Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 505

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 505
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 revenue for the immediately preceding month
multiplied by (ii) the Applicable Revenue Percentage, defined as 4% of revenue for payments due during any month. The Decathlon Note
is secured by our assets and was guaranteed by CTC and matures the earliest of: (i) January 31, 2025, (ii) immediately prior to a change
of control, or (iii) upon an acceleration of the obligations due to a default under the RLSA.

67

During
the year ended December 31, 2022, we repaid $797,505 and the Note and accrued interest was forgiven by CTC. We recorded debt forgiveness
of the Note and accrued interest of $1,624,755 to additional paid in capital.

We
recognized revenue of $798,942 and $952,220 for the years ended December 31, 2024 and 2023, from contracts entered into by CTC and subcontracted
to us for four customers of CTC pursuant to separate subcontracting agreements.

For
the year ended December 31, 2024 and 2023, the Company recorded cost of revenue to Craig Technical Consulting, Inc. of approximately
$712,669 and $654,605, and general and administrative expense of $93,476 and $24,363, respectively.

A
Professional Services Agreement, effective November 15, 2021, was made between us and CTC. The period of performance for this agreement
was December 1, 2021, through November 30, 2022. The agreement was amended, and the term of the agreement was extended to June 30, 2025.

During
the years ended December 31, 2024 and 2023, we recorded professional services of $163,546 and $106,057, respectively, under the Professional
Services Agreement.

Related
Person Transaction Policy

We
have adopted a related person transaction policy that sets forth our procedures for the identification, review, consideration and approval
or ratification of related person transactions. For purposes of our policy only, a related person transaction is a transaction, arrangement
or relationship, or any series of similar transactions, arrangements or relationships, in which we and any related person are, were or
will be participants in which the amount involved exceeds the lesser of $120,000 or 1% of our total assets at year-end. Transactions
involving compensation for services provided to us as an employee or director are not