Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 302

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 302
---
,089) 
     - 

    F-20

5.
Accounts Payable and Accrued Expenses

Accounts
payable and accrued expenses consisted of the following:

 Schedule
of Accounts Payable and Accrued Expenses

    (in thousands) 
    2024  
    2023 

    For the Years ended 
  
    (in thousands) 
    2024  
    2023 
  
    Accounting and legal fees 
    $10,996  
    $12,099 
  
    Vendor fees 
     3,459  
     2,517 
  
    Research and development 
     645  
     636 
  
    Other 
     799  
     933 
  
    Total accounts payable and accrued expenses 
    $15,899  
    $16,185 

6.
Short-term Loan Agreements

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

 Schedule of Short-term Loan Balances

    Short-term loans: 
    2024  
    2023 

    (in thousands) 
    For the Years ended 
  
    Short-term loans: 
    2024  
    2023 
  
    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 
     11,375  
     5,618 
  
    Poseidon Demand Note 
     650  
     650 

    Short-term loans, net of issuance costs 
    $16,300  
    $12,118 

Second
Street Capital Loans

Second
Street Loan

In
February 2022, the Company entered into a Loan Agreement with Second Street Capital (the “Second Street Loan”), 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. The Company issued to Second Street Capital a warrant to