warrants issued to both employees and non-employees.

 

 9 
 

 

Stock issued for compensation is valued on the effective date of the agreement in accordance with generally accepted accounting principles, which includes determination of the fair value of the share-based transaction. The fair value is determined through use of the quoted stock price.

 

During the three and six months ended June 30, 2019 and 2018, the Company recognized share based compensation with a fair value of $56,832, $148,883 $7,786 and $32,786 respectively.

 

Beneficial conversion features on convertible debentures – A beneficial conversion feature arises when the conversion price of a convertible instrument is below the per share value of the underlying stock into which it is convertible. The fair value of the stock upon which to base the beneficial conversion feature (BCF) computation has been determined through use of the quoted stock price.

 

Fair value of financial instruments – Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

 

Level 1 - Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

 

Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

 

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

 

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Company. Management considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Company’s perceived risk of that investment.

 

At June 30, 2019 and December 31, 2018, the carrying amount of cash, accounts receivable, accounts receivable – related parties, accounts payable and accrued liabilities, customer deposits and unearned revenue, other liabilities, and convertible debentures, approximate fair value because of the short maturity of these instruments.

 

Earnings per common share – Basic earnings per share excludes any dilutive effects of options, warrants and convertible securities. Basic earnings per share is computed using the weighted-average number of outstanding common shares during the applicable period. Diluted earnings per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Common stock equivalent shares are excluded from the computation if their effect is antidilutive. At June 30, 2019 and June 30, 2018, 83,782,544 and 62,164,296, respectively, potentially dilutive shares were not recognized as their inclusion would be anti-dilutive. These shares reflect shares potentially issuable under convertible note agreements, outstanding warrants, outstanding stock options and the conversion of preferred stock.

 

 10 
 

 

New accounting pronouncements

 

In June 2018, the Financial Accounting Standards Board issued ASU 2018-7, “Compensation – Stock Compensation” (Topic 718) amending the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments specify that nonemployee share-based payments are measured at grant-date fair value with the grant date being defined when the parties reach a mutual understanding of the key terms and conditions of the share-based award. ASU 2018-07 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU 2018—07 did not have an impact on our operations, cash flows or financial condition.

 

In March 2018, the FASB issued ASU 2018-05, “Income Taxes” (Topic 740) amending previous guidance on accounting and disclosures for income taxes addressing changes under the Tax Cuts and Jobs Act (the “Act”). This standard addresses the recognition of taxes payable or refundable in the current year and the recognition of deferred tax liabilities and deferred tax assets following passage of the Act. ASU 2018-5 had an enactment date of December 22, 2017. We do not believe this ASU had a material impact on our results of operation, cash flows or financial condition.

 

In February 2016, the FASB issued ASU 2016-02, Leases, which will amend current lease accounting to require lessees to recognize (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.

 

This standard did not have a material impact on our consolidated statement of operations however, the recognition of right of use assets and real estate operating lease liabilities had a material impact on our consolidated balance sheet presentation. Adoption of this standard resulted in additional right of use assets and additional liabilities of approximately $635,613 based on the present fair value of the remaining minimum rental payments under our current real property lease obligations. See Note 12.

 

The Company believes there was no other new accounting guidance adopted, but not yet effective that either has not already been disclosed in prior reporting periods or is relevant to the readers of our consolidated financial statements.

 

2. INVENTORY

 

   June 30, 2019
(unaudited)		   December 31, 2018 
         
Raw materials  $367,594   $353,619 
Finished goods   480,737    513,148 
Allowance for obsolete inventory   (143,597)   (143,597)
   $704,734   $723,170 

 

For the year ended December 31, 2018, the Company recognized an additional reserve for obsolete or slow moving inventory of approximately $100,000.

 

3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets consisted of the following:

 

   

June 30, 2019

(unaudited)

     December 31, 2018  
             
Prepaid inventory   $ 213,006     $ 39,260  
Prepaid insurance     11,277       4,615  
Prepaid other current assets     6,000       14,645  
    $ 230,283     $ 58,520  

 

 11 
 

 

4. PROPERTY AND EQUIPMENT, NET

 

Property, equipment and leasehold improvements consists of the following as of:

 

   June 30, 2019
(unaudited)		   December 31, 2018 
         
Tooling and equipment  $138,632   $138,632 
Computer equipment and software   27,469    27,469 
Vehicles   44,160    44,160 
Leasehold improvements   43,779    43,779 
    254,040    254,040 
Less: accumulated depreciation and amortization   (251,448)   (250,322)
   $2,592   $3,718 

 

Depreciation and amortization expense totaled $1,126 and $8,656 for the six months ended June 30, 2019 and 2018, respectively.

 

5. OTHER ASSETS

 

Other assets at June 30, 2019 of $23,149 consisted of refundable deposits $6,649 and an unamortized license fee of $16,500. Other assets at December 31, 2018 of $26,147 consisted of refundable deposits $6,649 and an unamortized license fee of $19,498.

 

6. CUSTOMER CREDIT CONCENTRATIONS

 

The Company sells to three (3) entities owned by the brother of Robert Carmichael, the Company’s Chief Executive Officer, and three (3) companies owned by the Chief Executive Officer as further discussed in Note 7 - RELATED PARTIES TRANSACTIONS. Combined sales to these six (6) entities for the six month periods ended June 30, 2019 and 2018, represented 25.24 % and 24.31% respectively, of total net revenues.

 

In excess of 90% of our total net revenues are made up of product sales to customers within the state of Florida.

 

7. RELATED PARTIES TRANSACTIONS

 

Net revenues and accounts receivable – related parties – The Company sells products to Brownie’s Southport Divers, Inc., Brownie’s Palm Beach Divers, Inc., and Brownie’s Yacht Toys, Inc., owned by the brother of the Company’s Chief Executive Officer. Terms of sale are no more favorable than those extended to any of the Company’s other customers with similar sales volumes. Combined net revenues from these entities for the three and six months ended June 30, 2019 and 2018, totaled $212,782, $351,446, $138,581 and $299,413, respectively. Accounts receivable from Brownie’s SouthPort Diver’s, Brownie’s Palm Beach Divers and Brownie’s Yacht Toys, at June 30, 2019, was $53,684, $24,147 and $10,288 respectively. Accounts receivable from Brownie’s SouthPort Diver’s, Brownie’s Palm Beach Divers, and Brownie’s Yacht Toys at December 31, 2018, was $49,443, $7,731, and $8,646, respectively.

 

The Company sells products to Brownie’s Global Logistics, LLC. (“BGL”) and 940 Associates, Inc. (“940A”), entities wholly owned by the Company’s Chief Executive Officer. Terms of sale are more favorable than those extended to the Company’s regular customers, but no more favorable than those extended to the Company’s strategic partners. Terms of sale to BGL approximate cost or include a nominal margin. These terms are consistent with those extended to Brownie’s strategic partners. Strategic partner terms on a per order basis include promotion of the Company’s technologies and “Brownie’s” brand, offered only on products or services not offered for resale, and must provide for reciprocal terms or arrangements to the Company on strategic partners’ product or services. BGL is fulfilling the strategic partner terms by providing exposure for the Company’s technologies and “Brownie’s” brand in the yachting and exploration community world-wide through its operations. Combined net revenues from these two entities for three and six months ended June 30, 2019 and 2018, were $16,000, $16,810 $0 and $0, respectively. Accounts receivable from BGL and 940A totaled $21,491 and $12,603 at June 30, 2019 and December 31, 2018, respectively.

 

 12 
 

 

Accounts payable – related parties – The Company had accounts payable to related parties of $153,458 and $125,243 at June 30, 2019 and December 31, 2018, respectively. The balance payable at June 30, 2019 and December 31, 2018 was due to BLG and 940A.

 

Royalties expense – related parties – The Company has Exclusive License Agreements with 940A, an entity owned by the Company’s Chief Executive Officer, to license the trademark “Brownies Third Lung”, “Tankfill”, “Brownies Public Safety” and various other related trademarks as listed in the agreement. This license agreement requires the Company to pay 940A 2.5% of gross revenues per quarter. Total royalty expense for the above agreements for the three and six months ended June 30, 2019 and 2018 as disclosed on the face of the Company’s Consolidated Statements of Operations totaled $13,894, $24,117, $13,468 and $23,395, respectively.

 

In December 2018, the Company issued 20,000,000 shares of common stock to its Chief Executive Officer as an incentive bonus. As the shares are subject to continued employment by the CEO through January 2, 2020, the Company has treated the shares as issued but not as yet outstanding. Expense for the issuance is being recognized over the full vesting period, and accordingly, the Company recognized stock compensation expense of $10,576 as of December 31, 2018. During the three and six months ended June 30, 2019 the Company recognized additional stock compensation expense of $46,907 and $92,783, respectively. The Total amount of expense recorded as of June 30, 2019 is $103,360.

 

On August 1, 2017, Mr. Mikkel Pitzner was appointed by the Company’s board of directors to serve on the Company’s board of directors, filling a vacancy on the board. Mr. Pitzner shall serve on the board of directors and shall hold office until the next election of directors by stockholders and until his successor is elected and qualified or until his earlier resignation or removal. The Company has agreed to pay Mr. Pitzner an annual fee of $6,000 and has issued Mr. Pitzner 3,333,333 shares of restricted common stock valued at $31,250 under a consulting agreement expiring in January 2019. In December 2018, Mr. Pitzner was issued 708,287 common shares in payment of accrued director fees through December 31, 2018. The shares were valued at $0.0195 per share, totaling $13,812, the fair value on the date of grant. During the six months ended June 30, 2019 the Company recorded $31,250 of stock compensation pursuant to this agreement.

 

In January 2018, the Company issued 2,000,000 shares of common stock to Mr. Dana Allan for his services for serving on our board of directors. The grant date fair value of the shares issued was $50,200 and were expensed during the year ended December 31, 2018. Mr. Allan also received 552,742 shares for his services on our board of directors with a grant date fair value of $10,778 and were expensed during the year ended December 31, 2018. Mr. Allen resigned as a director effective March 31, 2019.

 

Stock options outstanding from patent purchase – Effective March 3, 2009, the Company entered into a Patent Purchase Agreement with Robert M. Carmichael, the Chief Executive Officer of the Company. The Company purchased several patents it had previously been paying royalties on and several related unissued patents. In exchange for the Intellectual Property, the Company issued Mr. Carmichael 297 stock options at a $1,350 exercise price expiring ten years from the effective date of grant. The options expired on March 2, 2019 without being exercised.

 

Commencing in February 2019, the Company began paying Mr. Pitzner $9,300 per month, inclusive of a $1,300 auto allowance, for consulting services. These payments are not covered by a written agreement.

 

8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

 

Accounts payable and accrued liabilities consists of the following as of:

 

   June 30, 2019
(unaudited)		   December 31, 2018 
         
Accounts payable trade and other  $298,862   $249,833 
Accrued payroll & fringe benefits   44,432    48,065 
Accrued Warranty Expense   10,543    8,834 
Accrued payroll taxes & withholding   8,339    8,415 
Accrued interest   13,412    10,162 
   $375,588   $325,309 

 

 13 
 

 

Balances due certain vendors are in arrears to varying degrees. The Company is handling all delinquent accounts on a case-by-case basis.

 

9. OTHER LIABILITIES

 

Other liabilities consist of the following as of:

 

   

June 30, 2019

(unaudited)

     December 31, 2018  
             
Short-term loans   $ 126,572 (*)   $ 126,572 (*)
Asset purchase agreement payable     12,857       12,857  
Other accrued liabilities     43,813          
Accrued royalties’ expense     5,838       2,027  
Accrued vendor settlement     50,253          
On-line training liability     318       686  
    $ 239,651     $ 142,142  

 

(*) Initial balance of $200,000 non-convertible note dated July 7, 2013. The note carries a 0% interest rate and is due on demand.

 

10. CONVERTIBLE DEBENTURES

 

Convertible debentures consist of the following at December 31, 2018:

 

Origination
Date		  Maturity
Date		  Interest
Rate		   Origination
Principal
Balance		   Original
Discount
Balance		   Period
End
Principal
Balance		   Period
End
Discount
Balance		   Period
End
Balance,
Net		   Accrued
Interest
Balance		   Reg. 
8/31/2011  8/31/2013   5%   10,000    (4,286)   10,000    —    10,000    3,694    (1)
12/01/17  12/01/19   6%   50,000    (12,500)   50,000    —    50,000    3,250    (2)
12/05/17  12/04/19   6%   50,000    (12,500)   50,000    —    50,000    3,218    (3)
                     $110,000   $—   $110,000   $10,162      

 

Convertible debentures consist of the following at June 30, 2019:

 

Origination
Date		   Maturity
Date		   Interest
Rate		     Origination
Principal
Balance		     Original
Discount
Balance		     Period
End
Principal
Balance		     Period
End
Discount
Balance		     Period
End
Balance,
Net		     Accrued
Interest
Balance		     Reg.  
8/31/2011   8/31/2013     5 %     10,000       (4,286 )     10,000       —       10,000       3,944       (1 )
12/01/17   12/01/19     6 %     50,000       (12,500 )     50,000       —       50,000       4,750       (2 )
12/05/17   12/04/19     6 %     50,000       (12,500 )     50,000       —       50,000       4,717       (3 )
                                $ 110,000     $ —     $ 110,000     $ 13,411          

 

(1) The Company borrowed $10,000 in exchange for a convertible debenture. The lender at their option may convert all or part of the note plus accrued interest into common stock at a price of thirty percent (30%) discount as determined from the average four (4) highest closing bid prices over the preceding five (5) trading days. The Company valued the beneficial conversion feature of the convertible debenture at $4,286, which was accreted to interest expense over the period of the note. The discount has been fully amortized as of December 31, 2018. The company has not received any demand of payment or a notice of default from the lender.

 

 14 
 

 

(2) The Company entered into a 6% Secured Convertible Promissory Note, due December 1, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company’s wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie’s High Pressor Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company’s Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.

 

(3) The Company entered into a 6% Secured Convertible Promissory Note, due December 4, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company’s wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie’s High Pressure Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company’s Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.

 

12. COMMITMENTS AND CONTINGENCIES

 

From time to time the Company is subject to legal proceedings, claims and litigation arising in the ordinary course of business, including matters relating to product liability claims. Such product liability claims sometimes involving wrongful death or injury have historically been covered by product liability insurance, which provided coverage for each claim up to $1,000,000. During the third quarter of 2014, the Company did not renew its product liability insurance since the renewal policy amount was cost prohibitive. As of August 15, 2017, the Company has obtained Product Liability Insurance, although prior claims are not covered under the new policy. The initial term of the policy was through August 14, 2018 and was renewed through August 14, 2019.

 

In addition, as previously disclosed, the Company, Trebor and other third parties, are each named as a co-defendants under actions initially filed in March 2015 in the Circuit Court of Broward County under Case No. CACE-15-03238 and CACE -16-0000242 by the Estate of Ernesto Rodriguez, claiming wrongful death and products liability resulting in the decedent’s drowning death while using a Brownie’s Third Lung product. This claim falls outside the Company’s period of insurance coverage. Plaintiff has claims damages exceeding $1,000,000. A default judgment was entered against Trebor in 2015 due to its failure to timely respond to the complaint. On November 2, 2016, the court granted plaintiff’s motion for sanctions against our company for frivolous litigation relating to our attempt to have the matter dismissed and granted the plaintiff’s motion to strike our motion for summary judgment due to our initial default. The Company believes the claim to be a Workers Compensation claim relating exclusively against other non-affiliated defendants and without merit, and will aggressively defend this action and to appeal the default judgment. In the event Trebor is unable to overturn the default judgment and the defendants are determined to be at fault, we would seek to allocate damages among all of the other parties, including the plaintiff. At this time, the amount of any loss, or range of loss, cannot be reasonably estimated due to the undetermined validity of any claim or claims made by plaintiff and the mitigating factors among the parties. Therefore, the Company has not recorded reserves and contingent liabilities related to this matter. However, in the future, as the case progresses, the Company may be required to record a contingent liability or reserve for these matters.

 

In April 2019, the Company reached a settlement agreement with a customer regarding returned merchandise agreeing to refund $65,000. The Company determined the returned merchandise had little or no value and the adjustment was charged to Cost of Revenues at December 31, 2018. In addition, the Company recognized $1,500 in related legal fees in this matter as of December 31, 2018.

 

On August 14, 2014, the Company entered into a new lease commitment. Terms of the new lease include thirty-seven-month term commencing on September 1, 2014; payment of $5,367 security deposit; base rent of approximately $4,000 per month over the term of the lease plus sales tax; and payment of 10.76% of annual operating expenses (i.e. common areas maintenance), which is approximately $2,000 per month subject to periodic adjustment. On December 1, 2016, we entered into an amendment to the initial lease agreement, commencing on October 1, 2017, extending the term for an additional eighty-four months, expiring September 30, 2024. The base rent was increased to $4,626 per month with a 3% annual escalation throughout the amended term.

 

 15 
 

 

On November 11, 2018, the Company entered a new lease agreement for approximately 8,025 square feet adjoining its existing facility in Pompano Beach, Florida. Terms of the new lease include a sixty-nine month term commencing on January 1, 2019, or the date the Company takes possession of the premises, if earlier; a $6,527 security deposit; initial base rent of approximately $4,848 per month escalating at 3% per year during the term of the lease plus Florida state sales tax and payment of 10.11% of the buildings annual operating expenses (i.e. common area maintenance) which is approximately $1,679 per month subject to adjustment as provided in the lease.

 

We believe that the facilities are suitable for their intended purpose, are being efficiently utilized and provide adequate capacity to meet demand for the foreseeable future.

 

Supplemental balance sheet information related to leases was as follows:

 

Operating Leases  Classification  June 30, 2019 
Right-of-use assets  Operating right of use assets  $591,408 
         
Current lease liabilities  Current operating lease liabilities   91,301 
Non-current lease liabilities  Long-term operating lease liabilities   498,709 
Total lease liabilities     $590,010 

 

Lease term and discount rate were as follows:

 

   June 30, 2019 
Weighted average remaining lease term (years)   5.18 
      
Weighted average discount rate   5.91%

 

The component of lease costs were as follows:

 

   Three months ended
June 30, 2019		 
Operating lease cost  $10,936 
      
Variable lease cost   - 
      
Total lease costs  $10,936 

 

The component of lease costs were as follows:

 

   Six months ended
June 30, 2019		 
Operating lease cost  $41,874 
      
Variable lease cost   - 
      
Total lease costs  $41,874 

 

 16 
 

 

Supplemental disclosures of cash flow information related to leases were as follows:

 

   June 30, 2019 
Cash paid for operating lease liabilities  $45,603 
Operating right of use assets obtained in exchange for operating lease liabilities  $635,613 

 

Maturities of lease liabilities were as follows as of June 30, 2019:

 

   Trebor
Industries
Office Lease		   BMG Office
Lease		   Copier   Total lease
payments		 
Remainder of 2019  $29,020   $29,091   $4,194   $62,305 
2020   59,339    59,927    8,388    127,654 
2021   61,119    61,725    8,388    131,232 
2022   62,953    63,576    8,388    134,917 
2023 and thereafter   114,559    116,070    2,796    233,424 
Total   326,999    330,389    32,154    689,533 
Less: Imputed interest   (46,599)   (49,479)   (3,445)   (99,523)
Present value of lease liabilities  $280,391   $280,910   $28,709    $ 590,010 

 

On August 7, 2017 the Company entered into an Exclusive Distribution Agreement with Lenhardt & Wagner GmbH (“L&W”), a German-based company engaged in the development, manufacturing and sales of high pressure air and industrial gas compressor packages. Under the terms of the Exclusive Distribution Agreement, we were appointed the exclusive distributor of L&W’s complete product line in North America and South America, including the Caribbean (the “Territory”). Pursuant to an intercompany assignment, Brownie’s High Pressure Compressor Services, Inc., our wholly-owned subsidiary (“BHPCS”), is party to the agreement. Through BHPCS we conduct business under the brand name “LW Americas/LWA”, establishing sales, distribution and service centers for high pressure air and industrial gas systems in the dive, fire, CNG, military, scientific, recreational and aerospace industries. Under the terms of the agreement, we were granted a non-exclusive, non-transferrable and irrevocable right to use certain of L&W’s trademarks in connection with the marketing, use, sale and service of the products in the Territory. The agreement is for an initial term of five years, and will automatically renew for one additional five year term unless terminated by either party upon one year written notice prior to the expiration of the then current term. Either party may terminate the agreement without cause upon one year prior written notice to the other party. In addition, L&W may terminate the agreement for cause upon 120 days prior notice to us, subject to certain cure periods.

 

In May 2018 the Company entered into an agreement with an employee to pay him $28 an hour in cash and $10 per hour in common stock not to exceed 40 hours a week. The stock price is determined at the end of each month using the 10-day weighted average of the stock price. As of June 30, 2019, the Company has not issued all of the common stock to the employee and has recorded a liability of $4,800.

 

Under the patent license agreement, the Company paid an initial license fee in April 2018 through the issuance of 759,422 shares of common stock with a fair value of $30,000 which is being amortized on a straight line basis over its five year term which resulted in the Company amortizing $3,000 during the six months ended June 30, 2019. During the six months ended June 30, 2019 the Company amortized an additional $3,000. The patent license agreement further provides for royalties to be paid based on annual net revenues achieved

 

13. EQUITY AND EQUITY INCENTIVE PLAN

 

Common Stock

 

The Company had 238,119,561 and 161,086,228 common shares outstanding at June 30, 2019 and December 31, 2018, respectively.

 

 17 
 

 

In December 2018, the Company issued 20,000,000 shares of common stock to our CEO as an incentive bonus. As the shares are subject to continued employment by the CEO through January 2, 2020, the Company has treated the shares as issued but not as yet outstanding. Expense for the issuance is being recognized over the full vesting period, and accordingly, the Company recognized stock compensation expense of $10,576 as of December 31, 2018. During the three and six months ended June 30, 2019 the Company recognized additional stock compensation expense of $46,907 and $92,783, respectively. The Total amount of expense recorded as of June 30, 2019 is $103,359.

 

On August 1, 2017, Mr. Mikkel Pitzner was appointed by the Company’s board of directors to serve on the Company’s board of directors, filling a vacancy on the board. Mr. Pitzner shall serve on the board of directors and shall hold office until the next election of directors by stockholders and until his successor is elected and qualified or until his earlier resignation or removal. The Company has agreed to pay Mr. Pitzner an annual fee of $6,000 and has issued Mr. Pitzner 3,333,333 shares of restricted common stock valued at $31,250 under a consulting agreement expiring in January 2019. In December 2018, Mr. Pitzner was issued 708,287 common shares in payment of accrued director fees through December 31, 2018. The shares were valued at $0.0195 per share, totaling $13,812, the fair value on the date of grant. During the six months ended June 30, 2019 the Company recorded $31,250 of stock compensation pursuant to this agreement.

 

In January 2019, the Company entered into an investment banking and corporate advisory agreement. The term of the agreement is for one year and provided for compensation of 2,700,000 common shares with a fair value of $29,700 plus related expenses. The shares were issued in February and March 2019. For the three and six months ended June 30, 2019 the Company expenses $7,450 and $14,850, respectively in stock compensation.

 

In January 2019, the Company issued 1,000,000 common shares with a fair value of $12,500 to a consultant for general administrative advisory services, of which $2,500 and $10,000 was expensed during the three and six months ended June 30, 2019, respectively.

 

In March 2019 we issued an accredited investor, a unit of the securities of the Company, with the unit consisting of 50,000,000 shares of common stock, par value $0.0001 per share and 50,000,000 eighteen month common stock purchase warrants exercisable at $0.01 per share in consideration of $500,000. The Company intends to use the proceeds from the sale for product research and development and working capital purposes. The Company did not pay any fees or commissions in connection with the sale of the unit.

 

Preferred Stock

 

During the second quarter of 2010, the holder of the majority of the Company’s outstanding shares of common stock approved an amendment to the Company’s Articles of Incorporation authorizing the issuance of 10,000,000 shares of preferred stock. The preferred stock as authorized has such voting powers, designations, preferences, limitations, restrictions and relative rights as may be determined by our Board of Directors of the Company from time to time in accordance with the provisions of the Florida Business Corporation Act. Before modification, the existing Articles of Incorporation did not authorize the issuance of shares of preferred stock. The Company authorized the preferred stock for the purpose of added flexibility in seeking capital and potential acquisition targets. The amendment authorizing the issuance of shares of preferred stock grants the Board authority, without further action by our stockholders, to designate and issue preferred stock in one or more series and to designate certain rights, preferences and restrictions of each series, any or all of which may be greater than the rights of the common stock. As of June 30, 2019 and December 31, 2018, the 425,000 shares of preferred stock are owned by the Company’s Chief Executive Officer. The preferred shares have 250 to 1 voting rights over the common stock, and are convertible into 31,481 shares of common stock. The preferred stock votes with the Company’s common stock, except as otherwise required under Florida law.

 

Equity Incentive Plan

 

On August 22, 2007, the Company adopted an Equity Incentive Plan (the “Plan”). The Plan expired on August 22, 2017. All 297 options issued under the Plan had expired as of March 31, 2019.

 

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Equity Compensation Plan Information as of December 31, 2018.

 

   Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
(a)		   Weighted – average
exercise price of
outstanding options,
warrants and rights
(b)		   Number of securities
remaining available
for future issuances
under equity
compensation plans
(excluding securities
reflected in column
(a) (c)		 
Equity Compensation Plans Approved by Security Holders   297   $1,350    — 
Equity Compensation Plans Not Approved by Security Holders   —    —    — 
Total   297   $1,350    — 

 

Equity Compensation Plan Information as of June 30, 2019.

 

      Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
(a)		       Weighted – average
exercise price of
outstanding options,
warrants and rights
(b)		       Number of securities
remaining available
for future issuances
under equity
compensation plans
(excluding securities
reflected in column
(a) (c)		  
Equity Compensation Plans Approved by Security Holders     —     $ —       —  
Equity Compensation Plans Not Approved by Security Holders     —       —       —  
Total     —     $ —       —  

 

14. SUBSEQUENT EVENTS

 

On July 17, 2019 the Company sold 2,500,000 shares of common stock for proceeds of $25,000 ($0.01 per share).

 

Effective July 29, 2019 the Company issued options to purchase up to an aggregate of 22,838,094 shares of common stock to two service providers, including Mikkel Pitzner, a member of the Company’s board of directors, and Blake Carmichael, an employee of the Company. The options were issued pursuant to a stock option grant agreement and are exercisable at $0.018 per share for a period of five years from the date of issuance, subject to vesting over a period of six months.

 

Effective July 29, 2019 the Company has agreed to pay the members of the Company’s board of directors an annual fee of $18,000 for serving on the Company’s board of directors for the year ending December 31, 2019.

 

Effective July 29, 2019 the Company issued its chief executive officer options to purchase up to 20,761,904 shares of common stock. The options were issued pursuant to a Grant Agreement and are exercisable at $0.018 per share for a period of five years from the date of issuance, subject to vesting over a period of six months.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

Introductory Statements

 

Information included or incorporated by reference in this filing may contain forward-looking statements. This information may involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology.

 

Overview

 

Brownie’s Marine Group, Inc., a Florida corporation (referred to herein as “the Company”, “we”, or “BWMG”), designs, tests, manufactures and distributes recreational diving, yacht based scuba air compressor and nitrox generations systems, and water safety products through its wholly owned subsidiary, Trebor Industries, Inc., d/b/a Brownie’s Third Lung, a Florida corporation. The Company sells its products both on a wholesale and retail basis, and does so from its headquarters and manufacturing facility located in Pompano Beach, Florida. The Company does business as (dba) Brownie’s Third Lung, the dba name of Trebor Industries, Inc.

 

In August 2017, the Company organized Brownie’s High Pressure Compressor Services, Inc., a wholly-owned subsidiary (“BHPCS dba LWA”) Through BHPCS we are party to an Exclusive Distribution Agreement with Lenhardt & Wagner GmbH (“L&W”), a German-based company engaged in the development, manufacturing and sales of high pressure air and industrial gas compressor packages. Through this agreement we intend to establish sales, distribution and service centers for high pressure air and industrial gas systems in the dive, fire, CNG, military, scientific, recreational and aerospace industries. The Company’s common stock is quoted on the OTC Markets (Pink) under the symbol “BWMG”. The Company’s website is www.Browniesmarinegroup.com. Information on the website is not a part of this report.

 

In December 2017, the Company formed a wholly-owned subsidiary BLU3, Inc. The Company was formed to develop and market an innovation electric shallow dive system that is completely portable to the user. As of June 30, 2019 BLU3 has only incurred expenses for research and development.

 

Results of Operations for the Three Months Ended June 30, 2019 as Compared to the Three Months Ended June 30, 2018

 

Net revenues. For the three months ended June 30, 2019, we had net revenues of $870,720, a 34% increase over the three months ended June 30, 2018. The sale of BHPC’s High Pressure Compressors accounted for an approximately $232,000 increase, while Brownie’s Third Lung Sales decreased by approximately $12,000.

 

While there can be no assurance, the Company expects revenues to increase in the future due to increase in our customer base, product modifications, improved geographical reach and improved marketing, which we anticipate will result in additional sales both from Brownie’s Third Lung and also under the Exclusive Distribution Agreement with L&W. The sales for BHPCS increased by 92% compared to the three months ended June 30, 2018. This revenue increase is due to increase in the customer base, increase in market penetration, increase in customer awareness and our efforts to revive previous market exposure. As we have been marketing our BHPCS compressors for approximately two years and we believe our customers are becoming more receptive to our brand of L&W compressors. Related party revenues increased by approximately 54% between periods, as a result of an increased in demand in recreational dive products primarily.

 

We expect to deliver our first pre-orders of our NEMO™ product in the third quarter of 2019. Our BLU3 products are currently in the development stage, and the Company has been incurring engineering and development costs. In connection with this project, in April 2018, the Company entered into a patent license agreement contracting for certain intellectual property rights which we believe will enhance the capabilities of our portable shallow dive systems currently under development.

 

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In November 2018, the Company announced its crowdfunding “Kick Starter” program for the NEMO system which was successfully concluded, preselling approximately 350 units, which has resulted in proceeds, net of related costs, of approximately $112,000. We believe this amount, coupled with additional funds raised subsequent to December 31, 2018, is sufficient to start production. Materials for our initial product run have been purchased and are included in pre-paid inventory.

 

Cost of net revenues. Cost of net revenues increased during the three months ended June 30, 2019, a 45% increase compared to the three months ended June 30, 2018. The increase was due to the increase in sales, the decrease in gross profit was due to discounts given to retailers that decreased the gross margin.

 

Our historical Third Lung operations has been dependent on recreational boating and diving, sales are seasonal and often dependent on weather conditions. However, while there can be no assurance, the Company believes that as our operations under the L&W agreement target industrial applications develop, we will be less susceptible to weather or other seasonal fluctuations.

 

Operating expenses. Operating expenses, consisting of selling, general and administrative expenses and research and development costs increased sharply between the periods. Selling, general and administrative expenses and research and development costs totaled $443,626 for the three months ended June 30, 2019, an increase of $158,282 or 55% over the prior year. The large bulk of this increase in general and administrative was due to an increase in the number of employees between the periods with an associated increase in salaries and benefits and an increase in consulting fees and employee benefits paid in stock totaling $56,832 compared to $7,786 in 2018. Employees were added in large part due to the formation of BHPCS and BLU3 including, two engineers, a consultant for business development, a director of marketing and public relations and an additional mechanic. This increase in operating expenses is expected to continue as the Company adds additional production personnel in support of our expanding product lines with BHPCS and BLU3 and associated administrative support.

 

While there can be no assurance, the Company believes that the near-term costs of “ramping up” its high pressure business, through BHPCS, and continued development of its BLU3 portable shallow dive system product line will provide the Company with increased product diversity and increase revenues in the future.

 

Research and development costs decreased to $34,676 during the three months ended June 30, 2019, as compared to $36,744 in 2018. This decrease 5.63% is primarily attributable to streamlining of our production processes to expand our product lines including our portable shallow dive system currently under development as described above. We expect research and development costs to continue to increase as we continue development of products aimed at increasing what we believe to be new innovative product offerings.

 

Other expense, net. Other expense consisting primarily of interest expense, decreased during the three months ended June 30, 2019, totaling $1,758, a decrease of $13,687 over 2018. In addition, interest expense for the three months ended June 30, 2018 includes amortization of beneficial conversion features on two notes issued in December 2017 and related interest recognized on these notes.

 

Net loss. For the three months ended June 30, 2019, we recognized a net loss of $240,306 as compared to a loss of $109,203 for comparable period in 2018. This increase in loss was primarily attributable to a material increase in general and administrative expenses, including administrative salaries and benefits, consulting fees and costs attributable to increased staffing and related costs associated with new product development efforts.

 

Results of Operations for the Six Months Ended June 30, 2019 as Compared to the Six Months Ended June 30, 2018

 

Net revenues. For the six months ended June 30, 2019, we had net revenues increase of $227,240, a 20% increase over the six months ended June 30, 2018. The bulk of this increase was attributable to increase in sales of our Brownies Third Lung products due to product modifications, new product releases, improved geographical reach and increased marketing effort, and change in pricing. In addition, sales of BHPCS compressors increased by $135,313.

 

 21 
 

 

The sales for our subsidiary, BHPCS increased 22.57% compared to the six months ended June 30, 2018. We had an increase in the customer base for LWA and increase in High Pressure Compressor buyers for their yachts. Related party revenues from primarily the sale of high pressure compressor and low pressure diving products increased by approximately 20% between periods as a result of an increase in demand in recreational dive products. Our Third Lung products sales decreased approximately 2% due to reduction of sales prices in the second quarter.

 

Cost of net revenues. Cost of net revenues increased during the six months ended June 30, 2019, a 20% increase compared to the six months ended June 30, 2018 for the reasons set forth above. The increase was due to a 20% increase in sales. The gross profit percentage decreased approximately 1% due to the discounts given to retailers in the second quarter.

 

Operating expenses. Operating expenses, consisting of selling, general and administrative expenses and research and development costs increased sharply between the periods. Selling, general and administrative expenses and research and development costs totaled $793,389 for the six months ended June 30, 2019, an increase of $246,504 or 45% over the prior year. The large bulk of this increase in general and administrative was due to an increase in the number of employees between the periods with an associated increase in salaries and benefits and an increase in consulting fees and employee benefits paid in stock totaling $148,883 compared to $32,786 in 2018. Employees were added in large part due to the formation of BHPCS and BLU3 including, two engineers, a consultant for business development, a director of marketing and public relations and an additional mechanic. This increase in operating expenses is expected to continue as the Company adds additional production personnel in support of our expanding product lines with BHPCS and BLU3 and associated administrative support.

 

Research and development costs increased to $64,244 during the six months ended June 30, 2019, as compared to $43,176 in 2018. This increase of 48.80% is primarily attributable to our efforts to expand our product lines including our portable shallow dive system currently under development as described above. We expect research and development costs to continue to increase as we continue development of products aimed at increasing what we believe to be new innovative product offerings.

 

Under the patent license agreement, the Company paid an initial license fee in April 2018 through the issuance of 759,422 shares of common stock with a fair value of $30,000 which is being amortized on a straight line basis over its five year term which resulted in the Company amortizing $3,000 during the six months ended June 30, 2019.

 

Other expense, net. Other expense consisting primarily of interest expense, decreased during the six months ended June 30, 2019, totaling $3,810, a decrease of $28,003 over 2018. In addition, interest expense for the six months ended June 30, 2018 includes amortization of beneficial conversion features on two notes issued in December 2017 and related interest recognized on these notes.

 

Net loss. For the six ended June 30, 2019, we recognized a net loss of $504,351 as compared to a loss of $327,143 for comparable period in 2018. This increase in loss was primarily due to the reasons set forth above.

 

Liquidity and Capital Resources

 

The Company’s current ratio and working capital increased between June 30, 2019 and December 31, 2018. As of June 30, 2019, the Company had current assets of $1,268,322 and current liabilities of $1,204,811 or a current ratio of 1.05 to 1, representing a working capital balance of $63,511. At December 31, 2018, the Company had current assets of $966,101 and current liabilities of $948,601, or a current ratio also of 1.0 to 1.

 

The condensed consolidated financial statements included herein have been prepared assuming the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of issuance of these consolidated financial statements. We incurred losses for the six months ended June 30, 2019 and 2018 of $504,351 and $327,143, respectively. The Company had an accumulated deficit as of June 30, 2019 and December 31, 2018 of $10,687,129 and $10,182,778, respectively.

 

 22 
 

 

Because the Company believes that existing operational cash flow may not be sufficient to fund presently anticipated operations, this raises substantial doubt about our ability to continue as a going concern. Therefore, the Company will continue to raise additional funds as needed and is currently exploring alternative sources of financing. As previously mentioned, the funds raised via Kickstarter and pre-sales on Indiegogo, as well as via private placements are enough to start production of the initial Nemo product. The Company believes there are vast opportunities for growth and improved profitability with increased sales of this patent pending product. Enhanced and additional products will require additional working capital. The Company currently does not have any commitments for financing. The Company has issued common shares and a number of convertible debentures as an interim measure to finance working capital needs and may continue to raise additional capital through sale of restricted common stock or other securities or obtaining short term loans.

 

If the Company fails to raise additional funds when needed, or does not have sufficient cash flows from sales, it may be required to scale back or cease operations, liquidate assets and possibly seek bankruptcy protection. The accompanying consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties.

 

On March 7, 2019 we issued an accredited investor, a unit of the securities of the Company, with the unit consisting of 50,000,000 shares of common stock, par value $0.0001 per share and 50,000,000 eighteen month common stock purchase warrants exercisable at $0.01 per share in consideration of $500,000. The Company intends to use the proceeds from the sale for BLU3 product for research and development and working capital purposes. Subsequent to the period covered by this report, on July 17, 2019 the Company sold 2,500,000 shares of common stock for proceeds of $25,000. Proceeds were used for working capital.

 

Net cash used in operating activities totaled $405,183 for the six months ended June 30, 2019. The cash used in operations was primarily the result of a net loss from operations of $504,351, being offset by certain non-cash expenses including; shares issued for services with a fair value of $148,883, a decrease in inventory of $18,436, an increase in accounts receivable and prepaid expenses,of $54,077 and $168,765, respectively and an increase in accounts payable and accrued liabilities of $40,333. The decrease in customer deposits and unearned revenue of $11,094 was due primarily to deposits related to BHPCS and BLU3 subsidiaries and the introduction of these new product lines.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure. The Company’s management, under the supervision and with the participation of Robert Carmichael, the Company’s Chief Executive Officer who also serves as our principal financial and accounting officer, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act) as of June 30, 2019. Based upon that evaluation and the continuing material weakness in the Company’s internal control over financial reporting as described in Item 9A. of our Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the SEC on June 7, 2019, the Chief Executive Officer who also serves as our principal financial and accounting officer concluded that the Company’s disclosure controls and procedures were ineffective as of the end of the period covered by this report. We have failed to timely file certain reports with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2018 and our Quarterly Report on Form 10-Q for the period ended March 31, 2019. We do not expect that the weaknesses in our disclosure controls will be remediated until such time as we remediate the material weaknesses in our internal control over financial reporting.

 

Changes in Internal Controls over Financial Reporting

 

There were no changes in our internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15 under the Exchange Act that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

From time to time the Company is subject to legal proceedings, claims and litigation arising in the ordinary course of business, including matters relating to product liability claims. Such product liability claims sometimes involving wrongful death or injury have historically been covered by product liability insurance, which provided coverage for each claim up to $1,000,000. During the third quarter of 2014, the Company did not renew its product liability insurance since the renewal policy amount was cost prohibitive. As of August 15, 2017, the Company has obtained Product Liability Insurance, although prior claims are not covered under the new policy. The policy was renewed and is prepaid through its term and will remain in effect until its renewal date of August 14, 2019.

 

As previously disclosed, the Company, Trebor and other third parties, are each named as co-defendants under actions initially filed in March 2015 in the Circuit Court of Broward County under Case No. CACE15-03238 and CACE-16-0000242 by the Estate of Ernesto Rodriguez, claiming wrongful death and products liability resulting in the decedent’s drowning death while using a Brownie’s Third Lung product. This claim falls outside the Company’s period of insurance coverage. Plaintiff has claimed damages exceeding $1,000,000. A default judgment was entered against Trebor in 2015 due to its failure to timely respond to the complaint. On November 2, 2016, the court granted plaintiff’s motion for sanctions against our company for frivolous litigation relating to our attempt to have the matter dismissed and granted the plaintiff’s motion to strike our motion for summary judgment due to our initial default. The Company believes the claim to be a Workers Compensation claim relating exclusively against other non-affiliated defendants and without merit, and will aggressively defend this action and to appeal the default judgment. In the event Trebor is unable to overturn the default judgment and the defendants are determined to be at fault, we would seek to allocate damages among all of the other parties, including the plaintiff. At this time, the amount of any loss, or range of loss, cannot be reasonably estimated due to the undetermined validity of any claim or claims made by plaintiff and the mitigating factors among the parties. Therefore, the Company has not recorded reserves and contingent liabilities related to this matter. However, in the future, as the case progresses, the Company may be required to record a contingent liability or reserve for these matters.

 

Item 1a. Risk Factors

 

We incorporate by reference the risk factors disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018.

 

Item 2. Unregistered sales of equity securities and use of proceeds

 

None, except as previously disclosed.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. MINE SAFETY DISCLOSURE

 

None.

 

Item 5. Other Information

 

Effective July 29, 2019 the Company issued options to purchase up to an aggregate of 22,838,094 shares of common stock to two service providers, including Mikkel Pitzner, a member of the Company’s board of directors, and Blake Carmichael, an employee of the Company. The options were issued pursuant to a stock option grant agreement and are exercisable at $0.018 per share for a period of five years from the date of issuance, subject to vesting over a period of six months.

 

Effective July 29, 2019 the Company has agreed to pay the members of the Company’s board of directors an annual fee of $18,000 for serving on the Company’s board of directors for the year ending December 31, 2019.

 

Effective July 29, 2019 the Company issued its chief executive officer options to purchase up to 20,761,904 shares of common stock. The options were issued pursuant to a Grant Agreement and are exercisable at $0.018 per share for a period of five years from the date of issuance, subject to vesting over a period of six months.

 

 24 
 

 

Item 6. Exhibits

 

        Incorporated by Reference   Filed or
No.   Exhibit Description   Form   Date Filed   Exhibit
Number		  

Furnished

Herewith

2.2   Merger Agreement, dated June 18, 2002 by and among United Companies Corporation, Merger Co., Inc. and Avid Sportswear & Golf Corp.   S-4   6/24/02   2.02    
                     
2.3   Articles of Merger of Avid Sportswear & Golf Corp. with and into Merger Co., Inc.   S-4   6/24/02   2.03    
                     
2.4   Plan of Conversion   8-K   10/28/15   2.1    
                     
3.1   Articles of Conversion (Nevada)   8-K   10/28/15   3.1    
                     
3.2   Certificate of Conversion (Florida)   8-K   10/28/15   3.2    
                     
3.3   Articles of Incorporation (Florida)   8-K   10/28/15   3.3    
                     
3.5   Articles of Amendment   8-K   12/16/15   3.5    
                     
3.6   Bylaws   8-K   10/28/15   3.4    
                     
31.1   Certification Pursuant to Rule 13a-14(a)/15d-14(a)               Filed
                     
31.2   Certification Pursuant to Rule 13a-14(a)/15d-14(a)               Filed
                     
32.1   Certification Pursuant to Section 1350               Filed
                     
101   XBRL Interactive Data File               Filed

 

 25 
 

 

SIGNATURES

 

In accordance with the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant caused has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: August 15, 2019 Brownie’s Marine Group, Inc.
     
  By: /s/ Robert M. Carmichael
    Robert M. Carmichael
    President, Chief Executive Officer,
    Principal financial and accounting officer

 

 26 
 

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EXHIBIT 31.1

 

OFFICER’S CERTIFICATE
PURSUANT TO RULE 13a-14(a)/15d-14(a)

 

I, Robert M. Carmichael, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2019 of Brownie’s Marine Group, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 15, 2019 By: /s/ Robert M. Carmichael
  Name: Robert M. Carmichael
  Title: Chief Executive Officer
    (Principal Executive Officer)

 

   
 

 EX-31.2 4 ex31-2.htm

 

EXHIBIT 31.2

 

OFFICER’S CERTIFICATE
PURSUANT TO RULE 13a-14(a)/15d-14(a)

 

I, Robert M. Carmichael, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2019 of Brownie’s Marine Group, Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 15, 2019 By: /s/ Robert M. Carmichael
  Name: Robert M. Carmichael
  Title: Chief Executive Officer, principal financial and accounting officer

 

   
 

 

 EX-32.1 5 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Brownie’s Marine Group, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2019 as filed with the United States Securities and Exchange Commission (the “Report”), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

Date: August 15, 2019 By: /s/ Robert M. Carmichael
  Name: Robert M. Carmichael
  Title: Chief Executive Officer, principal executive officer, principal financial and accounting officer

 

A signed original of this written statement required by Section 906, or other document authentications, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Brownie’s Marine Group, Inc. and will be retained by Brownie’s Marine Group, Inc. and furnished to the United States Securities and Exchange Commission or its staff upon request.

 

   
 

 

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Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2019
Aug. 14, 2019
Document And Entity Information    
Entity Registrant Name Brownie's Marine Group, Inc  
Entity Central Index Key 0001166708  
Document Type 10-Q  
Document Period End Date Jun. 30, 2019  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Reporting Status Current Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   183,586,228
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2019  
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current Assets    
Cash $ 173,601 $ 78,784
Accounts receivable – net 50,094 27,204
Accounts receivable - related parties 109,610 78,423
Inventory 704,734 723,170
Prepaid expenses and other current assets 230,283 58,520
Total current assets 1,268,322 966,101
Property, equipment and leasehold improvements, net 2,592 3,718
Right-to-use lease assets 591,408
Other assets 23,149 26,147
Total assets 1,885,471 995,966
Current liabilities    
Accounts payable and accrued liabilities 375,588 325,309
Accounts payable - related parties 153,458 125,243
Customer deposits and unearned revenue 234,813 245,907
Other liabilities 239,651 142,142
Operating lease liabilities 91,301
Convertible debentures, net 110,000 110,000
Total current liabilities 1,204,811 948,601
Long-term operating lease liabilities 498,709
Total Liabilities 1,703,520 948,601
Commitments and contingent liabilities
Stockholders' equity    
Preferred stock; $0.001 par value: 10,000,000 shares authorized; 425,000 issued and outstanding 425 425
Common stock; $0.0001 par value; 1,000,000,000 shares authorized; 238 ,119,561 and 218,119,561 issued and outstanding at June 30, 2019 and 181,086,228 and 161,086,228 shares issued and outstanding and December 31, 2018, respectively 21,812 16,109
Common stock payable 138,941 shares and 138,941 shares, respectively as of June 30, 2019 and December 31, 2018 14 14
Additional paid-in capital 10,856,775 10,213,595
Accumulated other comprehensive income (9,946)
Accumulated deficit (10,687,129) (10,182,778)
Total stockholders' equity 181,951 47,365
Total liabilities and stockholders' equity $ 1,885,471 $ 995,966
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Jun. 30, 2019
Dec. 31, 2018
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, share issued 425,000 425,000
Preferred stock, share outstanding 425,000 425,000
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 238,119,561 181,086,228
Common stock, share outstanding 218,119,561 161,086,228
Common stock payable, shares outstanding 138,941 138,941
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net revenues        
Net revenues $ 657,938 $ 511,737 $ 1,040,727 $ 868,520
Net revenues - related parties 212,782 138,581 351,446 296,413
Total net revenues 870,720 650,318 1,392,173 1,164,933
Cost of net revenues        
Cost of net revenues 548,058 432,912 902,721 811,068
Cost of net revenues - related parties 103,690 12,352 172,487 78,915
Royalties expense - related parties 13,894 13,468 24,117 23,395
Total cost of revenues 665,642 458,732 1,099,325 913,378
Gross profit 205,078 191,586 292,848 251,555
Operating expenses        
Selling, general and administrative 408,950 248,600 729,145 503,709
Research and development costs 34,676 36,744 64,244 43,176
Total operating expenses 443,626 285,344 793,389 546,885
Loss from operations (238,548) (93,758) (500,541) (295,330)
Other expense, net        
Interest expense 1,758 15,445 3,810 31,813
Total other expense 1,758 15,445 3,810 31,813
Loss before provision for income taxes (240,306) (109,203) (504,351) (327,143)
Provision for income taxes
Net loss (240,306) (109,203) (504,351) (327,143)
Loss on foreign current translation (3,490) (9,946)
Comprehensive loss $ (243,796) $ (109,203) $ (514,297) $ (327,143)
Diluted loss per common share $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Diluted weighted average common shares outstanding 218,119,561 103,791,321 198,986,228 102,967,609
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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
Preferred Stock [Member]
Common Stock [Member]
Common Stock Payable [Member]
Additional Paid-In Capital [Member]
Accumulated Other Comprehensive Income [Member]
Accumulated Deficit [Member]
Total
Balance at Dec. 31, 2017 $ 425 $ 9,819 $ 14 $ 9,170,198 $ (8,879,793) $ 300,663
Balance, shares at Dec. 31, 2017 425,000 92,192,717 138,941        
Shares issued for services $ 233 32,553 32,786
Shares issued for services, shares 2,342,857        
Unit offering $ 261 29,739 30,000
Unit offering, shares 2,608,695        
Shares issued for licensing fee $ 76 29,924 30,000
Shares issued for licensing fee, shares 759,422          
Foreign currency translation            
Net loss (327,143) (327,143)
Balance at Jun. 30, 2018 $ 425 $ 10,389 $ 14 9,262,414 (9,206,936) 66,306
Balance, shares at Jun. 30, 2018 425,000 103,903,691 138,941        
Balance at Dec. 31, 2017 $ 425 $ 9,819 $ 14 9,170,198 (8,879,793) 300,663
Balance, shares at Dec. 31, 2017 425,000 92,192,717 138,941        
Balance at Dec. 31, 2018 $ 425 $ 16,109 $ 14 10,213,595 (10,182,778) 47,365
Balance, shares at Dec. 31, 2018 425,000 161,086,228 138,941        
Balance at Mar. 31, 2018 $ 425 $ 10,280 $ 14 9,224,737 (9,097,733) 137,723
Balance, shares at Mar. 31, 2018 425,000 102,801,412 138,941        
Shares issued for services $ 33 7,753 7,786
Shares issued for services, shares 342,857        
Shares issued for licensing fee $ 76 29,924 30,000
Shares issued for licensing fee, shares 759,422        
Foreign currency translation            
Net loss (109,203) (109,203)
Balance at Jun. 30, 2018 $ 425 $ 10,389 $ 14 9,262,414 (9,206,936) 66,306
Balance, shares at Jun. 30, 2018 425,000 103,903,691 138,941        
Balance at Dec. 31, 2018 $ 425 $ 16,109 $ 14 10,213,595 (10,182,778) 47,365
Balance, shares at Dec. 31, 2018 425,000 161,086,228 138,941        
Shares issued for services $ 703 148,180 148,883
Shares issued for services, shares 7,033,333        
Unit offering $ 5,000 495,000 500,000
Unit offering, shares 50,000,000        
Foreign currency translation (9,946) (9,946)
Net loss (504,351) (504,351)
Balance at Jun. 30, 2019 $ 425 $ 21,812 $ 14 10,856,775 (9,946) (10,687,129) 181,951
Balance, shares at Jun. 30, 2019 425,000 218,119,561 138,941        
Balance at Mar. 31, 2019 $ 425 $ 21,812 $ 14 10,799,943 (6,456) (10,446,823) 368,915
Balance, shares at Mar. 31, 2019 425,000 218,119,561 138,941        
Shares issued for services 56,832 56,832
Shares issued for services, shares        
Foreign currency translation (3,490) (3,490)
Net loss (240,306) (240,306)
Balance at Jun. 30, 2019 $ 425 $ 21,812 $ 14 $ 10,856,775 $ (9,946) $ (10,687,129) $ 181,951
Balance, shares at Jun. 30, 2019 425,000 218,119,561 138,941        
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows provided by operating activities:    
Net loss $ (504,351) $ (327,143)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 1,126 8,656
Shares issued for services 118,883 32,786
Shares issued for license fee 30,000 30,000
Amortization of Operating right of use asset 44,205 0
Amortization of debt discount 12,500
Change in deferred tax asset, net 2,520
Forgiveness of debenture debt (2,744)
Changes in operating assets and liabilities    
Change in accounts receivable, net (22,890) (51,773)
Change in accounts receivable - related parties (31,187) (6,497)
Change in inventory 18,436 (202,987)
Change in prepaid expenses and other current assets (168,765) 178,866
Change in other assets (22,500)
Change in accounts payable and accrued liabilities 40,333 255,493
Change in customer deposits and unearned revenue (11,094) (26,585)
Change in other liabilities 97,509 (3,365)
Change in accounts payable - related parties 28,215 13,873
Change in operating lease liabilities (45,603)
Net cash used in operating activities (405,183) (108,900)
Cash flows from financing activities:    
Proceeds from unit offering 500,000 30,000
Net cash provided by financing activities 500,000 30,000
Net change in cash 94,817 (78,900)
Cash, beginning balance 78,784 150,898
Cash, end of period 173,601 71,998
Supplemental disclosures of cash flow information:    
Cash paid for interest 560
Cash paid for income taxes
Supplemental disclosure of non-cash financing activities:    
Operating lease assets obtained in exchange for operating lease liabilities 635,613
Receipt of prepaid fixed asset $ 28,700
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.19.2
Description of Business and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Description of Business and Summary of Significant Accounting Policies
1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Description of business –Brownie’s Marine Group, Inc., (hereinafter referred to as the “Company,” or “BWMG”) designs, tests, manufactures and distributes recreational hookah diving, yacht based scuba air compressor and nitrox generation systems, scuba and water safety products through its wholly owned subsidiary Trebor Industries, Inc. and manufactures and sells high pressure air and industrial gas compressor packages through its wholly owned subsidiary Brownie’s High Pressure Compressor Services, Inc. The Company sells its products both on a wholesale and retail basis, and does so from its headquarters and manufacturing facility in Pompano Beach, Florida. The Company does business as (dba) Brownie’s Third Lung, the dba name of Trebor Industries, Inc. and Brownie’s High Pressure Compressor Services, Inc. The Company’s common stock is quoted on the OTC Markets (Pink) under the symbol “BWMG”.

 

On August 7, 2017, Brownie’s Marine Group, Inc. entered into an Exclusive Distribution Agreement with Lenhardt & Wagner GmbH (“L&W”), a German-based company engaged in the development, manufacturing and sales of high pressure air and industrial gas compressor packages. Under the terms of the Exclusive Distribution Agreement, we were appointed the exclusive distributor of L&W’s complete product line in North America and South America, including the Caribbean (the “Territory”). Pursuant to an intercompany assignment, Brownie’s High Pressure Compressor Services, Inc., our wholly-owned subsidiary (“BHPCS”), is party to the agreement. Through BHPCS we expect to conduct business and build the brand name “L&W Americas/LWA”, establishing sales, distribution and service centers for high pressure air and industrial gas systems in the dive, fire, CNG, military, scientific, recreational and aerospace industries. Our goal will be to build a network of jobbers, dealers, installers and high-pressure compressor distributors throughout the Territory by leveraging our know-how, brand awareness, complimentary products and creating sustainable distribution and core product OEM integration relationships.

 

In December 2017, the Company formed a wholly-owned subsidiary BLU3, Inc. The Company was formed to develop and market an innovation electric shallow dive system that is completely portable to the user. As of June 30, 2019 and December 31, 2018 the company has had limited operations.

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments consisting of a normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the six-month period ended June 30, 2019 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2019.

 

For further information, refer to the Company’s consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2018.

 

Definition of fiscal year – The Company’s fiscal year end is December 31.

 

Principles of Consolidation -The consolidated financial statements include the accounts of BWMG and its wholly owned subsidiaries, Trebor Industries, Inc., Brownie’s High Pressure Compressor Services, Inc. and BLU3, Inc. All significant intercompany transactions and balances have been eliminated in consolidation.

 

Use of estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

  

Cash and equivalents – Only highly liquid investments with original maturities of 90 days or less are classified as cash and equivalents. These investments are stated at cost, which approximates market value.

 

Going Concern – The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these consolidated financial statements. We incurred net losses for the six months ended June 30, 2019 and 2018 of $504,351 and $327,143, respectively. The Company had an accumulated deficit as of June 30, 2019 of $10,687,129.

 

Because the Company believes that existing operational cash flow may not be sufficient to fund presently anticipated operations, this raises substantial doubt about our ability to continue as a going concern. Therefore, the Company will continue to raise additional funds as needed and is currently exploring alternative sources of financing. The Company has issued a number of common shares and convertible debentures as an interim measure to finance working capital needs and may continue to raise additional capital through sale of restricted common stock or other securities or obtaining short term loans.

 

If BWMG fails to raise additional funds when needed, or does not have sufficient cash flows from sales, it may be required to scale back or cease operations, liquidate assets and possibly seek bankruptcy protection. The accompanying consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties.

 

Accounts receivable – Accounts receivable consist of amounts due from the sale of all of our products to wholesale and retail customers. The allowance for doubtful accounts are estimated based on historical customer experience and industry knowledge. The allowances for doubtful accounts totaled $9,200 and $9,200 at June 30, 2019 and December 31, 2018, respectively.

 

Inventory – Inventory is stated at the lower of cost or net realizable value. Cost is principally determined by using the average cost method that approximates the First-In, First-Out (FIFO) method of accounting for inventory. Inventory consists of raw materials as well as finished goods held for sale. The Company’s management monitors the inventory for excess and obsolete items and makes necessary valuation adjustments when indicated.

 

Property and equipment and leasehold improvements – Property and equipment and leasehold improvement is stated at cost less accumulated depreciation or amortization. Depreciation and amortization is provided principally on the straight-line method over the estimated useful lives of the assets or term of the lease, which are primarily 3 to 5 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense).

 

The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability.

 

Revenue Recognition

 

On January 1, 2018, we adopted the new accounting standard ASC 606, “Revenue from Contracts with Customers” and all the related amendments. This standards core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to receive. The new revenue standard was applied using the modified retrospective method. As a result of the adoption of this standard, there was no impact on the prior year financial statements.

 

We recognize the sale of products under single performance obligations upon shipment of the units as that is when ownership is transferred and our performance is completed. Revenues from repair and maintenance activities is recognized when the repairs are completed and the units have been shipped.

 

Advertising and marketing costs – The Company expenses the costs of producing advertisements and marketing material at the time production occurs, and expenses the costs of communicating advertisements and participating in trade shows in the period in which they occur. Advertising and trade show expense incurred for the three and six months ended June 30, 2019 and June 30, 2018, totaled $10,352, $3,324, $26,580 and $28,963, respectively.

  

Research and development costs – The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and developments costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. During the three and six months ended June 30, 2019 and June 30, 2018 the Company incurred research and development costs of $34,676, $64,244, $36,744 and $43,176, respectively.

 

Customer deposits and unearned revenue and returns policy – The Company typically takes a minimum 50% deposit against custom and large tankfill systems prior to ordering and/or building the systems. The remaining balance due is payable upon delivery, shipment, or installation of the system. There is no provision for cancellation of custom orders once the deposit is accepted, nor return of the custom ordered product. Additionally, returns of all other merchandise are subject to a 15% restocking fee as stated on each sales invoice. Customer deposits and unearned revenue totaled $234,813 and $245,907 at June 30, 2019 and December 31, 2018, respectively.

 

Warranty policy – Under the provisions of FASB ASC 460, Guarantor’s Guarantees, the Company accrues a liability for estimated warranty policy costs based on historical information and experience. The Company provides our customers with an industry standard one year warranty on systems sold and recognizes a warranty reserve based on gross sales multiplied by the historical warranty expense return rate The warranty reserve at March 31, 2019 and December 31, 2018 was charged to cost of net revenues and is included in accrued expenses and is deemed sufficient to absorb any material or labor costs that might be incurred on sales recorded during the period. The Company recognized a reserve for warranty work in 2018 of $8,834. During the six months ended June 30, 2019 the Company increased the reserve by $1,709 to a total of $10,543.

 

Income taxes – The Company accounts for its income taxes under the assets and liabilities method, which requires recognition of deferred tax assets and liabilities for future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

 

The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company were to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, they would make an adjustment to the valuation allowance which would reduce the provision for income taxes.

 

The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also included is guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

 

Stock-based compensation – The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes valuation model to calculate the fair value of options and warrants issued to both employees and non-employees.

  

Stock issued for compensation is valued on the effective date of the agreement in accordance with generally accepted accounting principles, which includes determination of the fair value of the share-based transaction. The fair value is determined through use of the quoted stock price.

 

During the three and six months ended June 30, 2019 and 2018, the Company recognized share based compensation with a fair value of $56,832, $148,883 $7,786 and $32,786 respectively.

 

Beneficial conversion features on convertible debentures – A beneficial conversion feature arises when the conversion price of a convertible instrument is below the per share value of the underlying stock into which it is convertible. The fair value of the stock upon which to base the beneficial conversion feature (BCF) computation has been determined through use of the quoted stock price.

 

Fair value of financial instruments – Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

 

Level 1 - Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

 

Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

 

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

 

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Company. Management considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Company’s perceived risk of that investment.

 

At June 30, 2019 and December 31, 2018, the carrying amount of cash, accounts receivable, accounts receivable – related parties, accounts payable and accrued liabilities, customer deposits and unearned revenue, other liabilities, and convertible debentures, approximate fair value because of the short maturity of these instruments.

 

Earnings per common share – Basic earnings per share excludes any dilutive effects of options, warrants and convertible securities. Basic earnings per share is computed using the weighted-average number of outstanding common shares during the applicable period. Diluted earnings per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Common stock equivalent shares are excluded from the computation if their effect is antidilutive. At June 30, 2019 and June 30, 2018, 83,782,544 and 62,164,296, respectively, potentially dilutive shares were not recognized as their inclusion would be anti-dilutive. These shares reflect shares potentially issuable under convertible note agreements, outstanding warrants, outstanding stock options and the conversion of preferred stock.

  

New accounting pronouncements

 

In June 2018, the Financial Accounting Standards Board issued ASU 2018-7, “Compensation – Stock Compensation” (Topic 718) amending the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments specify that nonemployee share-based payments are measured at grant-date fair value with the grant date being defined when the parties reach a mutual understanding of the key terms and conditions of the share-based award. ASU 2018-07 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU 2018—07 did not have an impact on our operations, cash flows or financial condition.

 

In March 2018, the FASB issued ASU 2018-05, “Income Taxes” (Topic 740) amending previous guidance on accounting and disclosures for income taxes addressing changes under the Tax Cuts and Jobs Act (the “Act”). This standard addresses the recognition of taxes payable or refundable in the current year and the recognition of deferred tax liabilities and deferred tax assets following passage of the Act. ASU 2018-5 had an enactment date of December 22, 2017. We do not believe this ASU had a material impact on our results of operation, cash flows or financial condition.

 

In February 2016, the FASB issued ASU 2016-02, Leases, which will amend current lease accounting to require lessees to recognize (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.

 

This standard did not have a material impact on our consolidated statement of operations however, the recognition of right of use assets and real estate operating lease liabilities had a material impact on our consolidated balance sheet presentation. Adoption of this standard resulted in additional right of use assets and additional liabilities of approximately $635,613 based on the present fair value of the remaining minimum rental payments under our current real property lease obligations. See Note 12.

 

The Company believes there was no other new accounting guidance adopted, but not yet effective that either has not already been disclosed in prior reporting periods or is relevant to the readers of our consolidated financial statements.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.2
Inventory
 6 Months Ended
Jun. 30, 2019
Inventory Disclosure [Abstract]  
Inventory

2. INVENTORY

 

   June 30, 2019
(unaudited)		   December 31, 2018 
         
Raw materials  $367,594   $353,619 
Finished goods   480,737    513,148 
Allowance for obsolete inventory   (143,597)   (143,597)
   $704,734   $723,170 

 

For the year ended December 31, 2018, the Company recognized an additional reserve for obsolete or slow moving inventory of approximately $100,000.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.19.2
Prepaid Expenses and Other Current Assets
 6 Months Ended
Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets

3. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets consisted of the following:

 

   

June 30, 2019

(unaudited)

     December 31, 2018  
             
Prepaid inventory   $ 213,006     $ 39,260  
Prepaid insurance     11,277       4,615  
Prepaid other current assets     6,000       14,645  
    $ 230,283     $ 58,520  
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.19.2
Property and Equipment, Net
 6 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

4. PROPERTY AND EQUIPMENT, NET

 

Property, equipment and leasehold improvements consists of the following as of:

 

   June 30, 2019
(unaudited)		   December 31, 2018 
         
Tooling and equipment  $138,632   $138,632 
Computer equipment and software   27,469    27,469 
Vehicles   44,160    44,160 
Leasehold improvements   43,779    43,779 
    254,040    254,040 
Less: accumulated depreciation and amortization   (251,448)   (250,322)
   $2,592   $3,718 

 

Depreciation and amortization expense totaled $1,126 and $8,656 for the six months ended June 30, 2019 and 2018, respectively.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.19.2
Other Assets
 6 Months Ended
Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets

5. OTHER ASSETS

 

Other assets at June 30, 2019 of $23,149 consisted of refundable deposits $6,649 and an unamortized license fee of $16,500. Other assets at December 31, 2018 of $26,147 consisted of refundable deposits $6,649 and an unamortized license fee of $19,498.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.19.2
Customer Credit Concentrations
 6 Months Ended
Jun. 30, 2019
Risks and Uncertainties [Abstract]  
Customer Credit Concentrations

6. CUSTOMER CREDIT CONCENTRATIONS

 

The Company sells to three (3) entities owned by the brother of Robert Carmichael, the Company’s Chief Executive Officer, and three (3) companies owned by the Chief Executive Officer as further discussed in Note 7 - RELATED PARTIES TRANSACTIONS. Combined sales to these six (6) entities for the six month periods ended June 30, 2019 and 2018, represented 25.24 % and 24.31% respectively, of total net revenues.

 

In excess of 90% of our total net revenues are made up of product sales to customers within the state of Florida.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.19.2
Related Parties Transactions
 6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related Parties Transactions

7. RELATED PARTIES TRANSACTIONS

 

Net revenues and accounts receivable – related parties – The Company sells products to Brownie’s Southport Divers, Inc., Brownie’s Palm Beach Divers, Inc., and Brownie’s Yacht Toys, Inc., owned by the brother of the Company’s Chief Executive Officer. Terms of sale are no more favorable than those extended to any of the Company’s other customers with similar sales volumes. Combined net revenues from these entities for the three and six months ended June 30, 2019 and 2018, totaled $212,782, $351,446, $138,581 and $299,413, respectively. Accounts receivable from Brownie’s SouthPort Diver’s, Brownie’s Palm Beach Divers and Brownie’s Yacht Toys, at June 30, 2019, was $53,684, $24,147 and $10,288 respectively. Accounts receivable from Brownie’s SouthPort Diver’s, Brownie’s Palm Beach Divers, and Brownie’s Yacht Toys at December 31, 2018, was $49,443, $7,731, and $8,646, respectively.

 

The Company sells products to Brownie’s Global Logistics, LLC. (“BGL”) and 940 Associates, Inc. (“940A”), entities wholly owned by the Company’s Chief Executive Officer. Terms of sale are more favorable than those extended to the Company’s regular customers, but no more favorable than those extended to the Company’s strategic partners. Terms of sale to BGL approximate cost or include a nominal margin. These terms are consistent with those extended to Brownie’s strategic partners. Strategic partner terms on a per order basis include promotion of the Company’s technologies and “Brownie’s” brand, offered only on products or services not offered for resale, and must provide for reciprocal terms or arrangements to the Company on strategic partners’ product or services. BGL is fulfilling the strategic partner terms by providing exposure for the Company’s technologies and “Brownie’s” brand in the yachting and exploration community world-wide through its operations. Combined net revenues from these two entities for three and six months ended June 30, 2019 and 2018, were $16,000, $16,810 $0 and $0, respectively. Accounts receivable from BGL and 940A totaled $21,491 and $12,603 at June 30, 2019 and December 31, 2018, respectively.

  

Accounts payable – related parties – The Company had accounts payable to related parties of $153,458 and $125,243 at June 30, 2019 and December 31, 2018, respectively. The balance payable at June 30, 2019 and December 31, 2018 was due to BLG and 940A.

 

Royalties expense – related parties – The Company has Exclusive License Agreements with 940A, an entity owned by the Company’s Chief Executive Officer, to license the trademark “Brownies Third Lung”, “Tankfill”, “Brownies Public Safety” and various other related trademarks as listed in the agreement. This license agreement requires the Company to pay 940A 2.5% of gross revenues per quarter. Total royalty expense for the above agreements for the three and six months ended June 30, 2019 and 2018 as disclosed on the face of the Company’s Consolidated Statements of Operations totaled $13,894, $24,117, $13,468 and $23,395, respectively.

 

In December 2018, the Company issued 20,000,000 shares of common stock to its Chief Executive Officer as an incentive bonus. As the shares are subject to continued employment by the CEO through January 2, 2020, the Company has treated the shares as issued but not as yet outstanding. Expense for the issuance is being recognized over the full vesting period, and accordingly, the Company recognized stock compensation expense of $10,576 as of December 31, 2018. During the three and six months ended June 30, 2019 the Company recognized additional stock compensation expense of $46,907 and $92,783, respectively. The Total amount of expense recorded as of June 30, 2019 is $103,360.

 

On August 1, 2017, Mr. Mikkel Pitzner was appointed by the Company’s board of directors to serve on the Company’s board of directors, filling a vacancy on the board. Mr. Pitzner shall serve on the board of directors and shall hold office until the next election of directors by stockholders and until his successor is elected and qualified or until his earlier resignation or removal. The Company has agreed to pay Mr. Pitzner an annual fee of $6,000 and has issued Mr. Pitzner 3,333,333 shares of restricted common stock valued at $31,250 under a consulting agreement expiring in January 2019. In December 2018, Mr. Pitzner was issued 708,287 common shares in payment of accrued director fees through December 31, 2018. The shares were valued at $0.0195 per share, totaling $13,812, the fair value on the date of grant. During the six months ended June 30, 2019 the Company recorded $31,250 of stock compensation pursuant to this agreement.

 

In January 2018, the Company issued 2,000,000 shares of common stock to Mr. Dana Allan for his services for serving on our board of directors. The grant date fair value of the shares issued was $50,200 and were expensed during the year ended December 31, 2018. Mr. Allan also received 552,742 shares for his services on our board of directors with a grant date fair value of $10,778 and were expensed during the year ended December 31, 2018. Mr. Allen resigned as a director effective March 31, 2019.

 

Stock options outstanding from patent purchase – Effective March 3, 2009, the Company entered into a Patent Purchase Agreement with Robert M. Carmichael, the Chief Executive Officer of the Company. The Company purchased several patents it had previously been paying royalties on and several related unissued patents. In exchange for the Intellectual Property, the Company issued Mr. Carmichael 297 stock options at a $1,350 exercise price expiring ten years from the effective date of grant. The options expired on March 2, 2019 without being exercised.

 

Commencing in February 2019, the Company began paying Mr. Pitzner $9,300 per month, inclusive of a $1,300 auto allowance, for consulting services. These payments are not covered by a written agreement.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Accounts Payable and Accrued Liabilities
 6 Months Ended
Jun. 30, 2019
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities

8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

 

Accounts payable and accrued liabilities consists of the following as of:

 

   June 30, 2019
(unaudited)		   December 31, 2018 
         
Accounts payable trade and other  $298,862   $249,833 
Accrued payroll & fringe benefits   44,432    48,065 
Accrued Warranty Expense   10,543    8,834 
Accrued payroll taxes & withholding   8,339    8,415 
Accrued interest   13,412    10,162 
   $375,588   $325,309 

  

Balances due certain vendors are in arrears to varying degrees. The Company is handling all delinquent accounts on a case-by-case basis.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.19.2
Other Liabilities
 6 Months Ended
Jun. 30, 2019
Other Liabilities Disclosure [Abstract]  
Other Liabilities

9. OTHER LIABILITIES

 

Other liabilities consist of the following as of:

 

   

June 30, 2019

(unaudited)

     December 31, 2018  
             
Short-term loans   $ 126,572 (*)   $ 126,572 (*)
Asset purchase agreement payable     12,857       12,857  
Other accrued liabilities     43,813          
Accrued royalties’ expense     5,838       2,027  
Accrued vendor settlement     50,253          
On-line training liability     318       686  
    $ 239,651     $ 142,142  

 

(*) Initial balance of $200,000 non-convertible note dated July 7, 2013. The note carries a 0% interest rate and is due on demand.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.19.2
Convertible Debentures
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Convertible Debentures

10. CONVERTIBLE DEBENTURES

 

Convertible debentures consist of the following at December 31, 2018:

 

Origination
Date		  Maturity
Date		  Interest
Rate		   Origination
Principal
Balance		   Original
Discount
Balance		   Period
End
Principal
Balance		   Period
End
Discount
Balance		   Period
End
Balance,
Net		   Accrued
Interest
Balance		   Reg. 
8/31/2011  8/31/2013   5%   10,000    (4,286)   10,000    —    10,000    3,694    (1)
12/01/17  12/01/19   6%   50,000    (12,500)   50,000    —    50,000    3,250    (2)
12/05/17  12/04/19   6%   50,000    (12,500)   50,000    —    50,000    3,218    (3)
                     $110,000   $—   $110,000   $10,162      

 

Convertible debentures consist of the following at June 30, 2019:

 

Origination
Date		   Maturity
Date		   Interest
Rate		     Origination
Principal
Balance		     Original
Discount
Balance		     Period
End
Principal
Balance		     Period
End
Discount
Balance		     Period
End
Balance,
Net		     Accrued
Interest
Balance		     Reg.  
8/31/2011   8/31/2013     5 %     10,000       (4,286 )     10,000       —       10,000       3,944       (1 )
12/01/17   12/01/19     6 %     50,000       (12,500 )     50,000       —       50,000       4,750       (2 )
12/05/17   12/04/19     6 %     50,000       (12,500 )     50,000       —       50,000       4,717       (3 )
                                $ 110,000     $ —     $ 110,000     $ 13,411          

 

(1) The Company borrowed $10,000 in exchange for a convertible debenture. The lender at their option may convert all or part of the note plus accrued interest into common stock at a price of thirty percent (30%) discount as determined from the average four (4) highest closing bid prices over the preceding five (5) trading days. The Company valued the beneficial conversion feature of the convertible debenture at $4,286, which was accreted to interest expense over the period of the note. The discount has been fully amortized as of December 31, 2018. The company has not received any demand of payment or a notice of default from the lender.

  

(2) The Company entered into a 6% Secured Convertible Promissory Note, due December 1, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company’s wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie’s High Pressor Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company’s Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.

 

(3) The Company entered into a 6% Secured Convertible Promissory Note, due December 4, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company’s wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie’s High Pressure Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company’s Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.19.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

12. COMMITMENTS AND CONTINGENCIES

 

From time to time the Company is subject to legal proceedings, claims and litigation arising in the ordinary course of business, including matters relating to product liability claims. Such product liability claims sometimes involving wrongful death or injury have historically been covered by product liability insurance, which provided coverage for each claim up to $1,000,000. During the third quarter of 2014, the Company did not renew its product liability insurance since the renewal policy amount was cost prohibitive. As of August 15, 2017, the Company has obtained Product Liability Insurance, although prior claims are not covered under the new policy. The initial term of the policy was through August 14, 2018 and was renewed through August 14, 2019.

 

In addition, as previously disclosed, the Company, Trebor and other third parties, are each named as a co-defendants under actions initially filed in March 2015 in the Circuit Court of Broward County under Case No. CACE-15-03238 and CACE -16-0000242 by the Estate of Ernesto Rodriguez, claiming wrongful death and products liability resulting in the decedent’s drowning death while using a Brownie’s Third Lung product. This claim falls outside the Company’s period of insurance coverage. Plaintiff has claims damages exceeding $1,000,000. A default judgment was entered against Trebor in 2015 due to its failure to timely respond to the complaint. On November 2, 2016, the court granted plaintiff’s motion for sanctions against our company for frivolous litigation relating to our attempt to have the matter dismissed and granted the plaintiff’s motion to strike our motion for summary judgment due to our initial default. The Company believes the claim to be a Workers Compensation claim relating exclusively against other non-affiliated defendants and without merit, and will aggressively defend this action and to appeal the default judgment. In the event Trebor is unable to overturn the default judgment and the defendants are determined to be at fault, we would seek to allocate damages among all of the other parties, including the plaintiff. At this time, the amount of any loss, or range of loss, cannot be reasonably estimated due to the undetermined validity of any claim or claims made by plaintiff and the mitigating factors among the parties. Therefore, the Company has not recorded reserves and contingent liabilities related to this matter. However, in the future, as the case progresses, the Company may be required to record a contingent liability or reserve for these matters.

 

In April 2019, the Company reached a settlement agreement with a customer regarding returned merchandise agreeing to refund $65,000. The Company determined the returned merchandise had little or no value and the adjustment was charged to Cost of Revenues at December 31, 2018. In addition, the Company recognized $1,500 in related legal fees in this matter as of December 31, 2018.

 

On August 14, 2014, the Company entered into a new lease commitment. Terms of the new lease include thirty-seven-month term commencing on September 1, 2014; payment of $5,367 security deposit; base rent of approximately $4,000 per month over the term of the lease plus sales tax; and payment of 10.76% of annual operating expenses (i.e. common areas maintenance), which is approximately $2,000 per month subject to periodic adjustment. On December 1, 2016, we entered into an amendment to the initial lease agreement, commencing on October 1, 2017, extending the term for an additional eighty-four months, expiring September 30, 2024. The base rent was increased to $4,626 per month with a 3% annual escalation throughout the amended term.

  

On November 11, 2018, the Company entered a new lease agreement for approximately 8,025 square feet adjoining its existing facility in Pompano Beach, Florida. Terms of the new lease include a sixty-nine month term commencing on January 1, 2019, or the date the Company takes possession of the premises, if earlier; a $6,527 security deposit; initial base rent of approximately $4,848 per month escalating at 3% per year during the term of the lease plus Florida state sales tax and payment of 10.11% of the buildings annual operating expenses (i.e. common area maintenance) which is approximately $1,679 per month subject to adjustment as provided in the lease.

 

We believe that the facilities are suitable for their intended purpose, are being efficiently utilized and provide adequate capacity to meet demand for the foreseeable future.

 

Supplemental balance sheet information related to leases was as follows:

 

Operating Leases  Classification  June 30, 2019 
Right-of-use assets  Operating right of use assets  $591,408 
         
Current lease liabilities  Current operating lease liabilities   91,301 
Non-current lease liabilities  Long-term operating lease liabilities   498,709 
Total lease liabilities     $590,010 

 

Lease term and discount rate were as follows:

 

   June 30, 2019 
Weighted average remaining lease term (years)   5.18 
      
Weighted average discount rate   5.91%

 

The component of lease costs were as follows:

 

   Three months ended
June 30, 2019		 
Operating lease cost  $10,936 
      
Variable lease cost   - 
      
Total lease costs  $10,936 

 

The component of lease costs were as follows:

 

   Six months ended
June 30, 2019		 
Operating lease cost  $41,874 
      
Variable lease cost   - 
      
Total lease costs  $41,874 

  

Supplemental disclosures of cash flow information related to leases were as follows:

 

   June 30, 2019 
Cash paid for operating lease liabilities  $45,603 
Operating right of use assets obtained in exchange for operating lease liabilities  $635,613 

 

Maturities of lease liabilities were as follows as of June 30, 2019:

 

   Trebor
Industries
Office Lease		   BMG Office
Lease		   Copier   Total lease
payments		 
Remainder of 2019  $29,020   $29,091   $4,194   $62,305 
2020   59,339    59,927    8,388    127,654 
2021   61,119    61,725    8,388    131,232 
2022   62,953    63,576    8,388    134,917 
2023 and thereafter   114,559    116,070    2,796    233,424 
Total   326,999    330,389    32,154    689,533 
Less: Imputed interest   (46,599)   (49,479)   (3,445)   (99,523)
Present value of lease liabilities  $280,391   $280,910   $28,709    $ 590,010 

 

On August 7, 2017 the Company entered into an Exclusive Distribution Agreement with Lenhardt & Wagner GmbH (“L&W”), a German-based company engaged in the development, manufacturing and sales of high pressure air and industrial gas compressor packages. Under the terms of the Exclusive Distribution Agreement, we were appointed the exclusive distributor of L&W’s complete product line in North America and South America, including the Caribbean (the “Territory”). Pursuant to an intercompany assignment, Brownie’s High Pressure Compressor Services, Inc., our wholly-owned subsidiary (“BHPCS”), is party to the agreement. Through BHPCS we conduct business under the brand name “LW Americas/LWA”, establishing sales, distribution and service centers for high pressure air and industrial gas systems in the dive, fire, CNG, military, scientific, recreational and aerospace industries. Under the terms of the agreement, we were granted a non-exclusive, non-transferrable and irrevocable right to use certain of L&W’s trademarks in connection with the marketing, use, sale and service of the products in the Territory. The agreement is for an initial term of five years, and will automatically renew for one additional five year term unless terminated by either party upon one year written notice prior to the expiration of the then current term. Either party may terminate the agreement without cause upon one year prior written notice to the other party. In addition, L&W may terminate the agreement for cause upon 120 days prior notice to us, subject to certain cure periods.

 

In May 2018 the Company entered into an agreement with an employee to pay him $28 an hour in cash and $10 per hour in common stock not to exceed 40 hours a week. The stock price is determined at the end of each month using the 10-day weighted average of the stock price. As of June 30, 2019, the Company has not issued all of the common stock to the employee and has recorded a liability of $4,800.

 

Under the patent license agreement, the Company paid an initial license fee in April 2018 through the issuance of 759,422 shares of common stock with a fair value of $30,000 which is being amortized on a straight line basis over its five year term which resulted in the Company amortizing $3,000 during the six months ended June 30, 2019. During the six months ended June 30, 2019 the Company amortized an additional $3,000. The patent license agreement further provides for royalties to be paid based on annual net revenues achieved
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Equity and Equity Incentive Plan
 6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
Equity and Equity Incentive Plan

13. EQUITY AND EQUITY INCENTIVE PLAN

 

Common Stock

 

The Company had 238,119,561 and 161,086,228 common shares outstanding at June 30, 2019 and December 31, 2018, respectively.

  

In December 2018, the Company issued 20,000,000 shares of common stock to our CEO as an incentive bonus. As the shares are subject to continued employment by the CEO through January 2, 2020, the Company has treated the shares as issued but not as yet outstanding. Expense for the issuance is being recognized over the full vesting period, and accordingly, the Company recognized stock compensation expense of $10,576 as of December 31, 2018. During the three and six months ended June 30, 2019 the Company recognized additional stock compensation expense of $46,907 and $92,783, respectively. The Total amount of expense recorded as of June 30, 2019 is $103,359.

 

On August 1, 2017, Mr. Mikkel Pitzner was appointed by the Company’s board of directors to serve on the Company’s board of directors, filling a vacancy on the board. Mr. Pitzner shall serve on the board of directors and shall hold office until the next election of directors by stockholders and until his successor is elected and qualified or until his earlier resignation or removal. The Company has agreed to pay Mr. Pitzner an annual fee of $6,000 and has issued Mr. Pitzner 3,333,333 shares of restricted common stock valued at $31,250 under a consulting agreement expiring in January 2019. In December 2018, Mr. Pitzner was issued 708,287 common shares in payment of accrued director fees through December 31, 2018. The shares were valued at $0.0195 per share, totaling $13,812, the fair value on the date of grant. During the six months ended June 30, 2019 the Company recorded $31,250 of stock compensation pursuant to this agreement.

 

In January 2019, the Company entered into an investment banking and corporate advisory agreement. The term of the agreement is for one year and provided for compensation of 2,700,000 common shares with a fair value of $29,700 plus related expenses. The shares were issued in February and March 2019. For the three and six months ended June 30, 2019 the Company expenses $7,450 and $14,850, respectively in stock compensation.

 

In January 2019, the Company issued 1,000,000 common shares with a fair value of $12,500 to a consultant for general administrative advisory services, of which $2,500 and $10,000 was expensed during the three and six months ended June 30, 2019, respectively.

 

In March 2019 we issued an accredited investor, a unit of the securities of the Company, with the unit consisting of 50,000,000 shares of common stock, par value $0.0001 per share and 50,000,000 eighteen month common stock purchase warrants exercisable at $0.01 per share in consideration of $500,000. The Company intends to use the proceeds from the sale for product research and development and working capital purposes. The Company did not pay any fees or commissions in connection with the sale of the unit.

 

Preferred Stock

 

During the second quarter of 2010, the holder of the majority of the Company’s outstanding shares of common stock approved an amendment to the Company’s Articles of Incorporation authorizing the issuance of 10,000,000 shares of preferred stock. The preferred stock as authorized has such voting powers, designations, preferences, limitations, restrictions and relative rights as may be determined by our Board of Directors of the Company from time to time in accordance with the provisions of the Florida Business Corporation Act. Before modification, the existing Articles of Incorporation did not authorize the issuance of shares of preferred stock. The Company authorized the preferred stock for the purpose of added flexibility in seeking capital and potential acquisition targets. The amendment authorizing the issuance of shares of preferred stock grants the Board authority, without further action by our stockholders, to designate and issue preferred stock in one or more series and to designate certain rights, preferences and restrictions of each series, any or all of which may be greater than the rights of the common stock. As of June 30, 2019 and December 31, 2018, the 425,000 shares of preferred stock are owned by the Company’s Chief Executive Officer. The preferred shares have 250 to 1 voting rights over the common stock, and are convertible into 31,481 shares of common stock. The preferred stock votes with the Company’s common stock, except as otherwise required under Florida law.

 

Equity Incentive Plan

 

On August 22, 2007, the Company adopted an Equity Incentive Plan (the “Plan”). The Plan expired on August 22, 2017. All 297 options issued under the Plan had expired as of March 31, 2019.

  

Equity Compensation Plan Information as of December 31, 2018.

 

   Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
(a)		   Weighted – average
exercise price of
outstanding options,
warrants and rights
(b)		   Number of securities
remaining available
for future issuances
under equity
compensation plans
(excluding securities
reflected in column
(a) (c)		 
Equity Compensation Plans Approved by Security Holders   297   $1,350    — 
Equity Compensation Plans Not Approved by Security Holders   —    —    — 
Total   297   $1,350    — 

 

Equity Compensation Plan Information as of June 30, 2019.

 

      Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
(a)		       Weighted – average
exercise price of
outstanding options,
warrants and rights
(b)		       Number of securities
remaining available
for future issuances
under equity
compensation plans
(excluding securities
reflected in column
(a) (c)		  
Equity Compensation Plans Approved by Security Holders     —     $ —       —  
Equity Compensation Plans Not Approved by Security Holders     —       —       —  
Total     —     $ —       —  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.19.2
Subsequent Events
 6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

14. SUBSEQUENT EVENTS

 

On July 17, 2019 the Company sold 2,500,000 shares of common stock for proceeds of $25,000 ($0.01 per share).

 

Effective July 29, 2019 the Company issued options to purchase up to an aggregate of 22,838,094 shares of common stock to two service providers, including Mikkel Pitzner, a member of the Company’s board of directors, and Blake Carmichael, an employee of the Company. The options were issued pursuant to a stock option grant agreement and are exercisable at $0.018 per share for a period of five years from the date of issuance, subject to vesting over a period of six months.

 

Effective July 29, 2019 the Company has agreed to pay the members of the Company’s board of directors an annual fee of $18,000 for serving on the Company’s board of directors for the year ending December 31, 2019.

 

Effective July 29, 2019 the Company issued its chief executive officer options to purchase up to 20,761,904 shares of common stock. The options were issued pursuant to a Grant Agreement and are exercisable at $0.018 per share for a period of five years from the date of issuance, subject to vesting over a period of six months.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.19.2
Description of Business and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Description of Business

Description of business –Brownie’s Marine Group, Inc., (hereinafter referred to as the “Company,” or “BWMG”) designs, tests, manufactures and distributes recreational hookah diving, yacht based scuba air compressor and nitrox generation systems, scuba and water safety products through its wholly owned subsidiary Trebor Industries, Inc. and manufactures and sells high pressure air and industrial gas compressor packages through its wholly owned subsidiary Brownie’s High Pressure Compressor Services, Inc. The Company sells its products both on a wholesale and retail basis, and does so from its headquarters and manufacturing facility in Pompano Beach, Florida. The Company does business as (dba) Brownie’s Third Lung, the dba name of Trebor Industries, Inc. and Brownie’s High Pressure Compressor Services, Inc. The Company’s common stock is quoted on the OTC Markets (Pink) under the symbol “BWMG”.

 

On August 7, 2017, Brownie’s Marine Group, Inc. entered into an Exclusive Distribution Agreement with Lenhardt & Wagner GmbH (“L&W”), a German-based company engaged in the development, manufacturing and sales of high pressure air and industrial gas compressor packages. Under the terms of the Exclusive Distribution Agreement, we were appointed the exclusive distributor of L&W’s complete product line in North America and South America, including the Caribbean (the “Territory”). Pursuant to an intercompany assignment, Brownie’s High Pressure Compressor Services, Inc., our wholly-owned subsidiary (“BHPCS”), is party to the agreement. Through BHPCS we expect to conduct business and build the brand name “L&W Americas/LWA”, establishing sales, distribution and service centers for high pressure air and industrial gas systems in the dive, fire, CNG, military, scientific, recreational and aerospace industries. Our goal will be to build a network of jobbers, dealers, installers and high-pressure compressor distributors throughout the Territory by leveraging our know-how, brand awareness, complimentary products and creating sustainable distribution and core product OEM integration relationships.

 

In December 2017, the Company formed a wholly-owned subsidiary BLU3, Inc. The Company was formed to develop and market an innovation electric shallow dive system that is completely portable to the user. As of June 30, 2019 and December 31, 2018 the company has had limited operations.
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments consisting of a normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the six-month period ended June 30, 2019 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2019.

 

For further information, refer to the Company’s consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2018.
Definition of Fiscal Year

Definition of fiscal year – The Company’s fiscal year end is December 31.
Principles of Consolidation

Principles of Consolidation -The consolidated financial statements include the accounts of BWMG and its wholly owned subsidiaries, Trebor Industries, Inc., Brownie’s High Pressure Compressor Services, Inc. and BLU3, Inc. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates

Use of estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 
Cash and Equivalents

Cash and equivalents – Only highly liquid investments with original maturities of 90 days or less are classified as cash and equivalents. These investments are stated at cost, which approximates market value.
Going Concern

Going Concern – The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these consolidated financial statements. We incurred net losses for the six months ended June 30, 2019 and 2018 of $504,351 and $327,143, respectively. The Company had an accumulated deficit as of June 30, 2019 of $10,687,129.

 

Because the Company believes that existing operational cash flow may not be sufficient to fund presently anticipated operations, this raises substantial doubt about our ability to continue as a going concern. Therefore, the Company will continue to raise additional funds as needed and is currently exploring alternative sources of financing. The Company has issued a number of common shares and convertible debentures as an interim measure to finance working capital needs and may continue to raise additional capital through sale of restricted common stock or other securities or obtaining short term loans.

 

If BWMG fails to raise additional funds when needed, or does not have sufficient cash flows from sales, it may be required to scale back or cease operations, liquidate assets and possibly seek bankruptcy protection. The accompanying consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties.
Accounts Receivable

Accounts receivable – Accounts receivable consist of amounts due from the sale of all of our products to wholesale and retail customers. The allowance for doubtful accounts are estimated based on historical customer experience and industry knowledge. The allowances for doubtful accounts totaled $9,200 and $9,200 at June 30, 2019 and December 31, 2018, respectively.
Inventory

Inventory – Inventory is stated at the lower of cost or net realizable value. Cost is principally determined by using the average cost method that approximates the First-In, First-Out (FIFO) method of accounting for inventory. Inventory consists of raw materials as well as finished goods held for sale. The Company’s management monitors the inventory for excess and obsolete items and makes necessary valuation adjustments when indicated.
Property and Equipment and Leasehold Improvements

Property and equipment and leasehold improvements – Property and equipment and leasehold improvement is stated at cost less accumulated depreciation or amortization. Depreciation and amortization is provided principally on the straight-line method over the estimated useful lives of the assets or term of the lease, which are primarily 3 to 5 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense).

 

The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability.
Revenue Recognition

Revenue Recognition

 

On January 1, 2018, we adopted the new accounting standard ASC 606, “Revenue from Contracts with Customers” and all the related amendments. This standards core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to receive. The new revenue standard was applied using the modified retrospective method. As a result of the adoption of this standard, there was no impact on the prior year financial statements.

 

We recognize the sale of products under single performance obligations upon shipment of the units as that is when ownership is transferred and our performance is completed. Revenues from repair and maintenance activities is recognized when the repairs are completed and the units have been shipped.
Advertising and Marketing Costs

Advertising and marketing costs – The Company expenses the costs of producing advertisements and marketing material at the time production occurs, and expenses the costs of communicating advertisements and participating in trade shows in the period in which they occur. Advertising and trade show expense incurred for the three and six months ended June 30, 2019 and June 30, 2018, totaled $10,352, $3,324, $26,580 and $28,963, respectively. 
Research and Development Costs

Research and development costs – The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and developments costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. During the three and six months ended June 30, 2019 and June 30, 2018 the Company incurred research and development costs of $34,676, $64,244, $36,744 and $43,176, respectively. 
Customer Deposits and Unearned Revenue and Returns Policy

Customer deposits and unearned revenue and returns policy – The Company typically takes a minimum 50% deposit against custom and large tankfill systems prior to ordering and/or building the systems. The remaining balance due is payable upon delivery, shipment, or installation of the system. There is no provision for cancellation of custom orders once the deposit is accepted, nor return of the custom ordered product. Additionally, returns of all other merchandise are subject to a 15% restocking fee as stated on each sales invoice. Customer deposits and unearned revenue totaled $234,813 and $245,907 at June 30, 2019 and December 31, 2018, respectively.
Warranty Policy

Warranty policy – Under the provisions of FASB ASC 460, Guarantor’s Guarantees, the Company accrues a liability for estimated warranty policy costs based on historical information and experience. The Company provides our customers with an industry standard one year warranty on systems sold and recognizes a warranty reserve based on gross sales multiplied by the historical warranty expense return rate The warranty reserve at March 31, 2019 and December 31, 2018 was charged to cost of net revenues and is included in accrued expenses and is deemed sufficient to absorb any material or labor costs that might be incurred on sales recorded during the period. The Company recognized a reserve for warranty work in 2018 of $8,834. During the six months ended June 30, 2019 the Company increased the reserve by $1,709 to a total of $10,543.
Income Taxes

Income taxes – The Company accounts for its income taxes under the assets and liabilities method, which requires recognition of deferred tax assets and liabilities for future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

 

The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company were to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, they would make an adjustment to the valuation allowance which would reduce the provision for income taxes.

 

The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also included is guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
Stock-based Compensation

Stock-based compensation – The Company accounts for all compensation related to stock, options or warrants using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes valuation model to calculate the fair value of options and warrants issued to both employees and non-employees.

  

Stock issued for compensation is valued on the effective date of the agreement in accordance with generally accepted accounting principles, which includes determination of the fair value of the share-based transaction. The fair value is determined through use of the quoted stock price.

 

During the three and six months ended June 30, 2019 and 2018, the Company recognized share based compensation with a fair value of $56,832, $148,883 $7,786 and $32,786 respectively.
Beneficial Conversion Features on Convertible Debentures

Beneficial conversion features on convertible debentures – A beneficial conversion feature arises when the conversion price of a convertible instrument is below the per share value of the underlying stock into which it is convertible. The fair value of the stock upon which to base the beneficial conversion feature (BCF) computation has been determined through use of the quoted stock price.
Fair Value of Financial Instruments

Fair value of financial instruments – Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

 

Level 1 - Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

 

Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

 

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

 

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Company. Management considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, provided by multiple, independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Company’s perceived risk of that investment.

 

At June 30, 2019 and December 31, 2018, the carrying amount of cash, accounts receivable, accounts receivable – related parties, accounts payable and accrued liabilities, customer deposits and unearned revenue, other liabilities, and convertible debentures, approximate fair value because of the short maturity of these instruments.
Earnings Per Common Share

Earnings per common share – Basic earnings per share excludes any dilutive effects of options, warrants and convertible securities. Basic earnings per share is computed using the weighted-average number of outstanding common shares during the applicable period. Diluted earnings per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Common stock equivalent shares are excluded from the computation if their effect is antidilutive. At June 30, 2019 and June 30, 2018, 83,782,544 and 62,164,296, respectively, potentially dilutive shares were not recognized as their inclusion would be anti-dilutive. These shares reflect shares potentially issuable under convertible note agreements, outstanding warrants, outstanding stock options and the conversion of preferred stock. 
New Accounting Pronouncements

New accounting pronouncements

 

In June 2018, the Financial Accounting Standards Board issued ASU 2018-7, “Compensation – Stock Compensation” (Topic 718) amending the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments specify that nonemployee share-based payments are measured at grant-date fair value with the grant date being defined when the parties reach a mutual understanding of the key terms and conditions of the share-based award. ASU 2018-07 is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU 2018—07 did not have an impact on our operations, cash flows or financial condition.

 

In March 2018, the FASB issued ASU 2018-05, “Income Taxes” (Topic 740) amending previous guidance on accounting and disclosures for income taxes addressing changes under the Tax Cuts and Jobs Act (the “Act”). This standard addresses the recognition of taxes payable or refundable in the current year and the recognition of deferred tax liabilities and deferred tax assets following passage of the Act. ASU 2018-5 had an enactment date of December 22, 2017. We do not believe this ASU had a material impact on our results of operation, cash flows or financial condition.

 

In February 2016, the FASB issued ASU 2016-02, Leases, which will amend current lease accounting to require lessees to recognize (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years.

 

This standard did not have a material impact on our consolidated statement of operations however, the recognition of right of use assets and real estate operating lease liabilities had a material impact on our consolidated balance sheet presentation. Adoption of this standard resulted in additional right of use assets and additional liabilities of approximately $635,613 based on the present fair value of the remaining minimum rental payments under our current real property lease obligations. See Note 12.

 

The Company believes there was no other new accounting guidance adopted, but not yet effective that either has not already been disclosed in prior reporting periods or is relevant to the readers of our consolidated financial statements.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.19.2
Inventory (Tables)
 6 Months Ended
Jun. 30, 2019
Inventory Disclosure [Abstract]  
Schedule of Inventory

   June 30, 2019
(unaudited)		   December 31, 2018 
         
Raw materials  $367,594   $353,619 
Finished goods   480,737    513,148 
Allowance for obsolete inventory   (143,597)   (143,597)
   $704,734   $723,170 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.19.2
Prepaid Expenses and Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

 

   

June 30, 2019

(unaudited)

     December 31, 2018  
             
Prepaid inventory   $ 213,006     $ 39,260  
Prepaid insurance     11,277       4,615  
Prepaid other current assets     6,000       14,645  
    $ 230,283     $ 58,520  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.19.2
Property and Equipment, Net (Tables)
 6 Months Ended
Jun. 30, 2019
Property, Plant and Equipment [Abstract]  
Schedule of Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements consists of the following as of:

 

   June 30, 2019
(unaudited)		   December 31, 2018 
         
Tooling and equipment  $138,632   $138,632 
Computer equipment and software   27,469    27,469 
Vehicles   44,160    44,160 
Leasehold improvements   43,779    43,779 
    254,040    254,040 
Less: accumulated depreciation and amortization   (251,448)   (250,322)
   $2,592   $3,718 
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.19.2
Accounts Payable and Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2019
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consists of the following as of:

 

   June 30, 2019
(unaudited)		   December 31, 2018 
         
Accounts payable trade and other  $298,862   $249,833 
Accrued payroll & fringe benefits   44,432    48,065 
Accrued Warranty Expense   10,543    8,834 
Accrued payroll taxes & withholding   8,339    8,415 
Accrued interest   13,412    10,162 
   $375,588   $325,309 
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.19.2
Other Liabilities (Tables)
 6 Months Ended
Jun. 30, 2019
Other Liabilities Disclosure [Abstract]  
Schedule of Other Liabilities

Other liabilities consist of the following as of:

 

   

June 30, 2019

(unaudited)

     December 31, 2018  
             
Short-term loans   $ 126,572 (*)   $ 126,572 (*)
Asset purchase agreement payable     12,857       12,857  
Other accrued liabilities     43,813          
Accrued royalties’ expense     5,838       2,027  
Accrued vendor settlement     50,253          
On-line training liability     318       686  
    $ 239,651     $ 142,142  

 

(*) Initial balance of $200,000 non-convertible note dated July 7, 2013. The note carries a 0% interest rate and is due on demand.
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.19.2
Convertible Debentures (Tables)
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Convertible Debentures

Convertible debentures consist of the following at December 31, 2018:

 

Origination
Date		  Maturity
Date		  Interest
Rate		   Origination
Principal
Balance		   Original
Discount
Balance		   Period
End
Principal
Balance		   Period
End
Discount
Balance		   Period
End
Balance,
Net		   Accrued
Interest
Balance		   Reg. 
8/31/2011  8/31/2013   5%   10,000    (4,286)   10,000    —    10,000    3,694    (1)
12/01/17  12/01/19   6%   50,000    (12,500)   50,000    —    50,000    3,250    (2)
12/05/17  12/04/19   6%   50,000    (12,500)   50,000    —    50,000    3,218    (3)
                     $110,000   $—   $110,000   $10,162      

 

Convertible debentures consist of the following at June 30, 2019:

 

Origination
Date		   Maturity
Date		   Interest
Rate		     Origination
Principal
Balance		     Original
Discount
Balance		     Period
End
Principal
Balance		     Period
End
Discount
Balance		     Period
End
Balance,
Net		     Accrued
Interest
Balance		     Reg.  
8/31/2011   8/31/2013     5 %     10,000       (4,286 )     10,000       —       10,000       3,944       (1 )
12/01/17   12/01/19     6 %     50,000       (12,500 )     50,000       —       50,000       4,750       (2 )
12/05/17   12/04/19     6 %     50,000       (12,500 )     50,000       —       50,000       4,717       (3 )
                                $ 110,000     $ —     $ 110,000     $ 13,411          

 

(1) The Company borrowed $10,000 in exchange for a convertible debenture. The lender at their option may convert all or part of the note plus accrued interest into common stock at a price of thirty percent (30%) discount as determined from the average four (4) highest closing bid prices over the preceding five (5) trading days. The Company valued the beneficial conversion feature of the convertible debenture at $4,286, which was accreted to interest expense over the period of the note. The discount has been fully amortized as of December 31, 2018. The company has not received any demand of payment or a notice of default from the lender.

  

(2) The Company entered into a 6% Secured Convertible Promissory Note, due December 1, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company’s wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie’s High Pressor Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company’s Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.

 

(3) The Company entered into a 6% Secured Convertible Promissory Note, due December 4, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company’s wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie’s High Pressure Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company’s Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.19.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Operating Leases

Supplemental balance sheet information related to leases was as follows:

 

Operating Leases  Classification  June 30, 2019 
Right-of-use assets  Operating right of use assets  $591,408 
         
Current lease liabilities  Current operating lease liabilities   91,301 
Non-current lease liabilities  Long-term operating lease liabilities   498,709 
Total lease liabilities     $590,010 
Summary of Operating Lease Liabilities

Lease term and discount rate were as follows:

 

   June 30, 2019 
Weighted average remaining lease term (years)   5.18 
      
Weighted average discount rate   5.91%
Schedule of Lease Cost

The component of lease costs were as follows:

 

   Three months ended
June 30, 2019		 
Operating lease cost  $10,936 
      
Variable lease cost   - 
      
Total lease costs  $10,936 

 

The component of lease costs were as follows:

 

   Six months ended
June 30, 2019		 
Operating lease cost  $41,874 
      
Variable lease cost   - 
      
Total lease costs  $41,874 
Schedule of Cash Flow Information Related to Leases

Supplemental disclosures of cash flow information related to leases were as follows:

 

   June 30, 2019 
Cash paid for operating lease liabilities  $45,603 
Operating right of use assets obtained in exchange for operating lease liabilities  $635,613 
Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities were as follows as of June 30, 2019:

 

   Trebor
Industries
Office Lease		   BMG Office
Lease		   Copier   Total lease
payments		 
Remainder of 2019  $29,020   $29,091   $4,194   $62,305 
2020   59,339    59,927    8,388    127,654 
2021   61,119    61,725    8,388    131,232 
2022   62,953    63,576    8,388    134,917 
2023 and thereafter   114,559    116,070    2,796    233,424 
Total   326,999    330,389    32,154    689,533 
Less: Imputed interest   (46,599)   (49,479)   (3,445)   (99,523)
Present value of lease liabilities  $280,391   $280,910   $28,709    $ 590,010 
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.19.2
Equity and Equity Incentive Plan (Tables)
 6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Equity Compensation Plan Information

Equity Compensation Plan Information as of December 31, 2018.

 

   Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
(a)		   Weighted – average
exercise price of
outstanding options,
warrants and rights
(b)		   Number of securities
remaining available
for future issuances
under equity
compensation plans
(excluding securities
reflected in column
(a) (c)		 
Equity Compensation Plans Approved by Security Holders   297   $1,350    — 
Equity Compensation Plans Not Approved by Security Holders   —    —    — 
Total   297   $1,350    — 

 

Equity Compensation Plan Information as of June 30, 2019.

 

      Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
(a)		       Weighted – average
exercise price of
outstanding options,
warrants and rights
(b)		       Number of securities
remaining available
for future issuances
under equity
compensation plans
(excluding securities
reflected in column
(a) (c)		  
Equity Compensation Plans Approved by Security Holders     —     $ —       —  
Equity Compensation Plans Not Approved by Security Holders     —       —       —  
Total     —     $ —       —  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.19.2
Description of Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Net (loss) income $ (240,306) $ (109,203) $ (504,351) $ (327,143)  
Accumulated deficit 10,687,129   10,687,129   $ 10,182,778
Allowance for doubtful accounts 9,200   9,200   9,200
Advertising and trade show expense 10,352 26,580 3,324 28,963  
Research and development costs 34,676 36,744 $ 64,244 43,176  
Percentage of minimum deposit for custom and large tank fill systems     50.00%    
Percentage of restocking fees     15.00%    
Customer deposits and unearned revenue 234,813   $ 234,813   245,907
Reserve for warranty work     10,543   8,834
Incerased amount of reserve for warranty work     1,709    
Stock issued for employee compensation 56,832 $ 7,786 $ 148,883 $ 32,786  
Potentially dilutive shares included from dilutive earnings per share     83,782,544 62,164,296  
Right of use assets 591,408   $ 591,408  
Accounting Standards Update 2016-02 [Member]          
Right of use assets 635,613   635,613    
Additional liabilities $ 635,613   $ 635,613    
Property, Equipment and Leasehold Improvements [Member] | Minimum [Member]          
Property, plant and equipment, useful life     3 years    
Property, Equipment and Leasehold Improvements [Member] | Maximum [Member]          
Property, plant and equipment, useful life     5 years    
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.19.2
Inventory (Details Narrative)
Dec. 31, 2018
USD ($)
Inventory Disclosure [Abstract]  
Reserve for obsolete inventory $ 100,000
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.19.2
Inventory - Schedule of Inventory (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Raw materials $ 367,594 $ 353,619
Finished goods 480,737 513,148
Allowance for obsolete inventory (143,597) (143,597)
Inventory $ 704,734 $ 723,170
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.19.2
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid inventory $ 213,006 $ 39,260
Prepaid insurance 11,277 4,615
Prepaid other current assets 6,000 14,645
Prepaid expense and other assets, current $ 230,283 $ 58,520
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.19.2
Property and Equipment, Net (Details Narrative) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Property, Plant and Equipment [Abstract]    
Depreciation and amortization expense $ 1,126 $ 8,656
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.19.2
Property and Equipment, Net - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Property and equipment, gross $ 254,040 $ 254,040
Less: accumulated depreciation and amortization (251,448) (250,322)
Property and equipment, net 2,592 3,718
Tooling and Equipment [Member]    
Property and equipment, gross 138,632 138,632
Computer Equipment and Software [Member]    
Property and equipment, gross 27,469 27,469
Vehicles [Member]    
Property and equipment, gross 44,160 44,160
Leasehold Improvements [Member]    
Property and equipment, gross $ 43,779 $ 43,779
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.19.2
Other Assets (Details Narrative) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Other assets $ 23,149 $ 26,147
Refundable deposits 6,649 6,649
Unamortized license fee $ 16,500 $ 19,498
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.19.2
Customer Credit Concentrations (Details Narrative) - Sales Revenue [Member]
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Concentration credits risk 90.00%  
Related Party [Member]    
Concentration credits risk 25.24% 24.31%
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.19.2
Related Parties Transactions (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 02, 2017
Mar. 03, 2009
Feb. 28, 2019
Dec. 31, 2018
Jan. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Net revenues from related parties           $ 212,782 $ 138,581 $ 351,446 $ 296,413  
Accounts payable - related parties       $ 125,243   $ 153,458   $ 153,458   $ 125,243
Percentage of gross revenues per quarter required to pay           2.50%   2.50%    
Total royalty expense           $ 13,894 13,468 $ 24,117 23,395  
Total compensation expense               103,359    
Annual fee           4,800   4,800    
Number of shares issued, value           56,832 7,786   32,786  
Number of shares issued for services, value           56,832 7,786 148,883 32,786  
Chief Executive Officer [Member]                    
Number of shares issued, shares       20,000,000            
Total compensation expense       $ 10,576   46,907   92,783    
Brownie's Southport Divers, Inc., Brownie's Palm Beach Divers, and Brownie's Yacht Toys [Member] | Chief Executive Officer [Member]                    
Net revenues from related parties           212,782 138,581 351,446 299,413  
Brownies Southport Divers Inc [Member]                    
Accounts receivable from related parties       49,443   53,684   53,684   49,443
Brownies Palm Beach Divers [Member]                    
Accounts receivable from related parties       7,731   24,147   24,147   7,731
Brownie's Yacht Toys [Member]                    
Accounts receivable from related parties       8,646   10,288   10,288   8,646
Two Entities [Member]                    
Net revenues from related parties           16,000 $ 0 16,810 $ 0  
BGL [Member]                    
Accounts receivable from related parties       $ 12,603   $ 21,491   21,491   $ 12,603
Mr. Mikkel Pitzner [Member]                    
Number of shares issued, shares       708,287            
Total compensation expense               $ 31,250    
Annual fee $ 6,000                  
Issuance of restricted shares, share 3,333,333                  
Issuance of restricted shares $ 31,250                  
Consulting agreement expiring date Jan. 31, 2019                  
Shares issued price per share       $ 0.0195           $ 0.0195
Number of shares issued, value       $ 13,812            
Monthly salary     $ 9,300              
Allowance for consulting services     $ 1,300              
Mr. Dana Allan [Member]                    
Number of shares issued for services, shares         2,000,000         552,742
Number of shares issued for services, value         $ 50,200         $ 10,778
Mr. Robert M. Carmichael [Member] | Patent Purchase Agreement [Member]                    
Share-based compensation arrangement by share-based payment award, options, outstanding, number, beginning balance   297                
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price, beginning balance   $ 1,350                
Share-based compensation arrangement, expiring period   10 years                
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.19.2
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Payables and Accruals [Abstract]    
Accounts payable trade and other $ 298,862 $ 249,833
Accrued payroll & fringe benefits 44,432 48,065
Accrued Warranty Expense 10,543 8,834
Accrued payroll taxes & withholding 8,339 8,415
Accrued interest 13,412 10,162
Total $ 375,588 $ 325,309
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.19.2
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Other Liabilities Disclosure [Abstract]    
Short-term loans [1] $ 126,572 $ 126,572
Asset purchase agreement payable 12,857 12,857
Other accrued liabilities 43,813
Accrued royalties' expense 5,838 2,027
Accrued vendor settlement 50,253
On-line training liability 318 686
Total $ 239,651 $ 142,142
[1] Initial balance of $200,000 non-convertible note dated July 7, 2013. The note carries a 0% interest rate and is due on demand.
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.19.2
Other Liabilities - Schedule of Other Liabilities (Details) (Parenthetical)
Jul. 07, 2013
USD ($)
Other Liabilities Disclosure [Abstract]  
Non-convertible note $ 200,000
Debt instrument interest percentage 0.00%
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.19.2
Convertible Debentures (Details Narrative) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Jul. 07, 2013
Debt instrument interest percentage     0.00%
Convertible Debenture One [Member]      
Borrowing convertible debenture $ 10,000    
Percentage of discount on conversion price 30.00%    
Trading days description The lender at their option may convert all or part of the note plus accrued interest into common stock at a price of thirty percent (30%) discount as determined from the average four (4) highest closing bid prices over the preceding five (5) trading days.    
Beneficial conversion feature of convertible debenture $ 4,286    
Debt instrument interest percentage [1] 5.00% 5.00%  
Debt maturity date [1] Aug. 31, 2013 Aug. 31, 2013  
Convertible Debenture Two [Member]      
Debt instrument interest percentage [2] 6.00% 6.00%  
Debt maturity date [2] Dec. 01, 2019 Dec. 01, 2019  
Convertible Debenture Two [Member] | 6% Secured Convertible Promissory Note [Member]      
Debt instrument interest percentage 6.00%    
Maximum conversion of common stock, percentage 9.99%    
Reduction in conversion price per share $ 0.01    
Debt discount $ 12,500    
Debt maturity date Dec. 01, 2018    
Convertible Debenture Two [Member] | 6% Secured Convertible Promissory Note [Member] | First Year [Member]      
Debt conversion price per share $ 0.02    
Convertible Debenture Two [Member] | 6% Secured Convertible Promissory Note [Member] | Fifth Year [Member]      
Debt conversion price per share $ 0.125    
Convertible Debenture Three [Member]      
Debt instrument interest percentage [3] 6.00% 6.00%  
Debt maturity date [3] Dec. 04, 2019 Dec. 04, 2019  
Convertible Debenture Three [Member] | 6% Secured Convertible Promissory Note [Member]      
Debt instrument interest percentage 6.00%    
Maximum conversion of common stock, percentage 9.99%    
Reduction in conversion price per share $ 0.01    
Debt discount $ 12,500    
Debt maturity date Dec. 04, 2018    
Convertible Debenture Three [Member] | 6% Secured Convertible Promissory Note [Member] | First Year [Member]      
Debt conversion price per share $ 0.02    
Convertible Debenture Three [Member] | 6% Secured Convertible Promissory Note [Member] | Fifth Year [Member]      
Debt conversion price per share $ 0.125    
[1] The Company borrowed $10,000 in exchange for a convertible debenture. The lender at their option may convert all or part of the note plus accrued interest into common stock at a price of thirty percent (30%) discount as determined from the average four (4) highest closing bid prices over the preceding five (5) trading days. The Company valued the beneficial conversion feature of the convertible debenture at $4,286, which was accreted to interest expense over the period of the note. The discount has been fully amortized as of December 31, 2018. The company has not received any demand of payment or a notice of default from the lender.
[2] The Company entered into a 6% Secured Convertible Promissory Note, due December 1, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company's wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie's High Pressor Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company's Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.
[3] The Company entered into a 6% Secured Convertible Promissory Note, due December 4, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company's wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie's High Pressure Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company's Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.19.2
Convertible Debentures - Schedule of Convertible Debentures (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2019
Dec. 31, 2018
Jul. 07, 2013
Interest Rate     0.00%
Period End Principal Balance $ 110,000 $ 110,000  
Period End Discount Balance  
Period End Debenture, Net Balance 110,000 110,000  
Accrued Interest Balance $ 13,411 $ 10,162  
Convertible Debenture One [Member]      
Origination Date [1] Aug. 31, 2011 Aug. 31, 2011  
Maturity Date [1] Aug. 31, 2013 Aug. 31, 2013  
Interest Rate [1] 5.00% 5.00%  
Origination Principal Balance [1] $ 10,000 $ 10,000  
Origination Discount Balance [1] (4,286) (4,286)  
Period End Principal Balance [1] 10,000 10,000  
Period End Discount Balance [1]  
Period End Debenture, Net Balance [1] 10,000 10,000  
Accrued Interest Balance [1] $ 3,944 $ 3,694  
Convertible Debenture Two [Member]      
Origination Date [2] Dec. 01, 2017 Dec. 01, 2017  
Maturity Date [2] Dec. 01, 2019 Dec. 01, 2019  
Interest Rate [2] 6.00% 6.00%  
Origination Principal Balance [2] $ 50,000 $ 50,000  
Origination Discount Balance [2] (12,500) (12,500)  
Period End Principal Balance [2] 50,000 50,000  
Period End Discount Balance [2]  
Period End Debenture, Net Balance [2] 50,000 50,000  
Accrued Interest Balance [2] $ 4,750 $ 3,250  
Convertible Debenture Three [Member]      
Origination Date [3] Dec. 05, 2017 Dec. 05, 2017  
Maturity Date [3] Dec. 04, 2019 Dec. 04, 2019  
Interest Rate [3] 6.00% 6.00%  
Origination Principal Balance [3] $ 50,000 $ 50,000  
Origination Discount Balance [3] (12,500) (12,500)  
Period End Principal Balance [3] 50,000 50,000  
Period End Discount Balance [3]  
Period End Debenture, Net Balance [3] 50,000 50,000  
Accrued Interest Balance [3] $ 4,717 $ 3,218  
[1] The Company borrowed $10,000 in exchange for a convertible debenture. The lender at their option may convert all or part of the note plus accrued interest into common stock at a price of thirty percent (30%) discount as determined from the average four (4) highest closing bid prices over the preceding five (5) trading days. The Company valued the beneficial conversion feature of the convertible debenture at $4,286, which was accreted to interest expense over the period of the note. The discount has been fully amortized as of December 31, 2018. The company has not received any demand of payment or a notice of default from the lender.
[2] The Company entered into a 6% Secured Convertible Promissory Note, due December 1, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company's wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie's High Pressor Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company's Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.
[3] The Company entered into a 6% Secured Convertible Promissory Note, due December 4, 2018, subject to extension. The Note is secured with such assets of the Company equal to the principal and accrued interest, and is guaranteed by the Company's wholly-owned subsidiaries, Trebor Industries, Inc. and Brownie's High Pressure Compressor Services, Inc. and the personal guarantee of Robert M. Carmichael, the Company's Chief Executive Officer. The conversion price under the Note range from $0.02 per share if converted in the first year to $0.125 if converted in year five. The lender may convert at any time until the debenture plus accrued interest is paid in full. Various other fees and penalties apply if payments or conversions are not done timely by the Company. The lender will be limited to maximum conversion of 9.99% of the outstanding Common Stock of the Company at any one time. The Note was extended subsequent to year end for one additional year with a reduction in the conversion price to $0.01 per share. The Company recorded a debt discount initially of $12,500 which was fully amortized as of December 31, 2018.
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.19.2
Commitments and Contingencies (Details Narrative)
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 11, 2018
USD ($)
ft²
Aug. 14, 2014
USD ($)
Apr. 30, 2019
USD ($)
Apr. 30, 2018
USD ($)
shares
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Dec. 01, 2016
Lease term 69 months 37 months             84 months
Payment of security deposit   $ 5,367              
Operating leases, rent expense, minimum rentals $ 4,848 $ 4,000              
Percentage of annual operating expenses 10.11% 10.76%              
Operating leases, rent expense $ 1,679 $ 2,000              
Area of land | ft² 8,025                
Security deposit $ 6,527                
Annual escalation percentage 3.00%                
Employee agreement description             In May 2018 the Company entered into an agreement with an employee to pay him $28 an hour in cash and $10 per hour in common stock not to exceed 40 hours a week. The stock price is determined at the end of each month using the 10-day weighted average of the stock price.    
Employee related liabilities         $ 4,800   $ 4,800    
Fair value of common stock shares issued         $ 56,832 $ 7,786   $ 32,786  
Amortization of patent term             5 years    
Amortization expenses             $ 3,000    
Settlement Agreement [Member]                  
Customer refund     $ 65,000            
Legal fees     $ 1,500            
License Agreement [Member]                  
Number of common stock shares issued | shares       759,422          
Fair value of common stock shares issued       $ 30,000          
Plaintiff [Member]                  
Loss contingency, damages paid, value             1,000,000    
Maximum [Member]                  
Loss contingency, damages paid, value             $ 1,000,000    
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.19.2
Commitments and Contingencies - Schedule of Operating Leases (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Right-of-use assets $ 591,408
Current lease liabilities 91,301
Non-current lease liabilities 498,709
Total lease liabilities 590,010  
Operating Right of Use Assets [Member]    
Right-of-use assets 591,408  
Current Operating Lease Liabilities [Member]    
Current lease liabilities 91,301  
Long-term Operating Lease Liabilities [Member]    
Non-current lease liabilities $ 498,709  
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.19.2
Commitments and Contingencies - Summary of Operating Lease Liabilities (Details)
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Weighted average remaining lease term (years) 5 years 2 months 5 days
Weighted-average discount rate 5.91%
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.19.2
Commitments and Contingencies - Schedule of Lease Cost (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]    
Operating lease cost $ 10,936 $ 41,874
Variable lease cost
Total lease costs $ 10,936 $ 41,874
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.19.2
Commitments and Contingencies - Schedule of Cash Flow Information Related to Leases (Details)
 6 Months Ended
Jun. 30, 2019
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Cash paid for operating lease liabilities $ 45,603
Operating right of use assets obtained in exchange for operating lease liabilities $ 635,613
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.19.2
Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details)
Jun. 30, 2019
USD ($)
Commitments and Contingencies [Line Items]  
Remainder of 2019 $ 62,305
2020 127,654
2021 131,232
2022 134,917
2023 and thereafter 233,424
Total 689,533
Less: Imputed interest (99,523)
Present value of lease liabilities 590,010
Trebor Industries Office Lease [Member]  
Commitments and Contingencies [Line Items]  
Remainder of 2019 29,020
2020 59,339
2021 61,119
2022 62,953
2023 and thereafter 114,559
Total 326,999
Less: Imputed interest (46,599)
Present value of lease liabilities 280,391
BMG Office Lease [Member]  
Commitments and Contingencies [Line Items]  
Remainder of 2019 29,091
2020 59,927
2021 61,725
2022 63,576
2023 and thereafter 116,070
Total 330,389
Less: Imputed interest (49,479)
Present value of lease liabilities 280,910
Copier [Member]  
Commitments and Contingencies [Line Items]  
Remainder of 2019 4,194
2020 8,388
2021 8,388
2022 8,388
2023 and thereafter 2,796
Total 32,154
Less: Imputed interest (3,445)
Present value of lease liabilities $ 28,709
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.19.2
Equity and Equity Incentive Plan (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 02, 2017
Aug. 22, 2007
Mar. 31, 2019
Jan. 31, 2019
Dec. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2010
Equity Incentive Plan [Line Items]                    
Common stock, share outstanding         161,086,228 218,119,561   218,119,561    
Total compensation expense               $ 103,359    
Annual fee           $ 4,800   4,800    
Number of shares issued, value           56,832 $ 7,786   $ 32,786  
Value of common stock issued for services performed           $ 56,832 $ 7,786 $ 148,883 $ 32,786  
Common stock, par value         $ 0.0001 $ 0.0001   $ 0.0001    
Preferred stock, shares authorized         10,000,000 10,000,000   10,000,000    
Preferred stock, share outstanding         425,000 425,000   425,000    
Preferred stock, voting rights               The preferred shares have 250 to 1 voting rights over the common stock    
Convertible preferred stock, shares issued upon conversion           31,481   31,481    
Equity Incentive Plan [Member]                    
Equity Incentive Plan [Line Items]                    
Share-based compensation arrangement by share-based payment award, options, outstanding, number   297                
Share-based compensation arrangement by share-based payment award, expiration date   Mar. 31, 2019                
Investment Banking and Corporate Advisory Agreement [Member]                    
Equity Incentive Plan [Line Items]                    
Number of shares issued, shares       2,700,000            
Total compensation expense           $ 4,750   $ 14,850    
Number of shares issued, value       $ 29,700            
Chief Executive Officer [Member]                    
Equity Incentive Plan [Line Items]                    
Number of shares issued, shares         20,000,000          
Total compensation expense         $ 10,576 46,907   92,783    
Mikkel Pitzner [Member]                    
Equity Incentive Plan [Line Items]                    
Number of shares issued, shares         708,287          
Total compensation expense               31,250    
Annual fee $ 6,000                  
Issuance of restricted shares, share 3,333,333                  
Issuance of restricted shares, value $ 31,250                  
Agreement expiration Jan. 31, 2019                  
Shares issued price per share         $ 0.0195          
Number of shares issued, value         $ 13,812          
Consultant [Member]                    
Equity Incentive Plan [Line Items]                    
Total compensation expense           $ 2,500   $ 10,000    
Number of common stock issued for services performed       1,000,000            
Value of common stock issued for services performed       $ 12,500            
Accredited Investor [Member]                    
Equity Incentive Plan [Line Items]                    
Number of unit consist of common stock     50,000,000              
Common stock, par value     $ 0.0001              
Common stock purchase of warrant     50,000,000              
Warrants exercise price per share     $ 0.01              
Common stock purchase of warrant consideration     $ 500,000              
Preferred stock, shares authorized                   10,000,000
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.19.2
Equity and Equity Incentive Plan - Schedule of Equity Compensation Plan Information (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Equity Compensation Plans Approved by Security Holders [Member]    
Number of securities to be issued upon exercise of outstanding options, warrants and rights 297
Weighted - average exercise price of outstanding options, warrants and rights $ 1,350
Number of securities remaining available for future issuances under equity compensation plans (excluding securities reflected in column)
Equity Compensation Plans Not Approved by Security Holders [Member]    
Number of securities to be issued upon exercise of outstanding options, warrants and rights
Weighted - average exercise price of outstanding options, warrants and rights
Number of securities remaining available for future issuances under equity compensation plans (excluding securities reflected in column)
Equity Compensation Plan [Member]    
Number of securities to be issued upon exercise of outstanding options, warrants and rights 297
Weighted - average exercise price of outstanding options, warrants and rights $ 1,350
Number of securities remaining available for future issuances under equity compensation plans (excluding securities reflected in column)
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.19.2
Subsequent Events (Details Narrative) - USD ($)
Jul. 29, 2019
Jul. 17, 2019
Jun. 30, 2019
Annual fee     $ 4,800
Subsequent Event [Member]      
Number of common stock shares sold   2,500,000  
Proceeds from sale of common stock   $ 25,000  
Sale of stock price per share   $ 0.01  
Subsequent Event [Member] | Two Service Providers [Member]      
Options to purchase shares of common stock 22,838,094    
Options exercisable price $ 0.018    
Options term 5 years    
Options term description The options were issued pursuant to a stock option grant agreement and are exercisable at $0.018 per share for a period of five years from the date of issuance, subject to vesting over a period of six months.    
Subsequent Event [Member] | Board of Directors [Member]      
Annual fee $ 18,000    
Subsequent Event [Member] | Chief Executive Officer [Member]      
Options to purchase shares of common stock 20,761,904    
Options exercisable price $ 0.018    
Options term 5 years    
Options term description The options were issued pursuant to a Grant Agreement and are exercisable at $0.018 per share for a period of five years from the date of issuance, subject to vesting over a period of six months.    
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