Dude has no business sense. That's going to hurt him in the long run. 45% was a toss up. He could have probably negotiated 35% with it dropping down to 25% with repayment of full investment within a year's time. Doesn't even humor the negotiation. He overvalued the current state of his business. I'm surprised they didn't ask about any patents on the device. He needs patents on it, and the ability to shift between swim gear to actually expand his market potential. Him limiting himself to only surfers is drastically undercutting what it could realistically bring in.