Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 228

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 228
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Selling, general, and administrative expenses were
in line when compared with the same period in 2023. This was primarily due to the following:

This was primarily related to the following increases:

    ●
    An increase of approximately
    $304,000 in consulting outside services to $635,000 compared to $330,000 in 2023 due to business development and sales consulting
    services and temporary office and operations related labor.

    ●
    An increase of approximately
    $903,000 in mission control related expenses to $976,000 compared to $73,000 in 2023 was primarily due to 2024 post launch satellite
    related services required. 

    ●
    An increase of approximately
    $335,000 in fundraising related expenses to $657,000 compared to $321,000 in 2023, as a result of increased capital raises.

    ●
    An increase of approximately
    $217,000 in Board related cash and stock compensation to approximately $430,000 compared to approximately $213,000 in 2023 as we
    continue to expand and build our Board of Directors. 

These increases were offset by the following decreases:

    ●
    A decrease of $ 356,000
    in D&O insurance to $592,000 compared to $948,000 in 2023 was due to a reduction in insurance rates.

    ●
    A decrease of $838,000
    in professional fees to $1.1 million compared to $1.9 million in 2023 primarily related to lower legal and accounting related expenses.

    ●
    A decrease of $317,000
    in research and development costs to $0.00 compared to $317,000 in 2023 related to initial engineering design and development costs
    of the satellite.

    ●
    A decrease of $327,000
    in investor and public relations expense to $109,000 from $436,000 in 2023, as a result of bringing more of these functions in house.

Total other income (expense)

During the year ended December 31, 2024, we had interest
income of $39,009, other income related to the sale of obsolete equipment and scrap material of $4,613, interest expense of $1,285,652
and asset-based loan expense of $542,550.

During the year ended December 31, 2023, we had gain
on sale of