Quarterly report [Sections 13 or 15(d)]

Accrued Liabilities

v3.25.2
Accrued Liabilities
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consisted of the following:
June 30,
2025		 December 31,
2024
Accrued compensation $ 450,847  $ 956,399 
Accrued severance 336,538  1,031,731 
Accrued professional fees 150,000  2,350 
Accrued insurance 249,858  440,562 
Accrued sales and property taxes 400,630  428,801 
Accrued royalties 475,000  400,000 
Accrued interest 3,432,419  2,302,878 
Accrued purchase liability 3,537,963  - 
Other accrued expenses 355,833  40,000 
Total accrued expenses $ 9,389,088  $ 5,602,721 
On March 20, 2025, the Company completed the acquisition of SeaTrepid International LLC (“SeaTrepid”), an expert in providing subsea robotic services to customers throughout the world, for total consideration of $14,352,692 (see Note 10, "Business Combination"). As of June 30, 2025, a liability of $3,537,963, is outstanding to SeaTrepid payable in cash on or before September 30, 2025. This liability includes the preliminary post-closing working capital adjustment.