Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 633

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 633
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As
part of the agreement, Chirinjeev Kathuria, the Company’s Chairman, and Poseidon Bio, LLC, an entity controlled by Dr. Kathuria,
also agreed to grant a proxy on all of their shares of the Company’s common stock to an independent third party, to vote them as
that party sees fit, until such time as the Notes are paid in full.

As
of December 31, 2024, the Company is in default of its obligations with respect to Ayrton LLC as a result of, among other things, its
delinquent SEC filings.

Comprehensive
Loss

Comprehensive
loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances
from non-owner sources. The Company had no other comprehensive income or losses for the fiscal years ended December 31, 2024 and 2023.

Emerging
Growth Company and Smaller Reporting Company Status

The
Company qualifies as an “emerging growth company” within the meaning of the Section 2(a)(19) of the Securities Act, as modified
by the Jumpstart Our Business Startup Act (“JOBS Act”) of 2012. The JOBS Act permits an “emerging growth company”
to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies
until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of this provision
and, as a result, the Company will adopt new or revised accounting standards at the time private companies adopt the new or revised accounting
standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition
period or (ii) no longer qualifies as an emerging growth company.

The
Company is also a “smaller reporting company” and may continue to be a smaller reporting company if either (i) the market
value of the stock held by non-affiliates is less than $250 million or (ii) the Company’s annual revenue was less than $100 million
during the most recently completed fiscal year and the market value of the Company’s stock held by non-affiliates is less than
$700 million. If the Company is a smaller reporting company at the time that it ceases to be an emerging growth company, the Company
may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically