Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 1033

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 6
Chunk 1033
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 growth of the Company’s business generally.
In March 2024, the Company contributed $10.0 million in cash to the AirJoule JV. The Company has also agreed to contribute up to an additional
$90.0 million in capital contributions to the AirJoule JV based on a business plan and annual operating budgets to be agreed between the
Company and GE Vernova. In general, for the first six years, GE Vernova has the right, but not the obligation, to make capital contributions
to the AirJoule JV. See Note 5 - Equity Method Investment for further information.

In order to finance these opportunities and associated costs, it is
possible that the Company would need to raise additional financing if the proceeds realized to date are insufficient to support its business
needs. While management believes that the proceeds realized to date will be sufficient to meet its currently contemplated business needs,
there is no guarantee that this will be the case. If additional financing is required by the Company from outside sources, the Company
may not be able to raise it on terms acceptable to it or at all. If the Company is unable to raise additional capital on acceptable terms
when needed, its product development business, results of operations and financial condition would be materially and adversely affected.

F-8

Note 3 — SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared
in accordance with GAAP, expressed in U.S. dollars. References to GAAP issued by the Financial Accounting Standards Board (“FASB”)
in these accompanying notes to the financial statements are to the FASB Accounting Standards Codification (“ASC”). The consolidated
financial statements have been prepared assuming the Company will continue as a going concern.

Principles of Consolidation

Our consolidated financial statements include the accounts of AirJoule
Technologies Corporation and its subsidiaries after elimination of all intercompany accounts and transactions. We consolidate all subsidiaries
in which we have a controlling financial interest, which includes AirJoule Technologies LLC, a wholly owned subsidiary.

The Company owns a noncontrolling interest in an unconsolidated joint
venture with GE Vernova, the AirJoule JV. The investment in the Company’s unconsolidated affiliate is accounted for using the equity
method with the Company’s proportionate share of income or loss recognized within equity gain (loss) from investment in AirJoule
JV in its consolidated statements of operations