Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000097
Chunk: 11

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 11
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 unaudited condensed consolidated financial statements and related notes during the three months ended March 31, 2024.

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and

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#### NAUTICUS ROBOTICS, INC.

### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
<div align='center'>(UNAUDITED)</div>

liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the (i) estimates of future costs to complete customer contracts recognized over time, (ii) valuation allowances for deferred income tax assets, (iii) valuation of stock-based compensation awards and (iv) the valuation of conversion options, warrants and earnouts, (v) fair value of the new convertible debentures. Actual results could differ from those estimates.

Cash and Cash Equivalents – The Company classifies all highly-liquid instruments with an original maturity of three months or less as cash equivalents. The Company maintains cash and cash equivalents in bank deposit accounts, which at times may exceed federally insured limits of $250,000. Historically, the Company has not experienced any losses in such accounts. There were no cash equivalents at March 31, 2024 and December 31, 2023.

Restricted Certificates of Deposit – The Company has restricted certificate of deposits of $ 50,706and $ 201,822, held by a bank on our behalf as of March 31, 2024 and December 31, 2023, respectively. The restricted certificate of deposit at March 31, 2024, relates to a guarantee against corporate credit cards. $ 150,000of the balance at December 31, 2023 relates to a certificate of deposit required to collateralize a letter of credit which was released in the first quarter of 2024, with the remainder relating to a guarantee against corporate credit cards.

Short-term Investments – On March 14, 2023, the Company received proceeds of $ 5,000,000from the maturity of a short-term investment in a US Treasury Bill. The gain on the investment of $ 40,737is included in other expense (income) on the condensed consolidated statements of operations for the three months ended March 31, 2023.

Accounts Receivable