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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | Note 13 — SEGMENT INFORMATION ASC Topic 280: Segment Reporting establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker, or group, in deciding how to allocate resources and assess performance. Accordingly, management has determined that the Company only has one operating segment and the accounting policies applied to the operating segment are the same as those described in Note 3 – Summary of Significant Accounting Policies. The Company’s chief operating decision maker (“CODM”) has been identified as the senior executive committee that includes the Chief Executive Officer and Chief Financial Officer. They review the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. The measure of segment performance is based on consolidated net income as reported on the condensed consolidated statement of operations. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The following table reconciles segment profit or loss to consolidated net income on the condensed consolidated statements of operations:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Interest income | $ |  | 243,024 |  | $ |  | 26,146 |
Gain on contribution to AirJoule, LLC |  |  | - |  |  |  | 333,500,000 |
Net change in fair value of liabilities |  |  | 18,412,106 |  |  |  | (9,828,000 | )
Other income |  |  | 1,348 |  |  |  | — |
Less: |  |  |  |  |  |
General and administrative |  |  | 2,786,484 |  |  |  | 813,239 |
Research and development |  |  | 387,919 |  |  |  | 846,157 |
Transaction costs incurred in connection with business combination |  |  | - |  |  |  | 54,693,103 |
Income tax expense (benefit) |  |  | (1,642,658 | ) |  |  | 85,725,163 |
Other segment items (1) |  |  | 2,246,075 |  |  |  | 65,192 |
Segment net income |  |  | 14,878,658 |  |  |  | 181,555,292 |
Reconciliation of profit or loss |  |  |  |  |  |
Adjustments and reconciling items |  |  | — |  |  |  | — |
Consolidated net income | $ |  | 14,878,658 |  | $ |  | 181,555,292 |
(1) Other segment items included in segment net income include sales and marketing, depreciation and amortization expense and equity loss from investment in AirJoule, LLC The following table reconciles segment assets to consolidated assets on the condensed consolidated balance sheets:
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Investment in AirJoule, LLC | $ |  | 340,948,355 |  | $ |  | 338,178,633 |
Other segment assets (1) |  |  | 24,657,567 |  |  |  | 31,673,487 |
Segment assets |  |  | 365,605,922 |  |  |  | 369,852,120 |
Adjustments and reconciling items |  |  | — |  |  |  | — |
Consolidated assets | $ |  | 365,605,922 |  | $ |  | 369,852,120 |
(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 The CODM uses net income to monitor budget versus actual results, assess performance and how to allocate resources. The key measures of segment profit or loss reviewed by our CODM are general and administrative expenses, research and development expenses and interest earned on the Company’s interest-bearing accounts. General and administrative and research and development expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to meet current and future needs, which include working capital requirements, capital expenditures and other general corporate services. Primary working capital requirements are for project execution and development of the Company’s technology which includes purchases of materials, services, payroll and development of market and strategic relationships with other businesses and customers. The CODM reviews interest earned to measure cash inflow and determine the most effective strategy of investment with the interest-bearing accounts while maintaining compliance with the Company’s investment policy. Additionally, the CODM reviews the Company’s investment in AirJoule, LLC for material changes including potential impairment resulting from events or changes in circumstances indicating that a decline in value has occurred that is other than temporary.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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