In This Story
Brownie's Marine Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $2,468,905 from $2,282,006 in the same quarter the previous year. This increase is attributed to higher revenues from BLU3, SSI, and LWA.
Cost of revenues for the quarter was $1,365,553, representing 55.3% of sales, compared to 67.7% in the same quarter of the previous year. This decrease in cost ratio is due to lower direct labor costs.
The company reported a gross profit of $1,103,352 for the quarter, compared to $737,371 in the previous year, with the improvement attributed to increased margins in SSI's new product, HEED3.
Selling, general, and administrative expenses increased to $913,370 from $807,789, primarily due to higher rent expenses and professional fees.
Net income for the quarter was $173,943, compared to a net loss of $98,549 in the previous year.
Cash used in operating activities was $56,567, while cash provided by financing activities was $286,187, reflecting proceeds from related party notes and long-term debt.
Brownie's Marine Group had a working capital of $424,805 as of September 30, 2024. The company acknowledges its dependence on increasing revenues and controlling expenses to meet future obligations.
The filing also details various financial agreements, including amendments to promissory notes with Charles Hyatt, extending maturity dates to May 2025.
The company identified material weaknesses in its internal controls over financial reporting due to a lack of qualified accounting personnel and insufficient segregation of duties.
Brownie's Marine Group continues to focus on expanding its product lines and increasing market presence in the diving industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Brownie`s Marine Group Inc quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.