Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 540

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 540
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,736  
     104,038  
     205,698  
     198%
  
    Total Non-GAAP Adjustments 
     4,615,384  
     3,437,858  
     1,177,526  
     34%
  
    Adjusted EBITDA 
     (12,908,672) 
     (10,890,490) 
     (2,018,182) 
     19%

    (i)
    Sidus
    Space incurred increased interest expense due to short-term note payable due in Q4 2024 and interest expense related to an asset-based
    loan.
  
    (ii)
    Sidus
    Space incurred increased depreciation expense 2024 with launch and deployment of satellite fixed asset and related satellite software,
    as well as new ERP software capitalization.
  
    (iii)
    Sidus
    Space incurred one-time legal costs associated with the acquisition of Exo-Space, an Artificial Intelligence (AI) company.
  
    (iv)
    Sidus
    Space incurred internal fundraising expense related to multiple capital raises.
  
    (v)
    Sidus
    Space incurred one-time costs related to underwriter warrants during 2023.
  
    (vi)
    Sidus
    Space issued stock-based compensation for employee and Board services rendered.

Liquidity and Capital Resources

The following table provides selected financial data
about us as of December 31, 2024, and December 31, 2023.

    December 31,  
    December 31,  

    2024  
    2023  
    Change  
    % 
  
    Current assets 
    $22,252,552  
    $9,202,310  
    $13,050,242  
     142%
  
    Current liabilities 
    $14,209,502  
    $12,219,356  
    $1,990,146  
     16%
  
    Working capital (deficiency) 
    $8,043,050  
    $(3,017,046) 
    $11,060,096  
     (367)%

Liquidity is the ability of a company to generate
funds to support asset growth, satisfy disbursement needs, maintain reserve requirements, and otherwise operate on an ongoing basis.
We had insufficient operating revenues, so