Company: KITTW
Filing Date: 2025-04-30
Form Type: ARS
Source: 0001849820-25-000123
Chunk: 112

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-30
Form: ARS
Chunk 112
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 lease termination costs - 657,000 Accrued interest 2,302,878 - Other accrued expenses 40,000 162,697 Total accrued expenses $ 5,602,721 $ 7,339,099 The Hydronaut vessels 2 and 3 are reported as Assets Held For Sale at December 31, 2023 at an amount based on an offer for sale. The offer for sale contains both cash and non-cash considerations. The Assets Held For Sale liability of $1,158,609 included the non-cash consideration, which are purchase invoices submitted by the purchaser that will be foregone upon closing of the sale. The Hydronaut vessels 2 and 3 were sold on January 22, 2024 and the asset held for sale current asset was offset with the asset held for sale liability and cash received. In December 2023, the Company started negotiations to exit a lease for office space. The negotiations completed in March 2024 with the Company agreeing a settlement figure with the lessor of $657,000 to be paid over 8 months commencing April 2024. The accrual was recorded under accrued liabilities on the consolidated balance sheet as of December 31, 2023. See Note 8 - "Leases" for further discussion. In April 2023, the Company received correspondence from the State of Texas assessing a sale and use tax liability of $575,602 for the four year period between January 1, 2017 and December 31, 2020. The sales and use tax audit has been completed and we received confirmation on November 12, 2024 that the liability for sales and use tax for this period is $181,098. This is recorded under accrued liabilities of the consolidated balance sheet as of December 31, 2024. 7. Notes Payable Notes payable consisted of the following: December 31, 2024 December 31, 2023 Convertible secured debentures $ - $ 36,530,320 New Convertible Debentures (fair value) - - November 2024 Debentures (fair value) 2,583,832 - Convertible senior secured term loan 27,500,383 12,295,000 Total 30,084,215 48,825,320 Less: debt discount, net (66,478) (16,593,357) Less: capitalized debt issuance costs (1,207,509) (