Quarterly report [Sections 13 or 15(d)]

Accrued Liabilities

v3.26.1
Accrued Liabilities
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consisted of the following:
March 31,
2026		 December 31,
2025
Accrued compensation $ 355,330  $ 221,724 
Accrued severance 274,038  274,038 
Accrued professional fees 96,252  96,786 
Accrued sales and property taxes 303,641  202,638 
Accrued royalties 337,500  337,500 
Accrued audit fees 191,000  531,000 
Accrued settlement 219,641  319,546 
Other accrued expenses 186,038  233,398 
Accrued interest 4,530,112  4,303,157 
Accrued purchase liability 3,173,515  3,287,881 
Total accrued liabilities $ 9,667,067  $ 9,807,668 
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. As of March 31, 2026, a liability of $3,173,515, was outstanding to SeaTrepid payable in cash which was due on September 30, 2025. During the quarter ended March 31, 2026, the Company made partial payments to the sellers and continues to accrue interest on the past due balance based on the initial Asset Purchase Agreement.