Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000099
Chunk: 19

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 19
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| Firm fixed-price    |     |      |            501,708 |     |      |   500,455 |     |      |                   751,648 |     |      | 1,371,727 |
| Total               |     | $    |            501,708 |     | $    | 1,128,115 |     | $    |                   966,062 |     | $    | 3,948,895 |

Our performance obligations under service agreements are generally satisfied over time as the service is provided and, therefore, all revenue above has been recognized over time.

Contract Balances – Accounts receivable, net as of June 30, 2024, totaled $ 176,458due from customers for contract billings and is expected to be collected within the next three to six months. As of December 31, 2023, accounts receivable, net totaled $ 212,428. As of June 30, 2024, and December 31, 2023, allowances for doubtful accounts included in accounts receivable totaled $ 0. Bad debt expense was $ 0and $ 39for the three and six months ended June 30, 2024, respectively and $ 0for the three and six months ended June 30, 2023, respectively.

Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are recorded at the net amount expected to be billed and collected. Contract assets were $ 482,576at June 30, 2024 and $ 0December 31, 2023.

Contract liabilities include billings in excess of revenue recognized and accruals for certain contract obligations. The Company had contract liabilities at June 30, 2024 and December 31, 2023 of $ 457,872and $ 2,767,913, respectively. Contract liabilities at June 30, 2024 and December 31, 2023 included costs accrued for an ongoing contract expected to be loss making with the loss reported on the condensed consolidated income statement for the three and six months ended June 30, 2024 and in the fourth quarter of the year ended December 31, 2023. The decrease in contract liabilities at June 30, 2024 is primarily attributable to costs incurred on the loss making contract in the first half of