Quarterly report [Sections 13 or 15(d)]

Accrued Liabilities

v3.26.1
Accrued Liabilities
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consisted of the following:
June 30,
2026		 December 31,
2025
Accrued compensation $ 242,465  $ 221,724 
Accrued severance 274,038  274,038 
Accrued professional fees 68,294  96,786 
Accrued sales and property taxes 407,283  202,638 
Accrued royalties 337,500  337,500 
Accrued audit fees -  531,000 
Accrued settlement 118,860  319,546 
Other accrued expenses 43,709  233,398 
Accrued interest 3,195,025  4,303,157 
Accrued purchase liability 1,724,199  3,287,881 
Total accrued liabilities $ 6,411,373  $ 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. On May 11, 2026, the Company entered into Amendment No. 2 to the Asset Purchase Agreement, which revised the payment terms for the remaining deferred purchase considerations and established the post-closing working capital adjustment at zero. As part of the agreement, $1,500,000 were paid down on the owed balance on May 15, 2026. The Company accounted the amended arrangement as a debt extinguishment under ASC 470. Accordingly, during the quarter ended June 30, 2026, the Company derecognized the accrued purchase price liability and recognized the new accrued purchase price liability at fair value and recognized a loss of extinguishment for $201,681. As of June 30, 2026, the outstanding accrued purchase liability was $1,724,199.