Company: SIDU
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010989
Chunk: 67

Company: Sidus Space Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 67
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953  
     46,953 
  
    Total contract assets 
    $1,385,007  
    $1,394,339 

    Contract liabilities 
    March 31,  
    December 31, 

    2025  
    2024 

    Payments received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding retainage 
    $-  
    $- 
  
    Retainage included in contract liabilities due to being conditional on something other than solely passage of time 
    $-  
    $16,192 
  
    Retainage included in contract liabilities due to being conditional on something other than solely passage of time – related party 
     46,953  
     46,953 
  
    Total contract liabilities 
    $46,953  
    $63,145 

Note
10. Leases

Operating
lease

We
have a new lease contract entered June 1, 2024 which includes both our office facility and warehouse space that expires May 31, 2025.
The monthly “Base Rent” is $11,876 and $12,767.

    -15-

We
recognized total lease expense, primarily related to our operating leases, on a straight-line basis in accordance with ASC 842.

As
of March 31, 2025 and December 31, 2024, the Company recorded a refundable security deposit of $10,000 for its warehouse space and is
included in other assets on the balance sheet.

The
operating lease expense were as follows:

Schedule
of Operating Lease Expense

    2025  
    2024 

    Three months ended March 31, 

    2025  
    2024 
  
    Lease cost 

    Operating lease cost 
    $101,442  
    $92,204 

Supplemental
balance sheet information related to operating leases was as follows:

Summary
of Supplemental Balance Sheet Information

    March 31,  
    December 31, 

    2025  
    2024 
  
    Operating lease right-of-use assets at inception 
    $284,861  
    $284,861 
  
    Accumulated amortization 
     (235,743) 
     (163,316)
  
    Total operating lease right-of-use assets