Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1677

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 11
Chunk 1677
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 amounts were recorded as accounts payable on the consolidated
balance sheets.

15. Segment Reporting

We operate and manage the business as one reportable
and operating segment, which is the business of discovering and developing therapeutic products in oncology, fibrosis, infectious diseases
and inflammation. Our chief executive officer, who is the chief operating decision maker, or CODM, reviews financial information on an
aggregate basis for allocating and evaluating financial performance.

16.
Subsequent Events

The
Company has evaluated subsequent events through April 8, 2025, the date that these consolidated financial statements were issued. Except
for the matters disclosed below, no additional subsequent events have occurred that would require recognition or disclosure in these consolidated
financial statements.

2024
Convertible Notes

On
January 13, 2025, the Company issued 3,844,466 restricted shares in accordance with the July 23, 2024 amendment and restatement of its
2023 Convertible Notes in settlement of all past defaults and penalties, subject to a leak out of 15% of daily trading value unless the
sales price of such shares is above $5.00 per share.

In January 2025, the Company issued 1,332,806 shares
to its investor in the 2024 Convertible Notes in connection with the exercise of the SPA Warrants issued in the amendment and exchange
agreement.

During the first quarter of fiscal year
2025, the investor converted $13.7 million related to the 2024 Convertible Notes into 125,964,905 shares. The $13.7 million consisted
of $11.6 million of aggregate principal amount of the 2024 Convertible Notes, $0.4 million of accrued interest on the 2024 Convertible
Notes and $1.7 million of redemption premium.

F-39

PART
II

INFORMATION
NOT REQUIRED IN PROSPECTUS

Item
13. Other Expenses of Issuance and Distribution.

Item
14. Indemnification of Directors and Officers.

Section
145 of the Delaware General Corporation Law, or the DGCL, authorizes a corporation to indemnify its directors and officers against liabilities
arising out of actions, suits and proceedings to which they are made or threatened to be made a party by reason of the fact that they
have served or are currently serving as a director or officer to a corporation. The indemnity may cover expenses (including attorneys’
fees) judgments, fines and amounts