☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 83-0982969 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
200 Clarendon Street Boston, Massachusetts | 02116 | |
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.0001 per share | ADN | The Nasdaq Global Market | ||
Warrants | ADNWW | The Nasdaq Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
o | our ability to control the costs associated with our operations; |
o | our ability to grow and manage growth profitably; |
o | our reliance on complex machinery for our operations and production; |
o | the market’s willingness to adopt our technology; |
o | our ability to maintain relationships with customers; |
o | the potential impact of product recalls; |
o | our ability to compete within our industry; |
o | our ability to retain key employees; |
o | increases in costs, disruption of supply or shortage of raw materials; |
o | risks associated with strategic alliances or |
o | the impact of unfavorable changes in U.S. and international regulations; |
o | the availability of and our ability to meet the terms and conditions for government grants and economic incentives; and |
o | our ability to protect our intellectual property rights; |
Page | |||
PART I—FINANCIAL INFORMATION | |||
Item 1. | 3 | ||
3 | |||
4 | |||
5 | |||
6 | |||
10 | |||
11 | |||
Item 2. | 26 | ||
Item 3. | |||
Item 4. | |||
PART II—OTHER INFORMATION | |||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 6. | |||
51 |
March 31, 2021 | December 31, 2020 | As of | ||||||||||||||
ASSETS | June 30, 2021 (Unaudited) | December 31, 2020 | ||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 124,974,831 | $ | 515,734 | $ | 116,109,057 | $ | 515,734 | ||||||||
Accounts receivable | 1,138,454 | 421,059 | 1,110,825 | 421,059 | ||||||||||||
Due from related parties | - | 67,781 | 16,153 | 67,781 | ||||||||||||
Contract assets | 745,513 | 85,930 | 435,164 | 85,930 | ||||||||||||
Inventories | 812,744 | 107,939 | 857,671 | 107,939 | ||||||||||||
Prepaid expenses and Other current assets | 4,121,554 | 496,745 | 2,846,143 | 496,745 | ||||||||||||
Total current assets | 131,793,096 | 1,695,188 | 121,375,013 | 1,695,188 | ||||||||||||
Non-current assets: | ||||||||||||||||
Goodwill and intangibles, net | 5,178,771 | - | 5,207,817 | 0 | ||||||||||||
Property and equipment, net | 317,996 | 198,873 | 1,115,176 | 198,737 | ||||||||||||
Other non-current assets | 2,660,939 | 136 | ||||||||||||||
Total non-current assets | 8,983,932 | 198,873 | ||||||||||||||
Total assets | $ | 137,289,863 | $ | 1,894,061 | $ | 130,358,945 | $ | 1,894,061 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY/(DEFICIT) | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Trade and other payables | $ | 1,462,789 | $ | 881,394 | $ | 2,883,325 | $ | 881,394 | ||||||||
Due to related parties | - | 1,114,659 | 30,000 | 1,114,659 | ||||||||||||
Deferred income from grants, current | 306,917 | 158,819 | 65,180 | 158,819 | ||||||||||||
Contract liabilities | 44,185 | 167,761 | 140,940 | 167,761 | ||||||||||||
Other current liabilities | 2,956,116 | 904,379 | 331,071 | 904,379 | ||||||||||||
Income tax payable | 199,653 | 201,780 | 191,194 | 201,780 | ||||||||||||
Total current liabilities | 4,969,660 | 3,428,792 | 3,641,711 | 3,428,792 | ||||||||||||
Warrant Liability | 23,350,695 | - | ||||||||||||||
Non-current liabilities: | ||||||||||||||||
Warrant liability | 19,704,861 | 0 | ||||||||||||||
Deferred income from grants, non-current | 67,848 | 182,273 | 176,525 | 182,273 | ||||||||||||
Other long-term liabilities | 193,719 | 76,469 | 182,140 | 76,469 | ||||||||||||
Total non-current liabilities | 20,063,525 | 258,742 | ||||||||||||||
Total liabilities | 28,581,922 | 3,687,534 | 23,705,236 | 3,687,534 | ||||||||||||
Commitments and contingent liabilities | - | - | 0 | 0 | ||||||||||||
Stockholders’ equity/(deficit) | ||||||||||||||||
Common stock ($0.0001 par value per share; Shares authorized: 110,000,000 at March 31, 2021 and December 31, 2020; Issued and outstanding: 46,105,947 and 25,033,398 at March 31, 2021 and December 31, 2020, respectively) | 4,611 | 2,503 | ||||||||||||||
Preferred stock ($0.0001 par value per share; Shares authorized: 1,000,000 at March 31, 2021 and December 31, 2020; nil issued and outstanding at March 31, 2021 and December 31, 2020 | - | - | ||||||||||||||
Additional Paid in Capital | 118,568,449 | 10,993,762 | ||||||||||||||
Accumulated Other Comprehensive Income | 130,725 | 111,780 | ||||||||||||||
Accumulated Deficit | (9,995,844 | ) | (12,901,518 | ) | ||||||||||||
Total stockholders’ equity/(deficit) | 108,707,941 | (1,793,473 | ) | |||||||||||||
Total liabilities and stockholders’ equity/(deficit) | $ | 137,289,863 | $ | 1,894,061 | ||||||||||||
Stockholders’ equity / (deficit) | ||||||||||||||||
Common stock ($0.0001 par value per share; Shares authorized: 110,000,000 at June 30, 2021 and December 31, 2020; Issued and outstanding: 46,128,745 and 25,033,398 at June 30, 2021 and December 31, 2020, respectively) | 4,613 | 2,503 | ||||||||||||||
Preferred stock ($0.0001 par value per share; Shares authorized: 1,000,000 at June 30, 2021 and December 31, 2020; nil issued and outstanding at June 30, 2021 and December 31, 2020 | 0 | 0 | ||||||||||||||
Additional paid-in capital | 119,964,708 | 10,993,762 | ||||||||||||||
Accumulated other comprehensive (loss) / income | (176,457 | ) | 111,780 | |||||||||||||
Accumulated deficit | (13,139,155 | ) | (12,901,518 | ) | ||||||||||||
Total stockholders’ equity / (deficit) | 106,653,709 | (1,793,473 | ) | |||||||||||||
Total liabilities and stockholders’ equity / (deficit) | $ | 130,358,945 | $ | 1,894,061 |
| Three months ended March 31, | |||||||
| 2021 | 2020 | ||||||
Revenue, net | $ | 1,489,292 | $ | 100,266 | ||||
Cost of revenues | (347,342 | ) | (66,037 | ) | ||||
Gross profit / (loss) | 1,141,950 | 34,229 | ||||||
Income from grants | 38,453 | 228,764 | ||||||
Research and development expenses | (29,082 | ) | (51,269 | ) | ||||
Administrative and selling expenses | (7,921,858 | ) | (302,669 | ) | ||||
Amortization of intangibles | (186,760 | ) | - | |||||
Operating Loss | (6,957,297 | ) | (90,945 | ) | ||||
Finance costs | (10,280 | ) | (2,523 | ) | ||||
Change fair value of warrant liability | 9,765,625 | - | ||||||
Foreign exchange differences, net | 23,955 | (18,587 | ) | |||||
Other income / (expense) | 83,671 | (104,561 | ) | |||||
Income / (Loss) before income tax | 2,905,674 | (216,616 | ) | |||||
Income tax expense | - | - | ||||||
Net income / (loss) | $ | 2,905,674 | $ | (216,616 | ) | |||
Net income / (loss) per share, basic | 0.08 | (0.01 | ) | |||||
Weighted Average shares outstanding, basic | 37,769,554 | 14,979,803 | ||||||
Net income / (loss) per share, diluted | 0.07 | (0.01 | ) | |||||
Weighted Average shares outstanding, diluted | 40,987,346 | 14,979,803 |
Three months ended March 31, | ||||||||
2021 | 2020 | |||||||
Net Income / (loss) | $ | 2,905,674 | $ | (216,616 | ) | |||
Other comprehensive income / (loss), net of tax effect: | ||||||||
Foreign currency translation adjustment | 18,945 | (49,841 | ) | |||||
Total other comprehensive income / (loss) | 18,945 | (49,841 | ) | |||||
Comprehensive income / (loss) | $ | 2,924,619 | $ | (266,457 | ) |
| Three months ended June 30, (Unaudited) | Six months ended June 30, (Unaudited) | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue, net | $ | 1,003,464 | $ | 200,354 | $ | 2,492,756 | $ | 300,620 | ||||||||
Cost of revenues | (669,352 | ) | (217,916 | ) | (1,016,695 | ) | (283,953 | ) | ||||||||
Gross profit / (loss) | 334,112 | (17,562 | ) | 1,476,061 | 16,667 | |||||||||||
Income from grants | 85,727 | 54,828 | 124,180 | 143,106 | ||||||||||||
Research and development expenses | (638,753 | ) | 0 | (667,835 | ) | (43,633 | ) | |||||||||
Administrative and selling expenses | (6,595,735 | ) | (444,129 | ) | (14,517,593 | ) | (754,434 | ) | ||||||||
Amortization of intangibles | 29,047 | 0 | (157,713 | ) | 0 | |||||||||||
Operating loss | (6,785,602 | ) | (406,863 | ) | (13,742,899 | ) | (638,294 | ) | ||||||||
Finance costs | (3,139 | ) | (514 | ) | (13,419 | ) | (3,037 | ) | ||||||||
Fair value change of warrant liability | 3,645,835 | 0 | 13,411,460 | 0 | ||||||||||||
Foreign exchange differences, net | (10,839 | ) | 8 | 13,116 | (18,579 | ) | ||||||||||
Other income / (expenses), net | 10,435 | 98,351 | 94,105 | (6,210 | ) | |||||||||||
Loss before income tax | (3,143,311 | ) | (309,017 | ) | (237,637 | ) | (666,120 | ) | ||||||||
Income tax | 0 | (3,101 | ) | 0 | (3,101 | ) | ||||||||||
Net loss | $ | (3,143,311 | ) | $ | (312,118 | ) | $ | (237,637 | ) | $ | (669,221 | ) | ||||
Net loss per share | ||||||||||||||||
Basic loss per share | (0.07 | ) | (0.02 | ) | (0.01 | ) | (0.04 | ) | ||||||||
Basic weighted average number of shares | 46,126,490 | 18,736,370 | 42,041,473 | 17,623,672 | ||||||||||||
Diluted loss per share | (0.07 | ) | (0.02 | ) | (0.01 | ) | (0.04 | ) | ||||||||
Diluted weighted average number of shares | 46,126,490 | 18,736,370 | 42,041,473 | 17,623,672 |
Three months ended June 30, (Unaudited) | Six months ended June 30, (Unaudited) | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net loss | $ | (3,143,311 | ) | $ | (312,118 | ) | $ | (237,637 | ) | $ | (669,221 | ) | ||||
Other comprehensive income / (loss), net of tax effect: | ||||||||||||||||
Foreign currency translation adjustment | (307,182 | ) | 38,339 | (288,237 | ) | (11,502 | ) | |||||||||
Total other comprehensive income / (loss) | (307,182 | ) | 38,339 | (288,237 | ) | (11,502 | ) | |||||||||
Comprehensive loss | $ | (3,450,494 | ) | $ | (273,779 | ) | $ | (525,874 | ) | $ | (680,723 | ) |
Preferred Stock Series A Shares | Amount | Preferred Stock Series Seed Shares | Amount | Common Stock Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated OCI | Total Stockholders' (Deficit) Equity | |||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 844,037 | $ | 845 | 2,095,592 | $ | 2,096 | 3,017,057 | $ | 3,017 | $ | 10,990,307 | $ | (12,901,518 | ) | $ | 111,780 | $ | (1,793,473 | ) | |||||||||||||||||||||
Retroactive application of recapitalization | (844,037 | ) | (845 | ) | (2,095,592 | ) | (2,096 | ) | 22,016,341 | (513 | ) | 3,454 | - | - | - | |||||||||||||||||||||||||
Adjusted balance, beginning of period | - | - | - | - | 25,033,398 | 2,504 | 10,993,761 | (12,901,518 | ) | 111,780 | (1,793,473 | ) | ||||||||||||||||||||||||||||
Business Combination and PIPE financing | - | - | - | - | 21,072,549 | 2,107 | 107,574,688 | - | - | 107,576,795 | ||||||||||||||||||||||||||||||
Net (loss) / Profit | - | - | - | - | - | - | - | 2,905,674 | - | 2,905,674 | ||||||||||||||||||||||||||||||
OCI | - | - | - | - | - | - | - | - | 18,945 | 18,945 | ||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | - | $ | - | - | $ | - | 46,105,947 | $ | 4,611 | $ | 118,568,449 | $ | (9,995,844 | ) | $ | 130,725 | $ | 108,707,941 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A Shares | Amount | Preferred Stock Series Seed Shares | Amount | Common Stock Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated OCI | Total Stockholders' (Deficit) Equity | |||||||||||||||||||||||||||||||
Balance as of March 31, 2021 (Unaudited) | 0 | $ | 0 | 0 | $ | 0 | 46,105,947 | $ | 4,611 | $ | 118,568,449 | $ | (9,995,844 | ) | $ | 130,725 | $ | 108,707,941 | ||||||||||||||||||||||
Business combination and PIPE financing (Unaudited) | 0 | 0 | 0 | 0 | 0 | 0 | 431,189 | 0 | 0 | 431,189 | ||||||||||||||||||||||||||||||
Share capital increase from warrants exercise (Unaudited) | 0 | 0 | 0 | 0 | 22,798 | 2 | 262,175 | 0 | 0 | 262,177 | ||||||||||||||||||||||||||||||
Stock based compensation expense (Unaudited) | - | 0 | - | 0 | - | 0 | 702,894 | 0 | 0 | 702,894 | ||||||||||||||||||||||||||||||
Net loss (Unaudited) | - | 0 | - | 0 | - | 0 | 0 | (3,143,311 | ) | 0 | (3,143,311 | ) | ||||||||||||||||||||||||||||
Other comprehensive loss (Unaudited) | - | 0 | - | 0 | - | 0 | 0 | 0 | (307,182 | ) | (307,182 | ) | ||||||||||||||||||||||||||||
Balance as of June 30, 2021 (Unaudited) | 0 | $ | 0 | 0 | $ | 0 | 46,128,745 | $ | 4,613 | 119,964,708 | (13,139,155 | ) | $ | (176,457 | ) | $ | 106,653,709 |
Preferred Stock Series A Shares | Amount | Preferred Stock Series Seed Shares | Amount | Common Stock Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated OCI | Total Stockholders' (Deficit) Equity | |||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 314,505 | $ | 315 | 2,108,405 | $ | 2,108 | 888,184 | $ | 888 | $ | 8,811,647 | $ | (9,767,619 | ) | $ | 118,859 | $ | (833,802 | ) | |||||||||||||||||||||
Retroactive application of recapitalization | (314,505 | ) | (315 | ) | (2,108,405 | ) | (2,108 | ) | 13,915,109 | 592 | 1,831 | - | - | - | ||||||||||||||||||||||||||
Adjusted balance, beginning of period | - | - | - | - | 14,803,293 | 1,480 | 8,813,478 | (9,767,619 | ) | 118,859 | (833,802 | ) | ||||||||||||||||||||||||||||
Issuance of preferred stock* | - | - | - | - | 2,225,396 | 223 | 1,429,782 | - | - | 1,430,005 | ||||||||||||||||||||||||||||||
Net loss / Profit | - | - | - | - | - | - | - | (216,616 | ) | - | (216,616 | ) | ||||||||||||||||||||||||||||
OCI | - | - | - | - | - | - | - | - | (49,841 | ) | (49,841 | ) | ||||||||||||||||||||||||||||
Balance as of March 31, 2020 | - | $ | - | - | $ | - | 17,028,689 | $ | 1,703 | $ | 10,243,260 | $ | (9,984,235 | ) | $ | 69,018 | $ | 329,746 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A Shares | Amount | Preferred Stock Series Seed Shares | Amount | Common Stock Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated OCI | Total Stockholders' (Deficit) Equity | |||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 844,037 | $ | 845 | 2,095,592 | $ | 2,096 | 3,017,057 | $ | 3,017 | $ | 10,990,307 | $ | (12,901,518 | ) | $ | 111,780 | $ | (1,793,473 | ) | |||||||||||||||||||||
Retroactive application of recapitalization (Unaudited) | (844,037 | ) | (845 | ) | (2,095,592 | ) | (2,096 | ) | 22,016,341 | (514 | ) | 3,455 | 0 | 0 | 0 | |||||||||||||||||||||||||
Adjusted balance, beginning of period (Unaudited) | 0 | 0 | 0 | 0 | 25,033,398 | 2,503 | 10,993,762 | (12,901,518 | ) | 111,780 | (1,793,473 | ) | ||||||||||||||||||||||||||||
Business combination and PIPE financing (Unaudited) | 0 | 0 | 0 | 0 | 21,072,549 | 2,107 | 108,005,876 | 0 | 0 | 108,007,984 | ||||||||||||||||||||||||||||||
Share capital increase from warrants exercise (Unaudited) | 0 | 0 | 0 | 0 | 22,798 | 2 | 262,175 | 0 | 0 | 262,177 | ||||||||||||||||||||||||||||||
Stock based compensation expense (Unaudited) | - | 0 | - | 0 | - | 0 | 702,894 | 0 | 0 | 702,894 | ||||||||||||||||||||||||||||||
Net loss (Unaudited) | - | 0 | - | 0 | - | 0 | 0 | (237,637 | ) | 0 | (237,637 | ) | ||||||||||||||||||||||||||||
Other comprehensive loss (Unaudited) | - | 0 | - | 0 | - | 0 | 0 | 0 | (288,237 | ) | (288,237 | ) | ||||||||||||||||||||||||||||
Balance as of June 30, 2021 (Unaudited) | 0 | $ | 0 | 0 | $ | 0 | 46,128,745 | $ | 4,613 | 119,964,708 | (13,139,155 | ) | $ | (176,457 | ) | $ | 106,653,709 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A Shares | Amount | Preferred Stock Series Seed Shares | Amount | Common Stock Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated OCI | Total Stockholders' (Deficit) Equity | |||||||||||||||||||||||||||||||
Balance as of March 31, 2020 (Unaudited) | 0 | $ | 0 | 0 | $ | 0 | 17,028,689 | $ | 1,703 | $ | 10,243,260 | $ | (10,124,722 | ) | $ | 69,018 | $ | 189,259 | ||||||||||||||||||||||
Retroactive application of recapitalization (Unaudited) | 0 | 0 | 0 | 0 | (888,184 | ) | (89 | ) | 89 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Issuance of non-vested stock awards* (Unaudited) | 0 | 0 | 0 | 0 | 5,380,128 | 538 | 12,263 | 0 | 0 | 12,801 | ||||||||||||||||||||||||||||||
Repurchase of shares* (Unaudited) | 0 | 0 | 0 | 0 | (188,397 | ) | (19 | ) | (118,180 | ) | 0 | 0 | (118,199 | ) | ||||||||||||||||||||||||||
Recognition of stock grant plan (Unaudited) | - | 0 | - | 0 | - | 0 | 176,768 | 0 | 0 | 176,768 | ||||||||||||||||||||||||||||||
Net loss (Unaudited) | - | 0 | - | 0 | - | 0 | 0 | (312,118 | ) | 0 | (312,118 | ) | ||||||||||||||||||||||||||||
Other comprehensive loss (Unaudited) | - | 0 | - | 0 | - | 0 | 0 | 0 | 38,339 | 38,339 | ||||||||||||||||||||||||||||||
Balance as of June 30, 2020 (Unaudited) | 0 | $ | 0 | 0 | $ | 0 | 21,332,235 | $ | 2,133 | $ | 10,314,200 | $ | (10,436,840 | ) | $ | 107,357 | $ | (13,150 | ) |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock Series A Shares | Amount | Preferred Stock Series Seed Shares | Amount | Common Stock Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated OCI | Total Stockholders' (Deficit) Equity | |||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 314,505 | $ | 315 | 2,108,405 | $ | 2,108 | 888,184 | $ | 888 | $ | 8,811,647 | $ | (9,767,619 | ) | $ | 118,859 | $ | (833,802 | ) | |||||||||||||||||||||
Retroactive application of recapitalization (Unaudited) | (314,505 | ) | (315 | ) | (2,108,405 | ) | (2,108 | ) | 13,026,925 | 503 | 1,920 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Adjusted balance, beginning of period (Unaudited) | 0 | 0 | 0 | 0 | 13,915,109 | 1,392 | 8,813,567 | (9,767,619 | ) | 118,859 | (833,802 | ) | ||||||||||||||||||||||||||||
Issuance of preferred stock* (Unaudited) | 0 | 0 | 0 | 0 | 2,225,396 | 223 | 1,429,782 | 0 | 0 | 1,430,005 | ||||||||||||||||||||||||||||||
Issuance of non-vested stock awards* (Unaudited) | 0 | 0 | 0 | 0 | 5,380,128 | 538 | 12,263 | 0 | 0 | 12,801 | ||||||||||||||||||||||||||||||
Repurchase of shares* (Unaudited) | 0 | 0 | 0 | 0 | (188,397 | ) | (19 | ) | (118,180 | ) | 0 | 0 | (118,199 | ) | ||||||||||||||||||||||||||
Recognition of stock grant plan (Unaudited) | - | 0 | - | 0 | - | 0 | 176,768 | 0 | 0 | 176,768 | ||||||||||||||||||||||||||||||
Net loss (Unaudited) | - | 0 | - | 0 | - | 0 | 0 | (669,221 | ) | 0 | (669,221 | ) | ||||||||||||||||||||||||||||
Other comprehensive loss (Unaudited) | - | 0 | - | 0 | - | 0 | 0 | 0 | (11,502 | ) | (11,502 | ) | ||||||||||||||||||||||||||||
Balance as of June 30, 2020 (Unaudited) | 0 | $ | 0 | 0 | $ | 0 | 21,332,235 | $ | 2,133 | $ | 10,314,200 | $ | (10,436,840 | ) | $ | 107,357 | $ | (13,150 | ) |
* | The amounts have been retroactively restated to give effect to the recapitalization transaction. |
Three months ended March 31, | ||||||||||||||||
2021 | 2020 | Six months ended June 30, (Unaudited) | ||||||||||||||
2021 | 2020 | |||||||||||||||
Net Cash used in Operating Activities | $ | (12,196,101 | ) | $ | (341,666 | ) | $ | (16,231,479 | ) | $ | (690,905 | ) | ||||
Cash Flows from Investing Activities: | ||||||||||||||||
Purchases of property and equipment | (77,112 | ) | (34,699 | ) | (947,846 | ) | (64,786 | ) | ||||||||
Advances for the acquisition of property and equipment | (2,528,957 | ) | 0 | |||||||||||||
Acquisition of a subsidiary, net of cash acquired | (3,975,940 | ) | - | (5,922,871 | ) | 0 | ||||||||||
Net Cash used in Investing Activities | $ | (4,053,052 | ) | $ | (34,699 | ) | $ | (9,399,674 | ) | $ | (64,786 | ) | ||||
Cash Flows from Financing Activities: | ||||||||||||||||
Business Combination and PIPE financing, net of issuance costs paid | 140,693,116 | - | 141,120,851 | 0 | ||||||||||||
Proceeds of issuance of preferred stock | - | 1,430,005 | 0 | 1,430,005 | ||||||||||||
Repayment of Loan | - | (487,708 | ) | |||||||||||||
Proceeds from issuance of non-vested stock awards | 0 | 12,801 | ||||||||||||||
Repurchase of shares | 0 | (34,836 | ) | |||||||||||||
Proceeds of issuance of common stock and paid-in capital from warrants exercise | 262,177 | 0 | ||||||||||||||
State loan proceeds | 117,490 | 0 | ||||||||||||||
Repayment of convertible promissory notes | 0 | (500,000 | ) | |||||||||||||
Net Cash provided by Financing Activities | $ | 140,693,116 | $ | 942,297 | $ | 141,500,518 | $ | 907,970 | ||||||||
Net increase (decrease) in cash and cash equivalents | $ | 124,443,963 | $ | 565,932 | ||||||||||||
Net increase in cash and cash equivalents | $ | 115,869,365 | $ | 152,279 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 15,134 | 7,893 | (276,042 | ) | (4,224 | ) | ||||||||||
Cash and cash equivalents at the beginning of the period | 515,734 | 1,199,015 | 515,734 | 1,199,015 | ||||||||||||
Cash and cash equivalents at the end of the period | $ | 124,974,831 | $ | 1,772,840 | $ | 116,109,057 | $ | 1,347,070 | ||||||||
Supplemental Cash Flow Information | ||||||||||||||||
Non-cash Operating Activities: | ||||||||||||||||
Recognition of stock grant plan | $ | 702,894 | $ | 176,768 |
1. | Basis of presentation |
(a) | Overview |
(b) | Unaudited Condensed Consolidated Financial Statements |
2. | Summary of Significant Accounting Policies: |
(a) | Business acquisitions, Goodwill and Intangible Assets |
(b) | Warrants |
(c) | Fair Value of Financial Instruments |
Warrant Liability | ||||
Estimated fair value at February 4, 2021 | $ | 33,116,321 | ||
Change in estimated fair value | $ | (13,411,460 | ) | |
Estimated fair value at June 30, 2021 | $ | 19,704,861 |
Stock price | $ | 9.64 | ||
Exercise price (strike price) | $ | 11.50 | ||
Risk-free interest rate | 0.16 | % | ||
Volatility | 64.70 | % | ||
Remaining term (in years) | 4.59 |
(d) | Earnings / (Loss) Per Share |
(e) | Stock-based Compensation |
(f) | Recent Accounting pronouncements |
3. | Business Combination |
(a) | AMCI Acquisition Corp. |
Recapitalization | Recapitalization | |||||||
Cash- AMCI’s trust and cash (net of redemptions) | $ | 93,310,599 | $ | 93,310,599 | ||||
Cash – PIPE plus interest | 65,000,118 | 65,000,118 | ||||||
Less transaction costs and advisory fees paid | (17,617,601 | ) | (17,188,519 | ) | ||||
Less non-cash warrant liability assumed | (33,116,321 | ) | (33,116,321 | ) | ||||
Net Business Combination and PIPE financing | $ | 107,576,795 | $ | 108,005,877 |
Recapitalization | ||||
Class A Common A stock of AMCI, outstanding prior to Business Combination | 9,061,136 | |||
Less Redemption of AMCI shares | (1,606 | ) | ||
Class B Common Stock of AMCI, outstanding prior to Business Combination | 5,513,019 | |||
Shares issued in PIPE | 6,500,000 | |||
Business Combination and PIPE financing shares | 21,072,549 | |||
Legacy Advent Shares | 25,033,398 | |||
Total shares of Common Stock immediately after Business Combination | 46,105,947 |
(b) | UltraCell, LLC |
Current assets | ||||
Cash and cash equivalents | $ | 77,129 | ||
Other current assets | 658,332 | |||
Total current assets | $ | 735,461 | ||
Non-current assets | 9,187 | |||
Total assets | $ | 744,649 | ||
Current liabilities | 110,179 | |||
Non-current liabilities | 0 | |||
Total liabilities | $ | 110,179 | ||
Net assets acquired | $ | 634,469 |
Cost of investment | $ | 6,000,000 | ||
Net assets value | 634,469 | |||
Consideration to be allocated | $ | 5,365,531 | ||
Fair value adjustment - New intangibles | ||||
Trade name "UltraCell" | 405,931 | |||
Patented technology | 4,328,228 | |||
Total intangibles acquired | $ | 4,734,159 | ||
Remaining Goodwill | $ | 631,372 |
(c) | Acquisition of SerEnergy and FES |
4. | Related party disclosures: |
March 31, 2021 | December 31, 2020 | June 30, 2021 (Unaudited) | December 31, 2020 | |||||||||||||
Due to related parties | Unpaid compensation cost | Unpaid compensation cost | Unpaid compensation cost | Unpaid compensation cost | ||||||||||||
Vassilios Gregoriou | $ | - | $ | 613,971 | $ | 0 | $ | 613,971 | ||||||||
Emory Sayre De Castro | 0 | 425,528 | ||||||||||||||
Christos Kaskavelis | - | 75,160 | 0 | 75,160 | ||||||||||||
Emory Sayre De Castro | - | 425,528 | ||||||||||||||
Charalampos Antoniou | 30,000 | 0 | ||||||||||||||
Total | $ | - | $ | 1,114,659 | $ | 30,000 | $ | 1,114,659 |
March 31, 2021 | December 31, 2020 | |||||||
Due from related parties | Prepayment | Prepayment | ||||||
Charalampos Antoniou | $ | - | $ | 67,781 | ||||
Total | $ | - | $ | 67,781 |
June 30, 2021 (Unaudited) | December 31, 2020 | |||||||
Due from related parties | Prepayment | Prepayment | ||||||
Charalampos Antoniou | $ | 0 | $ | 67,781 | ||||
Vassilios Gregoriou | 7,199 | 0 | ||||||
Emory Sayre De Castro | 7,146 | 0 | ||||||
Christos Kaskavelis | 1,809 | 0 | ||||||
Total | $ | 16,153 | $ | 67,781 |
5. | Inventories: |
March 31, 2021 | December 31, 2020 | |||||||
Raw materials and supplies | $ | 812,744 | $ | 107,939 | ||||
Total | $ | 812,744 | $ | 107,939 |
June 30, 2021 (Unaudited) | December 31, 2020 | |||||||
Raw materials and supplies | $ | 857,671 | $ | 107,939 | ||||
Total | $ | 857,671 | $ | 107,939 |
6. | Prepaid expenses and |
March 31, 2021 | December 31, 2020 | June 30, 2021 (Unaudited) | December 31, 2020 | |||||||||||||
VAT receivable | $ | 287,523 | $ | 259,831 | $ | 315,698 | $ | 259,831 | ||||||||
Grants receivable | 91,182 | 95,064 | 104,367 | 95,064 | ||||||||||||
Other current assets | 891,168 | 140,126 | 660,500 | 140,126 | ||||||||||||
Prepaid Expenses | 2,851,681 | 1,724 | ||||||||||||||
Prepaid expenses | 1,765,577 | 1,724 | ||||||||||||||
Total | $ | 4,121,554 | $ | 496,745 | $ | 2,846,143 | $ | 496,745 |
7. | Property and equipment, net: |
8. | Other non-current assets: |
9. | Trade and other payables: |
December 31, | ||||||||
March 31, 2021 | December 31, 2020 | |||||||
Trade payables and other payables | $ | 1,462,789 | $ | 881,394 | ||||
Total | $ | 1,462,789 | $ | 881,394 |
June 30, 2021 (Unaudited) | December 31, 2020 | |||||||
Trade payables and other payables | $ | 2,883,325 | $ | 881,394 | ||||
Total | $ | 2,883,325 | $ | 881,394 |
Other current liabilities: |
March 31,2021 | December 31, 2020 | |||||||
Accrued expenses for legal and consulting fees | $ | 837,606 | $ | 814,965 | ||||
Other accruals and short-term payables | 118,510 | 89,414 | ||||||
Contingent Consideration | 2,000,000 | - | ||||||
Total | $ | 2,956,116 | $ | 904,379 |
June 30, 2021 (Unaudited) | December 31, 2020 | |||||||
Accrued expenses for legal and consulting fees | $ | 158,658 | $ | 814,965 | ||||
Other accruals and short-term payables | 172,414 | 89,414 | ||||||
Total | $ | 331,071 | $ | 904,379 |
Private Placement Warrants and Working Capital Warrants: |
Stockholders’ Equity / (Deficit): |
– | in whole and not in part; |
– | at a price of $0.01 per warrant; |
– | upon not less than 30 days’ prior written notice of redemption; |
– | if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders; and |
– | if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. |
Assumptions | ||||
Expected volatility | 50.0 | % | ||
Risk-free rate | 1.4 | % | ||
Expected term | 10 years |
Unvested Shares | ||||||||
Number of Shares | Grant Date Fair Value | |||||||
Unvested as of December 31, 2020 | 0 | $ | 0 | |||||
Granted | 1,959,500 | $ | 6.26 | |||||
Unvested as of June 30, 2021 | 1,959,500 | $ | 6.26 |
Unvested Restricted Stock Units | ||||||||
Number of Shares | Grant Date Fair Value | |||||||
Unvested as of December 31, 2020 | 0 | $ | 0 | |||||
Granted | 2,036,716 | $ | 10.36 | |||||
Unvested as of June 30, 2021 | 2,036,716 | $ | 10.36 |
Unvested Restricted Stock Awards | ||||||||
Number of Shares | Grant Date Fair Value | |||||||
Unvested as of December 31, 2019 | 0 | $ | 0 | |||||
Granted | 1,280,199 | $ | 0.40 | |||||
Unvested as of June 30, 2020 | 1,280,199 | $ | 0.40 |
13. | Revenue, net: |
Three months period ended | ||||||||
March, 31 2021 | March, 31,2020 | |||||||
Sales of goods | $ | 1,489,292 | $ | 100,266 | ||||
Total revenue from contracts with customers | $ | 1,489,292 | $ | 100,266 |
Three months ended June 30, (Unaudited) | Six months ended June 30, (Unaudited) | |||||||||||||||
2021 | 2020 | 2021 | , 2020 | |||||||||||||
Sales of goods | $ | 1,003,464 | $ | 200,354 | $ | 2,492,756 | $ | 300,620 | ||||||||
Total revenue from contracts with customers | $ | 1,003,464 | $ | 200,354 | $ | 2,492,756 | $ | 300,620 |
Fair value measurement: |
Income Taxes |
Commitments and contingencies: |
Operating Leases |
Net income / (loss) per share |
Three-months ended March 31, | ||||||||
Numerator: | 2021 | 2020 | ||||||
Net income / (loss) | $ | 2,905,674 | $ | (216,616 | ) | |||
Denominator: | ||||||||
Weighted average shares outstanding, basic | 37,769,554 | 14,979,803 | ||||||
Dilutive effect of common stock issuable from assumed exercise of warrants | 3,217,792 | - | ||||||
Weighted average shares outstanding, diluted | 40,987,346 | 14,979,803 | ||||||
Net income / (loss) per share: | ||||||||
Basic | $ | 0.08 | $ | (0.01 | ) | |||
Diluted | $ | 0.07 | $ | (0.01 | ) |
Three months ended June 30, (Unaudited) | Six months ended June 30, (Unaudited) | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Numerator: | ||||||||||||||||
Net loss | $ | (3,143,311 | ) | $ | (312,118 | ) | $ | (237,637 | ) | $ | (669,221 | ) | ||||
Denominator: | ||||||||||||||||
Basic weighted average number of shares | 46,126,490 | 18,736,370 | 42,041,473 | 17,623,672 | ||||||||||||
Diluted weighted average number of shares | 46,126,490 | 18,736,370 | 42,041,473 | 17,623,672 | ||||||||||||
Net loss per share: | ||||||||||||||||
Basic | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.04 | ) | ||||
Diluted | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.04 | ) |
Subsequent Events |
Item 2. |
| Three months ended March 31, | |||||||||||||||
| 2021 | 2020 | $ change | % change | ||||||||||||
Revenue, net | $ | 1,489,292 | $ | 100,266 | 1,389,026 | 1,385.34 | % | |||||||||
Cost of revenues | (347,342 | ) | (66,037 | ) | (281,305 | ) | 425.98 | % | ||||||||
Gross profit/(loss) | 1,141,950 | 34,229 | 1,107,721 | 3,236.11 | % | |||||||||||
Income from grants | 38,453 | 228,764 | (190,311 | ) | (83.19 | %) | ||||||||||
Research and development expenses | (29,082 | ) | (51,269 | ) | 22,187 | (43.28 | %) | |||||||||
Administrative and selling expenses | (7,921,858 | ) | (302,669 | ) | (7,619,189 | ) | 2,517,33 | % | ||||||||
Amortization of intangibles | (186,760 | ) | - | (186,760 | ) | N/A | ||||||||||
Operating Loss | (6,957,297 | ) | (90,945 | ) | (6,866,352 | ) | 7,550.00 | % | ||||||||
Finance costs | (10,280 | ) | (2,523 | ) | (7,757 | ) | 307.45 | % | ||||||||
Change fair value of warrant liability | 9,765,625 | - | 9,765,625 | N/A | ||||||||||||
Foreign exchange differences, net | 23,955 | (18,587 | ) | 42,542 | (228.88 | )% | ||||||||||
Other income/ (expense) | 83,671 | (104,561 | ) | 188,232 | (180.02 | )% | ||||||||||
Income / (Loss) before income tax | 2,905,674 | (216,616 | ) | 3,122,290 | (1,441.39 | %) | ||||||||||
Net income/(loss) | $ | 2,905,674 | $ | (216,616 | ) | 3,122,290 | (1,441.39 | %) | ||||||||
Net income/(loss) per share, basic | 0.08 | (0.01 | ) | 0.09 | N/A | |||||||||||
Weighted Average shares outstanding, Basic | 37,769,554 | 14,979,803 | N/A | N/A | ||||||||||||
Net income/(loss) per share, diluted | 0.07 | (0.01 | ) | 0.08 | N/A | |||||||||||
Weighted Average shares outstanding, Diluted | 40,987,346 | 14,979,803 | N/A | N/A |
Three months ended June 30, (Unaudited) | ||||||||||||||||
2021 | 2020 | $ change | % change | |||||||||||||
Revenue, net | $ | 1,003,464 | $ | 200,354 | $ | 803,110 | 400.85 | % | ||||||||
Cost of revenues | (669,352 | ) | (217,916 | ) | (451,437 | ) | 207.16 | % | ||||||||
Gross profit / (loss) | 334,112 | (17,562 | ) | 351,674 | (2,002.51 | )% | ||||||||||
Income from grants | 85,727 | 54,828 | 30,898 | 56.36 | % | |||||||||||
Research and development expenses | (638,753 | ) | - | (638,753 | ) | N/A | ||||||||||
Administrative and selling expenses | (6,595,735 | ) | (444,129 | ) | (6,151,606 | ) | 1385.09 | % | ||||||||
Amortization of intangibles | 29,047 | - | 29,047 | N/A | ||||||||||||
Operating loss | (6,785,602 | ) | (406,863 | ) | (6,378,739 | ) | 1567.79 | % | ||||||||
Finance costs | (3,139 | ) | (514 | ) | (2,625 | ) | 510.40 | % | ||||||||
Fair value change of warrant liability | 3,645,835 | - | 3,645,835 | N/A | ||||||||||||
Foreign exchange differences, net | (10,839 | ) | 8 | (10,848 | ) | (133,562.30 | )% | |||||||||
Other income / (expenses), net | 10,435 | 98,351 | (87,917 | ) | (89.39 | )% | ||||||||||
Loss before income tax | (3,143,311 | ) | (309,017 | ) | (2,834,294 | ) | 917.20 | % | ||||||||
Income tax | - | (3,101 | ) | 3,101 | (100.00 | )% | ||||||||||
Net loss | $ | (3,143,311 | ) | $ | (312,118 | ) | $ | (2,831,193 | ) | 907.09 | % | |||||
Net loss per share | ||||||||||||||||
Basic loss per share | (0.07 | ) | (0.02 | ) | (0.05 | ) | N/A | |||||||||
Basic weighted average number of shares | 46,126,490 | 18,736,370 | N/A | N/A | ||||||||||||
Diluted loss per share | (0.07 | ) | (0.02 | ) | (0.05 | ) | N/A | |||||||||
Diluted weighted average number of shares | 46,126,490 | 18,736,370 | N/A | N/A |
Six months ended June 30, (Unaudited) | ||||||||||||||||
2021 | 2020 | $ change | % change | |||||||||||||
Revenue, net | $ | 2,492,756 | $ | 300,620 | $ | 2,192,136 | 729.20 | % | ||||||||
Cost of revenues | (1,016,695 | ) | (283,953 | ) | (732,742 | ) | 258.05 | % | ||||||||
Gross profit / (loss) | 1,476,061 | 16,667 | 1,459,394 | 8,756.02 | % | |||||||||||
Income from grants | 124,180 | 143,106 | (18,926 | ) | (13.22 | )% | ||||||||||
Research and development expenses | (667,835 | ) | (43,633 | ) | (624,202 | ) | 1,430.57 | % | ||||||||
Administrative and selling expenses | (14,517,593 | ) | (754,434 | ) | (13,763,159 | ) | 1,824.30 | % | ||||||||
Amortization of intangibles | (157,713 | ) | - | (157,713 | ) | N/A | ||||||||||
Operating loss | (13,742,899 | ) | (638,294 | ) | (13,104,605 | ) | 2,053.07 | % | ||||||||
Finance costs | (13,419 | ) | (3,037 | ) | (10,381 | ) | 341.80 | % | ||||||||
Fair value change of warrant liability | 13,411,460 | - | 13,411,460 | N/A | ||||||||||||
Foreign exchange differences, net | 13,116 | (18,579 | ) | 31,694 | (170.59 | )% | ||||||||||
Other income / (expenses), net | 94,105 | (6,210 | ) | 100,315 | (1,615.51 | )% | ||||||||||
Loss before income tax | (237,637 | ) | (666,120 | ) | 428,483 | (64.33 | )% | |||||||||
Income tax | - | (3,101 | ) | 3,101 | (100.00 | )% | ||||||||||
Net loss | $ | (237,637 | ) | $ | (669,221 | ) | $ | 431,584 | (64.49 | )% | ||||||
Net loss per share | ||||||||||||||||
Basic loss per share | (0.01 | ) | (0.04 | ) | 0.03 | N/A | ||||||||||
Basic weighted average number of shares | 42,041,473 | 17,623,672 | N/A | N/A | ||||||||||||
Diluted loss per share | (0.01 | ) | (0.04 | ) | 0.03 | N/A | ||||||||||
Diluted weighted average number of shares | 42,041,473 | 17,623,672 | N/A | N/A |
Six months ended June 30, (Unaudited) | ||||||||||||||||
2021 | 2020 | $ change | % change | |||||||||||||
Net Cash used in Operating Activities | $ | (16,231,479 | ) | $ | (690,905 | ) | $ | (15,540,574 | ) | 2,249.31 | % | |||||
Cash Flows from Investing Activities: | ||||||||||||||||
Purchases of property and equipment | (947,846 | ) | (64,786 | ) | (883,060 | ) | 1,363.03 | % | ||||||||
Advances for the acquisition of property and equipment | (2,528,957 | ) | - | (2,528,957 | ) | N/A | ||||||||||
Acquisition of a subsidiary, net of cash acquired | (5,922,871 | ) | - | (5,922,871 | ) | N/A | ||||||||||
Net Cash used in Investing Activities | $ | (9,399,674 | ) | $ | (64,786 | ) | $ | (9,334,888 | ) | 14,408.71 | % | |||||
Cash Flows from Financing Activities: | ||||||||||||||||
Business Combination and PIPE financing, net of issuance costs paid | 141,120,851 | - | 141,120,851 | N/A | ||||||||||||
Proceeds of issuance of preferred stock | - | 1,430,005 | (1,430,005 | ) | (100.00 | )% | ||||||||||
Proceeds from issuance of non-vested stock awards | - | 12,801 | (12,801 | ) | (100.00 | )% | ||||||||||
Repurchase of shares | - | (34,836 | ) | 34,836 | (100.00 | )% | ||||||||||
Proceeds of issuance of common stock and paid-in capital from warrants exercise | 262,177 | - | 262,177 | N/A | ||||||||||||
State loan proceeds | 117,490 | - | 117,490 | N/A | ||||||||||||
Repayment of convertible promissory notes | - | (500,000 | ) | 500,000 | (100.00 | )% | ||||||||||
Net Cash provided by Financing Activities | $ | 141,500,518 | $ | 907,970 | $ | 140,592,548 | 15,484.27 | % | ||||||||
Net increase in cash and cash equivalents | $ | 115,869,365 | $ | 152,279 | $ | 115,717,086 | 75,990.37 | % | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (276,042 | ) | (4,224 | ) | (271,818 | ) | 6,435.08 | % | ||||||||
Cash and cash equivalents at the beginning of the period | 515,734 | 1,199,015 | (683,281 | ) | (56.99 | )% | ||||||||||
Cash and cash equivalents at the end of the period | $ | 116,109,057 | $ | 1,347,070 | $ | 114,761,987 | 8,519.38 | % |
EBITDA and Adjusted EBITDA | Three Months Ended March 31, | |||||||||||
(in Millions of US dollars) | ||||||||||||
2021 | 2020 | $ Change | ||||||||||
Net Income / (loss) | $ | 2.91 | $ | (0.22 | ) | $ | 3.13 | |||||
Amortization of intangibles | $ | 0.19 | $ | - | $ | 0.19 | ||||||
Finance Costs | $ | 0.01 | $ | - | $ | 0.01 | ||||||
Other Income / (expense) | $ | (0.08 | ) | $ | 0.10 | $ | (0.18 | ) | ||||
Foreign exchange differences, net | (0.02 | ) | 0.02 | $ | (0.04 | ) | ||||||
EBITDA | $ | 3.00 | $ | (0.10 | ) | $ | 3.10 | |||||
Net Change in Warrant Liability | $ | (9.77 | ) | $ | - | $ | (9.77 | ) | ||||
One-Time Transaction Related Expenses(1) | $ | 5.87 | $ | - | | $ | 5.87 | |||||
Adjusted EBITDA | $ | (0.90 | ) | $ | (0.10 | ) | $ | (0.80 | ) |
EBITDA and Adjusted EBITDA | Three months ended June 30, (Unaudited) | Six months ended June 30, (Unaudited) | ||||||||||||||||||||||
(in Millions of US dollars) | 2021 | 2020 | $ change | 2021 | 2020 | $ change | ||||||||||||||||||
Net loss | $ | (3.14 | ) | $ | (0.31 | ) | (2.83 | ) | $ | (0.24 | ) | $ | (0.67 | ) | 0.43 | |||||||||
Depreciation of property and equipment | $ | 0.02 | $ | 0.01 | 0.01 | $ | 0.03 | $ | 0.01 | 0.02 | ||||||||||||||
Amortization of intangibles | $ | (0.03 | ) | $ | 0.00 | (0.03 | ) | $ | 0.16 | $ | 0.00 | 0.16 | ||||||||||||
Finance costs | $ | 0.00 | $ | 0.00 | 0.00 | $ | 0.01 | $ | 0.00 | 0.01 | ||||||||||||||
Other income / (expenses), net | $ | (0.01 | ) | $ | (0.10 | ) | 0.09 | $ | (0.09 | ) | $ | 0.01 | (0.10 | ) | ||||||||||
Foreign exchange differences, net | $ | 0.01 | $ | (0.00 | ) | 0.01 | $ | (0.01 | ) | $ | 0.02 | (0.03 | ) | |||||||||||
EBITDA | $ | (3.15 | ) | $ | (0.40 | ) | (2.75 | ) | $ | (0.14 | ) | $ | (0.63 | ) | 0.49 | |||||||||
Net change in warrant liability | $ | (3.65 | ) | $ | - | (3.65 | ) | $ | (13.41 | ) | $ | - | (13.41 | ) | ||||||||||
One-Time Transaction Related Expenses (1) | $ | - | $ | - | - | $ | 5.87 | $ | - | 5.87 | ||||||||||||||
Adjusted EBITDA | $ | (6.80 | ) | $ | (0.40 | ) | (6.40 | ) | $ | (7.68 | ) | $ | (0.63 | ) | (7.05 | ) |
Adjusted Net Income / (Loss) | Three Months Ended March 31, | |||||||||||
(in Millions of US dollars) | ||||||||||||
2021 | 2020 | $ Change | ||||||||||
Net Income / (Loss) | $ | 2.91 | $ | (0.22 | ) | $ | 3.13 | |||||
One-Time Transaction Related Expenses (1) | $ | 5.87 | $ | - | $ | 5.87 | ||||||
Net Change in Warrant Liability | $ | (9.77 | ) | $ | - | $ | (9.77 | ) | ||||
Adjusted Net Income / (Loss) | $ | (0.99 | ) | $ | (0.22 | ) | $ | (0.77 | ) |
Adjusted Net Loss | Three months ended June 30, (Unaudited) | Six months ended June 30, (Unaudited) | ||||||||||||||||||||||
(in Millions of US dollars) | 2021 | 2020 | $ change | 2021 | 2020 | $ change | ||||||||||||||||||
Net loss | $ | (3.14 | ) | $ | (0.31 | ) | (2.83 | ) | $ | (0.24 | ) | $ | (0.67 | ) | 0.43 | |||||||||
One-Time Transaction Related Expenses (1) | $ | - | $ | - | - | $ | 5.87 | $ | - | 5.87 | ||||||||||||||
Net change in warrant liability | $ | (3.65 | ) | $ | - | (3.65 | ) | $ | (13.41 | ) | $ | - | (13.41 | ) | ||||||||||
Adjusted Net Loss | $ | (6.79 | ) | $ | (0.31 | ) | (6.48 | ) | $ | (7.78 | ) | $ | (0.67 | ) | (7.11 | ) |
Item 2. |
Exhibit Number | Description | |
Second Amended and Restated Certificate of Incorporation of Advent Technologies Holdings, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on February 9, 2021) | ||
Amended and Restated Bylaws of Advent Technologies Holdings, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on February 9, 2021) | ||
Offer Letter Agreement between Kevin Brackman and the Company, dated as of | ||
Certification of Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
The cover page from the Quarterly Report on Form 10-Q of Advent Technologies Holdings, Inc. for the quarter ended June 30, 2021 formatted in Inline XBRL |
* | Filed herewith | |
+ | Indicates a management or compensatory plan, contract or arrangement. | |
† | ||
This certification will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent specifically incorporated by reference into such filing. |
Date: | ADVENT TECHNOLOGIES HOLDINGS, INC. | |
By: | /s/ | |
(Authorized Officer; Principal Financial and Accounting Officer) |