Company: NPWR-WT
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001845437-25-000008
Chunk: 17

Company: NET Power Inc.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 16
Chunk 17
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 is deemed to represent the primary beneficiary, as described above. These condensed consolidated financial statements include the accounts of all wholly-owned subsidiaries and consolidated VIE's. Intercompany balances and transactions have been eliminated in consolidation.Risks and UncertaintiesThe Company is subject to a number of risks similar to those of other companies at a similar stage in the industry and life cycle, including, but not limited to, the successful commercialization of its technology, the need for additional capital or financing to construct its first utility-scale facility, competition from substitute products and services, permitting and construction delays, supply chain constraints and protection of proprietary technology.As of December 31, 2024, the Company has capitalized $48.4 million in costs associated with the construction of its first utility-scale facility, $360 million of goodwill and $1.2 billion of intangible assets associated with developed technology. Changes in the Company’s business plans, the regulatory environment, energy industry, economic factors, or a combination thereof, could result in impairment of these assets. 

F-10

Audited Financial Statements of NET Power Inc. - Table of Contents

Basis of PresentationThe accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).Reclassification of Prior Period AmountsCertain prior period financial information has been reclassified to conform to current period presentation.

NOTE 2 — Significant Accounting PoliciesUse of EstimatesThe preparation of financial statements in conformity with US GAAP requires management to make certain estimates, judgments, and assumptions. The estimates, judgments, and assumptions made by the Company when accounting for items and matters such as, but not limited to, depreciation, amortization, asset valuations, and share-based compensation were based on information available at the time they were made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as amounts reported on the consolidated statements of operations and comprehensive loss during the periods presented. Actual results could differ from those estimates.Cash and Cash EquivalentsCash consists of liquid deposits at banking institutions. The Company considers highly liquid investments with original maturities of three months or less as cash equivalents. The Company has exposure to credit risk to the extent cash balances exceed amounts covered by the Federal Deposit Insurance Corporation (“FDIC”). FDIC guidelines guarantee $250 thousand per depositor, per insured bank. As of December 31, 2024 and December 31, 2023, the Company held cash in excess