Company: SIDU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023543
Chunk: 16

Company: Sidus Space Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 16
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% of revenue for payments due during any month. The Decathlon Note was amended November
16, 2023. The maturity date was extended from December 9, 2023 to December 9, 2024 and final payoff of indebtedness and release of security
executed January 29, 2025.

During
the nine months ended September 30, 2025 and 2024, the Company recorded interest expense of $69,945 and $968,864, respectively, which
included an additional accrual estimate based on the principal and accrued but unpaid interest payment due when the note matures and
made payments of $0 and $150,000, respectively. During the nine months ended September 30, 2025, the Company also recorded $33,528 in
legal and late fees associated with the January 31, 2025 payoff of the note payable. As of December 31, 2024, the Company recorded principal
amount, accrued interest and legal and late fees of $3,059,767 on the balance sheet. On January 31, 2025 the Company fully paid off principal
amount, accrued interest and interest expense and legal and late fees of $3,163,239.

Note
12. Related Party Transactions

Revenue
and Accounts Receivable

The
Company recognized revenue of $1,386,696 and $409,523 for the nine months ended September 30, 2025 and 2024 and accounts receivable of
$1,402,774 and $641,376 and contract asset of $448,717 and $46,953 and contract liability of $267,380 and $46,953 as of September 30,
2025 and December 31, 2024, respectively, from contracts entered into by Craig Technical Consulting, Inc, a principal stockholder, and
subcontracted to the Company for four customers.

    19

Accounts
Payable

As
of September 30, 2025 and December 31, 2024, the Company owed $869,789 and $673,743 to related parties of which $527,476 in both periods
relates to advances from Craig Technical Consulting, Inc. which are unsecured, due on demand and non-bearing-interest.

As
of September 30, 2025 and December 31, 2024, the Company recorded accounts payable of $62,500 and $80,000, respectively, related to Q2
202