Company: KITTW
Filing Date: 2025-04-30
Form Type: ARS
Source: 0001849820-25-000123
Chunk: 87

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-30
Form: ARS
Chunk 87
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. 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 lessor. Loss on extinguishments of debt. For the year ended December 31, 2024, loss on the extinguishments of debt of $127,605,940 was reported driven by the Amendment and Exchange Agreement. See Note 7 "Notes Payable". Change in fair value of warrant liabilities. For the years ended December 31, 2024 and 2023, the Company reported a gain in change