2022 Q4 Form 10-Q Financial Statement

#000121390022072336 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $3.230M $2.982M $0.00
YoY Change
Cost Of Revenue $3.640M $3.781M
YoY Change 161.32%
Gross Profit -$420.0K -$799.6K
YoY Change -44.74%
Gross Profit Margin -13.0% -26.82%
Selling, General & Admin $6.280M $4.860M $73.17K
YoY Change 8482.75% 20124.72%
% of Gross Profit
Research & Development $280.0K $243.0K
YoY Change -67.23%
% of Gross Profit
Depreciation & Amortization $150.0K $370.0K
YoY Change
% of Gross Profit
Operating Expenses $6.710M $243.0K $857.7K
YoY Change 682.31% -44.88%
Operating Profit -$7.130M -$6.046M
YoY Change 463.19%
Interest Expense -$660.0K $1.402M $4.701M
YoY Change -114.04% -138.75%
% of Operating Profit
Other Income/Expense, Net -$440.0K -$37.84K $0.00
YoY Change -90.04%
Pretax Income -$8.220M -$13.18M $3.843M
YoY Change -313.88% 196.94%
Income Tax
% Of Pretax Income
Net Earnings -$8.223M -$6.084M $3.843M
YoY Change -313.96% 37.06%
Net Earnings / Revenue -254.59% -204.04%
Basic Earnings Per Share -$0.67
Diluted Earnings Per Share -$0.21 -$0.67 $176.2K
COMMON SHARES
Basic Shares Outstanding 47.25M shares 6.096M shares
Diluted Shares Outstanding 16.54M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.70M $35.90M $174.7M
YoY Change -87.01% 4450.01%
Cash & Equivalents $17.79M $35.93M $518.9K
Short-Term Investments $5.000M $174.2M
Other Short-Term Assets $2.710M $2.496M $73.87K
YoY Change 3568.65% 327.5%
Inventory $6.667M $5.559M
Prepaid Expenses $2.393M $2.598M $73.87K
Receivables $1.622M $637.4K $794.1K
Other Receivables $0.00 $0.00
Total Short-Term Assets $36.96M $47.95M $592.8K
YoY Change 6135.65% 3393.12%
LONG-TERM ASSETS
Property, Plant & Equipment $15.17M $9.646M $1.437M
YoY Change 955.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $155.5K $77.89K $174.2M
YoY Change -99.91% -99.96%
Total Long-Term Assets $15.64M $10.09M $174.2M
YoY Change -91.02% -94.21%
TOTAL ASSETS
Total Short-Term Assets $36.96M $47.95M $592.8K
Total Long-Term Assets $15.64M $10.09M $174.2M
Total Assets $52.60M $58.05M $174.8M
YoY Change -69.91% -66.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $324.5K $2.787M $153.6K
YoY Change 111.25% 3635.81%
Accrued Expenses $3.143M $1.172M $29.50K
YoY Change 10554.16% 644.67%
Deferred Revenue $373.8K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.25M
YoY Change
Total Short-Term Liabilities $3.878M $4.358M $333.6K
YoY Change 1062.24% 1602.62%
LONG-TERM LIABILITIES
Long-Term Debt $15.92M $20.43M $0.00
YoY Change
Other Long-Term Liabilities $32.40M $7.973M
YoY Change 155.71%
Total Long-Term Liabilities $15.92M $20.43M $7.973M
YoY Change 99.69% 61.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.878M $4.358M $333.6K
Total Long-Term Liabilities $15.92M $20.43M $7.973M
Total Liabilities $52.58M $29.11M $8.307M
YoY Change 532.91% 125.22%
SHAREHOLDERS EQUITY
Retained Earnings -$68.11M -$52.79M -$7.709M
YoY Change 783.44%
Common Stock $454.4K $4.725K $431.00
YoY Change 105317.87% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $944.9K
YoY Change
Treasury Stock Shares 271.6K shares
Shareholders Equity $27.82K $28.93M -$7.709M
YoY Change
Total Liabilities & Shareholders Equity $52.60M $58.05M $174.8M
YoY Change -69.91% -66.94%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income -$8.223M -$6.084M $3.843M
YoY Change -313.96% 37.06%
Depreciation, Depletion And Amortization $150.0K $370.0K
YoY Change
Cash From Operating Activities -$5.740M -$30.78M -$270.1K
YoY Change 2025.14% 3898.91%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$12.40M -$6.810M $0.00
YoY Change -96.09%
Cash From Investing Activities -$12.40M -$6.810M $0.00
YoY Change -96.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 52.92M 0.000
YoY Change -69.89%
NET CHANGE
Cash From Operating Activities -5.740M -30.78M -270.1K
Cash From Investing Activities -12.40M -6.810M 0.000
Cash From Financing Activities 0.000 52.92M 0.000
Net Change In Cash -18.14M 15.33M -270.1K
YoY Change 6616.03% 1906.52%
FREE CASH FLOW
Cash From Operating Activities -$5.740M -$30.78M -$270.1K
Capital Expenditures
Free Cash Flow
YoY Change

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597325 usd
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
251421 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6805648 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-345904 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
2000000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
10000000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
17850333 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14975351 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
361236 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1578500 usd
kitt Proceeds From Reverse Recapitalization With Cleantech Acquisition Corp Net
ProceedsFromReverseRecapitalizationWithCleantechAcquisitionCorpNet
14947875 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
31000000 usd
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
35800000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
12582000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
53315542 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11217264 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6556869 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20952867 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3298180 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35928218 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9855049 usd
us-gaap Interest Paid Net
InterestPaidNet
2108819 usd
us-gaap Interest Paid Net
InterestPaidNet
21661 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1773082 usd
kitt Conversion Of Convertible Debt And Accrued Interest Expense To Common Stock
ConversionOfConvertibleDebtAndAccruedInterestExpenseToCommonStock
14548914 usd
kitt Conversion Of Series A Preferred Stock In Connection With Reverse Recapitalization
ConversionOfSeriesAPreferredStockInConnectionWithReverseRecapitalization
3348 usd
kitt Conversion Of Series B Preferred Stock In Connections With Reverse Recapitalizationin Shares
ConversionOfSeriesBPreferredStockInConnectionsWithReverseRecapitalizationinShares
7254 usd
kitt Private And Public Warrant Liabilities Assumed In Reverse Recapitalization
PrivateAndPublicWarrantLiabilitiesAssumedInReverseRecapitalization
5278145 usd
CY2022Q3 kitt Additional Share Of Common Stock
AdditionalShareOfCommonStock
7499993 shares
us-gaap Intercompany Agreements Description
IntercompanyAgreementsDescription
i.one-half of the Earnout Shares will be released if, within a 5-year period from closing date, the volume-weighted average price of our Common Stock equals or exceeds $15.00 per share over any 20 trading days within a 30-day trading period;    ii.one-quarter of the Earnout Shares will be released if, within a 5-year period from closing date, the volume-weighted average price of our Common Stock equals or exceeds $17.50 per share over any 20 trading days within a 30-day trading period; and     iii.one-quarter of the Earnout Shares will be released if, on or after December 31, 2022, within a 5-year period from closing date, the volume-weighted average price of our Common Stock equals or exceeds $20.00 per share over any 20 trading days within a 30-day trading period. 
CY2022Q3 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
3100000 shares
us-gaap Common Stock Convertible Conversion Price Decrease
CommonStockConvertibleConversionPriceDecrease
10
us-gaap Stockholders Equity Other
StockholdersEquityOther
31000000 usd
CY2022Q3 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
36530320 usd
CY2022Q3 us-gaap Investment Owned Underlying Face Amount At Market Value
InvestmentOwnedUnderlyingFaceAmountAtMarketValue
14947875 usd
CY2022Q3 us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
30157 usd
CY2022Q3 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
14796942 usd
CY2022Q3 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
850333 usd
CY2022Q3 us-gaap Temporary Equity Net Income
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-669243 usd
CY2022Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
14947875 usd
CY2022Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
12582000 usd
CY2022Q3 kitt Revenue Recognition
RevenueRecognition
7700000 usd
CY2021 kitt Accounts Receivable Percentage
AccountsReceivablePercentage
0.86 pure
kitt Customer Percentage
CustomerPercentage
0.10 pure
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Use of Estimates</i> – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the (i) estimates of future costs to complete customer contracts recognized over time, (ii) valuation allowances for deferred income tax assets, (iii) valuation of stock-based compensation awards and (iv) the valuation of conversion options, warrants and earnouts. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2022Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
5558996 usd
CY2022Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
265650 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
350857 usd
CY2021Q3 kitt Concentration Risk Percentage
ConcentrationRiskPercentage
0.99 pure
kitt Concentration Risk Percentage
ConcentrationRiskPercentage
0.96 pure
kitt Total Balance Percentage
TotalBalancePercentage
0.96 pure
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Reclassifications</i> – Financial statements presented for prior periods include reclassifications that were made to conform to the current-period presentation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Recent Accounting Pronouncements – </i>In June 2016, the FASB issued ASU 2016-13, <i>Financial Instruments—Credit Losses</i>, which replaces the existing incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We adopted this standard on January 1, 2022. There was no impact from the adoption of this standard on our condensed consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are no other new accounting pronouncements that are expected to have a material impact on our condensed consolidated financial statements.</p>
CY2022Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
2981610 usd
CY2021Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
1973644 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
8207134 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
3245713 usd
CY2021Q2 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
126111 usd
CY2022Q3 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
378333 usd
us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
1153000 usd
CY2021Q3 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
378333 usd
us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
378333 usd
us-gaap Accounts Receivable Purchase
AccountsReceivablePurchase
637350 usd
CY2021 us-gaap Accounts Receivable Purchase
AccountsReceivablePurchase
794136 usd
CY2022Q3 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
17827 usd
CY2021Q4 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
0 usd
CY2022Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
0 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
17827 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
0 usd
us-gaap Contract With Customer Asset Sale
ContractWithCustomerAssetSale
409431 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
306791 usd
CY2021 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
67000 usd
kitt Revenue Recognize
RevenueRecognize
65700000 usd
us-gaap Proceeds From Customers
ProceedsFromCustomers
54200000 usd
CY2022Q3 kitt Contract Receivable Retainages Due One To Two Years
ContractReceivableRetainagesDueOneToTwoYears
65.7 usd
CY2022Q3 kitt Contract Receivable Retainages Due Two To Three Years
ContractReceivableRetainagesDueTwoToThreeYears
2.4 usd
CY2022Q3 kitt Contract Receivable Retainages Due Three To Four Years
ContractReceivableRetainagesDueThreeToFourYears
31.1 usd
CY2022Q3 kitt Contract Receivable Retainages Due Four To Five Years
ContractReceivableRetainagesDueFourToFiveYears
18.7 usd
CY2022Q3 kitt Contract Receivable Retainages Due Five Years Or More
ContractReceivableRetainagesDueFiveYearsOrMore
13.5 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1863199 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1492892 usd
CY2022Q3 us-gaap Construction In Progress Gross
ConstructionInProgressGross
7569324 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
150220 usd
CY2022Q3 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
9645735 usd
CY2021Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
1437311 usd
kitt Convertible Secured Debentures
ConvertibleSecuredDebentures
36530320 usd
CY2021Q4 us-gaap Long Term Construction Loan Current
LongTermConstructionLoanCurrent
14708333 usd
CY2022Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
36530320 usd
CY2021Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
27958333 usd
CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-16102508 usd
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
13250000 usd
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
20427812 usd
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14708333 usd
kitt Business Combination Description
BusinessCombinationDescription
(i) an aggregate of 5,299,546 shares of Common Stock and (ii) a pro-rata number of the total Earnout Shares in the Business Combination.
CY2022Q3 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
36530320 usd
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2922425 shares
kitt Inclusive Proceeds
InclusiveProceeds
35800000 usd
CY2022Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.02 pure
kitt Fair Value Debenture Warrants
FairValueDebentureWarrants
15566134 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
16296454 usd
us-gaap Interest Income Debt Securities Trading Operating
InterestIncomeDebtSecuritiesTradingOperating
193946 usd
us-gaap Debt Instrument Interest Rate Basis For Effective Rate
DebtInstrumentInterestRateBasisForEffectiveRate
15.9%
kitt The Debentures Converted Description
TheDebenturesConvertedDescription
The Debentures may be converted at the holders’ option at 120% of the principal amount at a conversion price of $15.00 or 2,922,425 shares of Common Stock. The conversion price may be adjusted downward for certain events including the issuance by the Company of dilutive instruments below the current conversion price. Interest accrues on the outstanding principal amount of the Debentures at 5% per annum, payable quarterly.
kitt Exercisable Initially Par Share
ExercisableInitiallyParShare
20
CY2021Q4 kitt Term Loan Credit Agreement
TermLoanCreditAgreement
On December 16, 2021, we entered into a Term Loan Credit Agreement with RCB Equities #1, LLC (“RCB”) in the amount of $15,000,000 to provide funds for the Company’s working capital and general corporate purposes. The note bore interest at 13% per annum and was payable in 18 monthly installments of interest only through its maturity date of June 16, 2023. A 2% commitment fee totaling $300,000 was paid upon loan inception and reported as a debt discount. There was also a 5% exit fee, accrued over the note term, totaling $750,000.
CY2022Q3 kitt Additional Borrowing
AdditionalBorrowing
2000000 usd
CY2022Q3 us-gaap Debt Instrument Fee
DebtInstrumentFee
$33,000
CY2022Q3 us-gaap Early Repayment Of Senior Debt
EarlyRepaymentOfSeniorDebt
100000 usd
kitt Matures Date
MaturesDate
2024-04-30
kitt Discount Interest Rate
DiscountInterestRate
0.08 pure
CY2022Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.08 pure
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
66869 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
96375 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
71871 usd
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
67692 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
208506 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
206924 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
44508 usd
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
44508 usd
us-gaap Variable Lease Cost
VariableLeaseCost
133524 usd
us-gaap Variable Lease Cost
VariableLeaseCost
136310 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
116379 usd
CY2021Q3 us-gaap Lease Cost
LeaseCost
112200 usd
us-gaap Lease Cost
LeaseCost
342030 usd
us-gaap Lease Cost
LeaseCost
343234 usd
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
47250771 shares
CY2022Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
6619490 shares
CY2022Q3 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
950000 shares
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3100000 shares
CY2022Q3 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
10
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
31000000 usd
CY2022Q3 us-gaap Shares Issued
SharesIssued
7499993 shares
us-gaap Assets Fair Value Adjustment
AssetsFairValueAdjustment
4957366 usd
kitt Private Warrants Shares
PrivateWarrantsShares
8625000 shares
us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
0.01
kitt Common Stock Exceeds Price
CommonStockExceedsPrice
16.5
kitt Warrant Liability
WarrantLiability
2242500 usd
CY2022Q3 us-gaap Other Expenses
OtherExpenses
603750 usd
us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
11.5
kitt Private Warrants Description
PrivateWarrantsDescription
The Private Warrants, which are accounted for as liabilities in our condensed consolidated balance sheets, were valued as of September 30, 2022 at $1,906,057 based on their publicly-traded price. The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model using the following assumptions: stock price of $3.61, no assumed dividends, a risk-free rate of 4.06% and implied volatility of 36.7%. The change in value of the Private Warrants during the three months ended September 30, 2022 totaled $(525,839) and was reported with other (income) expense in our condensed consolidated statements of operations. 
us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
4162044 shares
kitt Business Combination Shares
BusinessCombinationShares
279464 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecrease
3970266 shares
kitt Continuous Service Percentage
ContinuousServicePercentage
0.25 pure
CY2022Q3 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
235593 usd
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
624407 usd
CY2021Q3 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
117571 usd
us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
325935 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1584941 usd
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P2Y9M14D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
2345559 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.77
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y7M2D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1049180 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.99
kitt Weighted Average Exercise Price Granted
WeightedAverageExercisePriceGranted
P1Y11M8D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
34807 shares
kitt Weighted Average Grant Date Fair Value Cancelled
WeightedAverageGrantDateFairValueCancelled
0.85
kitt Weighted Average Exercise Price Cancelled
WeightedAverageExercisePriceCancelled
P1Y9M7D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
3359932 shares
kitt Weighted Average Grant Date Fair Value Outstanding Ending Balance
WeightedAverageGrantDateFairValueOutstandingEndingBalance
0.83
kitt Weighted Average Exercise Price Outstanding Ending Balance
WeightedAverageExercisePriceOutstandingEndingBalance
P1Y8M12D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
3949158 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.91
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y10M2D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
166927 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.31
kitt Weighted Average Exercise Price Granted
WeightedAverageExercisePriceGranted
P2Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
174817 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Period Increase Decrease Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecreaseWeightedAverageExercisePrice
1.03
kitt Weighted Average Exercise Price Forfeited
WeightedAverageExercisePriceForfeited
P2Y3M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
7103 shares
kitt Weighted Average Grant Date Fair Value Cancelled
WeightedAverageGrantDateFairValueCancelled
0.78
kitt Weighted Average Exercise Price Cancelled
WeightedAverageExercisePriceCancelled
P1Y11M8D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
3934165 shares
kitt Weighted Average Grant Date Fair Value Outstanding Ending Balance
WeightedAverageGrantDateFairValueOutstandingEndingBalance
0.87
kitt Weighted Average Exercise Price Outstanding Ending Balance
WeightedAverageExercisePriceOutstandingEndingBalance
P1Y10M9D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2022Q3 us-gaap Professional And Contract Services Expense
ProfessionalAndContractServicesExpense
17000 usd
us-gaap Professional And Contract Services Expense
ProfessionalAndContractServicesExpense
210400 usd
CY2021Q3 us-gaap Professional And Contract Services Expense
ProfessionalAndContractServicesExpense
176113 usd
us-gaap Professional And Contract Services Expense
ProfessionalAndContractServicesExpense
446619 usd
CY2021Q3 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
7400 usd
CY2021Q4 us-gaap Accounts Receivable Related Parties
AccountsReceivableRelatedParties
0 usd
CY2022Q3 kitt Warrants
Warrants
18722425 shares
kitt Warrants
Warrants
18722425 shares
kitt Investment And Securities Description
InvestmentAndSecuritiesDescription
(i) $2,500,000 from related party Material Impact Fund II, L.P. as their contribution to the PIPE Investment, (ii) $7,500,000 from related party Schlumberger Technology Corporation as their contribution to the PIPE Investment, (iii) $7,500,000 from related party Transocean Ltd. as their contribution to the PIPE Investment, and (iv) $5,102,000 from related party Material Impact Fund II, L.P. pursuant to the Securities Purchase
CY2022Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-6083670 usd
CY2021Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-1298122 usd
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-12944628 usd
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-3892715 usd
CY2022Q3 kitt Deemed Dividend For Earnout Shares
DeemedDividendForEarnoutShares
-4957366 shares
kitt Deemed Dividend For Earnout Shares
DeemedDividendForEarnoutShares
-4957366 shares
CY2022Q3 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
-11041036 usd
CY2021Q3 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
-1298122 usd
us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
-17901994 usd
us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic
-3892715 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16535661 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9637962 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11983183 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9637962 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.4
CY2022Q3 kitt Stock Options
StockOptions
3934165 shares
CY2021Q3 kitt Stock Options
StockOptions
3359932 shares
kitt Stock Options
StockOptions
3934165 shares
kitt Stock Options
StockOptions
3359932 shares
CY2022Q3 kitt Earnout Sharesin Shares
EarnoutSharesinShares
7499993 shares
kitt Earnout Sharesin Shares
EarnoutSharesinShares
7499993 shares
CY2022Q3 kitt Debentures Shares
DebenturesShares
2922425 shares
kitt Debentures Shares
DebenturesShares
2922425 shares
CY2022Q3 kitt Total Shares
TotalShares
33079008 shares
CY2021Q3 kitt Total Shares
TotalShares
3359932 shares
kitt Total Shares
TotalShares
33079008 shares
kitt Total Shares
TotalShares
3359932 shares
CY2022Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.49
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11983183 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16535661 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9637962 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9637962 shares
CY2022Q3 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
usd
CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
usd
kitt Proceeds From Reverse Recapitalization With Cleantech Acquisition Corp Net
ProceedsFromReverseRecapitalizationWithCleantechAcquisitionCorpNet
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2021Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
usd
CY2021 kitt Convertible Secured Debentures
ConvertibleSecuredDebentures
usd
CY2022Q3 us-gaap Long Term Construction Loan Current
LongTermConstructionLoanCurrent
usd
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
usd
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
usd
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
11983183 shares
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16535661 shares
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9637962 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9637962 shares
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.40
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.49
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001849820

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