Brownie's Marine Group Inc (BWMG)

[bman]

After looking back, it was actually a $60,000 expense minus a $7200 credit for some inventory items received. Here's the passage from the 3rd quarter 2015 report:

On September 24, 2015 all claims and counterclaims by and between Undersea Breathing Systems, Inc. (“UBS”) and the Company were settled in full in the Circuit Court of the 15 th Judicial Circuit in and for Palm Beach County, FL, in the third quarter of 2015. The settlement included the Company owing UBS nothing, UBS owing the Company certain tangible property within 14 days, mutual execution of general release, and stipulation for dismissal with prejudice with all parties to bear their own attorneys’ fees and costs. The Company’s legal expenses and fees during the third quarter 2015 related to this action were approximately $60,000, and the fair value estimate of the tangible property (inventory items) receivable was approximately $7,200. The Company recorded these amounts during the third quarter of 2015 as legal expense, and other income, respectively. See Note 22. SUBSEQUENT EVENTS regarding delivery of the aforementioned tangible property.


BWMG!!!