Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 35

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 35
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 636 
  
    Other 
     862  
     933 
  
    Total accounts payable and accrued expenses 
    $16,570  
    $16,185 

6.
Loan Agreements

Short-term
Loan Agreements

As
of September 30, 2024 and December 31, 2023, the Company had the following short-term loan balances:

(in
thousands)

Schedule of Short-term Loan Balances

    September 30, 2024  
    December 31, 2023 
  
    Short-term loans: 

    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 
     -  
     5,618 
  
    2024 Convertible Note 
     7,913  
     - 
  
    Poseidon Demand Note 
     650  
     650 
  
    Short-term loans, net of issuance costs 
    $12,838  
    $12,118 

Second
Street Capital Loans

Second
Street Loan

In
February 2022, the Company entered into a loan agreement (the “Second Street Loan”) with Second Street Capital, 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. In connection with the loan, the Company issued a warrant to purchase 312,500 shares of the Company’s
common stock, with an exercise price of $11.00 per share, exercisable until February 22, 2026. For a period of 180 days from the closing
of the Company’s next financing, Second Street Capital has the right to put the warrants to the Company in exchange for a payment
of $0.3 million. The accounting treatment for the warrants is discussed within Note 10, Warrants.

    19

Second
Street Loan 2

In
May 2022, the Company entered into a second loan agreement with Second Street Capital (the “Second Street Loan