Company: SIDU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024043
Chunk: 9

Company: Sidus Space Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 9
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 with Aurea. Aurea is a Limited company organized in the Isle of
Man, which entered into a license agreement with a third-party vendor, whereby they licensed the rights to use certain available radio
frequency spectrum for satellite communications. The Company is responsible for 100% of the operations of Aurea and derives 100% of the
net profits or losses derived from the business operations. The assets, liabilities and the operations of Aurea have beenreported on
a consolidated basis within the Company’s financial statements from the date of inception (July 20, 2020).

Through
a declaration of trust, 100% of the voting rights of Aurea’s shareholders have been transferred to the Company so that the
Company has effective control over Aurea and has the power to direct the activities of Aurea that most significantly impact its economic
performance. There are no restrictions on the consolidated VIE’s assets and on the settlement of its liabilities and all carrying
amounts of VIE’s assets and liabilities are consolidated with the Company’s financial statements.

If
facts and circumstances change such that the conclusion to consolidate the VIE has changed, the Company shall disclose the primary factors
that caused the change and the effect on the Company’s financial statements in the periods when the change occurs.

    14

As
of June 30, 2025 and December 31, 2024, Aurea’s assets and liabilities are as follows:

Schedule
of Variable Interest Entities Assets and Liabilities

    June 30,  
    December 31, 

    2025  
    2024 
  
    Assets 

    Cash 
    $33,222  
    $65,333 
  
    Prepaid and other current assets 
     10,222  
     13,264 
  
    Total Assets 
    $43,444  
    $78,597 

    Liability 

    Accounts payable and other current liabilities 
    $32,901  
    $78,575 

For
the six months ended June 30, 2025 and 2024, Aurea’s net loss was $76,698 and $85,634, respectively.

Note
4. Prepaid expense and Other current assets

As
of June 30, 2025 and December 31, 2024, prepaid expense and other current assets are as follows:

Schedule
of Prepaid Expense and Other Current Assets

    June 30,