Company: SIDU
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010989
Chunk: 63

Company: Sidus Space Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 63
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 a license agreement with a third-party vendor, whereby they licensed the rights to use certain available radio
frequency spectrum for satellite communications. The Company is responsible for 100% of the operations of Aurea and derives 100% of the
net profits or losses derived from the business operations. The assets, liabilities and the operations of Aurea from the date of inception
(July 20, 2020), were included in the Company’s consolidated financial statements.

    -12-

Through
a declaration of trust, 100% of the voting rights of Aurea’s shareholders have been transferred to the Company so that the Company
has effective control over Aurea and has the power to direct the activities of Aurea that most significantly impact its economic performance.
There are no restrictions on the consolidated VIE’s assets and on the settlement of its liabilities and all carrying amounts of
VIE’s assets and liabilities are consolidated with the Company’s financial statements.

If
facts and circumstances change such that the conclusion to consolidate the VIE has changed, the Company shall disclose the primary factors
that caused the change and the effect on the Company’s financial statements in the periods when the change occurs.

As
of March 31, 2025 and December 31, 2024, Aurea’s assets and liabilities are as follows:

Schedule
of Variable Interest Entities Assets and Liabilities

    March 31,  
    December 31, 

    2025  
    2024 
  
    Assets 

    Cash 
    $65,267  
    $65,333 
  
    Prepaid and other current assets 
     11,466  
     13,264 
  
    Total Assets 
    $76,733  
    $78,597 

    Liability 

    Accounts payable and other current liabilities 
    $73,216  
    $78,575 

For
the three months ended March 31, 2025 and 2024, Aurea’s net loss was $39,984 and $43,266, respectively.

Note
4. Prepaid expense and Other current assets

As
of March 31, 2025 and December 31, 2024, prepaid expense and other current assets are as follows:

Schedule
of Prepaid Expense and Other Current Assets

    March 31,  
    December 31, 

    2025  
    2024 
  
    Prepaid insurance 
    $