Company: KITTW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001849820-25-000128
Chunk: 42

Company: Nauticus Robotics, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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Accrued interest2,680,348 2,302,878 Accrued purchase liability3,549,196 - Other accrued expenses348,283 40,000 Total accrued expenses$9,674,282 $5,602,721 On March 20, 2025, the Company completed the acquisition of SeaTrepid International LLC (“SeaTrepid”), an expert in providing subsea robotic services to customers throughout the world, for total consideration of $14,363,925 (see Note 10, "Business Combination"). As of March 31, 2025, a liability of $3,549,196, is outstanding to SeaTrepid payable in cash on or before September 30, 2025. This liability includes the preliminary post-closing working capital adjustment.

7. Notes Payable

Notes payable consisted of the following:March 31,2025December 31,2024November 2024 debentures - fair value (principal amount of $2,150,000 as of March 31, 2025 and December 31, 2024)$3,307,758 $2,583,832 Convertible senior secured term loan25,115,410 27,500,383 SBA loan485,300 - Ameristate loan1,952,444 - Total30,860,912 30,084,215 Less: debt discount, net(56,583)(66,478)Less: capitalized debt issuance costs(1,034,063)(1,207,509)Senior bridge note exit fee provision149,454 125,302 Less: current portion(2,437,744)- Total notes payable – long-term$27,481,976 $28,935,530  November 2024 DebenturesOn November 4, 2024, the Company entered into a Securities Purchase Agreement (the “SPA”) with ATW, pursuant to which ATW purchased, in a private placement, $1,150,000 in principal amount of debentures, with an option to purchase up to an additional aggregate of $20,000,000 in principal amount of original issue discount senior secured convertible debentures (the “November 2024 Debentures”). On December 11, 2024, ATW purchased, in a private placement, $1,000,000 in principal amount of debentures. The November 202