Company: SIDU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024043
Chunk: 15

Company: Sidus Space Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 15
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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 $4,618.03 from February 1, 2024 to January 31, 2025, $4,756.57 from February 1, 2025 to January 31,2026 and $4,899.27 from
February 1, 2026 to January 31, 2027. A common area maintenance fee (CAM) will be charged in addition to the monthly rent. During the
six months ended June 30, 2025 and 2024, the Company recorded $41,163 and $38,555 directly related to this short-term month
to month lease to lease expense.

Note
11. Notes Payable

Decathlon
Note

On
December 3, 2021, we entered into a Loan Assignment and Assumption Agreement, or Loan Assignment, with Decathlon Alpha IV, L.P., or Decathlon
and Craig Technical Consulting, Inc (“CTC”) pursuant to which we assumed the Decathlon Note. In connection with our assumption
of the Decathlon Note, CTC reduced the principal of the Note Payable – related party by $1.4 million for an aggregate principal
balance of $2.6 million. The Company recorded a reclassification of $1,106,164 from Note Payable – related party to Note
payable – non- current (Decathlon note) and recorded forgiveness of note payable – related party of $293,836.

Management
believes that the assumption of the Decathlon Note from CTC was in our best interests because in connection therewith, Decathlon released
us from a cross-collateralization agreement it was a party to with CTC for a loan of a greater amount. Also in connection with the Loan
Assignment on December 3, 2021, we entered into a Revenue Loan and Security Agreement, or RLSA, with Decathlon and our CEO, Carol Craig,
pursuant to which we pay interest based on a minimum rate of one