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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Litigation - In conjunction with the Business Combination (Note C), the Company entered into a settlement agreement with a RONI shareholder related to certain disclosures made in the registration statement filed by RONI for the Business Combination. The settlement amount did not have a material effect on the Consolidated Balance Sheets of the Company. Asset Retirement Obligation - The Company’s valuation of the asset retirement obligation related to the Demonstration Plant encompasses an estimate for the cost to restore the site as required by lease terms. The following table reconciles the beginning value of the Company's asset retirement obligation liability to its ending balance for each period presented in the Consolidated Statements of Operations and Comprehensive Loss:
|  | Period from July 1 – September 30, 2023 (Successor) | Three Months Ended September 30, 2022 (Predecessor) |  | Period from June 8 – September 30, 2023 (Successor) | Period from January 1 – June 7, 2023 (Predecessor) | Nine Months Ended September 30, 2022 (Predecessor)
Asset retirement obligation, beginning of period |  | $ | 1,977 |  | $ | 2,308 |  |  | $ | 1,977 |  | $ | 2,416 |  | $ | — |
Obligation incurred |  | — |  | — |  |  | — |  | — |  | 2,201 |
Periodic accretion expense |  | 41 |  | 54 |  |  | 41 |  | 102 |  | 161 |
Asset retirement obligation, end of period |  | $ | 2,018 |  | $ | 2,362 |  |  | $ | 2,018 |  | $ | 2,518 |  | $ | 2,362 |
Unconditional Purchase Obligations - The Company has committed to purchase industrial components for installation at its Demonstration Plant. The Company pays for these components in installments related to contractual milestones specified by the counterparty. In accordance with ASC Topic 440 - Commitments ("ASC 440"), the Company does not recognize the commitment on its Consolidated Balance Sheets. Upon invoicing, the Company reclassifies current period installment payments to accounts payable and proportionally increases its construction in progress account. The Company expects to recognize the gross value of its existing asset purchase commitments during the current fiscal year. The following table presents the Company’s material, unrecognized purchase obligations:
Commitment |  | Consideration Type |  | Gross Commitment | Period from June 8 - September 30, 2023 (Successor) | Period from January 1 - June 7, 2023 (Predecessor) | Prior Predecessor Periods | Remaining Commitment
Asset Purchase Commitment |  | Cash |  | $ | 4,700 |  | $ | — |  | $ | 1,168 |  | $ | — |  | $ | 3,532 |
Original JDA and Amended and Restated JDA |  | Cash |  | 70,000 |  | 2,867 |  | 3,121 |  | 2,211 |  | 61,801 |
Original JDA and Amended and Restated JDA |  | Share-Based |  | 70,000 |  | 3,585 |  | 3,902 |  | 2,765 |  | 59,748 |
|  | Total |  | $ | 144,700 |  | $ | 6,452 |  | $ | 8,191 |  | $ | 4,976 |  | $ | 125,081 |
JDA - On February 3, 2022, the Company entered into the Original JDA with affiliates of Baker Hughes Energy Services LLC, which is a shareholder (collectively “BHES”). The Original JDA's counterparties subsequently amended the agreement's terms on June 30, 2022 and December 13, 2022 (the "Amended and Restated JDA"). The Amended and Restated JDA represents a contract that engages BHES to invest in, develop and deploy the NET Power Cycle in collaboration with the Company. The Amended and Restated JDA entitles BHES to payments of cash and equity in exchange for services related to the development and commercialization of the technology. Expenses incurred under the terms of the Amended and Restated JDA are invoiced quarterly. The Company records the measurement of services provided by BHES within Research and development on the Consolidated Statement of Operations and Comprehensive Loss. The Company does not recognize the commitment related to the Amended and Restated JDA on its balance sheet in accordance with ASC 440's guidance. Upon receipt of an invoice, the Company accrues for the current period billing in Accounts payable and records the related operating expense and compensation expense. The Company expects to recognize the gross value of its commitments under the Amended and Restated JDA by January, 2027. Prior to the Business Combination, the Company used membership interests to compensate BHES for its services under the Amended and Restated JDA (Note L). After the Business Combination, the Company uses Class A OpCo Units and corresponding quantities of Class B Common Stock to compensate BHES for its services under the Amended and Restated JDA (Note L). The following table presents the costs associated with the JDA's:
|  | Period from |  | Period from
|  | July 1 – September 30, 2023 (Successor) | July 1 – September 30, 2022 (Predecessor) |  | June 8 – September 30, 2023 (Successor) | January 1 – June 7, 2023 (Predecessor) | January 1 – September 30, 2022 (Predecessor)
Cash expense |  | $ | 2,748 |  | $ | 578 |  |  | $ | 2,867 |  | $ | 3,121 |  | $ | 1,256 |
Plus: Membership Interests Issued |  | — |  | 723 |  |  | — |  | 3,902 |  | 6,934 |
Plus: Class A OpCo Units Issued |  | 3,436 |  | — |  |  | 3,585 |  | — |  | — |
Plus: BHES Bonus Share expense |  | 819 |  | 2,688 |  |  | 6,010 |  | 4,690 |  | 1,570 |
Total research and development attributable to JDA |  | $ | 7,003 |  | $ | 3,989 |  |  | $ | 12,462 |  | $ | 11,713 |  | $ | 9,760 |
Prior to June 8, 2023 (Successor), the Company recorded costs incurred under the Amended and Restated JDA within Research and development - related party on the Consolidated Statement of Operations and Comprehensive Loss because an affiliate of BHES served on the Company's Board of Directors. Subsequent to the Business Combination, neither BHES nor its affiliates occupy seats on the Company's Board of Directors; therefore, BHES no longer qualifies as a related party.

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