Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 135

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 8
Chunk 135
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(7,913) 
     (3,573) 
     - 

    18

5.
Accounts Payable and Accrued Expenses

Accounts
payable and accrued expenses consisted of the following:

Schedule of Accounts Payable and Accrued Expenses

    (in thousands) 
    September 30, 2024  
    December 31, 2023 
  
    Accounts payable and accrued expenses: 

    Accounting and legal fees 
    $12,081  
    $12,099 
  
    Vendor fees 
     2,980  
     2,517 
  
    Research and development 
     647  
     636 
  
    Other 
     862  
     933 
  
    Total accounts payable and accrued expenses 
    $16,570  
    $16,185 

6.
Loan Agreements

Short-term
Loan Agreements

As
of September 30, 2024 and December 31, 2023, the Company had the following short-term loan balances:

(in
thousands)

Schedule of Short-term Loan Balances

    September 30, 2024  
    December 31, 2023 
  
    Short-term loans: 

    Second Street Loan 
    $600  
    $600 
  
    Second Street Loan 2 
     400  
     400 
  
    March Second Street Loan 
     700  
     700 
  
    McKra Loan 
     1,000  
     1,000 
  
    Underwriter Promissory Note 
     1,575  
     3,150 
  
    2023 Convertible Note 
     -  
     5,618 
  
    2024 Convertible Note 
     7,913  
     - 
  
    Poseidon Demand Note 
     650  
     650 
  
    Short-term loans, net of issuance costs 
    $12,838  
    $12,118 

Second
Street Capital Loans

Second
Street Loan

In
February 2022, the Company entered into a loan agreement (the “Second Street Loan”) with Second Street Capital, pursuant
to which the Company borrowed $0.6 million. The Second Street Loan accrues interest at the rate of 15% per annum, with principal and
interest due at maturity. In connection with the loan