Company: SIDU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023543
Chunk: 11

Company: Sidus Space Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 11
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     12,305,379 
  
    Construction in progress 
     4,850,073  
     2,883,337 
  
    Property and equipment, gross 
     26,086,097  
     20,296,292 
  
    Accumulated depreciation 
     (8,629,125) 
     (5,404,316)
  
    Property and equipment, net of accumulated depreciation 
    $17,456,972  
    $14,891,976 

As
of September 30, 2025 and December 31, 2024, construction in progress represents components to be used in the manufacturing of our satellites.

Depreciation
expense of property and equipment for the nine months ended September 30, 2025 and 2024 is $3,224,809 and $1,494,449, of which $2,933,308
and $1,331,591, are included as components of cost of revenue, respectively.

During
the nine months ended September 30, 2025 and 2024, the Company purchased assets of $5,789,805 and $5,102,661, respectively.

Note
7. Accounts payable and other current liabilities

As
of September 30, 2025 and December 31, 2024, accounts payable and other current liabilities consisted of the following:

 Schedule of Accounts Payable and Other Current Liabilities

    September 30,  
    December 31, 

    2025  
    2024 
  
    Accounts payable 
    $2,957,038  
    $1,978,857 
  
    Payroll liabilities 
     1,554,859  
     907,697 
  
    Credit card liability 
     80,184  
     51,522 
  
    Other payable 
     209,885  
     165,435 
  
    Payable for purchase of property and equipment 
     15,552  
     18,799 
  
    Insurance payable 
     17,590  
     266,357 
  
    Total accrued expenses
    and other liabilities 
    $4,835,108  
    $3,388,667 

Note
8. Asset-based loan

The
Company is party to a recourse loan and security agreement with an unrelated lender dated November 30, 202