Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 679

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 679
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0.34) 
    $(4.35)

    F-35

As
noted above, the following securities were excluded from the computation of diluted loss per share in the periods presented, as
their effect would be anti-dilutive:

 Schedule of Securities Excluded from Computation of Diluted Loss Per Share 

    2024  
    2023 
  
    Stock options 
     600,000  
     600,000 
  
    Warrants to purchase common stock 
     13,935,001  
     12,602,195 
  
    Anti dilutive securities 
     13,935,001  
     12,602,195 

12.
Income Taxes

Provision
for income taxes

There
is no provision for income taxes because the Company has incurred operating losses and capitalized certain items for income tax purposes
since its inception and maintains a full valuation allowance against its net deferred tax assets. The reported amount of income tax expense
for the period differs from the amount that would result from applying the federal statutory tax rate to net loss before taxes primarily
because of the change in valuation allowance.

 Schedule of Provision for Income Taxes

    For the Year Ended 

    December 31, 2024  
    December 31, 2023 

    Statutory federal income tax rate 
     21.0% 
     21.0%
  
    Permanent items 
     (5.4)% 
     (18.7)%
  
    Change in valuation allowance 
     (15.6)% 
     (2.3)%
  
    Income tax provision (benefit) 
     0.0% 
     0.0%

Deferred
tax assets and valuation allowance

Deferred
tax assets reflect the tax effects of net operating losses, tax credit carryovers, and temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2024 and 2023,
the Company’s deferred tax assets are the tax effects of amortization of organization and start-up costs, U.S. federal and state
NOL carryforwards, and stock-based compensation.

The
significant components of the net deferred tax assets are as follows (in thousands):

 Schedule of Net Deferred Tax Assets

    December 31, 2024  
    December 31, 2023 
  
    Deferred