06/16/2025 | Press release | Distributed by Public on 06/16/2025 08:52
Item 1.01 | Entry into a Material Definitive Agreement. |
As of June 11, 2025, Brownie's Marine Group, Inc., a Florida corporation (the "Company"), and Charles Hyatt, a member of the Company's board of directors ("Hyatt"), executed (a) a second amendment to a promissory note in the principal amount of $150,000, which was originally issued by the Company to Hyatt on November 7, 2023 (the "2023 Note"), to further extend the 2023 Note's maturity date from May 7, 2025 to November 7, 2025, and (b) a second amendment to a promissory note in the principal amount of $280,000, which was originally issued by the Company to Hyatt on February 5, 2024 (the "2024 Note"), to further extend the 2024 Note's maturity date from May 5, 2025 to November 5, 2025. Except as specifically amended by the amendments, the terms and conditions of the 2023 Note and 2024 Note remain in full force and effect.
The foregoing descriptions of the second amendments to the 2023 Note and 2024 Note are qualified in their entirety by reference to the full text of such documents, copies of which are attached to this report as Exhibits 4.1 and 4.2, respectively, and are incorporated herein by reference.
Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
Reference is made to the disclosure set forth under Item 1.01 above, which disclosure is incorporated herein by reference.