Company: KITTW
Filing Date: 2025-04-30
Form Type: ARS
Source: 0001849820-25-000123
Chunk: 110

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-30
Form: ARS
Chunk 110
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 December 31, 2023 included costs accrued for an ongoing contract expected to be loss making with the loss of $2,542,913 reported on the consolidated statements of operations for the year. Revenue of $705,000 was reported during the year ended December 31, 2024 relating to this liability, $455,000 of which was related to contract modifications made in 2024. The decrease in contract liabilities at December 31, 2024 is primarily attributable to costs incurred on the loss making contract in the first half of 2024 being offset against the accrual. Unfulfilled Performance Obligations – As of December 31, 2024, there were no unfulfilled performance obligations. 4. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: Table of Contents NAUTICUS ROBOTICS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-15

December 31, 2024 December 31, 2023 Prepaid material purchases $ 394,950 $ 440,091 Prepaid insurance 817,717 1,282,703 Other prepayments 176,767 166,424 Total prepaid expenses $ 1,389,434 $ 1,889,218 Term loan receivable $ - $ 695,000 Other current assets 573,275 330,214 Total other current assets $ 573,275 $ 1,025,214 5. Property and Equipment Property and equipment consisted of the following: Useful Life (years) December 31, 2024 December 31, 2023 Leasehold improvements 5 $ 833,920 $ 796,136 Property & equipment 3-5 years 7,528,597 5,906,859 Technology hardware equipment 3-5 years 1,966,841 1,907,770 Total 10,329,358 8,610,765 Less accumulated depreciation (3,958,780) (2,035,034) Construction in progress 10,744,668 9,329,114 Total property and equipment, net $ 17,115,246 $ 15,904,845 During the year ended December 31, 2024 the Company performed a discounted cash flow test to compare the carrying value of its assets with estimated future revenues and concluded that none of its assets were impaired. For the year ended December 31, 2023, impairments of