Company: SIDU
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024043
Chunk: 13

Company: Sidus Space Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 13
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 in excess of amounts paid or payable (contracts receivable) to the company on uncompleted contracts (contract asset) that are subject to restrictions on invoicing, excluding retainage 
    $993,504  
    $1,331,194 
  
    Retainage included in contract assets due to being conditional on something other than solely passage of time 
     -  
     16,192 
  
    Retainage included in contract assets due to being conditional on something other than solely passage of time – related party 
     107,013  
     46,953 
  
    Total contract assets 
    $1,100,517  
    $1,394,339 

    Contract liabilities 
    June 30,  
    December 31, 

    2025  
    2024 

    Payments received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding retainage 
    $-  
    $- 
  
    Retainage included in contract liabilities due to being conditional on something other than solely passage of time 
    $-  
    $16,192 
  
    Retainage included in contract liabilities due to being conditional on something other than solely passage of time – related party 
     107,013  
     46,953 
  
    Total contract liabilities 
    $107,013  
    $63,145 

Note
10. Leases

Operating
lease

We
have a new lease contract entered June 1, 2025 which includes both our office facility and warehouse space that expires May 31, 2028. The
monthly “Base Rent” is $12,232 and $13,150. The Base Rent is increased by 3.0% each year.

We
had a new lease contract entered June 1, 2024 which includes both our office facility and warehouse space that expires May 31, 2025. The
monthly “Base Rent” is $11,876 and $12,767.

We
recognized total lease expense, primarily related to our operating leases, on a straight-line basis in accordance with ASC 842.

As
of June 30, 2025 and December 31, 2024, the Company recorded a refundable security deposit of $10,000 for its warehouse space and
is included in other assets on the balance sheet