Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1516

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 10
Chunk 1516
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issory Note into 169,582 restricted shares of its
common stock at the conversion price of $10.56. The principal amount converted was $1.6 million, plus $0.2 million of accrued interest
thereon. As of December 31, 2024, the Company had not repaid any of remaining principal balance of $1.6 million, which is recorded as
a short-term loan in the consolidated financial statements.

On
November 13, 2024, the Company received a notice of default with regard to its 2023 promissory note with EF Hutton, which alleges that
$2.1 million is due under the promissory note, consisting of the unpaid principal balance of $1.6 million, plus accrued and unpaid interest
of $0.5 million.

4.
Fair Value Measurements

Financial
liabilities measured at fair value during the year on a recurring basis consisted of the following as of December 31, 2024:

 Schedule
of Fair Value of Assets and Liabilities

    (in thousands) 
    Level 1  
    Level 2  
    Level 3  
    Total 

    Fair Value Hierarchy  

    (in thousands) 
    Level 1  
    Level 2  
    Level 3  
    Total 
  
    Financial liabilities: 

    Backstop Put Option Liability 
    $-  
    $-  
    $(59,056) 
    $(59,056)
  
    Fixed Maturity Consideration 
     -  
     -  
     (5,573) 
     (5,573)
  
    2024 Convertible Note (1) 
     -  
     -  
     (11,375) 
     (11,375)
  
    SPA Warrant 
     -  
     -  
     (1,089) 
     (1,089)
  
    Total financial liabilities 
    $-  
    $-  
    $(77,093) 
    $(77,093)

Financial liabilities measured at fair value during
the year on a recurring basis consisted of the following as of December 31, 2023:

    (in thousands) 
    Level 1  
    Level 2  
    Level 3  
    Total 

    Fair Value Hierarchy  

    (in thousands