Company: KITTW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001849820-25-000128
Chunk: 55

Company: Nauticus Robotics, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 March 31,20252024Fixed lease expense$122,318 $136,645 Variable lease expense72,194 124,361 Total operating lease expense194,512 261,006 Short-term lease expense7,857 20,513 Total lease expense$202,369 $281,519 Cash paid for operating leases was $95,247 and $115,778 for the three months ended March 31, 2025, and 2024, respectively.The following table presents the balance and classifications of the Company’s right-of-use assets and lease liabilities included in the unaudited condensed consolidated balance sheets:March 31,2025December 31,2024Operating lease right-of-use assets, net$999,496 $1,094,743 Current portion of operating lease liabilities447,292 435,307 Long-term operating lease liabilities653,402 768,939 Total operating lease liabilities$1,100,694 $1,204,246 

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Table of ContentsNAUTICUS ROBOTICS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

For operating lease assets and liabilities, the weighted average remaining lease term was 2.7 years and 3 years as of March 31, 2025, and December 31, 2024, respectively. The weighted average discount rate used in the valuation over the remaining lease terms was 10.3% as of March 31, 2025, and 11.9% as of December 31, 2024.The following table presents the Company’s maturities of lease liabilities as of March 31, 2025:2025 (excluding the three months ended March 31, 2025) $395,171 2026535,268 2027268,072 202825,387 Total lease payments1,223,898 Total present value discount(123,204)Operating lease liabilities$1,100,694 

9. Commitments and Contingencies

Litigation – From time to time, we may be subject to litigation and other claims in the normal course of business. No amounts have been accrued in the condensed consolidated financial statements with respect to any matters.

10. Business Combination

On March 20, 2025, the Company acquired substantially all of the assets and certain specified liabilities of SeaTrepid, an expert in providing subsea robotic services