2023 Q1 Form 10-K Financial Statement

#000121390023023683 Filed on March 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.821M $3.230M $11.43M
YoY Change
Cost Of Revenue $2.932M $3.640M $11.86M
YoY Change 54.4% 73.19%
Gross Profit -$111.5K -$420.0K -$428.9K
YoY Change -94.13% -93.74%
Gross Profit Margin -3.95% -13.0% -3.75%
Selling, General & Admin $5.210M $6.280M $13.56M
YoY Change 25032.66% 8482.75% 13850.62%
% of Gross Profit
Research & Development $227.0K $280.0K $2.377M
YoY Change -82.09% -32.74%
% of Gross Profit
Depreciation & Amortization $273.1K $150.0K $516.9K
YoY Change 145.33% 41.59%
% of Gross Profit
Operating Expenses $227.0K $6.710M $2.377M
YoY Change -52.65% 682.31% 83.04%
Operating Profit -$5.824M -$7.130M -$18.38M
YoY Change 116.68% 181.9%
Interest Expense -$4.930M -$660.0K -$3.710M
YoY Change -302.79% -114.04% -442.51%
% of Operating Profit
Other Income/Expense, Net -$4.356M -$440.0K $9.881M
YoY Change 433.78% -2700.05%
Pretax Income -$14.14M -$8.220M -$28.26M
YoY Change -824.51% -313.88% 4646.07%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$10.18M -$8.223M -$28.26M
YoY Change -621.61% -313.96% 4646.17%
Net Earnings / Revenue -360.89% -254.59% -247.14%
Basic Earnings Per Share -$0.26 -$1.75
Diluted Earnings Per Share -$0.26 -$0.21 -$1.75
COMMON SHARES
Basic Shares Outstanding 47.28M shares 47.25M shares 18.98M shares
Diluted Shares Outstanding 39.77M shares 18.98M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.50M $22.70M $22.70M
YoY Change 4117.56% -87.01% 4274.55%
Cash & Equivalents $12.48M $17.79M $17.80M
Short-Term Investments $0.00 $5.000M $5.000M
Other Short-Term Assets $54.38K $2.710M $5.300M
YoY Change 20.88% 3568.65% 7074.77%
Inventory $11.01M $6.667M $6.700M
Prepaid Expenses $5.393M $2.393M
Receivables $2.635M $1.622M $2.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $32.15M $36.96M $37.00M
YoY Change 9317.31% 6135.65% 6141.88%
LONG-TERM ASSETS
Property, Plant & Equipment $16.95M $15.17M $15.50M
YoY Change 955.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $140.2K $155.5K $200.0K
YoY Change -99.92% -99.91% -99.89%
Total Long-Term Assets $17.35M $15.64M $15.60M
YoY Change -90.04% -91.02% -91.05%
TOTAL ASSETS
Total Short-Term Assets $32.15M $36.96M $37.00M
Total Long-Term Assets $17.35M $15.64M $15.60M
Total Assets $49.49M $52.60M $52.60M
YoY Change -71.65% -69.91% -69.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.607M $324.5K $300.0K
YoY Change 1362.33% 111.25% 95.31%
Accrued Expenses $3.656M $3.143M $3.600M
YoY Change 3860.0% 10554.16% 4246.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.611M $3.878M $3.900M
YoY Change 1077.18% 1062.24% 1068.96%
LONG-TERM LIABILITIES
Long-Term Debt $16.83M $15.92M $15.90M
YoY Change
Other Long-Term Liabilities $34.93M $32.80M
YoY Change 528.18% 311.38%
Total Long-Term Liabilities $51.76M $15.92M $48.70M
YoY Change 830.89% 99.69% 510.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.611M $3.878M $3.900M
Total Long-Term Liabilities $51.76M $15.92M $48.70M
Total Liabilities $58.37M $52.58M $52.60M
YoY Change 853.59% 532.91% 533.21%
SHAREHOLDERS EQUITY
Retained Earnings -$78.29M -$68.11M
YoY Change 783.44%
Common Stock $4.728K $454.4K
YoY Change 105317.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.878M $27.82K $0.00
YoY Change
Total Liabilities & Shareholders Equity $49.49M $52.60M $52.60M
YoY Change -71.65% -69.91% -69.91%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$10.18M -$8.223M -$28.26M
YoY Change -621.61% -313.96% 4646.17%
Depreciation, Depletion And Amortization $273.1K $150.0K $516.9K
YoY Change 145.33% 41.59%
Cash From Operating Activities -$8.833M -$5.740M -$37.27M
YoY Change 1704.46% 2025.14% 3484.79%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $3.470M -$12.40M -$19.21M
YoY Change -88.97%
Cash From Investing Activities $3.465M -$12.40M -$19.21M
YoY Change -306.85% -88.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $31.00M
YoY Change 744.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $59.19K 0.000 $53.32M
YoY Change -77.83% -69.67%
NET CHANGE
Cash From Operating Activities -$8.833M -5.740M -$37.27M
Cash From Investing Activities $3.465M -12.40M -$19.21M
Cash From Financing Activities $59.19K 0.000 $53.32M
Net Change In Cash -$5.309M -18.14M -$3.166M
YoY Change 2285.73% 6616.03% -740.95%
FREE CASH FLOW
Cash From Operating Activities -$8.833M -$5.740M -$37.27M
Capital Expenditures
Free Cash Flow
YoY Change

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24950000 usd
CY2021 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
1578500 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
35200 usd
CY2022 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
17850333 usd
CY2021 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
484836 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3298180 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17787159 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20952867 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2719947 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
25909 usd
CY2022 kitt Conversion Of Convertible Debt And Accrued Interest Expense To Common Stock
ConversionOfConvertibleDebtAndAccruedInterestExpenseToCommonStock
14548914 usd
CY2022 kitt Proceeds From Reverse Recapitalization With Cleantech Acquisition Corp Net
ProceedsFromReverseRecapitalizationWithCleantechAcquisitionCorpNet
14947876 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
31000000 usd
CY2022 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
35800000 usd
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
12582000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
53315543 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
26078864 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3165708 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
17654687 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20952867 usd
CY2022 kitt Conversion Of Series A Preferred Stock In Connection With Reverse Recapitalization
ConversionOfSeriesAPreferredStockInConnectionWithReverseRecapitalization
3348 usd
CY2022 kitt Conversion Of Series B Preferred Stock In Connections With Reverse Recapitalizationin Shares
ConversionOfSeriesBPreferredStockInConnectionsWithReverseRecapitalizationinShares
7254 usd
CY2022 kitt Private And Public Warrant Liabilities Assumed In Reverse Recapitalization
PrivateAndPublicWarrantLiabilitiesAssumedInReverseRecapitalization
5278145 usd
CY2022 kitt Fair Value Of Spa Warrants At Issuance
FairValueOfSPAWarrantsAtIssuance
20949110 usd
CY2021 kitt Loan Commitment Fee
LoanCommitmentFee
-300000 usd
CY2022 kitt Shares Issued Description
SharesIssuedDescription
follows (i) an aggregate of 36,650,778 shares of Common Stock, par value $0.0001 (the “Common Stock” of CLAQ prior to the Closing, and the Common Stock of Nauticus following the Closing) shares were issued to holders of Nauticus Common Stock in the Business Combination (ii) the right to receive 7,499,993 additional shares of Common Stock held in escrow pursuant to the terms of the Merger Agreement and as further described below (such additional escrowed shares, the “Earnout Shares”) and (iii) the issuance of 3,100,000 shares of Common Stock for the Equity Financing (as described below). An aggregate of 47,250,771 shares of Common Stock (inclusive of the Earnout Shares) was issued after the Business Combination.
CY2022Q4 kitt Additional Share Of Common Stock
AdditionalShareOfCommonStock
7499993 shares
CY2022 us-gaap Intercompany Agreements Description
IntercompanyAgreementsDescription
i.one-half of the Earnout Shares will be released if, within a 5-year period, 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, 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, within a 5-year period, 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. 
CY2022Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
3100000 shares
CY2022 us-gaap Common Stock Convertible Conversion Price Decrease
CommonStockConvertibleConversionPriceDecrease
10
CY2022 us-gaap Stockholders Equity Other
StockholdersEquityOther
31000000 usd
CY2022Q4 us-gaap Investment Owned Balance Principal Amount
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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
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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
CY2022Q4 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
14947875 usd
CY2022Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
12582000 usd
CY2022Q4 kitt Nonrefundable Deposit
NonrefundableDeposit
5420000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
250000 usd
CY2021Q4 us-gaap Compensated Absences Liability
CompensatedAbsencesLiability
349255 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
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794021 usd
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
590936 usd
CY2021Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
61752 usd
CY2021Q4 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
703544 usd
CY2021Q4 kitt Advance Customer Payments
AdvanceCustomerPayments
373791 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
1499030 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
5167882 usd
CY2022Q4 us-gaap Inventory Gross
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6666912 usd
CY2022 kitt Recognized Income Tax
RecognizedIncomeTax
0.50 pure
CY2022 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
9705 usd
CY2021 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
0 usd
CY2022 us-gaap Foreign Currency Transaction Gain Before Tax
ForeignCurrencyTransactionGainBeforeTax
261000 usd
CY2021 us-gaap Foreign Currency Transaction Gain Before Tax
ForeignCurrencyTransactionGainBeforeTax
470 usd
CY2022 us-gaap Interest Paid
InterestPaid
804000 usd
CY2022 kitt Total Balance Percentage
TotalBalancePercentage
0.95 pure
CY2021 kitt Total Balance Percentage
TotalBalancePercentage
0.89 pure
CY2022 kitt Customer Percentage
CustomerPercentage
0.10 pure
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
2710031 usd
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
210225 usd
CY2022Q4 us-gaap Compensated Absences Liability
CompensatedAbsencesLiability
1501736 usd
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
256284 usd
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
88091 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
3142977 usd
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
1576433 usd
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align: justify; 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. There was no material impact to the consolidated financial statements for these changes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align: justify; 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 consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="text-align: justify; 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 consolidated financial statements.</p>
CY2022 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
11434959 usd
CY2021 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
8591540 usd
CY2021Q2 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
126111 usd
CY2022 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
1513333 usd
CY2021 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
756667 usd
CY2022 us-gaap Accounts Receivable Purchase
AccountsReceivablePurchase
1622434 usd
CY2021 us-gaap Accounts Receivable Purchase
AccountsReceivablePurchase
794136 usd
CY2022Q4 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
9963 usd
CY2021Q4 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
0 usd
CY2022 us-gaap Interest And Debt Expense
InterestAndDebtExpense
9963 usd
CY2021 us-gaap Interest And Debt Expense
InterestAndDebtExpense
0 usd
CY2022 us-gaap Contract With Customer Asset Sale
ContractWithCustomerAssetSale
319480 usd
CY2021Q4 kitt Contract Liabilities
ContractLiabilities
306791 usd
CY2021 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
67000 usd
CY2021 kitt Revenue Recognize
RevenueRecognize
11100000 usd
CY2022Q4 kitt Contract Receivable Retainages Due One To Two Years
ContractReceivableRetainagesDueOneToTwoYears
11.1 usd
CY2022Q4 kitt Contract Receivable Retainages Due Two To Three Years
ContractReceivableRetainagesDueTwoToThreeYears
7 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4.1 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2003341 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1492892 usd
CY2022Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
12974361 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
150220 usd
CY2022Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
15167367 usd
CY2021Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
1437311 usd
CY2022 kitt Convertible Secured Debentures
ConvertibleSecuredDebentures
36530320 usd
CY2021Q4 us-gaap Long Term Construction Loan Current
LongTermConstructionLoanCurrent
14708333 usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
36530320 usd
CY2021Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
27958333 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-20608202 usd
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
13250000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15922118 usd
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14708333 usd
CY2022 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
CY2022Q4 us-gaap Investment Owned Balance Principal Amount
InvestmentOwnedBalancePrincipalAmount
36530320 usd
CY2022 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2922425 shares
CY2022 kitt Inclusive Proceeds
InclusiveProceeds
35800000 usd
CY2022Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.02 pure
CY2022 kitt Fair Value Debenture Warrants
FairValueDebentureWarrants
20949110 usd
CY2022 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
21679716 usd
CY2022 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.
CY2022 kitt Exercisable Initially Par Share
ExercisableInitiallyParShare
20
CY2022 us-gaap Interest Income Debt Securities Trading Operating
InterestIncomeDebtSecuritiesTradingOperating
1071228 usd
CY2022 us-gaap Debt Instrument Interest Rate Basis For Effective Rate
DebtInstrumentInterestRateBasisForEffectiveRate
25.2%
CY2021Q4 kitt Term Loan Credit Agreement
TermLoanCreditAgreement
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
CY2022 kitt Matures Date
MaturesDate
2024-04-30
CY2022 kitt Discount Interest Rate
DiscountInterestRate
0.08 pure
CY2022Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.08 pure
CY2022Q4 us-gaap Operating Lease Liability
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56634 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
96375 usd
CY2022 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
359615 usd
CY2021 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
360780 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P16Y
CY2022 kitt Right Of Use Asset Lease Liability Percentage
RightOfUseAssetLeaseLiabilityPercentage
0.0775 pure
CY2022 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3475 usd
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P31Y
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.08 pure
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
275763 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
275485 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
178032 usd
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
180818 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
453795 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
456303 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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409347 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
142847 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4865 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
557059 usd
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
-28260571 usd
CY2021 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
-15127629 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-5934720 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-3176802 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
193421 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1754071 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
5741299 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1422731 usd
CY2022 kitt Effective Tax Rate
EffectiveTaxRate
0 pure
CY2021 kitt Effective Tax Rate
EffectiveTaxRate
0 pure
CY2022Q4 us-gaap Deferred Tax Liabilities Regulatory Assets
DeferredTaxLiabilitiesRegulatoryAssets
113135 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Regulatory Assets
DeferredTaxLiabilitiesRegulatoryAssets
103863 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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758306 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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211849 usd
CY2022 us-gaap Embedded Derivative Gain Loss On Embedded Derivative Net
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1356828 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
9666591 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
6262113 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
1426116 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
1426117 usd
CY2022Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
449626 usd
CY2022Q4 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
109616 usd
CY2021Q4 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
13634 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
13880218 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
8017576 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
54729 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
66614 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
121343 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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13758875 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8017576 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
46300000 usd
CY2022 kitt Expired Amount
ExpiredAmount
646000 usd
CY2022Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
6619490 shares
CY2022Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
950000 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3100000 shares
CY2022Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
10
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
31000000 usd
CY2022Q4 us-gaap Shares Issued
SharesIssued
7499993 shares
CY2022 us-gaap Assets Fair Value Adjustment
AssetsFairValueAdjustment
4957366 usd
CY2022 kitt Private Warrants Shares
PrivateWarrantsShares
8625000 shares
CY2022 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
0.01
CY2022 kitt Common Stock Exceeds Price
CommonStockExceedsPrice
16.5
CY2022 us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
11.5
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
1934588 usd
CY2022 kitt Private Warrants Description
PrivateWarrantsDescription
The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model using the following assumptions: stock price of $3.74, no assumed dividends, a risk-free rate of 4.03% and implied volatility of 36.9%. The change in value of the Private Warrants during the year ended December 31, 2022 totaled $(497,307) and was reported with other (income) expense in our consolidated statements of operations.
CY2022 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
7528508 usd
CY2022 us-gaap Stockholders Equity Other Shares
StockholdersEquityOtherShares
4589977 shares
CY2022 kitt Business Combination Shares
BusinessCombinationShares
279464 shares
CY2022 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
3970266 shares
CY2022 kitt Continuous Service Percentage
ContinuousServicePercentage
0.25 pure
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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1422492 usd
CY2022 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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kitt Investment And Securities Description
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