XML 20 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities    
Net income (loss) $ 194,985,187 $ (3,872,471)
Adjustment to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 2,301 2,170
Deferred tax expense 84,487,339
Amortization of operating lease right-of-use assets 59,709 10,483
Change in fair value of Earnout Shares liability (5,392,000)
Change in fair value of True Up Shares liability (133,000)
Change in fair value of Subject Vesting Shares liability 666,000
Gain on contribution to AirJoule, LLC (333,500,000)
Equity loss from investment in AirJoule, LLC 607,170
Non-cash transaction costs in connection with business combination 53,721,000
Gain on settlement of legal fees (2,207,445)
Share-based compensation 150,519 52,000
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (806,153) (100,733)
Operating lease liabilities (56,818) (10,483)
Accounts payable (3,157,317) 121,883
Due to related party (1,440,000)
Accrued expenses, accrued transaction costs and other liabilities (5,563,053) 1,940,339
Net cash used in operating activities (17,576,561) (1,856,812)
Cash Flows from Investing Activities    
Purchases of fixed assets (6,554) (96,025)
Investment in AirJoule, LLC (10,000,000)
Net cash used in investing activities (10,006,554) (96,025)
Cash Flows from Financing Activities    
Proceeds from the exercise of warrants 45,760 8,580
Proceeds from the exercise of options 60,170
Proceeds from the issuance of common stock pursuant to subscription agreements 61,750,000
Issuance of preferred units 255,861
Net cash provided by financing activities 61,855,930 264,441
Net increase (decrease) in cash 34,272,815 (1,688,396)
Cash, beginning of period 375,796 5,211,486
Cash, end of the period 34,648,611 3,523,090
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