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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income (loss) $ 230,002,045 $ (8,420,824)
Adjustment to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 4,437 3,256
Deferred tax expense 83,219,044
Amortization of operating lease right-of-use assets 21,512 15,818
Change in fair value of Earnout Shares liability (37,151,000)
Change in fair value of True Up Shares liability 1,733,000
Change in fair value of Subject Vesting Shares liability (7,522,000)
Gain on contribution to AirJoule, LLC (333,500,000)
Equity loss from investment in AirJoule, LLC 2,943,724
Non-cash transaction costs in connection with business combination 53,721,000
Gain on settlement of legal fees (2,207,445)
Share-based compensation 738,470 52,000
Changes in operating assets and liabilities:    
Due from related party (1,962,873)
Prepaid expenses and other assets (445,732) (84,536)
Other assets (69,482)  
Operating lease liabilities (16,453) (15,818)
Accounts payable (1,971,156) 1,440,818
Due to related party (1,440,000)
Accrued expenses, accrued transaction costs and other liabilities (7,658,315) 2,961,753
Net cash used in operating activities (21,561,224) (4,047,533)
Cash flows from investing activities    
Purchases of property and equipment (16,031) (98,950)
Investment in AirJoule, LLC (10,000,000)
Net cash used in investing activities (10,016,031) (98,950)
Cash flows from financing activities    
Proceeds from the exercise of warrants 45,760 8,580
Proceeds from the exercise of options 93,243
Proceeds from the issuance of common stock 61,750,000
Issuance of preferred units 255,861
Net cash provided by financing activities 61,889,003 264,441
Net increase (decrease) in cash, cash equivalents and restricted cash 30,311,748 (3,882,042)
Cash, cash equivalents and restricted cash, beginning of period 375,796 5,211,486
Cash, cash equivalents and restricted cash, end of the period 30,687,544 1,329,444
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