Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 542

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1C
Chunk 542
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 and $4,341 for the years ended December 31, 2024 and 2023, respectively, which were included within depreciation and amortization
in the consolidated statements of operations.

F-19

Note 7 — OTHER ACCRUED EXPENSES

The following table summarizes other accrued expenses:

    As of
 December 31, 2024  
    As of
 December 31, 2023 
  
    Accrued royalty 
    $250,000  
    $150,000 
  
    Accrued payroll 
     1,125,846  
     22,481 
  
    Professional services 
     205,790  
     58,021 
  
    Engineering consulting 
     —  
     1,700 
  
    Business development 
     —  
     1,425 
  
    Accrued other 
     138,682  
     10,813 
  
     Total other accrued expenses 
    $1,720,318  
    $244,440 

Note 8 — LEASES

As discussed in Note 9 – Related Party Transactions, the
Company had a property lease with a related party which terminated on March 14, 2024. Lease expenses under this lease for the year ended
December 31, 2024 and 2023 were $6,000 and $18,000, respectively.

Lease expense for the company’s operating lease was
$31,977, for the year ended December 31, 2024. Total cash paid for the Company’s operating lease was $2,475 per month with a
remaining term of 51 months and a discount rate of 4.69%. Lease expense is included in general and administrative costs on the
accompanying consolidated statements of operations. This lease includes a renewal option at the election of the Company to renew or
extend the lease. This optional period has not been considered in the determination of the ROU assets or lease liability associated
with this lease as the Company did not consider it reasonably certain it would exercise the option.

At December 31, 2024, future minimum rental payments required under
the lease agreement is as follows:

    Operating Lease 
  
    2025 
    $36,700 
  
    2026 
     39,370 
  
    2027 
     40,945 
  
    2028