Company: KITTW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001849820-25-000278
Chunk: 55

Company: Nauticus Robotics, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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$956,399 Accrued severance336,538 1,031,731 Accrued professional fees262,096 2,350 Accrued insurance69,912 440,562 Accrued sales and property taxes508,195 428,801 Accrued royalties512,500 400,000 Accrued interest5,104,884 2,302,878 Accrued purchase liability3,655,086 - Other accrued expenses440,563 40,000 Total accrued expenses$11,244,825 $5,602,721 On March 20, 2025, the Company completed the acquisition of SeaTrepid International LLC (“SeaTrepid”), an expert in providing subsea robotic services to customers throughout the world, for total consideration of $14,352,692 (see Note 10, "Business Combination"). As of September 30, 2025, a liability of $3,655,086, is outstanding to SeaTrepid payable in cash on or before September 30, 2025. This liability includes the preliminary post-closing working capital adjustment.

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Table of ContentsNAUTICUS ROBOTICS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

7. Notes Payable

Notes payable consisted of the following:September 30,2025December 31,2024November 2024 debentures - fair value (principal amount of $2,150,000 as of September 30, 2025 and December 31, 2024)$2,711,954 $2,583,832 Convertible senior secured term loan25,463,285 27,500,383 SBA loan485,300 - Ameristate loan1,891,335 - Total30,551,874 30,084,215 Less: debt discount, net(36,402)(66,478)Less: capitalized debt issuance costs(676,864)(1,207,509)Senior bridge note exit fee provision198,719 125,302 Total notes payable – current$30,037,327 $28,935,530  November 2024 DebenturesOn November 4, 2024, the Company entered into a Securities Purchase Agreement (the “SPA”) with ATW, pursuant to which ATW purchased, in a private placement,