Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000097
Chunk: 33

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 33
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 this lease.

In July of 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.

In August of 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 first quarter of 2024, the Company agreed with the lessor to reduce the size of the office space leased and a gain on lease termination of $ 15,721was reported under other (income) expense on the condensed consolidated statement of operations.

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

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:

|                               |     | Three months ended 
 March 31,          |    2024 |     |   |    2023 |
|:------------------------------|:----|:-------------------|--------:|:----|:--|--------:|
| Fixed lease expense           |     | $                  | 136,645 |     | $ | 102,969 |
| Variable lease expense        |     |                    | 124,361 |     |   |   8,935 |
| Total operating lease expense |     |                    | 261,006 |     |   | 111,904 |
| Short-term lease expense      |     |                    |  20,513 |     |   |       - |
| Total lease expense           |     | $                  | 281,519 |     | $ | 111,904 |

Cash paid for operating leases was $ 147,116and $ 92,629for the three months ended March 31, 2024, and March 31, 2023, respectively.

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