XML 33 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net income (loss) $ 215,695,562 $ (11,379,116)
Adjustment to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 6,517 4,341
Deferred tax expense 81,256,047
Amortization of operating lease right-of-use assets 29,282 21,216
Change in fair value of Earnout Shares liability (29,197,000)
Change in fair value of True Up Shares liability 1,634,000
Change in fair value of Subject Vesting Shares liability (3,973,000)
Gain on contribution to AirJoule, LLC (333,500,000)
Equity loss from investment in AirJoule, LLC 5,321,367
Non-cash transaction costs in connection with business combination 53,721,000
Gain on settlement of legal fees (2,207,445)
Share-based compensation 1,323,936 52,000
Changes in operating assets and liabilities:    
Due from related party (2,727,578)
Prepaid expenses and other current assets (112,406) (21,832)
Other assets (54,482)
Operating lease liabilities (22,054) (21,216)
Accounts payable (2,459,898) 2,444,733
Due to related party (1,440,000)
Accrued expenses, accrued transaction costs and other liabilities (7,555,294) 3,798,885
Net cash used in operating activities (24,261,446) (5,100,989)
Cash flows from investing activities    
Purchases of property and equipment (19,058) (98,950)
Proceeds from sale of property and equipment 98,950
Investment in AirJoule, LLC (10,000,000)
Net cash used in investing activities (10,019,058)
Cash flows from financing activities    
Proceeds from the exercise of warrants 45,760 9,438
Proceeds from the exercise of options 130,696
Proceeds from the issuance of common stock 61,750,000
Issuance of preferred units 255,861
Net cash provided by financing activities 61,926,456 265,299
Net increase (decrease) in cash, cash equivalents and restricted cash 27,645,952 (4,835,690)
Cash, cash equivalents and restricted cash, beginning of period 375,796 5,211,486
Cash, cash equivalents and restricted cash, end of the period 28,021,748 375,796
Supplemental non-cash investing and financing activities:    
Initial recognition of True Up Shares liability 555,000
Initial recognition of Subject Vesting Shares liability 11,792,000
Initial recognition of ROU asset and operating lease liability 172,649
Liabilities combined in recapitalization, net 8,680,477
Contribution to AirJoule, LLC of license to technology 333,500,000
Supplemental cash flow information:    
Taxes paid