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Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions  
Related Party Transactions

Note 8 –  Related Party Transactions

 

In 2021, the Company entered into a manufacturing and service agreement to fabricate and manufacture the AirSCWO systems (the “Original M&S Agreement”) with Merrell Bros. Fabrication, LLC, a division of Merrell Bros. Inc (“Merrell Bros.”). The initial term of the Original M&A Agreement ends July 7, 2024 with a one-year automatic renewal unless terminated by either party with at least a sixty-day notice prior to expiration (see Note 11 – Subsequent Events).

  

As part of the agreement, the Company appointed Terry Merrell to its board of directors. As of December 31, 2023, Merrell Bros. or their affiliates own stock below 5% of the outstanding common stock. As of December 31, 2022, Merrell Bros. or their affiliates own stock in excess of 5% of the outstanding common stock. 

 

As of December 31, 2023, the Company incurred $1,210,826 in related party expenses related to the manufacturing of the AirSCWO systems. As of December 31, 2023, accounts payable and accrued expenses includes $125,282 of amounts owed to Merrell Bros. for the manufacturing services provided.