Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001849820-25-000108
Chunk: 96

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 96
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 2023. The decrease is primarily attributable to the decline in activity partially offset by costs relating to the commercialization of the Aquanaut vehicle.

47

Depreciation. For the year ended December 31, 2024, depreciation increased by $1,007,416, or 138%, as compared to 2023 primarily due to the increase in property and equipment.

Research and development. For the year ended December 31, 2024, total research and development expenses decreased by $1,316,710, or 94%, as compared to 2023. The decrease was due primarily to the Company achieving technological feasibility in both hardware and software development and focusing on bringing its products to market.

General and administrative. For the year ended December 31, 2024, total general and administrative expenses decreased by $4,901,346 or 27%, as compared to 2023. The decrease was driven by headcount reductions and a concerted effort to reduce costs. 

Severance. Severance costs for the year ended December 31, 2023 related primarily to the change in management team. There were no severance costs reported for the year ended December 31, 2024.

Impairment of property and equipment. There were no impairments for the year ended December 31, 2024. Impairment of property and equipment for the year ended December 31, 2023 included partial impairments of the Aquanaut vehicles, Olympic Arms and Hydronaut vessels. 

Loss on contract. For the year ended December 31, 2023, contract liability costs of $2,542,913 were accrued associated with the expected loss on a current contract. There were no contract liability costs reported for the year ended December 31, 2024.

Other expense, net. For the year ended December 31, 2024, other expense, net decreased by $517,219 as compared to 2023. The year ended December 31, 2023 included an accrual for a state sales tax assessment of $600,000. 

Loss on lease termination. For the year ended December 31, 2024, a loss on lease termination of $18,721 was reported primarily driven by the early termination of leased office space in Norway. For the year ended December 31, 2023, the loss on lease termination of $453,162 relates to the exit of office space for which an exit fee arrangement was agreed with the less