Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000099
Chunk: 7

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 7
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 capital expenditures. The Company has embarked on cost-cutting measures to continue to preserve cash. The Company may require additional liquidity to continue its operations over the next twelve months, which a current investor has committed to provide. The Company believes with this investor support that there will be sufficient resources to continue as a going concern for at least one year from the date that the condensed consolidated financial statements contained in this Form 10-Q are issued.

### 2. Restatement of Previously Issued Financial Statements
In connection with the Company's audit of the condensed consolidated financial statements, the Company's management identified the following misstatements in the Company's previously reported interim financial statements included in the Company's original report:

• Correction of an error in accounting for a debt transaction that occurred in Q1 2024. The transaction was incorrectly treated like an amendment rather than an extinguishment.

Impact of the Restatement

The following tables reflect the impact of the restatement to the specific line items presented in the Company’s previously reported unaudited condensed consolidated financial statements as of and for the three months and six months ended June 30, 2024.

| Condensed Consolidated Balance Sheets:                       
 As of June 30, 2024                                          |     | As Previously Reported (Unaudited) |              |     | Adjustments |             |     | As Restated |              |
|:-------------------------------------------------------------|:----|:-----------------------------------|-------------:|:----|:------------|------------:|:----|:------------|-------------:|
| Accrued liabilities                                          |     | $                                  |    5,212,935 |     | $           |    -741,909 |     | $           |    4,471,026 |
| Total Current Liabilities                                    |     | $                                  |   11,685,987 |     | $           |    -741,909 |     | $           |   10,944,078 |
| Notes payable - long-term, fair value option (related party) |     | $                                  |            - |     | $           |  83,797,224 |     | $           |   83,797,224 |
| Notes payable - long-term, net of discount (related party)   |     | $                                  |   46,644,908 |     | $           | -33,597,864 |     | $           |   13,047,044 |
| Notes payable - long-term, net of discount                   |