Brownie's Marine Group Inc (BWMG)

[OGINVU]

On April 21, 2011, the Company issued 425,000 shares of preferred stock, designated as Series “A” Convertible Preferred Stock, to Robert Carmichael in consideration for forgiveness of $42,500 due under the Note payable to Chief Executive Officer. The Series “A” Convertible Preferred Stock may be converted to common stock at a rate of $.01 per share, or 42,500,000 shares of common stock. The fair market value per common share upon which the transaction was based was $.05. Accordingly, the Company recognized $2,082,000 as interest expense – related party as part of the transaction.

over $2 million bucks in interest paid on a $42 500 loan to the CEO...sweet deal imo....no worries though I'm sure you guys can move this..but don't be surprised if Carmichael starts dumping hard when he sees the volume to do it...GLTYA