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Restatement of Previously Issued Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2024
Restatement of Previously Issued Financial Statements [Abstract] |
Schedule of Restatement on Each Financial Statement | The following tables summarize the effect of the restatement on each financial statement line item as of the dates, and for the period, indicated:
|  | As Previously Reported |  |  | Adjustment to convert AirJoule JV from consolidation to equity method |  |  | Adjustment for expensing of transaction costs |  |  | As Restated |
Condensed Consolidated Balance Sheet as of March 31, 2024 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 37,429,270 |  |  | $ | (10,011,901 | ) |  | $ | - |  |  | $ | 27,417,369 |
Total current assets |  |  | 37,915,608 |  |  |  | (10,011,901 | ) |  |  | - |  |  |  | 27,903,707 |
Property and equipment, net |  |  | 4,137 |  |  |  | (1,390 | ) |  |  | - |  |  |  | 2,747 |
In process research and development |  |  | 365,300,000 |  |  |  | (365,300,000 | ) |  |  | - |  |  |  | - |
Goodwill |  |  | 247,233,000 |  |  |  | (247,233,000 | ) |  |  | - |  |  |  | - |
Investment in AirJoule, LLC |  |  | - |  |  |  | 343,473,618 |  |  |  | - |  |  |  | 343,473,618 |
Total assets |  |  | 650,622,862 |  |  |  | (279,072,673 | ) |  |  | - |  |  |  | 371,550,189 |
Accounts Payable |  |  | 431,774 |  |  |  | (774 | ) |  |  | - |  |  |  | 431,000 |
Other accrued expenses |  |  | 6,781,239 |  |  |  | (65,280 | ) |  |  | - |  |  |  | 6,715,959 |
Total current liabilities |  |  | 11,753,101 |  |  |  | (66,054 | ) |  |  | - |  |  |  | 11,687,047 |
Deferred tax liabilities |  |  | - |  |  |  | 85,725,163 |  |  |  | - |  |  |  | 85,725,163 |
Total liabilities |  |  | 87,796,959 |  |  |  | 85,659,109 |  |  |  | - |  |  |  | 173,456,068 |
Additional paid-in capital |  |  | - |  |  |  | - |  |  |  | 39,701,547 |  |  |  | 39,701,547 |
Retained earnings (Accumulated deficit) |  |  | (43,686,098 | ) |  |  | 247,774,836 |  |  |  | (39,701,547 | ) |  |  | 164,387,191 |
Total Montana Technologies Corporation stockholders’ equity (deficit) |  |  | (49,680,715 | ) |  |  | 49,680,715 |  |  |  | - |  |  |  | - |
Non-controlling interest |  |  | 612,506,618 |  |  |  | (612,506,618 | ) |  |  | - |  |  |  | - |
Total stockholders’ equity (deficit) |  |  | 562,825,903 |  |  |  | (364,731,782 | ) |  |  | - |  |  |  | 198,094,121 |
Total liabilities and stockholders’ equity (deficit) |  |  | 650,622,862 |  |  |  | (279,072,673 | ) |  |  | - |  |  |  | 371,550,189 |
Condensed consolidated statement of changes in stockholders’ equity (deficit) for the three months ended March 31, 2024 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Formation of AirJoule, LLC |  | $ | 612,533,000 |  |  | $ | (612,533,000 | ) |  | $ | - |  |  |  | - |
Reverse capitalization, net of transaction costs – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Additional paid-in capital |  |  | (60,729,824 | ) |  |  | - |  |  |  | 39,701,547 |  |  |  | (21,028,277 | )
Retained earnings (accumulated deficit) |  |  | (14,991,556 | ) |  |  | - |  |  |  | 14,991,556 |  |  |  | - |
Total stockholders’ equity (deficit) |  |  | (75,720,580 | ) |  |  | - |  |  |  | 54,693,103 |  |  |  | (21,027,477 | )
Net income (loss) |  |  | (11,526,441 | ) |  |  | 247,801,218 |  |  |  | (54,693,103 | ) |  |  | 181,555,292 |
Condensed Consolidated Statement of Operations for the three months ended March 31, 2024 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative |  | $ | 827,576 |  |  | $ | (14,337 | ) |  | $ | - |  |  | $ | 813,239 |
Research and development |  |  | 896,613 |  |  |  | (50,456 | ) |  |  | - |  |  |  | 846,157 |
Transaction costs incurred in connection from business combination |  |  | - |  |  |  | - |  |  |  | 54,693,103 |  |  |  | 54,693,103 |
Depreciation and amortization |  |  | 1,145 |  |  |  | (60 | ) |  |  | - |  |  |  | 1,085 |
Loss from operations |  |  | (1,763,059 | ) |  |  | 64,853 |  |  |  | (54,693,103 | ) |  |  | (56,391,309 | )
Interest income |  |  | 38,236 |  |  |  | (12,090 | ) |  |  | - |  |  |  | 26,146 |
Gain on contribution to AirJoule, LLC |  |  | - |  |  |  | 333,500,000 |  |  |  | - |  |  |  | 333,500,000 |
Equity loss from investment in AirJoule, LLC |  |  | - |  |  |  | (26,382 | ) |  |  | - |  |  |  | (26,382 | )
Total other income (expense), net |  |  | (9,789,764 | ) |  |  | 333,461,528 |  |  |  | - |  |  |  | 323,671,764 |
Income (loss) before income taxes |  |  | (11,552,823 | ) |  |  | 333,526,381 |  |  |  | (54,693,103 | ) |  |  | 267,280,455 |
Income tax expense |  |  | - |  |  |  | (85,725,163 | ) |  |  | - |  |  |  | (85,725,163 | )
Net income (loss) |  |  | (11,552,823 | ) |  |  | 247,801,218 |  |  |  | (54,693,103 | ) |  |  | 181,555,292 |
Net loss attributable to non-controlling interest |  |  | (26,382 | ) |  |  | 26,382 |  |  |  | - |  |  |  | - |
Net loss attributable to common stockholders of the Company |  |  | (11,526,441 | ) |  |  | 11,526,441 |  |  |  | - |  |  |  | - |
Basic net income (loss) per share, Class A |  | $ | (0.28 | ) |  | $ | 5.91 |  |  | $ | (1.30 | ) |  | $ | 4.33 |
Basic Weighted average Class A common stock outstanding, Class A |  |  | 36,916,955 |  |  |  | 238,371 |  |  |  | - |  |  |  | 37,155,326 |
Diluted weighted average shares outstanding, Class A |  |  | - |  |  |  | 38,631,753 |  |  |  | - |  |  |  | 38,631,753 |
Diluted net income per share, Class A |  | $ | (0.28 | ) |  | $ | 5.72 |  |  | $ | (1.26 | ) |  | $ | 4.18 |
Basic net income (loss) per share, Class B |  | $ | (0.28 | ) |  | $ | 5.91 |  |  | $ | (1.30 | ) |  | $ | 4.33 |
Diluted net income (loss) per share, Class B |  | $ | (0.28 | ) |  | $ | 5.72 |  |  | $ | (1.26 | ) |  | $ | 4.18 |
Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2024 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (11,552,823 | ) |  | $ | 247,801,218 |  |  |  | (54,693,103 | ) |  | $ | 181,555,292 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 1,145 |  |  |  | (60 | ) |  |  | - |  |  |  | 1,085 |
Deferred tax expense |  |  | - |  |  |  | 85,725,163 |  |  |  | - |  |  |  | 85,725,163 |
Gain on contribution to AirJoule, LLC |  |  | - |  |  |  | (333,500,000 | ) |  |  | - |  |  |  | (333,500,000 | )
Equity loss from investment in AirJoule, LLC |  |  | - |  |  |  | 26,382 |  |  |  | - |  |  |  | 26,382 |
Non-cash transaction costs in connection with business combination |  |  | - |  |  |  | - |  |  |  | 53,721,000 |  |  |  | 53,721,000 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | (2,674,319 | ) |  |  | (774 | ) |  |  | - |  |  |  | (2,675,093 | )
Accrued expenses, accrued transaction costs and other liabilities |  |  | (1,057,718 | ) |  |  | (65,280 | ) |  |  | - |  |  |  | (1,122,998 | )
Net cash used in operating activities |  |  | (5,439,983 | ) |  |  | (13,351 | ) |  |  | (972,103 | ) |  |  | (6,425,437 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of fixed assets |  |  | (1,450 | ) |  |  | 1,450 |  |  |  | - |  |  |  | - |
Investment in AirJoule, LLC |  |  | - |  |  |  | (10,000,000 | ) |  |  | - |  |  |  | (10,000,000 | )
Net cash used in investing activities |  |  | (1,450 | ) |  |  | (9,998,550 | ) |  |  | - |  |  |  | (10,000,000 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction costs - recapitalization |  |  | (972,103 | ) |  |  | - |  |  |  | 972,103 |  |  |  | - |
Net cash provided by financing activities |  |  | 42,494,907 |  |  |  | - |  |  |  | 972,103 |  |  |  | 43,467,010 |
Net increase (decrease) in cash |  |  | 37,053,474 |  |  |  | (10,011,901 | ) |  |  | - |  |  |  | 27,041,573 |
Cash, end of the period |  |  | 37,429,270 |  |  |  | (10,011,901 | ) |  |  | - |  |  |  | 27,417,369 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial recognition of earnout shares liability |  |  | 53,721,000 |  |  |  | - |  |  |  | (53,721,000 | ) |  |  | - |
Acquisition of business from GE Vernova in exchange for issuing non-controlling interest |  |  | 612,533,000 |  |  |  | (612,533,000 | ) |  |  | - |  |  |  | - |
Contribution to AirJoule, LLC of license to technology |  |  | - |  |  |  | 333,500,000 |  |  |  | - |  |  |  | 333,500,000 |

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- Definition Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
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