Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 3685

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 3685
---
 on an analysis of Accounting
Standards Codification ASC 250 – “Accounting Changes and Error Corrections” (“ASC 250”), Staff Accounting
Bulletin 99 – “Materiality” and Staff Accounting Bulletin 108 – “Considering the Effects of Prior Year Misstatements
when Quantifying Misstatements in Current Year Financial Statements”, the Company determined that these errors were immaterial to
the previously issued financial statements, and as such no restatement was necessary. Correcting prior period financial statements for
immaterial errors would not require previously filed reports to be amended.

The effect of the adjustments on the line items within
the Company’s consolidated balance sheet as of September 30, 2024 is as follows:
Schedule of Error Corrections and Prior Period Adjustments

    As previously
                                                                                reported  
    Adjustment  
    As adjusted 

    September 30, 2024 

    As previously
                                                                                reported  
    Adjustment  
    As adjusted 
  
    SPA Warrant 
    $3,573  
    $(1,824) 
    $1,749 
  
    Total current liabilities 
     33,649  
     (1,824) 
     31,825 
  
    Total liabilities 
     99,217  
     (1,824) 
     97,393 
  
    Accumulated deficit 
     (98,085) 
     1,824  
     (96,261)

The effect of the adjustments on the line items within
the Company’s consolidated statements of operations for the three and nine month periods ended September 30, 2024:

    As previously
                                                                                reported  
    Adjustment  
    As adjusted 

    Three months ended September 30, 2024 

    As previously
                                                                                reported  
    Adjustment  
    As adjusted 
  
    Change in fair value of 2023 Convertible Note, SPA Warrant and the Ayrton Note Purchase Option 
    $(126) 
    $82  
    $(44)
  
    Transaction costs 
     (77) 
     (72) 
     (149)
  
    Loss on exchange of notes 
     (1,899) 
     1,814  
     (85)
  
    Total other income (expense) 
     (4,760) 
     1,824  
     (2,936)
  
    NET LOSS 
     (