Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000099
Chunk: 34

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 34
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        |     |      |             89,910 |     |      |  96,335 |     |      |                   214,271 |     |      | 105,270 |
| Total operating lease expense |     |      |            212,707 |     |      | 200,863 |     |      |                   473,713 |     |      | 312,767 |
| Short-term lease expense      |     |      |              6,915 |     |      |       - |     |      |                    27,428 |     |      |       - |
| Total lease expense           |     | $    |            219,621 |     | $    | 200,863 |     | $    |                   501,141 |     | $    | 312,767 |

Cash paid for operating leases was $ 245,558and $ 204,987for the six months ended June 30, 2024, and 2023, respectively.

The following table presents the balance and classifications of the Company’s right-of-use assets and lease liabilities included in the unaudited condensed balance sheets:

|                                                |     |   |  June 30, 
      2024 |     |   | December 31, 
         2023 |
|:-----------------------------------------------|:----|:--|----------:|:----|:--|-------------:|
| Operating lease right-of-use assets, net       |     | $ | 1,380,434 |     | $ |      834,972 |
| Current portion of operating lease liabilities |     |   |   420,910 |     |   |      244,774 |
| Long-term operating lease liabilities          |     |   | 1,035,713 |     |   |      574,260 |
| Total operating lease liabilities              |     | $ | 1,456,623 |     | $ |      819,034 |

For operating lease assets and liabilities, the weighted average remaining lease term was 3.6years and 8.7years as of June 30, 2024, and December 31, 2023, respectively. The weighted average discount rate used in the valuation over the remaining lease terms was 12.6% as of June 30, 2024, and 14.3% as of December 31, 2023.

The following table presents the Company’s m