Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 255

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 4
Chunk 255
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Evaluation
of Disclosure Controls and Procedures

Under
the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer (our
principal executive officer and principal accounting/financial officer), we conducted an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of the
end of the period covered by this Report. Our disclosure controls and procedures are designed to ensure that information required to
be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including
the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. Based on this evaluation,
our Chief Executive Officer and our Chief Financial Officer concluded that as of September 30, 2024, the design and operation of our
disclosure controls and procedures were not effective at a reasonable assurance level.

In
designing and evaluating the disclosure controls and procedures and internal control over financial reporting, management recognizes
that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired
control objectives. In addition, the design of disclosure controls and procedures and internal control over financial reporting must
reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of
possible controls and procedures relative to their costs.

Notwithstanding
the conclusion by our Chief Executive Officer and Chief Financial Officer that our disclosure controls and procedures as of September
30, 2024 were not effective, and notwithstanding the identified material weaknesses, management, including our Chief Executive Officer
and Chief Financial Officer, believes the financial statements included in this Report fairly represent in all material respects our
financial condition, results of operations and cash flows at and for the periods presented in accordance with U.S. GAAP.

50

Previously
Identified Material Weaknesses

In
connection with our preparation and the audits of our financial statements as of December 31, 2023, 2022, and 2021, we identified material
weaknesses as defined under the Exchange Act, and by the Public Company Accounting Oversight Board (United States) in our internal control
over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control