Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 148

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 8
Chunk 148
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. As
of September 30, 2024, we have contingent compensation and bonuses in the amount of $15.5 million to certain members of senior management.

We
also have $1.0 million of contingent vendor payments, which are also contingently payable based only upon our first cumulative capital
raise of at least $50 million.

These
amounts will not be paid if the contingencies do not occur. Since the payment of obligations under these agreements are contingent upon
these future events, which are not considered probable as such future events are deemed outside of our control, we have not included
these amounts in our consolidated financial statements. During the fiscal year ended December 31, 2023, $0.9 million of contingent compensation
was paid and recorded in general and administrative expenses on the Company’s consolidated statement of operations. There have
not been any contingent compensation payments for the nine months ended September 30, 2024.

9.
Equity

Common
Stock

The
holders of common stock of the Company are entitled to dividends when and if declared by the Company’s Board of Directors. The
holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. As of September 30, 2024
and December 31, 2023, the Company had 300,000,000 authorized shares of common stock with a par value of $0.0001 per share.

On
April 1, 2024, Ocean Biomedical, Inc. (the “Company”) filed a Notification of Late Filing on Form 12b-25 with the Securities
Exchange Commission (the “SEC”), indicating that the filing of its Annual Report on Form 10- K for the period ended December
31, 2023 (the “Form 10-K”) would be delayed, after determining that it was unable, without unreasonable effort or expense,
to file the Form 10-K by the due date of April 1, 2024.

    23

The
Company received a notice (the “Notice”) on April 18, 2024, from the Nasdaq Listing Qualifications Department (“Nasdaq”)
indicating that the Company remains in non-compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule
5250(c)(1), which requires listed companies to timely file all required periodic reports with the SEC. On May 22, 2024 and August 19,
2024