Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 776

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 776
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 cost of revenue, respectively.

During
the years ended December 31, 2024 and 2023, the Company purchased assets of $7,474,836 and $7,208,200, respectively.

Note
7. Business Acquisition

On
August 18, 2023, the Company entered into an Asset Conveyance Agreement (the “Purchase Agreement”) with Exo-Space Inc., a
Delaware corporation (“Exo-Space”), and certain shareholders thereof. The Purchase Agreement provided for the acquisition
by the Company of substantially all of the assets of Exo-Space (the “Assets”) which includes the customer contracts and lists
related to Exo-Space’s business of providing analytics services by (i) providing on-orbit data processing services, including satellite
imaging intelligence services, and (ii) the development of artificial intelligence and machine learning technology and software used
for the on-orbit processing of data (the “Business”) from Exo-Space. The purchase price for the Assets was approximately
$468,000 in cash.

In
addition, on August 18, 2023, the Company entered into a Sale of Business Non-Competition and Non-Solicitation Agreement with Exo-Space
Inc. and each of Jeremy Allam (“Allam”), Mark Lorden (“Lorden”), Marcel Lariviere (“Lariviere”) and
Tate Schaar (“Schaar” and collectively, with Allam, Lorden and Lariviere, the “Sellers”) pursuant to which the
Sellers agreed to keep confidential certain information related to the Business and agreed to a five (5) year non-compete and non-solicitation.

On
August 21, 2023 (the “Closing Date”), the Company completed its acquisition of the Assets related to Exo-Space (the “Acquisition”).
As part of the Acquisition, Jeremy Allam, Marcel Lariviere, Mark Lorden and Tate Schaar entered into employment agreements with the Company
which granted non-statutory stock options to Jeremy Allam, Marcel Lariviere, Mark Lorden and Tate Schaar with respect to the following
number of shares of the Company’s common stock: 1,898,502 (Allam); 949,251 (Lariviere); 711,938 (Lorden) and 395,521 (Schaar).
These option awards were made outside of the Company’s 2021 Omnibus Equity In