Company: KITTW
Filing Date: 2025-04-30
Form Type: ARS
Source: 0001849820-25-000123
Chunk: 109

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-30
Form: ARS
Chunk 109
---
 CONSOLIDATED FINANCIAL STATEMENTS F-14

should be applied prospectively. The adoption of ASU 2024-03 will require us to provide additional disclosures related to certain income statement expenses, but otherwise will not materially impact our financial statements. All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our consolidated financial statements. 3. Revenue The following table presents the components of our revenue: Year Ended December 31, 2024 2023 Cost plus fixed fee $ 311,041 $ 3,947,736 Firm fixed-price 1,446,376 2,658,616 Firm fixed-price-vehicle lease 50,055 - Total $ 1,807,472 $ 6,606,352 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 December 31, 2024 totaled $238,531 due from customers for contract billings and is expected to be collected within the next three to six months. At December 31, 2023 and 2022, accounts receivable, net totaled $212,428 and $1,622,434, respectively. Allowances for doubtful accounts included in accounts receivable totaled $0 for the years ended December 31, 2024 and December 31, 2023, respectively. Bad debt expense was $39 and $2,040, respectively, for the years ended December 31, 2024 and 2023. 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. There were no contract assets as of December 31, 2024 or December 31, 2023. Contract assets at December 31, 2022 were $573,895. Contract liabilities include billings in excess of revenue recognized and accrual of certain contract obligations. The Company had contract liabilities at December 31, 2024, 2023 and 2022 of $346,279, $2,767,913 and $0, respectively. Contract liabilities at December 31, 2024 relate to billings in excess of revenue recognized. Contract liabilities at