Company: VGASW
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001628280-25-040155
Chunk: 31

Company: Verde Clean Fuels, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 31
---
 rights agreement, dated February 15, 2023, by 

14

and among the Company and certain stockholders named therein (the “Existing Registration Rights Agreement”), to add Cottonmouth as a party to the Existing Registration Rights Agreement.Additionally, in connection with the consummation of the transactions contemplated by the Purchase Agreement, the Company amended and restated its fourth amended and restated certificate of incorporation (the “Restated Charter”). In accordance with the Restated Charter, effective January 29, 2025, the Company (i) increased the number of authorized shares of Class C common stock from 25,000,000 to 26,000,000 and (ii) increased the size of its Board of Directors from seven to eight and to provide Cottonmouth with certain director designation and board observer rights. The Restated Charter was approved and recommended by the Board prior to stockholder action by written consent.

NOTE 4 – PROPERTY, PLANT, AND EQUIPMENT

Major classes of property, plant, and equipment are as follows:As ofJune 30,2025December 31,2024Construction in progress$2,245,700 $1,028,900 Computers, office equipment and hardware42,481 34,330 Furniture and fixtures47,256 47,256 Machinery and equipment43,799 43,799 Property, plant and equipment2,379,236 1,154,285 Less: accumulated depreciation63,452 58,015 Property, plant and equipment, net$2,315,784 $1,096,270 

The Company's construction in progress assets are comprised of capitalized FEED costs, net of amounts reimbursable by Cottonmouth in accordance with the JDA. The Company's construction in progress assets as of June 30, 2025 are comprised of capitalized FEED costs of $6,414,100, net of amounts reimbursable by Cottonmouth of $4,168,400. See Note 3 for further information. 

NOTE 5 - ACCRUED LIABILITIES

Accrued liabilities consist of the following:As ofJune 30, 2025December 31, 2024Accrued compensation$467,856 $331,398 Accrued construction in progress9,043 - Accrued legal fees253,800 467,645 Accrued professional fees- 68,000 Accrued excise tax