v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 17,391,871 $ 194,985,187
Adjustment to reconcile net income to cash provided by (used in) operating activities:    
Depreciation and amortization 3,877 2,301
Deferred tax expense (benefit) (3,201,539) 84,487,339
Amortization of operating lease right-of-use assets 15,766 59,709
Change in fair value of Earnout Shares liability (19,108,000) (5,392,000)
Change in fair value of True Up Shares liability (106,106) (133,000)
Change in fair value of Subject Vesting Shares liability (6,408,000) 666,000
Change in fair value of Equity Line Obligation liability 286,819 0
Gain on contribution to AirJoule, LLC 0 (333,500,000)
Equity loss from investment in AirJoule, LLC 4,319,945 607,170
Non-cash transaction costs in connection with business combination 0 53,721,000
Gain on settlement of legal fees 0 (2,207,445)
Share-based compensation 2,419,596 150,519
Changes in operating assets and liabilities:    
Due from related party 2,496,577 0
Due to related party 0 (1,440,000)
Prepaid expenses and other current assets (355,138) (806,153)
Operating lease liabilities (14,230) (56,818)
Accounts payable 217,385 (3,157,317)
Accrued expenses, accrued transaction costs and other liabilities (122,308) (5,563,053)
Net cash used in operating activities (2,163,485) (17,576,561)
Cash flows from investing activities    
Purchases of fixed assets (11,376) (6,554)
Investment in AirJoule, LLC (10,000,000) (10,000,000)
Net cash used in investing activities (10,011,376) (10,006,554)
Cash flows from financing activities    
Proceeds from the exercise of warrants 0 45,760
Proceeds from the exercise of options 99,718 60,170
Proceeds from the PIPE offering, net 14,556,106 0
Proceeds from the issuance of common stock pursuant to subscription agreements 0 61,750,000
Net cash provided by financing activities 14,655,824 61,855,930
Net increase in cash, cash equivalents and restricted cash 2,480,963 34,272,815
Cash, cash equivalents and restricted cash, beginning of period 28,021,748 375,796
Cash, cash equivalents and restricted cash, end of the period 30,502,711 34,648,611
Supplemental non-cash investing and financing activities:    
Issuance of True up Shares 2,082,894 0
Deferred offering costs included in accrued expenses and other current liabilities 312,375 0
Initial recognition of True Up Shares liability 0 555,000
Initial recognition of Subject Vesting Shares liability 0 11,792,000
Initial recognition of ROU asset and operating lease liability 0 172,649
Liabilities combined in recapitalization, net 0 8,680,477
Contribution to AirJoule, LLC of license to technology 0 333,500,000
Supplemental cash flow information:    
Taxes paid $ 0 $ 0