Company: SIDU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024043
Chunk: 16

Company: Sidus Space Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 16
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 (1) times the amount advanced and make monthly payments based on a percentage
of our revenue calculated as an amount equal to the product of (i) all 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 was amended November
16, 2023. The maturity date was extended from December 9, 2023 to December 9, 2024 and final payoff of indebtedness and release of security
executed January 29, 2025. The monthly interest was converted to a fixed amount of $50,000 per month. The Decathlon Note is secured
by our assets and is guaranteed by CTC and matures the earliest of: (i) December 9, 2024, (ii) immediately prior to a change of
control, or (iii) upon an acceleration of the obligations due to a default under the RLSA. As a result, on December 31, 2021, the Company
recorded the forgiveness of note payable-related party of $293,836 and the reclass of $1,106,164 from Note Payable –
related party to Note Payable.

During
the six months ended June 30, 2025 and 2024, the Company recorded interest expense of $69,945 and $331,165, respectively, which
included an additional accrual estimate based on the principal and accrued but unpaid interest payment due when the note matures and
made payments of $0 and $150,000, respectively. During the six months ended June 30, 2025, the Company also recorded $33,528 in
legal and late fees associated with the January 31, 2025 payoff of the note payable. As of December 31, 2024, the Company recorded principal
amount, accrued interest and legal and late fees of $3,059,767 on the balance sheet. On January 31, 2025 the Company fully paid
off principal amount, accrued interest and interest expense and legal and late fees of $3,163,239.

Note
12. Related Party Transactions

Revenue
and Accounts Receivable

The
Company recognized revenue of $647,743 and $297,816 for the six months ended June 30, 2025 and 2024 and accounts receivable
of $1,037,606