Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000106
Chunk: 21

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 21
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 |     | 2023 |           |
|:--------------------|:----|:-----|-------------------:|:----|:-----|----------:|:----|:-----|--------------------------------:|:----|:-----|----------:|
| Cost plus fixed fee |     | $    |             96,627 |     | $    | 1,075,603 |     | $    |                         311,041 |     | $    | 3,652,771 |
| Firm fixed-price    |     |      |            273,560 |     |      |   518,251 |     |      |                       1,025,208 |     |      | 1,889,978 |
| Total               |     | $    |            370,187 |     | $    | 1,593,854 |     | $    |                       1,336,249 |     | $    | 5,542,749 |

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 September 30, 2024, totaled $ 397,726due 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 September 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 nine months ended September 30, 2024, respectively and $ 0for the three and nine months ended September 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 $ 0at September 30, 2024 and December 31, 2023.

Contract liabilities include billings in excess of revenue recognized and accruals for certain contract obligations. The Company had contract liabilities at September 30, 2024 and December 31, 2023 of $ 697,818and $ 2,767,913, respectively. Contract