Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 2062

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 15
Chunk 2062
---

  
    Vehicles 
     5,295  
     5,295 
  
    Total cost 
     32,081  
     13,023 
  
    Less: Accumulated depreciation 
     (15,708) 
     (9,191)
  
    Property and equipment, net 
    $16,373  
    $3,832 

Depreciation expense related to the Company’s property and equipment
was $6,517 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