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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2024
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from _________to ___________
Commission
File Number: 001-41154
SIDUS
SPACE, INC.
(Exact
Name of Registrant as Specified in its Charter)
Delaware |
|
46-0628183 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
150
N. Sykes Creek Parkway, Suite 200,
Merritt
Island, FL |
|
32953 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(321)
450-5633
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Class
A common stock, $0.0001 par value |
|
SIDU |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
|
|
|
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
|
|
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number
of Class A and B common shares outstanding as of August 19, 2024 was 4,081,344 and 100,000, respectively.
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 outstanding | |
| 10 | | |
| 10 | |
Common
stock, value | |
| 10 | | |
| 10 | |
Additional
paid-in capital | |
| 63,879,410 | | |
| 49,918,441 | |
Accumulated
deficit | |
| (50,775,752 | ) | |
| (42,786,793 | ) |
Total
Stockholders’ Equity | |
| 13,104,077 | | |
| 7,131,756 | |
Total
Liabilities and Stockholders’ Equity | |
$ | 21,839,373 | | |
$ | 19,351,112 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
SIDUS
SPACE, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
Months Ended | | |
Six
Months Ended | |
| |
June
30, | | |
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 834,798 | | |
$ | 1,175,616 | | |
$ | 1,679,909 | | |
$ | 3,090,340 | |
Revenue
- related parties | |
| 92,772 | | |
| 194,793 | | |
| 297,816 | | |
| 543,696 | |
Total
- revenue | |
| 927,570 | | |
| 1,370,409 | | |
| 1,977,725 | | |
| 3,634,036 | |
Cost
of revenue | |
| 1,768,671 | | |
| 862,632 | | |
| 2,734,762 | | |
| 2,230,460 | |
Gross
profit (loss) | |
| (841,101 | ) | |
| 507,777 | | |
| (757,037 | ) | |
| 1,403,576 | |
| |
| | | |
| | | |
| | | |
| | |
Operating
expenses | |
| | | |
| | | |
| | | |
| | |
Selling,
general and administrative expense | |
| 3,056,814 | | |
| 3,560,482 | | |
| 6,702,397 | | |
| 7,102,651 | |
Total
operating expenses | |
| 3,056,814 | | |
| 3,560,482 | | |
| 6,702,397 | | |
| 7,102,651 | |
| |
| | | |
| | | |
| | | |
| | |
Net
loss from operations | |
| (3,897,915 | ) | |
| (3,052,705 | ) | |
| (7,459,434 | ) | |
| (5,699,075 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expense) | |
| | | |
| | | |
| | | |
| | |
Other
income | |
| 1,613 | | |
| 17,950 | | |
| 1,613 | | |
| 17,950 | |
Interest
expense | |
| (186,175 | ) | |
| (187,667 | ) | |
| (339,701 | ) | |
| (375,194 | ) |
Interest
income | |
| 12,313 | | |
| - | | |
| 12,313 | | |
| - | |
Asset-based
loan expense | |
| (65,920 | ) | |
| (38,634 | ) | |
| (161,375 | ) | |
| (79,567 | ) |
Finance
expense | |
| - | | |
| (240,525 | ) | |
| - | | |
| (806,754 | ) |
Total
other income (expense) | |
| (238,169 | ) | |
| (448,876 | ) | |
| (487,150 | ) | |
| (1,243,565 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision
for income taxes | |
| - | | |
| - | | |
| - | | |
| - | |
Net
loss | |
$ | (4,136,084 | ) | |
$ | (3,501,581 | ) | |
$ | (7,946,584 | ) | |
$ | (6,942,640 | ) |
| |
| | | |
| | | |
| | | |
| | |
Dividend
on Series A preferred Stock | |
| - | | |
| - | | |
| (42,375 | ) | |
| - | |
Net
loss attributed to stockholders | |
| (4,136,084 | ) | |
| (3,501,581 | ) | |
| (7,988,959 | ) | |
| (6,942,640 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
and diluted loss per common share | |
$ | (0.99 | ) | |
$ | (6.85 | ) | |
$ | (2.30 | ) | |
$ | (17.15 | ) |
Basic
and diluted weighted average number of common shares outstanding | |
| 4,181,344 | | |
| 511,315 | | |
| 3,450,577 | | |
| 404,821 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
SIDUS
SPACE, INC.
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
For
the Three and Six Months Ended June 30, 2024
| |
Shares | | |
Amount
| | |
Shares | | |
Amount
| | |
Capital
| | |
Deficit
| | |
Total
| |
| |
Class
A Common Stock | | |
Class
B Common Stock | | |
Additional
Paid-In | | |
Accumulated | | |
| |
| |
Shares | | |
Amount
| | |
Shares | | |
Amount
| | |
Capital
| | |
Deficit
| | |
Total
| |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance
- December 31, 2023 | |
| 983,173 | | |
$ | 98 | | |
| 100,000 | | |
$ | 10 | | |
$ | 49,918,441 | | |
$ | (42,786,793 | ) | |
$ | 7,131,756 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Class
A common stock issued for conversion of Series A preferred stock and dividend | |
| 106,748 | | |
| 11 | | |
| - | | |
| - | | |
| 58,930 | | |
| - | | |
| 58,941 | |
Class
A common stock units issued | |
| 2,572,700 | | |
| 258 | | |
| - | | |
| - | | |
| 12,110,528 | | |
| - | | |
| 12,110,786 | |
Class
A common stock issued for exercise of warrants | |
| 418,724 | | |
| 42 | | |
| - | | |
| - | | |
| 1,631,483 | | |
| - | | |
| 1,631,525 | |
Vested
Board Compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 37,500 | | |
| - | | |
| 37,500 | |
Stock
option expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 41,698 | | |
| - | | |
| 41,698 | |
Common
stock issue for reverse split adjustment | |
| (1 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Dividend
on Series A preferred Stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (42,375 | ) | |
| (42,375 | ) |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,810,500 | ) | |
| (3,810,500 | ) |
Balance
- March 31, 2024 | |
| 4,081,344 | | |
$ | 409 | | |
| 100,000 | | |
$ | 10 | | |
$ | 63,798,580 | | |
$ | (46,639,668 | ) | |
$ | 17,159,331 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Vested
Board Compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 36,484 | | |
| - | | |
| 36,484 | |
Stock
option expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 44,346 | | |
| - | | |
| 44,346 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (4,136,084 | ) | |
| (4,136,084 | ) |
Balance
- June 30, 2024 | |
| 4,081,344 | | |
$ | 409 | | |
| 100,000 | | |
$ | 10 | | |
$ | 63,879,410 | | |
$ | (50,775,752 | ) | |
$ | 13,104,077 | |
For
the Three and Six Months Ended June 30, 2023
| |
Class
A Common Stock | | |
Class
B Common Stock | | |
Additional
Paid-In | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance
- December 31, 2022 | |
| 80,235 | | |
$ | 8 | | |
| 100,000 | | |
$ | 10 | | |
$ | 32,131,041 | | |
$ | (28,255,846 | ) | |
$ | 3,875,213 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Class
A common stock units issued | |
| 172,500 | | |
| 17 | | |
| - | | |
| - | | |
| 4,615,448 | | |
| - | | |
| 4,615,465 | |
Warrants
issued for finance expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 566,229 | | |
| - | | |
| 566,229 | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,441,059 | ) | |
| (3,441,059 | ) |
Balance
- March 31, 2023 | |
| 252,735 | | |
$ | 25 | | |
| 100,000 | | |
$ | 10 | | |
$ | 37,312,718 | | |
$ | (31,696,905 | ) | |
$ | 5,615,848 | |
Balance | |
| 252,735 | | |
$ | 25 | | |
| 100,000 | | |
$ | 10 | | |
$ | 37,312,718 | | |
$ | (31,696,905 | ) | |
$ | 5,615,848 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Class
A common stock units issued | |
| 123,599 | | |
| 12 | | |
| - | | |
| - | | |
| 10,170,471 | | |
| - | | |
| 10,170,483 | |
Class
A common stock issued for exercise of warrants | |
| 221,624 | | |
| 22 | | |
| - | | |
| - | | |
| 1,541 | | |
| - | | |
| 1,563 | |
Warrants
issued for finance expense | |
| - | | |
| - | | |
| - | | |
| - | | |
| 240,525 | | |
| - | | |
| 240,525 | |
Debt
forgiveness related party | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Net
loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,501,581 | ) | |
| (3,501,581 | ) |
Balance
- June 30, 2023 | |
| 597,958 | | |
$ | 59 | | |
| 100,000 | | |
$ | 10 | | |
$ | 47,725,255 | | |
$ | (35,198,486 | ) | |
$ | 12,526,838 | |
Balance | |
| 597,958 | | |
$ | 59 | | |
| 100,000 | | |
$ | 10 | | |
$ | 47,725,255 | | |
$ | (35,198,486 | ) | |
$ | 12,526,838 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
SIDUS
SPACE, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
2024 | | |
2023 | |
| |
Six
Months Ended | |
| |
June 30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash
Flows From Operating Activities: | |
| | | |
| | |
Net
loss | |
$ | (7,946,584 | ) | |
$ | (6,942,640 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Stock
based compensation | |
| 160,028 | | |
| 806,754 | |
Depreciation
and amortization | |
| 858,033 | | |
| 79,385 | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Accounts
receivable | |
| 553,764 | | |
| 156,130 | |
Accounts
receivable - related party | |
| (197,355 | ) | |
| 54,696 | |
Inventory | |
| (182,757 | ) | |
| (537,523 | ) |
Contract
asset - related party | |
| (2,827 | ) | |
| (15,956 | ) |
Prepaid
expenses and other assets | |
| 946,246 | | |
| (1,483,918 | ) |
Accounts
payable and accrued liabilities | |
| (1,968,107 | ) | |
| 1,732,714 | |
Accounts
payable and accrued liabilities - related party | |
| 210,363 | | |
| (465 | ) |
Contract
liability - related party | |
| 2,827 | | |
| 15,956 | |
Changes
in operating lease assets and liabilities | |
| (3,699 | ) | |
| (4,394 | ) |
Net
Cash used in Operating Activities | |
| (7,570,068 | ) | |
| (6,139,261 | ) |
| |
| | | |
| | |
Cash
Flows From Investing Activities: | |
| | | |
| | |
Purchase
of property and equipment | |
| (4,067,741 | ) | |
| (2,614,169 | ) |
Net
Cash used in Investing Activities | |
| (4,067,741 | ) | |
| (2,614,169 | ) |
| |
| | | |
| | |
Cash
Flows From Financing Activities: | |
| | | |
| | |
Proceeds
from issuance of common stock units | |
| 13,742,311 | | |
| 14,787,511 | |
Proceeds
from asset-based loan agreement | |
| 46,133 | | |
| 2,881,228 | |
Repayment
of asset-based loan agreement | |
| (1,772,373 | ) | |
| (3,167,195 | ) |
Repayment
of notes payable | |
| (150,000 | ) | |
| (179,524 | ) |
Net
Cash provided by Financing Activities | |
| 11,866,071 | | |
| 14,322,020 | |
| |
| | | |
| | |
Net
change in cash | |
| 228,262 | | |
| 5,568,590 | |
Cash,
beginning of period | |
| 1,216,107 | | |
| 2,295,259 | |
Cash,
end of period | |
$ | 1,444,369 | | |
$ | 7,863,849 | |
| |
| | | |
| | |
Supplemental
cash flow information | |
| | | |
| | |
Cash
paid for interest | |
$ | 338,116 | | |
$ | 155,365 | |
Cash
paid for taxes | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Non-cash
Investing and Financing transactions: | |
| | | |
| | |
Class
A common stock issued for conversion of Series A convertible preferred stock | |
$ | 16,566 | | |
$ | - | |
Recognition
of right-of-use asset and lease liability | |
$ | 284,861 | | |
$ | 135,235 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
SIDUS
SPACE, INC.
NOTES
TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2024
Note
1. Organization and Description of Business
Organization
Sidus
Space Inc. (“Sidus”, “we”, “us” or the “Company”), was formed as Craig Technologies Aerospace
Solutions, LLC, in the state of Florida, on July 17, 2012. On April 16, 2021, the Company filed a Certificate of Conversion to register
and incorporate with the state of Delaware and on August 13, 2021 changed the company name to Sidus Space, Inc.
Description
of Business
Founded
in 2012, we are a growing U.S. commercial space company with an established manufacturing business who has been trusted to provide mission-critical
space hardware to many of the top aerospace businesses for over a decade. We plan to offer on-orbit services as the space economy expands;
said services are either in a developmental phase or soon to achieve flight heritage. We have strategically decided to expand our business
by moving up the satellite value chain by becoming a provider of responsive and scalable on-orbit infrastructure as well as collecting
Space and Earth observational data to capture larger market needs.
To
address commercial and government customer needs and mission sets, we have focused our business into three core business lines: manufacturing
services; space-infrastructure-as-a-service; and space-based data and insights. Our vertically integrated model is complementary across
each line of business aiming to expand existing and unlock new potential revenue generating opportunities. Additionally, we look to further
transition into a subscription-based model upon the digitization of our manufacturing process as we expand alongside our space-based
focus.
Note
2. Summary of Signification Accounting Policies
Basis
of Presentation
The
Company prepares its financial statements in accordance with rules and regulations of the Securities and Exchange Commission (“SEC”)
and GAAP in the United States of America. The accompanying interim financial statements have been prepared in accordance with GAAP for
interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June
30, 2024, are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures
presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial
statements and the footnotes thereto for the year ended December 31, 2023, contained in the Company’s Form 10-K filed on March
27, 2024.
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations. For the three and six months ended June 30, 2024, the Company has reclassified operating expenses
to selling, general and administrative expenses.
Principles
of Consolidation
The
consolidated financial statements include the variable interest entity (“VIE”), Aurea Alas Limited (“Aurea”),
of which we are the primary beneficiary. Aurea is a Limited company organized in the Isle of Man, which entered into a license agreement
with a third party vendor, whereby they licensed the rights to use certain available radio frequency spectrum for satellite communications.
All intercompany transactions and balances have been eliminated on consolidation.
For
entities determined to be VIEs, an evaluation is required to determine whether the Company is the primary beneficiary. The Company evaluates
its economic interests in the entity specifically determining if the Company has both the power to direct the activities of the VIE that
most significantly impact the VIE’s economic performance (“the power”) and the obligation to absorb losses or the right
to receive benefits that could potentially be significant to the VIE (“the benefits”). When making the determination on whether
the benefits received from an entity are significant, the Company considers the total economics of the entity, and analyzes whether the
Company’s share of the economics is significant. The Company utilizes qualitative factors, and, where applicable, quantitative
factors, while performing the analysis.
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 disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual
results may differ from these estimates. Examples of estimates and assumptions include: for revenue recognition, determining the nature
and timing of satisfaction of performance obligations,, the fair value of and/or potential impairment of property and equipment; product
life cycles; useful lives of our property and equipment; allowances for doubtful accounts; the market value of, and demand for, our inventory;
fair value calculation of warrant; and the potential outcome of uncertain tax positions that have been recognized in our consolidated
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 accounts receivable trends.
During
the six months ended June 30, 2024 and 2023, the Company did not record any bad debt.
Fair
Value Measurements
The
Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring
basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement.
The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining
fair value. The three tiers are defined as follows:
|
● |
Level
1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; |
|
|
|
|
● |
Level
2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace
for identical or similar assets and liabilities; and |
|
|
|
|
● |
Level
3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. |
The
Company’s financial instruments, including cash, accounts receivable, prepaid expense and other current assets, accounts payable
and accrued liabilities, and loans payable, are carried at historical cost. At June 30, 2024 and December 31, 2023, the carrying amounts
of these instruments approximated their fair values because of the short-term nature of these instruments.
Revenue
Recognition
The
Company adopted ASC 606 – Revenue from Contracts with Customers using the modified retrospective transition approach. The core
principle of ASC 606 is that revenue should be recognized in a manner that depicts the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled for exchange of those goods or services. The
Company’s updated accounting policies and related disclosures are set forth below, including the disclosure for disaggregated revenue.
The impact of adopting ASC 606 was not material to the Consolidated Financial Statements.
Revenue
from the Company is recognized under Topic 606 in a manner that reasonably reflects the delivery of its services and products to customers
in return for expected consideration and includes the following elements:
|
● |
executed
contracts with the Company’s customers that it believes are legally enforceable; |
|
|
|
|
● |
identification
of performance obligations in the respective contract; |
|
|
|
|
● |
determination
of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
Allocation
of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition
of revenue only when the Company satisfies each performance obligation. |
These
five elements, as applied to each of the Company’s revenue category, is summarized below:
Revenues
from fixed price contracts that are still in progress at month end are recognized on the percentage-of-completion method, measured by
the percentage of total costs incurred to date to the estimated total costs for each contract. This method is used because management
considers total costs to be the best available measure of progress on these contracts. Revenue from fixed price contracts and time-and-materials
contracts that are completed in the month the work was started are recognized when the work is shipped. To achieve this core principle,
we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine
the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the
Company satisfies a performance obligation.
Revenues
from fixed price service contracts that contain provisions for milestone payments are recognized at the time of the milestone being met
and payment received. This method is used because management considers that the payments are nonrefundable unless the entity fails to
perform as promised. If the customer terminates the contract, the Company is entitled only to retain any progress payments received from
the customer and the Company has no further rights to compensation from the customer. Even though the payments made by the customer are
nonrefundable, the cumulative amount of those payments is not expected, at all times throughout the contract, to at least correspond
to the amount that would be necessary to compensate the Company for performance completed to date. Accordingly, the Company accounts
for the progress under the contract as a performance obligation satisfied at a point in time. To achieve this core principle, we apply
the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the
transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company
satisfies a performance obligation.
Stock
Based Compensation
The
Company accounts for stock-based compensation awards in accordance with ASC Topic 718, “Compensation – Stock Compensation.”
The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated
statements of operations and comprehensive income based on the estimated fair value of those awards on the grant date and amortized on
a straight-line basis over the requisite service period or vesting period. The Company records forfeitures as they occur.
Share-based
payments are valued using a Black-Scholes option pricing model. The grants are amortized on a straight-line basis over the requisite
service periods, which is generally the vesting period. If an award is granted, but vesting does not occur, any previously recognized
compensation cost is reversed in the period related to the termination of service.
The
expected option term is computed using the “simplified” method as permitted under the provisions of ASC 718-10-S99. The Company
uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient
historical exercise data to provide a reasonable basis upon which to estimate the expected term. The share price as of the grant date
was determined by current market prices for our common stock. Expected volatility is based on the historical stock price volatility of
comparable companies’ common stock, as our stock does not have sufficient historical trading activity. Risk free interest rates
were obtained from U.S. Treasury rates for the applicable periods.
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC 480”)
and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial
instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements
for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether
the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control,
among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the
time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification,
the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair
value of the warrants was estimated using a Black-Scholes pricing model.
Net
Income (Loss) Per Share of Common Stock
The
Company has adopted ASC Topic 260, “Earnings per Share” which requires presentation of basic earnings per share
on the face of the statements of operations for all entities with complex capital structures and requires a reconciliation of the numerator
and denominator of the basic earnings per share computation. In the accompanying financial statements, basic loss per share is computed
by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share
is computed by dividing net income by the weighted average number of shares of common stock and potentially dilutive outstanding shares
of common stock during the period to reflect the potential dilution that could occur from common stock issuable through contingent share
arrangements, stock options and warrants unless the result would be antidilutive.
For
the six months ended June 30, 2024 and 2023, the following common stock equivalents were excluded from the computation of diluted net
loss per share as the result of the computation was anti-dilutive.
Schedule
of Diluted Net
Loss Per Share
| |
June
30, | | |
June
30, | |
| |
2024 | | |
2023 | |
| |
| (Shares) | | |
| (Shares) | |
Warrants | |
| 260,213 | | |
| 288,408 | |
Note
3. Variable Interest Entity
The
consolidated financial statements include Aurea Alas Limited, which is a variable interest entity of which we are the primary beneficiary,
and on August 26, 2020, the Company entered into a licensing agreement with Aurea. Aurea is a Limited company organized in the Isle of
Man, which entered into a license agreement with a third-party vendor, whereby they licensed the rights to use certain available radio
frequency spectrum for satellite communications. The Company is responsible for 100% of the operations of Aurea and derives 100% of the
net profits or losses derived from the business operations. The assets, liabilities and the operations of Aurea from the date of inception
(July 20, 2020), were included in the Company’s consolidated financial statements.
Through
a declaration of trust, 100% of the voting rights of Aurea’s shareholders have been transferred to the Company so that the
Company has effective control over Aurea and has the power to direct the activities of Aurea that most significantly impact its economic
performance. There are no restrictions on the consolidated VIE’s assets and on the settlement of its liabilities and all carrying
amounts of VIE’s assets and liabilities are consolidated with the Company’s financial statements.
If
facts and circumstances change such that the conclusion to consolidate the VIE has changed, the Company shall disclose the primary factors
that caused the change and the effect on the Company’s financial statements in the periods when the change occurs.
As
of June 30, 2024 and December 31, 2023, Aurea’s assets and liabilities are as follows:
Schedule
of Variable Interest Entities Assets and Liabilities
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Assets | |
| | | |
| | |
Cash | |
$ | 57,697 | | |
$ | 52,492 | |
Prepaid
and other current assets | |
| 10,801 | | |
| 13,164 | |
Total
Assets | |
$ | 68,498 | | |
$ | 65,656 | |
| |
| | | |
| | |
Liability | |
| | | |
| | |
Accounts
payable and other current liabilities | |
$ | 72,695 | | |
$ | 74,219 | |
For
the six months ended June 30, 2024 and 2023, Aurea’s net loss was $85,634 and $80,428 respectively.
Note
4. Prepaid expense and Other current assets
As
of June 30, 2024 and December 31, 2023, prepaid expense and other current assets are as follows:
Schedule
of Prepaid Expense and Other Current Assets
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Prepaid
insurance | |
$ | 363,914 | | |
$ | 699,310 | |
Prepaid
components | |
| 914,251 | | |
| 1,258,965 | |
Prepaid
satellite services & licenses | |
| 2,826,780 | | |
| 3,313,706 | |
Prepaid
software | |
| 111,579 | | |
| 91,258 | |
Other
current assets | |
| 232,594 | | |
| 42,214 | |
Total | |
$ | 4,449,118 | | |
$ | 5,405,453 | |
During
the six months ended June 30, 2024 and 2023, the Company recorded interest expense of $6,950 and $13,292 related to financing
of our prepaid insurance policies.
Note
5. Inventory
As
of June 30, 2024 and December 31, 2023, inventory is as follows:
Schedule
of Inventory
| |
June
30, 2024 | | |
December
31, 2023 | |
Work
in Process | |
$ | 1,400,686 | | |
$ | 1,217,929 | |
Note
6. Property and Equipment
At
June 30, 2024 and December 31, 2023, property and equipment consisted of the following:
Schedule
of Property and Equipment
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Office
equipment | |
$ | 17,061 | | |
$ | 17,061 | |
Computer
equipment | |
| 41,233 | | |
| 41,233 | |
Vehicle | |
| 35,424 | | |
| 35,424 | |
Software | |
| 858,721 | | |
| 482,127 | |
Machinery | |
| 3,231,369 | | |
| 3,209,719 | |
Leasehold
improvements | |
| 397,536 | | |
| 397,536 | |
R&D
software | |
| - | | |
| 9,655 | |
Satellite
and related software | |
| 8,308,932 | | |
| - | |
Construction
in progress | |
| 4,001,050 | | |
| 8,609,902 | |
Property
and equipment, gross | |
| 16,891,326 | | |
| 12,802,657 | |
Accumulated
depreciation | |
| (4,090,476 | ) | |
| (3,232,443 | ) |
Property
and equipment, net of accumulated depreciation | |
$ | 12,800,850 | | |
$ | 9,570,214 | |
As
of June 30, 2024 and December 31, 2023, construction in progress represents components to be used in the manufacturing of our satellites.
As
of June 30, 2024, one satellite and satellite related software were moved out of construction in progress and reported as assets with
related depreciation expense.
Depreciation
expense of property and equipment for the six months ended June 30, 2024 and 2023 is $858,033 and $79,385 of which $767,482 and
$91,022 are included as components of cost of revenue, respectively.
During
the six months ended June 30, 2024 and 2023, the Company purchased assets of $4,088,669 and $2,301,350, respectively.
Note
7. Accounts payable and other current liabilities
At
June 30, 2024 and December 31, 2023, accounts payable and other current liabilities consisted of the following:
Schedule
of Accounts payable and Other Current Liabilities
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Accounts
payable | |
$ | 3,102,899 | | |
$ | 4,716,964 | |
Payroll
liabilities | |
| 1,059,601 | | |
| 1,250,330 | |
Credit
card liability | |
| 24,019 | | |
| 93,826 | |
Other
payable | |
| 171,241 | | |
| 156,885 | |
Dividend
payable | |
| - | | |
| 16,566 | |
Payable
for purchase of property and equipment | |
| 20,928 | | |
| - | |
Insurance
payable | |
| 173,964 | | |
| 462,991 | |
Total
accrued expenses and other liabilities | |
$ | 4,552,652 | | |
$ | 6,697,562 | |
Note
8. Asset-based loan
The
Company is party to a recourse loan and security agreement with an unrelated lender dated November 30, 2022, whereby the lender will
provide loans secured by certain accounts receivable for up to 90% of the face amount, which is paid to the Company in the form
of a cash advance. The Company has a revolving line of credit for $3 million with a loan interest rate of 15.2% annum on outstanding
balances. Additionally, in the event of default the Lender at its option can increase the loan interest rate by 5% per annum for
each month or partial month default on outstanding balances. Under the loan and security agreement, the Company must pay back any
invoices that become uncollectable. As of June 30, 2024 and December 31, 2023, the asset-based loan was $861,660 and $2,587,900, respectively.
For the six months ended June 30, 2024 and 2023, the costs and interest incurred by the Company in connection with the loan and security
agreement activities were $161,375 and $79,567, respectively.
Note
9. Contract assets and liabilities
At
June 30, 2024 and December 31, 2023, contract assets and contract liabilities consisted of the following:
Schedule
of Contract Assets and Liabilities
Contract
assets | |
June
30, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Revenue
recognized in excess of amounts paid or payable (contracts receivable) to the company on uncompleted contracts (contract asset),
excluding retainage | |
$ | - | | |
$ | - | |
Retainage
included in contract assets due to being conditional on something other than solely passage of time | |
| 77,124 | | |
| 77,124 | |
Retainage
included in contract assets due to being conditional on something other than solely passage of time – related party | |
| 46,000 | | |
| 43,173 | |
Total
contract assets | |
$ | 123,124 | | |
$ | 120,297 | |
Contract
liabilities | |
June
30, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Payments
received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding
retainage | |
$ | - | | |
$ | - | |
Retainage
included in contract liabilities due to being conditional on something other than solely passage of time | |
| 77,124 | | |
| 77,124 | |
Retainage
included in contract liabilities due to being conditional on something other than solely passage of time – related party | |
| 46,000 | | |
| 43,173 | |
Total
contract liabilities | |
$ | 123,124 | | |
$ | 120,297 | |
Note
10. Leases
Operating
lease
We
have a noncancelable operating lease entered in November 2016 for our office facility that expires in July 2021 and has renewal options
to May 2024. The monthly “Base Rent” is $10,392 and the Base Rent is increased by 2.5% each year. In May 2023
the Company exercised its option and extended the lease to May 31, 2024.
In
May 2021, we entered into a new lease agreement for our office and warehouse space that expires in May 2024. The Company shall have the
option to terminate the lease after 12 months and 24 months from the commencement date. The monthly “Base Rent” is $11,855 and
the Base Rent may be increased by 2.5% each year.
We
have a new lease contract entered in June 2024 for our office facility and warehouse space that expires in May 2025. The
monthly “Base Rent” is $11,876
and $12,767.
We
recognized total lease expense, primarily related to our operating leases, on a straight-line basis in accordance with ASC 842.
As
of June 30, 2024 and December 31, 2023, the Company recorded a refundable security deposit of $10,000 for its warehouse space and
is included in other assets on the balance sheet.
The
operating lease expense were as follows:
Schedule
of Operating lease expense
| |
2024 | | |
2023 | |
| |
Six
months ended June 30, | |
| |
2024 | | |
2023 | |
Operating
lease cost | |
$ | 188,741 | | |
$ | 175,055 | |
Supplemental
balance sheet information related to operating leases was as follows:
Summary
of Other Supplemental Information
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Operating
lease right-of-use assets at inception | |
$ | 284,861 | | |
$ | 1,276,515 | |
Accumulated
amortization | |
| (22,854 | ) | |
| (1,160,942 | ) |
Total
operating lease right-of-use assets | |
$ | 262,007 | | |
$ | 115,573 | |
| |
| | | |
| | |
Right-of-use
assets obtained in exchange for new operating lease liability | |
$ | 284,861 | | |
$ | - | |
| |
| | | |
| | |
Operating
lease liabilities - current | |
$ | 262,007 | | |
$ | 119,272 | |
Operating
lease liabilities - non-current | |
| - | | |
| - | |
Total
operating lease liabilities | |
$ | 262,007 | | |
$ | 119,272 | |
| |
| | | |
| | |
Weighted-average
remaining lease term — operating leases (year) | |
| 0.92 | | |
| 0.42 | |
Weighted-average
discount rate — operating leases | |
| 8.25 | % | |
| 4.73 | % |
Future
minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year at June 30, 2024 were
as follows:
Schedule
of Future Minimum Lease Payments Under Operating Leases
| |
Total | |
Year
Ended December 31, | |
| | |
2024
- Remaining 6 months | |
$ | 147,859 | |
2025 | |
| 123,216 | |
Thereafter | |
| - | |
Total Undiscounted lease payments | |
| 271,075 | |
Less:
Imputed interest | |
| (9,068 | ) |
Operating
lease liabilities | |
| 262,007 | |
Note
11. Notes Payable
Decathlon
Note
On
December 3, 2021, we entered into a Loan Assignment and Assumption Agreement, or Loan Assignment, with Decathlon Alpha IV, L.P., or Decathlon
and Craig Technical Consulting, Inc (“CTC”) pursuant to which we assumed the Decathlon Note. In connection with our assumption
of the Decathlon Note, CTC reduced the principal of the Note Payable – related party by $1.4 million for an aggregate principal
balance of $2.6 million. The Company recorded a reclassification of $1,106,164 from Note Payable – related party to Note
payable – non- current (Decathlon note) and recorded forgiveness of note payable – related party of $293,836. (See Note 12)
Management
believes that the assumption of the Decathlon Note from CTC is in our best interests because in connection therewith, Decathlon released
us from a cross-collateralization agreement it was a party to with CTC for a loan of a greater amount. Also in connection with the Loan
Assignment on December 3, 2021, we entered into a Revenue Loan and Security Agreement, or RLSA, with Decathlon and our CEO, Carol Craig,
pursuant to which we pay interest based on a minimum rate of one (1) times the amount advanced and make monthly payments based on a percentage
of our revenue calculated as an amount equal to the product of (i) all revenue for the immediately preceding month multiplied by (ii)
the Applicable Revenue Percentage, defined as 4% of revenue for payments due during any month. The Decathlon Note was amended November
16,2023. The maturity date was extended from December 9, 2023 to December 9, 2024 and the monthly interest was converted to a fixed amount
of $50,000 per month. The Decathlon Note is secured by our assets and is guaranteed by CTC and matures the earliest of: (i) December
9, 2024, (ii) immediately prior to a change of control, or (iii) upon an acceleration of the obligations due to a default under the RLSA.
As a result, on December 31, 2021, the Company recorded the forgiveness of note payable-related party of $293,836 and the reclass
of $1,106,164 from Note Payable – related party to Note Payable.
During
the six months ended June 30, 2024 and 2023, the Company recorded interest expense of $331,165 and $361,903, respectively, which
included an additional accrual estimate based on the principal and accrued but unpaid interest payment due when the note matures, and
made payments of $150,000 and $179,524, respectively. As of June 30, 2024 and December 31, 2023, the Company recorded principal
amount and accrued interest of $2,016,951 and $2,017,286 on the balance sheet, respectively. At maturity the Company will be
required to pay approximately $2.1M representing the Decathlon Note and accrued but unpaid interest.
Note
12. Related Party Transactions
Revenue
and Accounts Receivable
The
Company recognized revenue of $297,816 and
$543,696 for
the six months ended June 30, 2024 and 2023 and accounts receivable of $264,802 and
$67,447 and
contract asset and contract liability of $46,000 and
$43,173 as
of June 30, 2024 and December 31, 2023, respectively, from contracts entered into by Craig Technical Consulting, Inc, a principal
stockholder, and subcontracted to the Company for four customers.
Accounts
Payable
As
of June 30, 2024 and December 31, 2023, the Company owed $887,402 and $677,039 to Craig Technical Consulting, Inc. Advances
are unsecured, due on demand and non-bearing-interest.
Cost
of Revenue and Operating expense
For
the six months ended June 30, 2024 and 2023, the Company recorded cost of revenue to Craig Technical Consulting, Inc. of $214,002 and
$0, respectively.
Professional
Service Agreements
A
Professional Services Agreement, effective November 15, 2021, was made, between the Company and Craig Technical Consulting, Inc. The
period of performance for this Agreement was December 1, 2021, through November 30, 2022. The agreement was amended, and the term of
agreement was extended to November 30, 2024.
During
the six months ended June 30, 2024 and 2023, the Company recorded professional services of $79,465 and $49,249, respectively.
Sublease
On
August 1, 2021, the Company entered into a Sublease Agreement with its related party and a principal shareholder (“Sublandlord”),
whereby the Company shall sublease certain offices, rooms and shared use of common spaces located at 150 Sykes Creek Parkway, Merritt
Island, FL. The Lease is a month-to-month lease and may be terminated with 30 days’ notice to the Sublandlord. The monthly rent
shall be $4,570 from inception through January 31, 2022, $4,707 from February 1, 2022 to January 31, 2023, and $4,847 from
February 1, 2023 to January 31, 2024. On February 1, 2024, the Company extended the month-to-month Sublease agreement. The monthly rent
shall be $4,618.03 from February 1, 2024 to January 31, 2025, $4,756.57 from February 1, 2025 to January 31,2026 and $4,899.27 from
February 1, 2026 to January 31, 2027. A common area maintenance fee (CAM) will be charged in addition to the monthly rent. During the
six months ended June 30, 2024 and 2023, the Company recorded $38,555 and $28,942 to lease expenses.
Note
13. Commitments and Contingencies
Litigation
From
time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business.
We are currently not aware of any such legal proceedings or claims that will have, individually or in aggregate, a material adverse effect
on our business, financial condition, or operating results.
License
Agreement
The
consolidated financial statements include Aurea Alas Limited, which is a variable interest entity of which we are the primary beneficiary
(see Note 3). On August 18, 2020, Aurea entered into a license agreement with a third-party vendor (the “Vendor”), whereby
they licensed the rights to use certain available radio frequency spectrum for satellite communications. The Company shall pay an annual
Reservation Fee of $180,000 while the Company pursues up to four (4) NGSO satellite filing(s) via the Vendor. The Reservation Fee
is levied on the date the filing(s) is received at the International Telecommunication Union (ITU). The Reservation Fee is payable annually
at the anniversary of the date of receipt, as long as the customer retains the NGSO filing(s). The Reservation Fee payment continues
to be payable until any of the frequency assignments of the NGSO filing(s) are brought into use. Upon submission to the ITU to bring
into use any of the frequency assignments of a given constellation, an annual License Fee of $180,000 shall be paid in lieu of the
Reservation Fee. On February 1, 2021, the Vendor submitted the license filing to the ITU and on April 6, 2021, the ITU published the
license filing for LIZZIE IOMSAT. Payments began in February 2021. For the six months ended June 30, 2024 and 2023 the Company recorded
payments of $60,000 in Other General and Administrative expenses.
Note
14. Stockholder’s Equity
Authorized
Capital Stock
Effective
July 3, 2023, the Company filed an Amended and Restated Certificate of Incorporation to amend its authorized capital stock to authorize
the Company to issue 215,000,000 shares.
The
Company has authorized 5,000,000 shares of preferred stock with a par value of $0.0001.
The
Company has authorized 210,000,000 shares of common stock with a par value of $0.0001, consisting of 200,000,000 shares
of Class A Common Stock and 10,000,000 shares of Class B Common Stock. The Class B Common Stock is entitled to 10 votes
for every 1 vote of the Class A Common Stock.
Series
A Convertible Preferred Stock
On
October 11, 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional
investors, pursuant to which the Company agreed to issue and sell to such investor, in a registered direct offering (the “Offering”),
an aggregate of 2,000 shares of the Company’s Series A convertible preferred stock, par value $0.0001 per share
and stated value of $1,000 per share (the “Series A Preferred Stock”) at an offering price of $1,000 per share.
Each share of Series A Preferred Stock is convertible into shares of the Company’s Class A Common Stock at an initial conversion
price of $10.152 per share (the “Conversion Price”). The Conversion Price is subject to customary adjustments for stock
dividends, stock splits, reclassifications and the like, and subject to price-based adjustment, on a “full ratchet” basis,
in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below
the then-applicable Conversion Price (subject to certain exceptions). The Series A Preferred Stock (and the shares of the Company’s
Class A common stock (the “Class A Common Stock”)) underlying the Series A Preferred Stock) were offered by the Company pursuant
to its shelf registration statement on Form S-3 (File No. 333-273430), which was originally filed with the Securities and Exchange Commission
(the “SEC”) on July 26, 2023 and declared effective by the SEC on August 14, 2023. Concurrently with the sale of the Series
A Preferred Stock, pursuant to the Purchase Agreement in a concurrent private placement, for each share of Class A Common Stock issuable
upon conversion of the Series A Preferred Stock purchased by the investor, such investor received from the Company an unregistered warrant
(the “Warrant”) to purchase one share of Class A Common Stock (the “Warrant Shares”). Each Warrant will be exercisable
for one share of the Company’s Class A Common Stock at an exercise price of $10.152 per share, will be exercisable immediately
upon issuance, and will have a term of five years from the date of issuance. The exercise price is subject to customary adjustments for
stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment, on a “full ratchet”
basis, in the event of any issuances of Class A Common Stock, or securities convertible, exercisable or exchangeable for Class A Common
Stock, at a price below the then-applicable exercise price (subject to certain exceptions).
During
the six months ended June 30, 2024, 372 shares of Series A convertible preferred stock and a related dividend of
$27,374 were converted into 106,748 shares of Class A common stock.
The
Company had 0 and 372 shares of Series A Convertible preferred stock issued and outstanding as of June 30, 2024 and
December 31, 2023, respectively.
Class
A Common Stock
The
Company had 4,081,344 and 983,173 shares of Class A common stock issued and outstanding as of June 30, 2024 and December
31, 2023, respectively.
Fiscal
year 2024
On
January 29, 2024, the Company entered into a public offering of an aggregate of 1,181,900 shares of Class A Common Stock and
pre-funded warrants to purchase up to an aggregate of 69,900 shares of Class A Common Stock in lieu of Shares, which have been
sold pursuant to that certain Underwriting Agreement, dated January 29, 2024, by and between the Company and the Representative of the
Underwriters. Gross proceeds from the offering were $5,632,650 and net proceeds after underwriter discount, various fees and expenses
was $5,008,259.
On
February 29, 2024, the Company entered into a public offering of an aggregate of 1,321,000 shares (the
“Shares”) of Class A Common Stock, which have been sold pursuant to that certain Underwriting Agreement, dated
February 29, 2024, by and between the Company and the Representative of the Underwriters. Gross proceeds from the offering were
$7,926,000 and net proceeds after underwriter discount, various fees and expenses was $7,102,527.
During
the six months ended June 30, 2024, 372 shares of Series A convertible preferred stock and a related dividend of
$58,941 were converted into 106,748 shares of Class A common stock.
During
the six months ended June 30, 2024, 418,724 warrants were exercised into shares of Class A common stock. Gross proceeds from
the exercise of the warrants was $1,631,524.
Class
B Common Sock
The
Company had 100,000 shares of Class B common stock issued and outstanding as of June 30, 2024 and December 31, 2023.
Warrants
During
the period ended June 30, 2024, the Company issued 200 warrants exercisable for a period of five years at an exercise
price per share of $100 to prior employee.
January
2024 offering
The
Company issued a total of 69,900 pre-funded warrants exercisable for a period of five years at an exercise price
per share of $4.50 in connection with the common stock sold in January 2024. These warrants were fully exercised into Class A Common
stock as part of the offering previously described. In addition, the Company issued a total of 62,585 underwriter warrants
exercisable 180 days after the January 29, 2024 date of the offering agreement, for a period of five years at an exercise price
per share of $5.625 in connection with the common stock sold.
February
2024 offering
The
Company issued a total of 66,050 underwriter warrants exercisable 180 days after the February 29, 2024 date of the offering
agreement, for a period of five years at an exercise price per share of $7.50 in connection with the common stock sold.
A
summary of activity of the warrants during the six months ended June 30, 2024 as follows:
Schedule
of Activity of Warrant
| |
Number
of | | |
Weighted
average | | |
Average | |
| |
shares | | |
Exercise
Price | | |
Life
(years) | |
Outstanding,
December 31, 2023 | |
| 233,816 | | |
$ | 13.22 | | |
| 4.73 | |
| |
| | | |
| | | |
| | |
Granted | |
| 69,900 | | |
| 4.50 | | |
| 5.00 | |
Granted | |
| 200 | | |
| 100.00 | | |
| 5.00 | |
Granted | |
| 62,585 | | |
| 5.63 | | |
| 5.00 | |
Granted | |
| 66,050 | | |
| 7.50 | | |
| 5.00 | |
Split
– warrant granted in October 2023 | |
| 316,286 | | |
| 3.90 | | |
| - | |
Exercised | |
| (488,624 | ) | |
| 3.98 | | |
| - | |
| |
| | | |
| | | |
| | |
Outstanding,
June 30, 2024 | |
| 260,213 | | |
$ | 8.94 | | |
| 4.40 | |
| |
| | | |
| | | |
| | |
Exercisable,
June 30, 2024 | |
| 131,578 | | |
$ | 11.24 | | |
| 4.18 | |
The
intrinsic value of the warrants as of June 30, 2024 is $0.
Stock
Options
On
February 6, 2024, the Company granted 25,000 options with an exercise price of $4.12, with a term of five (5) years to exercise
from the grant date, to employees of the Company. Options issued vest at 33% of shares subject to the option on each anniversary
date, on February 6, 2025, 2026 and 2027.
The
Company utilizes the Black-Scholes model to value its stock options. The Company utilized the following assumptions:
Schedule
of Utilizes Black-Scholes Model to Value of Stock Options
| |
Six
months ended | |
| |
June
30, 2024 | |
Expected
term | |
| 3.50
years | |
Expected
average volatility | |
| 187 | % |
Expected
dividend yield | |
| - | |
Risk-free
interest rate | |
| 4.14 | % |
During
the six months ended June 30, 2024, the Company granted 25,000 options valued at $95,325. During the six months ended June
30, 2024, the Company recognized stock option expense of $86,044 and as of June 30, 2024 and December 31, 2023, $543,174 and
$533,892 remains unamortized, respectively. The intrinsic value of the 64,752 options outstanding as of June 30, 2024,
is $0.
A
summary of activity of the stock options during the six months ended June 30, 2024, is as follows:
Schedule
of Activity of Stock Options
| |
Options
Outstanding | | |
Weighted | |
| |
Number
of | | |
Weighted
Average | | |
Average
Remaining life | |
| |
Options | | |
Exercise
Price | | |
(years) | |
| |
| | |
| | |
| |
Outstanding,
December 31, 2023 | |
| 39,752 | | |
$ | 16.42 | | |
| 4.33 | |
Granted | |
| 25,000 | | |
$ | 4.12 | | |
| 5.00 | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited/canceled | |
| - | | |
| - | | |
| - | |
Outstanding,
June 30, 2024 | |
| 64,752 | | |
$ | 11.67 | | |
| 4.33 | |
| |
| | | |
| | | |
| | |
Exercisable
options, June 30, 2024 | |
| 200 | | |
$ | 100.00 | | |
| 4.32 | |
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS
Forward-Looking
Statements and Industry Data
This
Quarterly Report on Form 10-Q contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). These statements may be identified by such forward-looking terminology as “may,”
“should,” “expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other
comparable terminology. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections
about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. We may not actually
achieve the plans, intentions or expectations disclosed in these forward-looking statements. Actual results or events could differ materially
from the plans, intentions and expectations disclosed in these forward-looking statements. Our business and our forward-looking statements
involve substantial known and unknown risks and uncertainties, including the risks and uncertainties inherent in our statements regarding:
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projected financial position and estimated cash burn rate; |
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our
estimates regarding expenses, future revenues and capital requirements; |
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our
ability to continue as a going concern; |
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our
need to raise substantial additional capital to fund our operations; |
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our
ability to compete in the global space industry; |
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our
ability to obtain and maintain intellectual property protection for our current products and services; |
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our
ability to protect our intellectual property rights and the potential for us to incur substantial costs from lawsuits to enforce
or protect our intellectual property rights; |
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the
possibility that a third party may claim we have infringed, misappropriated or otherwise violated their intellectual property rights
and that we may incur substantial costs and be required to devote substantial time defending against these claims; |
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reliance on third-party suppliers and manufacturers; |
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success of competing products or services that are or become available; |
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our
ability to expand our organization to accommodate potential growth and our ability to retain and attract key personnel; |
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the
potential for us to incur substantial costs resulting from lawsuits against us and the potential for these lawsuits to cause us to
limit our commercialization of our products and services; |
All
of our forward-looking statements are as of the date of this Quarterly Report on Form 10-Q only. In each case, actual results may differ
materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will
prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties
referred to in this Quarterly Report on Form 10-Q or included in our other public disclosures or our other periodic reports or other
documents or filings filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”) could materially
and adversely affect our business, prospects, financial condition and results of operations. Except as required by law, we do not undertake
or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or
projections or other circumstances affecting such forward-looking statements occurring after the date of this Quarterly Report on Form
10-Q, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public
statements or disclosures by us following this Quarterly Report on Form 10-Q that modify or impact any of the forward-looking statements
contained in this Quarterly Report on Form 10-Q will be deemed to modify or supersede such statements in this Quarterly Report on Form
10-Q.
This
Quarterly Report on Form 10-Q may contain estimates and other statistical data made by independent parties and by us relating to market
size and growth and other data about our industry. We obtained the industry and market data in this Quarterly Report on Form 10-Q from
our own research as well as from industry and general publications, surveys and studies conducted by third parties. This data involves
a number of assumptions and limitations and contains projections and estimates of the future performance of the industries in which we
operate that are subject to a high degree of uncertainty, including those discussed in “Risk Factors.” We caution you not
to give undue weight to such projections, assumptions, and estimates. Further, industry and general publications, studies and surveys
generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness
of such information. While we believe that these publications, studies, and surveys are reliable, we have not independently verified
the data contained in them. In addition, while we believe that the results and estimates from our internal research are reliable, such
results and estimates have not been verified by any independent source.
You
should read the following discussion and analysis of our financial condition and results of operations together with our unaudited interim
consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical
information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our
actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include,
but are not limited to, those identified below, and those discussed in the section titled “Risk Factors” included in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as may be amended, supplemented or superseded from time to time
by other reports we file with the SEC. All amounts in this report are in U.S. dollars, unless otherwise noted.
Throughout
this Quarterly Report on Form 10-Q, references to “we,” “our,” “us,” the “Company,” “Sidus,”
or “Sidus Space” refer to Sidus Space, Inc., individually, or as the context requires, collectively with its subsidiary.
Overview
Founded
in 2012, we are a U.S based multi-faceted Space Infrastructure-as-a-Service company that designs, manufactures, owns and operates satellites
and related space-based solutions that provide Earth observation, data and analytics to defense, intelligence, civil and commercial end
users. We are dedicated to advancing the frontiers of space exploration, satellite deployment, and space-based data collection. Established
with a vision for innovation and sustainability, Sidus Space specializes in developing cutting-edge solutions for the space ecosystem
including satellite manufacturing, data collection and analytics, and advanced mission planning. Our mission is to support equitable
access to space by revolutionizing satellite manufacturing and ensuring rapid delivery of spacecraft and space data for commercial and
government customers.
In
March of 2024, we achieved ‘first launch success’ when we launched and began operating the first of its kind 3D printed,
artificial intelligence (AI) enhanced multi-mission satellite (“LizzieSat”) focused on critical missions across several applications
for governmental agencies and commercial businesses. In addition to this platform, we have numerous flight-proven systems, platforms,
devices and hardware that demonstrate our rich history of flight heritage. We believe our flight heritage contributed to the success
of our first LizzieSat™ mission and is a differentiator in providing us competitive advantage.
We
are leveraging skills, know-how and technological expertise derived from the design, assembly, launch and operation of our first satellite
to make improvements to our additional satellites currently in production. The next group of satellites is of similar size and weight
to our initial LizzieSat with expected enhancements that include integration of a processor capable of handling ten Terra Operations
Per Second (TOPS); upgraded payload processor with Field Programmable Gate Array (FPGA) capable of handling payloads at high speed up
to three Gb/s; five times more computing power and more speed with a 1.8 GHz dual core processor; and two times more memory storage.
Our
products and services are offered through several business units: Space-as-a-Service, Space-Based Data Solutions, Artificial Intelligence/Machine
Learning (AI/ML) Products and Services, Mission Planning and Management Operations, 3D Printing Products and Services, Satellite Manufacturing
and Payload Integration, and Space and Defense Hardware Manufacturing. Our vertically integrated model is complementary across each line
of business aiming to expand existing and unlock new potential revenue generating opportunities.
Products
and Services
| ● | Space-as-a-Service
capabilities: We replace traditional, product-centric Space business models and transforms
them into “-as-a-Service” models. For our customers, their capital expenditures
are drastically reduced as the majority of the design, development, and manufacturing are
no longer necessary. These resources can be redirected towards operations and operating margins
are higher as a result, due to a more efficient approach to providing the service and taking
advantage of lessons learned and economies of scale. |
| ● | Satellite-as-a-Service
(SataaS): We offer integration of a customer payload or technology and handle the
remaining services required including bus development, launch, and ongoing mission operations,
and provide data validation for success criteria. We consider the continued operation of
payloads as Constellation-as-a-Service. |
| ● | Space
Platform-as-a-Service (SPaaS): We provide the ability for customers to build applications
as a layer on our space platform. These services allow software application developers to
use our network of sensors, software-defined radio and high-performance computer for their
business cases. We offer the ability to run a customer’s AI/ML software models on earth
observation satellites without the customer having to launch their own hardware. We consider
extended operations of SPaaS as Space Based Data Solutions. |
| | |
| ● | Constellation-as-a-Service
(CaaS): We offer satellites as a platform on which customer sensors and instruments
can be flown as a service to collect data from a specific geographic location to provide
data to the customer on a monthly subscription basis. Our Constellation-as-a-Service model
shares our satellite and constellation with multiple customers and therefore offers CaaS
customers more sensor data and capacity for a fraction of traditional EO satellite costs.
It also allows for rapid program activation and increased resiliency for mission failures.
CaaS combines SataaS with SBDaaS for a multi-mode revenue. |
| ● | Space
Based Data Solutions (SBDaaS): We offer several space-based platform missions depending
on needs, budget, and timeframe. Our performance based LizzieSat constellation provides data
and results for commercial and government demands of our interconnected, cloud-based, and
data-driven world predicated on specific sensors and technologies requested. Integrated AI
provides fast pattern recognition with AI edge processing for identifying emerging issues
and anomalies related to the data collection. Our LizzieSat design allows for simultaneous
on-orbit data collection from multiple sensors with the flexibility to integrate new technologies
during the production cycle. |
| | |
| ● | AI/ML
Products and Services: We offer both software and hardware AI solutions for space.
Our FeatherEdge solution, a compact data processing unit tailored for AI applications in
orbit, redefines space efficiency. Its small size and low power design ensure seamless compatibility
with diverse satellite platforms. By processing onboard sensor data directly and transmitting
only crucial information, FeatherEdge reduces downlink costs and significantly bolsters response
times for critical events in orbit. Additionally, it combines cutting-edge computing prowess
with space grade reliability, delivering a complete AI payload in tandem with FeatherEdge
software for unparalleled on-orbit edge computing capabilities. Our AI/ML products are integrated
into each Sidus Space satellite but also available for integration into customer satellites.
|
| ● | Enhance
image processing capabilities for detailed Earth Observation (EO) |
| | |
| ● | Enable
Satellites to operate autonomously, streamlining mission tasks |
| | |
| ● | Facilitate
cloud-based data processing for space applications |
| | |
| ● | Contribute
to enhanced space surveillance and awareness |
| | |
| ● | Store
and compress data on-orbit efficiently |
| | |
| ● | Improve
radar capabilities for high-resolution imaging in space |
| ● | Mission
Planning and Management Operations: We provide 24/7/365 real-time routine and non-real-time
mission operations for satellites and payload missions. This service supports end-to-end
mission operations for small and medium-sized satellite operators, including satellite monitoring,
control, and data management. We provide innovative mission operations solutions tailored
to meet mission critical requirements including planning and validation, software suite operations
and mission execution. |
| ● | 24/7/365
Operations for Low Earth Orbit (LEO) Missions |
| | |
| ● | Amazon
Web Services cloud-based servers for data transfer and archival |
| | |
| ● | Backup
control center) capability |
| | |
| ● | In-house
designed C2 routing, encryption, and customer API integration |
| | |
| ● | Multiple
ground station providers available for use to meet customer needs |
| | |
| ● | Physical
and cyber security to ensure satellite and onboard payloads are protected |
3D
Printing Products and Services: Recently unveiled, our multi-material 3D printing services and printers enable the fabrication
of a complex satellite bus with unprecedented precision, efficiency and modularity. This technology revolutionizes the manufacturing
process, reducing production costs and lead times while reducing the weight of the satellite bus. Use of this material has been used
on-orbit and carries a TRL-9 rating for space application. Technology Readiness Levels (TRLs) are used to assess the maturity of a technology.
TRL-9 describes the maturity of a technology that has been proven to work during a flight mission in space.
| ● | Mission
Driven Satellite Solutions: We design and manufacture microsatellites, leveraging
advanced in-house and outsourced technologies. Our satellites are designed to provide improved
and highly effective payload capacity and mission flexibility, offering cost-effective and
reliable satellite options for customers. We also provide services including compliance assessment
with government regulations, insurance, licensing, launch integration and space data delivery. |
| | |
| ● | Space
and Defense Hardware Manufacturing: We blend the expertise of skilled engineers,
expert technicians, and state-of-the-art equipment to enhance precision machining, fabrication,
and assembly requirements. From crafting prototypes and managing low-rate initial production
to executing high-volume Swiss screw machining, we have over a decade of proven space flight
heritage and space qualification experience in design, development, test and certification
of space hardware, software, and manufacturing. We are experienced in mechanical and electrical
flight hardware for satellites, the International Space Station, and other space assets. |
| ● | Precision
Machining |
| | |
| ● | Assembly
and Test |
| | |
| ● | Program
Management including supply chain management |
We
have an approximately 10,000 square-foot reconfigurable avionics lab that produces a wide range of space system flight and ground cables,
medical and mission critical wire harnesses, military harness assemblies, electronic chassis, and electro-mechanical assemblies. Our
manufacturing business operates within a 35,000 square foot facility in Cape Canaveral Florida and is adjacent to our cleanroom. We hold
an AS9100 Aerospace certification, and we are International Traffic In Arms Regulations compliant thereby positioning us, in combination
with our existing tooling and capability, to address unique high-precision manufacturing requirements.
We
have supported several major government and commercial space programs that include NASA’s Artemis / SLS, Collins Aerospace Spacesuits,
Sierra Space’s Dream Chaser, Airbus’ OneWeb Satellites and the International Space Station.
As
of June 2024, key achievements and successes include:
| ● | launched
the first of several planned hybrid additive in-house manufactured (3D printed) satellites
(“LizzieSats”) engineered to have the capacity and adaptability to simultaneously
host payloads for Sidus driven data-as-a-service purpose and/or offer ‘ride-share’
opportunities for technology customers to deliver data to their end users; |
| | |
| ● | established
on-orbit data operations by completing the commissioning phase and activating payloads, the
Sidus team has already achieved several primary mission objectives and continues to work
through the remaining tasks in a deliberate and systematic approach. Many competitors launch
a prototype satellite for the first launch, but Lizzie-Sat 1 is a functional satellite with
both customer and Sidus-owned technology onboard; |
| | |
| ● | signed
a multi-year and multi-launch agreement with Space-X thereby offering customers by extension
a reliable, cost-effective launch service with a steady cadence of launches; |
| | |
| ● | currently
in the advanced stages of assembling and testing our next generation of commercial LizzieSat
satellites with launches expected later this year and early next year. |
| ● | integrated
Edge Artificial Intelligence (AI) software into LizzieSat-1satellite and demonstrated successful
operations to offer on-orbit tailored solutions to customers enabling geospatial data to
be processed more effectively; |
| | |
| ● | established
a fully operational mission control center to manage satellite operations, orchestrate collection
management tasks and satisfy data distribution requests for our own constellations and others.;
|
| | |
| ● | achieved
flight heritage, which is the history of successful operation of a particular component,
subsystem, or system in a space environment, for our FeatherEdge edge computing hardware
and software solutions; |
| | |
| ● | expanded
our capabilities and opportunities related to geospatial intelligence following the National
Geospatial-Intelligence Agency’s (NGA) award to provide research and development services
to NGA’s Research and Development directorate as a subcontractor to Solis Science;
|
| | |
| ● | expanded
our capabilities related to Lunar following award of the NASA Lunar Terrain Vehicle Services
Contract as a member of the Intuitive Machines-led Moon Reusable Autonomous Crewed Exploration
Rover team. |
We
plan to be a global provider of space-based data and insights by collecting data from space with no equivalent terrestrial alternatives.
We plan to initially focus on creating offerings in earth-based observations and Space situational awareness. These decisions are reinforced
by the growing and large addressable markets they represent.
Our
LizzieSat satellite platform has been designed to address these shortcomings by allowing for differentiated data collection when compared
to industry alternatives. We plan to lead the next generation of earth and space data collection by:
| ● | Collecting
on-orbit coincident data: LizzieSat is capable of hosting multiple-sensors on the same satellite
to collect varying data types at the same time and with the same collection geometry. On-orbit
coincident collection benefits users by decreasing false positives with complementary datasets
that reinforce one another |
| | |
| ● | Analyzing
data on the satellite on-orbit: In order to maximize value and speed in data processing,
we invested resources into Artificial Intelligence
(AI) and Machine Learning (ML) on-board the satellite through hardware and software development.
Our plans include integrating radiation hardened AI/ML capabilities alongside our on-orbit
coincident data collection |
| | |
| ● | Reducing
data size: By processing data at the edge on-board LizzieSat, we reduce the file size by
transmitting only the processed solution, not the entire raw dataset. This enables us to
move data from low-earth orbit to higher orbit data relay services (such as Iridium) for
a lower-cost and more continual data transmission option to our customers. |
The
net value of data collected from our planned LizzieSat constellation is expected to allow organizations to make better decisions with
higher confidence, and increased accuracy and speed. We expect to enrich this processed data with customizable analytics users control
for their own-use case, and in turn provide data as a subscription across industries to organizations so they are able to improve decision-making
and mitigate risk.
We
support a broad range of international and domestic governments and commercial companies including the Netherlands Organization, U.S.
Department of State, the U.S. Department of Defense, NASA, Collins Aerospace, Lockheed Martin, Teledyne Marine, Bechtel, OneWeb Satellites,
Parsons Corporation, and L3Harris in areas that include launch vehicles, satellite hardware, and autonomous underwater vehicles. Planned
services that benefit current and future customers include delivering space-based data that can provide critical insight for agriculture,
commodities tracking, disaster assessment, illegal trafficking monitoring, energy, mining, oil and gas, fire monitoring, classification
of vegetation, soil moisture, carbon mass, Maritime AIS, Aviation ADS, and weather monitoring; providing the ability for customers to
demonstrate that a technology (hardware or software) performs successfully in the harsh environment of space and delivering space services.
We plan to own and operate one of the industry’s leading U.S. based low earth orbi small satellite (“smallsat” or “smallsats”)
constellations focused on earth observation and remote sensing. Our operating strategy is to continue to enhance the capabilities of
our satellite constellation, to increase our international and domestic partnerships and to expand our co-incident data analytics offerings
in order to increase the value we deliver to our customers. Our two operating assets—our satellite constellation and hardware manufacturing
capability—are mutually reinforcing and are a result of years of heritage and innovation.
Key
Factors Affecting Our Results and Prospects
We
believe that our performance and future success depend on several factors that present significant opportunities but also pose risks
and challenges, including competition from better known and well-capitalized companies, the risk of actual or perceived safety issues
and their consequences for our reputation and the other factors discussed under “Risk Factors.” We believe the factors discussed
below are key to our success.
Expanding
Commercial Satellite Operations
Our
goal is to help customers understand how space-based data can be impactful to day-to-day business. Our strategy includes increasing the
demand downstream by starting out as end user focused. While others are focused on a data verticalization strategy specializing on key
sectors or a problem set, we believe that flexibility in production, low-cost bespoke design and ‘Bringing Space Down to Earth’
for consumers will provide a scalable model for growth. In Q1 2024, we successfully launched and began operations with our LizzieSat
multi-mission satellite.
In
Q2 2024, we announced the successful on-orbit activation of the FeatherEdge AI platform which enables us to deliver near real-time intelligence
derived from earth observation data. Further expanding the capabilities of our constellation, we implemented the SatLab A/S second-generation
automated identification system (AIS) technology into the LizzieSat satellite constellation. AIS technology uses sophisticated systems
on board marine vessels to identify and track ships to prevent collisions and protect life at sea. The integration of this technology,
combined with data from optical sensors on board LizzieSat enables unique vessel tracking and monitoring solutions while providing valuable
information about ship movements in real time.
We
have previously been approved for our X-band and S-band radio frequencies licensing through a published filing by the ITU on April 6,
2021. Such licenses are held through Aurea Alas, Ltd., an Isle of Man company, which is a Variable interest entity to us. The ITU filing
contains approved spectrum use for multiple X-Band and S-Band frequencies and seven different orbital planes, including 45 degrees. In
August 2023, the FCC granted Sidus a LizzieSat launch and operating license for launch and deploy on a SpaceX Falcon 9 mission called
Transporter 10 to include approval for orbital operations utilizing the previously approved ITU S-band and X-band frequencies and ground
station coverage. We have also filed an FCC Part 25 license request for the LizzieSat satellite constellation missions two through five.
The FCC Part 25 license request has completed the mandatory review period and is pending approval. The National Oceanic and Atmospheric
Administration (NOAA), an agency of the U.S. Department of Commerce, granted a Tier 1 license authorizing Sidus to operate LizzieSat1-3,
a private remote-sensing space system comprised of three satellites (LizzieSat#1 through LizzieSat #3 or LS-1 through LS-3) in 2024.
The imagery from Near-infrared and Short-wave infrared imagers will be integrated into our FeatherBox AI onboard processor and combined
with AIS data to detect marine traffic migration and illegal fishing activities, detect methane emissions and detect vegetative stress
in various agricultural areas. Any delays in commencing our commercial launch operations, including delays or cost overruns in obtaining
NOAA licenses or other regulatory approvals for future operations or frequency requirements, could adversely impact our results and growth
plans.
The
exact timing of launches is contingent on several factors, including satisfactory and timely completion of assembly, integrating and
testing of the satellites, regulatory approvals, confirmation of the launch slot timing by the launch provider, logistics, weather conditions,
and other factors, many of which are beyond our control.
Growing
and expanding our experienced space hardware operations
We
are seeking to grow our space and defense hardware operations, with a goal of expanding from one shift to two and a half shifts with
an increased customer base in the future. With current customers in the space, marine, and defense industries, our contract revenue is
growing, and we are in active discussions with numerous potential customers, including government agencies, large defense contractors
and private companies, to add to our contracted revenue. In the past decade, we have fabricated ground and flight products for the NASA
SLS Rocket and Mobile Launcher as well as other commercial space and satellite companies. We have supported customers such as Boeing,
Lockheed Martin, Northrop Grumman, Dynetics/Leidos, Blue Origin, United Launch Alliance, Collins Aerospace, L3Harris, OneWeb and Space
Systems Loral/Maxar. We have manufactured various products including fluid, hydraulic and pneumatic systems, electrical control systems,
cable harnesses, hardware lifting frames, umbilical plates, purge and hazardous gas disconnects, frangible bolts, reef cutters, wave
guides, customized platforms, and other precision machined and electrical component parts for all types of rockets, ground, flight and
satellite systems.
Our
Vertically Integrated Space Infrastructure
We
are designing, developing, manufacturing, and operating a constellation of proprietary smallsats. These satellites are designed for multiple
missions and customers and form the foundation of our satellite platform. Weighing approximately 100 kilograms each, these hybrid 3D
printed, modular satellites are being designed to be more functional than cubesats and nanosatellites and less expensive to manufacture
than the larger satellites in the 200-600kg range. In addition to our own satellites, we are expecting to design and manufacture customized
satellites for LEO and lunar applications for customers that include government and commercial entities.
Our
cost-efficient smallsats are being designed from the ground-up to optimize performance per unit cost. Our model is a movement from highly
bespoke, costly satellite manufacturing techniques to standardized bus with bespoke integration of customer needs at lower costs. We
are able to integrate technologies and deliver data on demand at lower costs than legacy providers due to our vertical integration, use
of customer off the shelf (COTS) proven systems, cost-efficiencies, capital efficient constellation design, and adaptable pricing models.
We
design and manufacture our satellites at our Cape Canaveral facility. Our current configuration and facility is designed to manufacture
5-10 satellites a month. Our vertical integration enables us to control our satellites through the entire design, manufacturing, and
operation process. Our years of experience manufacturing space hardware means we are able to leverage our manufacturing expertise and
commercial best practices for satellite production. Additionally, leveraging both in-house and partner-provided subsystem components
and in-house design and integration services, as well as operational support of satellites on orbit, to provide turn-key delivery of
entire constellations offer “concept to constellation” in months instead of years. Specifically, our offerings are expected
to encompass all aspects of hosted satellite and constellation services, including hosting customer payloads onto our satellites, and
delivering data and constellation services to customers from our space platform. These services are expected to allow customers to focus
on developing innovative payloads rather than having to design or develop complete satellite buses or satellites or constellations, which
we will provide, along with ancillary services that are likely to include telemetry, tracking and control, communications, processing,
as well as software development and maintenance. Our patented space-related technologies include a print head for regolith-polymer mixture
and associated feedstock; a heat transfer system for regolith; a method for establishing a wastewater bioreactor environment; vertical
takeoff and landing pad and interlocking pavers to construct same; and high-load vacuum chamber motion feedthrough systems and methods.
Regolith is a blanket of unconsolidated, loose, heterogeneous superficial deposits covering solid rock. It includes dust, broken rocks,
and other related materials and is present on earth, the moon, Mars, some asteroids, and other terrestrial planets and moons. We continue
to patent our products including our satellites, external platforms and other innovations.
Revenue
Generation
We
generate revenue by selling payload space on our satellite platform, providing engineering and systems integration services to strategic
customers on a project-by-project basis, and manufacturing space hardware. Additionally, we intend to add to our revenue by selling geospatial
data and actionable intelligence captured through our constellation. This support is typically contracted to both commercial and government
customers under fixed price contracts and often includes other services. Due to the size and capacity of our satellite, we plan to host
a diverse array of sensors such as Multispectral and Hyperspectral Earth Observing Imagers, Maritime Vessel RF Tracking receivers, UHF
IoT Transceivers, Optical Communications gear and others on a single platform that can simultaneously address the needs of many customer
requirements.
Lowering
Manufacturing Cost and Schedule
We
are developing a manufacturing model that provides rapid response to customer requirements including integration of customers technologies
and space-based data delivery. Our planned satellites are being designed to integrate COTS subsystems that are space-proven, can be rapidly
integrated into the satellite and replaced rapidly when customer needs change or evolve. Our vertically integrated manufacturing processes
give us the flexibility to make changes during the production cycle without impacting launch or costs.
Environmental,
social, and corporate governance
While
Environmental, Social and Governance (ESG) reporting is not mandatory, we are developing an ESG policy that will implement the tracking
of several indicators we believe are critical to ensure we are doing our part to continue sustainable growth and maximize shareholder
value. We have been in business for over ten years manufacturing space hardware and components, and in that time, implementation of policies
and processes to mitigate environmental impact have been of upmost importance. Furthermore, since our inception, we have recognized the
value of our employees and have always prioritized employee well-being through facets such as excellent benefits, programs, educational
assistance, and insurance of a safe and healthy work environment. We also understand that our efforts to promote value and well -being
are not limited to our employees. We are committed to the communities we belong to both locally and professionally. We recently started
to formalize this commitment, providing tangible benefits back to the community that supports us.
Results
of Operations
Comparison
of quarter ended June 30, 2024 to quarter ended June 30, 2023
The
following table provides certain selected financial information for the periods presented:
| |
Three
Months Ended | | |
| | |
| |
| |
June
30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
Change | | |
% | |
Revenue | |
$ | 927,570 | | |
$ | 1,370,409 | | |
$ | (442,839 | ) | |
| (32 | )% |
Cost
of revenue | |
| 1,768,671 | | |
| 862,632 | | |
| 906,039 | | |
| 105 | % |
Gross
Profit (Loss) | |
| (841,101 | ) | |
| 507,777 | | |
| (1,348,878 | ) | |
| (266 | )% |
Gross
Profit (Loss) Percentage | |
| (91 | )% | |
| 37 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Selling,
General & Administrative Expense | |
| 3,056,814 | | |
| 3,560,482 | | |
| (503,668 | ) | |
| (14 | )% |
Other
income (expenses) | |
| (238,169 | ) | |
| (448,876 | ) | |
| 210,707 | | |
| n/a | |
Net
loss | |
$ | (4,136,084 | ) | |
$ | (3,501,581 | ) | |
$ | (634,503 | ) | |
| 18 | % |
Revenue
Non-related
party revenue decreased 29% for the 3 months ended June 30, 2024 to approximately $835,000 as compared to approximately $1.2 million
for the 3 months ended June 30, 2023 and was primarily driven by timing of fixed price milestone contracts and fewer satellite related
revenue contracts than prior year. Revenue from related parties decreased by 52% to approximately $93,000 for the three months ended
June 30, 2024 from approximately $195,000 for the three months ended June 30, 2023. This was driven by the timing of fixed price milestone
contracts and fewer contracts our related party entered into with its customers, requiring less outsourcing of its work to us.
Cost
of Revenue
The
increase in cost of revenue of 105% for the three months ended June 30, 2024 to approximately $1.77 million as compared to approximately
$863,000 for the three months ended June 30, 2023, included approximately $46,000 and approximately $90,000, respectively, of related
party costs of revenue. The overall increase in cost of revenue was driven by mix of contracts and lower sales of our higher margin satellite
related business. As a manufacturing entity, materials and other direct costs are a percentage of revenue. The percent change in the
cost of revenue was higher than the percent decrease in revenue due to mix of contracts, supply chain impacts, and increased depreciation
expense related to our satellite side of the business.
Gross
Profit (Loss)
The
decrease in our gross profit of approximately $1.3 million to a gross loss of approximately $841,000 for the three months ended June
30, 2024 as compared to a gross profit of approximately $508,000 for the three months ended June 30, 2023 is primarily attributable to
mix of contracts, lower sales and increased depreciation expense related to our satellite side of the business, and higher supply chain
related costs.
Selling,
General, and Administrative Expenses
Selling,
general, and administrative expenses of approximately $3.1 million were down approximately $500,000 when compared with approximately
$3.6 million for the same period in 2023, and was primarily due to the following:
|
● |
A
decrease of approximately $255,000 in payroll and related expenses primarily as a result of labor hours directly related to building
the satellite fixed asset were reclassed from selling, general and administrative expense to fixed asset. |
|
|
|
|
● |
A
decrease of approximately $180,000 in professional fees expense primarily as a result of
reduction in use of outside legal firms and increased use of internal resources.
|
|
|
|
| ● | A
decrease of approximately $105,000 in D&O insurance expense to approximately $143,000
compared to $248,000 in 2023, due to a reduction in insurance rates. |
| | |
| ● | A
decrease of approximately $95,000 in marketing and investor relations expense as a result
of reduction in use of outside agencies and increased use of internal resources. |
These
decreases were partially offset by the following increases:
|
● |
An
increase of approximately $75,000 related primarily to Board related cash and stock compensation as we continue to expand and build
our Board of Directors. |
|
|
|
|
● |
An
increase of approximately $24,000 in monthly software-related costs driven by the growth and needs of our business and internal systems.
|
|
|
|
|
●
|
An
increase in Mission Operations Support expense of approximately $20,000 to approximately $63,000 compared to approximately $40,000
in 2023, related to ground support required for tracking and communicating with first satellite. |
Total
other income (expenses)
Other
income and (expenses) showed a decrease of other expenses of $210,707 to $238,169 compared to $448,876 in 2023 primarily due to a change
in accounting treatment of financing related costs included in other expense in 2023 to being included in the costs required to raise
capital which are included in additional paid in capital on the balance sheet.
Six
Months Ended June 30, 2024 compared to the Six Months Ended June 30, 2023
| |
Six
Months Ended | | |
| | |
| |
| |
June
30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
Change | | |
% | |
Revenue | |
$ | 1,977,725 | | |
$ | 3,634,036 | | |
$ | (1,656,311 | ) | |
| (46 | )% |
Cost
of revenue | |
| 2,734,762 | | |
| 2,230,460 | | |
| 504,302 | | |
| 23 | % |
Gross
Profit (Loss) | |
| (757,037 | ) | |
| 1,403,576 | | |
| (2,160,613 | ) | |
| (154 | )% |
Gross
Profit Percentage | |
| (38 | )% | |
| 39 | % | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Selling,
General & Administrative expense | |
| 6,702,397 | | |
| 7,102,651 | | |
| (400,254 | ) | |
| (6 | )% |
Other
income (expenses) | |
| (487,150 | ) | |
| (1,243,565 | ) | |
| 756,415 | | |
| (61 | )% |
Net
loss | |
$ | (7,946,584 | ) | |
$ | (6,942,640 | ) | |
$ | (1,003,944 | ) | |
| 14 | % |
Revenue
Total
revenue for the six months ended June 30, 2024 decreased approximately $1.66 million versus total revenue for the six months ended June
30, 2023. Primarily a result of a change in the mix of contracts. Manufacturing non-related party revenue decreased 46% for the six months
ended June 30, 2024 to approximately $1.7 million as compared to approximately $3.1 million for the six months ended June 30, 2023 and
was primarily driven by the timing of fixed price milestone contracts and lower satellite related revenue. Manufacturing revenue from
related parties decreased approximately 45% to approximately $298,000 for the six months ended June 30, 2024 from approximately $544,000
for the six months ended June 30, 2023 and was driven by timing of fixed price milestone contracts our related party entered into and
outsourcing less of its work to us.
Cost
of Revenue
The
increased 23% in cost of revenue for the six months ended June 30, 2024 to approximately $2.7 million as compared to approximately $2.2
million for the six months ended June 30, 2023 was primarily driven by mix of contracts and a decrease in our higher margin satellite
related business as well as continued increased supply chain related costs in the manufacturing side of our business. Cost of revenue
from related parties for the 6 months ended June 30, 2024 versus prior year, included approximately $214,000 and approximately $387,000,
respectively.
Gross
Profit (Loss)
The
decrease in our gross profit of approximately $2.16 million to a gross loss of approximately $757,000 for the six months ended June 30,
2024 as compared to a gross profit of approximately $1.4 million for the six months ended June 30, 2023 is primarily attributable to
mix of contracts, lower sales from our satellite related business and higher supply chain related costs.
Selling,
General, and Administrative Expenses
Selling,
general, and administrative expenses of approximately $6.7 million were down approximately $400,000 when compared with approximately
$7.1 million for the same period in 2023, and was primarily due to the following:
|
● |
A
decrease of approximately $467,000 in payroll and related expenses primarily as a result of labor hours directly related to building
the satellite fixed asset were reclassed from selling, general and administrative expense to fixed asset. |
|
|
|
|
● |
A
decrease of approximately $250,000 in marketing and investor relations expense as a result
of reduction in use of outside agencies and increased use of internal resources.
|
|
|
|
| ● | A
decrease of approximately $217,000 in professional fees expense primarily as a result of
reduction in use of outside legal firms and increased use of internal resources. |
| | |
| ● | A
decrease of approximately $211,000 in D&O insurance expense to approximately $285,000
compared to $498,000 in 2023, due to a reduction in insurance rates. |
These
decreases were partially offset by the following increases:
|
● |
An
increase in Mission Operations Support expense of approximately $305,000 to approximately $345,000 compared to approximately $40,000
in 2023, related to ground support required for tracking and communicating with first satellite. An increase of approximately $164,000
related primarily to Board related cash and stock compensation as we continue to expand and build our Board of Directors. |
|
|
|
|
● |
An
increase of approximately $246,000 in fundraising related costs driven by the growth and needs of our business and internal systems.
|
|
|
|
|
●
|
An
increase of approximately $164,000 related primarily to Board related cash and stock compensation as we continue to expand and build
our Board of Directors. |
Total
other income (expenses)
Other
income and (expenses) showed a decrease of other expenses of $756,415 to $487,150 compared to $1,243,565 in 2023 primarily due to a change
in accounting treatment of financing related costs included in other expense in 2023 to being included in the costs required to raise
capital which are included in additional paid in capital on the balance sheet.
NON-GAAP
MEASURES
To
provide investors with additional information in connection with our results as determined in accordance with GAAP, we use non-GAAP measures
of adjusted EBITDA. We use adjusted EBITDA in order to evaluate our operating performance and make strategic decisions regarding future
direction of the company since it provides a meaningful comparison to our peers using similar measures. We define adjusted EBITDA as
net income (as determined by U.S. GAAP) adjusted for interest expense, depreciation and amortization expense, acquisition deal costs,
severance costs, capital market and advisory fees, equity-based compensation and warrant costs. These non-GAAP measures may be different
from non-GAAP measures made by other companies since not all companies will use the same measures. Therefore, these non-GAAP measures
should not be considered in isolation or as a substitute for relevant U.S. GAAP measures and should be read in conjunction with information
presented on a U.S. GAAP basis.
The
following table reconciles adjusted EBITDA to net loss (the most comparable GAAP measure) for the three months ended June 30, 2024 and
2023:
| |
Three
Months Ended | | |
| | |
| |
| |
June
30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
Change | | |
% | |
Net
Income / (Loss) | |
$ | (4,136,084 | ) | |
$ | (3,501,581 | ) | |
$ | (634,503 | ) | |
| 18 | % |
Interest
Expense (i) | |
| 249,174 | | |
| 228,244 | | |
| 20,930 | | |
| 9 | % |
Depreciation
and Amortization (ii) | |
| 605,003 | | |
| 76,025 | | |
| 528,978 | | |
| 696 | % |
Fundraising
expense (iii) | |
| - | | |
| 139,000 | | |
| (139,000 | ) | |
| (100 | )% |
Warrant
costs underwriter (iv) | |
| - | | |
| 240,525 | | |
| (240,525 | ) | |
| (100 | )% |
Severance
Costs | |
| 17,231 | | |
| - | | |
| 17,231 | | |
| - | |
Equity
based compensation | |
| 80,829 | | |
| - | | |
| 80,829 | | |
| - | |
Total
Non-GAAP Adjustments | |
| 952,237 | | |
| 683,794 | | |
| 268,443 | | |
| 39 | % |
Adjusted
EBITDA | |
| (3,183,847 | ) | |
| (2,817,788 | ) | |
| (366,059 | ) | |
| 13 | % |
(i) |
Sidus
Space incurred increased interest expense due to short-term note payable due in Q4 2024 and interest expense related to an asset-based
loan. |
(ii) |
Sidus
Space incurred increased depreciation expense 2024 with launch and deployment of satellite fixed asset and related satellite software,
as well as new ERP software capitalization. |
(iii) |
Sidus
Space incurred decreased Fundraising expense due to no fundraising activities in Q2 2024. |
(iv) |
Sidus
Space incurred one-time costs related to underwriter warrants during 2023 |
The
following table reconciles adjusted EBITDA to net loss (the most comparable GAAP measure) for the six months ended June 30, 2024 and
2023:
| |
Six
Months Ended | | |
| | |
| |
| |
June
30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
Change | | |
% | |
Net
Income / (Loss) | |
$ | (7,946,584 | ) | |
$ | (6,942,640 | ) | |
$ | (1,003,944 | ) | |
| 14 | % |
Interest
Expense (i) | |
| 497,707 | | |
| 457,915 | | |
| 39,792 | | |
| 9 | % |
Depreciation
and Amortization (ii) | |
| 858,033 | | |
| 79,385 | | |
| 778,648 | | |
| 981 | % |
Fundraising
expense (iii) | |
| 560,322 | | |
| 174,000 | | |
| 386,322 | | |
| 222 | % |
Warrant
costs underwriter (iv) | |
| - | | |
| 806,754 | | |
| (806,754 | ) | |
| (100 | )% |
Severance
Costs | |
| 7,509 | | |
| - | | |
| 7,509 | | |
| - | |
Equity
based compensation | |
| 160,027 | | |
| - | | |
| 160,027 | | |
| - | |
Total
Non-GAAP Adjustments | |
| 2,083,598 | | |
| 1,518,054 | | |
| 565,544 | | |
| 37 | % |
Adjusted
EBITDA | |
| (5,862,986 | ) | |
| (5,424,586 | ) | |
| (438,400 | ) | |
| 8 | % |
(i) |
Sidus
Space incurred increased interest expense due to short-term note payable due in Q4 2024 and interest expense related to an asset-based
loan. |
(ii) |
Sidus
Space incurred increased depreciation expense 2024 with launch and deployment of satellite fixed asset and related satellite software,
as well as new ERP software capitalization. |
(iii) |
Sidus
Space incurred internal Fundraising expense related to multiple capital raises in 2024 & 2023 |
(iv) |
Sidus
Space incurred one-time costs related to underwriter warrants during 2023 |
Liquidity
and Capital Resources
The
following table provides selected financial data about us as of June 30, 2024, and December 31, 2023.
| |
June
30, | | |
December
31, | | |
| | |
| |
| |
2024 | | |
2023 | | |
Change | | |
% | |
Current
assets | |
$ | 8,303,412 | | |
$ | 9,202,310 | | |
$ | (898,898 | ) | |
| (10 | )% |
Current
liabilities | |
$ | 8,735,296 | | |
$ | 12,219,356 | | |
$ | (3,484,060 | ) | |
| (29 | )% |
Working
capital (deficiency) | |
$ | (431,884 | ) | |
$ | (3,017,046 | ) | |
$ | 2,585,162 | | |
| (86 | )% |
We
had an accumulated deficit of approximately $50.8 million and working capital deficiency of approximately $432,000 as of June 30, 2024.
As of June 30, 2024, we had approximately $1.4 million of cash as compared with approximately $1.2 million as of December 31,2023.
As
of June 30, 2024 the working capital deficiency is primarily due to our build out of our LizzieSat satellites in anticipation of additional
upcoming launches. As of December 31, 2023, the working capital deficiency is primarily due to our build out of our LizzieSat satellite
launched in Q1 2024.
Current
assets decreased 10% or by approximately $900,000 to approximately $8.3 million as of June 30, 2024 from approximately $9.2 million as
of December 31, 2023. The decrease is primarily attributable to a decrease in prepaids and accounts receivable, slightly offset by an
increase in cash and inventory.
Current
liabilities decreased by approximately $3.5 million or 29% to approximately $8.7 million as of June 30, 2024 from approximately $12.2
million December 31,2023. The decrease was primarily attributable to a decrease in accounts payable and other current liabilities and
our asset-based loan liability.
Cash
Flow
| |
Six
Months Ended | | |
| | |
| |
| |
June
30, | | |
| | |
| |
| |
2024 | | |
2023 | | |
Change | | |
% | |
Cash
used in operating activities | |
$ | (7,570,068 | ) | |
$ | (6,139,261 | ) | |
$ | (1,430,807 | ) | |
| 23 | % |
Cash
used in investing activities | |
$ | (4,067,741 | ) | |
$ | (2,614,169 | ) | |
$ | (1,453,572 | ) | |
| 56 | % |
Cash
provided by financing activities | |
$ | 11,866,071 | | |
$ | 14,322,020 | | |
$ | (2,455,949 | ) | |
| (17 | )% |
Cash
on hand | |
$ | 1,444,369 | | |
$ | 7,863,849 | | |
$ | (6,419,480 | ) | |
| (82 | )% |
Cash
Flow from Operating Activities
Six
Months ended June 30, 2024 and 2023
For
the six months ended June 30, 2024 and 2023, we did not generate positive cash flows from operating activities. For the six months ended
June 30, 2024, net cash flows used in operating activities was approximately $7.6 million compared to approximately $6.1 million during
the six months ended June 30, 2023.
Cash
flows used in operating activities for the six months ended June 30, 2024 of approximately $7.6 million is comprised of a net loss of
approximately $7.9 million, which was reduced by non-cash expenses of $160,028 for stock-based compensation and $858,033 for depreciation,
and an increase in net change in working capital of approximately $642,000.
Cash
flows used in operating activities for the six months ended June 30, 2023 of approximately $6.1 million is comprised of a net loss of
approximately $6.9 million, which was reduced by non-cash expenses of $806,754 for the issuance of warrants as compensation of underwriters
services and $79,385 for depreciation, and an increase in net change in working capital of approximately $83,000.
Cash
Flows from Investing Activities
During
the six months ended June 30, 2024 and 2023, we purchased property and equipment in the amount of approximately $4.1 million and $2.6
million respectively, primarily related to purchasing satellite related components and software.
Cash
Flows from Financing Activities
During
the six months ended June 30, 2024, net cash provided in financing activities of approximately $11.9 million included a January 2024,
capital raise of approximately $5.6 million and a February 2024, capital raise of approximately $7.9 million partially offset by repayment
of an asset-based loan of approximately $1.7 million net and repayment of notes payable of $150,000.
During
the six months ended June 30, 2023, net cash provided in financing activities of approximately $14.3 million included our January and
April 2023 capital raises of approximately $14.8 million net proceeds, partially offset by approximately $286,000 net repayment of an
asset-based loan agreement and repayment of notes payable of approximately $180,000.
March
2024 Public Offering
On
March 5, 2024, we completed an underwritten public offering of 1,321,000 shares of our Class A common stock at a public offering price
of $6.00 per share, for which we received approximately $7.1million of net proceeds.
January
2024 Public Offering
On
January 29, 2024, we completed a public offering of 1,181,800 shares of our Class A common stock at a public offering price of $4.50
per share, and Pre-Funded Warrants to purchase up to 69,900 shares of Class A common stock at a public offering price of $4.499 per Pre-Funded
Warrant, for which we received approximately $5.0 million of net proceeds.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements or relationships with unconsolidated entities or financial partnerships, such as entities
often referred to as structured finance or special purpose entities.
Critical
Accounting Policies and Significant Judgments and Estimates
This
discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared
in accordance with generally accepted accounting principles in the United States (“GAAP”). The preparation of these financial
statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements, as well as the reported expenses incurred during the reporting
periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates under different assumptions or conditions. While our significant accounting
policies are described in more detail in the notes to our financial statements included elsewhere in this annual report on Form 10-K,
we believe that the following accounting policies are critical to understanding our historical and future performance, as these policies
relate to the more significant areas involving management’s judgments and estimates.
We
believe our most critical accounting policies and estimates relate to the following:
|
● |
Revenue
Recognition |
|
|
|
|
● |
Inventory |
|
|
|
|
● |
Credit
losses |
|
|
|
|
● |
Lease
Accounting |
|
|
|
|
● |
Stock
Option and Warrant Valuation |
Revenue
Recognition
We
adopted ASC 606 – Revenue from Contracts with Customers using the modified retrospective transition approach. The core principle
of ASC 606 is that revenue should be recognized in a manner that depicts the transfer of promised goods or services to customers in an
amount that reflects the consideration to which the entity expects to be entitled for exchange of those goods or services. Our updated
accounting policies and related disclosures are set forth below, including the disclosure for disaggregated revenue. The impact of adopting
ASC 606 was not material to the Consolidated Financial Statements.
Our
revenue is recognized under Topic 606 in a manner that reasonably reflects the delivery of its services and products to customers in
return for expected consideration and includes the following elements:
|
● |
executed
contracts with our customers that we believe are legally enforceable; |
|
|
|
|
● |
identification
of performance obligations in the respective contract; |
|
|
|
|
● |
determination
of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
Allocation
of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition
of revenue only when we satisfy each performance obligation. |
These
five elements, as applied to each of our revenue category, is summarized below:
|
● |
executed
contracts with our customers that we believe are legally enforceable; |
|
|
|
|
●
|
identification
of performance obligations in the respective contract; |
|
|
|
|
●
|
determination
of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
●
|
Allocation
of the transaction price to each performance obligation; and |
|
|
|
|
●
|
recognition
of revenue only when we satisfy each performance obligation. |
Revenues
from fixed price contracts that are still in progress at month end are recognized on the percentage-of-completion method, measured by
the percentage of total costs incurred to date to the estimated total costs for each contract. This method is used because management
considers total costs to be the best available measure of progress on these contracts. Revenue from fixed price contracts and time-and-materials
contracts that are completed in the month the work was started are recognized when the work is shipped.
Revenues
from fixed price contracts that require milestone payments are recognized at the time of the milestone being met. This method is used
because management considers that the payments are nonrefundable unless the entity fails to perform as promised. If the customer terminates
the contract, we are entitled only to retain any progress payments received from the customer and we have no further rights to compensation
from the customer. Even though the payments made by the customer are nonrefundable, the cumulative amount of those payments is not expected,
at all times throughout the contract, to at least correspond to the amount that would be necessary to compensate us for performance completed
to date. Accordingly, we account for the progress under the contract as a performance obligation satisfied at a point in time.
Inventory
Inventory
consists of work in progress and finished goods and consists of estimated revenue calculated on a percentage of completion based on direct
labor and materials in relation to the total contract value. We do not maintain raw materials.
Credit
Losses
The
provision for expected credit losses on trade receivables are estimated based on historical information, customer solvency and changes
in customer payment terms and practices. The Company will calibrate its provision matrix to adjust the historical credit loss experience
with forward-looking information. The amount of expected credit losses is sensitive to changes in circumstances and of forecast economic
conditions. The Company’s historical credit loss experience and forecast of economic conditions may also not be representative
of the customer’s actual default in the future. The company will utilize the Allowance Method based on the accounts receivable
aging in order to accrue bad debt expense.
Leases
In
February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard requires lessees to recognize the assets and liabilities
that arise from leases in the balance sheet. Additionally, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) – Targeted
Improvements, which, among other things, provides an additional transition method that would allow entities to not apply the guidance
in ASU 2016-02 in the comparative periods presented in the financial statements and instead recognize a cumulative-effect adjustment
to the opening balance of retained earnings in the period of adoption.
We
determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”)
assets, operating lease liabilities - current, and operating lease liabilities - noncurrent on the balance sheets. Finance leases are
included in property and equipment, other current liabilities, and other long-term liabilities in our balance sheets.
ROU
assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease
payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present
value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we generally use our incremental
borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement
date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include
options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments
is recognized on a straight-line basis over the lease term.
Leases
with a lease term of 12 months or less at inception are not recorded on our balance sheet and are expensed on a straight-line basis over
the lease term in our statement of operations.
Stock
Option and Warrant Valuation
We
use the Black-Scholes option-pricing model to value all options and Class A common stock warrants. Estimating the fair value of stock
options using the Black-Scholes option-pricing model requires the application of significant assumptions, such as the fair value of our
Class A common stock, the estimated term of the options, risk-free interest rates, the expected volatility of the price of our Class
A common stock, and an expected dividend yield. Each of these assumptions is subjective, requires significant judgment, and is based
upon management’s best estimates. If any of these assumptions were to change significantly in the future, equity-based compensation
related to future awards may differ significantly, as compared with awards previously granted.
JOBS
Act
On
April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an “emerging growth company” can take
advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (“Securities
Act”) for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay
the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We
have chosen to take advantage of the extended transition periods available to emerging growth companies under the JOBS Act for complying
with new or revised accounting standards until those standards would otherwise apply to private companies provided under the JOBS Act.
As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates for
complying with new or revised accounting standards.
We
are in the process of evaluating the benefits of relying on other exemptions and reduced reporting requirements provided by the JOBS
Act. Subject to certain conditions set forth in the JOBS Act, as an “emerging growth company,” we intend to rely on certain
of these exemptions, including without limitation, (i) providing an auditor’s attestation report on our system of internal controls
over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act and (ii) complying with any requirement that may be adopted
by the Public Company Accounting Oversight Board (“PCAOB”) regarding mandatory audit firm rotation or a supplement to the
auditor’s report providing additional information about the audit and the financial statements, known as the auditor discussion
and analysis. We will remain an “emerging growth company” until the earliest of (i) the last day of the fiscal year in which
we have total annual gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of
the date of the completion of this offering; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during
the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The
Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined
in Rule 12b-2 of the Exchange Act.
ITEM
4. CONTROLS AND PROCEDURES.
Evaluation
of Disclosure Controls and Procedures
As
of the end of the period covered by this Report, we conducted an evaluation, under the supervision and with the participation of our
Chief Executive Officer and Chief Financial Officer, of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule
15d-15(e) of the Exchange Act). Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our
disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file
or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s
rules and forms, and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer,
or person performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Changes
in Internal Control
There
have been no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2024 that
have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II — OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS.
From
time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation
is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm our business.
We are currently not aware of any such legal proceedings or claims that will have, individually or in the aggregate, a material adverse
effect on our business, financial condition or operating results.
ITEM
1A. RISK FACTORS.
Risk
factors that affect our business and financial results are discussed in Part I, Item 1A “Risk Factors,” in our Annual Report
on Form 10-K for the year ended December 31, 2023 (“Annual Report”). There have been no material changes in our risk factors
from those previously disclosed in our Annual Report. You should carefully consider the risks described in our Annual Report, which could
materially affect our business, financial condition or future results. The risks described in our Annual Report are not the only risks
we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially
adversely affect our business, financial condition, and/or operating results. If any of the risks actually occur, our business, financial
condition, and/or results of operations could be negatively affected.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
ITEM
5. OTHER INFORMATION.
None.
ITEM
6. EXHIBITS.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
SIDUS
SPACE, INC. |
|
|
|
Date:
August 19, 2024 |
By: |
/s/
Carol Craig |
|
|
Carol
Craig |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
August 19, 2024 |
By: |
/s/
Bill White |
|
|
Bill
White |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit 31.1
Certification of Chief Executive Officer of Sidus
Space, Inc.
Pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002
I, Carol Craig, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Sidus Space, Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 19, 2024 |
/s/ Carol Craig |
|
Carol Craig |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
Exhibit 31.2
Certification of Chief Financial Officer of Sidus Space, Inc.
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Bill White, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Sidus Space, Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 19, 2024 |
/s/ Bill White |
|
Bill White |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
Exhibit 32.1
Certification of Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Carol Craig, Chief Executive Officer of Sidus Space, Inc. (the “Company”),
hereby certifies that based on the undersigned’s knowledge:
|
1. |
The Company’s quarterly report on Form 10-Q for the period ended June 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 19, 2024 |
/s/ Carol Craig |
|
Carol Craig |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
Exhibit 32.2
Certification of Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Bill White, Chief Financial Officer of Sidus Space, Inc. (the “Company”),
hereby certifies that based on the undersigned’s knowledge:
|
1. |
The Company’s quarterly report on Form 10-Q for the period ended June 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: August 19, 2024 |
/s/ Bill White |
|
Bill White |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 19, 2024 |
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10-Q
|
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false
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|
|
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false
|
|
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Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41154
|
|
Entity Registrant Name |
SIDUS
SPACE, INC.
|
|
Entity Central Index Key |
0001879726
|
|
Entity Tax Identification Number |
46-0628183
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
150
N. Sykes Creek Parkway
|
|
Entity Address, Address Line Two |
Suite 200
|
|
Entity Address, City or Town |
Merritt
Island
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
32953
|
|
City Area Code |
(321)
|
|
Local Phone Number |
450-5633
|
|
Title of 12(b) Security |
Class
A common stock, $0.0001 par value
|
|
Trading Symbol |
SIDU
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
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true
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
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false
|
|
Common Class A [Member] |
|
|
Entity Common Stock, Shares Outstanding |
|
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|
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|
|
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v3.24.2.u1
Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets |
|
|
Cash |
$ 1,444,369
|
$ 1,216,107
|
Inventory |
1,400,686
|
1,217,929
|
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
|
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
|
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 |
|
|
Additional paid-in capital |
63,879,410
|
49,918,441
|
Accumulated deficit |
(50,775,752)
|
(42,786,793)
|
Total Stockholders’ Equity |
13,104,077
|
7,131,756
|
Total Liabilities and Stockholders’ Equity |
21,839,373
|
19,351,112
|
Series A Preferred Stock [Member] |
|
|
Stockholders’ Equity |
|
|
Preferred stock, value |
|
|
Common Class A [Member] |
|
|
Stockholders’ Equity |
|
|
Common stock, value |
409
|
98
|
Common Class B [Member] |
|
|
Stockholders’ Equity |
|
|
Common stock, value |
10
|
10
|
Nonrelated Party [Member] |
|
|
Current assets |
|
|
Accounts receivable |
621,313
|
1,175,077
|
Contract asset |
77,124
|
77,124
|
Current liabilities |
|
|
Contract liability |
77,124
|
77,124
|
Related Party [Member] |
|
|
Current assets |
|
|
Accounts receivable |
264,802
|
67,447
|
Contract asset |
46,000
|
43,173
|
Current liabilities |
|
|
Contract liability |
$ 46,000
|
$ 43,173
|
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v3.24.2.u1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Feb. 29, 2024 |
Jan. 29, 2024 |
Dec. 31, 2023 |
Jul. 03, 2023 |
Preferred stock, shares authorized |
5,000,000
|
|
|
5,000,000
|
|
Preferred stock, par value |
$ 0.0001
|
|
|
$ 0.0001
|
|
Preferred stock, shares issued |
0
|
|
|
0
|
|
Preferred stock, shares outstanding |
0
|
|
|
0
|
|
Common stock, shares authorized |
210,000,000
|
|
|
210,000,000
|
215,000,000
|
Common stock, par value |
$ 0.0001
|
|
|
$ 0.0001
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
Preferred stock, shares authorized |
2,000
|
|
|
2,000
|
|
Preferred stock, shares issued |
0
|
|
|
372
|
|
Preferred stock, shares outstanding |
0
|
|
|
372
|
|
Common Class A [Member] |
|
|
|
|
|
Common stock, shares authorized |
200,000,000
|
1,321,000
|
1,181,900
|
200,000,000
|
|
Common stock, shares issued |
4,081,344
|
|
|
983,173
|
|
Common stock, shares outstanding |
4,081,344
|
|
|
983,173
|
|
Common Class B [Member] |
|
|
|
|
|
Common stock, shares authorized |
10,000,000
|
|
|
10,000,000
|
|
Common stock, shares issued |
100,000
|
|
|
100,000
|
|
Common stock, shares outstanding |
100,000
|
|
|
100,000
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 834,798
|
$ 1,175,616
|
$ 1,679,909
|
$ 3,090,340
|
Revenue - related parties |
92,772
|
194,793
|
297,816
|
543,696
|
Total - revenue |
927,570
|
1,370,409
|
1,977,725
|
3,634,036
|
Cost of revenue |
1,768,671
|
862,632
|
2,734,762
|
2,230,460
|
Gross profit (loss) |
(841,101)
|
507,777
|
(757,037)
|
1,403,576
|
Operating expenses |
|
|
|
|
Selling, general and administrative expense |
3,056,814
|
3,560,482
|
6,702,397
|
7,102,651
|
Total operating expenses |
3,056,814
|
3,560,482
|
6,702,397
|
7,102,651
|
Net loss from operations |
(3,897,915)
|
(3,052,705)
|
(7,459,434)
|
(5,699,075)
|
Other income (expense) |
|
|
|
|
Other income |
1,613
|
17,950
|
1,613
|
17,950
|
Interest expense |
(186,175)
|
(187,667)
|
(339,701)
|
(375,194)
|
Interest income |
12,313
|
|
12,313
|
|
Asset-based loan expense |
(65,920)
|
(38,634)
|
(161,375)
|
(79,567)
|
Finance expense |
|
(240,525)
|
|
(806,754)
|
Total other income (expense) |
(238,169)
|
(448,876)
|
(487,150)
|
(1,243,565)
|
Loss before income taxes |
(4,136,084)
|
(3,501,581)
|
(7,946,584)
|
(6,942,640)
|
Provision for income taxes |
|
|
|
|
Net loss |
(4,136,084)
|
(3,501,581)
|
(7,946,584)
|
(6,942,640)
|
Dividend on Series A preferred Stock |
|
|
(42,375)
|
|
Net loss attributed to stockholders |
$ (4,136,084)
|
$ (3,501,581)
|
$ (7,988,959)
|
$ (6,942,640)
|
Loss per common share - Basic |
$ (0.99)
|
$ (6.85)
|
$ (2.30)
|
$ (17.15)
|
Loss per common share - Diluted |
$ (0.99)
|
$ (6.85)
|
$ (2.30)
|
$ (17.15)
|
Weighted average number of common shares outstanding - Basic |
4,181,344
|
511,315
|
3,450,577
|
404,821
|
Weighted average number of common shares outstanding - Diluted |
4,181,344
|
511,315
|
3,450,577
|
404,821
|
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v3.24.2.u1
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
|
Common Class A [Member]
Common Stock [Member]
|
Common Class B [Member]
Common Stock [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 8
|
$ 10
|
$ 32,131,041
|
$ (28,255,846)
|
$ 3,875,213
|
Balance, shares at Dec. 31, 2022 |
80,235
|
100,000
|
|
|
|
Class A common stock units issued |
$ 17
|
|
4,615,448
|
|
4,615,465
|
Class A common stock units issued, shares |
172,500
|
|
|
|
|
Net loss |
|
|
|
(3,441,059)
|
(3,441,059)
|
Warrants issued for finance expense |
|
|
566,229
|
|
566,229
|
Balance at Mar. 31, 2023 |
$ 25
|
$ 10
|
37,312,718
|
(31,696,905)
|
5,615,848
|
Balance, shares at Mar. 31, 2023 |
252,735
|
100,000
|
|
|
|
Balance at Dec. 31, 2022 |
$ 8
|
$ 10
|
32,131,041
|
(28,255,846)
|
3,875,213
|
Balance, shares at Dec. 31, 2022 |
80,235
|
100,000
|
|
|
|
Net loss |
|
|
|
|
(6,942,640)
|
Balance at Jun. 30, 2023 |
$ 59
|
$ 10
|
47,725,255
|
(35,198,486)
|
12,526,838
|
Balance, shares at Jun. 30, 2023 |
597,958
|
100,000
|
|
|
|
Balance at Mar. 31, 2023 |
$ 25
|
$ 10
|
37,312,718
|
(31,696,905)
|
5,615,848
|
Balance, shares at Mar. 31, 2023 |
252,735
|
100,000
|
|
|
|
Class A common stock units issued |
$ 12
|
|
10,170,471
|
|
10,170,483
|
Class A common stock units issued, shares |
123,599
|
|
|
|
|
Class A common stock issued for exercise of warrants |
$ 22
|
|
1,541
|
|
1,563
|
Class A common stock issued for exercise of warrants, shares |
221,624
|
|
|
|
|
Net loss |
|
|
|
(3,501,581)
|
(3,501,581)
|
Warrants issued for finance expense |
|
|
240,525
|
|
240,525
|
Debt forgiveness related party |
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 59
|
$ 10
|
47,725,255
|
(35,198,486)
|
12,526,838
|
Balance, shares at Jun. 30, 2023 |
597,958
|
100,000
|
|
|
|
Balance at Dec. 31, 2023 |
$ 98
|
$ 10
|
49,918,441
|
(42,786,793)
|
7,131,756
|
Balance, shares at Dec. 31, 2023 |
983,173
|
100,000
|
|
|
|
Class A common stock issued for conversion of Series A preferred stock and dividend |
$ 11
|
|
58,930
|
|
58,941
|
Class A common stock issued for conversion of Series A preferred stock and dividend, shares |
106,748
|
|
|
|
|
Class A common stock units issued |
$ 258
|
|
12,110,528
|
|
12,110,786
|
Class A common stock units issued, shares |
2,572,700
|
|
|
|
|
Class A common stock issued for exercise of warrants |
$ 42
|
|
1,631,483
|
|
1,631,525
|
Class A common stock issued for exercise of warrants, shares |
418,724
|
|
|
|
|
Vested Board Compensation |
|
|
37,500
|
|
37,500
|
Stock option expense |
|
|
41,698
|
|
41,698
|
Common stock issue for reverse split adjustment |
|
|
|
|
|
Common stock issue for reverse split adjustment, shares |
(1)
|
|
|
|
|
Dividend on Series A preferred Stock |
|
|
|
(42,375)
|
(42,375)
|
Net loss |
|
|
|
(3,810,500)
|
(3,810,500)
|
Balance at Mar. 31, 2024 |
$ 409
|
$ 10
|
63,798,580
|
(46,639,668)
|
17,159,331
|
Balance, shares at Mar. 31, 2024 |
4,081,344
|
100,000
|
|
|
|
Balance at Dec. 31, 2023 |
$ 98
|
$ 10
|
49,918,441
|
(42,786,793)
|
7,131,756
|
Balance, shares at Dec. 31, 2023 |
983,173
|
100,000
|
|
|
|
Net loss |
|
|
|
|
(7,946,584)
|
Balance at Jun. 30, 2024 |
$ 409
|
$ 10
|
63,879,410
|
(50,775,752)
|
13,104,077
|
Balance, shares at Jun. 30, 2024 |
4,081,344
|
100,000
|
|
|
|
Balance at Mar. 31, 2024 |
$ 409
|
$ 10
|
63,798,580
|
(46,639,668)
|
17,159,331
|
Balance, shares at Mar. 31, 2024 |
4,081,344
|
100,000
|
|
|
|
Vested Board Compensation |
|
|
36,484
|
|
36,484
|
Stock option expense |
|
|
44,346
|
|
44,346
|
Net loss |
|
|
|
(4,136,084)
|
(4,136,084)
|
Balance at Jun. 30, 2024 |
$ 409
|
$ 10
|
$ 63,879,410
|
$ (50,775,752)
|
$ 13,104,077
|
Balance, shares at Jun. 30, 2024 |
4,081,344
|
100,000
|
|
|
|
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v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash Flows From Operating Activities: |
|
|
Net loss |
$ (7,946,584)
|
$ (6,942,640)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Stock based compensation |
160,028
|
806,754
|
Depreciation and amortization |
858,033
|
79,385
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
553,764
|
156,130
|
Accounts receivable - related party |
(197,355)
|
54,696
|
Inventory |
(182,757)
|
(537,523)
|
Contract asset - related party |
(2,827)
|
(15,956)
|
Prepaid expenses and other assets |
946,246
|
(1,483,918)
|
Accounts payable and accrued liabilities |
(1,968,107)
|
1,732,714
|
Accounts payable and accrued liabilities - related party |
210,363
|
(465)
|
Contract liability - related party |
2,827
|
15,956
|
Changes in operating lease assets and liabilities |
(3,699)
|
(4,394)
|
Net Cash used in Operating Activities |
(7,570,068)
|
(6,139,261)
|
Cash Flows From Investing Activities: |
|
|
Purchase of property and equipment |
(4,067,741)
|
(2,614,169)
|
Net Cash used in Investing Activities |
(4,067,741)
|
(2,614,169)
|
Cash Flows From Financing Activities: |
|
|
Proceeds from issuance of common stock units |
13,742,311
|
14,787,511
|
Proceeds from asset-based loan agreement |
46,133
|
2,881,228
|
Repayment of asset-based loan agreement |
(1,772,373)
|
(3,167,195)
|
Repayment of notes payable |
(150,000)
|
(179,524)
|
Net Cash provided by Financing Activities |
11,866,071
|
14,322,020
|
Net change in cash |
228,262
|
5,568,590
|
Cash, beginning of period |
1,216,107
|
2,295,259
|
Cash, end of period |
1,444,369
|
7,863,849
|
Supplemental cash flow information |
|
|
Cash paid for interest |
338,116
|
155,365
|
Cash paid for taxes |
|
|
Non-cash Investing and Financing transactions: |
|
|
Class A common stock issued for conversion of Series A convertible preferred stock |
16,566
|
|
Recognition of right-of-use asset and lease liability |
$ 284,861
|
$ 135,235
|
X |
- DefinitionClass common stock issued for conversion of series convertible preferred stock.
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v3.24.2.u1
Organization and Description of Business
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Description of Business |
Note
1. Organization and Description of Business
Organization
Sidus
Space Inc. (“Sidus”, “we”, “us” or the “Company”), was formed as Craig Technologies Aerospace
Solutions, LLC, in the state of Florida, on July 17, 2012. On April 16, 2021, the Company filed a Certificate of Conversion to register
and incorporate with the state of Delaware and on August 13, 2021 changed the company name to Sidus Space, Inc.
Description
of Business
Founded
in 2012, we are a growing U.S. commercial space company with an established manufacturing business who has been trusted to provide mission-critical
space hardware to many of the top aerospace businesses for over a decade. We plan to offer on-orbit services as the space economy expands;
said services are either in a developmental phase or soon to achieve flight heritage. We have strategically decided to expand our business
by moving up the satellite value chain by becoming a provider of responsive and scalable on-orbit infrastructure as well as collecting
Space and Earth observational data to capture larger market needs.
To
address commercial and government customer needs and mission sets, we have focused our business into three core business lines: manufacturing
services; space-infrastructure-as-a-service; and space-based data and insights. Our vertically integrated model is complementary across
each line of business aiming to expand existing and unlock new potential revenue generating opportunities. Additionally, we look to further
transition into a subscription-based model upon the digitization of our manufacturing process as we expand alongside our space-based
focus.
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v3.24.2.u1
Summary of Signification Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Signification Accounting Policies |
Note
2. Summary of Signification Accounting Policies
Basis
of Presentation
The
Company prepares its financial statements in accordance with rules and regulations of the Securities and Exchange Commission (“SEC”)
and GAAP in the United States of America. The accompanying interim financial statements have been prepared in accordance with GAAP for
interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June
30, 2024, are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures
presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial
statements and the footnotes thereto for the year ended December 31, 2023, contained in the Company’s Form 10-K filed on March
27, 2024.
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations. For the three and six months ended June 30, 2024, the Company has reclassified operating expenses
to selling, general and administrative expenses.
Principles
of Consolidation
The
consolidated financial statements include the variable interest entity (“VIE”), Aurea Alas Limited (“Aurea”),
of which we are the primary beneficiary. Aurea is a Limited company organized in the Isle of Man, which entered into a license agreement
with a third party vendor, whereby they licensed the rights to use certain available radio frequency spectrum for satellite communications.
All intercompany transactions and balances have been eliminated on consolidation.
For
entities determined to be VIEs, an evaluation is required to determine whether the Company is the primary beneficiary. The Company evaluates
its economic interests in the entity specifically determining if the Company has both the power to direct the activities of the VIE that
most significantly impact the VIE’s economic performance (“the power”) and the obligation to absorb losses or the right
to receive benefits that could potentially be significant to the VIE (“the benefits”). When making the determination on whether
the benefits received from an entity are significant, the Company considers the total economics of the entity, and analyzes whether the
Company’s share of the economics is significant. The Company utilizes qualitative factors, and, where applicable, quantitative
factors, while performing the analysis.
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 disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual
results may differ from these estimates. Examples of estimates and assumptions include: for revenue recognition, determining the nature
and timing of satisfaction of performance obligations,, the fair value of and/or potential impairment of property and equipment; product
life cycles; useful lives of our property and equipment; allowances for doubtful accounts; the market value of, and demand for, our inventory;
fair value calculation of warrant; and the potential outcome of uncertain tax positions that have been recognized in our consolidated
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 accounts receivable trends.
During
the six months ended June 30, 2024 and 2023, the Company did not record any bad debt.
Fair
Value Measurements
The
Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring
basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement.
The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining
fair value. The three tiers are defined as follows:
|
● |
Level
1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; |
|
|
|
|
● |
Level
2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace
for identical or similar assets and liabilities; and |
|
|
|
|
● |
Level
3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. |
The
Company’s financial instruments, including cash, accounts receivable, prepaid expense and other current assets, accounts payable
and accrued liabilities, and loans payable, are carried at historical cost. At June 30, 2024 and December 31, 2023, the carrying amounts
of these instruments approximated their fair values because of the short-term nature of these instruments.
Revenue
Recognition
The
Company adopted ASC 606 – Revenue from Contracts with Customers using the modified retrospective transition approach. The core
principle of ASC 606 is that revenue should be recognized in a manner that depicts the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled for exchange of those goods or services. The
Company’s updated accounting policies and related disclosures are set forth below, including the disclosure for disaggregated revenue.
The impact of adopting ASC 606 was not material to the Consolidated Financial Statements.
Revenue
from the Company is recognized under Topic 606 in a manner that reasonably reflects the delivery of its services and products to customers
in return for expected consideration and includes the following elements:
|
● |
executed
contracts with the Company’s customers that it believes are legally enforceable; |
|
|
|
|
● |
identification
of performance obligations in the respective contract; |
|
|
|
|
● |
determination
of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
Allocation
of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition
of revenue only when the Company satisfies each performance obligation. |
These
five elements, as applied to each of the Company’s revenue category, is summarized below:
Revenues
from fixed price contracts that are still in progress at month end are recognized on the percentage-of-completion method, measured by
the percentage of total costs incurred to date to the estimated total costs for each contract. This method is used because management
considers total costs to be the best available measure of progress on these contracts. Revenue from fixed price contracts and time-and-materials
contracts that are completed in the month the work was started are recognized when the work is shipped. To achieve this core principle,
we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine
the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the
Company satisfies a performance obligation.
Revenues
from fixed price service contracts that contain provisions for milestone payments are recognized at the time of the milestone being met
and payment received. This method is used because management considers that the payments are nonrefundable unless the entity fails to
perform as promised. If the customer terminates the contract, the Company is entitled only to retain any progress payments received from
the customer and the Company has no further rights to compensation from the customer. Even though the payments made by the customer are
nonrefundable, the cumulative amount of those payments is not expected, at all times throughout the contract, to at least correspond
to the amount that would be necessary to compensate the Company for performance completed to date. Accordingly, the Company accounts
for the progress under the contract as a performance obligation satisfied at a point in time. To achieve this core principle, we apply
the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the
transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company
satisfies a performance obligation.
Stock
Based Compensation
The
Company accounts for stock-based compensation awards in accordance with ASC Topic 718, “Compensation – Stock Compensation.”
The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated
statements of operations and comprehensive income based on the estimated fair value of those awards on the grant date and amortized on
a straight-line basis over the requisite service period or vesting period. The Company records forfeitures as they occur.
Share-based
payments are valued using a Black-Scholes option pricing model. The grants are amortized on a straight-line basis over the requisite
service periods, which is generally the vesting period. If an award is granted, but vesting does not occur, any previously recognized
compensation cost is reversed in the period related to the termination of service.
The
expected option term is computed using the “simplified” method as permitted under the provisions of ASC 718-10-S99. The Company
uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient
historical exercise data to provide a reasonable basis upon which to estimate the expected term. The share price as of the grant date
was determined by current market prices for our common stock. Expected volatility is based on the historical stock price volatility of
comparable companies’ common stock, as our stock does not have sufficient historical trading activity. Risk free interest rates
were obtained from U.S. Treasury rates for the applicable periods.
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC 480”)
and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial
instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements
for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether
the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control,
among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the
time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification,
the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair
value of the warrants was estimated using a Black-Scholes pricing model.
Net
Income (Loss) Per Share of Common Stock
The
Company has adopted ASC Topic 260, “Earnings per Share” which requires presentation of basic earnings per share
on the face of the statements of operations for all entities with complex capital structures and requires a reconciliation of the numerator
and denominator of the basic earnings per share computation. In the accompanying financial statements, basic loss per share is computed
by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share
is computed by dividing net income by the weighted average number of shares of common stock and potentially dilutive outstanding shares
of common stock during the period to reflect the potential dilution that could occur from common stock issuable through contingent share
arrangements, stock options and warrants unless the result would be antidilutive.
For
the six months ended June 30, 2024 and 2023, the following common stock equivalents were excluded from the computation of diluted net
loss per share as the result of the computation was anti-dilutive.
Schedule
of Diluted Net
Loss Per Share
| |
June
30, | | |
June
30, | |
| |
2024 | | |
2023 | |
| |
| (Shares) | | |
| (Shares) | |
Warrants | |
| 260,213 | | |
| 288,408 | |
|
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v3.24.2.u1
Variable Interest Entity
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Variable Interest Entity |
Note
3. Variable Interest Entity
The
consolidated financial statements include Aurea Alas Limited, which is a variable interest entity of which we are the primary beneficiary,
and on August 26, 2020, the Company entered into a licensing agreement with Aurea. Aurea is a Limited company organized in the Isle of
Man, which entered into a license agreement with a third-party vendor, whereby they licensed the rights to use certain available radio
frequency spectrum for satellite communications. The Company is responsible for 100% of the operations of Aurea and derives 100% of the
net profits or losses derived from the business operations. The assets, liabilities and the operations of Aurea from the date of inception
(July 20, 2020), were included in the Company’s consolidated financial statements.
Through
a declaration of trust, 100% of the voting rights of Aurea’s shareholders have been transferred to the Company so that the
Company has effective control over Aurea and has the power to direct the activities of Aurea that most significantly impact its economic
performance. There are no restrictions on the consolidated VIE’s assets and on the settlement of its liabilities and all carrying
amounts of VIE’s assets and liabilities are consolidated with the Company’s financial statements.
If
facts and circumstances change such that the conclusion to consolidate the VIE has changed, the Company shall disclose the primary factors
that caused the change and the effect on the Company’s financial statements in the periods when the change occurs.
As
of June 30, 2024 and December 31, 2023, Aurea’s assets and liabilities are as follows:
Schedule
of Variable Interest Entities Assets and Liabilities
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Assets | |
| | | |
| | |
Cash | |
$ | 57,697 | | |
$ | 52,492 | |
Prepaid
and other current assets | |
| 10,801 | | |
| 13,164 | |
Total
Assets | |
$ | 68,498 | | |
$ | 65,656 | |
| |
| | | |
| | |
Liability | |
| | | |
| | |
Accounts
payable and other current liabilities | |
$ | 72,695 | | |
$ | 74,219 | |
For
the six months ended June 30, 2024 and 2023, Aurea’s net loss was $85,634 and $80,428 respectively.
|
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v3.24.2.u1
Prepaid expense and Other current assets
|
6 Months Ended |
Jun. 30, 2024 |
Prepaid Expense And Other Current Assets |
|
Prepaid expense and Other current assets |
Note
4. Prepaid expense and Other current assets
As
of June 30, 2024 and December 31, 2023, prepaid expense and other current assets are as follows:
Schedule
of Prepaid Expense and Other Current Assets
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Prepaid
insurance | |
$ | 363,914 | | |
$ | 699,310 | |
Prepaid
components | |
| 914,251 | | |
| 1,258,965 | |
Prepaid
satellite services & licenses | |
| 2,826,780 | | |
| 3,313,706 | |
Prepaid
software | |
| 111,579 | | |
| 91,258 | |
Other
current assets | |
| 232,594 | | |
| 42,214 | |
Total | |
$ | 4,449,118 | | |
$ | 5,405,453 | |
During
the six months ended June 30, 2024 and 2023, the Company recorded interest expense of $6,950 and $13,292 related to financing
of our prepaid insurance policies.
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v3.24.2.u1
Inventory
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventory |
Note
5. Inventory
As
of June 30, 2024 and December 31, 2023, inventory is as follows:
Schedule
of Inventory
| |
June
30, 2024 | | |
December
31, 2023 | |
Work
in Process | |
$ | 1,400,686 | | |
$ | 1,217,929 | |
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v3.24.2.u1
Property and Equipment
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Note
6. Property and Equipment
At
June 30, 2024 and December 31, 2023, property and equipment consisted of the following:
Schedule
of Property and Equipment
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Office
equipment | |
$ | 17,061 | | |
$ | 17,061 | |
Computer
equipment | |
| 41,233 | | |
| 41,233 | |
Vehicle | |
| 35,424 | | |
| 35,424 | |
Software | |
| 858,721 | | |
| 482,127 | |
Machinery | |
| 3,231,369 | | |
| 3,209,719 | |
Leasehold
improvements | |
| 397,536 | | |
| 397,536 | |
R&D
software | |
| - | | |
| 9,655 | |
Satellite
and related software | |
| 8,308,932 | | |
| - | |
Construction
in progress | |
| 4,001,050 | | |
| 8,609,902 | |
Property
and equipment, gross | |
| 16,891,326 | | |
| 12,802,657 | |
Accumulated
depreciation | |
| (4,090,476 | ) | |
| (3,232,443 | ) |
Property
and equipment, net of accumulated depreciation | |
$ | 12,800,850 | | |
$ | 9,570,214 | |
As
of June 30, 2024 and December 31, 2023, construction in progress represents components to be used in the manufacturing of our satellites.
As
of June 30, 2024, one satellite and satellite related software were moved out of construction in progress and reported as assets with
related depreciation expense.
Depreciation
expense of property and equipment for the six months ended June 30, 2024 and 2023 is $858,033 and $79,385 of which $767,482 and
$91,022 are included as components of cost of revenue, respectively.
During
the six months ended June 30, 2024 and 2023, the Company purchased assets of $4,088,669 and $2,301,350, respectively.
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v3.24.2.u1
Accounts payable and other current liabilities
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Accounts payable and other current liabilities |
Note
7. Accounts payable and other current liabilities
At
June 30, 2024 and December 31, 2023, accounts payable and other current liabilities consisted of the following:
Schedule
of Accounts payable and Other Current Liabilities
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Accounts
payable | |
$ | 3,102,899 | | |
$ | 4,716,964 | |
Payroll
liabilities | |
| 1,059,601 | | |
| 1,250,330 | |
Credit
card liability | |
| 24,019 | | |
| 93,826 | |
Other
payable | |
| 171,241 | | |
| 156,885 | |
Dividend
payable | |
| - | | |
| 16,566 | |
Payable
for purchase of property and equipment | |
| 20,928 | | |
| - | |
Insurance
payable | |
| 173,964 | | |
| 462,991 | |
Total
accrued expenses and other liabilities | |
$ | 4,552,652 | | |
$ | 6,697,562 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.2.u1
Asset-based loan
|
6 Months Ended |
Jun. 30, 2024 |
Asset-based Loan |
|
Asset-based loan |
Note
8. Asset-based loan
The
Company is party to a recourse loan and security agreement with an unrelated lender dated November 30, 2022, whereby the lender will
provide loans secured by certain accounts receivable for up to 90% of the face amount, which is paid to the Company in the form
of a cash advance. The Company has a revolving line of credit for $3 million with a loan interest rate of 15.2% annum on outstanding
balances. Additionally, in the event of default the Lender at its option can increase the loan interest rate by 5% per annum for
each month or partial month default on outstanding balances. Under the loan and security agreement, the Company must pay back any
invoices that become uncollectable. As of June 30, 2024 and December 31, 2023, the asset-based loan was $861,660 and $2,587,900, respectively.
For the six months ended June 30, 2024 and 2023, the costs and interest incurred by the Company in connection with the loan and security
agreement activities were $161,375 and $79,567, respectively.
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v3.24.2.u1
Contract assets and liabilities
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Contract assets and liabilities |
Note
9. Contract assets and liabilities
At
June 30, 2024 and December 31, 2023, contract assets and contract liabilities consisted of the following:
Schedule
of Contract Assets and Liabilities
Contract
assets | |
June
30, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Revenue
recognized in excess of amounts paid or payable (contracts receivable) to the company on uncompleted contracts (contract asset),
excluding retainage | |
$ | - | | |
$ | - | |
Retainage
included in contract assets due to being conditional on something other than solely passage of time | |
| 77,124 | | |
| 77,124 | |
Retainage
included in contract assets due to being conditional on something other than solely passage of time – related party | |
| 46,000 | | |
| 43,173 | |
Total
contract assets | |
$ | 123,124 | | |
$ | 120,297 | |
Contract
liabilities | |
June
30, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Payments
received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding
retainage | |
$ | - | | |
$ | - | |
Retainage
included in contract liabilities due to being conditional on something other than solely passage of time | |
| 77,124 | | |
| 77,124 | |
Retainage
included in contract liabilities due to being conditional on something other than solely passage of time – related party | |
| 46,000 | | |
| 43,173 | |
Total
contract liabilities | |
$ | 123,124 | | |
$ | 120,297 | |
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v3.24.2.u1
Leases
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
Leases |
Note
10. Leases
Operating
lease
We
have a noncancelable operating lease entered in November 2016 for our office facility that expires in July 2021 and has renewal options
to May 2024. The monthly “Base Rent” is $10,392 and the Base Rent is increased by 2.5% each year. In May 2023
the Company exercised its option and extended the lease to May 31, 2024.
In
May 2021, we entered into a new lease agreement for our office and warehouse space that expires in May 2024. The Company shall have the
option to terminate the lease after 12 months and 24 months from the commencement date. The monthly “Base Rent” is $11,855 and
the Base Rent may be increased by 2.5% each year.
We
have a new lease contract entered in June 2024 for our office facility and warehouse space that expires in May 2025. The
monthly “Base Rent” is $11,876
and $12,767.
We
recognized total lease expense, primarily related to our operating leases, on a straight-line basis in accordance with ASC 842.
As
of June 30, 2024 and December 31, 2023, the Company recorded a refundable security deposit of $10,000 for its warehouse space and
is included in other assets on the balance sheet.
The
operating lease expense were as follows:
Schedule
of Operating lease expense
| |
2024 | | |
2023 | |
| |
Six
months ended June 30, | |
| |
2024 | | |
2023 | |
Operating
lease cost | |
$ | 188,741 | | |
$ | 175,055 | |
Supplemental
balance sheet information related to operating leases was as follows:
Summary
of Other Supplemental Information
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Operating
lease right-of-use assets at inception | |
$ | 284,861 | | |
$ | 1,276,515 | |
Accumulated
amortization | |
| (22,854 | ) | |
| (1,160,942 | ) |
Total
operating lease right-of-use assets | |
$ | 262,007 | | |
$ | 115,573 | |
| |
| | | |
| | |
Right-of-use
assets obtained in exchange for new operating lease liability | |
$ | 284,861 | | |
$ | - | |
| |
| | | |
| | |
Operating
lease liabilities - current | |
$ | 262,007 | | |
$ | 119,272 | |
Operating
lease liabilities - non-current | |
| - | | |
| - | |
Total
operating lease liabilities | |
$ | 262,007 | | |
$ | 119,272 | |
| |
| | | |
| | |
Weighted-average
remaining lease term — operating leases (year) | |
| 0.92 | | |
| 0.42 | |
Weighted-average
discount rate — operating leases | |
| 8.25 | % | |
| 4.73 | % |
Future
minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year at June 30, 2024 were
as follows:
Schedule
of Future Minimum Lease Payments Under Operating Leases
| |
Total | |
Year
Ended December 31, | |
| | |
2024
- Remaining 6 months | |
$ | 147,859 | |
2025 | |
| 123,216 | |
Thereafter | |
| - | |
Total Undiscounted lease payments | |
| 271,075 | |
Less:
Imputed interest | |
| (9,068 | ) |
Operating
lease liabilities | |
| 262,007 | |
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v3.24.2.u1
Notes Payable
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Notes Payable |
Note
11. Notes Payable
Decathlon
Note
On
December 3, 2021, we entered into a Loan Assignment and Assumption Agreement, or Loan Assignment, with Decathlon Alpha IV, L.P., or Decathlon
and Craig Technical Consulting, Inc (“CTC”) pursuant to which we assumed the Decathlon Note. In connection with our assumption
of the Decathlon Note, CTC reduced the principal of the Note Payable – related party by $1.4 million for an aggregate principal
balance of $2.6 million. The Company recorded a reclassification of $1,106,164 from Note Payable – related party to Note
payable – non- current (Decathlon note) and recorded forgiveness of note payable – related party of $293,836. (See Note 12)
Management
believes that the assumption of the Decathlon Note from CTC is in our best interests because in connection therewith, Decathlon released
us from a cross-collateralization agreement it was a party to with CTC for a loan of a greater amount. Also in connection with the Loan
Assignment on December 3, 2021, we entered into a Revenue Loan and Security Agreement, or RLSA, with Decathlon and our CEO, Carol Craig,
pursuant to which we pay interest based on a minimum rate of one (1) times the amount advanced and make monthly payments based on a percentage
of our revenue calculated as an amount equal to the product of (i) all revenue for the immediately preceding month multiplied by (ii)
the Applicable Revenue Percentage, defined as 4% of revenue for payments due during any month. The Decathlon Note was amended November
16,2023. The maturity date was extended from December 9, 2023 to December 9, 2024 and the monthly interest was converted to a fixed amount
of $50,000 per month. The Decathlon Note is secured by our assets and is guaranteed by CTC and matures the earliest of: (i) December
9, 2024, (ii) immediately prior to a change of control, or (iii) upon an acceleration of the obligations due to a default under the RLSA.
As a result, on December 31, 2021, the Company recorded the forgiveness of note payable-related party of $293,836 and the reclass
of $1,106,164 from Note Payable – related party to Note Payable.
During
the six months ended June 30, 2024 and 2023, the Company recorded interest expense of $331,165 and $361,903, respectively, which
included an additional accrual estimate based on the principal and accrued but unpaid interest payment due when the note matures, and
made payments of $150,000 and $179,524, respectively. As of June 30, 2024 and December 31, 2023, the Company recorded principal
amount and accrued interest of $2,016,951 and $2,017,286 on the balance sheet, respectively. At maturity the Company will be
required to pay approximately $2.1M representing the Decathlon Note and accrued but unpaid interest.
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v3.24.2.u1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
12. Related Party Transactions
Revenue
and Accounts Receivable
The
Company recognized revenue of $297,816 and
$543,696 for
the six months ended June 30, 2024 and 2023 and accounts receivable of $264,802 and
$67,447 and
contract asset and contract liability of $46,000 and
$43,173 as
of June 30, 2024 and December 31, 2023, respectively, from contracts entered into by Craig Technical Consulting, Inc, a principal
stockholder, and subcontracted to the Company for four customers.
Accounts
Payable
As
of June 30, 2024 and December 31, 2023, the Company owed $887,402 and $677,039 to Craig Technical Consulting, Inc. Advances
are unsecured, due on demand and non-bearing-interest.
Cost
of Revenue and Operating expense
For
the six months ended June 30, 2024 and 2023, the Company recorded cost of revenue to Craig Technical Consulting, Inc. of $214,002 and
$0, respectively.
Professional
Service Agreements
A
Professional Services Agreement, effective November 15, 2021, was made, between the Company and Craig Technical Consulting, Inc. The
period of performance for this Agreement was December 1, 2021, through November 30, 2022. The agreement was amended, and the term of
agreement was extended to November 30, 2024.
During
the six months ended June 30, 2024 and 2023, the Company recorded professional services of $79,465 and $49,249, respectively.
Sublease
On
August 1, 2021, the Company entered into a Sublease Agreement with its related party and a principal shareholder (“Sublandlord”),
whereby the Company shall sublease certain offices, rooms and shared use of common spaces located at 150 Sykes Creek Parkway, Merritt
Island, FL. The Lease is a month-to-month lease and may be terminated with 30 days’ notice to the Sublandlord. The monthly rent
shall be $4,570 from inception through January 31, 2022, $4,707 from February 1, 2022 to January 31, 2023, and $4,847 from
February 1, 2023 to January 31, 2024. On February 1, 2024, the Company extended the month-to-month Sublease agreement. The monthly rent
shall be $4,618.03 from February 1, 2024 to January 31, 2025, $4,756.57 from February 1, 2025 to January 31,2026 and $4,899.27 from
February 1, 2026 to January 31, 2027. A common area maintenance fee (CAM) will be charged in addition to the monthly rent. During the
six months ended June 30, 2024 and 2023, the Company recorded $38,555 and $28,942 to lease expenses.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
13. Commitments and Contingencies
Litigation
From
time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business.
We are currently not aware of any such legal proceedings or claims that will have, individually or in aggregate, a material adverse effect
on our business, financial condition, or operating results.
License
Agreement
The
consolidated financial statements include Aurea Alas Limited, which is a variable interest entity of which we are the primary beneficiary
(see Note 3). On August 18, 2020, Aurea entered into a license agreement with a third-party vendor (the “Vendor”), whereby
they licensed the rights to use certain available radio frequency spectrum for satellite communications. The Company shall pay an annual
Reservation Fee of $180,000 while the Company pursues up to four (4) NGSO satellite filing(s) via the Vendor. The Reservation Fee
is levied on the date the filing(s) is received at the International Telecommunication Union (ITU). The Reservation Fee is payable annually
at the anniversary of the date of receipt, as long as the customer retains the NGSO filing(s). The Reservation Fee payment continues
to be payable until any of the frequency assignments of the NGSO filing(s) are brought into use. Upon submission to the ITU to bring
into use any of the frequency assignments of a given constellation, an annual License Fee of $180,000 shall be paid in lieu of the
Reservation Fee. On February 1, 2021, the Vendor submitted the license filing to the ITU and on April 6, 2021, the ITU published the
license filing for LIZZIE IOMSAT. Payments began in February 2021. For the six months ended June 30, 2024 and 2023 the Company recorded
payments of $60,000 in Other General and Administrative expenses.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
Stockholder’s Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholder’s Equity |
Note
14. Stockholder’s Equity
Authorized
Capital Stock
Effective
July 3, 2023, the Company filed an Amended and Restated Certificate of Incorporation to amend its authorized capital stock to authorize
the Company to issue 215,000,000 shares.
The
Company has authorized 5,000,000 shares of preferred stock with a par value of $0.0001.
The
Company has authorized 210,000,000 shares of common stock with a par value of $0.0001, consisting of 200,000,000 shares
of Class A Common Stock and 10,000,000 shares of Class B Common Stock. The Class B Common Stock is entitled to 10 votes
for every 1 vote of the Class A Common Stock.
Series
A Convertible Preferred Stock
On
October 11, 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional
investors, pursuant to which the Company agreed to issue and sell to such investor, in a registered direct offering (the “Offering”),
an aggregate of 2,000 shares of the Company’s Series A convertible preferred stock, par value $0.0001 per share
and stated value of $1,000 per share (the “Series A Preferred Stock”) at an offering price of $1,000 per share.
Each share of Series A Preferred Stock is convertible into shares of the Company’s Class A Common Stock at an initial conversion
price of $10.152 per share (the “Conversion Price”). The Conversion Price is subject to customary adjustments for stock
dividends, stock splits, reclassifications and the like, and subject to price-based adjustment, on a “full ratchet” basis,
in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below
the then-applicable Conversion Price (subject to certain exceptions). The Series A Preferred Stock (and the shares of the Company’s
Class A common stock (the “Class A Common Stock”)) underlying the Series A Preferred Stock) were offered by the Company pursuant
to its shelf registration statement on Form S-3 (File No. 333-273430), which was originally filed with the Securities and Exchange Commission
(the “SEC”) on July 26, 2023 and declared effective by the SEC on August 14, 2023. Concurrently with the sale of the Series
A Preferred Stock, pursuant to the Purchase Agreement in a concurrent private placement, for each share of Class A Common Stock issuable
upon conversion of the Series A Preferred Stock purchased by the investor, such investor received from the Company an unregistered warrant
(the “Warrant”) to purchase one share of Class A Common Stock (the “Warrant Shares”). Each Warrant will be exercisable
for one share of the Company’s Class A Common Stock at an exercise price of $10.152 per share, will be exercisable immediately
upon issuance, and will have a term of five years from the date of issuance. The exercise price is subject to customary adjustments for
stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment, on a “full ratchet”
basis, in the event of any issuances of Class A Common Stock, or securities convertible, exercisable or exchangeable for Class A Common
Stock, at a price below the then-applicable exercise price (subject to certain exceptions).
During
the six months ended June 30, 2024, 372 shares of Series A convertible preferred stock and a related dividend of
$27,374 were converted into 106,748 shares of Class A common stock.
The
Company had 0 and 372 shares of Series A Convertible preferred stock issued and outstanding as of June 30, 2024 and
December 31, 2023, respectively.
Class
A Common Stock
The
Company had 4,081,344 and 983,173 shares of Class A common stock issued and outstanding as of June 30, 2024 and December
31, 2023, respectively.
Fiscal
year 2024
On
January 29, 2024, the Company entered into a public offering of an aggregate of 1,181,900 shares of Class A Common Stock and
pre-funded warrants to purchase up to an aggregate of 69,900 shares of Class A Common Stock in lieu of Shares, which have been
sold pursuant to that certain Underwriting Agreement, dated January 29, 2024, by and between the Company and the Representative of the
Underwriters. Gross proceeds from the offering were $5,632,650 and net proceeds after underwriter discount, various fees and expenses
was $5,008,259.
On
February 29, 2024, the Company entered into a public offering of an aggregate of 1,321,000 shares (the
“Shares”) of Class A Common Stock, which have been sold pursuant to that certain Underwriting Agreement, dated
February 29, 2024, by and between the Company and the Representative of the Underwriters. Gross proceeds from the offering were
$7,926,000 and net proceeds after underwriter discount, various fees and expenses was $7,102,527.
During
the six months ended June 30, 2024, 372 shares of Series A convertible preferred stock and a related dividend of
$58,941 were converted into 106,748 shares of Class A common stock.
During
the six months ended June 30, 2024, 418,724 warrants were exercised into shares of Class A common stock. Gross proceeds from
the exercise of the warrants was $1,631,524.
Class
B Common Sock
The
Company had 100,000 shares of Class B common stock issued and outstanding as of June 30, 2024 and December 31, 2023.
Warrants
During
the period ended June 30, 2024, the Company issued 200 warrants exercisable for a period of five years at an exercise
price per share of $100 to prior employee.
January
2024 offering
The
Company issued a total of 69,900 pre-funded warrants exercisable for a period of five years at an exercise price
per share of $4.50 in connection with the common stock sold in January 2024. These warrants were fully exercised into Class A Common
stock as part of the offering previously described. In addition, the Company issued a total of 62,585 underwriter warrants
exercisable 180 days after the January 29, 2024 date of the offering agreement, for a period of five years at an exercise price
per share of $5.625 in connection with the common stock sold.
February
2024 offering
The
Company issued a total of 66,050 underwriter warrants exercisable 180 days after the February 29, 2024 date of the offering
agreement, for a period of five years at an exercise price per share of $7.50 in connection with the common stock sold.
A
summary of activity of the warrants during the six months ended June 30, 2024 as follows:
Schedule
of Activity of Warrant
| |
Number
of | | |
Weighted
average | | |
Average | |
| |
shares | | |
Exercise
Price | | |
Life
(years) | |
Outstanding,
December 31, 2023 | |
| 233,816 | | |
$ | 13.22 | | |
| 4.73 | |
| |
| | | |
| | | |
| | |
Granted | |
| 69,900 | | |
| 4.50 | | |
| 5.00 | |
Granted | |
| 200 | | |
| 100.00 | | |
| 5.00 | |
Granted | |
| 62,585 | | |
| 5.63 | | |
| 5.00 | |
Granted | |
| 66,050 | | |
| 7.50 | | |
| 5.00 | |
Split
– warrant granted in October 2023 | |
| 316,286 | | |
| 3.90 | | |
| - | |
Exercised | |
| (488,624 | ) | |
| 3.98 | | |
| - | |
| |
| | | |
| | | |
| | |
Outstanding,
June 30, 2024 | |
| 260,213 | | |
$ | 8.94 | | |
| 4.40 | |
| |
| | | |
| | | |
| | |
Exercisable,
June 30, 2024 | |
| 131,578 | | |
$ | 11.24 | | |
| 4.18 | |
The
intrinsic value of the warrants as of June 30, 2024 is $0.
Stock
Options
On
February 6, 2024, the Company granted 25,000 options with an exercise price of $4.12, with a term of five (5) years to exercise
from the grant date, to employees of the Company. Options issued vest at 33% of shares subject to the option on each anniversary
date, on February 6, 2025, 2026 and 2027.
The
Company utilizes the Black-Scholes model to value its stock options. The Company utilized the following assumptions:
Schedule
of Utilizes Black-Scholes Model to Value of Stock Options
| |
Six
months ended | |
| |
June
30, 2024 | |
Expected
term | |
| 3.50
years | |
Expected
average volatility | |
| 187 | % |
Expected
dividend yield | |
| - | |
Risk-free
interest rate | |
| 4.14 | % |
During
the six months ended June 30, 2024, the Company granted 25,000 options valued at $95,325. During the six months ended June
30, 2024, the Company recognized stock option expense of $86,044 and as of June 30, 2024 and December 31, 2023, $543,174 and
$533,892 remains unamortized, respectively. The intrinsic value of the 64,752 options outstanding as of June 30, 2024,
is $0.
A
summary of activity of the stock options during the six months ended June 30, 2024, is as follows:
Schedule
of Activity of Stock Options
| |
Options
Outstanding | | |
Weighted | |
| |
Number
of | | |
Weighted
Average | | |
Average
Remaining life | |
| |
Options | | |
Exercise
Price | | |
(years) | |
| |
| | |
| | |
| |
Outstanding,
December 31, 2023 | |
| 39,752 | | |
$ | 16.42 | | |
| 4.33 | |
Granted | |
| 25,000 | | |
$ | 4.12 | | |
| 5.00 | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited/canceled | |
| - | | |
| - | | |
| - | |
Outstanding,
June 30, 2024 | |
| 64,752 | | |
$ | 11.67 | | |
| 4.33 | |
| |
| | | |
| | | |
| | |
Exercisable
options, June 30, 2024 | |
| 200 | | |
$ | 100.00 | | |
| 4.32 | |
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v3.24.2.u1
Summary of Signification Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
Company prepares its financial statements in accordance with rules and regulations of the Securities and Exchange Commission (“SEC”)
and GAAP in the United States of America. The accompanying interim financial statements have been prepared in accordance with GAAP for
interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June
30, 2024, are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures
presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial
statements and the footnotes thereto for the year ended December 31, 2023, contained in the Company’s Form 10-K filed on March
27, 2024.
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations. For the three and six months ended June 30, 2024, the Company has reclassified operating expenses
to selling, general and administrative expenses.
|
Principles of Consolidation |
Principles
of Consolidation
The
consolidated financial statements include the variable interest entity (“VIE”), Aurea Alas Limited (“Aurea”),
of which we are the primary beneficiary. Aurea is a Limited company organized in the Isle of Man, which entered into a license agreement
with a third party vendor, whereby they licensed the rights to use certain available radio frequency spectrum for satellite communications.
All intercompany transactions and balances have been eliminated on consolidation.
For
entities determined to be VIEs, an evaluation is required to determine whether the Company is the primary beneficiary. The Company evaluates
its economic interests in the entity specifically determining if the Company has both the power to direct the activities of the VIE that
most significantly impact the VIE’s economic performance (“the power”) and the obligation to absorb losses or the right
to receive benefits that could potentially be significant to the VIE (“the benefits”). When making the determination on whether
the benefits received from an entity are significant, the Company considers the total economics of the entity, and analyzes whether the
Company’s share of the economics is significant. The Company utilizes qualitative factors, and, where applicable, quantitative
factors, while performing the analysis.
|
Use of Estimates |
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 disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual
results may differ from these estimates. Examples of estimates and assumptions include: for revenue recognition, determining the nature
and timing of satisfaction of performance obligations,, the fair value of and/or potential impairment of property and equipment; product
life cycles; useful lives of our property and equipment; allowances for doubtful accounts; the market value of, and demand for, our inventory;
fair value calculation of warrant; and the potential outcome of uncertain tax positions that have been recognized in our consolidated
financial statements or tax returns.
|
Cash and Cash Equivalents |
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 |
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 accounts receivable trends.
During
the six months ended June 30, 2024 and 2023, the Company did not record any bad debt.
|
Fair Value Measurements |
Fair
Value Measurements
The
Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring
basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement.
The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining
fair value. The three tiers are defined as follows:
|
● |
Level
1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; |
|
|
|
|
● |
Level
2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace
for identical or similar assets and liabilities; and |
|
|
|
|
● |
Level
3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. |
The
Company’s financial instruments, including cash, accounts receivable, prepaid expense and other current assets, accounts payable
and accrued liabilities, and loans payable, are carried at historical cost. At June 30, 2024 and December 31, 2023, the carrying amounts
of these instruments approximated their fair values because of the short-term nature of these instruments.
|
Revenue Recognition |
Revenue
Recognition
The
Company adopted ASC 606 – Revenue from Contracts with Customers using the modified retrospective transition approach. The core
principle of ASC 606 is that revenue should be recognized in a manner that depicts the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled for exchange of those goods or services. The
Company’s updated accounting policies and related disclosures are set forth below, including the disclosure for disaggregated revenue.
The impact of adopting ASC 606 was not material to the Consolidated Financial Statements.
Revenue
from the Company is recognized under Topic 606 in a manner that reasonably reflects the delivery of its services and products to customers
in return for expected consideration and includes the following elements:
|
● |
executed
contracts with the Company’s customers that it believes are legally enforceable; |
|
|
|
|
● |
identification
of performance obligations in the respective contract; |
|
|
|
|
● |
determination
of the transaction price for each performance obligation in the respective contract; |
|
|
|
|
● |
Allocation
of the transaction price to each performance obligation; and |
|
|
|
|
● |
recognition
of revenue only when the Company satisfies each performance obligation. |
These
five elements, as applied to each of the Company’s revenue category, is summarized below:
Revenues
from fixed price contracts that are still in progress at month end are recognized on the percentage-of-completion method, measured by
the percentage of total costs incurred to date to the estimated total costs for each contract. This method is used because management
considers total costs to be the best available measure of progress on these contracts. Revenue from fixed price contracts and time-and-materials
contracts that are completed in the month the work was started are recognized when the work is shipped. To achieve this core principle,
we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine
the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the
Company satisfies a performance obligation.
Revenues
from fixed price service contracts that contain provisions for milestone payments are recognized at the time of the milestone being met
and payment received. This method is used because management considers that the payments are nonrefundable unless the entity fails to
perform as promised. If the customer terminates the contract, the Company is entitled only to retain any progress payments received from
the customer and the Company has no further rights to compensation from the customer. Even though the payments made by the customer are
nonrefundable, the cumulative amount of those payments is not expected, at all times throughout the contract, to at least correspond
to the amount that would be necessary to compensate the Company for performance completed to date. Accordingly, the Company accounts
for the progress under the contract as a performance obligation satisfied at a point in time. To achieve this core principle, we apply
the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the
transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company
satisfies a performance obligation.
|
Stock Based Compensation |
Stock
Based Compensation
The
Company accounts for stock-based compensation awards in accordance with ASC Topic 718, “Compensation – Stock Compensation.”
The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidated
statements of operations and comprehensive income based on the estimated fair value of those awards on the grant date and amortized on
a straight-line basis over the requisite service period or vesting period. The Company records forfeitures as they occur.
Share-based
payments are valued using a Black-Scholes option pricing model. The grants are amortized on a straight-line basis over the requisite
service periods, which is generally the vesting period. If an award is granted, but vesting does not occur, any previously recognized
compensation cost is reversed in the period related to the termination of service.
The
expected option term is computed using the “simplified” method as permitted under the provisions of ASC 718-10-S99. The Company
uses the simplified method to calculate expected term of share options and similar instruments as the Company does not have sufficient
historical exercise data to provide a reasonable basis upon which to estimate the expected term. The share price as of the grant date
was determined by current market prices for our common stock. Expected volatility is based on the historical stock price volatility of
comparable companies’ common stock, as our stock does not have sufficient historical trading activity. Risk free interest rates
were obtained from U.S. Treasury rates for the applicable periods.
|
Warrants |
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s
specific terms and applicable authoritative guidance in FASB ASC 480, Distinguishing Liabilities from Equity (“ASC 480”)
and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial
instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements
for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether
the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control,
among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the
time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification,
the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair
value of the warrants was estimated using a Black-Scholes pricing model.
|
Net Income (Loss) Per Share of Common Stock |
Net
Income (Loss) Per Share of Common Stock
The
Company has adopted ASC Topic 260, “Earnings per Share” which requires presentation of basic earnings per share
on the face of the statements of operations for all entities with complex capital structures and requires a reconciliation of the numerator
and denominator of the basic earnings per share computation. In the accompanying financial statements, basic loss per share is computed
by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share
is computed by dividing net income by the weighted average number of shares of common stock and potentially dilutive outstanding shares
of common stock during the period to reflect the potential dilution that could occur from common stock issuable through contingent share
arrangements, stock options and warrants unless the result would be antidilutive.
For
the six months ended June 30, 2024 and 2023, the following common stock equivalents were excluded from the computation of diluted net
loss per share as the result of the computation was anti-dilutive.
Schedule
of Diluted Net
Loss Per Share
| |
June
30, | | |
June
30, | |
| |
2024 | | |
2023 | |
| |
| (Shares) | | |
| (Shares) | |
Warrants | |
| 260,213 | | |
| 288,408 | |
|
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v3.24.2.u1
Summary of Signification Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Schedule of Diluted Net Loss Per Share |
For
the six months ended June 30, 2024 and 2023, the following common stock equivalents were excluded from the computation of diluted net
loss per share as the result of the computation was anti-dilutive.
Schedule
of Diluted Net
Loss Per Share
| |
June
30, | | |
June
30, | |
| |
2024 | | |
2023 | |
| |
| (Shares) | | |
| (Shares) | |
Warrants | |
| 260,213 | | |
| 288,408 | |
|
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v3.24.2.u1
Variable Interest Entity (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Variable Interest Entities Assets and Liabilities |
As
of June 30, 2024 and December 31, 2023, Aurea’s assets and liabilities are as follows:
Schedule
of Variable Interest Entities Assets and Liabilities
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Assets | |
| | | |
| | |
Cash | |
$ | 57,697 | | |
$ | 52,492 | |
Prepaid
and other current assets | |
| 10,801 | | |
| 13,164 | |
Total
Assets | |
$ | 68,498 | | |
$ | 65,656 | |
| |
| | | |
| | |
Liability | |
| | | |
| | |
Accounts
payable and other current liabilities | |
$ | 72,695 | | |
$ | 74,219 | |
|
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v3.24.2.u1
Prepaid expense and Other current assets (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Prepaid Expense And Other Current Assets |
|
Schedule of Prepaid Expense and Other Current Assets |
As
of June 30, 2024 and December 31, 2023, prepaid expense and other current assets are as follows:
Schedule
of Prepaid Expense and Other Current Assets
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Prepaid
insurance | |
$ | 363,914 | | |
$ | 699,310 | |
Prepaid
components | |
| 914,251 | | |
| 1,258,965 | |
Prepaid
satellite services & licenses | |
| 2,826,780 | | |
| 3,313,706 | |
Prepaid
software | |
| 111,579 | | |
| 91,258 | |
Other
current assets | |
| 232,594 | | |
| 42,214 | |
Total | |
$ | 4,449,118 | | |
$ | 5,405,453 | |
|
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v3.24.2.u1
Inventory (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
As
of June 30, 2024 and December 31, 2023, inventory is as follows:
Schedule
of Inventory
| |
June
30, 2024 | | |
December
31, 2023 | |
Work
in Process | |
$ | 1,400,686 | | |
$ | 1,217,929 | |
|
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v3.24.2.u1
Property and Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property and Equipment |
At
June 30, 2024 and December 31, 2023, property and equipment consisted of the following:
Schedule
of Property and Equipment
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Office
equipment | |
$ | 17,061 | | |
$ | 17,061 | |
Computer
equipment | |
| 41,233 | | |
| 41,233 | |
Vehicle | |
| 35,424 | | |
| 35,424 | |
Software | |
| 858,721 | | |
| 482,127 | |
Machinery | |
| 3,231,369 | | |
| 3,209,719 | |
Leasehold
improvements | |
| 397,536 | | |
| 397,536 | |
R&D
software | |
| - | | |
| 9,655 | |
Satellite
and related software | |
| 8,308,932 | | |
| - | |
Construction
in progress | |
| 4,001,050 | | |
| 8,609,902 | |
Property
and equipment, gross | |
| 16,891,326 | | |
| 12,802,657 | |
Accumulated
depreciation | |
| (4,090,476 | ) | |
| (3,232,443 | ) |
Property
and equipment, net of accumulated depreciation | |
$ | 12,800,850 | | |
$ | 9,570,214 | |
|
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v3.24.2.u1
Accounts payable and other current liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accounts payable and Other Current Liabilities |
At
June 30, 2024 and December 31, 2023, accounts payable and other current liabilities consisted of the following:
Schedule
of Accounts payable and Other Current Liabilities
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Accounts
payable | |
$ | 3,102,899 | | |
$ | 4,716,964 | |
Payroll
liabilities | |
| 1,059,601 | | |
| 1,250,330 | |
Credit
card liability | |
| 24,019 | | |
| 93,826 | |
Other
payable | |
| 171,241 | | |
| 156,885 | |
Dividend
payable | |
| - | | |
| 16,566 | |
Payable
for purchase of property and equipment | |
| 20,928 | | |
| - | |
Insurance
payable | |
| 173,964 | | |
| 462,991 | |
Total
accrued expenses and other liabilities | |
$ | 4,552,652 | | |
$ | 6,697,562 | |
|
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v3.24.2.u1
Contract assets and liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Contract Assets and Liabilities |
At
June 30, 2024 and December 31, 2023, contract assets and contract liabilities consisted of the following:
Schedule
of Contract Assets and Liabilities
Contract
assets | |
June
30, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Revenue
recognized in excess of amounts paid or payable (contracts receivable) to the company on uncompleted contracts (contract asset),
excluding retainage | |
$ | - | | |
$ | - | |
Retainage
included in contract assets due to being conditional on something other than solely passage of time | |
| 77,124 | | |
| 77,124 | |
Retainage
included in contract assets due to being conditional on something other than solely passage of time – related party | |
| 46,000 | | |
| 43,173 | |
Total
contract assets | |
$ | 123,124 | | |
$ | 120,297 | |
Contract
liabilities | |
June
30, 2024 | | |
December
31, 2023 | |
| |
| | |
| |
Payments
received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding
retainage | |
$ | - | | |
$ | - | |
Retainage
included in contract liabilities due to being conditional on something other than solely passage of time | |
| 77,124 | | |
| 77,124 | |
Retainage
included in contract liabilities due to being conditional on something other than solely passage of time – related party | |
| 46,000 | | |
| 43,173 | |
Total
contract liabilities | |
$ | 123,124 | | |
$ | 120,297 | |
|
X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.
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v3.24.2.u1
Leases (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
Schedule of Operating lease expense |
The
operating lease expense were as follows:
Schedule
of Operating lease expense
| |
2024 | | |
2023 | |
| |
Six
months ended June 30, | |
| |
2024 | | |
2023 | |
Operating
lease cost | |
$ | 188,741 | | |
$ | 175,055 | |
|
Summary of Other Supplemental Information |
Supplemental
balance sheet information related to operating leases was as follows:
Summary
of Other Supplemental Information
| |
June
30, | | |
December
31, | |
| |
2024 | | |
2023 | |
Operating
lease right-of-use assets at inception | |
$ | 284,861 | | |
$ | 1,276,515 | |
Accumulated
amortization | |
| (22,854 | ) | |
| (1,160,942 | ) |
Total
operating lease right-of-use assets | |
$ | 262,007 | | |
$ | 115,573 | |
| |
| | | |
| | |
Right-of-use
assets obtained in exchange for new operating lease liability | |
$ | 284,861 | | |
$ | - | |
| |
| | | |
| | |
Operating
lease liabilities - current | |
$ | 262,007 | | |
$ | 119,272 | |
Operating
lease liabilities - non-current | |
| - | | |
| - | |
Total
operating lease liabilities | |
$ | 262,007 | | |
$ | 119,272 | |
| |
| | | |
| | |
Weighted-average
remaining lease term — operating leases (year) | |
| 0.92 | | |
| 0.42 | |
Weighted-average
discount rate — operating leases | |
| 8.25 | % | |
| 4.73 | % |
|
Schedule of Future Minimum Lease Payments Under Operating Leases |
Future
minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year at June 30, 2024 were
as follows:
Schedule
of Future Minimum Lease Payments Under Operating Leases
| |
Total | |
Year
Ended December 31, | |
| | |
2024
- Remaining 6 months | |
$ | 147,859 | |
2025 | |
| 123,216 | |
Thereafter | |
| - | |
Total Undiscounted lease payments | |
| 271,075 | |
Less:
Imputed interest | |
| (9,068 | ) |
Operating
lease liabilities | |
| 262,007 | |
|
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v3.24.2.u1
Stockholder’s Equity (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Schedule of Activity of Warrant |
A
summary of activity of the warrants during the six months ended June 30, 2024 as follows:
Schedule
of Activity of Warrant
| |
Number
of | | |
Weighted
average | | |
Average | |
| |
shares | | |
Exercise
Price | | |
Life
(years) | |
Outstanding,
December 31, 2023 | |
| 233,816 | | |
$ | 13.22 | | |
| 4.73 | |
| |
| | | |
| | | |
| | |
Granted | |
| 69,900 | | |
| 4.50 | | |
| 5.00 | |
Granted | |
| 200 | | |
| 100.00 | | |
| 5.00 | |
Granted | |
| 62,585 | | |
| 5.63 | | |
| 5.00 | |
Granted | |
| 66,050 | | |
| 7.50 | | |
| 5.00 | |
Split
– warrant granted in October 2023 | |
| 316,286 | | |
| 3.90 | | |
| - | |
Exercised | |
| (488,624 | ) | |
| 3.98 | | |
| - | |
| |
| | | |
| | | |
| | |
Outstanding,
June 30, 2024 | |
| 260,213 | | |
$ | 8.94 | | |
| 4.40 | |
| |
| | | |
| | | |
| | |
Exercisable,
June 30, 2024 | |
| 131,578 | | |
$ | 11.24 | | |
| 4.18 | |
|
Schedule of Utilizes Black-Scholes Model to Value of Stock Options |
The
Company utilizes the Black-Scholes model to value its stock options. The Company utilized the following assumptions:
Schedule
of Utilizes Black-Scholes Model to Value of Stock Options
| |
Six
months ended | |
| |
June
30, 2024 | |
Expected
term | |
| 3.50
years | |
Expected
average volatility | |
| 187 | % |
Expected
dividend yield | |
| - | |
Risk-free
interest rate | |
| 4.14 | % |
|
Schedule of Activity of Stock Options |
A
summary of activity of the stock options during the six months ended June 30, 2024, is as follows:
Schedule
of Activity of Stock Options
| |
Options
Outstanding | | |
Weighted | |
| |
Number
of | | |
Weighted
Average | | |
Average
Remaining life | |
| |
Options | | |
Exercise
Price | | |
(years) | |
| |
| | |
| | |
| |
Outstanding,
December 31, 2023 | |
| 39,752 | | |
$ | 16.42 | | |
| 4.33 | |
Granted | |
| 25,000 | | |
$ | 4.12 | | |
| 5.00 | |
Exercised | |
| - | | |
| - | | |
| - | |
Forfeited/canceled | |
| - | | |
| - | | |
| - | |
Outstanding,
June 30, 2024 | |
| 64,752 | | |
$ | 11.67 | | |
| 4.33 | |
| |
| | | |
| | | |
| | |
Exercisable
options, June 30, 2024 | |
| 200 | | |
$ | 100.00 | | |
| 4.32 | |
|
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v3.24.2.u1
Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Assets |
|
|
Cash |
$ 1,444,369
|
$ 1,216,107
|
Prepaid and other current assets |
4,449,118
|
5,405,453
|
Total Assets |
21,839,373
|
19,351,112
|
Liability |
|
|
Accounts payable and other current liabilities |
4,552,652
|
6,697,562
|
Variable Interest Entity, Primary Beneficiary [Member] | Aurea [Member] |
|
|
Assets |
|
|
Cash |
57,697
|
52,492
|
Prepaid and other current assets |
10,801
|
13,164
|
Total Assets |
68,498
|
65,656
|
Liability |
|
|
Accounts payable and other current liabilities |
$ 72,695
|
$ 74,219
|
X |
- DefinitionAmount of liabilities incurred to vendors for goods and services received, and accrued liabilities classified as other, payable within one year or the normal operating cycle, if longer.
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v3.24.2.u1
Variable Interest Entity (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
Variable interest entity, term |
|
|
|
|
The
consolidated financial statements include Aurea Alas Limited, which is a variable interest entity of which we are the primary beneficiary,
and on August 26, 2020, the Company entered into a licensing agreement with Aurea. Aurea is a Limited company organized in the Isle of
Man, which entered into a license agreement with a third-party vendor, whereby they licensed the rights to use certain available radio
frequency spectrum for satellite communications. The Company is responsible for 100% of the operations of Aurea and derives 100% of the
net profits or losses derived from the business operations. The assets, liabilities and the operations of Aurea from the date of inception
(July 20, 2020), were included in the Company’s consolidated financial statements
|
|
Net loss |
$ (4,136,084)
|
$ (3,810,500)
|
$ (3,501,581)
|
$ (3,441,059)
|
$ (7,946,584)
|
$ (6,942,640)
|
Variable Interest Entity, Primary Beneficiary [Member] | Aurea [Member] |
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
Net loss |
|
|
|
|
$ 85,634
|
$ 80,428
|
Aurea Shareholders [Member] |
|
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
|
Voting rights percent |
100.00%
|
|
|
|
100.00%
|
|
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Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Prepaid Expense And Other Current Assets |
|
|
Prepaid insurance |
$ 363,914
|
$ 699,310
|
Prepaid components |
914,251
|
1,258,965
|
Prepaid satellite services & licenses |
2,826,780
|
3,313,706
|
Prepaid software |
111,579
|
91,258
|
Other current assets |
232,594
|
42,214
|
Total |
$ 4,449,118
|
$ 5,405,453
|
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Schedule of Property and Equipment (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 16,891,326
|
$ 12,802,657
|
Accumulated depreciation |
(4,090,476)
|
(3,232,443)
|
Property and equipment, net of accumulated depreciation |
12,800,850
|
9,570,214
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
17,061
|
17,061
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
41,233
|
41,233
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
35,424
|
35,424
|
Software Development [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
858,721
|
482,127
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
3,231,369
|
3,209,719
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
397,536
|
397,536
|
Research and Development Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
|
9,655
|
Satellite and Related Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
8,308,932
|
|
Construction in Progress [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 4,001,050
|
$ 8,609,902
|
X |
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Property and Equipment (Details Narrative) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
|
Depreciation expense |
$ 858,033
|
$ 79,385
|
Purchased assets |
4,088,669
|
2,301,350
|
Cost of Sales [Member] |
|
|
Impaired Assets to be Disposed of by Method Other than Sale [Line Items] |
|
|
Depreciation expense |
$ 767,482
|
$ 91,022
|
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v3.24.2.u1
Schedule of Accounts payable and Other Current Liabilities (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 3,102,899
|
$ 4,716,964
|
Payroll liabilities |
1,059,601
|
1,250,330
|
Credit card liability |
24,019
|
93,826
|
Other payable |
171,241
|
156,885
|
Dividend payable |
|
16,566
|
Payable for purchase of property and equipment |
20,928
|
|
Insurance payable |
173,964
|
462,991
|
Total accrued expenses and other liabilities |
$ 4,552,652
|
$ 6,697,562
|
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v3.24.2.u1
Asset-based loan (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Revolving line of credit |
$ 3,000,000
|
|
|
Line of credit interest rate |
15.20%
|
|
|
Line of credit facility interest rate description |
Additionally, in the event of default the Lender at its option can increase the loan interest rate by 5% per annum for
each month or partial month default on outstanding balances.
|
|
|
Asset based loan liability |
$ 861,660
|
|
$ 2,587,900
|
Asset based loan expense |
$ 161,375
|
$ 79,567
|
|
Maximum [Member] |
|
|
|
Percentage of face amount of purchase price for accounts receivable |
90.00%
|
|
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v3.24.2.u1
Schedule of Contract Assets and Liabilities (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
|
Revenue recognized in excess of amounts paid or payable (contracts receivable) to the company on uncompleted contracts (contract asset), excluding retainage |
|
|
Retainage included in contract assets due to being conditional on something other than solely passage of time |
77,124
|
77,124
|
Retainage included in contract assets due to being conditional on something other than solely passage of time – related party |
46,000
|
43,173
|
Total contract assets |
123,124
|
120,297
|
Payments received or receivable (contracts receivable) in excess of revenue recognized on uncompleted contracts (contract liability), excluding retainage |
|
|
Retainage included in contract liabilities due to being conditional on something other than solely passage of time |
77,124
|
77,124
|
Retainage included in contract liabilities due to being conditional on something other than solely passage of time – related party |
46,000
|
43,173
|
Total contract liabilities |
$ 123,124
|
$ 120,297
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|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Leases |
|
|
Operating lease cost |
$ 188,741
|
$ 175,055
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|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Leases |
|
|
Operating lease right-of-use assets at inception |
$ 284,861
|
$ 1,276,515
|
Accumulated amortization |
(22,854)
|
(1,160,942)
|
Total operating lease right-of-use assets |
262,007
|
115,573
|
Right-of-use assets obtained in exchange for new operating lease liability |
284,861
|
|
Operating lease liabilities - current |
262,007
|
119,272
|
Operating lease liabilities - non-current |
|
|
Total operating lease liabilities |
$ 262,007
|
$ 119,272
|
Weighted average remaining lease term - operating leases (year) |
11 months 1 day
|
5 months 1 day
|
Weighted average discount rate - operating leases |
8.25%
|
4.73%
|
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v3.24.2.u1
Leases (Details Narrative) - USD ($)
|
1 Months Ended |
6 Months Ended |
114 Months Ended |
|
Jun. 30, 2024 |
May 31, 2021 |
Jun. 30, 2024 |
Jan. 31, 2022 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Base rent expense |
|
|
|
$ 4,570
|
|
Security deposit |
$ 10,000
|
|
$ 10,000
|
|
$ 10,000
|
New Lease Agreement [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Lessee, operating lease, description |
We
have a new lease contract entered in June 2024 for our office facility and warehouse space that expires in May 2025.
|
|
|
|
|
Base rent expense |
|
$ 11,855
|
|
|
|
Increased base rent percentage |
|
2.50%
|
|
|
|
Lessee, operating lease, option to terminate |
|
In
May 2021, we entered into a new lease agreement for our office and warehouse space that expires in May 2024. The Company shall have the
option to terminate the lease after 12 months and 24 months from the commencement date.
|
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|
|
New Lease Agreement [Member] | Minimum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Base rent expense |
$ 11,876
|
|
|
|
|
New Lease Agreement [Member] | Maximum [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Base rent expense |
$ 12,767
|
|
|
|
|
Office Facility [Member] |
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
Lessee, operating lease, description |
|
|
We
have a noncancelable operating lease entered in November 2016 for our office facility that expires in July 2021 and has renewal options
to May 2024.
|
|
|
Base rent expense |
|
|
$ 10,392
|
|
|
Increased base rent percentage |
2.50%
|
|
2.50%
|
|
|
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v3.24.2.u1
Notes Payable (Details Narrative) - USD ($)
|
|
6 Months Ended |
12 Months Ended |
|
Dec. 03, 2021 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2021 |
Dec. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Note payable related party current |
|
$ 2,048,451
|
|
|
$ 2,017,286
|
Decathlon Alpha IV, L.P [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Note payable related party current |
$ 1,400,000
|
|
|
|
|
Loans payable |
|
|
|
$ 1,106,164
|
|
Notes payable |
1,106,164
|
2,100,000
|
|
|
|
Forgiveness of notes payable |
$ 293,836
|
|
|
$ 293,836
|
|
Revenue percentage |
4.00%
|
|
|
|
|
Interest payable |
$ 50,000
|
|
|
|
|
Debt instrument, maturity date |
Dec. 09, 2024
|
|
|
|
|
Interest expenses |
|
331,165
|
$ 361,903
|
|
|
Principal amount |
|
150,000
|
179,524
|
|
|
Notes payable principal amount and interest |
|
$ 2,016,951
|
$ 2,017,286
|
|
|
Related Party [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Loans payable |
$ 2,600,000
|
|
|
|
|
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v3.24.2.u1
Related Party Transactions (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
114 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jan. 31, 2027 |
Jan. 31, 2026 |
Jan. 31, 2025 |
Jan. 31, 2024 |
Jan. 31, 2023 |
Jan. 31, 2022 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Contract Assets related party |
$ 123,124
|
|
$ 123,124
|
|
|
|
|
|
|
|
$ 120,297
|
Accounts payable |
3,102,899
|
|
3,102,899
|
|
|
|
|
|
|
|
4,716,964
|
Cost of revenue |
1,768,671
|
$ 862,632
|
2,734,762
|
$ 2,230,460
|
|
|
|
|
|
|
|
Monthly rent |
|
|
|
|
|
|
|
|
|
$ 4,570
|
|
Craig Technical Consulting Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Contract with customer liability revenue recognized |
|
|
297,816
|
543,696
|
|
|
|
|
|
|
|
Accounts receivable - related parties |
264,802
|
$ 67,447
|
264,802
|
67,447
|
|
|
|
|
|
|
|
Contract Assets related party |
46,000
|
|
46,000
|
|
|
|
|
|
|
|
46,000
|
Contract liabilities, related party |
43,173
|
|
43,173
|
|
|
|
|
|
|
|
43,173
|
Accounts payable |
$ 887,402
|
|
887,402
|
|
|
|
|
|
|
|
$ 677,039
|
Cost of revenue |
|
|
214,002
|
0
|
|
|
|
|
|
|
|
Professional services |
|
|
79,465
|
49,249
|
|
|
|
|
|
|
|
Sublandlord [Member] |
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Monthly rent |
|
|
|
|
|
|
|
$ 4,847
|
$ 4,707
|
|
|
Lease expense |
|
|
$ 38,555
|
$ 28,942
|
|
|
|
|
|
|
|
Sublandlord [Member] | Forecast [Member] |
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Monthly rent |
|
|
|
|
$ 4,899.27
|
$ 4,756.57
|
$ 4,618.03
|
|
|
|
|
X |
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v3.24.2.u1
Schedule of Activity of Warrant (Details) - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Number of Warrants Outstanding, Beginning |
233,816
|
|
Weighted Average Exercise Price, Beginning |
$ 13.22
|
|
Average Life (years) Outstanding, End |
4 years 4 months 24 days
|
4 years 8 months 23 days
|
Number of Warrants Outstanding, Ending |
260,213
|
233,816
|
Weighted Average Exercise Price, Ending |
$ 8.94
|
$ 13.22
|
Number of Warrants, Exercisable |
131,578
|
|
Weighted Average Exercise Price, Exercisable |
$ 11.24
|
|
Average Life (years) Exercisable, End |
4 years 2 months 4 days
|
|
Exercise Price 4.50 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Number of Warrants, Granted |
69,900
|
|
Weighted Average Exercise Price, Granted |
$ 4.50
|
|
Average Life (years), Granted |
5 years
|
|
Exercise Price 100.00 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Number of Warrants, Granted |
200
|
|
Weighted Average Exercise Price, Granted |
$ 100.00
|
|
Average Life (years), Granted |
5 years
|
|
Exercise Price 5.63 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Number of Warrants, Granted |
62,585
|
|
Weighted Average Exercise Price, Granted |
$ 5.63
|
|
Average Life (years), Granted |
5 years
|
|
Exercise Price 7.50 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Number of Warrants, Granted |
66,050
|
|
Weighted Average Exercise Price, Granted |
$ 7.50
|
|
Average Life (years), Granted |
5 years
|
|
Exercise Price 3.90 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Number of Warrants, Granted |
316,286
|
|
Weighted Average Exercise Price, Granted |
$ 3.90
|
|
Exercise Price 3.98 [Member] |
|
|
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] |
|
|
Number of Warrants, Exercised |
(488,624)
|
|
Weighted Average Exercise Price, Exercised |
$ 3.98
|
|
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v3.24.2.u1
Schedule of Activity of Stock Options (Details) - $ / shares
|
|
6 Months Ended |
Feb. 06, 2024 |
Jun. 30, 2024 |
Equity [Abstract] |
|
|
Number of Options, Outstanding |
|
39,752
|
Weighted Average Exercise Price, Options Outstanding |
|
$ 16.42
|
Weighted Average Remaining life (years) Options Outstanding |
|
4 years 3 months 29 days
|
Number of Options, Granted |
|
25,000
|
Weighted Average Exercise Price, Granted |
$ 4.12
|
$ 4.12
|
Weighted Average Remaining life (years), Granted |
|
5 years
|
Number of Options Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Number of Options Forfeited/canceled |
|
|
Weighted Average Exercise Price, Forfeited/canceled |
|
|
Number of Options, Outstanding |
|
64,752
|
Weighted Average Exercise Price, Options Outstanding |
|
$ 11.67
|
Number of Options, Exercisable |
|
200
|
Weighted Average Exercise Price, Exercisable |
|
$ 100.00
|
Weighted Average Remaining life (Years), Options Exercisable |
|
4 years 3 months 25 days
|
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v3.24.2.u1
Stockholder’s Equity (Details Narrative) - USD ($)
|
|
|
|
6 Months Ended |
|
|
|
Feb. 29, 2024 |
Feb. 06, 2024 |
Jan. 29, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Oct. 11, 2023 |
Jul. 03, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
210,000,000
|
210,000,000
|
|
215,000,000
|
Preferred stock, shares authorized |
|
|
|
5,000,000
|
5,000,000
|
|
|
Preferred stock par value per share |
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
Common stock, par value |
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
Common stock, voting rights |
|
|
|
The Class B Common Stock is entitled to 10 votes
for every 1 vote of the Class A Common Stock.
|
|
|
|
Preferred stock, shares issued |
|
|
|
0
|
0
|
|
|
Preferred stock, shares outstanding |
|
|
|
0
|
0
|
|
|
Number of options, granted |
|
25,000
|
|
25,000
|
|
|
|
Stock options granted exercise price |
|
$ 4.12
|
|
$ 4.12
|
|
|
|
Exercise term |
|
5 years
|
|
|
|
|
|
Stock options vesting period |
|
Options issued vest at 33% of shares subject to the option on each anniversary
date, on February 6, 2025, 2026 and 2027
|
|
|
|
|
|
Value of options granted |
|
|
|
$ 95,325
|
|
|
|
Stock option expense |
|
|
|
86,044
|
|
|
|
Stock option unamortized |
|
|
|
$ 543,174
|
$ 533,892
|
|
|
Number of options outstanding |
|
|
|
64,752
|
39,752
|
|
|
Options outstanding intrinsic value |
|
|
|
$ 0
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Intrinsic value |
|
|
|
$ 0
|
|
|
|
January 2024 Offering [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
$ 4.50
|
|
|
|
Number of warrants issued |
|
|
|
$ 69,900
|
|
|
|
Warrants period |
|
|
|
5 years
|
|
|
|
January 2024 Offering [Member] | Underwriter Warrants [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
$ 5.625
|
|
|
|
Number of warrants issued |
|
|
|
62,585
|
|
|
|
Warrants period |
|
|
|
5 years
|
|
|
|
February 2024 Offering [Member] | Underwriter Warrants [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants exercise price |
$ 7.50
|
|
|
|
|
|
|
Number of warrants issued |
66,050
|
|
|
|
|
|
|
Warrants period |
5 years
|
|
|
|
|
|
|
Employee [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Warrants exercise price |
|
|
|
$ 100
|
|
|
|
Warrants issued |
|
|
|
200
|
|
|
|
Warrants period |
|
|
|
5 years
|
|
|
|
Common Class A [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, shares authorized |
1,321,000
|
|
1,181,900
|
200,000,000
|
200,000,000
|
|
|
Preferred stock convertible conversion price per share |
|
|
|
|
|
$ 10.152
|
|
Warrants exercise price |
|
|
|
|
|
10.152
|
|
Dividend |
|
|
|
$ 58,941
|
|
|
|
Number of shares converted |
|
|
|
106,748
|
|
|
|
Common stock, shares issued |
|
|
|
4,081,344
|
983,173
|
|
|
Common stock, shares outstanding |
|
|
|
4,081,344
|
983,173
|
|
|
Number of warrants issued |
|
|
69,900
|
|
|
|
|
Gross proceeds from offering |
$ 7,926,000
|
|
$ 5,632,650
|
|
|
|
|
Net proceeds from offering |
$ 7,102,527
|
|
$ 5,008,259
|
|
|
|
|
Number of warrants issued |
|
|
|
$ 418,724
|
|
|
|
Gross proceeds from exercise of warrants |
|
|
|
$ 1,631,524
|
|
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
10,000,000
|
10,000,000
|
|
|
Common stock, shares issued |
|
|
|
100,000
|
100,000
|
|
|
Common stock, shares outstanding |
|
|
|
100,000
|
100,000
|
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock par value per share |
|
|
|
|
|
$ 0.0001
|
|
Shares issued |
|
|
|
372
|
|
2,000
|
|
Preferred stock stated value per share |
|
|
|
|
|
$ 1,000
|
|
Offering price per share |
|
|
|
|
|
$ 1,000
|
|
Dividend |
|
|
|
$ 27,374
|
|
|
|
Preferred stock, shares issued |
|
|
|
0
|
372
|
|
|
Preferred stock, shares outstanding |
|
|
|
0
|
372
|
|
|
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Sidus Space (NASDAQ:SIDU)
過去 株価チャート
から 7 2024 まで 8 2024
Sidus Space (NASDAQ:SIDU)
過去 株価チャート
から 8 2023 まで 8 2024