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Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions  
Related Party Transactions

Note 8 – Related Party Transactions

 

On July 7, 2021, we entered into a manufacturing and services agreement (the “M&S Agreement”) to fabricate and manufacture the AirSCWO systems with Merrell Bros. Fabrication, LLC (“Merrell Bros.”). As part of the agreement, the Company appointed Terry Merrell, one of the owners of Merrell Bros., to its board of directors. On December 18, 2024, Mr. Merrell notified the Company of his intention to resign from the Company's Board of Directors effective December 31, 2024, to allow him to focus more on his core business responsibilities at Merrell Bros.  The M&S Agreement terminated on its original expiration date of July 7, 2024. 

 

On March 27, 2024, we executed a supplemental manufacturing and services agreement (the “Supplemental M&S Agreement”) with Merrell Bros. as Merrell Bros. indicated to us their intent to not renew the Original M&S Agreement and we indicated our desire to relocate to a larger manufacturer facility with more square footage dedicated to expanding our manufacturing operations (see Note 9). The Supplemental M&S Agreement became effective on July 7, 2024 and replaced the Original M&S Agreement. Under the Supplemental M&S Agreement, our relationship and the manufacturing services provided by Merrell Bros. will continue an as needed basis based on statements of work to be agreed upon by both parties to fulfill future and current manufacturing orders. The term of the Supplemental M&S Agreement is one year from July 7, 2024 with a one-year renewal upon a mutually executed written extension. Either party may terminate this Supplement M&S Agreement upon written notice of such a termination, specifying the extent to which performance of work is terminated and the effective date of termination. As of December 31, 2024, this Supplemental M&S Agreement has been terminated.

 

During the years ended December 31, 2024 and 2023, the Company incurred  $241,917 and $1,210,826, respectively, in expenses with Merrell Bros. related to the manufacturing of the AirSCWO systems. As of December 31, 2024 and 2023, accounts payable and accrued expenses included $0 and $125,282, respectively of amounts owed to Merrell Bros. for the manufacturing services provided, respectively. 

 

See also Note 7 for related parties that invested in the Offering that occurred in November 2024.