Company: VGASW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025504
Chunk: 37

Company: Verde Clean Fuels, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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$(0.13)The Company’s Warrants, Sponsor earn out shares and stock options could have the most significant impact on diluted shares should the instruments represent dilutive instruments. However, securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the average closing price of the Company’s Class A common stock during the period, because their inclusion would result in an anti-dilutive effect on per share amounts.The following amounts were not included in the calculation of net loss per diluted share for the periods presented because their effects were anti-dilutive:As of March 31,20252024Warrants15,383,26315,383,263Sponsor earn out shares (1)3,234,3753,234,375Stock options3,224,1931,236,016RSUs (2)-141,656Total anti-dilutive instruments21,841,83119,995,310(1)Excludes 3,500,000 Class C earn out shares convertible into shares of Class A common stock. Shares of Class C common stock are not participating securities; thus, the application of the two-class method is not required. See Note 6 for further information.(2)Excludes 20,832 of vested and deferred RSUs outstanding as of March 31, 2025. Such shares are included within weighted-average shares outstanding for the computation of basic and diluted loss per share. See Note 8 for further information.Noncontrolling Interests

As of December 31, 2024, the ownership interests of the Class A common stockholders and the NCI were 29.80% and 70.20%, respectively. As of March 31, 2025, the ownership interests of the Class A common stockholders and the NCI were 49.49% and 50.51%, respectively. The change in ownership interests was due to the issuance of Class A common stock to Cottonmouth during the three months ended March 31, 2025. See Note 3 for further information. 

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NOTE 11 – INCOME TAX

As of March 31, 2025, Verde Clean Fuels, Inc. holds 49.49% of the economic interest in OpCo, which is treated as a partnership for U.S. federal income tax purposes. As a partnership, OpCo generally is not subject to U.S. federal income tax under current U.S. tax