Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 467

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 467
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 invoicing arrangements previously reflected in Work in Process to be reflected in contracts receivable.

Note
6. Property and Equipment

At
December 31, 2024 and 2023, property and equipment consisted of the following:

Schedule
of Property and Equipment 

    December 31,  
    December 31, 

    2024  
    2023 
  
    Office equipment 
    $17,061  
    $17,061 
  
    Computer equipment 
     41,233  
     41,233 
  
    Vehicle 
     35,424  
     35,424 
  
    Software 
     1,358,558  
     482,127 
  
    Machinery 
     3,257,764  
     3,209,719 
  
    Leasehold improvements 
     397,536  
     397,536 
  
    R&D software 
     -  
     9,655 
  
    Satellite and related software 
     12,305,379  
     - 
  
    Construction in progress 
     2,883,337  
     8,609,902 
  
    Property and equipment, gross 
     20,296,292  
     12,802,657 
  
    Accumulated depreciation 
     (5,404,316) 
     (3,232,443)
  
    Property and equipment, net of accumulated depreciation 
    $14,891,976  
    $9,570,214 

    F-14

As
of December 31, 2024 and 2023, construction in progress represents components to be used in the manufacturing of our satellites.

Depreciation
expense of property and equipment for the years ended December 31, 2024 and 2023 is $2,171,873 and $217,107 of which $1,921,649 and $176,321
are included as components of cost of revenue, respectively.

During
the years ended December 31, 2024 and 2023, the Company purchased assets of $7,474,836 and $7,208,200, respectively.

Note
7. Business Acquisition

On
August 18, 2023, the Company entered into an Asset Conveyance Agreement (the “Purchase Agreement”) with Exo-Space Inc., a
Delaware corporation (“Ex