Sidus Space Inc. Files Q2 2024 10-Q

TL;DR

Sidus Space filed its Q2 10-Q. Financials updated.

AI Summary

Sidus Space Inc. filed its 10-Q for the period ending June 30, 2024. The company, located in Cape Canaveral, FL, reported its financial status. Key details regarding common stock, preferred stock, and additional paid-in capital as of December 31, 2023, and June 30, 2024, were disclosed.

Why It Matters

This filing provides investors with an update on Sidus Space's financial health and capital structure, crucial for understanding the company's operational capacity and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's specific industry and financial performance can introduce inherent risks.

Key Numbers

• 0001879726 — Central Index Key (Unique identifier for Sidus Space Inc.)
• 4812 — Standard Industrial Classification (Industry code for Radio Telephone Communications)

Key Players & Entities

• Sidus Space Inc. (company) — Filer of the 10-Q
• Cape Canaveral, FL (location) — Company business address
• June 30, 2024 (date) — End of reporting period
• December 31, 2023 (date) — Prior period financial reference

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) — 1500KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• 0001493152-24-033082.txt ( ) — 6035KB
• sidu-20240630.xsd (EX-101.SCH) — 44KB
• sidu-20240630_cal.xml (EX-101.CAL) — 62KB
• sidu-20240630_def.xml (EX-101.DEF) — 179KB
• sidu-20240630_lab.xml (EX-101.LAB) — 340KB
• sidu-20240630_pre.xml (EX-101.PRE) — 260KB
• form10-q_htm.xml (XML) — 915KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosure 38 Item 5. Other Information 38 Item 6. Exhibits 38

Signatures

Signatures 39 -2- SIDUS SPACE, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, December 31, 2024 2023 Assets Current assets Cash $ 1,444,369 $ 1,216,107 Accounts receivable 621,313 1,175,077 Accounts receivable - related parties 264,802 67,447 Accounts receivable 264,802 67,447 Inventory 1,400,686 1,217,929 Contract asset 77,124 77,124 Contract asset - related party 46,000 43,173 Contract asset 46,000 43,173 Prepaid and other current assets 4,449,118 5,405,453 Total current assets 8,303,412 9,202,310 Property and equipment, net 12,800,850 9,570,214 Operating lease right-of-use assets 262,007 115,573 Intangible asset 398,135 398,135 Other assets 74,969 64,880 Total Assets $ 21,839,373 $ 19,351,112 Liabilities and Stockholders' Equity Current liabilities Accounts payable and other current liabilities $ 4,552,652 $ 6,697,562 Accounts payable and accrued interest - related party 887,402 677,039 Contract liability 77,124 77,124 Contract liability - related party 46,000 43,173 Contract liability 46,000 43,173 Asset-based loan liability 861,660 2,587,900 Notes payable 2,048,451 2,017,286 Operating lease liability 262,007 119,272 Total current liabilities 8,735,296 12,219,356 Operating lease liability - non-current - - Total Liabilities 8,735,296 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 outstandin

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 June 30, 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 June 30, 2024, was approximately $ 1.0 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 account

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View this 10-Q filing on SEC EDGAR