Annual report [Section 13 and 15(d), not S-K Item 405]

Accrued Liabilities

v3.25.1
Accrued Liabilities
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consisted of the following:
December 31,
2024		 December 31,
2023
Accrued compensation $ 956,399  $ 618,630 
Accrued severance 1,031,731  1,375,000 
Accrued professional fees 2,350  1,355,721 
Accrued insurance 440,562  876,150 
Accrued sales and property taxes 428,801  885,292 
Accrued royalties 400,000  250,000 
Accrued AHFS liability -  1,158,609 
Accrued lease termination costs -  657,000 
Accrued interest 2,302,878  - 
Other accrued expenses 40,000  162,697 
Total accrued expenses $ 5,602,721  $ 7,339,099 
The Hydronaut vessels 2 and 3 are reported as Assets Held For Sale at December 31, 2023 at an amount based on an offer for sale. The offer for sale contains both cash and non-cash considerations. The Assets Held For Sale liability of $1,158,609 included the non-cash consideration, which are purchase invoices submitted by the purchaser that will be foregone upon closing of the sale. The Hydronaut vessels 2 and 3 were sold on January 22, 2024 and the asset held for sale current asset was offset with the asset held for sale liability and cash received.
In December 2023, the Company started negotiations to exit a lease for office space. The negotiations completed in March 2024 with the Company agreeing a settlement figure with the lessor of $657,000 to be paid over 8 months commencing April 2024. The accrual was recorded under accrued liabilities on the consolidated balance sheet as of December 31, 2023. See Note 8 - "Leases" for further discussion.
In April 2023, the Company received correspondence from the State of Texas assessing a sale and use tax liability of $575,602 for the four year period between January 1, 2017 and December 31, 2020. The sales and use tax audit has been completed and we received confirmation on November 12, 2024 that the liability for sales and use tax for this period is $181,098. This is recorded under accrued liabilities of the consolidated balance sheet as of December 31, 2024.