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

Accrued Liabilities

v3.26.1
Accrued Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consisted of the following:
December 31,
2025		 December 31,
2024
Accrued compensation $ 221,724  $ 956,399 
Accrued severance 274,038  1,031,731 
Accrued professional fees 96,786  2,350 
Accrued insurance 331,607  440,562 
Accrued sales and property taxes 202,638  428,801 
Accrued royalties 337,500  400,000 
Accrued interest 4,303,157  2,302,878 
Accrued Audit Fees 531,000  - 
Accrued settlement 319,546  - 
Other accrued expenses 233,398  40,000 
Accrued purchase liability - SeaTrepid 3,287,881  - 
Total accrued expenses $ 10,139,275  $ 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 $14,209,810 (see Note 11, "Business Combination"). As of December 31, 2025, a liability of $3,287,881, is outstanding to SeaTrepid payable in cash on or before June 30, 2026. A partial payment of $500,000 was made in the fourth quarter of 2025. This liability includes the preliminary post-closing working capital adjustment.