Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 1817

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 12
Chunk 1817
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    $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 
     42,583 
  
    Thereafter 
     10,715 
  
    Total undiscounted lease payments 
     170,313 
  
    Less: effects of discounting 
     (16,084)
  
    Operating Lease Liability 
    $154,229 

    Classified as: 

    Operating lease liability, current 
    $30,227 
  
    Operating lease liability, non-current 
    $124,002 

F-20

Note 9 — RELATED PARTY TRANSACTIONS

Lease Agreement

The Company had a property lease agreement with its Chief Executive
Officer as discussed in Note 8 – Leases. The lease agreement was terminated upon close of the Business Combination on
March 14, 2024. As of December 31, 2024 and December 31, 2023, $0 and $2,000 were owing under this agreement and included in accounts
payable on the consolidated balance sheets.

Consultancy Agreement

On January 1, 2019, the Company entered