Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 1340

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 1340
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 were $542,501
and $155,716,
respectively. As of January 31, 2025 the Company’s revolving line of credit was increased from $7 million to $10.5 million
with same interest rates noted above for collateralized and uncollateralized loan interest rates. The Company used the increase in its
revolving line of credit to pay off the approximately $3.2 million note payable with Decathlon.

    F-16

Note
10. Contract assets and liabilities

At
December 31, 2024 and 2023, contract assets and contract liabilities consisted of the following:

Schedule
of Contract Assets and Liabilities

    Contract assets 
    December 31, 2024  
    December 31, 2023 

    Revenue recognized in excess of amounts paid or payable (contracts receivable) to the
    company on uncompleted contracts (contract asset) that are subject to restrictions on invoicing, excluding retainage 
    $1,331,194  
    $359,287 
  
    Retainage included in contract assets due to being conditional on something other than solely passage of time 
     16,192  
     77,124 
  
    Retainage included in contract assets due to being conditional on something other than solely passage of time – related party 
     46,953  
     43,173 
  
    Total contract assets 
    $1,394,339  
    $479,584 

    Contract liabilities 
    December 31, 2023  
    December 31, 2022 

    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  
     77,124 
  
    Retainage included in contract liabilities due to being conditional on something other than solely passage of time – related party 
     46,953  
     43,173 
  
    Total contract liabilities 
    $63,145  
    $120,297 

Note
11. Leases

Operating
lease

We
have a noncancelable operating lease entered in November 2016 for our warehouse space that expired in July 2021 and had renewal options
to May