Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 40

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9B
Chunk 40
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 a direct or indirect
material interest.

Our
corporate headquarters is located at 150 N. Sykes Creek Parkway, Suite 200 Merritt Island, Florida 32953. We occupy facilities totaling
approximately 3500 square feet under a sublease from Craig Technical Consulting, Inc., a principal stockholder and an entity owned and
controlled by our Chief Executive Officer, Carol Craig (“CTC”), pursuant to a commercial sublease agreement (the “Lease
Agreement”), dated February 1, 2024. The Lease Agreement is a month-to-month lease and may be terminated with 30 days’ notice.
We currently pay $4,757 + CAM per month which includes applicable sales and use tax, which is currently 6.5% in Brevard County.

As
of December 31, 2024 and 2023, we owed $527,476 to CTC for cash advances made to the Company. The advances are unsecured, due on demand
and non-bearing-interest.

On
May 1, 2021, we converted $4 million in intercompany accounts receivable owed to CTC into a related party note payable (the “Note”)
which included $1.1 million in payments toward a loan (the “CTC-Decathlon Note) to CTC and us by Decathlon Alpha IV, L.P., or Decathlon.
The principal balance of this Note outstanding (together with any accrued, but unpaid interest thereon) bears interest at a per annum
interest rate equal to the long term Applicable Federal Rate (as such term is defined in Section 1274(d) of the Internal Revenue Code
of 1986, as amended), and matures on September 30, 2025, and is payable in the amount of $250,000 every quarter for four years beginning
on Oct 1, 2021.

On
December 3, 2021, we entered into a Loan Assignment and Assumption Agreement, or Loan Assignment, with Decathlon and CTC pursuant to
which we assumed principal amount of $1 million (the “Decathlon Note”) which was part of the Note. In connection with our
assumption of the Decathlon Note, CTC reduced the principal of the Note by $1.4 million for an aggregate principal balance of $2.6 million.
Management believes that the assumption of the Decathlon Note from CTC was in our best interests because in connection therewith, Decathlon
released us from