Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 158

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 158
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    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 2024 The monthly “Base Rent” was $10,392 and the Base Rent was increased by 2.5% each year. In May 2023 the Company
exercised its option and extended the lease to May 31, 2024.

In
May 2021, we entered into a new lease agreement which included both our office and warehouse space that expired May 31, 2024. The Company
had the option to terminate the lease after 12 months and 24 months from the commencement date. The office facility monthly “Base
Rent” was $11,855 and the Base Rent was increased by 2.5% each year.

We
have a new lease contract entered June 1,