# EDGAR Filing Document

**Accession Number:** 0001841998
**File Stem:** 0001185185-23-000232
**Filing Date:** 2023-3
**Character Count:** 225367
**Document Hash:** 66ff7d0582a3e99c9cc44e6ded0b6a17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-23-000232.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001185185-23-000232

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Above: Space Development Corp
- **CENTRAL INDEX KEY:** 0001841998
- **IRS NUMBER:** 882941404
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-32019
- **FILM NUMBER:** 23746249

**BUSINESS ADDRESS:**
- **STREET 1:** 4100 MARKET STREET SW
- **STREET 2:** SUITE 100
- **CITY:** HUNTSVILLE
- **STATE:** AL
- **ZIP:** 35808
- **BUSINESS PHONE:** 805-215-5846

**MAIL ADDRESS:**
- **STREET 1:** 4100 MARKET STREET SW
- **STREET 2:** SUITE 100
- **CITY:** HUNTSVILLE
- **STATE:** AL
- **ZIP:** 35808

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Orbital Assembly Corp
- **DATE OF NAME CHANGE:** 20210125

## Ex-99

![offeringpage.jpg](offeringpage.jpg)

### Attached PDF Documents

**Attachment 1:** `offeringstatement.pdf`

# Offering Statement for Above: Space Development Corporation (the “Company” and f/k/a “Orbital Assembly Corporation”)

The Company’s Regulation CF offerings are being conducted through Silicon Prairie Online LLC (“Silicon Prairie”). Silicon Prairie is a FINRA/SEC registered funding-portal and is not a registered broker-dealer. Silicon Prairie does not give investment advice, endorsement, analysis or recommendations with respect to any securities. All securities listed here are being offered by, and all information included in this document are the responsibility of, the applicable issuer of such securities. Silicon Prairie has not taken any steps to verify the adequacy, accuracy or completeness of any information. Neither Silicon Prairie or nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy or completeness of any information in this document or the use of information in this document.

For inquiries related to Regulation CF securities activity, contact the Company:

**Tim Alatorre:** talatorre@orbitalassembly.com

Silicon Prairie does not make investment recommendations and no communication, through this website or in any other medium, should be construed as a recommendation for any security offered on or off this investment platform. Equity crowdfunding investments in private placements, Regulation A, D and CF offerings, and start-up investments in particular are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investments through equity crowdfunding tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Additionally, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. In the most sensible investment strategy for start-up investing, start-ups should only be part of your overall investment portfolio. Further, the start-up portion of your portfolio may include a balanced portfolio of different start-ups. Investments in startups are highly illiquid and those investors who cannot hold an investment for the long term (at least 5-7 years) should not invest.

The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some

cases, beyond the company's control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

# The Company

# 1. What is the name of the issuer?

Above: Space Development Corporation

4100 Market Street SW
Suite 100
Huntsville, AL 35808

# Eligibility

# 1. The following are true for Above: Space Development Corporation:

- Organized under, and subject to, the laws of a State or territory of the United States or the Delaware.
- Not subject to the requirement to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
- Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- Not ineligible to rely on this exemption under Section 4(a)(6) of the Securities Act as a result of a disqualification specified in Rule 503(a) of Regulation Crowdfunding. (For more information about these disqualifications, see Question 30 of this Question and Answer format).
- Has filed with the Commission and provided to investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

# 2. Has the issuer or any of its predecessors previously failed to comply with the ongoing reporting requirements of Rule 202 of Regulation Crowdfunding?

No.

## Directors, Officers and Promoters of the Company

3. The following individuals (or entities) represent the company as a director, officer or promoter of the offering:

*Name*

Timothy Alatorre

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

| Start Date End Date Company | Position / Title |
| --- | --- |
| 04/01/2012 Present Domum | Principal Architect |
| 06/01/2018 08/01/2021 City of Rocklin | Chairman of Planning Commissioner |
| 01/01/2011 08/01/2021 State of California | Subject Matter Expert |
| 09/01/2019 08/31/2022 Orbital Assembly Corporation | COO, CFO and Chair of Board |
| 09/01/2022 Present Above: Space Development Corporation | COO, CFO and Chair of Board |

Short bio: Tim Alatorre NCARB, a co-founder of Orbital Assembly, brings more than 25 years of experience in business management, engineering, habitat design, and programming to his roles as chief operating officer and chair of the board. Alatorre was previously CEO of Domum, an internationally recognized architecture firm based in California. There, he increased revenue by 240% and grew the startup firm to a multinational organization overseeing more than $320 million in construction projects annually. He has supervised the design and construction of more than 600 structures and more than $1.5 billion in construction projects. Alatorre served as a planning commissioner and member of a municipal Architectural Review Committee for the city of Rocklin, CA, for several years, and worked as a consulting subject matter expert for the state of California for more than a decade. Alatorre earned a Bachelor of Architecture degree from California Polytechnic State University in San Luis Obispo. LinkedIn: https://www.linkedin.com/in/timalatorre/

*Name*

Thomas R. Spilker

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

| Start Date End Date Company | Position / Title |
| --- | --- |
| 01/01/2019 Present NASA Expert | Steering Committee Technology |
| 01/01/2019 05/31/2020 NASA | Core study team member |
| 01/01/2017 Present NASA / Jet Propulsion Laboratory | Consultant |
| 08/21/2019 08/31/2022 Orbital Assembly Corporation | CTO and VP of Engineering |
| 09/01/2022 Present Above: Space Development Corporation | CTO and VP of Engineering |

Short bio: Dr. Tom Spilker, a co-founder of Orbital Assembly, leads Orbital Assembly's space systems development for several projects, including the near-term Gravity Ring and the

Voyager Space Station. Prior to joining Orbital Assembly, Dr. Spilker consulted on space flight mission architectures and proposals and planetary and solar system science investigations, and provided high-level feasibility assessments and spacecraft system engineering for scientific space flight missions. He served as both a scientist and engineer at NASA's Jet Propulsion Laboratory for more than 20 years, including 10 years as a Principal Space Flight Mission Architect. He worked on NASA's Voyager, Cassini, and Genesis missions, and was a co-Investigator for the microwave instrument on the European Space Agency's Rosetta mission. Dr. Spilker earned an M.S.E.E and Ph.D.E.E. from Stanford University and a Bachelor of Science degree, summa cum laude, in Geophysics and Computer Science from Kansas State University. LinkedIn: https://www.linkedin.com/in/tom-spilker-677a3310/

**Name**

Jeffery Greenblatt

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

**Start Date End Date Company**

09/01/2017 06/01/2021 Spacexchange LLC

06/01/2016 Present Emerging Futures

08/21/2019 08/31/2022 Orbital Assembly Corporation

09/01/2022 Present Above: Space Development Corporation VP of Science and Research

Short bio: As a founding member of Orbital Assembly, Jeffery Greenblatt plays many roles, including project management, technical analysis, research, cost estimation, market assessment, and fundraising. He currently leads the Pioneer-class Structural Truss Assembly Robot (PSTAR)/Gravity Ring project. A well-known expert in energy analysis, climate policy and sustainable transportation, he began expanding his focus to emerging space technologies in 2014, and founded Emerging Futures, LLC, an environmental and space consultancy, in 2016. Prior to that, he served as a staff scientist at Lawrence Berkeley National Laboratory for more than eight years. He has worked in climate and energy research capacities at Google, Environmental Defense Fund, Princeton University and the NASA Ames Research Center. Greenblatt has a Ph.D. in Chemistry from the University of California, Berkeley, and a Bachelor of Science degree in Physics and Chemistry from Haverford College. LinkedIn: https://www.linkedin.com/in/jefferygreenblatt/

**Name**

Rhonda Stevenson

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

**Start Date End Date Company**

01/01/2020 03/01/2021 Kepler Space Institute

12/01/2013 Present Blue Elysium Enterprises

07/01/2021 08/31/2022 Orbital Assembly Corporation

09/01/2022 Present Above: Space Development Corporation CEO & President

12/01/2013 Present Space Mining and Resources Coalition CEO

07/01/2015 Present Tau Zero Foundation

**Position / Title**

Co-Founder & Chief Scientist

CEO

VP of Science and Research

VP of Science and Research

**Position / Title**

Director of PR

Founder & CEO

CEO & President

CEO & President

CEO

CEO

Short Bio: As president and chief executive officer, Rhonda Stevenson is leading the team at Orbital Assembly to drive sustainable commercial innovation in the space habitation and construction industry. Stevenson joined Orbital Assembly in 2021, after serving as a member of the executive advisory board. She has more than 20 years of business leadership and entrepreneurial experience in the aerospace sector, startups, and franchises, and instills a passion for building successful relationships within the space industry. Stevenson also heads the non-profit organization - Tau Zero Foundation - dedicated to pioneering advancements toward interstellar flight, focusing on the intermediate steps of advanced propulsion and energy storage for on orbit capabilities and beyond. She is the creator and host of the “Space Matters” show, a syndicated weekly digest of space industry activities and relevant conversations. In 2013, Stevenson founded Blue Elysium Enterprises, which provided strategic executive consulting to technology companies. Earlier in her career, she was chief marketing and promotions officer at Deep Space Industries, and founder of Space Mining and Resources Coalition. LinkedIn: https://www.linkedin.com/in/rhonda-stevenson/

Name

Jeffrey Max

Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates

Start Date End Date Company

08/01/2019 03/31/2022 Agile Space Industries, Incl

03/01/2016 Present La Plata Capital Partners LLC

08/30/2023 Present

Corporation Board Member

09/01/2022 Present Ascent Solar Technologies, Inc.

Position / Title

CEO

Managing Partner

Above: Space Development

CEO

Short Bio: Jeffrey Max is a seasoned technology CEO, investor and entrepreneur with more than three decades of experience in scaling technology organizations. In 2022 he was named CEO of Ascent Solar Technologies, Inc. From 2019 to 2022, Mr. Max was Chairman and CEO of Agile Space Industries, Inc., an in-space propulsion solutions provider, specializing in additively manufactured hypergolic chemical systems. During Mr. Max’s tenure, Agile expanded into design and manufacturing, securing contracts to supply thrusters for multiple NASA lunar lander missions. Under Mr. Max’s leadership, Agile grew from a team of 6 to over 60, and acquired Tronix3D, a contract based additive manufacturer specializing in 3D printing of exotic metal alloys. Since 2018, Mr. Max has been Senior Advisor at The Liiv Group, an investment firm headquartered in New York City with portfolio companies providing media production, marketing and advertising services. Since 2016, Mr. Max has been Managing Partner of La Plata Capital Partners LLC, a privately owned investment company. From 2016 to 2019, Mr. Max was CEO of Rezolve, Inc., a mobile commerce and mobile engagement firm. From 2014 to 2016, he was President of Powa Technologies, Inc., a mobile commerce and e-commerce firm. From 2003 to 2014, Mr. Max was CEO of Venda, Inc., an enterprise-class ecommerce software-as-a-service company. LinkedIn: https://www.linkedin.com/in/jeffrey-max-060986/

Name

Robert Miyake

# ***Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates***

**Start Date End Date Company**

01/01/2017 Present Above Space Development Corporation

**Position / Title**

DFlight Systems Engineer

Senior Systems Engineer, Board Member

08/21/2019 08/31/2022 Orbital Assembly Corporation Senior Thermal Engineer, Board Member
Short bio: Robert Miyake has more than 60 years of experience as an engineer working in aerospace and space operations. He came out of retirement to join Orbital Assembly after more than 30 years at the Jet Propulsion Laboratory (JPL), where he was lead thermal systems and systems engineer, working on design, test and flight operations of spacecraft and flight instruments. While there, he worked on NASA missions including, SeaSat, Topex MGS, IAE, WF/PC, and other flight instruments. Prior to joining JPL in 1978, he worked at Lockheed Missile and Space Company on commercial and military aircraft. He started his career at Boeing Airplane Company in 1961, where he worked on many projects, including the 727 aircraft. Miyake completed graduate studies in mathematics, bioengineering, system engineering and computer science, and received a Bachelor of Science degree in Mechanical Engineering with a thermal/fluids and nuclear emphasis at San Jose State College.

***Name***

Eric Ward

# ***Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates***

**Start Date End Date Company**

06/01/2019 Present Berkelyn

**Position / Title**

Technical Advisor

Mechanical Design Lead and Industrial

01/01/2011 Present Portland State Aerospace Society Mentor

11/01/2016 09/01/2020 Aten Engineering Inc

Co-Founder, CEO

06/01/2016 09/01/2020 Odyne Space

Co-Founder, CEO

09/01/2022 Present Above: Space Development Corporation

09/01/2020 08/31/2022 Orbital Assembly Corporation VP of Engineering Design

Short Bio: Eric Ward is an experienced systems engineer and entrepreneur who sees growing the private space industry as the next step to progressing humanity's future by venturing beyond the planet. He has published multiple papers and presentations on system architecture and the space industry, and co-founded and operated several space industry startups. Ward received a Master of Systems Design and Management degree from Massachusetts Institute of Technology and a Bachelor of Science degree in Mechanical Engineering from Oregon State University. His Erdős number, which is derived from co-authoring mathematical papers, is 4. LinkedIn: https://www.linkedin.com/in/warderic/

**Principal Security Holders**

4. Provide the name and ownership level of each person, as of the most recent practicable date, who is the beneficial owner of 20 percent or more of the issuer’s outstanding voting equity securities, calculated on the basis of voting power. To calculate total voting power, include all securities for which the person directly or indirectly has or shares the voting power, which includes the power to vote or to direct the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the exercise of any option, warrant or right, the conversion of a security, or other arrangement, or if securities are held by a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to direct or control the voting of the securities (or share in such direction or control - as, for example, a co-trustee) they should be included as being “beneficially owned.” You should include an explanation of these circumstances in a footnote to the “Number of and Class of Securities Now Held.” To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities converted.

None of the beneficial owners of the issuer’s outstanding voting equity securities, owns 20 percent or more of voting power.

## Business and Anticipated Business Plan

### 5. Describe in detail the business of the issuer and the anticipated business plan of the issuer.

Above: Space Development Corporation (ABOVE), f/k/a Orbital Assembly Corporation, was formed to develop and operate the first profitable space-based business park with gravity a decade ahead of its competitors. Through partnerships with space flight heritage commercial-off-the-shelf (COTS) providers, a competitive market of launch providers, and our innovative patent pending trade secrets Through ABOVE’s wholly owned subsidiary, Above: Orbital Inc. DBA Orbital Assembly, they build versatile automated and habitable platforms, scaling to hybrid gravity space stations.

Demand for space access is bottlenecked by the finite source for manufacturing, prototyping, and R&D of consumables, and leasable space serving data storage and communication systems-the International Space Station (ISS). Availability for the ISS exceeds 4 years. Access scarcity is increasing due to selection processes, and extended timelines of the ever-increasing need for on-orbit access. China’s free flyer, the Tiangong, is the only other current platform solution for escalating demand from commercial industry, government interests, and research institutions and does not support most mission models. The four-year-plus wait times, limited area for on-station activities, low cadence options, and lack of automated systems all speak for a critical demand for versatile and rapidly accessible space platform solutions today. On-orbit commercial enterprises are projected by Bank of America to host a TAM of over $1.4 Trillion by 2030. This immediate need for multiple platform access from the large and growing population of commercial, government, and R&D customers seeking on-demand access with frequent cadence clearly states that there isn’t enough space in Space.

Orbital Assembly brings rapidly deliverable profitable solutions for this vast, unserved growing global market for versatile platforms that are modular, with feed-forward architecture, providing reverse compatibility with current operating systems. Leveraging proven space flight heritage COTS hardware mitigates risk factors and significantly reduces costs expediting time to market as soon as 30 months. Immediate uses for OA’s platforms align with the OSAM and ISAM- on-orbit servicing, assembly, and manufacturing initiatives prioritized by the White House, enabling servicing of on-orbit assets, manufacturing of consumables including thin film, fiber optics, biomaterials, pharmaceuticals, and military applications, providing communications hubs, and tourism destinations, for an on-orbit and cislunar industrialized economy. Until now, no company has focused on providing multiple on-demand, commercially available, leasable spaces, scaling seamlessly to habitable stations with gravity for these revenue-ready customers.

The entire landscape of access to space is undergoing a dramatic revolution; Orbital Assembly exploits that to the fullest and sets us apart from our competition. The reduction of costs for launch, and of our rapidly deliverable platforms make possible profit-driven enterprises. The ISS and planned space stations have not achieved similar cost reductions as they are still produced on a one-off basis. The first platforms will set in motion economies of scale allowing for the delivery of multiple space platforms per year, not one per 10 years as under the current NASA model, allowing commercial use on a continuous basis, and for enormous cost savings similar to existing launch costs reductions. Lift services evolved from the historical government providers to a new class of agile commercial suppliers, pivoting launch business models to reusable vehicles. Current market projections fail to incorporate the disruption in launch costs. Now there is a competitive landscape of launch services that have reduced cost to orbit by up to 85% with further reductions anticipated.

Orbital Assembly brings customers a profitable environment for existing business growth with an end-to-end ecosystem of consortium partnerships for supply and distribution, and opportunities to perfect new technologies. Orbital Assembly creates a win-win economic model for the entire space industry, producing a revenue-ready model at launch with unprecedented profit capabilities, growing to a billion-dollar business park in as few as 18 mo. once deployed, allowing commercial access to profitable operating conditions, developing technologies not available on Earth through our rapid delivery of versatile automated and habitable space platforms with hybrid gravity. **Problem:** Humanity has successfully established occupancy in the realm of space, but we have not conquered it. After seventy years of advancing space development, we continue to be hindered by the lack of consistently accessible space platforms, and by the physiological effects of long term habitation in a solely microgravity environment.

NASA is not addressing the cost of access to space, leaving that to private enterprise, which has stepped up to that challenge successfully. But neither NASA nor the established aerospace industry has near-term plans to address the obvious bottleneck of demand for near-term, consistent access to space for both automated platforms and the critical need for habitable hybrid habitats that provide both artificial gravity for occupants and microgravity or reduced gravity for commercial activities, in facilities large enough for such activities across multiple profitable sectors.

Despite the commercial promise of the space environment, especially microgravity, to endow humanity with paradigm-shifting new products, to date no commercial entity has attempted significant production facilities in space. Why is that? For one, the same microgravity that enables those products, progressively and aggressively attacks, on multiple fronts, the physical health and productivity of the facility's onboard crew. Gravity has no effective substitute: seventy years of research and trials has not led to effective weightlessness countermeasures. Although previous and existing facilities in space provided enough workspace volume and time allocation for process research, those critical resources were in woefully inadequate supply for efficient, full-scale production facilities. Finally, the extremely high cost of transporting personnel and materials to orbit and back home has been, until now, a supreme disincentive. Launch costs made such operations uneconomic, and made sufficiently large facilities prohibitively expensive due to the greater material to be launched.

**Solution:** Our approach is focused on technological applicability, refined hybrid gravity habitat designs, and securing multiple negotiated partnerships with space legacy COTS hardware providers. This combined with our dedication to scientific rigor and strategic approach to architecture, provides the infrastructure for a complete end-to-end system for commercial enterprise, in highly profitable and meaningful ways on our fleet of automated platforms and habitable space stations in as soon as 30 months.

The future success of habitable space structures are defined by their ability to protect occupants and provide an abundant volume of space for productive congress. Orbital Assembly meets the critical need for partial artificial gravity environments and sustained habitation while providing the generous volume of a microgravity manufacturing and production workspace. Our comprehensive infrastructure of space platforms in Earth orbit are the perfect locations to mass produce materials of incredible strength, create materials to transmit information with minimal loss, grow enormous crystals for optics and communication, and to grow organs and other bio strata. Tenants on our stations will capitalize on the profitable opportunities our hybrid environments provide. Our rapid deployment and automated assembly systems make space available to everyone. The cost of launching payloads to orbit continues to drop significantly. The cost of launch to orbit on the space shuttle averaged over $60,000/ kg. Today it costs 95% less, at $1,800/ kg, and launch rates will continue to fall below $1,000 per kg by 2024. This will make it more cost effective to manufacture on orbit and provide more frequent cadence for payload delivery and down massing (return to Earth). This will allow for uninterrupted flow of productivity and capitalization of sustained occupancy of the orbital realm. SpaceX projects its Starship could reduce costs to below $100/kg.

In 2021, space tourism launched in a big way. Pioneering adventurers are spending as much as $25 million for a ticket to ride a rocket to the thin edge of space for a 10 minute flight. They lack an opportunity for a longer stay. Through partnerships with launch companies, Orbital Assembly provides new destinations in space that have the potential to accommodate a continuous and sustained stay with more comfortable conditions than a cramped capsule. Our hybrid gravity solution discreetly addresses some of the more stressful realities of human habitation in zero g, and the view is amazing.

**Market:** The global space economy is valued at over $340 billion and Bank of America forecasts that it will reach $1.4 trillion by 2030. The market for on orbit automated and habitable platforms, and variable gravity environments includes: construction and manufacturing encompassing research, production, testing and refining of procedures; and space tourism. The ISS is currently the only commercially available facility on orbit. Government contractors and defense interests are also part of the market, but the extent is undefined. This is a growing, high demand market exhibiting clear first mover advantages. The U.S. White House stated that the objectives for on orbit servicing, assembly and manufacturing are a national priority for on orbit space development.

The greatest barrier to entering the servicing, assembly, manufacturing, and tourism markets for on orbit activities continues to be costs for demonstrator missions to vet new hardware, human health risks from microgravity, and the vacuum of space. Until now, the single largest financial obstacle was the cost of launch and payload delivery. Processes requiring frequent launch cadence multiply these costs. The success of SpaceX, Rocket Labs, and other launch companies delivering payloads and people to orbit has democratized the space ecosystem, drastically reducing financial barriers by no less than 80% of costs pre 2017. The challenging environment of space has always brought risk. The continued presence of the ISS and the upgrades and modifications of that space station have paved the way to safer and more reliable systems for on-orbit activities.

Through decades of continuous operation the ISS has provided a leverageable test bed of proven, space flight, heritage COTS hardware. Orbital Assembly will take full advantage of this for very near term delivery of versatile, reverse compatible, modular hardware. Our feed-forward architecture will allow us to produce more “Space” in space, in orbit, in cislunar space, and beyond.

**Our Competitive Advantages:** The New Space gold rush is on, and everyone has their eyes skyward. Orbital Assembly has near-term, applicable, and marketable solutions for every sector of commercial and industrial market segments. We Provide GravityTM. It’s that simple. Our hybrid habitats for space operations, scalable modular construction, build-to-suit accommodations, agility for near-term delivery for turnkey operations, and meeting the needs of real-time demands for large volume workspace, addresses every barrier currently suppressing a greater surge to capitalize on imminent commercial opportunities in space.

Our versatile platforms are backward compatible with existing on-orbit systems. Our numerous COTS partnerships provide very near-term hardware, servicing, and operation solutions with high TRL industry standards, lower costs, and expedited deliverability. Thereby overcoming industry perceptions and biases that forward movement in the space industry ecosystem takes decades and multiples of billions of dollars.

We enable early adopters to claim their first-mover advantage to capitalize on the new commercial frontier of space. Our customers seek to be on the first to market, on the leading edge of the space industrial frontier while benefiting from the significantly reduced costs and reduced time to deployment with proven legacy hardware. Our hybrid, gravity-capable stations that leverage the manufacturing advantages of microgravity are efficient to build and deliver

in as soon as 42 months based on timely funding, fast-tracking motivated customers intent on maximizing their potential to be first in their markets for mass production and near-term profits. This starts with our automated platforms and our habitable Station In a BoxTM.

Our competitive advantages include: our innovative patent pending designs; partnerships with space flight heritage COTS legacy vendors; providing very near-term deliverables and significantly lower costs for delivery; automated, habitable, and hybrid gravity platform configurations; and implementation of hybrid gravity capable space stations. Our proprietary assembly processes deliver immediate turnkey commercial volume access with profitability (ROI) in as soon as 18 months with our Station In a BoxTM, and phased Gravity RingTM modules for human logistics.

The Company currently has 6 employees.

## Risk Factors

An investment in our securities involves a high degree of risk. These risk factors contain a discussion of the risks applicable to an investment in our securities. Prior to making a decision about investing in our securities, you should carefully consider the specific factors discussed within. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our operations. The occurrence of any of these known or unknown risks might cause you to lose all or part of your investment in the offered securities.

*We have incurred losses since inception and anticipate that we will incur continued losses for the foreseeable future.*

As of February, 2023, we have accumulated significant losses. We are unable to predict the extent of any future losses or when we will become profitable, if at all. If we are unable to achieve and then maintain profitability, the market value of our common stock will likely experience significant decline.

*We are an early stage company with a limited operating history, which makes it difficult to evaluate our current business and future prospects and may increase the risk of your investment.*

Our limited operating history may make it difficult to evaluate our current business and our future prospects. We may encounter risks and difficulties frequently experienced by growing companies in rapidly developing and changing industries, including challenges in forecasting accuracy, determining appropriate investments of our limited resources, market acceptance of our existing and future solutions, managing customer implementations and developing new solutions. Our current operating model may require changes in order for us to achieve profitability and scale our operations efficiently. For example, we may need to enhance our products and product delivery to allow us to efficiently and cost-effectively develop and implement new programs, make our products easy to implement, ensure our marketing strategy is designed to drive highly qualified leads cost-effectively and implement changes in our sales model to improve the predictability of our sales and reduce our sales cycle. If we fail to implement these changes on a timely basis or are unable to implement them

due to factors beyond our control, our business may suffer. You should consider our business and prospects in light of the risks and difficulties we face as an early-stage company.

*Our failure to successfully execute our business plan, maintain and expand our operations, and invest in our business could require us to seek additional capital.*

We may require additional capital in the future if we fail to successfully execute our business plan, and we may not be able to obtain additional debt or equity financing on favorable terms, if at all. If we raise additional equity financing, our stockholders may experience significant dilution of their ownership interests, and the per-share value of our outstanding stock could decline. Moreover, any new equity securities we issue could have rights, preferences and privileges senior to those of holders of our outstanding stock. If we engage in debt financing, we may be required to accept terms that restrict our ability to incur additional indebtedness and force us to maintain specified liquidity or other ratios.

If we need additional capital and cannot raise or otherwise obtain it on acceptable terms, we may not be able to, among other things:

- maintain or increase our product/service offerings;
- develop or introduce product enhancements;
- continue to expand our development, sales and marketing, and general and administrative organizations;
- acquire complementary technologies or businesses;
- expand our operations, in the United States or internationally;
- hire and retain management, administrative staff, the coaches who implement our educational programs or other employees; or
- respond to competitive pressures or unanticipated working capital requirements.

*Our cash and cash equivalents may not be sufficient to fund our operating expenses, capital equipment requirements, and other expected liquidity requirements.*

Our future capital requirements will depend on a number of factors, including our success in developing and expanding markets for our products, payments under possible future strategic arrangements, continued progress of our research and development of potential products, the need to acquire licenses to new technology, costs associated with increasing our manufacturing and development facilities, costs associated with strategic acquisitions including integration costs and assumed liabilities, litigation expense, the status of competitive products, and potential cost associated with both protecting and defending our intellectual property. Additionally, actions taken as a result of the ongoing internal evaluation of our business could result in expenditures that are not currently contemplated. Factors that could affect our capital requirements, in addition to those listed above include continued collections of accounts receivable consistent with our historical experience and our ability to manage product development efforts.

*Competition in our industry could intensify, which could adversely affect our revenue, profitability and market share.*

The market for our products and services is highly competitive. We compete with several companies. Many of these companies are better capitalized than our Corporation and their offerings may be substantially less expensive than the cost of our services.

Additionally, there are few barriers to entry in our industry. Some of our material is based on nonproprietary concepts and methods that may not be afforded significant protection under intellectual property laws. We anticipate new entrants into our industry providing products and services comparable to ours at reduced rates. Further, established companies with high brand recognition and extensive experience providing various educational products to the market may develop products and services that are competitive with ours. Such increased competition could adversely affect our market share and potential growth and hinder our ability to maintain pricing, which could adversely affect our revenue and profitability.

### ***Experience and Expertise of our Founders.***

Our success depends upon the continued service of the Founders, Tim Alatorre and Rhonda Stevenson. As a result, each of our Founders could terminate his relationship with us at any time while maintaining their entire ownership stake in the Common Stock. The loss of any of our Founders might significantly delay or prevent the achievement of our business objectives and could materially harm our business, financial condition and results of operations.

### ***No assurances can be given that we will be able to successfully develop our current business products or any other new products or services.***

Our business strategy outlines the use of the decades of experience we have accumulated to expand the services and products we offer. These services and products are in the development stage and involve new and untested technologies and business models. These technologies and business models may not be successful, which could result in the loss of any investment we make in developing them.

Product development involves a high degree of risk and uncertainty, and there can be no assurance that our potential products will be successfully developed, achieve their intended benefits, receive full market authorization, or be commercially successful. Moreover, as the COVID-19 pandemic persists and further information continues to develop, we are learning of increased risks and uncertainties in developing and commercializing new products and services in these unprecedented and evolving circumstances.

### ***We cannot be certain that additional financing will be available on reasonable terms when needed, or at all, which could seriously harm our business.***

We have incurred net losses and negative cash flow from operations in recent prior periods, and we may not achieve or maintain profitability in the future. As a result, we may need additional financing. Our ability to obtain additional financing, if and when required, will depend on investor demand, our operating performance, the condition of the capital markets, and other factors. Therefore, we may need to raise additional funds and we cannot assure investors that additional financing will be available to us on favorable terms when required, or at all. If we raise additional funds through the

issuance of equity, equity-linked, or debt securities, those securities may have rights, preferences, or privileges senior to the rights of our common stock, and our existing stockholders may experience dilution.

*Third parties may claim we are infringing their intellectual property rights, and we could suffer significant litigation or licensing expenses or be prevented from selling products.*

As we introduce any new and potentially promising product or service, or improve existing products or services with new features or components, companies possessing competing technologies, or other companies owning patents or other intellectual property rights, may be motivated to assert infringement claims in order to generate royalty revenues, delay or diminish potential sales, and challenge our right to market such products or services. Even if successful in defending against such claims, patent and other intellectual property related litigation is costly and time consuming. In addition, we may find it necessary to initiate litigation in order to protect our patent or other intellectual property rights, and even if the claims are well-founded and ultimately successful, such litigation is typically costly and time-consuming and may expose us to counterclaims, including claims for intellectual property infringement, antitrust, or other such claims. Third parties could also obtain patents or other intellectual property rights that may require us to either redesign products or, if possible, negotiate licenses from such third parties. Adverse determinations in any such litigation could result in significant liabilities to third parties or injunctions, or could require us to seek licenses from third parties, and if such licenses are not available on commercially reasonable terms, prevent us from manufacturing, importing, distributing, selling, or using certain products, any one of which could have a material adverse effect on us. In addition, some licenses may be non-exclusive, which could provide our competitors access to the same technologies. Under any of these circumstances, we may incur significant expenses.

*Our ongoing success is dependent upon the continued availability of certain key employees.*

We are dependent in our operations on the continued availability of the services of our employees, many of whom are individually key to our current and future success, and the availability of new employees to implement our growth plans. The market for skilled employees is highly competitive, especially for employees in technical fields. While our compensation programs are intended to attract and retain the employees required for us to be successful, ultimately, we may not be able to retain the services of all of our key employees or a sufficient number to execute on our plans. In addition, we may not be able to continue to attract new employees as required.

*Our insurance coverage may be inadequate to cover all significant risk exposures.*

We are exposed to liabilities that are unique to the products and services we provide. We maintain insurance for certain risks, and we believe our insurance coverage is consistent with general practices within our industry. However, the amount of our insurance coverage may not cover all claims or liabilities and we may be forced to bear substantial costs.

*Our facilities could be susceptible to damage caused by hurricanes or other natural disasters.*

Our facilities could be susceptible to damage caused by hurricanes or other natural disasters. Although we insure our properties and maintain business interruption insurance, there can be no guarantee that the coverage would be sufficient, or a claim will be fulfilled. A natural disaster could result in a temporary or permanent closure of our business operations, thus impacting our future financial performance.

### **Risks Related to this Offering, the Preferred Stock and our Common Stock (collectively, the “Shares”)**

*Because we will have broad discretion and flexibility in how the net proceeds from this offering are used, we may use the net proceeds in ways in which you disagree.*

We intend to use the net proceeds from the sale of shares of Preferred Stock for continuing development, operating expenses and working capital. We have not allocated specific amounts of the net proceeds from this offering for any of the foregoing purposes. Accordingly, our management will have significant discretion and flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the net proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial condition, operating results, and cash flow.

*We can provide no assurances as to our future financial performance or the investment result of a purchase of our Common Stock.*

Any projected results of operations involve significant risks and uncertainty, should be considered speculative, and depend on various assumptions which may not be correct. The future performance of our Corporation and the return on our Preferred Stock and Common Stock depends on a complex series of events that are beyond our control and that may or may not occur. Actual results for any period may or may not approximate any assumptions that are made and may differ significantly from such assumptions. We can provide no assurance or prediction as to our future profitability or to the ultimate success of an investment in our Preferred Stock and Common Stock.

*Because there is no existing market for our Preferred Stock and Common Stock, the Pre-Money Valuation in which we complete the sale of Shares contemplated in this Offering may not be indicative of the market price of our Preferred Stock or Common Stock after the offering, which may decrease significantly.*

There is currently no public market for our Preferred Stock or Common Stock, and an active trading market may not develop or be sustained after this offering or in the foreseeable future. The valuation under which this Offering is made may not be indicative of the market price for our Preferred Stock or Common Stock after the financing. If our shares become publicly traded, we cannot predict the extent to which investor interest in our company will lead to the development of an active trading market, and the lack of an active market might reduce the value of your shares and impair your ability to sell your shares at the time or price at which you wish to sell them.

*If we experience rapid growth and we are not able to manage this growth successfully, this inability to manage the growth could adversely affect our business, financial condition, and results of operations.*

Rapid growth places a significant strain on our financial, operational, and managerial resources. While we engage in strategic and operational planning to adequately manage anticipated growth, there can be no assurance that we will be able to implement and subsequently improve operations and financial systems successfully and in a timely manner to fully manage our growth. There can be no assurance that we will be able to manage our growth and any inability to successfully manage growth could materially adversely affect our business, financial condition, and results of operation.

### ***No Public Trading Market.***

There is no public trading market whatsoever for the Shares. The Shares are not quoted in the over-the-counter markets or listed on any stock exchange. Therefore, outstanding Shares cannot be offered, sold, pledged or otherwise transferred except in privately arranged transactions and then only if the transaction complies with the terms of this Agreement and the Bylaws. The Corporation provides no assurance that an active trading market will develop in the future. If you purchase Shares in the Offering, you may not be able to resell them.

There can be no assurance that any form of merger, combination, or sale of the Corporation will take place, or that any merger, combination, or sale would provide liquidity for the Purchasers. Furthermore, the Corporation may be unable to register securities for resale by the Shareholders for legal, commercial, regulatory, market-related or other reasons. Purchasers could be unable to sell the Shares.

### **Risks Related to Governance and Ownership of the Corporation**

*Your ownership may be diluted if additional capital stock is issued to raise capital, to finance acquisitions or in connection with strategic transactions.*

We expect that significant additional capital will be needed in the future to continue our planned operations. To the extent we raise additional capital by issuing equity securities, our stockholders may experience substantial dilution. We may sell our preferred stock, Common Stock, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell our preferred stock, Common Stock, convertible securities or other equity securities in more than one transaction, investors may be materially diluted by subsequent sales. These sales may also result in material dilution to our existing stockholders, and new investors could gain rights superior to our existing stockholders.

*The concentration of our Common Stock ownership by our current management and certain affiliates will limit your ability to influence corporate matters.*

Our founders who are also officers and members of the Corporation’s board, beneficially own and are able to vote in the aggregate 29.4% of our outstanding Common Stock prior to this offering and will own and will be able to vote approximately 28.6% of our outstanding Common Stock after this offering. As such, our directors and executive officers, as stockholders, will have the ability to exert significant influence over all corporate activities, including the election or removal of directors and

the outcome of tender offers, mergers, proxy contests or other purchases of our Common Stock that could give our stockholders the opportunity to realize a premium over the then-prevailing market price for their shares of our Common Stock. This concentrated control will limit your ability to influence corporate matters and, as a result, we may take actions that our stockholders do not view as beneficial. In addition, such concentrated control could discourage others from initiating changes of control. In such cases, the perception of our prospects in the market may be adversely affected and the market price of our Common Stock may decline.

In addition to the risks listed above, businesses are often subject to risks not foreseen or fully appreciated by the management. It is not possible to foresee all risks that may affect us. Moreover, the Company cannot predict whether the Company will successfully effectuate the Company's current business plan. Each prospective Investor is encouraged to carefully analyze the risks and merits of an investment in the Securities and should take into consideration when making such analysis, among other, the Risk Factors discussed above.

THE SECURITIES OFFERED INVOLVE A HIGH DEGREE OF RISK AND MAY RESULT IN THE LOSS OF YOUR ENTIRE INVESTMENT. ANY PERSON CONSIDERING THE PURCHASE OF THESE SECURITIES SHOULD BE AWARE OF THESE AND OTHER FACTORS SET FORTH IN THIS OFFERING STATEMENT AND SHOULD CONSULT WITH HIS OR HER LEGAL, TAX AND FINANCIAL ADVISORS PRIOR TO MAKING AN INVESTMENT IN THE SECURITIES. THE SECURITIES SHOULD ONLY BE PURCHASED BY PERSONS WHO CAN AFFORD TO LOSE ALL OF THEIR INVESTMENT.

## The Offering

Above: Space Development Corporation ('Company') is offering up to 1,333,333 shares of Common Stock pursuant to Regulation CF, through Silicon Prairie Online LLC ('Silicon Prairie,' and such transaction, the 'Silicon Prairie CF Offering'). Silicon Prairie is a FINRA/SEC registered funding portal and not a registered broker-dealer. Silicon Prairie will receive cash compensation equal to 5% of the value of the first $1,000,000.00 of securities sold through the Silicon Prairie CF Offering, 4% of the second $1,000,000.00 of securities sold through the Silicon Prairie CF Offering, 3% of the securities sold thereafter up to $10,000,000.00 of securities sold through the Silicon Prairie CF Offering, and 1% on all sales thereafter through the Silicon Prairie CF Offering. Investments made under Regulation CF involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest.

The Company plans to raise between $10,000, or 4,444 shares, and $3,000,000, or 1,333,333 shares, through the Silicon Prairie CF Offering. Specifically, if we reach the target offering amount of $10,000, we may conduct the first of multiple or rolling closings of the offering early if we provide notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

In the event the Company fails to reach the offering target of $10,000, any investments made under the offering will be cancelled and the investment funds will be returned to the investor.

The deadline for the Silicon Prairie CF Offering will be May 26, 2023 at 11:59pm ET, which may be extended by the Company at the Company’s discretion.

#### *NetCapital Regulation CF Offerings - Issuance of Warrants*

In addition, the Company plans to offer NetCapital Investor Warrants (as defined below) to purchase up to 5,728,400 shares of common stock exclusively to certain Company shareholders who invested in the Company’s prior Regulation CF offerings: (i) at $0.25 per share in 2021; and (ii) at $0.42 per share in 2022 (collectively, the “NetCapital Investors” and such investments, the “NetCapital Transactions”).

Therefore, investors in the Silicon Prairie CF Offering that have invested in one or both of the NetCapital Transactions, shall be issued one NetCapital Investor Warrant for each share purchased in this offering up to the dollar amount of their prior investment, which will be issued in two groups, depending on whether a NetCapital Investor purchased Common Stock at $0.25 per share (“$0.25 Warrants”) or $0.42 per share (“$0.42 Warrants”, together with the $0.25 Warrants, the “NetCapital Investor Warrants”). Each NetCapital Investor Warrant may be exercised into four (4) shares of the Company’s common stock that was purchased by the NetCapital Investor in the NetCapital Transaction. The NetCapital Investor Warrants may be exercised at any time from the date of issuance up to and including January 1, 2025. The holders of the Warrants shall have no rights as a shareholder of the Company, including having no voting rights, until and unless the Warrants are exercised.

The NetCapital Investor Warrants shall only be made available to the NetCapital Investors and not to other investors participating in the Silicon Prairie CF Offering. Further terms of the NetCapital Investor Warrants are detailed on the Warrant, a form of which is attached hereto.

#### **8. What is the purpose of this offering?**

The funds from this raise are planned to be used to further develop the interior design of our first orbital habitation module through building a full-scale mock-up. The Company plans to work with the Human Factors team at Marshall Space Flight Center and costs are related to this joint effort. The Company has several competitors in the commercial space station market, we are also seeking funding to protect our intellectual property through trademark and patent application filings.

#### **9. How does the issuer intend to use the proceeds of this offering?\***

| Uses | If Target Offering Amount Sold | If Maximum Amount Sold |
| --- | --- | --- |
| Intermediary Fees | $500 | $120,000 |
| Compensation for managers | $0 | $181,000 |
| IP Protection | $0 | $200,000 |
| Full scale module mock-up of habitation module | $0 | $130,000 |
| Mock-up assembly and testing staff | $0 | $130,000 |
| Lease for integration space | $0 | $120,000 |

| Flight hardware prototype | $0 | $1,834,000 |
| --- | --- | --- |
| General Corporate / Administrative | $9,500 | $285,000 |
| Total Use of Proceeds | $10,000 | $3,000,000 |

**\*Excludes proceeds received from the exercise of the NetCapital Investor Warrants.**

If all NetCapital Investor Warrants are exercised, we will receive $1,861,384 in proceeds therefor and will use the proceeds for flight hardware prototype.

#### **10. How will the issuer complete the transaction and deliver securities to the investors?**

In entering into an agreement to purchase securities, both investors and Above: Space Development Corporation must agree that a transfer agent, which keeps records of our outstanding Common Stock (the 'Securities'), will issue digital Securities in the investor's name (a paper certificate will not be printed). Similar to other online investment accounts, the investors will have access through the web portal to see the number of Securities that they own in our company. These Securities will be issued to investors after the deadline date for investing has passed, as long as the targeted offering amount has been reached. The transfer agent will record the issuance when we have received the purchase proceeds from the escrow agent who is holding your investment commitment.

#### **11. How can an investor cancel an investment commitment?**

You may cancel an investment commitment for any reason until 48 hours prior to the deadline identified in the offering by logging in to your account with Silicon Prairie, browsing to the Investor Dashboard, and clicking to cancel your investment commitment. Silicon Prairie will notify investors when the target offering amount has been met. If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment. If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled and the committed funds will be returned.

#### **12. Can the Company perform multiple closings or rolling closings for the offering?**

If we reach the target offering amount prior to the offering deadline, we may conduct the first of multiple closings of the offering early, if we provide notice about the new offering deadline at least five business days prior (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Thereafter, we may conduct additional closings until the offering deadline. We will issue Securities in connection with each closing. Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

# Ownership and Capital Structure

# The Offering

# 13. Describe the terms of the securities being offered.

We are issuing Securities at an offering price of $2.25 per share.

# 14. Do the securities offered have voting rights?

The Securities are being issued with voting rights.

# 15. How may the terms of the securities being offered be modified?

We may choose to modify the terms of the securities before the offering is completed. However, if the terms are modified, and we deem it to be a material change, we need to contact you and you will be given the opportunity to reconfirm your investment. Your reconfirmation must be completed within five business days of receipt of the notice of a material change, and if you do not reconfirm, your investment will be canceled and your money will be returned to you.

# Restrictions on Transfer of the Securities Offered

The securities being offered may not be transferred by any purchaser of such securities during the one-year period beginning when the securities were issued, unless such securities are transferred:

- to the issuer;
- to an accredited investor;
- as part of an offering registered with the U.S. Securities and Exchange Commission; or
- to a member of the family of the purchaser or the equivalent, to a trust controlled by the purchaser, to a trust created for the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or divorce of the purchaser or other similar circumstance.

The term “accredited investor” means any person who comes within any of the categories set forth in Rule 501(a) of Regulation D, or who the seller reasonably believes comes within any of such categories, at the time of the sale of the securities to that person.

The term “member of the family of the purchaser or the equivalent” includes a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the purchaser, and includes adoptive relationships. The term “spousal equivalent” means a cohabitant occupying a relationship generally equivalent to that of a spouse.

# Description of Issuer’s Securities

# 17. What other securities or classes of securities of the issuer are outstanding? Describe the material terms of any other outstanding securities or classes of securities of the issuer.

## Securities

| Class of | Amount | Amount | Voting | Other |
| --- | --- | --- | --- | --- |
| Common Stock | 175,000,000 | 81,483,464 | Yes |  |
| Preferred Stock | 75,000,000 | 0 | (1) |  |

(1) As of the date hereof, the Company has not file a certificate of designation to designate the rights and preferences of the preferred stock.

## Options, Warrants and Other Rights

As part of this offering, the Company will be issuing the NetCapital Investor Warrants for up to 5,728,400 shares of the Company's common stock.

### **18. How may the rights of the securities being offered be materially limited, diluted or qualified by the rights of any other class of securities?**

We expect that significant additional capital will be needed in the future to continue our planned operations. To the extent we raise additional capital by issuing equity securities, our stockholders may experience substantial dilution. We may sell our preferred stock, Common Stock, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell our preferred stock, Common Stock, convertible securities or other equity securities in more than one transaction, investors may be materially diluted by subsequent sales. These sales may also result in material dilution to our existing stockholders, and new investors could gain rights superior to our existing stockholders.

### **19. Are there any differences not reflected above between the securities being offered and each other class of security of the issuer?**

The Company has granted a perpetual waiver of the transfer restrictions listed in the Company's Corporate Bylaws for all Securities sold in this Offering.

### **20. How could the exercise of rights held by the principal owners identified in Question 5 above affect the purchasers of Securities being offered?**

No shareholder currently owns greater than 20% of the outstanding voting securities. However, the Company's bylaws can be amended by the shareholders of the Company, and directors can be added or removed by shareholder vote. As a minority owner, you are subject to the decisions made by the majority owners. The issued and outstanding common stock gives management voting control of the company. As a minority owner, you may be outvoted on issues that impact your investment, such as the issuance of additional shares, or the sale of debt, convertible debt or assets of the company.

### **21. How are the securities being offered being valued? Include examples of methods for how such securities may be valued by the issuer in the future, including during subsequent corporate actions.**

The price of the Securities was determined solely by the management and bears no relation to traditional measures of valuation such as book value or price-to-earnings ratios. We expect that any future valuation will take the same approach.

**22. What are the risks to purchasers of the securities relating to minority ownership in the issuer?**

As the holder of a majority of the voting rights in the company, our majority shareholders may make decisions with which you disagree, or that negatively affect the value of your investment in the company, and you will have no recourse to change those decisions. Your interests may conflict with the interests of other investors, and there is no guarantee that the company will develop in a way that is advantageous to you. For example, the majority shareholders may decide to issue additional shares to new investors, sell convertible debt instruments with beneficial conversion features, or make decisions that affect the tax treatment of the company in ways that may be unfavorable to you. Based on the risks described above, you may lose all or part of your investment in the securities that you purchase, and you may never see positive returns.

**23. What are the risks to purchasers associated with corporate actions including:**

- ■ additional issuances of securities,
- ■ issuer repurchases of securities,
- ■ a sale of the issuer or of assets of the issuer or
- ■ transactions with related parties?

The issuance of additional shares of our common stock will dilute your ownership. As a result, if we achieve profitable operations in the future, our net income per share will be reduced because of dilution, and the market price of our common stock, if there is a market price, could decline as a result of the additional issuances of securities. If we repurchase securities, so that the above risk is mitigated, and there are fewer shares of common stock outstanding, we may not have enough cash available for marketing expenses, growth, or operating expenses to reach our goals. If we do not have enough cash to operate and grow, we anticipate the market price of our stock would decline. A sale of our company or of the assets of our company may result in an entire loss of your investment. We cannot predict the market value of our company or our assets, and the proceeds of a sale may not be cash, but instead, unmarketable securities, or an assumption of liabilities. In addition to the payment of wages and expense reimbursements, we may need to engage in transactions with officers, directors, or affiliates. By acquiring an interest in the Company, you will be deemed to have acknowledged the existence of any such actual or potential related party transactions and waived any claim with respect to any liability arising from a perceived or actual conflict of interest. In some instances, we may deem it necessary to seek a loan from related parties. Such financing may not be available when needed. Even if such financing is available, it may be on terms that are materially averse to your interests with respect to dilution of book value, dividend preferences, liquidation preferences, or other terms. No assurance can be given that such funds will be available or, if available, will be on commercially reasonable terms satisfactory to us. If we are unable to obtain financing on reasonable terms, we could be forced to discontinue our operations. We anticipate that any transactions with related parties will be vetted and approved by executives(s) unaffiliated with the related parties.

**24. Describe the material terms of any indebtedness of the issuer:**

**Creditor(s):**

Thomas R. Spilker

| Amount Outstanding: | $51,667 |
| --- | --- |
| Interest Rate: | 0.0% |
| Maturity Date: | No Maturity Date |
| Other Material Terms: | Payment for back wages, payment due at the close of the next funding round with sufficient funds to pay the balance due. |

# **25. What other exempt offerings has Above: Space Development Corporation conducted within the past three years?**

| Date of Offering: | 01/2020 |
| --- | --- |
| Exemption: | Rule 701 |
| Securities Offered: | Common Stock |
| Amount Sold: | $7,700 |
| Use of Proceeds: |  |
| Date of Offering: | 02/2020 |
| Exemption: | Rule 701 |
| Securities Offered: | Common Stock |
| Amount Sold: | $41 |
| Use of Proceeds: |  |
| Date of Offering: | 06/2021 |
| Exemption: | Reg. CF (Crowdfunding, Title III of JOBS Act, Section 4(a)(6)) |
| Securities Offered: | Common Stock |
| Amount Sold: | $995,000 |
| Use of Proceeds: | Compensation for managers, DSTAR Demonstration, Warehouse rental, DSTAR System components, PSTAR and Gravity Ring Engineering and Prototype, PSTAR and Gravity Ring Fabrication, Observer Drone Development, Observer Drone Fabrication. |
| Date of Offering: | 12/2021 |
| Exemption: | Section 4(a)(2) |
| Securities Offered: | Common Stock |
| Amount Sold: | $158,348 |
| Use of Proceeds: | SAFE notes converted into Common Stock. |
| Date of Offering: | 12/2021 |
| Exemption: | Rule 701 |
| Securities Offered: | Common Stock |
| Amount Sold: | $619,055 |

| Exemption: | Use of Proceeds: Equity was distributed to contractors, advisors, and third parties as compensation. |
| --- | --- |
| Date of Offering: | 06/2022 Reg CF (Crowdfunding Title III of JOBS Act Section e) |
| Securities Offered: | Common Stock |
| Amount Sold: | $1,325,750 |
| Use of Proceeds: | Compensation for managers. Warehouse rental. |
| DSTAR | System decommissioning, transport and storage. Pioneer station design, development and engineering. |
| Date of Offering: | 12/2022 |
| Exemption: | Reg CF (Crowdfunding Title III of JOBS Act Section e) |
| Securities Offered: | Common Stock |
| Amount Sold: | $124,681 as of 2/7/2023 |
| Use of Proceeds: | Manager Compensation, IP Protection, full-scale mockup, general corporate and administrative purposes. |

26. Was or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds five percent of the aggregate amount of capital raised by the issuer in reliance on Section 4(a)(6) of the Securities Act during the preceding 12-month period, including the amount the issuer seeks to raise in the current offering, in which any of the following persons had or is to have a direct or indirect material interest:

1. any director or officer of the issuer;
2. any person who is, as of the most recent practicable date, the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power;
3. if the issuer was incorporated or organized within the past three years, any promoter of the issuer; or
4. any immediate family member of any of the foregoing persons.

No.

#### Financial Condition of the Issuer

27. Does the issuer have an operating history?

Yes.

# **28. Describe the financial condition of the issuer, including, to the extent material, liquidity, capital resources and historical results of operations.**

Above: Space Development Corporation (“the Company”) was formed on June 16, 2022, under the laws of the State of Delaware, and is headquartered in Huntsville, AL. The Company formed a wholly owned subsidiary on June 16, 2022 known as Above: Orbital Inc. (the “Subsidiary”). On September 1, 2022, Orbital Assembly Corporation, a California corporation (the “Predecessor”), was merged with the Subsidiary, under the laws of the State of Delaware. The Company specializes in turn-key construction services in low earth and cislunar orbit. Additionally, the Company provides construction support services and tools to other private space companies and government space agencies. Included with the filing of this offering statement, are audited financial statements of the Predecessor and the Company. References to financial data is for the merged entities and takes into consideration the operations of the Predecessor, which was incorporated on August 21, 2019.

During 2022, the Company raised gross proceeds of $1,361,385 via a Reg CF campaign in exchange for 648,278 shares of common. During 2021, the Company was able to raise $995,000 via the issuance of common stock through Reg CF. During the same fiscal period, the company converted $158,348 of SAFE note contracts into common stock and distributed $619,055 worth of equity to contractors, advisors, and third parties as compensation. During the year ended December 31, 2021, the Company recorded a net loss of $1,368,394. The Company’s primary operating expenses were employee wages of $446,956, professional fees and consulting of $423,565, marketing of $152,232, and engineering and development of $128,805.

In 2021 Rhonda Stevenson was selected by the Board of Directors to serve as CEO, she brings nearly ten years of space industry experience to the role and continues in this position at present.

During 2021, $158,000 of SAFE notes issued in 2020 were converted into common stock. The funds from this raise are planned to be used to further develop the interior design of our first orbital habitation module through building a full-scale mock-up. The Company plans to work with the various team at Marshall Space Flight Center and costs are related to this joint effort. The Company has several competitors in the commercial space station market, we are also seeking funding to protect our intellectual property through trademark and patent application filings.

## Financial Information

# **29. Include the financial information specified by regulation, covering the two most recently completed fiscal years or the period(s) since inception if shorter.**

See attachments:

**CPA Audit Report:** [ ]

30. With respect to the issuer, any predecessor of the issuer, any affiliated issuer, any director, officer, general partner or managing member of the issuer, any beneficial owner of 20 percent or more of the issuer’s outstanding voting equity securities, calculated in the same form as described in Question 6 of this Question and Answer format, any promoter connected with the issuer in any capacity at the time of such sale, any person that has been or will be paid (directly or indirectly)

remuneration for solicitation of purchasers in connection with such sale of securities, or any general partner, director, officer or managing member of any such solicitor, prior to May 16, 2016:

1. Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:

1. in connection with the purchase or sale of any security?
2. involving the making of any false filing with the Commission?
3. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities?

2. Is any such person subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 4A(b) of the Securities Act that, at the time of filing of this offering statement, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:

1. in connection with the purchase or sale of any security?;
2. involving the making of any false filing with the Commission?
3. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities?

3. Is any such person subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:

1. at the time of the filing of this offering statement bars the person from:
   1. association with an entity regulated by such commission, authority, agency or officer?
   2. engaging in the business of securities, insurance or banking?
   3. engaging in savings association or credit union activities?
2. constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct and for which the order was entered within

the 10-year period ending on the date of the filing of this offering statement?

4. Is any such person subject to an order of the Commission entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:

1. suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment adviser or funding portal?
2. places limitations on the activities, functions or operations of such person?
3. bars such person from being associated with any entity or from participating in the offering of any penny stock?

If Yes to any of the above, explain:

5. Is any such person subject to any order of the Commission entered within five years before the filing of this offering statement that, at the time of the filing of this offering statement,

orders the person to cease and desist from committing or causing a violation or future violation of:

1. Any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Investment Advisers Act of 1940 or any other rule or regulation thereunder?
2. Section 5 of the Securities Act?
6. Is any such person suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?
7. Has any such person filed (as a registrant or issuer), or was any such person or was any such person named as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?
8. Is any such person subject to a United States Postal Service false representation order entered within five years before the filing of the information required by Section 4A(b) of the Securities Act, or is any such person, at the time of filing of this offering statement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

Above: Space Development Corporation answers 'NO' to all of the above questions.

## Other Material Information

31. In addition to the information expressly required to be included in this Form, include: any other material information presented to investors; and such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading.

The following is a transcript of the Video found on the company's page: What do we have to do to make people thrive in space? not just survive but thrive. Let's go to space. We know long duration zero gravity is bad for you - it's not an ethical stance for us to continue finding out just how bad is bad without making some effort to make bad into good. As an engineer you know I look at this giant collection of problems, most of which are unsolved, I just go, "God, wouldn't it be easier just to put some spin on?" The idea of having a gravity vector gives a great assurance to your customers that what they design and test on the ground and then ship up there for the unique environments and stuff will work. The people working them will not have to worry as much about the physiological problems associated with a full-time microgravity environment. We have to build infrastructure. You need the places we can build factories, you need the places where we can do research and development. You got to have places for people to stay, you got to have places for people to work, you got to have places for people to live. It's just the next logical step. Oh absolutely i think the partial gravity to have an actor say here's your quarters

on a spaceship, that's that has you know the centrifugal force they can go look out the window and it's really what's out the window, it's not turning around and it's again it's not a visual effect. You know in the many years I was at Ames we were always kind of disappointed that there was no artificial gravity that you could do large kinds of testing and samples. That's a really exciting opportunity now to have an even bigger, more robust, more realistic kind of a thing with your station. I think it's very exciting and I think with you guys not only is it a beautiful environment to begin with, but then also being able to say 'All right, we want to intentionally be able to work within this to be able to bring retrofittable components' well we're actually going to go up and really going to see this really experience it. I think it'd be a whole new era of filmmaking; we could have scientists in an environment that would sustain them and you don't have to worry about the microgravity effects but also have access to a microgravity environment in the same type of vehicle. You know that's that would be really awesome, also manufacturing uh you know 3D printers like to have a little bit of gravity. We want to use your facilities and my hope is that there are other commercial companies doing manufacturing on your on your platform um that we can feed materials that we're manufacturing directly into so you know in that sense you have kind of an industrial park. I see what you're doing in the short term, the practical manifestation of large-scale space migration that you see, the bigger picture, we need that in order to do it right, to be able to bring up the modules that are tailored to specific market opportunities. Quickly will be another huge advantage our Orbital Assembly is trying to get to that mvp more quickly than anyone else, that's what excites me about Orbital Assembly is that the opportunity to refer to that market without the challenge of NASA- you guys were not afraid to go against the traditional way of doing things. There's so many possibilities whenever you have this type of asset in the location you guys are looking to put it.

The following documents are being submitted as Exhibits included as part of this offering:

# Governance:

Certificate of Incorporation: [ ]

# Opportunity:

Offering Page JPG: [ ]  
Pitch Deck: [ ]  
Draft Warrant [ ]

# Financials:

Additional Information: [ ]

## Ongoing Reporting

32. The issuer will file a report electronically with the Securities & Exchange Commission annually and post the report on its web site, no later than 120 days after the end of each fiscal year covered by the report:

Once posted, the annual report may be found on the issuer's web site at: orbitalassembly.com. The issuer must continue to comply with the ongoing reporting requirements until:

- the issuer is required to file reports under Section 13(a) or Section 15(d) of the Exchange Act;
- the issuer has filed at least one annual report pursuant to Regulation Crowdfunding and has fewer than 300 holders of record and has total assets that do not exceed $10,000,000;
- the issuer has filed at least three annual reports pursuant to Regulation Crowdfunding;
- the issuer or another party repurchases all of the securities issued in reliance on Section 4(a)(6) of the Securities Act, including any payment in full of debt securities or any complete redemption of redeemable securities; or
- the issuer liquidates or dissolves its business in accordance with state law.

**Attachment 2:** `auditreport.pdf`

# ABOVE: SPACE DEVELOPMENT CORPORATION

(A DELAWARE CORPORATION)

Financial Statements

At Inception June 16, 2022

SM CPAS, P.C.

## **Table of Contents**

| Independent Auditors Report ... 1 |
| --- |
| Financial Statements: |
| Balance Sheet... 2 |
| Notes to Financial Statements... 3 - 6 |

# SM CPAS, P.C.

10 NEW KING STREET, SUITE 118, WHITE PLAINS, NY 10604
914-397-1850 \FAX 914-397-1854

## Independent Auditor's Report

To the Board of Directors and Management of
Above: Space Development Corporation

### *Opinion*

We have audited the balance sheet of Above: Space Development Corporation as of inception June 16, 2022, and the related notes (the financial statement). In our opinion, the accompanying financial statement presents fairly, in all material respects, the financial position of Above: Space Development Corporation as of inception June 16, 2022, in accordance with accounting principles generally accepted in the United States of America.

### *Basis for Opinion*

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statement section of our report. We are required to be independent of Above: Space Development Corporation and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

### *Responsibilities of Management for the Financial Statement*

Management is responsible for the preparation and fair presentation of the financial statement in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statement that is free from material misstatement, whether due to fraud or error.

### *Auditor's Responsibilities for the Audit of the Financial Statement*

Our objectives are to obtain reasonable assurance about whether the financial statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statement.

In performing an audit in accordance with GAAS, we:

- Exercise professional judgment and maintain professional skepticism throughout the audit.
- Identify and assess the risks of material misstatement of the financial statement, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Above: Space Development Corporation's internal control. Accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statement.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Above: Space Development Corporation's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

SM CPAS, PC
White Plains, New York
November 10, 2022

# **Above: Space Development Corporation**
**Balance Sheet**
**As of Inception June 16, 2022**

|  | 6/16/ 2022 |
| --- | --- |
| Assets |  |
| Current assets |  |
| Cash and cash equivalents | $ - |
| Prepaid expenses | - |
| Total Assets | $ - |
| Current Liabilities |  |
| Accounts payable and accrued expenses | $ - |
| Total Current Liabilities | - |
| Long Term Liabilities |  |
| Long Term payable | - |
| Total Liabilities | $ - |
| Shareholder' Equity |  |
| Common Stock, 175,000,000 shares authorized; no shares issued |  |
| Preferred Stock, 75,000,000 shares authorized; no shares issued | - |
| Additional paid-in capital | - |
| Retained Earnings | - |
| Total Shareholders' Equity | - |
| Total Liabilities and Shareholders' Equity | $ - |

See independent auditor's report and notes to the financial statements.

-2-

# **Above: Space Development Corporation**
**Notes to Financial Statements**
**At Inception June 16, 2022**

# **Note 1 - Nature of Business and Significant Accounting Policies**

# Nature of Business

As of the date of incorporation Above: Space Development Corporation (“the Company”) was a corporation formed on June 16, 2022 under the laws of the State of Delaware, and is headquartered in Huntsville, AL. As of September 9th, 2022, Orbital Assembly Corporation, a corporation formed under the laws of the State of California, was merged with Above: Orbital Inc., a corporation formed on June 16, 2022 under the laws of the State of Delaware and a wholly owned subsidiary of Above: Space Development Corporation, a corporation also formed on June 16, 2022 under the laws of the State of Delaware. The Company specializes in turn-key construction services in low-earth and cislunar orbit. Additionally, the company provides construction support services and tools to other private space companies and government space agencies.

# Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are normal and recurring in nature. The Company’s fiscal year-end is December 31.

# Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

# Revenue Recognition

As of the date of incorporation the Company adopted Accounting Standards Update (ASU) 2014-01, “Revenue from Contracts with Customers” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers (ASC Topic 606) and supersedes most current revenue recognition guidance (ASC Topic 605). ASC Topic 606 outlines the following five-step process for revenue recognition:

- Identification of the contract with a customer;
- Identification of the performance obligations in the contract;
- Determination of the transaction price;
- Allocation of the transaction price to the performance obligations in the contract; and
- Recognition of revenue when, or as, the Company satisfies the performance obligations.

The Company primarily records revenue from its long-term construction projects and service contracts over time as various performance obligations are fulfilled. As of the date of these financial statements, the Company has not yet generated or recognized any revenue, nor has executed any revenue-producing contracts.

See independent auditor’s report.

-3-

# **Above: Space Development Corporation**  
**Notes to Financial Statements**  
**At Inception June 16, 2022**

# **Note 1 - Nature of Business and Significant Accounting Policies (Continued)**

# Fair Value of Financial Instruments

Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:

*Level 1* - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

*Level 2* - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).

*Level 3* - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts reported in the balance sheets approximate their fair value.

# Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents. At June 16, 2022, the Company had no items that would be considered cash equivalents. The Company maintains its cash in bank deposit accounts that may, at times, exceed federal insured limits.

# Accounts Receivable and Allowance for Uncollectible Accounts

The Company recognizes an allowance for losses on accounts receivable deemed to be uncollectible. The allowance is based on an analysis of historical bad debt experience as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. The Company also considers any changes to the financial condition of its customers and any other external market factors that could impact the collectability of the receivables in the determination of the allowance for uncollectible accounts. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and credit to the allowance. At June 16, 2022, the Company had no outstanding accounts receivable balances, thus has not recognized any further allowance for uncollectible accounts.

See independent auditor’s report.

-4-

# **Above: Space Development Corporation**  
**Notes to Financial Statements**  
**At Inception June 16, 2022**

# **Note 1 - Nature of Business and Significant Accounting Policies (Continued)**

# Inventory

Inventory is stated at the lower of cost or net realizable value and is accounted for using the first-in-first- out method (“FIFO”). The Company analyzes inventory per any potential obsolescence, and records impairment and obsolescence reserve against inventory as deemed necessary. As of June 16, 2022, the Company had no on-hand inventory, thus determined that no such impairment charges were necessary.

# Advertising costs

The Company’s advertising costs are expensed as incurred. As of June 16, 2022, the Company recognized no advertising costs.

# Research and Development Costs

Research and development costs, including salaries, research material, and administrative costs are expensed as incurred. As of June 16, 2022, the Company recognized no development costs.

# Shipping and Handling Costs

Shipping and handling costs are expensed as incurred.

# Income Taxes

The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. In accordance with ASC 740-10, for those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy is to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the financial statements. The Company has determined that there are no material uncertain tax positions. The Company accounts for income taxes based on the provisions promulgated by both the Internal Revenue Service (“IRS”), which has a statute of limitation of three years from the due date of the return, and the State of Delaware, which has similar statutes. As such, all tax years are open since the Company’s inception.

# Recent Accounting Pronouncements

The Financial Accounting Standards Board periodically issues updated guidance or new accounting standards updates (ASUs) that impact financial reporting requirements. Other than various technical corrections issued recently, the Company is not aware of any recently issued accounting pronouncements that are expected to have a significant and material impact on the Company’s financial statements.

See independent auditor’s report.

-5-

# **Above: Space Development Corporation**## **Notes to Financial Statements**### **At Inception June 16, 2022**

#### Note 2 - Going Concern and Uncertainties

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.

As of the date of incorporation, June 16, 2022, the Company has not incurred any losses, and has not yet commenced its principal operations which, among other factors, introduces risk related to the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon management's plans to raise capital from the issuance of debt or sale or equity, its ability to commence profitable sales of its flagship products and services, and its ability to generate positive operating cash flow.

The Company intends to conduct additional offering under Regulation D and Regulation CF with a registered funding portal in that later half of 2022. The Company is also pursuing grant opportunities through various US Government agencies, as well as Government backed loan guarantees, and private debt financing.

The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.

#### Note 3 - Commitments and Contingencies

From time to time, during the normal course of business, the Company may be subject to various claims or lawsuits from customers, vendors, or competitors. The Company is not currently involved with and has no current knowledge of any pending or threatened litigation against the Company.

#### Note 4 - Shareholder's Equity

The Company has 175,000,000 shares of common stock authorized, par value $.001, and has 75,000,000 shares of preferred stock authorized, par value $.001. As of the date of incorporation, June 16, 2022, the Company has not issued any shares. The Company has reserved the remaining authorized but unissued shares for issuance or sale to other third parties.

#### Note 5 - Subsequent Events

The Company has evaluated subsequent events through November 10, 2022, the date these financial statements were available to be issued. The following transactions occurred subsequent to June 16, 2022:

Subsequent to year end, the Company formed a new entity under the laws of the State of Delaware, a fully owned subsidiary Above: Orbital Inc. DBA Orbital Assembly. Orbital Assembly Corporation, formed under the laws of the State of California, was merged into Above: Orbital Inc. effective 9/9/2022 and all existing equity was transferred to the parent company in a reverse 5 to 1 split.

Prior to the merger the Board of Directors of the Company authorized initial share grants totaling 68,207,551 shares of common stock to twenty-six individuals and entities based on prior uncompensated work.

A 409A Valuation was performed by Carta Inc. with an effective date of 08/10/2022, setting a Fair Market Value of the equity at $2.10 per share (post-split amount).

See independent auditor's report.

-6-

![img-0.jpeg](img-0.jpeg)

# **ORBITAL ASSEMBLY CORPORATION**

**(A CALIFORNIA CORPORATION)**

# **Financial Statements**

**For the year ended December 31, 2021**

**SM CPAS, P.C.**

## **Table of Contents**

| Independent Auditors Report ... 1 |
| --- |
| Financial Statements: |
| Balance Sheet... 2 |
| Statement of Operations... 3 |
| Statement of Changes in Shareholders’ Equity... 4 |
| Statement of Cash Flow... 5 |
| Notes to Financial Statements... 6 - 10 |

# SM CPAS, P.C.

10 NEW KING STREET, SUITE 118, WHITE PLAINS, NY 10604

914-397-1850 \FAX 914-397-1854

## Independent Auditor's Report

To the Board of Directors and Management of
Orbital Assembly Corporation

### Opinion

We have audited the financial statements of Orbital Assembly Corporation, which comprise the balance sheet as of December 31, 2021 and the related statement of operations, changes in shareholders' equity, and cash flows for the period then ended, and the related notes to the financial statements.

In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Orbital Assembly Corporation as of December 31, 2021, and the results of its operations and its cash flows for the period then ended in accordance with accounting principles generally accepted in the United States of America.

### Emphasis of Matter Regarding Going Concern

The accompanying financial statement has been prepared assuming that the company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has incurred losses from inception and has not yet commenced its principal operations and has indicated that substantial doubt exists about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding these matters are also described in Note 2. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. Our conclusion is not modified with respect to this matter.

### Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of Orbital Assembly Corporation and have fulfilled our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

### Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error. In preparing the financial statements, management is responsible for assessing Orbital Assembly Corporation's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

### Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these financial statements. As part of an audit in accordance with GAAS, we exercise professional judgement and maintain professional skepticism throughout the audit. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies and material weaknesses in internal control that we identified during our audit.

SM CPAS, P.C.

SM CPAS, PC

White Plains, New York

November 1, 2022

# **Orbital Assembly Corporation**
**Balance Sheet**
**As of December 31, 2021**

|  | 2021 |
| --- | --- |
| Assets |  |
| Current assets |  |
| Cash and cash equivalents | $315,432 |
| Prepaid expenses | 44,674 |
| Total Assets | $360,106 |
| Current Liabilities |  |
| Accounts payable and accrued expenses | $43,922 |
| Total Current Liabilities | 43,922 |
| Long Term Liabilities |  |
| Employee benefits payable | 10,857 |
| Total Liabilities | $54,779 |
| Shareholder' Equity |  |
| Common Stock, 106,000,000 shares authorized; 95,858,983 shares issued and outstanding | 11,050 |
| Additional paid-in capital | 1,772,903 |
| Accumulated deficit | (1,478,626) |
| Total Shareholders' Equity | 305,327 |
| Total Liabilities and Shareholders' Equity | $360,106 |

See independent auditor's report and notes to the financial statements.

-2-

# **Orbital Assembly Corporation**  
 **Statement of Operations**  
 **For the year ended December 31, 2021**

|  | 2021 |
| --- | --- |
| Revenue | $ - |
| Expenses: |  |
| Employee wages and related costs | 446,956 |
| Marketing events | 152,232 |
| Engineering and development | 128,805 |
| Professional fees and consulting | 423,565 |
| Rent expense | 73,509 |
| Utilities | 7,552 |
| Bank charges | 7,671 |
| Insurance expense | 23,360 |
| Travel expense | 39,467 |
| Office expense | 65,789 |
| Total expenses | 1,368,906 |
| (Loss) from operations | $(1,368,906) |
| Other Income | 512 |
| Net Income (Loss) | $(1,368,394) |

See independent auditor’s report and notes to the financial statements.

-3-

# **Orbital Assembly Corporation**  
 Statement of Changes in Shareholders' Equity  
 For the Year Ending December 31, 2021

|  | Common Stock |  | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity |
| --- | --- | --- | --- | --- | --- |
|  | Shares | Amount |  |  |  |
| Balance on December 31, 2020 | 90,415,000 | $9,042 | $500 | $(110,232) | $(100,690) |
| Issuance of shares | 5,443,983 | 2,008 |  | - | 2,008 |
| Shareholder contributions and SAFE conversion |  |  | 1,772,403 | - | 1,772,403 |
| Net loss |  |  |  | (1,368,394) | (1,368,394) |
| Balance on December 31, 2021 | 95,858,983 | $11,050 | $1,772,903 | $(1,478,626) | $305,327 |

See independent auditor’s report and notes to the financial statements.

-4-

# **Orbital Assembly Corporation**
**Statement of Cash Flow**
**For the year ended December 31, 2021**

2021

Cash flows from operating activities:

Net income (loss) $(1,368,394)

Adjustments to reconcile net income to net cash
provided by operating activities:

(Increase) decrease in assets:

Prepaid expenses (1,974)

Increase (decrease) in liabilities:

Shares issued 2,008

SAFE notes converted (158,348)

Accounts payable and accrued expenses 54,779

Net Cash Provided by Operating Activities (1,471,929)

Cash flows from financing activities:

SAFE notes converted to capital 158,348

Shareholder contributions 1,614,055

Net Cash Provided by Financing Activities 1,772,403

Net increase in cash 300,474

Cash and cash equivalents at beginning of year 14,958

Cash and cash equivalents at end of year $315,432

Supplemental cash flow information:

Cash paid during the year for:

Interest $ -
Income taxes $1,705

See independent auditor's report and notes to the financial statements.

-5-

# **Orbital Assembly Corporation**
**Notes to Financial Statements**
**For the year ended December 31, 2021**

# **Note 1 - Nature of Business and Significant Accounting Policies**

# Nature of Business

As of the date of these financial statements Orbital Assembly Corporation (“the Company”) was a corporation formed on August 21, 2019 under the laws of the State of California, and is headquartered in Huntsville, AL. As of September 9th, 2022, the Company was merged with *Above: Orbital Inc.*, a corporation formed on June 16, 2022 under the laws of the State of Delaware and a wholly owned subsidiary of *Above: Space Development Corporation*, a corporation also formed on June 16, 2022 under the laws of the State of Delaware. The Company specializes in turn-key construction services in low-earth and cislunar orbit. Additionally, the company provides construction support services and tools to other private space companies and government space agencies.

# Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are normal and recurring in nature. The Company’s fiscal year-end is December 31.

# Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

# Revenue Recognition

During the year ended December 31, 2021, the Company adopted Accounting Standards Update (ASU) 2014-01, “Revenue from Contracts with Customers” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers (ASC Topic 606) and supersedes most current revenue recognition guidance (ASC Topic 605). ASC Topic 606 outlines the following five-step process for revenue recognition:

- Identification of the contract with a customer;
- Identification of the performance obligations in the contract;
- Determination of the transaction price;
- Allocation of the transaction price to the performance obligations in the contract; and
- Recognition of revenue when, or as, the Company satisfies the performance obligations.

The Company primarily records revenue from its long-term construction projects and service contracts over time as various performance obligations are fulfilled. As of the date of these financial statements, the Company has not yet generated or recognized any revenue, nor has executed any revenue-producing contracts.

See independent auditor’s report.

-6-

# **Orbital Assembly Corporation**  
**Notes to Financial Statements**  
**For the year ended December 31, 2021**

# **Note 1 - Summary Significant Accounting Policies (continuation)**

# Fair Value of Financial Instruments

Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:

*Level 1* - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

*Level 2* - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).

*Level 3* - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts reported in the balance sheets approximate their fair value.

# Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents. At December 31, 2021, the Company had no items, other than bank deposits, that would be considered cash equivalents. The Company maintains its cash in bank deposit accounts that may, at times, exceed federal insured limits.

# Accounts Receivable and Allowance for Uncollectible Accounts

The Company recognizes an allowance for losses on accounts receivable deemed to be uncollectible. The allowance is based on an analysis of historical bad debt experience as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. The Company also considers any changes to the financial condition of its customers and any other external market factors that could impact the collectability of the receivables in the determination of the allowance for uncollectible accounts. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and credit to the allowance. At December 31, 2021, the Company had no outstanding accounts receivable balances, thus has not recognized any further allowance for uncollectible accounts.

See independent auditor’s report.

-7-

# **Orbital Assembly Corporation**  
**Notes to Financial Statements**  
**For the year ended December 31, 2021**

# **Note 1 - Summary Significant Accounting Policies (continuation)**

# Inventory

Inventory is stated at the lower of cost or net realizable value and is accounted for using the first-in-first-out method (“FIFO”). The Company analyzes inventory per any potential obsolescence, and records impairment and obsolescence reserve against inventory as deemed necessary. During the period ended December 31, 2021, the Company had no on-hand inventory, thus determined that no such impairment charges were necessary.

# Advertising costs

The Company’s advertising costs are expensed as incurred. During the period ended December 31, 2021, the Company recognized $57,063 in advertising costs.

# Research and Development Costs

Research and development costs, including salaries, research material, and administrative costs are expensed as incurred. Development costs for the year ended December 31, 2021 were $128,805.

# Shipping and Handling Costs

Shipping and handling costs are expensed as incurred.

# Income Taxes

The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. In accordance with ASC 740-10, for those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy is to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the financial statements. The Company has determined that there are no material uncertain tax positions. The Company accounts for income taxes based on the provisions promulgated by both the Internal Revenue Service (“IRS”), which has a statute of limitation of three years from the due date of the return, and the State of California, which has similar statutes. As such, all tax years are open since the Company’s inception.

See independent auditor’s report.

-8-

# **Orbital Assembly Corporation**  
**Notes to Financial Statements**  
**For the year ended December 31, 2021**

# **Note 1 - Summary Significant Accounting Policies (continuation)**

# Recent Accounting Pronouncements

The Financial Accounting Standards Board periodically issues updated guidance or new accounting standards updates (ASUs) that impact financial reporting requirements. Other than various technical corrections issued recently, the Company is not aware of any recently issued accounting pronouncements that are expected to have a significant and material impact on the Company’s financial statements.

# **Note 2 - Going Concern and Uncertainties**

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.

The Company has incurred losses during the period of approximately $1,368,394, and has not yet commenced its principal operations, and primarily relies on outside sources to fund operations which, among other factors, introduces risk related to the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon management’s plans to raise additional capital from the issuance of debt or sale or equity, its ability to commence profitable sales of its flagship products and services, and its ability to generate positive operating cash flow.

The Company completed an offering under Regulation CF with a registered funding portal in the first quarter of 2021 raising a total of $995,000. In Q4 of 2021 the company initiated a second offering under Regulation CF which completed in Q2 of 2022 raising a total of $1,325,750.

The Company intends to conduct additional offering under Regulation D and Regulation CF with a registered funding portal in that later half of 2022. The Company is also pursuing grant opportunities through various US Government agencies, as well as Government backed loan guarantees, and private debt financing.

The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.

# **Note 3 - Commitments and Contingencies**

From time to time, during the normal course of business, the Company may be subject to various claims or lawsuits from customers, vendors, or competitors. The Company is not currently involved with and has no current knowledge of any pending or threatened litigation against the Company.

See independent auditor’s report.

-9-

# **Orbital Assembly Corporation**  
**Notes to Financial Statements**  
**For the year ended December 31, 2021**

# **Note 3 - Commitments and Contingencies (continuation)**

In Q1 of 2021, Orbital Assembly Corporation engaged legal counsel to examine, and a mediator to facilitate, the amicable departure of an OAC executive officer to ensure there is no connection, linkage, or association between the executive's affiliation with a different and unrelated entity and OAC because they are an executive of OAC. A settlement agreement was made as a result of the mediation which resulted in a cash payment of $40,000.

# **Note 4 - SAFE agreements**

As of the end of the period the Company's SAFE agreements were converted to Common stock.

# **Note 5 - Shareholder's Equity**

The Company has 106,000,000 shares of common stock authorized, par value $.0001. During 2021, the Company issued an aggregate 5,443,983 shares, valued at an aggregate amount of $1,614,055. Equity was distributed to contractors, advisors, and to third parties through a Regulation CF round ending in February, 2021. The Company has reserved the remaining authorized but unissued shares for issuance or sale to other third parties.

# **Note 6 - Subsequent Events**

The Company has evaluated subsequent events through November 1, 2022, the date these financial statements were available to be issued. The following transactions occurred subsequent to December 31, 2021:

Subsequent to year end, the Company formed a new entity under the laws of the State of Delaware, *Above: Space Development Corporation* (ABOVE). A fully owned subsidiary *Above: Orbital Inc.* DBA *Orbital Assembly* was formed. Orbital Assembly Corporation, formed under the laws of the State of California, was merged into *Above: Orbital Inc.* effective 9/9/2022 and all existing equity was transferred to the parent company in a reverse 5 to 1 split.

On June 16th, 2022, the Company issued an aggregate 631,309 shares (post split amount) via a Reg CF campaign for gross proceeds of $1,325,750.

ABOVE was incorporated with 175,000,000 of authorized Common stock and 75,000,000 of Preferred stock. Prior to the merger the Board of Directors of ABOVE authorized initial share grants totaling 68,207,551 shares of common stock to twenty six individuals and entities based on prior uncompensated work.

A 409A Valuation was performed by Carta Inc. with an effective date of 08/10/2022, setting a Fair Market Value of the equity at $2.10 per share (post split amount).

See independent auditor's report.

-10-

![img-0.jpeg](img-0.jpeg)

# **ORBITAL ASSEMBLY CORPORATION**  
A California Corporation

Financial Statements and Independent Auditor’s Report

December 31, 2020 and 2019

# **ORBITAL ASSEMBLY CORPORATION**

Period Ended December 31, 2020 and 2019

# Table of Contents

| Independent Auditor's Report ... 1 |
| --- |
| Financial Statements |
| Balance Sheets... 2 |
| Statements of Operations ... 3 |
| Statements of Changes in Shareholders' Equity ... 4 |
| Statements of Cash Flows ... 5 |
| Notes to the Financial Statements ... 6-10 |

INDEPENDENT AUDITORS' REPORT

![img-1.jpeg](img-1.jpeg)

To the Board of Directors and Management of
Orbital Assembly Corporation.

Opinion

We have audited the accompanying financial statements of Orbital Assembly Corporation (the Company), which comprise the balance sheets as of December 31, 2020 and 2019 and the related statements of operations, change in shareholders' equity and cash flows for the year ending December 31, 2020 and for the period from August 21, 2019 (inception) to December 31, 2019, and the related notes to the consolidated financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Orbital Assembly Corporation as of December 31, 2020 and 2019, and the results of its operations and its cash flows for the year ending December 31, 2020 and for the period from August 21, 2019 (inception) to December 31, 2019 in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter Regarding Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has incurred losses from inception and has not yet commenced its principal operations and has indicated that substantial doubt exists about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our conclusion is not modified with respect to this matter.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Orbital Assembly Corporation and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Orbital Assembly Corporation's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with generally accepted auditing standards, we:

- Exercise professional judgment and maintain professional skepticism throughout the audit.
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Members of:
WSCPA
AICPA
PCPS

802 North Washington
PO Box 2163
Spokane, Washington
99210-2163

P 509-624-0223
TF 1-877-264-0485
mail@fruci.com
www.fruci.com

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Orbital Assembly Corporation's internal control. Accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

Spokane, Washington
August 24, 2021

# **ORBITAL ASSEMBLY CORPORATION**

# **BALANCE SHEET**

December 31, 2020 and 2019

(audited)

|  | 2020 | 2019 |
| --- | --- | --- |
| Assets |  |  |
| Current assets |  |  |
| Cash and cash equivalents | $14,958 | $497 |
| Prepaid expenses | 42,700 | - |
| Total assets | $57,658 | $497 |
| Liabilities and stockholders' equity |  |  |
| Current liabilities |  |  |
| Accounts payable and accrued expenses | $ - | $ - |
| Total current liabilities | - | - |
| Non-current liabilities |  |  |
| SAFE liability | 158,348 | - |
| Total non-current liabilities | 158,348 | - |
| Total liabilities | 158,348 | - |
| Commitments and contingencies | - | - |
| Stockholders' equity |  |  |
| Common stock, 100,000,000 shares authorized; 90,415,000 and 77,000,000 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 9,042 | 7,700 |
| Additional paid-in capital | 500 | 500 |
| Accumulated deficit | (110,232) | (7,703) |
| Total stockholders' equity | (100,691) | 497 |
| Total liabilities and stockholders' equity | $57,658 | $497 |

See independent auditor's report and accompanying notes to the financial statements.

2

# **ORBITAL ASSEMBLY CORPORATION**

# **STATEMENT OF OPERATIONS**

For the Year Ending December 31, 2020 and For The Period From August 21, 2019 (inception) to December 31, 2019
(audited)

|  | For the Year Ending December 31, 2020 | For The Period From August 21, 2019 (inception) to December 31, 2019 |
| --- | --- | --- |
| Revenue | $ - | $ - |
| Operating expenses |  |  |
| General and administrative | 10,064 | 7,703 |
| Engineering costs | 88,258 | - |
| Advertising | 2,865 | - |
| Consulting and advisory | 1,342 | - |
| Loss from operations and before income taxes | 102,529 | 7,703 |
| Provision for income taxes | - | - |
| Net loss | $102,529 | $7,703 |

See independent auditor's report and accompanying notes to the financial statements.

3

# **ORBITAL ASSEMBLY CORPORATION**

# STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the Year Ending December 31, 2020 and For The Period From August 21, 2019 (inception) to December 31, 2019

(audited)

|  | Common Stock |  | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity |
| --- | --- | --- | --- | --- | --- |
|  | Shares | Amount |  |  |  |
| Balance on August 21, 2019 (inception) | - | - | - | - | - |
| Issuance of founder shares | 77,000,000 | 7,700 |  |  | 7,700 |
| Shareholder contribution |  |  | 500 |  | 500 |
| Net loss |  |  |  | (7,703) | (7,703) |
| Balance on December 31, 2019 | 77,000,000 | $7,700 | $500 | $(7,703) | $497 |
| Issuance of founder shares | 13,000,300 | 1,300 |  | - | 1,300 |
| Issuance of advisor and consultant shares | 414,700 | 41 |  | - | 41 |
| Net loss |  |  |  | (102,529) | (102,529) |
| Balance on December 31, 2020 | 90,415,000 | $9,042 | $500 | $(110,232) | $(100,691) |

See accountants' review See independent auditor's report and accompanying notes to the financial statements.

4

# **ORBITAL ASSEMBLY CORPORATION**

# **STATEMENT OF CASH FLOWS**

For the Year Ending December 31, 2020 and For The Period From August 21, 2019 (inception) to December 31, 2019

|  | For the Year Ending December 31, 2020 | For The Period From August 21, 2019 (inception) to December 31, 2019 |
| --- | --- | --- |
| Cash flows from operating activities |  |  |
| Net loss | $(102,529) | $(7,703) |
| Adjustments to reconcile net loss to net cash used by operating activities: |  |  |
| Shares issued for services | 1,342 | 7,700 |
| Changes in operating assets and liabilities: |  |  |
| Change in prepaid expenses | (42,700) | - |
| Net cash used by operating activities | (143,887) | (3) |
| Cash flows from financing activities |  |  |
| Proceeds from shareholder contributions | - | 500 |
| Proceeds from SAFE notes | 158,348 | - |
| Net cash provided by financing activities | 158,348 | 500 |
| Net increase in cash and cash equivalents | 14,461 | 497 |
| Cash and cash equivalents, beginning | 497 | - |
| Cash and cash equivalents, ending | $14,958 | $497 |
| Supplemental cash flow information: |  |  |
| Cash paid during the period for: |  |  |
| Interest | $ - | $ - |
| Income taxes | $ - | $ - |

5

# **ORBITAL ASSEMBLY CORPORATION**
**NOTES TO THE FINANCIAL STATEMENTS**

For the year ended December 31, 2020 and for the period from August 21, 2019 (inception) through December 31, 2019

# **NOTE 1 - NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES**

# Nature of Business

Orbital Assembly Corporation (“the Company”) is a corporation formed on August 21, 2019 under the laws of the State of California, and is headquartered in Rocklin, CA. The Company specializes in turn-key construction services in low-earth and cislunar orbit. Additionally, the company provides construction support services and tools to other private space companies and government space agencies.

# Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are normal and recurring in nature. The Company’s fiscal year-end is December 31.

# Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

# Revenue Recognition

During the year ended December 31, 2019, the Company adopted Accounting Standards Update (ASU) 2014-01, “Revenue from Contracts with Customers” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers (ASC Topic 606) and supersedes most current revenue recognition guidance (ASC Topic 605). ASC Topic 606 outlines the following five-step process for revenue recognition:

- Identification of the contract with a customer;
- Identification of the performance obligations in the contract;
- Determination of the transaction price;
- Allocation of the transaction price to the performance obligations in the contract; and
- Recognition of revenue when, or as, the Company satisfies the performance obligations.

The Company primarily records revenue from its long-term construction projects and service contracts over time as various performance obligations are fulfilled. As of the date of these financial statements, the Company has not yet generated or recognized any revenue, nor has executed any revenue-producing contracts.

6

# **ORBITAL ASSEMBLY CORPORATION**  
**NOTES TO THE FINANCIAL STATEMENTS**

For the year ended December 31, 2020 and for the period from August 21, 2019 (inception) through December 31, 2019

### Fair Value of Financial Instruments

Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:

*Level 1* - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

*Level 2* - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).

*Level 3* - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts reported in the balance sheets approximate their fair value.

### Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents. At December 31, 2020 and 2019, the Company had no items, other than bank deposits, that would be considered cash equivalents. The Company maintains its cash in bank deposit accounts that may, at times, exceed federal insured limits.

### Accounts Receivable and Allowance for Uncollectible Accounts

The Company recognizes an allowance for losses on accounts receivable deemed to be uncollectible. The allowance is based on an analysis of historical bad debt experience as well as an assessment of specific identifiable customer accounts considered at risk or uncollectible. The Company also considers changes any changes to the financial condition of its customers and any other external market factors that could impact the collectability of the receivables in the determination of the allowance for uncollectible accounts. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and credit to the allowance. At December 31, 2020 and 2019, the Company had no outstanding accounts receivable balances, thus has not recognized any further allowance for uncollectible accounts.

7

# **ORBITAL ASSEMBLY CORPORATION**  
**NOTES TO THE FINANCIAL STATEMENTS**

For the year ended December 31, 2020 and for the period from August 21, 2019 (inception) through December 31, 2019

### Inventory

Inventory is stated at the lower of cost or net realizable value and is accounted for using the first-in-first-out method (“FIFO”). The Company analyzes inventory per any potential obsolescence, and records impairment and obsolescence reserve against inventory as deemed necessary. During the period ended December 31, 2020 and 2019, the Company had no on-hand inventory, thus determined that no such impairment charges were necessary.

### Advertising costs

The Company’s advertising costs are expensed as incurred. During the period ended December 31, 2020 and 2019, the Company recognized $2,865 and $0 in advertising costs, respectively.

### Research and Development Costs

Research and development costs, including salaries, research material, and administrative costs are expensed as incurred.

### Shipping and Handling Costs

Shipping and handling costs are expensed as incurred.

### Income Taxes

The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon its evaluation of the facts, circumstances and information available at the reporting date. In accordance with ASC 740-10, for those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy is to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the financial statements. The Company has determined that there are no material uncertain tax positions.

The Company accounts for income taxes based on the provisions promulgated by both the Internal Revenue Service (“IRS”), which has a statute of limitation of three years from the due date of the return, and the State of California, which has similar statutes. As such, all tax years are open since the Company’s inception.

8

# **ORBITAL ASSEMBLY CORPORATION**  
 **NOTES TO THE FINANCIAL STATEMENTS**

For the year ended December 31, 2020 and for the period from August 21, 2019 (inception) through December 31, 2019

The following table outlines the estimated deferred tax assets of the Company at December 31, assuming an estimated blended tax rate of 29.84%:

|  | 2020 | 2019 |
| --- | --- | --- |
| Deferred tax asset: |  |  |
| Net operating loss carryforward | $30,200 | $2,300 |
| Temporary differences - stock comp | - | 2,300 |
| Total deferred tax asset | 30,200 | 4,600 |
| Valuation allowance | (30,200) | (4,600) |
| Deferred tax asset, net | $ - | $ - |

# Recent Accounting Pronouncements

The Financial Accounting Standards Board periodically issues updated guidance or new accounting standards updates (ASUs) that impact financial reporting requirements. Other than various technical corrections issued recently, the Company is not aware of any recently issued accounting pronouncements that are expected to have a significant and material impact on the Company’s financial statements.

# **NOTE 2 - GOING CONCERN & UNCERTAINTIES**

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.

The Company has incurred losses from inception of approximately $110,000, has not yet commenced its principal operations, and primarily relies on outside sources to fund operations which, among other factors, raises substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon management’s plans to raise additional capital from the issuance of debt or sale or equity, its ability to commence profitable sales of its flagship products and services, and its ability to generate positive operational cash flow.

The Company also intends to conduct an offering under Regulation CF with a registered funding portal in the first quarter of 2021 in order to raise funds. The accompanying financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.

# **NOTE 3 - COMMITMENTS AND CONTINGENCIES**

From time to time, during the normal course of business, the Company may be subject to various claims or lawsuits from customers, vendors, or competitors. The Company is not currently involved with and has no current knowledge of any pending or threatened litigation against the Company.

9

# **ORBITAL ASSEMBLY CORPORATION**  
**NOTES TO THE FINANCIAL STATEMENTS**

For the year ended December 31, 2020 and for the period from August 21, 2019 (inception) through December 31, 2019---

A novel strain of coronavirus, or COVID-19, has spread throughout Asia, Europe, and the United States, and has been declared to be a global pandemic by the World Health Organization. The Company’s business plans have not been significantly impacted by the COVID-19 outbreak given the limited overall activity, however, the Company cannot accurately predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on its financial condition, operations, and business plans for 2021 and in future years.

In Q1 of 2021, Orbital Assembly Corporation engaged legal counsel to examine, and a mediator to facilitate, the amicable departure of an OAC executive officer to ensure there is no connection, linkage, or association between the executive’s affiliation with a different and nonrelated entity and OAC because they are an executive of OAC. No material impact on the financial statements have occurred as result of the mediation.

# **NOTE 4 - SAFE agreements**

Between June 2020 and November 2020, the Company issued SAFEs (Simple Agreements for Future Equity) to four of its founding officers in an aggregate amount of $239,000. Of these amounts, approximately $158,000 has been received as of December 31, 2020 and the remaining approximately $81,000 remains to be funded by the investors, however the investors have no continuing obligations to fund the remaining balances. The SAFEs are automatically converted into the number of preferred shares equal to the purchase amount divided by the lower price per share of preferred stock issued in a qualified equity financing.

In the case of a liquidation event (as defined in the SAFE agreement), the SAFE agreement is convertible into either: A) cash of the Purchase Amount; B) the number of common shares equal to the purchase price of the security divided by liquidity price (as defined in the agreements).

The SAFE agreements provide holders with various additional protections, including preferences over shareholders in a dissolution event for payment of the Purchase Amount.

# **NOTE 5 - SHAREHOLDER'S EQUITY**

The Company has 100,000,000 shares of common stock authorized, par value $.0001. During 2019, the Company issued an aggregate 77,000,000 shares to its founding shareholders and management in exchange for services provided, valued at an aggregate amount of $7,700.

During 2019, the Company’s CEO contributed an aggregate $500 to the Company upon the opening of the corporate bank account, recognized as additional paid-in capital during the period.

During the year ending December 31, 2020, the Company granted an additional 13,000,300 shares to its officers and directors and 414,700 shares to consultants and advisors for services rendered.

The Company has further reserved the remaining authorized but unissued shares for issuance or sale to other third parties.

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# **ORBITAL ASSEMBLY CORPORATION**  
**NOTES TO THE FINANCIAL STATEMENTS**

For the year ended December 31, 2020 and for the period from August 21, 2019 (inception) through December 31, 2019

# **NOTE 6 - SUBSEQUENT EVENTS**

The Company has evaluated subsequent events through August 24, 2021, the date these financial statements were available to be issued. The following transactions occurred subsequent to December 31, 2020:

During January and February 2021, the Company issued a SAFE note with substantially similar terms to those issued during 2020 to a single investor for aggregate proceeds of $9,000 and an additional roughly $48,000 was funded from the 2020 SAFE notes.

Subsequent to year end, the Company issued a total of 4,575,350 common shares to various individuals. Of this amount, an aggregate 3,980,000 were issued via a Reg CF campaign for gross proceeds of $995,000 and the remaining 595,350 were issued for services rendered to consultants and advisors.

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**Attachment 3:** `certificateofincorporation.pdf`

# Delaware

The First State

Page 1

I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF
DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT
COPY OF THE CERTIFICATE OF INCORPORATION OF "ABOVE: SPACE
DEVELOPMENT CORPORATION", FILED IN THIS OFFICE ON THE SIXTEENTH
DAY OF JUNE, A.D. 2022, AT 10:45 O'CLOCK A.M.

![img-0.jpeg](img-0.jpeg)

Jeffrey W. Bullock, Secretary of State

6860637 8100
SR# 20222743061

You may verify this certificate online at corp.delaware.gov/authver.shtml

Authentication: 203726709
Date: 06-21-22

State of Delaware  
Secretary of State  
Division of Corporations  
Delivered 10:45 AM 06/16/2022  
FILED 10:45 AM 06/16/2022  
SR 20222743061 - File Number 6860637

# CERTIFICATE OF INCORPORATION  
OF  
ABOVE: SPACE DEVELOPMENT CORPORATION

**FIRST:** The name of the corporation is Above: Space Development Corporation

**SECOND:** The address of the Corporation’s registered office in the State of Delaware is 108 Lakeland Avenue, Dover DE 19901, County of Kent. The name of the Registered Agent at such address is Capitol Services, Inc.

**THIRD:** The purpose of the corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware as the same exists or may hereafter be amended (the *'DGCL'*).

**FOURTH:** The Corporation is authorized to issue two classes of stock to be designated, respectively, Common Stock, par value $0.001 per share (*'Common Stock'*) and Preferred Stock, par value $0.001 per share (*'Preferred Stock'*). The total number of shares of Common Stock that the Corporation shall have authority to issue is one hundred seventy-five million (175,000,000). The total number of shares of Preferred Stock that the Corporation shall have authority to issue is seventy-five million (75,000,000).

The Board of Directors of the Corporation is hereby granted the power to authorize by resolution, duly adopted from time to time, the issuance of any or all of the preferred stock in any number of classes or series within such classes and to set all terms of such preferred stock of any class or series, including, without limitation, its powers, preferences, rights, privileges, qualifications, restrictions and/or limitations. The powers, preference, rights, privileges, qualifications, restrictions and limitations of each class or series of the preferred stock, if any, may differ from those of any and all other classes or other series at any time outstanding. Any shares of any one series of preferred stock shall be identical in all respects with all other shares of such series, except that shares of any one series issued at different times may differ as to the dates from which dividends thereof shall be cumulative.”

**FIFTH:** The name and mailing address of the incorporator are as follows:

Peter Gennuso  
McCarter & English LLP  
825 Eighth Avenue, 31$^{st}$ Floor  
New York, NY 10019

**SIXTH:** Subject to any additional vote required by the Certificate of Incorporation or bylaws of the corporation, in furtherance and not in limitation of the powers conferred by statute, the board of directors is expressly authorized to make, repeal, alter, amend and rescind any or all of the bylaws of the corporation.

**SEVENTH:** Subject to any additional vote required by the Certificate of Incorporation, the number of directors of the corporation shall be determined in the manner set forth in the bylaws of the corporation.

ME1 41095119v.1

EIGHTH: Elections of directors need not be by written ballot unless the bylaws of the corporation shall so provide.

NINTH: Meetings of stockholders may be held within or without the State of Delaware, as the bylaws of the corporation may provide. The books of the corporation may be kept outside of the State of Delaware at such place or places as may be designated from time to time by the board of directors of the corporation or in the bylaws of the corporation.

TENTH: To the fullest extent permitted by law, a director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. If the DGCL or any other law of the State of Delaware is amended after approval by the stockholders of this Article TENTH to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the corporation shall be eliminated or limited to the fullest extent permitted by the DGCL as so amended.

Any repeal or modification of the foregoing provisions of this Article TENTH by the stockholders of the corporation shall not adversely affect any right or protection of a director of the corporation existing at the time of, or increase the liability of any director of the corporation with respect to any acts or omissions of such director occurring prior to, such repeal or modification.

ELEVENTH: To the fullest extent permitted by applicable law, the corporation is authorized to provide indemnification of (and advancement of expenses to) directors, officers and agents of the corporation (and any other persons to which the DGCL permits the corporation to provide indemnification) through bylaw provisions, agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the DGCL.

Any amendment, repeal or modification of the foregoing provisions of this Article ELEVENTH shall not adversely affect any right or protection of any director, officer or other agent of the corporation existing at the time of such amendment, repeal or modification.

TWELFTH: Unless the corporation consents in writing to the selection of an alternative forum, the Court of Chancery in the State of Delaware shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the corporation, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the corporation to the corporation or the corporation's stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL or this Certificate of Incorporation or the bylaws of the corporation or (iv) any action asserting a claim governed by the internal affairs doctrine.

THIRTEENTH: Except as otherwise provided in this Certificate of Incorporation, the corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and to add or insert other provisions authorized by the laws of the State of Delaware at the time in force, in the manner now or hereafter prescribed by law; and all rights, preferences and privileges of whatsoever nature conferred upon stockholders, directors or any other persons whomsoever by and pursuant to this Certificate of Incorporation in its present form or as hereafter amended are granted subject to the rights reserved in this Article THIRTEENTH.

ME1 41095119v.1

**IN WITNESS WHEREOF**, this Certificate of Incorporation has been executed by the incorporator of this corporation on this 15$^{th}$ day of June, 2022.

/s/ Peter Gennuso

Peter Gennuso Incorporator

ME1 41095119v.1

**Attachment 4:** `corporatebylaws.pdf`

# BYLAWS OF ABOVE: SPACE DEVELOPMENT CORPORATION

## ARTICLE I

**Section I.01 Offices.** The address of the registered office of [Above: Space Development Corporation OR Above: Orbital Inc. OR Orbital Assembly] (hereinafter called the '**Corporation**') in the State of Delaware shall be at 108 Lakeland Ave., Dover, Delaware, 19901. The Corporation may have other offices, both within and without the State of Delaware, as the board of directors of the Corporation (the '**Board of Directors**') from time to time shall determine or the business of the Corporation may require.

**Section I.02 Books and Records.** Any records administered by or on behalf of the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be maintained on any information storage device, method, or one or more electronic networks or databases (including one or more distributed electronic networks or databases); *provided that* the records so kept can be converted into clearly legible paper form within a reasonable time, and, with respect to the stock ledger, the records so kept comply with Section 224 of the Delaware General Corporation Law. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect such records pursuant to applicable law.

## MEETINGS OF THE STOCKHOLDERS

**Section II.01 Place of Meetings.** All meetings of the stockholders shall be held at such place, if any, either within or without the State of Delaware or by means of remote communication, as shall be designated from time to time by resolution of the Board of Directors and stated in the notice of meeting.

**Section II.02 Annual Meeting.** The annual meeting of the stockholders for the election of directors and for the transaction of such other business as may properly come before the meeting shall be held at such date, time and place, if any, as shall be determined by the Board of Directors and stated in the notice of the meeting.

**Section II.03 Special Meetings.** Special meetings of stockholders for any purpose or purposes shall be called pursuant to a resolution approved by the Board of Directors and may not be called by any other person or persons. The only business which may be conducted at a special meeting shall be the matter or matters set forth in the notice of such meeting.

**Section II.04 Adjournments.** Any meeting of the stockholders, annual or special, may be adjourned from time to time to reconvene at the same or some other place, if any, and notice need not be given of any such adjourned meeting if the time, place, if any, thereof, and the means

of remote communication, if any, are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date is fixed for stockholders entitled to vote at the adjourned meeting, the Board of Directors shall fix a new record date for notice of the adjourned meeting and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at the adjourned meeting as of the record date fixed for notice of the adjourned meeting.

**Section II.05 Notice of Meetings.** Notice of the place, if any, date, hour, the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the record date for stockholders entitled to notice of the meeting) and means of remote communication, if any, of every meeting of stockholders shall be given by the Corporation not less than 10 days nor more than 60 days before the meeting (unless a different time is specified by law) to every stockholder entitled to vote at the meeting as of the record date for determining the stockholders entitled to notice of the meeting. Notices of special meetings shall also specify the purpose or purposes for which the meeting has been called. Notices of meetings to stockholders may be given by mailing the same, addressed to the stockholder entitled thereto, at such stockholder's mailing address as it appears on the records of the corporation, and such notice shall be deemed to be given when deposited in the U.S. mail, postage prepaid. Without limiting the manner by which notices of meetings otherwise may be given effectively to stockholders, any such notice may be given by electronic transmission in accordance with applicable law. Notice of any meeting need not be given to any stockholder who shall, either before or after the meeting, submit a waiver of notice or who shall attend such meeting, except when the stockholder attends for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Any stockholder so waiving notice of the meeting shall be bound by the proceedings of the meeting in all respects as if due notice thereof had been given.

**Section II.06 List of Stockholders.** The Corporation shall prepare a complete list of the stockholders entitled to vote at any meeting of stockholders (provided, however, if the record date for determining the stockholders entitled to vote is less than ten days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares of each class of capital stock of the Corporation registered in the name of each stockholder at least ten days before any meeting of the stockholders. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, on a reasonably accessible electronic network if the information required to gain access to such list was provided with the notice of the meeting or during ordinary business hours, at the principal place of business of the Corporation for a period of at least ten days before the meeting. If the meeting is to be held at a place, the list shall also be produced and kept at the time and place of the meeting the whole time thereof and may be inspected by any stockholder who is present. If the meeting is held solely by means of remote communication, the list shall also be open for inspection by any stockholder during the whole time of the meeting as provided by applicable law. Except as provided by applicable law, the stock ledger of the Corporation shall be the only evidence as to

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who are the stockholders entitled to examine the stock ledger and the list of stockholders or to vote in person or by proxy at any meeting of stockholders.

**Section II.07 Quorum.** Unless otherwise required by law, the Corporation's Certificate of Incorporation (the '**Certificate of Incorporation**') or these bylaws, at each meeting of the stockholders, a majority in voting power of the shares of the Corporation entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power, by the affirmative vote of a majority in voting power thereof, to adjourn the meeting from time to time, in the manner provided in Section 2.04, until a quorum shall be present or represented. A quorum, once established, shall not be broken by the subsequent withdrawal of enough votes to leave less than a quorum. At any such adjourned meeting at which there is a quorum, any business may be transacted that might have been transacted at the meeting originally called.

**Section II.08 Conduct of Meetings.** The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of the *stockholders* as it shall deem appropriate. At every meeting of the stockholders, the Chair of the Board, or in his or her absence or inability to act, the president, or, in his or her absence or inability to act, the person whom the Chair of the Board or president shall appoint, shall act as chair of, and preside at, the meeting. The secretary or, in his or her absence or inability to act, the person whom the chair of the meeting shall appoint a secretary of the meeting, shall act as secretary of the meeting and keep the minutes thereof. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chair of any meeting of the stockholders shall have the right and authority to prescribe such rules, regulations, and procedures and to do all such acts as, in the judgment of such chair, are appropriate for the proper conduct of the meeting. Such rules, regulations, or procedures, whether adopted by the Board of Directors or prescribed by the chair of the meeting, may include, without limitation, the following: (a) the establishment of an agenda or order of business for the meeting; (b) the determination of when the polls shall open and close for any given matter to be voted on at the meeting; (c) rules and procedures for maintaining order at the meeting and the safety of those present; (d) limitations on attendance at or participation in the meeting to stockholders of record of the corporation, their duly authorized and constituted proxies or such other persons as the chair of the meeting shall determine; (e) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (f) limitations on the time allotted to questions or comments by participants.

**Section II.09 Voting; Proxies.** Unless otherwise required by law or the Certificate of Incorporation, the election of directors shall be decided by a plurality of the votes cast at a meeting of the stockholders, at which a quorum is present, by the holders of stock entitled to vote in the election. Unless otherwise required by law, the Certificate of Incorporation, or these bylaws, any matter, other than the election of directors, brought before any meeting of stockholders, at which a quorum is present, shall be decided by the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the matter. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. The authorization of a person to act as

3

proxy may be documented, signed, and delivered in accordance with Section 116 of the General Corporation Law of the State of Delaware (the '**DGCL**') provided that such authorization shall set forth, or be delivered with, information enabling the Corporation to determine the identity of the stockholder granting such authorization. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the secretary of the Corporation a revocation of the proxy or a new proxy bearing a later date. Voting at meetings of stockholders need not be by written ballot.

**Section II.10 Inspectors at Meetings of Stockholders.** The Board of Directors, in advance of any meeting of stockholders, may, and shall if required by law, appoint one or more inspectors, who may be employees of the Corporation, to act at the meeting or any adjournment thereof and make a written report thereof. The Board of Directors may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of the inspector with strict impartiality and according to the best of his or her ability. The inspectors shall (a) ascertain the number of shares outstanding and the voting power of each, (b) determine the shares represented at the meeting, the existence of a quorum and the validity of proxies and ballots, (c) count all votes and ballots, (d) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors, and (e) certify their determination of the number of shares represented at the meeting and their count of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance of their duties. Unless otherwise provided by the Board of Directors, the date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting. No ballot, proxies, votes, or any revocation thereof or change thereto, shall be accepted by the inspectors after the closing of the polls unless the Court of Chancery of the State of Delaware upon application by a stockholder shall determine otherwise. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders, the inspectors may consider such information as is permitted by applicable law. No person who is a candidate for office at an election may serve as an inspector at such election.

**Section II.11 Consent of Stockholders Without a Meeting.** Any action to be taken at any annual or special meeting of stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing or by electronic transmission, setting forth the action to be so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in the State of Delaware (by hand or by certified or registered mail, return receipt requested), its principal place of business, an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded, or to an information processing system designated by the corporation for receiving such consents in accordance with applicable law. Every consent shall bear the date of signature of each stockholder who signs the consent, and no consent shall be

4

effective to take the corporate action referred to therein unless, within 60 days of the earliest dated consent delivered in the manner required by this Section 2.11, consents signed by a sufficient number of holders to take action are delivered to the Corporation as aforesaid. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall, to the extent required by applicable law, be given to those stockholders who have not consented in writing, and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for notice of such meeting had been the date that consents signed by a sufficient number of holders to take the action were delivered to the Corporation.

## Section II.12 Fixing the Record Date.

(a) In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than 60 nor less than ten days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided, however*, that the Board of Directors may fix a new record date for the determination of stockholders entitled to vote at the adjourned meeting and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for the determination of stockholders entitled to vote therewith at the adjourned meeting.

(b) In order that the Corporation may determine the stockholders entitled to consent to corporate action without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent to corporate action without a meeting: (i) when no prior action by the Board of Directors is required by law, the record date for such purpose shall be the first date on which a signed consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery (by hand, or by certified or registered mail, return receipt requested) to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded and (ii) if prior action by the Board of Directors is required by

5

law, the record date for such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.

(c) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion, or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

### BOARD OF DIRECTORS

**Section III.01 General Powers.** The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. The Board of Directors may adopt such rules and procedures, not inconsistent with the Certificate of Incorporation, these bylaws, or applicable law, as it may deem proper for the conduct of its meetings and the management of the Corporation.

**Section III.02 Number; Term of Office.** The Board of Directors shall consist of one or more members, the number thereof to be determined from time to time by resolution of the Board of Directors. Each director shall be elected at each annual meeting of the Shareholders to hold office until the next annual meeting. Each director, including a director elected to fill a vacancy, shall hold office until the expiration of the term for which elected and until a successor has been elected and qualified, or the earlier of such director's death, resignation or removal.

**Section III.03 Newly Created Directorships and Vacancies.** Any newly created directorships resulting from an increase in the authorized number of directors and any vacancies occurring in the Board of Directors, may be filled by the affirmative votes of a majority of the remaining members of the Board of Directors, although less than a quorum, or by a sole remaining director. A director so elected shall be elected to hold office until the earlier of the expiration of the term of office of the director whom he or she has replaced, a successor is duly elected and qualified, or the earlier of such director's death, resignation or removal.

**Section III.04 Resignation.** Any director may resign at any time by notice given either in writing or by electronic transmission to the Corporation. Such resignation shall take effect at the date of receipt of such notice by the Corporation or at such later time as is therein specified.

**Section III.05 Removal.** Except as prohibited by applicable law or the Certificate of Incorporation, the stockholders entitled to vote in an election of directors may remove any director from office at any time, with or without cause, by the affirmative vote of a majority in voting power thereof.

6

**Section III.06 Fees and Expenses.** Directors shall receive such fees and expenses as the Board of Directors shall from time to time prescribe.

**Section III.07 Regular Meetings.** Regular meetings of the Board of Directors may be held without notice at such times and at such places as may be determined from time to time by the Board of Directors or the Chair of the Board.

**Section III.08 Special Meetings.** Special meetings of the Board of Directors may be held at such times and at such places as may be determined by the Chair of the Board on at least 24 hours' notice to each director given by one of the means specified in Section 3.11 hereof other than by mail or on at least three days' notice if given by mail. Special meetings shall be called by the chairman or the secretary in like manner and on like notice on the written request of any two or more directors.

**Section III.09 Telephone Meetings.** Board of Directors or Board of Directors committee meetings may be held by means of telephone conference or other communications equipment by means of which all persons participating in the meeting can hear each other and be heard. Participation by a director in a meeting pursuant to this Section 3.09 shall constitute presence in person at such meeting.

**Section III.10 Adjourned Meetings.** A majority of the directors present at any meeting of the Board of Directors, including an adjourned meeting, whether or not a quorum is present, may adjourn and reconvene such meeting to another time and place. At least 24 hours' notice of any adjourned meeting of the Board of Directors shall be given to each director whether or not present at the time of the adjournment, if such notice shall be given by one of the means specified in Section 3.11 hereof other than by mail, or at least three days' notice if by mail. Any business may be transacted at an adjourned meeting that might have been transacted at the meeting as originally called.

**Section III.11 Notices.** Subject to Section 3.08, Section 3.10, and Section 3.12 hereof, whenever notice is required to be given to any director by applicable law, the Certificate of Incorporation, or these bylaws, such notice shall be deemed given effectively if given in person or by telephone, mail addressed to such director at such director's address as it appears on the records of the Corporation, facsimile, email, or by other means of electronic transmission.

**Section III.12 Waiver of Notice.** Whenever notice to directors is required by applicable law, the Certificate of Incorporation, or these bylaws, a waiver thereof, in writing signed by, or by electronic transmission by, the director entitled to the notice, whether before or after such notice is required, shall be deemed equivalent to notice. Attendance by a director at a meeting shall constitute a waiver of notice of such meeting except when the director attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business on the ground that the meeting was not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special Board of Directors or committee meeting need be specified in any waiver of notice.

**Section III.13 Organization.** At each meeting of the Board of Directors, the chairman or, in his or her absence, another director selected by the Board of Directors shall preside. The

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secretary shall act as secretary at each meeting of the Board of Directors. If the secretary is absent from any meeting of the Board of Directors, an assistant secretary shall perform the duties of secretary at such meeting; and in the absence from any such meeting of the secretary and all assistant secretaries, the person presiding at the meeting may appoint any person to act as secretary of the meeting.

**Section III.14 Quorum of Directors.** Except as otherwise permitted by the Certificate of Incorporation, these bylaws, or applicable law, the presence of a majority of the Board of Directors shall be necessary and sufficient to constitute a quorum for the transaction of business at any meeting of the Board of Directors.

**Section III.15 Action by Majority Vote.** Except as otherwise expressly required by these bylaws, the Certificate of Incorporation, or by applicable law, the vote of a majority of the directors shall be the act of the Board of Directors.

**Section III.16 Action Without Meeting.** Unless otherwise restricted by the Certificate of Incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all directors or members of such committee, as the case may be, consent thereto in writing or by electronic transmission and any consent may be documented, signed, and delivered in any manner permitted by Section 116 of the DGCL. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board of Directors or committee in accordance with applicable law.

**Section III.17 Committees of the Board of Directors.** The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. If a member of a committee shall be absent from any meeting, or disqualified from voting thereat, the remaining member or members present at the meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent permitted by applicable law, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed to all papers that may require it to the extent so authorized by the Board of Directors. Unless the Board of Directors provides otherwise, at all meetings of such committee, a majority of the then authorized members of the committee shall constitute a quorum for the transaction of business, and the vote of a majority of the members of the committee present at any meeting at which there is a quorum shall be the act of the committee. Each committee shall keep regular minutes of its meetings. Unless the Board of Directors provides otherwise, each committee designated by the Board of Directors may make, alter, and repeal rules and procedures for the conduct of its business. In the absence of such rules and procedures each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to this Article III.

8

**Section III.18 Compensation.** Directors of the Board may be compensated for their services, and shall be reimbursed for expenses, as fixed or determined by resolution of the Board of Directions. This section shall not be construed to preclude any director from serving the Corporation in any other capacity, as an Officer, Agent, Employee, or otherwise, or from receiving compensation for those services.

## ARTICLE IV

**Section IV.01 Positions and Election.** The officers of the Corporation shall be elected bi-annually by the Board of Directors and shall include a president, a treasurer, and a secretary. The Board of Directors, in its discretion, may also elect a Chair of the Board of Directors (who must be a director), one or more vice chairs (who must be directors), and one or more vice presidents, assistant treasurers, assistant secretaries, and other officers. Any two or more offices may be held by the same person. Except as otherwise provided in these bylaws, the Chair of the Board shall preside at all meetings of the Board of Directors and of stockholders. The Chair of the Board shall perform such other duties and services as shall be assigned to or required of the Chair of the Board by the Board of Directors. If no Chair of the Board of Directors is elected, and no Vice-Chair of the Board of Directors is elected, then the president shall preside at all meetings of the Board of Directors and of stockholders.

**Section IV.02 Term.** Each officer of the Corporation shall hold office until such officer's successor is elected and qualified or until such officer's earlier death, resignation, or removal. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors at any time, with or without cause, by the majority vote of the members of the Board of Directors then in office. The removal of an officer shall be without prejudice to his or her contract rights, if any. The election or appointment of an officer shall not of itself create contract rights. Any officer of the Corporation may resign at any time by giving written notice of his or her resignation to the president or the secretary. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. Should any vacancy occur among the officers, the position shall be filled for the unexpired portion of the term by appointment made by the Board of Directors.

**Section IV.03 The President.** The president shall have general supervision over the business of the Corporation and other duties incident to the office of president, and any other duties as may be from time to time assigned to the president by the Board of Directors and subject to the control of the Board of Directors in each case.

**Section IV.04 Vice Presidents.** Each vice president shall have such powers and perform such duties as may be assigned to him or her from time to time by the Chair of the Board of Directors or the president.

**Section IV.05 The Secretary.** The secretary shall attend all sessions of the Board of Directors and all meetings of the stockholders and record all votes and the minutes of all proceedings, and shall perform like duties for committees when required. He or she shall give, or

9

cause to be given, notice of all meetings of the stockholders and meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or the president. The secretary shall keep in safe custody the seal of the Corporation and have authority to affix the seal to all documents requiring it and attest to the same.

**Section IV.06 The Treasurer.** The treasurer shall have the custody of the corporate funds and securities, except as otherwise provided by the Board of Directors, and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The treasurer shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the president and the directors, at the regular meetings of the Board of Directors, or whenever they may require it, an account of all his or her transactions as treasurer and of the financial condition of the Corporation.

**Section IV.07 Duties of Officers May Be Delegated.** In case any officer is absent, or for any other reason that the Board of Directors may deem sufficient, the president or the Board of Directors may delegate for the time being the powers or duties of such officer to any other officer or to any director.

### STOCK CERTIFICATES AND THEIR TRANSFER

**Section V.01 Certificates Representing Shares.** The shares of stock of the Corporation shall be represented by certificates; provided that the Board of Directors may provide by resolution or resolutions that some or all of any class or series shall be uncertificated shares that may be evidenced by a book-entry system maintained by the registrar of such stock. If shares are represented by certificates, such certificates shall be in the form, other than bearer form, approved by the Board of Directors. The certificates representing shares of stock of each class shall be signed by, or in the name of, the Corporation by any two authorized officers of the Corporation. Any or all such signatures may be facsimiles. Although any officer, transfer agent, or registrar whose manual or facsimile signature is affixed to such a certificate ceases to be such officer, transfer agent, or registrar before such certificate has been issued, it may nevertheless be issued by the Corporation with the same effect as if such officer, transfer agent, or registrar were still such at the date of its issue.

**Section V.02 Transfers of Stock.** Stock of the Corporation shall be transferable in the manner prescribed by law and in these bylaws. Transfers of stock shall be made on the books of the Corporation only by the holder of record thereof, by such person's attorney lawfully constituted in writing and, in the case of certificated shares, upon the surrender of the certificate thereof, which shall be canceled before a new certificate or uncertificated shares shall be issued. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred. To the extent designated by the president or any vice president or the treasurer of the Corporation, the Corporation may recognize the transfer of fractional uncertificated shares, but shall not otherwise be required to recognize the transfer of fractional shares.

10

**Section V.03 Transfer Agents and Registrars.** The Board of Directors may appoint, or authorize any officer or officers to appoint, one or more transfer agents and one or more registrars.

**Section V.04 Lost, Stolen, or Destroyed Certificates.** The Board of Directors may direct a new certificate or uncertificated shares to be issued in place of any certificate theretofore issued by the Corporation alleged to have been lost, stolen, or destroyed upon the making of an affidavit of that fact by the owner of the allegedly lost, stolen, or destroyed certificate. When authorizing such issue of a new certificate or uncertificated shares, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of the lost, stolen, or destroyed certificate, or the owner's legal representative to give the Corporation a bond sufficient to indemnify it against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen, or destroyed or the issuance of such new certificate or uncertificated shares.

## ARTICLE VI
GENERAL PROVISIONS

**Section VI.01 Indemnification.** The Corporation shall indemnify, advance expenses, and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person (a "**Covered Person**") who was or is made or is threatened to be made a party or is otherwise involved in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a "**Proceeding**"), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation or of a partnership, joint venture, trust, enterprise, or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, except for claims for indemnification (following the final disposition of such Proceeding) or advancement of expenses not paid in full, the Corporation shall be required to indemnify a Covered Person in connection with a Proceeding (or part thereof) commenced by such Covered Person only if the commencement of such Proceeding (or part thereof) by the Covered Person was authorized in the specific case by the board of directors of the Corporation. Any amendment, repeal, or modification of this Paragraph 8 shall not adversely affect any right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or modification.

**Section VI.02 Delaware Forum Selection.** Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware) shall be the sole and exclusive forum for:

- (a) Any derivative action or proceeding brought on behalf of the corporation;
- (b) Any action asserting a claim for breach of a fiduciary duty owed by any director, officer, employee, or agent of the corporation to the corporation or the corporation's stockholders;

11

(c) Any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law, the certificate of incorporation or the bylaws of the corporation; or

(d) Any action asserting a claim governed by the internal affairs doctrine;

in each case, subject to said court having personal jurisdiction over the indispensable parties named as defendants therein. If any action the subject matter of which is within the scope of this Section 6.02 is filed in a court other than a court located within the State of Delaware (a '**Foreign Action**') in the name of any stockholder, such stockholder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce this Section 6.02 (an '**Enforcement Action**'), and (y) having service of process made upon such stockholder in any such Enforcement Action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Section 6.02.

**Section VI.03 Seal.** The seal of the Corporation shall be in such form as shall be approved by the Board of Directors. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise, as may be prescribed by law or custom or by the Board of Directors.

**Section VI.04 Fiscal Year.** The fiscal year of the Corporation shall begin on the first day of each year.

**Section VI.05 Checks, Notes, Drafts, Etc.** All checks, notes, drafts, or other orders for the payment of money of the Corporation shall be signed, endorsed, or accepted in the name of the Corporation by such officer, officers, person, or persons as from time to time may be designated by the Board of Directors or by an officer or officers authorized by the Board of Directors to make such designation.

**Section VI.06 Dividends.** Subject to applicable law and the Certificate of Incorporation, dividends upon the shares of capital stock of the Corporation may be declared by the Board of Directors at any regular or special meeting of the Board of Directors. Dividends may be paid in cash, in property, or in shares of the Corporation's capital stock, unless otherwise provided by applicable law or the Certificate of Incorporation.

**Section VI.07 Conflict with Applicable Law or Certificate of Incorporation.** These bylaws are adopted subject to any applicable law and the Certificate of Incorporation. Whenever these bylaws may conflict with any applicable law or the Certificate of Incorporation, such conflict shall be resolved in favor of such law or the Certificate of Incorporation.

## ARTICLE VII

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**Section VII.01 Amendments.** These bylaws may be adopted, amended, or repealed or new bylaws adopted by the Board of Directors. The stockholders may make additional bylaws and may adopt, amend, or repeal any bylaws whether such bylaws were originally adopted by them or otherwise.

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**Attachment 5:** `pitchdeck.pdf`

![img-0.jpeg](img-0.jpeg)

**ORBITAL** ASSEMBLY

Aims to develop and operate profitable,  
space business parks with gravity a  
**decade ahead of its competitors.**

***We Provide GravityTM***

Proprietary - Not for Distribution

© 2023 Orbital Assembly

Orbital Assembly was established to develop, and operate profitable, space-based business parks with gravity a **decade ahead of its competitors**.

## We Provide GravityTM

### GRAVITY

Gravity in space alleviates serious medical conditions due to weightlessness, leading to an environment promoting profitable operations.

We believe that gravity will significantly reduce the frequency of replacing humans in orbit, by our estimates lowering annual operating costs by as much as 75%, which translates to an estimated $150 million savings per astronaut tenant on our stations.

![img-1.jpeg](img-1.jpeg)

### ONLY ORBITAL ASSEMBLY HAS

5+ Years Active AG design with multiple patents pending

Mission ops for large scale on orbit assembly

The most recent sponsored report on the effects of microgravity and AG countermeasures

© 2023 Orbital Assembly

# SPACE BUSINESS PARK WITH GRAVITY.

The **Pioneer-class**$^{TM}$, planned to be one of the world's first and largest hybrid-gravity$^{TM}$ space stations for both work and stay, featuring spacious microgravity modules, and the rotating *Gravity Ring*$^{TM}$.

| CONSTRUCTION TIME | 24 to 42 MO |
| --- | --- |
| SCALABLE OCCUPANCY | 28 to 54 |
| HYBRID- GRAVITY | 0 G - .57 G |
| VOLUME | 2,080 to 4,000 m 3 ** |
| PLANNED OPERATION | Late 2025* |

*Pioneer Phase 1, Funding contingent
**Comparable to 31 to 59 shipping containers

![img-2.jpeg](img-2.jpeg)

© 2023 Orbital Assembly

![img-3.jpeg](img-3.jpeg)

## ORBITAL ASSEMBLY'S PLATFORMS: FEED FORWARD ARCHITECTURE

![img-4.jpeg](img-4.jpeg)

Orbital Assembly's patent-pending truss assembly machines can build versatile platforms for customer specific orbital applications; from autonomous orbital staging to habitable structures.

CONFIGURABLE FOR MULTIPLE MARKETS

'INERT' PAYLOADS OR LIVE DATA PROCESSING

'MOVEMENT WITHOUT REGRET'

![img-5.jpeg](img-5.jpeg)

Orbital Assembly's standardized payload modules are backwards compatible to meet current and future mission design, accommodating near term unmanned micro-g staging depots and scaling to crewed platforms.

STANDARDIZED

LOW END-USER OVERHEAD

RAPID TIME TO MARKET

![img-6.jpeg](img-6.jpeg)

© 2023 Orbital Assembly

# PIONEER-CLASS STATION
## Vertical Markets:

- Earth-to-space and space-to-space logistics
- Commercial production & R&D facilities
- Up to 54 space tenants and tourists for long term stay (months)
- Command, Control, and Communications (C3)
- Business to Business in situ markets for anticipated revenue ready missions and profitability in as soon as 28 mo.

![img-7.jpeg](img-7.jpeg)

Conceptual Render of Section Cut through Pioneer Station Module. Showing half Module. +/- 200 m3

© 2023 Orbital Assembly

# ORBITAL ECOSYSTEM

![img-8.jpeg](img-8.jpeg)

Orbital Ops

![img-9.jpeg](img-9.jpeg)

![img-10.jpeg](img-10.jpeg)

INTUITIVE MACHINE

![img-11.jpeg](img-11.jpeg)

Lunar Data Centers

Manufacturing

Research

Tourism

Media and Retail

Data

Resupply and Staging

SPIN LAUNCH

![img-12.jpeg](img-12.jpeg)

HYPER SCIENCES

O'BIT

Terrestrial Data Centers

Downmass

Only Orbital Assembly has integrated a business model to capture a true end to end supply chain and distribution system that provides frequent and scalable cadence to terrestrial supply lines, and B2B customers on orbit.

© 2023 Orbital Assembly

# COMPETITIVE ADVANTAGE

FIRST MOVER

28 Mo*

GRAVITY

Up to 0.57 G

LARGEST CAPACITY

4-54 occupants**

MOST POWER

Up to 200 kW

LARGEST VOLUME

400-4,000 m3**

0.0 G

MIN. GRAVITY

ISS
ORBITAL REEF

PIONEER Phase 1
- AxSTATION
STARLAB

3000

2250

1500

750

0

VOLUME m3

PRESSURIZED

![img-13.jpeg](img-13.jpeg)

Orbital

Assembly

PIONEER

Phase 3

0.75 G

MAX. GRAVITY

• PIONEER

Phase 2

© 2023 Orbital Assembly

# ORBITAL ASSEMBLY, ADDRESSING CURRENT UNMET MARKET DEMAND

The entire landscape of space access is undergoing a dramatic revolution; Orbital Assembly's plans exploit that to the fullest and set us apart from our competition.

![img-14.jpeg](img-14.jpeg)

**LOWER LAUNCH COSTS**
DOWN 99% BY 2025

![img-15.jpeg](img-15.jpeg)

**SATELLITE BOOM**
INCREASED DEMAND FOR
SPACE-TO-SPACE LOGISTICS
3+ YEAR ISS BACKLOG

There is escalating demand for on orbit access with greater cadence and volume for scalable R&D and greater volume for manufacturing and production of commercial enterprise.

![img-16.jpeg](img-16.jpeg)

**COTS & COGS**
COST REDUCTIONS OF COGS /
MORE AVAILABLE COTS FOR
HABITABLE STATIONS
FLIGHT PROVEN HARDWARE

© 2023 Orbital Assembly

# ORBITAL ASSEMBLY'S BENCHMARKS AND STRATEGIC ROADMAP

![img-17.jpeg](img-17.jpeg)

DSTAR R&D
2020

2019
Incorporation

2021
DSTAR Demo

19 Customer MOUs
& LOIs
3 Patents Pending
2022

2023
Fabrication and
Small Scale Testing

Integration and
Testing
2024

2025
Pioneer Phase 1
Launch

Pioneer
Phase 2 & 3
2026

2027+
Fleet Expansion

![img-18.jpeg](img-18.jpeg)

© 2023 Orbital Assembly

# **DELIVERY  
PHASE 1**

2023-2025

![img-19.jpeg](img-19.jpeg)

400M3+ anticipated profitable micro-gravity station. (Equivalent volume of 6 Shipping Containers)

![img-20.jpeg](img-20.jpeg)

# **GRAVITY  
PHASES 2 & 3**

2026-2028

![img-21.jpeg](img-21.jpeg)

With profits and secured investments, we can accommodate up to three fully functioning Stations by 2029.

# **EXPANSION  
PHASES 4+  
2028 +**

![img-22.jpeg](img-22.jpeg)

![img-23.jpeg](img-23.jpeg)

![img-24.jpeg](img-24.jpeg)

# **GROWTH**

PROFITS REINVESTED TO GROW FLEET

Capacity to position stations anywhere in cislunar space, Mars, and beyond.

![img-25.jpeg](img-25.jpeg)

© 2023 Orbital Assembly

# CORE TEAM

**Space Real Estate Development Company** using space flight heritage commercial off the shelf (COTS) products and our own innovative proprietary technology to build hybrid-gravity space stations with artificial gravity.

![img-0.jpeg](img-0.jpeg)

Rhonda Stevenson
CEO
President

![img-1.jpeg](img-1.jpeg)

Tim Alatorre, NCARB
COO
Chair of the Board
Co-founder

**Over 150 years** of space heritage, business development, entrepreneurship, and over 30 successful space missions.

![img-2.jpeg](img-2.jpeg)

Thomas Spilker, Ph.D.
CTO
Vice Chair of the Board
Co-founder

![img-3.jpeg](img-3.jpeg)

Rob Miyake
Senior Thermal Engineer
Board Member, Co-founder

© 2023 Orbital Assembly

# STRATEGIC AFFILIATES

![img-4.jpeg](img-4.jpeg)

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

![img-7.jpeg](img-7.jpeg)

![img-8.jpeg](img-8.jpeg)

![img-9.jpeg](img-9.jpeg)

![img-10.jpeg](img-10.jpeg)

![img-11.jpeg](img-11.jpeg)

![img-12.jpeg](img-12.jpeg)

![img-13.jpeg](img-13.jpeg)

![img-14.jpeg](img-14.jpeg)

![img-15.jpeg](img-15.jpeg)

![img-16.jpeg](img-16.jpeg)

![img-17.jpeg](img-17.jpeg)

![img-18.jpeg](img-18.jpeg)

![img-19.jpeg](img-19.jpeg)

![img-20.jpeg](img-20.jpeg)

![img-21.jpeg](img-21.jpeg)

![img-22.jpeg](img-22.jpeg)

![img-23.jpeg](img-23.jpeg)

![img-24.jpeg](img-24.jpeg)

![img-25.jpeg](img-25.jpeg)

Kiteleon

![img-26.jpeg](img-26.jpeg)

![img-27.jpeg](img-27.jpeg)

![img-28.jpeg](img-28.jpeg)

![img-29.jpeg](img-29.jpeg)

![img-30.jpeg](img-30.jpeg)

![img-31.jpeg](img-31.jpeg)

![img-32.jpeg](img-32.jpeg)

![img-33.jpeg](img-33.jpeg)

![img-34.jpeg](img-34.jpeg)

![img-35.jpeg](img-35.jpeg)

![img-36.jpeg](img-36.jpeg)

![img-37.jpeg](img-37.jpeg)

![img-38.jpeg](img-38.jpeg)

![img-39.jpeg](img-39.jpeg)

![img-40.jpeg](img-40.jpeg)

![img-41.jpeg](img-41.jpeg)

FIRST MOVER ADVANTAGE

PROFITABILITY IN AS SOON AS 24 MONTHS

ECONOMIES OF SCALE

VERSATILE PRODUCTS THAT SCALE TO HABITABILITY

SCALABILITY AND MODULARITY

PROPRIETARY ADVANTAGE

PROFITABLE FEED FORWARD ARCHITECTURE

![img-42.jpeg](img-42.jpeg)

CONTACT

Rhonda Stevenson, CEO

RStevenson@orbitalassembly.com

© 2023 Orbital Assembly

![img-43.jpeg](img-43.jpeg)

**ORBITAL**

**ASSEMBLY**

Thank You

***We Provide GravityTM***

© 2023 Orbital Assembly

**Attachment 6:** `draftwarrant.pdf`

**THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED.**

**Warrant No. NetCapital&SiliconPrairie - XX**

**Issuance Date: March XX, 2023**

## **ABOVE: SPACE DEVELOPMENT CORPORATION**

### **WARRANT TO PURCHASE SHARES OF COMMON STOCK**

This warrant to purchase shares of common stock (“**Warrant**”) is issued to [_________] (the “**Holder**”) by ABOVE: SPACE DEVELOPMENT CORPORATION, a Delaware corporation (the “**Company**”), in connection with: (i) the Holder’s participation in the Company’s offering of shares of common stock (“**Common Stock**”) through the NetCapital Portal at a price of $0.42 per share of Common Stock in or about April 2022 (the “**2022 NetCapital Offering**”), during which and pursuant to the Holder purchased shares of the Company’s Common Stock; and (ii) the Holder’s participation in the Company’s offering of Common Stock through the Silicon Prairie Portal at a price of $2.25 per share of Common Stock launched in March 2023 (“Silicon Prairie Offering”).

1. **Purchase of Shares.** Subject to the terms and conditions hereinafter set forth, the Holder of this Warrant is entitled, upon exercise of this Warrant, to purchase from the Company a total of **[INSERT AMOUNT - four (4) times the number of shares of the Company’s Common Stock that the Holder purchased pursuant to the 2022 NetCapital Offering]**, at an exercise price of $0.42 per Share (such price, as adjusted from time to time, is herein referred to as the “**Exercise Price**”).

# 2. Exercise Period; Conditions.

(a) This Warrant shall be exercisable, in whole or in part, during the term commencing on the issuance date of this Warrant and ending at 5 p.m. New York City time on January 1, 2025 (the “**Exercise Period**”).

(b) This Warrant shall be exercisable only if the Holder, in addition to having participated in the 2022 NetCapital Offering, also participates in the Silicon Prairie Offering.

3. **Method of Exercise.** While this Warrant remains outstanding and exercisable in accordance with Section 2 above, the Holder may exercise from time to time, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by:

(a) the surrender of the Warrant, together with a notice of exercise, included hereto as Exhibit A, to the Company; and

(b) the payment to the Company of an amount equal to the aggregate Exercise Price for the number of Shares being purchased.

4. **Certificates for Shares; Amendments of Warrant.** Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates for the number of Shares so purchased shall be issued as soon as practicable thereafter, and in any event within thirty (30) days of the delivery of the subscription

MEI 44322114v.2

notice. Upon partial exercise, the Company shall promptly issue an amended Warrant representing the remaining number of Shares purchasable thereunder. All other terms and conditions of such amended Warrant shall be identical to those contained herein.

5. **Issuance of Shares.** The Company covenants that (i) the Shares, when issued pursuant to the exercise of this Warrant, will be duly and validly issued, fully paid and nonassessable and free from all taxes, liens, and charges with respect to the issuance thereof; (ii) during the Exercise Period the Company will reserve from its authorized and unissued Common Stock sufficient Shares in order to perform its obligations under this warrant. The Holder understands and agrees that the Shares to be issued pursuant to the exercise of this Warrant will be subject to the right of first refusal in favor of the Company substantially similar to the right of first refusal applicable to the outstanding Shares held by the founders of the Company.

6. **Adjustment of Exercise Price and Number of Shares.** The number of and kind of securities purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows:

(a) **Subdivisions, Combinations and Other Issuances.** If the Company shall at any time before the expiration of this Warrant subdivide the Shares, by split-up or otherwise, or combine its Shares, or issue additional shares of its Shares as a dividend, the number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the purchase price payable per share, but the aggregate purchase price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 6(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend.

(b) **Notice of Adjustment.** When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall promptly notify the holder of such event and of the number of Shares or other securities or property thereafter purchasable upon exercise of this Warrant.

7. **No Fractional Shares.** No fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect.

8. **Representations of the Company.** The Company represents that all corporate actions on the part of the Company, its officers, directors and stockholders necessary for the sale and issuance of this Warrant have been taken.

9. **Representations and Warranties by the Holder.** The Holder represents and warrants to the Company as follows:

(a) This Warrant and the Shares issuable upon exercise thereof are being acquired for its own account, for investment and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as amended (the 'Act'). Upon exercise of this Warrant, the Holder shall, if so requested by the Company, confirm in writing, in a form satisfactory to the Company, that the securities issuable upon exercise of this Warrant are being acquired for investment and not with a view toward distribution or resale.

2

(b) The Holder understands that the Warrant and the Shares have not been registered under the Act by reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Act pursuant to Section 4(2) thereof, and that they must be held by the Holder indefinitely, and that the Holder must therefore bear the economic risk of such investment indefinitely, unless a subsequent disposition thereof is registered under the Act or is exempted from such registration.

(c) The Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the purchase of this Warrant and the Shares purchasable pursuant to the terms of this Warrant and of protecting its interests in connection therewith.

(d) The Holder is able to bear the economic risk of the purchase of the Shares pursuant to the terms of this Warrant.

10. Restrictive Legend. The Shares (unless registered under the Act) shall be stamped or imprinted with a legend in substantially the following form:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE 'ACT'). SUCH SECURITIES MAY NOT BE TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR SUCH TRANSFER MAY BE MADE PURSUANT TO RULE 144 OR IN THE OPINION OF COUNSEL FOR THE COMPANY, REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT.

11. Transferability of the Warrant. This Warrant shall not be transferable without a prior consent of the Company, which consent shall not be unreasonably withheld or delayed, provided that no approval shall be required for the transfer of the Warrant during the Holder's lifetime or on Holder's death by will or intestacy to the Holder's Immediate Family or to a trust for the benefit of the Holder or his Immediate Family. 'Immediate Family' as used in this Agreement shall mean lineal descendant or antecedent, spouse (or spouse's antecedents), father, mother, brother or sister (or their descendants), stepchild (or their antecedents or descendants), aunt or uncle (or their antecedents or descendants), brother-in-law or sister-in-law (or their antecedents or descendants) and shall include adoptive relationships, or any person sharing the Holder's household (other than a tenant or an employee). In such case, the transferee or other recipient shall receive and hold the Warrant so transferred subject to the provisions of this Section 11, and there shall be no further transfer of such Warrant except in accordance with the terms of this Section 11.

12. Rights of Stockholders. No Holder of this Warrant shall be entitled, as a Warrant Holder, to vote or receive dividends or be deemed the Holder of the Shares or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein.

14. Governing Law. This Warrant and all actions arising out of or in connection with this Agreement shall be governed by and construed in accordance with the laws of Delaware, without regard to the conflicts of law provisions of Delaware or of any other state.

3

# **ABOVE: SPACE DEVELOPMENT  
CORPORATION**

---

By: _________________________

Title: ________________________

4

# **EXHIBIT A**

# **NOTICE OF EXERCISE**

TO: Above: Space Development Corporation

[Address]

Attention:

1. The undersigned hereby elects to purchase __________ shares of Common Stock of Above: Space Development Corporation (the “Shares”) pursuant to the terms of the attached Warrant.

2. The undersigned elects to exercise the attached Warrant by means of a cash payment, and tenders herewith payment in full for the purchase price of the shares being purchased, together with all applicable transfer taxes, if any.

3. Please issue a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified below:

____________________
(Name)

____________________

____________________
(Address)

4. The undersigned hereby represents and warrants that the aforesaid Shares are being acquired for the account of the undersigned for investment and not with a view to, or for resale, in connection with the distribution thereof, and that the undersigned has no present intention of distributing or reselling such shares and all representations and warranties of the undersigned set forth in Section 9 of the attached Warrant (including Section 9(e) thereof) are true and correct as of the date hereof.

____________________
(Signature)

____________________
(Name)

____________________
(Date)

____________________
(Title)

5

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Above: Space Development Corp

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** DE

**Date of Organization:** 06-16-2022

**Physical Address:** 4100 MARKET STREET SW, HUNTSVILLE, AL, 35808

**Issuer Website:** Orbitalassembly.com

**Is there a Co-Issuer?:** No

**Intermediary Name:** Silicon Prairie Online LLC

**Intermediary CIK:** 0001711770

**Intermediary File Number:** 007-00123

**Intermediary CRD Number:** 289746

### Offering Information

**Compensation to Intermediary:** 5% of first $1 million raised, 4% of second million, 3% commission up to 10 million, then 1% thereafter, and a listing fee of $2,500

**Financial Interest in Issuer:** None

**Type of Security Offered:** Common Stock

**Number of Securities Offered:** 4444

**Price per Security:** $2.25

**Method for Determining Price:** The price of the Securities was determined solely by the management and bears no relation to traditional measures of valuation such as book value or price-to-earnings ratios. We expect that any future valuation will take the same approach.

**Target Offering Amount:** $10,000.00

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** First-come, first-served basis

**Maximum Offering Amount:** $1,333,333.00

**Deadline to Reach Target Amount:** 05-26-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 6.00

**Total Assets (Most Recent Fiscal Year):** $146,347.00

**Total Assets (Prior Fiscal Year):** $360,106.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $34,725.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $14,958.00

**Accounts Receivable (Most Recent Fiscal Year):** $0.00

**Accounts Receivable (Prior Fiscal Year):** $0.00

**Short-Term Debt (Most Recent Fiscal Year):** $0.00

**Short-Term Debt (Prior Fiscal Year):** $0.00

**Long-Term Debt (Most Recent Fiscal Year):** $108,161.00

**Long-Term Debt (Prior Fiscal Year):** $158,348.00

**Revenues/Sales (Most Recent Fiscal Year):** $0.00

**Revenues/Sales (Prior Fiscal Year):** $0.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $0.00

**Cost of Goods Sold (Prior Fiscal Year):** $0.00

**Taxes Paid (Most Recent Fiscal Year):** $0.00

**Taxes Paid (Prior Fiscal Year):** $0.00

**Net Income (Most Recent Fiscal Year):** $-1,095,557.00

**Net Income (Prior Fiscal Year):** $-1,368,394.00

**Jurisdictions Offered:**

ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PENNSYLVANIA, PR, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGINIA, WASHINGTON, WEST VIRGINIA, WISCONSIN, WYOMING

### Signatures

**Issuer:** Above: Space Development Corp

**Signature:** Rhonda Stevenson

**Title:** Principal Executive Officer

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**Signature:** Rhonda Stevenson

**Title:** Principal Executive Officer

**Date:** 03-20-2023

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**Signature:** Timothy Alatorre

**Title:** Principal Financial Officer

**Date:** 03-20-2023