Sidus Space Inc. Files Q1 2024 10-Q

TL;DR

Sidus Space Q1 10-Q filed. Financials updated.

AI Summary

Sidus Space Inc. filed its 10-Q for the period ending March 31, 2024. The company, located in Cape Canaveral, FL, reported its financial status. Key financial data points such as Additional Paid-In Capital and Retained Earnings as of December 31, 2023, were included in the filing.

Why It Matters

This filing provides investors with an update on Sidus Space Inc.'s financial performance and position as of the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
• 2024-05-20 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Sidus Space Inc. (company) — Filer
• Cape Canaveral, FL (location) — Business Address
• March 31, 2024 (date) — Reporting Period End Date
• December 31, 2023 (date) — Prior Year End Date for Financial Data

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A common stock, $0.0001 par value SIDU The Nasdaq Stock Mar

Filing Documents

• form10-q.htm (10-Q) — 828KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-24-020795.txt ( ) — 4682KB
• sidu-20240331.xsd (EX-101.SCH) — 43KB
• sidu-20240331_cal.xml (EX-101.CAL) — 59KB
• sidu-20240331_def.xml (EX-101.DEF) — 176KB
• sidu-20240331_lab.xml (EX-101.LAB) — 335KB
• sidu-20240331_pre.xml (EX-101.PRE) — 256KB
• form10-q_htm.xml (XML) — 587KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosure 34 Item 5. Other Information 34 Item 6. Exhibits 34

Signatures

Signatures 35 -2- SIDUS SPACE, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, 2024 2023 Assets Current assets Cash $ 6,171,759 $ 1,216,107 Accounts receivable 650,763 1,175,077 Accounts receivable - related parties 172,030 67,447 Accounts receivable 172,030 67,447 Inventory 1,423,588 1,217,929 Contract asset 77,124 77,124 Contract asset - related party 43,173 43,173 Contract asset 43,173 43,173 Prepaid and other current assets 4,768,330 5,405,453 Total current assets 13,306,767 9,202,310 Property and equipment, net 11,547,302 9,570,214 Operating lease right-of-use assets 46,511 115,573 Intangible asset 398,135 398,135 Other assets 72,030 64,880 Total Assets $ 25,370,745 $ 19,351,112 Liabilities and Stockholders' Equity Current liabilities Accounts payable and other current liabilities $ 3,540,192 $ 6,697,562 Accounts payable and accrued interest - related party 886,331 677,039 Contract liability 77,124 77,124 Contract liability - related party 43,173 43,173 Contract liability 43,173 43,173 Asset-based loan liability 1,599,653 2,587,900 Notes payable 2,016,951 2,017,286 Operating lease liability 47,990 119,272 Total current liabilities 8,211,414 12,219,356 Total Liabilities 8,211,414 12,219,356 Commitments and contingencies - - Stockholders' Equity Preferred Stock: 5,000,000 shares authorized; $ 0.0001 par value; no shares issued and outstanding - - Series A convertible preferred stock: 2,000 shares authorized; 0 and 372 shares issued and outstanding, respectively - - Preferred stock, value - - Common stock: 210,000,000 authorized; $ 0.0001 par value - - Class A common stock: 200,000,000 shares authorized; 4,081,344 and 983,173 shares issued and outstanding, respectively 409 98 Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding 10 10 Common stock, value 1

financial statements or tax returns

financial statements or tax returns. Cash and Cash Equivalents For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at March 31, 2024 and December 31, 2023. Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $ 250,000 per institution. The amount in excess of the FDIC insurance as of March 31, 2024, was approximately $ 5.6 million. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. Bad Debt and Allowance for Doubtful Accounts Historically the Company has been able to collect all past due amounts and has not written off past due invoices, therefore there is limited historical data on the company's historical losses or expected losses at this time. In compliance with GAAP the Company has determined the following policy will be followed regarding outstanding customer invoices. An allowance for doubtful accounts has been established to reflect the anticipated uncollectible value of the related receivable account. Review procedures have been established to provide a realistic reserve based on past collection experience and anticipated losses on the receivables. The company will utilize the allowance method based on accounts receivable aging in order to accrue bad debt expense and the contra balance sheet account, allowance for doubtful accounts. The accounts receivable aging will be reviewed quarterly and necessary adjustments made to the allowance for doubtful accounts account balance. The Company will review their policy annually to determine if adjustments should be made based on more recent accou

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