Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 277

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 277
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     (82) 
     1,380 
  
    Net cash used in operating activities 
     (1,660) 
     (72) 
     (1,732)
  
    Proceeds from short-term loans, net of issuance costs 
     896  
     72  
     968 
  
    Net cash provided by financing activities 
     896  
     72  
     968 

The effect of the adjustments on the line items within
the Company’s consolidated statements of stockholders’ deficit for the three and nine month periods ended September 30, 2024
is as follows:

    As previously
                                                                                reported  
    Adjustment  
    As adjusted 

    Three and nine months ended September 30, 2024 

    As previously
                                                                                reported  
    Adjustment  
    As adjusted 
  
    Accumulated deficit - balance September 30, 2024 
    $(205,818) 
    $1,824  
    $(203,994)
  
    Total stockholders’ deficit 
     (98,085) 
     1,824  
     (96,261)

Use
of Estimates

The
preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements
and reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. On an ongoing basis,
the Company evaluates its estimates, as applicable, including those related to the fair values of the Company’s common stock and
related stock-based compensation and the valuation of (i) the Backstop Put Option Liability and Fixed Maturity Consideration (both as
defined below) and (ii) the 2023 and 2024 Convertible Notes, SPA Warrant, and Ayrton Note Purchase Option (each as defined in Note 7,
Senior Secured Convertible Notes). The Company bases its estimates using Company forecasts and future plans, current economic
conditions, and information from third-party professionals that management believes to be reasonable under the circumstances, the results
of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that
are not readily apparent from other sources and adjusts those estimates and assumptions when facts and circumstances dictate.

The
Company’s results can also be affected by economic