Nauticus Robotics Inc
For the period ended Dec 31, 2023. Filed Apr 10, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Apr 10, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors of
Nauticus Robotics Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Nauticus Robotics Inc. and subsidiary (the “Company”) as of December 31, 2023 and 2022, and the related consolidated statements of operations, changes in stockholders’ equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Company's auditor since 2021.
/s/Whitley Penn LLP
Houston, Texas
April 9, 2024
CONSOLIDATED BALANCE SHEETS
| December 31,2023 | December 31,2022 | |
|---|---|---|
| Assets | ||
| Current Assets: | ||
| Cash and cash equivalents | $753,398 | $17,787,159 |
| Restricted certificate of deposit | 201,822 | 250,375 |
| Short-term investments | - | 4,959,263 |
| Accounts receivable, net | 212,428 | 1,622,434 |
| Inventories | 2,198,797 | 6,666,912 |
| Contract assets | - | 573,895 |
| Prepaid expenses | 1,889,218 | 5,046,599 |
| Other current assets | 1,025,214 | 56,410 |
| Assets held for sale | 2,940,254 | - |
| Total Current assets | 9,221,131 | 36,963,047 |
| Property and equipment, net | 15,904,845 | 15,167,367 |
| Operating lease right-of-use asset | 834,972 | 317,208 |
| Other assets | 187,527 | 155,490 |
| Total Assets | $26,148,475 | $52,603,112 |
| Liabilities and Stockholders’ Equity (Deficit) | ||
| Current Liabilities: | ||
| Accounts payable | $7,035,450 | $324,484 |
| Accrued liabilities | 7,339,099 | 3,142,977 |
| Contract liability | 2,767,913 | - |
| Operating lease liabilities - current | 244,774 | 410,158 |
| Total Current Liabilities | 17,387,236 | 3,877,619 |
| Warrant liabilities | 18,376,180 | 32,688,342 |
| Operating lease liabilities - long-term | 574,260 | 87,214 |
| Notes payable - long-term, net of discount (related party) | 31,597,649 | 15,922,118 |
| Total Liabilities | $67,935,325 | $52,575,293 |
| Commitments and Contingencies | ||
| Stockholders’ Equity (Deficit): | ||
| Common stock, $0.0001 par value; 625,000,000 shares authorized, 50,035,824 and 47,250,771 shares issued, respectively, and 50,035,824 and 47,250,771 shares outstanding, respectively. | $5,004 | $4,725 |
| Additional paid-in capital | 76,999,849 | 68,128,196 |
| Accumulated deficit | (118,791,703) | (68,105,102) |
| Total Stockholders’ Equity (Deficit) | (41,786,850) | 27,819 |
| Total Liabilities and Stockholders’ Equity (Deficit) | $26,148,475 | $52,603,112 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.