v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities        
Net income $ 14,878,658 $ 181,555,292 $ 215,695,562 $ (11,379,116)
Adjustment to reconcile net income to cash provided by (used in) operating activities:        
Depreciation and amortization 1,588 1,085 6,517 4,341
Deferred tax expense (benefit) (1,642,658) 85,725,163 81,256,047
Amortization of operating lease right-of-use assets 7,839 52,068 29,282 21,216
Change in fair value of Earnout Shares liability (12,832,000) 7,672,000 (29,197,000)
Change in fair value of True Up Shares liability (106,106) (269,000) 1,634,000
Change in fair value of Subject Vesting Shares liability (5,474,000) 2,425,000 (3,973,000)
Gain on contribution to AirJoule, LLC (333,500,000) (333,500,000)
Equity loss from investment in AirJoule, LLC 2,230,278 26,382 5,321,367
Non-cash transaction costs in connection with business combination 53,721,000 53,721,000
Gain on settlement of legal fees     (2,207,445)
Share-based compensation 984,393 1,323,936 52,000
Changes in operating assets and liabilities:        
Due from related party 2,402,969 (2,727,578)
Prepaid expenses and other current assets 145,461 15,010 (112,406) (21,832)
Other assets     (54,482)
Operating lease liabilities (6,371) (51,346) (22,054) (21,216)
Accounts payable 247,308 (2,675,093) (2,459,898) 2,444,733
Due to related party     (1,440,000)
Accrued expenses, accrued transaction costs and other liabilities (765,113) (1,122,998) (7,555,294) 3,798,885
Net cash provided by (used in) operating activities 72,246 (6,425,437) (24,261,446) (5,100,989)
Cash flows from investing activities        
Deferred offering costs paid (135,239)    
Purchases of property and equipment     (19,058) (98,950)
Proceeds from sale of property and equipment     98,950
Investment in AirJoule, LLC (5,000,000) (10,000,000) (10,000,000)
Net cash used in investing activities (5,135,239) (10,000,000) (10,019,058)
Cash flows from financing activities        
Proceeds from the exercise of warrants 45,760 45,760 9,438
Proceeds from the exercise of options 41,760 56,250 130,696
Proceeds from the issuance of common stock 43,365,000 61,750,000
Issuance of preferred units     255,861
Net cash provided by financing activities 41,760 43,467,010 61,926,456 265,299
Net increase (decrease) in cash, cash equivalents and restricted cash (5,021,233) 27,041,573 27,645,952 (4,835,690)
Cash, cash equivalents and restricted cash, beginning of period 28,021,748 375,796 375,796 5,211,486
Cash, cash equivalents and restricted cash, end of the period 23,000,515 27,417,369 28,021,748 375,796
Supplemental non-cash investing and financing activities:        
Issuance of True Up Shares 2,082,894    
Deferred offering costs included in accrued expenses and other current liabilities 343,247    
Initial recognition of True Up Shares liability 555,000 555,000
Initial recognition of Subject Vesting Shares liability 11,792,000 11,792,000
Initial recognition of ROU asset and operating lease liability 172,649 172,649
Liabilities combined in recapitalization, net 8,680,477 8,680,477
Contribution to AirJoule, LLC of license to technology 333,500,000 333,500,000
Supplemental cash flow information:        
Taxes paid