Nauticus Robotics, Inc. (KITT): auditor change — Nauticus Robotics restates Q1-Q3 2024 financials due to debt accounting error

Nauticus Robotics, Inc.

Audit committee concludes Q1, Q2, Q3 2024 unaudited financials should no longer be relied upon.
Error: used debt modification accounting instead of extinguishment accounting for Jan 2024 debenture exchange.
Restatement will impact Notes Payable, Interest Expense, and Change in fair value of new debentures (non-cash).
Debt converted to preferred shares in Q4 2024, resulting in zero value at year-end.
Company may identify additional material weaknesses in ICFR due to this error.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Nauticus Robotics, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

n the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, originally filed with the SEC on November 12, 2024 (the “Q3 Form 10-Q” and such affected periods, the “Affected Periods”), should no longer be relied upon due to the accounting matter described below and should be amended and restated. Similarly, any previously issued or filed reports, earnings releases, and investor presentations or other communications describing the Company’s unaudited condensed consolidated financial statements and other related financial information covering the Affected Periods should no longer be relied upon The accounting matter relates to the incorrect accounting treatment for debt accounting related to the January 30, 2024 transaction whereby the then existing 5% original issue discount senior secured convertible debentures (the “Original Debenture”) were exchanged

View on SEC.gov

Browse all auditor changes →

Nauticus Robotics, Inc. filing history →

Source: SEC EDGAR

accession 0001849820-25-000067

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.