| SEGMENT INFORMATION |
Note 13 — SEGMENT INFORMATION The following table reconciles segment profit or loss to consolidated net income on the condensed consolidated statements of operations:
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Three Months Ended
June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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|
2024 |
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Interest income |
$ |
|
283,733 |
|
$ |
|
216,480 |
|
$ |
|
526,758 |
|
$ |
|
242,626 |
|
Gain on contribution to AirJoule, LLC |
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— |
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— |
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— |
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333,500,000 |
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Net change in fair value of liabilities |
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7,210,000 |
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14,687,000 |
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25,622,106 |
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4,859,000 |
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Other income |
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— |
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2,207,445 |
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— |
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2,207,445 |
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Less: |
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General and administrative |
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3,751,211 |
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3,211,205 |
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6,537,695 |
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4,024,444 |
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Research and development |
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401,623 |
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1,050,804 |
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789,542 |
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1,896,961 |
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Transaction costs incurred in connection with business combination |
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— |
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— |
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— |
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54,693,103 |
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Income tax expense (benefit) |
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(1,558,882 |
) |
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(1,237,824 |
) |
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(3,201,539 |
) |
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84,487,339 |
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Other segment items (1) |
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2,386,568 |
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656,845 |
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4,631,295 |
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|
722,037 |
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Segment net income |
$ |
|
2,513,213 |
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$ |
|
13,429,895 |
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$ |
|
17,391,871 |
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$ |
|
194,985,187 |
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(1)Other segment items included in segment net income include sales and marketing, depreciation and amortization expense, change in fair value of the Equity Line Obligation liability and equity loss from investment in AirJoule, LLC The following table reconciles segment assets to consolidated assets on the condensed consolidated balance sheets:
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June 30, |
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December 31, |
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2025 |
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|
2024 |
|
Investment in AirJoule, LLC |
$ |
|
343,858,688 |
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$ |
|
338,178,633 |
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Other segment assets (1) |
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32,226,205 |
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31,673,487 |
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Segment assets |
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376,084,893 |
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369,852,120 |
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Adjustments and reconciling items |
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— |
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— |
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Consolidated assets |
$ |
|
376,084,893 |
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$ |
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369,852,120 |
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(1)Other segment assets included cash, cash equivalents and restricted cash, due from related party, prepaid expenses, operating lease right-of-use asset, and property and equipment, net |