Company: SIDU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024043
Chunk: 17

Company: Sidus Space Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 17
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 and $641,376 and contract asset and contract liability of $107,013 and $46,953 as of June 30, 2025
and December 31, 2024, respectively, from contracts entered into by Craig Technical Consulting, Inc, a principal stockholder, and subcontracted
to the Company for four customers.

    19

Accounts
Payable

As
of June 30, 2025 and December 31, 2024, the Company owed $774,600 and $673,743 to related parties of which $527,476 in both periods
relates to advances from Craig Technical Consulting, Inc. which are unsecured, due on demand and non-bearing-interest.

As
of June 30, 2025 and December 31, 2024, the Company recorded accounts payable of $62,500 and $92,500, respectively, related to Q2
2025 and Q4 2024 Board of Director compensation payments.

Cost
of Revenue

For
the six months ended June 30, 2025 and 2024, the Company recorded cost of revenue to Craig Technical Consulting, Inc. of $356,154 and
$214,002, respectively.

Professional
Service Agreements

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

During
the six months ended June 30, 2025 and 2024, the Company recorded professional services of $94,082 and $79,465, respectively.

Sublease

On
August 1, 2021, the Company entered into a Sublease Agreement with its related party and a principal shareholder (“Sublandlord”),
whereby the Company shall sublease certain offices, rooms and shared use of common spaces located at 150 Sykes Creek Parkway, Merritt
Island, FL. The Lease is a month-to-month lease and may be terminated with 30 days’ notice to the Sublandlord. The monthly rent
shall be $4,618.03 from February 1, 2024 to January 31, 2025, $4,756.57 from February