Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 380

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 380
---
,973,000 
  
    Gain on settlement of legal fees 
     2,207,445  
     —  
     2,207,445 
  
    Other income 
     10,245  
     —  
     10,245 
  
    Total other income, net 
     362,864,694  
     11,541  
     362,853,153 

    Income (loss) before income taxes 
     296,951,609  
     (11,379,116) 
     308,330,725 
  
    Income tax expense 
     (81,256,047) 
     —  
     (81,256,047)
  
    Net income (loss) 
    $215,695,562  
    $(11,379,116) 
    $227,074,678 

General and Administrative

General and administrative expenses for the year ended December 31,
2024 was $9.0 million as compared to $7.5 million for the year ended December 31, 2023. The $1.5 million increase was primarily related
to increases in professional services such as legal and audit and accounting offset by the reimbursement of costs incurred per the statement
of work with AirJoule, LLC. We expect that our general and administrative expenses will increase in future periods commensurate with the
expected growth of our business and increased expenditures associated with our status as an exchange listed public company.

28

Research and Development

Research and development expenses for the year ended December 31, 2024
was $2.0 million as compared to $3.3 million for the year ended December 31, 2023. The $1.3 million decrease was primarily related to
the reimbursement of costs incurred per the statement of work with AirJoule, LLC, partially offset by an increase in personnel and prototype
related costs as the Company continues to develop its products and technology. We expect that our research and development expenses will
increase in future periods commensurate with the expected growth of our business.

Sales and Marketing

Sales and marketing for the year ended December 31, 2024 was $0.2 million
as compared to $0.5 million for the year ended December 31, 2023. In 2023, we incurred non-recurring expenses related to business development
that ended in July 202