Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 162

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 162
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,767 and $2,017,286 on the balance sheet, respectively. On January 31, 2025 the Company fully paid off the principal amount
and accrued but unpaid interest of approximately $3.2 million.

Note
13. Related Party Transactions

Revenue
and Accounts Receivable

The
Company recognized revenue of $798,942 and $952,220 for the years ended December 31, 2024 and 2023 and accounts receivable of $641,376
and $67,447 and contract asset and contract liability of $46,953 and $43,173 as of December 31, 2024 and 2023, respectively, from contracts
entered into by Craig Technical Consulting, Inc, a principal stockholder, and subcontracted to the Company for four customers.

Accounts
Payable

As
of December 31, 2024 and 2023, the Company owed $581,243 and $677,039 to Craig Technical Consulting, Inc. Advances are unsecured, due
on demand and non-bearing-interest.

    F-19

Cost
of Revenue and Operating expenses

For
the years ended December 31, 2024 and 2023, the Company recorded cost of revenue to Craig Technical Consulting, Inc. of $712,669 and
$654,605, and general and administrative expense of $93,476 and $24,363, respectively.

Professional
Service Agreements

A
Professional Services Agreement, effective November 15, 2021, was made, between the Company and Craig Technical Consulting, Inc. The
period of performance for this Agreement was December 1, 2021, through November 30, 2022. The agreement was amended and the term of agreement
was extended to June 30, 2025.

During
the year ended December 31, 2024 and 2023, the Company recorded professional services of 160,221 and $106,057, respectively.

Sublease

On
August 1, 2021, the Company entered into a Sublease Agreement with its related party and a principal shareholder
(“Sublandlord”), whereby the Company shall sublease certain offices, rooms and shared use of common spaces located at
150 Sykes Creek Parkway, Merritt Island, FL. The Lease is a month-to-month lease and may be terminated with 30 days’ notice to
the Sublandlord. The monthly rent shall be $4,570
from inception through