Company: SIDU
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010989
Chunk: 65

Company: Sidus Space Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 65
---
410,428  
     2,883,337 
  
    Property and equipment, gross 
     23,274,601  
     20,296,292 
  
    Accumulated depreciation 
     (6,338,990) 
     (5,404,316)
  
    Property and equipment, net of accumulated depreciation 
    $16,935,611  
    $14,891,976 

As
of March 31, 2025 and December 31, 2024, construction in progress represents components to be used in the manufacturing of our satellites.

Depreciation
expense of property and equipment for the three months ended March 31, 2025 and 2024 is $934,673 and $253,030 of which $836,355 and $222,490
are included as components of cost of revenue, respectively.

During
the three months ended March 31, 2025 and 2024, the Company purchased assets of $2,978,308 and $2,230,118, respectively.

Note
7. Accounts payable and other current liabilities

As
of March 31, 2025 and December 31, 2024, accounts payable and other current liabilities consisted of the following:

Schedule
of Accounts Payable and Other Current Liabilities

    March 31,  
    December 31, 

    2025  
    2024 
  
    Accounts payable 
    $1,777,883  
    $1,978,857 
  
    Payroll liabilities 
     1,389,167  
     907,697 
  
    Credit card liability 
     56,870  
     51,522 
  
    Other payable 
     218,636  
     165,435 
  
    Payable for purchase of property and equipment 
     17,717  
     18,799 
  
    Insurance payable 
     183,435  
     266,357 
  
    Total accrued expenses
    and other liabilities 
    $3,643,708  
    $3,388,667 

    -14-

Note
8. Asset-based loan

The
Company is party to a recourse loan and security agreement with an unrelated lender dated November 30, 2022, whereby the lender will
provide loans secured by certain accounts receivable for up to 90% of the face amount