Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 106

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 106
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liability company, through June 15, 2021, before becoming the Company’s Chief Accounting Officer. As of March 31, 2025, and
December 31, 2024, the amount due for these expenses was $0.1
million. The amounts were recorded as accounts payable on the condensed consolidated balance sheets.

14. 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.

15. Subsequent Events

The Company has evaluated subsequent
events to determine if events or transactions occurring through the filing date of this Quarterly Report on Form 10-Q require adjustments
to or disclosures in the Company’s condensed consolidated financial statements. Aside from the items discussed below, the Company
did not have any subsequent events that required recognition or disclosure in the condensed consolidated financial statements for the
three months ended March 31, 2025.

On April 22, 2025, Ocean Biomedical, Inc. received
a letter from Nasdaq determining that OCEA’s common stock will be delisted from Nasdaq and that trading in its securities will be
suspended effective upon the open of business on April 24, 2025. The letter also stated that Nasdaq intends to complete delisting by filing
a Form 25 Notification of Delisting with the SEC after applicable appeal periods have lapsed.

Pursuant to Nasdaq
listing rules, the Company has the right to appeal Nasdaq’s delisting determination within 15 days of the date of the letter.
The Company filed its appeal and paid the filing fee. The Company will continue to vigorously pursue this appeal and seek to pursue
its business plan as disclosed in its press release issued on April 22, 2025. The Company filed its initial appeals memorandum on
May 12, 2025 and continues to vigorously defend its appeals position. It has taken its first steps towards implementation of its
expanded business plan with the entry into a binding letter of intent for the development of up to a 20 MW power asset in Alberta,
Canada. There are no assurances that the Company will be successful in the appeal and an adverse decision would lead to a full
delisting.

During
the period from April 2025 thru