Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 575

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 575
---
 The Lease is a month-to-month lease and may be terminated with 30 days’ notice to
the Sublandlord. The monthly rent shall be $4,570
from inception through January 31, 2022, $4,707
from February 1, 2022 to January 31, 2023 and $4,847
from February 1, 2023 to January 31, 2024. On February 1, 2024, the Company extended the month-to-month Sublease agreement. 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 years ended December 31, 2024 and 2023, the Company recorded $79,005
and $58,024
directly related to this short-term month to month lease to lease expenses.

    F-18

Note
12. 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. (See Note 12)

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