Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000099
Chunk: 33

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 33
---
 of December 31, 2023.

In August 2023, the Company entered into an operating lease for office space in Norway. The lease has a term of 5years. The Company’s secured borrowing rate of 15% was used to determine the present value of the lease payments and establish the right-of-use asset and lease liability at lease inception for this lease. During the six months ended June 30, 2024, the Company agreed with the lessor on two separate occasions to reduce the size of the office space leased and a gain on lease termination of $ 8,532and $ 23,897was reported for the three and six months ended June 30, 2024, respectively, under other (income) expense on the condensed consolidated statement of operations.

In July 2023, the Company entered into an operating lease for office space in Scotland. The lease has a term of 5years with twooptions to extend. The Company’s secured borrowing rate of 15% was used to determine the present value of the lease payments and establish the right-of-use asset and lease liability at lease inception for this lease. During the first quarter of 2024, management decided the Company would not extend this lease beyond its initial term and a loss on lease termination of $ 356was reported under other (income) expense on the condensed consolidated statement of operations.

The Company’s other operating leases include leases for certain office equipment.

<div align='center'>21</div>

#### NAUTICUS ROBOTICS, INC.

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

The following table presents the Company’s lease costs which are included in general and administrative expenses in the unaudited condensed consolidated statements of operations:

|                               |     | 2024 | Three months ended 
           June 30, |     | 2023 |         |     | 2024 | Six months ended June 30, |     | 2023 |         |
|:------------------------------|:----|:-----|-------------------:|:----|:-----|--------:|:----|:-----|--------------------------:|:----|:-----|--------:|
| Fixed lease expense           |     | $    |            122,798 |     | $    | 104,528 |     | $    |                   259,443 |     | $    | 207,497 |
| Variable lease expense