Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 237

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 237
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 accounting standards until those
standards would otherwise apply to private companies.

We have chosen to take advantage of the extended
transition periods available to emerging growth companies under the JOBS Act for complying with new or revised accounting standards until
those standards would otherwise apply to private companies provided under the JOBS Act. As a result, our financial statements may not
be comparable to those of companies that comply with public company effective dates for complying with new or revised accounting standards.

We are in the process of evaluating the benefits
of relying on other exemptions and reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in
the JOBS Act, as an “emerging growth company,” we intend to rely on certain of these exemptions, including without limitation,
(i) providing an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404(b)
of the Sarbanes-Oxley Act and (ii) complying with any requirement that may be adopted by the Public Company Accounting Oversight Board
(“PCAOB”) regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information
about the audit and the financial statements, known as the auditor discussion and analysis. We will remain an “emerging growth
company” until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion
or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of the completion of this offering; (iii) the
date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we
are deemed to be a large accelerated filer under the rules of the SEC.

ITEM 7A. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK

The Company is not required to provide the information
required by this Item as it is a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act.

 56 

ITEM 8. FINANCIAL STATEMENTS
AND SUPPLEMENTARY DATA

SIDUS SPACE, INC.

    Report of Independent Registered Public Accounting Firm (PCAOB ID: 5525)
     
    F-1
  
    Consolidated
    Balance Sheets at December 31, 2024 and 2023
     
    F-2
  
    Consolidated